CHANGZHOU, China, Dec.11, 2015
/PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader
in photovoltaic ("PV") modules, solutions, and services, today
announced its withdrawal from the European Union ("EU") Price
Undertaking ("UT") and will continue to service EU customers
through its overseas manufacturing facilities.
On December 5, 2013, the European
Council imposed anti-dumping ("AD") and anti-subsidy ("AS") duties
on solar cells and solar panels imported from China. Subsequently, the European Commission
accepted a UT whereby Chinese companies would sell solar cells and
solar panels in the EU at a price above a fixed Minimum Import
Price ("MIP"). Chinese manufacturers that did not accept the terms
of the agreement faced high AD and AS duties, which for
Trina Solar were 47.7% and 3.5%,
respectively, to be applied for a period of two years beginning on
December 6, 2013. At the time,
Trina Solar chose to join the UT as
a participating company and has duly complied with its terms and
conditions. However, the current interpretations of the UT
agreement by EU Commission unfairly limit the Company's growth
potential in the European region, and are disruptive to the
Company's ongoing global expansion strategy. Furthermore, the EU
Commission announced recently to initiate review investigation
during which the AD&AS and the UT measures will remain in
force. Trina Solar believes this is contrary to the
principles of free and fair trade and it is in its best
interest to exit the UT.
Mr. Jifan Gao, Chairman and Chief Executive Officer
of Trina Solar, commented: "We believe the current iteration
of the UT agreement misinterprets the rules and scope of the
original UT, and adversely affects the execution of our global
expansion strategy. In particular, the prohibition of manufacturing
modules in overseas facilities, regardless of whether the modules
will be sold to the EU or to non-EU markets is an obvious
misapplication to the UT agreement. Furthermore, we believe the
current MIP does not reflect the ongoing market trends in the solar
sector, particularly as average selling prices in major markets
continue to decline at a faster than expected rate, with downward
pressure anticipated to continue for the foreseeable future.
Consequently, the Chinese companies that are party to the UT have
lost their competitiveness to their non-Chinese peers in selling to
EU markets. With our recognized brand name, advanced technology and
established customer base, we believe our withdrawal from the UT
will allow us to better develop our business in the region through
our tariff-free overseas facilities and to regain market share
under a more flexible pricing strategy. However, I would like to
emphasize our continued commitment to fair market competition and a
balanced trading environment that would help to achieve our mission
of benefitting mankind with clean energy."
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a global leader in
photovoltaic modules, solutions and services. Founded in 1997 as a
PV system integrator, Trina Solar
today drives smart energy together with installers, distributors,
utilities and developers worldwide. The Company's industry-leading
position is based on innovation excellence, superior product
quality, vertically integrated capabilities and environmental
stewardship. For more information, please visit
www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's ability to
raise additional capital to finance its activities; the
effectiveness, profitability and marketability of its products; the
future trading of the securities of the Company; the Company's
ability to operate as a public company; the period of time for
which the Company's current liquidity will enable the Company to
fund its operations; general economic and business conditions;
demand in various markets for solar products; the volatility of the
Company's operating results and financial condition; the Company's
ability to attract or retain qualified senior management personnel
and research and development staff; and other risks detailed in the
Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company and the
industry in which the Company operates. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these forward
looking statements are reasonable, it cannot assure you that such
expectations will turn out to be correct, and the Company cautions
investors that actual results may differ materially from the
anticipated results.
Trina Solar
Limited
Teresa Tan, CFO
(Changzhou)
Email:
teresa.tan@trinasolar.com
|
Christensen
IR
Linda
Bergkamp
Phone: +1 480 614
3014 (US)
Email:
lbergkamp@ChristensenIR.com
|
|
Yvonne
Young
Investor Relations
Director
Email:
ir@trinasolar.com
|
|
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SOURCE Trina Solar Limited