Trina Solar Ltd., a Chinese photovoltaic company, announced on Saturday to sell its 10.6MW PV power plant located in Trehawke, United Kingdom, to funds managed by Foresight Group LLP.
Trina Solar did not disclose the price of the transaction under the share purchase agreement signed on Sept. 30, saying the revenue from the sale is expected to be recognized in the third quarter in 2014. ' The solar power plant is one of Trina Solar's two UK projects that connect to the grid and can generate 10.3 million kWh of electricity every year.
Gao Jifan, CEO of Trina Solar, said the transaction is an exciting step forward for its overseas downstream expansion and the successful completion of this sale will allow the company to redeploy resources on other projects and to further expand its pipeline in the UK.
Changzhou-based Trina Solar currently has an additional 49.9MW project under construction in the UK, expected to be completed in the first quarter of next year, which has attracted the interest of several potential buyers, according to Gao.