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Trina Solar Ships Record Q3, Raises Cumulative Total Over 15 GW

Chinese-based solar PV manufacturer Trina Solar announced this week a record third quarter of shipments, and a cumulative total since 2005 of over 15 GW.

However, a legal settlement of $45 million saw the company post its first net loss (of $20 million) since 2013.

Trina Solar announced its third quarterly earnings on Monday, revealing the company had shipped modules totaling 1,703.2 MW, including 350 MW to the company’s own downstream projects. This was a record shipment for any PV company in the world, and represented a 38.3% increase on the second quarter — itself a record — and 60.1% year-over-year. Net revenue was $792.6 million, an increase of 9.6% on the second quarter of 2015, and a 28.5% increase year-over-year.

“We had a solid quarter of operations that came in ahead of our expectations, despite the one-off negative impact from the settlement of the Solyndra lawsuit and currency fluctuations that we experienced,” said Mr. Jifan Gao, Chairman and CEO of Trina Solar.

Speaking directly to the legal proceedings, Mr Gao said that “We have entered into a settlement with Solyndra to avoid a burdensome and protracted litigation. The resolution to the litigation with Solyndra puts this matter behind us and allows us to focus our attention and resources on our business.”

Trina Solar expects to ship between 1,500 MW to 1,650 MW of PV modules during the fourth quarter, a majority of which will be shipped to outside customers. The company is also expecting to connect 280 MW to 320 MW of PV projects to the grid in the fourth quarter.

Strong quarters have also seen the company raise its Fiscal Year 2015 guidance to shipments between 5.5 GW and 5.6 GW from original guidance of between 4.9 GW and 5.1 GW.

At the same time as Trina Solar announced its third quarter earnings, it also announced that as of the end of the third quarter, the company had shipped a cumulative total of over 15 GW of solar modules worlwide since 2005.

“We are extremely pleased to have reached the 15GW milestone in 2015 alongside our significantly increased global market presence,” said Mr. Gao.

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