Trina Solar, a Chinese enterprise in photovoltaic module and smart energy solutions, decided to inject an additional $420 million into its ongoing projects in the northern province of Thai Nguyen.
|Trina Solar decides to invest an additional $420 million in Thai Nguyen
Jifan Gao, chairman and general manager of Trina Solar, announced the move at a meeting with Deputy Prime Minister Tran Luu Quang on November 6.
According to Jifan Gao, the expansion in Thai Nguyen remarks Vietnam as the group's largest investment destination abroad in the photovoltaic field. To date, Trina Solar has also poured $478 million into two factories in Yen Binh Industrial Park.
This move is aimed at boosting its exports to the United States following the imposition of US tariffs on its products manufactured in Thailand.
DPM Tran Luu Quang said, “Renewable energy development is part of Vietnam's efforts to realise its commitment to net-zero gas emissions by 2050. Vietnam is building and promulgating specific mechanisms to spur the development of renewable energy, including solar energy. Thus, the group's investment helps local businesses to engage in the global supply chain in general as well as its supply chain in particular.”
Trina Solar's established ventures in Vietnam include the solar energy manufacturing plant in Van Trung Industrial Park in the northern province of Bac Giang, which was completed in January 2017. With an investment of around $100 million, it has a designed total production capacity of 1GW.
Another significant establishment is Trina solar energy development factory in Thai Nguyen. Aimed at manufacturing photovoltaic cells and solar panels, it was initiated in December 2020 with an investment of approximately $203 million. After that, in 2022, Trina Solar Wafer Vietnam Co., Ltd. was established to develop silicon bars and monocrystalline silicon sheets factory worth $275 million.
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