Total module shipments were 1,658.3 MW, consisting of 1,619.0 MW of external shipments and 39.3 MW of shipments to the Company's own downstream power projects. This compares with total shipments of 1,423.3 MW in the first quarter of 2016, consisting of 1,370.4 MW of external shipments and 52.9 MW of shipments to the Company's own downstream power projects. Total shipments in the second quarter of 2015 were 1,231.6 MW , consisting of 1,000.7 MW of external shipments and 230.9 MW of shipments to the Company's own downstream projects.
31 MW own projects in Europe
In the second quarter of 2016, the company connected a total of 320.8 MW of PV projects to the grid in China, including 28.0 MW DG projects and 292.8 MW utility projects. Trina also sold 11.2 MW projects in the U.K. and Italy. As of June 30, 2016, the company had a total of 1,276.8 MW downstream solar projects in grid-connected operation, including 1,241.6 MW in China, 4.2 MW in the U.S., and 31.0 MW in Europe. The 1,241.6 MW projects in China consisted of 1,015.7 MW of utility projects and 225.9 MW of DG projects.
Module production capacity of 6.0 GW
As of June 30, 2016, Trina Solar had the following annualized in-house manufacturing capacities: Ingot production capacity of approximately 2.3 GW; wafer capacity of approximately 1.8 GW; PV cell capacity of approximately 5.0 GW and PV module capacity of approximately 6.0 GW.
Increased gross margin of 18.3 percent
Net revenues were $961.6 million, compared with $816.9 million in the first quarter of 2016 and $722.9 million in the second quarter of 2015. Gross profit was $176.3 million, compared with $139.7 million in the first quarter of 2016 and $144.9 million in the second quarter of 2015. Gross margin was 18.3%, compared with 17.1% in the first quarter of 2016 and 20.0% in the second quarter of 2015. As of June 30, 2016, the company had $831.5 million in cash and cash equivalents, and restricted cash. Total borrowings were $1,792.7 million.
Going private – merger expected to close Q1 2017
On August 1, 2016, the Company entered into a definitive agreement and plan of merger, pursuant to which the Company will be acquired by an investor consortium in an all-cash transaction implying an equity value of the Company of approximately $1.1 billion. The merger, which is currently expected to close during the first quarter of 2017, is subject to customary closing conditions including the approval of the merger by the Company's shareholders at a meeting of shareholders to be convened.
PERC cells with average 21.2 percent efficiency
Following the achievement of a 21.1% average efficiency for industrially-produced mono-crystalline cells using passivated emitter rear cell (PERC) technology, the R&D team of Trina achieved an average efficiency of 20.2% for industrially-produced P-type multi-crystalline silicon cells with PERC technology. For multi-crystalline silicon P-type double print cells that were produced for commercial shipment an average efficiency of 18.7% was achieved. (HCN)
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