REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

No. 2 Tian He Road
Electronics Park, New District
Changzhou, Jiangsu 213031
People's Republic of China
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Exhibit 99.1—Recent Developments, Summary Consolidated Financial and Operating Data, Management's Discussion and Analysis of Financial Condition and Results of Operations of the Registrant for the Six Months Ended June 30, 2013 and 2014

Exhibit 99.2—Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2013 and 2014

Unless otherwise indicated or unless the context otherwise requires, the "Company" refers to Trina Solar Limited, its predecessor entities and its subsidiaries. "China" or "PRC" refers to the People's Republic of China, excluding Taiwan and the special administrative regions of Hong Kong and Macau.

During the six months ended June 30, 2014, the Company had total shipments of 1,501.3 MW, of which 172.5 MW were shipped to its own downstream power plants in China and the United Kingdom. This marked an increase of 44.4% compared to total shipments of 1,039.5 MW during the six months ended June 30, 2013. During the six months ended June 30, 2014, the Company's average selling price was $0.66 per watt, compared to $0.63 per watt during the first six months ended June 30, 2013.

The following table sets forth the Company's manufacturing capacity and production output in MW equivalent of module production as of June 30, 2014 for each of its facilities:

The Company anticipates that by the end of 2015 the Company's maximum annual manufacturing capacity will expand to 3,500 MW for solar cells and between 4,800 MW and 5,000 MW for PV modules.

During the six months ended June 30, 2014, the Company's top five customers collectively accounted for 40.6% of its net sales and its largest customer contributed 15.1% of its net sales.

The following table sets forth the Company's total net sales by geographical region, based on record country of sales, for the six months ended June 30, 2014:

	Six Months Ended June 30, 2014

Region	Total Net Sales		Percent
	(in thousands, except for percentages)
Europe
United Kingdom	$	53,048		5.5	%
Germany		15,532		1.6
Italy		1,466		0.2
Spain		2,554		0.3
Others		12,349		1.3


Europe Total		84,949		8.9
China		263,288		27.3
United States		328,101		34.0
Japan		214,090		22.2
Others		73,808		7.6


Total	$	964,236		100.0	%

On June 3, 2014, the U.S. Department of Commerce, or Commerce, released its preliminary determination that certain solar product imports from China are benefitting from illegal government subsidies and therefore potentially subject to the imposition of countervailing duties. In that regard, effective June 10, 2014, the Company's products have been subject to a preliminary cash-deposit rate of 18.56% when imported into the United States, the lowest among the Chinese exporters. In addition, on July 25, 2014, Commerce released its preliminary determination that certain solar product imports from China are potentially subject to antidumping duties. In that regard, effective July 31, 2014, the Company's products have been subject to a preliminary cash-deposit rate of 26.33%, the lowest among the Chinese exporters. As a result of these preliminary determinations, the Company's products are subject to a combined deposit rate of 29.3% when imported into the United States, taking into account both the countervailing duties and the anti-dumping duties.

As of June 30, 2014, the Company had solar power projects with a total value of $219.4 million, including held-for-sales projects and self-owned and operated projects. The value of the Company's held-for-sales projects was approximately $49.1 million, mainly consisting of two solar power plants with a total capacity of 23.8 MW in the United Kingdom that were connected to the grid in April 2014. The value of the Company's self-owned and operated projects was $170.3 million, mainly consisting of a 16 MW solar power station in Greece, 14 MW of which has begun operations, a 2 MW solar power station in Italy and a 4 MW solar power station in the United States, each of which began generating revenues in 2013.

During the six months ended June 30, 2014, the Company completed solar power projects with a total capacity of 23.8 MW in Europe. As of June 30, 2014, the Company had a total project pipeline of approximately 1,139 MW, including projects with approximate capacities of 963 MW in China, 129 MW in Europe, 37 MW in Japan and 10 MW in the Middle East.

In the first quarter of 2014, the Company successfully sold its 50 MW solar power plant in Wuwei, Gansu Province to Huadian Fuxin Energy Corporation Limited. In August 2014, the Company acquired the project rights to a 49.9 MW ground-mounted PV power project in the United Kingdom from Good Energy Group PLC. This project has already received planning consent and construction commenced in

September 2014, with the site being expected to connect to the national grid in the first quarter of 2015. Also in August 2014, the Company entered into a share purchase agreement to acquire 90% of the equity interest in Yunnan Metallurgical New Energy, which currently has a 300 MW project under development in southern Yunnan Province. The Company is currently in the process of applying for registration of the share transfer with the Administration for Industry and Commerce.

