Trina Solar Ltd (NYSE:TSL) said today it would split its downstream solar division in two, with one unit focusing on solar projects in China and the other on “key international markets”.
The Chinese photovoltaics (PV) maker said the China system business unit (SBU) will be focused on ground-mounted PV power plants, including development and sales, engineering procurement construction (EPC), and operation & maintenance (O&M). Jiqing Gao, Trina Solar vice president, will be the head of the China SBU with immediate effect.
As of September 30, the solar company had 610.4 MW downstream operating assets, including 588.2 MW in China, 4.2 MW in the US, and 18 MW in Europe.
Several days ago it was announced that Trina’s chairman and chief executive, Jifan Gao, and a unit of Industrial Bank Co Ltd (SHA:601166) have made a joint non-binding proposal to buy out and delist the solar major. They have offered to pay a premium of 21.5% over the closing price of the company's American Depositary Shares (ADSs) on December 11, 2015.