Trina Solar expands into Canada

Tue Jul 10, 2012 10:10am EDT
 
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(Reuters) - Chinese solar equipment maker Trina Solar Ltd TSL.N has expanded into Canada by striking a deal with solar module maker Silfab Ontario to make modules in the province, North America's second-largest solar photovoltaic (PV) market after California.

Trina Solar said a subsidiary had signed an agreement for final assembly with Silfab Ontario, a unit of Italy's Silfab SpA.

Trina said it would also open a sales and business development office in Canada's most populous province, which provides big subsidies for clean energy.

The expansion in Canada comes at a time when solar companies are being hit by slowing demand, primarily due to lower subsidies in Europe -- the key solar market -- and a 50 percent fall in prices over the last year.

The company said it expected strong growth for the Canadian industry that could reach 1 gigawatt by 2015.

Another Chinese company, JA Solar, said earlier this year that demand growth in 2012 would come from new and emerging markets.

Shares of Trina Solar were up 1 percent at $6.10 in early trading on the New York Stock Exchange. The company has lost close to 70 percent of its market value in the past 52 weeks.

(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Maju Samuel)