China-based Trina Solar Limited will use some $800 million over the next three years to expand manufacturing and research and development at its Changzhou photovoltaic factory in solar hub Jiangsu province.
The move will step up the company’s status in the global PV market by delivering new technologies, said Jifan Gao, the company’s chairman and chief executive.
Trina Solar (NYSE:TSL) is an integrated manufacturer of monocrystalline and multicrystalline ingots, wafers and cells.
The company earlier announced that it will raise its cell and module production capacity to 1.7 gigawatts by 2011 to address growing demand for PV products.
The company reiterated a forecast of approximately 1 GW in total PV module shipments in 2010, representing an increase of approximately 151 percent from 2009.
The company said its wholly owned subsidiary Changzhou Trina Solar Energy Company Limited has exceeded its revenue milestone of 10 billion Chinese yuan ($1.5 billion) this year.
Earlier this month, Trina Solar announced $508.3 million in net revenues in the third quarter, representing a 37 percent increase from the previous quarter’s $370 million. It was attributed mainly to improved brand recognition in established solar markets in the United States and Australia and the rise of solar installations in Germany.
Total shipments also rose from 222.8 megawatts to 290.5 MW, higher than its previous guidance of 250 MW to 260 MW for the third quarter.
