Trina Solar released ist half-year financial report for 2020. It shows a sharp increase in sales of PV products and PV systems. Total revenue for the first six months of 2020 reached RMB 12.55 billion, a year-on-year increase of 16.56%, while net profits – belonging to shareholders of the listed company – hit RMB 493 million, up 245.81% from the previous year.
Strong growth despite COVID-19
Jifan Gao, chairman and CEO of Trina Solar, pointed out that Trina Solar and other leading global PV companies had achieved growth despite the global economic downturn brought about by Covid-19 in the first half of the year. “The Chinese PV industry continues to grow in leaps and bounds as we enter the ultra-high-efficiency era,” he said. “Companies with outstanding sustainable development capabilities and those who are leaders in the global PV market are thriving. Having led the way into the ultra-high-efficiency era, Trina Solar now plans to step up the rollout of advanced production capacity and the application of innovative technologies in our products in order to boost profits further.”
RMB 860 million in R&D investments – 852 patents
In the first half of 2020, Trina Solar invested RMB 860 million in R&D. The company has accumulated 852 patents, including 310 innovation patents, and has consistently maintained its investment in the research and development of advanced technologies for high-efficiency cells, high-power modules and smart tracking systems, focusing on the development of cutting-edge technologies while simultaneously continuing to improve its mass-production capacity, Gao said.
PERC cell with 23.39% conversion efficiency
With regard to solar cells, Trina Solar went through third-party testing by the ISFH CalLab in Germany to confirm conversion efficiency of 23.39% in its PERC cell, which was produced with standardized industrial equipment and was the highest-efficiency industrial PERC cell to pass the international ISO/IEC 17025 standard at that time. The company’s newly built PERC production line is averaging 22.8%-22.9%. Trina Solar’s HJT cell achieves efficiency of 23.8% or more in mass production, and TÜV certification and marketing of its HJT products are expected imminently. The Company’s TOPCon high-efficiency cell has recorded laboratory efficiency of 24.58%, with the highest average batch efficiency in mass production reaching 23.8%.
210 mm silicon wafer
With respect to PV modules, Trina Solar’s new Vertex series of high-power module products incorporates numerous forward-looking innovations including a 210 mm silicon wafer, high-density encapsulation and multi-busbar (MBB) technology. Trina Solar’s partners in and around the supply chain are already fully equipped with the associated production facilities, the company states.
TrinaPro Mega with 500W+ solar modules
In terms of PV systems, Trina Solar launched its new TrinaPro Mega solution, equipped with industry-leading 500W+ ultra-high-power modules, which establishes lower unit costs and will further increase power plant returns, including higher compatibility of parts, lower system costs and smarter services. Trina Solar has already established a test line for electric and electronic products as well as an outdoor empirical model application platform, and has completed small-batch production and product test verification processes for the AC version and module string version of its TCU/NCU smart tracking controllers. The two versions are compatible with various mounting structures and are projected to hit the market at the end of September and the end of December, respectively.
600W+ ear entered – 1 GW orders for Vertex module
In the first half of the year 2020, the company achieved total module shipments of 5.84 GW, up 37% over the same period in 2019, according to the interim report. February 2020 saw a new market breakthrough for Trina Solar, with the release of the world’s first 500W+ module, Vertex, and in July the Company went one better with its 600W+ module to lead the industry into the 600W era. By the release date of the half-year report, the Vertex module was already approaching 1 GW worth of orders.
TrinaPro business showed fast and steady growth, with orders for 882 MW delivered worldwide – over 100% more than during the same period last year.
Deal with Rise Fund – 1 GW price-parity projects
Trina Solar also signed a deal with The Rise Fund, part of one of the world’s largest alternative asset management companies, TPG Group, for project contracts worth a total of approximately US$700 million and covering a total scale of 1 GW. The Company’s domestic power plant systems business continues to grow steadily, with close to 1 GW worth of PV price-bidding and price-parity projects won during the reporting period, a year-on-year increase of over 25%.
26 GW cell production capacity – 70% share of 210 mm cells
Within the industry, Trina Solar is an active proponent of ultra-high-power module products based on large-sized cells, aiming to drive home its advantages in terms of large-scale advanced module production capacity for large cells. The company forecasts total cell production capacity of around 26 GW by the end of 2021, of which the large 210 mm cells are expected to account for some 70%.
50 GW solar module production capacity by the end of 2021
All of the module production capacity due to be built from the second half of 2020 onwards will be for ultra-high-power modules, with total module production capacity forecast to reach around 22 GW by the end of 2020 and around 50 GW by the end of 2021.
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The company also aims to further consolidate its industry-leading advantages in the fields of large high-efficiency cells and modules, with plans to promote upstream-downstream interconnectivity in the supply chain based on the “600W+ Photovoltaic Open Innovation Ecological Alliance” and to accelerate the transformation of the “supply chain” to the “value chain”. (hcn)
