Trina Solar Ltd today announced revenues of over USD 2.04 billion (EUR 1.8bn) in the first half (H1) of 2018, up by 13% in annual terms, and said that it is “quite likely” that its full-year top line will exceed 2017 sales.
The Chinese photovoltaic (PV) products maker sold over 4 GW of solar modules in the six months.
The company is present in 103 countries and in 2017 overseas markets accounted for more than 55% of Trina Solar’s sales. Chairman Jifan Gao explained that thanks to its global operations the manufacturer is able to survive volatility in specific markets.
Gao also said that Trina Solar sold 900 MW of solar farms in the first half, raising “a lot of cash” and lowering its debt ratio to 62% in mid-2018 from 67.5% at the start of the year. Trina Solar’s cash reserves grew to USD 687 million as of June 30, 2018 from USD 643 million at the end of 2017.
The Chinese company has 8.5 GW of manufacturing capacity for modules and for cells, including 1 GW of cell and module capacity in Thailand, a 1-GW cell factory in Vietnam and 700 MW of module production capacity in Malaysia. Trina also has module manufacturing partners in Turkey. The company is converting several gigawatts of capacity to to PERC and PERT technology.