Shenzhen Nanshan Power, a Chinese power producer backed by state-owned capital, plans to acquire a controlling stake in Trina Solar’s tracker business.
According to an Oct. 30 announcement, Shenzhen Nanshan Power signed a preliminary equity acquisition agreement with Trina Solar and its wholly owned subsidiary, Trina Solar (Changzhou) Science & Technology.
Under the proposed transaction, Shenzhen Nanshan Power would acquire a 51% to 70% stake in the Changzhou-based company operating TrinaTracker, Trina Solar’s solar tracking unit.
The target company, established in February 2019, is currently wholly owned by Trina Solar through its Changzhou subsidiary. If completed, the acquisition would give Shenzhen Nanshan Power control of the business and allow it to consolidate the subsidiary’s financial results.
The acquisition would be financed entirely in cash and is expected to qualify as a major asset restructuring under Chinese securities regulations. It would not involve the issuance of new shares or a change in Shenzhen Nanshan Power’s controlling shareholder.
The companies have yet to agree on the final equity stake, valuation or payment schedule. The purchase price will be determined following an independent asset valuation, while performance commitments and compensation arrangements are expected to be negotiated as part of a definitive agreement.
TrinaTracker supplies solar tracking systems, including its Vanguard-1P and Vanguard-2P products, alongside intelligent control technologies. According to Trina Solar, the business had delivered more than 43 GW of tracking systems across more than 70 countries by the end of 2025, with annual global production capacity exceeding 15 GW.
Wood Mackenzie ranked TrinaTracker second in its 2026 global tracker manufacturer assessment, which evaluates companies based on service capabilities, research and development, supply chain resilience and financial strength, rather than shipment volumes alone.
In comments to Chinese media on Nov. 2, Trina Solar said it intended to introduce a strategic partner to strengthen operational synergies. The company said it would continue to focus on its solar and energy storage businesses while developing integrated energy solutions and technologies for AI data centers.
The proposed sale comes amid continued financial pressure on China’s solar manufacturing sector. Trina Solar reported a net loss attributable to shareholders of CNY 1.94 billion ($285 million) for the first nine months of 2026, on revenue of CNY 47.98 billion.
Selling a majority stake in the tracker subsidiary could provide Trina Solar with additional capital while allowing it to retain a minority interest. The arrangement could also preserve opportunities for cooperation between its module and tracking systems businesses, although the companies have not disclosed any post-transaction supply or cooperation agreements.
The proposed deal reflects a broader push among Chinese renewable energy companies to explore ownership restructuring and strategic partnerships as they seek to balance investment requirements with business specialization amid intense competition.
Both companies stressed that negotiations remain at a preliminary stage. Due diligence, financial audits, asset valuation and corporate approvals must be completed before a binding agreement can be signed.
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