Trina Solar (NYSE:TSL) has sold its first large-scale project in its home nation of China. The company announced that it has reached agreement with Chinese clean energy firm Huadian Fuxin for the sale of a 50 MW power plant in Wuwei, Gansu province. The terms of the deal were not disclosed, although Trina Solar did say that its counterparty would take a full ownership stake in the plant when the transaction is completed.
In the press release announcing the news, Trina Solar quoted its CEO Jifan Gao as saying that the deal "represents a significant milestone for Trina Solar, as it showcases our ability to develop large-scale downstream projects with a complete project cycle from designing, construction, operation to the final sale."
The company will certainly welcome the money the deal brings in. In its latest quarter, it reported net revenues of $526 million and an attributable net profit of $9.8 million. Both numbers were down from the respective $548 million and $9.9 million of the preceding quarter.
Eric Volkman has no position in Trina Solar. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.