NEW YORK (AP) — Shares of Trina Solar rose Monday after the Chinese solar panel maker said it would build a 1-gigawatt power plant project in China.
The company said it signed an “investment framework agreement” with a local government authority. The plan is for a plant to be built over four years starting in 2014. Trina also said it would build a facility in the area to make modules for the project.
U.S.-traded shares of Trina Solar Ltd. added 84 cents, or 6.4 percent, to $13.99 in afternoon trading Monday. The stock has more than tripled this year.
Raymond James analyst Pavel Molchanov said many of the details of the project are uncertain, in part because of the timing of the regulatory approvals Trina Solar will need, and it’s difficult to predict the effect on the company’s profitability. Still, he said it’s “one of the few tangible examples of Trina’s progress as a project developer.” Molchanov rates Trina shares “Market Perform.”
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Article source: http://news.yahoo.com/trina-solar-rises-solar-power-172406001.html
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