Trina Solar Announces Restructuring, Splits Company In Two
Leading China-based solar PV manufacturer, Trina Solar, has announced it is restructuring the company by splitting it into two separate units.
It has been an interesting week for Trina Solar, after first receiving a buyout offer from the company’s own Chairman and Chief Executive, before then seeing its stock prices jump as a result of a successful COP21 climate agreement and an extension to the United States’ lauded solar Investment Tax Credit.
Thursday saw Trina Solar’s ups-and-downs continue, as the company announced that it was restructuring its downstream business unit (system business unit, SBU). According to the company’s announcement, Trina Solar’s SBU will be split into two separate units — a China SBU and an international SBU, designed to reflect the company’s “strategy and ambitions to become a first-tier global player in the downstream business.” Specifically, the China SBU will focus on ground-mounted PV power plants in China, while the international SBU will focus its attention in “key international markets.”
The new China unit will be headed up by Chairman Jifan Gao’s brother, Jiqing Gao, who serves as Trina Solar’s vice president.
“I am excited about the new SBU structure that will allow us to give dedicated focus to the two strategically important yet very different China and Overseas downstream businesses,” said Jifan Gao. “Mr. Jiqing Gao is a proven leader with deep knowledge and exceptional business experience in the downstream project development and management, and I am confident our China SBU will achieve exciting growth under his leadership. I believe that the new structure will lay a strong foundation for sustainable growth for our downstream business.”
“I am extremely glad to be given this opportunity to lead Trina Solar’s China SBU, and I look forward to working with the new SBU team as we continue to capitalize on the enormous downstream opportunities available in China and deliver on Trina Solar’s growth opportunities,” added Jiqing Gao.
Interestingly, after all that has gone on this week, Trina Solar’s share price hit a slight misstep on news of the decision, dropping 4%.
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