Leading Chinese module manufacturer Trina Solar has signed a memorandum of understanding (MOU) with two Korean companies to develop two solar projects in South Korea, with a combined capacity of 100MW.
Trina Solar signed the deals with energy consultants CSC Energy and engineering, procurement and construction (EPC) firm SolarTEQ, and plans to commission both projects by the end of 2025. The manufacturer noted that it would provide “cutting-edge” module technology to the projects, while CSC will provide project development services, and SolarTEQ will procure the modules and other components.
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The projects will also be used to match demand for electricity from RE100 companies, signatories to a global initiative to meet 100% of their energy demand with renewable energy. While Trina Solar has not announced specific off-take agreements for the projects, the involvement of the RE100 initiative suggests larger companies could ultimately be involved in the portfolio.
“This MOU represents a significant opportunity for Trina Solar to contribute to the growing RE100 movement in South Korea,” said Li Na, Trina Solar Asia Pacific general manager for Israel, Japan and Korea.
“By combining our strengths with our local partners, we are confident we can develop and deliver successful solar projects that meet the needs of RE100 companies, accelerating South Korea’s transition to clean energy.”
The deal could be a boon for Trina Solar, which was one of many leading module manufacturers to report reductions in Q1 profits earlier this year. Trina Solar posted a 70.8% year-on-year decline in net profit, impacted by ongoing pricing pressures in the industry, and it will look to improve its financial performance in the future.
The company has also made a number of investments into its manufacturing capacity, expanding a Vietnam facility to a total production of 6.5GW of wafers, 5GW of modules and 4GW of solar cells earlier this month.
The South Korean solar sector has grown steadily in recent years, reaching 20.97GW of operational capacity as of the end of 2022. The national government aims to meet 20% of its electricity demand with renewables by 2030, which would require a significant expansion in its solar and wind capacity, which accounted for just 5% of the energy mix as of 2023.
