Trina Solar Limited (TSL) announced that it has acquired a U.K.-based 49.9-megawatt (MW) utility-scale ground-mounted power project from Good Energy Group PLC (Good Energy).
The solar photovoltaic (PV) power plant is located at West Raynham in Norfolk. Good Energy received the planning consent of the plant in Jan 2014. Good Energy will use Trina Solar's high quality PV modules in the project.
Good Energy, a U.K.-based renewable electricity supply company, is scheduled to start the development of the plant in third-quarter 2014. The plant is expected to be connected to the national grid by the first quarter of 2015. After the completion of the project, the plant will provide emission-free power to over 14,000 homes annually.
The demand for renewable energy is gradually on the rise given the growing awareness about its benefits. The U.K. figures prominently among the European solar markets along with Germany and Italy. As per an NPD Solarbuzz report, the solar PV industry is expected to exceed 50 gigawatts (GW) by 2014. Strong demand in the U.K. and Japan will likely play a vital role in future PV growth.
Past records show that Trina Solar has a significant presence in the U.K. In Apr 2014, the company’s two PV power plants, having a total capacity of 23.77 MW, in the U.K. were connected to the grid. Trina Solar acted both as an investor and sole project developer.
To tap this growing solar market, other solar module players are also expanding their operations in the U.K. On Aug 8, 2014, ReneSola Ltd. (SOL) announced that it will offer 22 MW of its high-efficiency polycrystalline Virtus I and Virtus II solar modules for two ground-mounted utility-scale projects in the U.K. Another solar power company JA Solar Holdings Co., Ltd. (JASO) secured a contract earlier this year to deliver 7.8-MW of its high-efficiency full square mono solar modules to British Solar Renewables.
Trina Solar currently holds a Zacks Rank #3 (Hold). However, a better-ranked stock in the industry is JinkoSolar Holding Co., Ltd. (JKS), carrying a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment