Growing Demand Boosts Trina Solar’s 2022 Earnings

Trina Solar Shipped Over 43 GW Solar Modules In 2022 And Targets To Sell Around 50% More In 2023

Growing Demand Boosts Trina Solar’s 2022 Earnings

Trina Solar’s module shipments for 2022 increased by over 73% annually and which it aims to further improve by more than 50%.

  • In 2022, Trina Solar shipped 43.09 GW solar modules, representing 73% annual jump
  • It earned RMB 85.05 billion operating income to which module shipments contributed RMB 63.1 billion revenues
  • At the end of 2022, its cell and module production capacity was 50 GW and 65 GW, respectively
  • By 2023-end, it targets to achieve 75 GW cell production capacity comprising 40 GW n-type, and 95 GW module capacity

Tier I Chinese integrated solar PV manufacturer Trina Solar’s 43.09 GW module shipments in 2022, up by over 73% from 24.8 GW in 2021, took its cumulative shipments to exceed 130 GW. The company reported RMB 85.05 billion as its annual operating income.

Including Q1/2023, Trina’s aggregate shipments increased to exceed 140 GW of which 210mm module shipments went over 65 GW.

It reported 91.21% annual increase in operating income that went up from RMB 44.80 billion in the previous year when it shipped 24.8 GW modules (see Trina Solar Declares 2021 Financial Results).

Module shipments last year earned it RMB 63.1 billion in revenues reflecting an annual jump of 83.7%, and gross margin of 11.87%, while system products revenue was reported as RMB 14.24 billion and power plant business another RMB 3.62 billion.

Of total operating income for 2022, domestic market accounted for RMB 42.91 billion, and overseas RMB 42.14 billion.

To develop its core competitiveness of innovation, Trina said it invested RMB 4.62 billion on research and development (R&D), 80.85% more annually.

The company attributes this growth to global and domestic carbon neutrality goals boosting demand for solar. During the last few months of 2022, supply chain issues also eased which again helped the company improve its business performance.

Improvement was due to the manufacturer controlling its shipping, raw material and other costs, it added in its annual report available in Chinese language.

Going forward, as Russian aggression of Ukraine accelerates renewable energy development globally and threat of climate change looms large, solar PV technology will continue to be in demand, stated Trina. In 2023, Trina targets to ship 65 GW solar modules.

Against this backdrop, Trina said it will continue to expand its total cell production capacity to 75 GW by the end of 2023, of which the n-type cell capacity is expected to exceed 40 GW, and module production capacity will go up to 95 GW. It will increase from 50 GW cell and 65 GW module capacity as on December 31, 2022. By the end of 2023, it also aims to have 50 GW crystal pulling and 50 GW slicing capacity.

In Qinghai, the company is developing n-type industrial chain to ensure guarantee of material supply and promote large sized and n-type modules (see Trina Announces Massive Solar PV Production Plans).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.

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