Trina Solar completes deal to take company private
The deal that will take Trina Solar private has been completed, the company has announced.
Shares in the Chinese Silicon Module Super League (SMSL) manufacturer have been suspended at the company’s request ahead of its delisting. Trina also confirmed its intent to halt its reporting obligations. It has merged with Red Vibernum and is now a subsidiary of Fortune Solar Holdings. A consortium led by Trina’s chairman and CEO Jifan Gao will now acquire Fortune Solar in an all cash transaction.
Although there have been no details from the company, it is widely anticipated that it will eventually list on an exchange either in Hong Kong or mainland China.
Around 90% of Trina’s shareholders approved the deal at a vote in December 2016.
Yali Jiang, an analyst with Bloomberg New Energy Finance (BNEF), told PV Tech at the time that conditions in the US had become tougher for solar firms.
“The main intention is probably to re-list at a higher market value on other platforms in mainland China and Hong Kong,” she said. “It is now more challenging for solar manufacturing companies to issue new equity offerings in the US, as US investors are becoming cautious about solar stocks after losing money on several high profile examples."
PV CellTech
PV CellTech is a truly unique event attended by all of the world’s top cell manufacturers, equipment and material suppliers to shape the PV cell technology roadmap. Join us to learn from and network with the PV industry’s leaders.
Solar & Storage Finance USA
Now in its sixth successful year, Solar & Storage Finance USA is the only event which looks at raising capital for solar, storage and collocated solar and storage projects in the USA. The conference will help delegates understand how providers are evolving propositions for storage and how they can access capital for standalone solar or storage, and co-located projects. Meet debt providers, funders, utilities, corporate off takers and blue chip energy firms with capital to invest and developers with credible pipelines.
Also read...
-
Foresight continues Australian charge with small-scale renewables fund launch
-
Californian panel maker reaps US$40m in bid to double production
-
Truce with Michigan utility frees 584MW PV pipeline from planning limbo
-
Limiting climate emergency will require ten-fold solar boom, DNV GL claims
-
Clearway completes construction on three-project, 110MW pipeline in Hawaii
Comments