The following summary consolidated statement of operations data (other than ADS data) for the years ended December 31, 2011, 2012 and 2013 and the selected consolidated balance sheet data as of December 31, 2012 and 2013 have been derived from the Company's audited financial statements from its annual report on Form 20-F for the year ended December 31, 2013, or 2013 Annual Report. The selected consolidated balance sheet data as of December 31, 2011 have been derived from the Company's audited financial statements included in its annual report on Form 20-F for the year ended December 31, 2011.

The following summary consolidated statement of operations data for the six months ended June 30, 2013 and 2014 and the summary consolidated balance sheet data as of June 30, 2014 have been derived from the Company's unaudited interim condensed consolidated financial statements. The Company's unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that of its audited consolidated financial statements and include all normal and recurring adjustments that the Company considers necessary for a fair statement of its financial position and operating results for the applicable dates and periods presented.

The summary consolidated financial data should be read in conjunction with those financial statements and the accompanying notes and "Item 5. Operating and Financial Review and Prospects" included in the Company's 2013 Annual Report. The Company's consolidated financial statements are prepared and presented in accordance with U.S. GAAP. The Company's historical results do not necessarily indicate its results expected for any future periods.

	Year Ended December 31,									Six Months Ended June 30,

	2011			2012			2013			2013			2014
	(in thousands, except for share, per share, operating data and percentages)
Consolidated Statement of Operations Data
Net sales	$	2,047,902		$	1,296,655		$	1,774,971		$	700,947		$	964,236
Cost of goods sold		1,715,260			1,239,412			1,556,777			645,305			792,489


Gross profit		332,642			57,243			218,194			55,642			171,747
Operating expenses:
Selling expenses		100,427			118,885			132,824			61,747			58,461
General and administrative expenses		157,129			176,719			103,523			48,256			49,424
Research and development expenses		44,120			26,511			19,926			9,560			9,918


Total operating expenses		301,676			322,115			256,273			119,563			117,803
Income (loss) from operations		30,966			(264,872	)		(38,079	)		(63,921	)		53,944
Foreign exchange (loss) gain		(27,435	)		908			(13,576	)		(22,689	)		3,743
Interest expense		(35,021	)		(51,887	)		(48,445	)		(26,115	)		(17,909	)
Interest income		3,056			8,552			3,958			1,853			1,124
Derivatives (loss) gain		(11,393	)		8,542			2,180			1,530			353
Other income, net		9,317			6,797			8,696			4,973			4,101


Income (loss) before income taxes		(30,510	)		(291,960	)		(85,266	)		(104,369	)		45,356
Income tax (expense) benefit		(7,310	)		25,405			13,030			6,978			(8,579	)


Net (loss) income		(37,820	)		(266,555	)		(72,236	)		(97,391	)		36,777
Net loss attributable to the noncontrolling interests		—	⁽¹⁾		—	⁽¹⁾		210			—	⁽¹⁾		459


Net (loss) income attributable to Trina Solar Limited Shareholders	$	(37,820	)	$	(266,555	)	$	(72,026	)	$	(97,391	)	$	37,236




(Loss) Earnings per ordinary share:
Basic	$	(0.01	)	$	(0.08	)	$	(0.02	)	$	(0.03	)	$	0.01
Diluted	$	(0.01	)	$	(0.08	)	$	(0.02	)	$	(0.03	)	$	0.01
(Loss) Earnings per ADS:
Basic	$	(0.54	)	$	(3.77	)	$	(1.01	)	$	(1.37	)	$	0.52
Diluted	$	(0.54	)	$	(3.77	)	$	(1.01	)	$	(1.37	)	$	0.50
Weighted average ordinary shares outstanding:
Basic		3,521,182,416			3,534,829,694			3,553,552,756			3,541,545,043			3,613,859,330
Diluted		3,521,182,416			3,534,829,694			3,553,552,756			3,541,545,043			3,728,220,976
Weighted average ADS outstanding:
Basic		70,423,648			70,696,594			71,071,055			70,830,901			72,277,187
Diluted		70,423,648			70,696,594			71,071,055			70,830,901			74,564,420
Consolidated Financial Data
Gross margin⁽²⁾		16.2	%		4.4	%		12.3	%		7.9	%		17.8	%
Net margin⁽³⁾		(1.8	)%		(20.6	)%		(4.1	)%		(13.9	%)		3.8	%
Consolidated Operating Data
PV modules shipped (in MW)		1,512.0			1,594.0			2,584.3			1,039.5			1,501.3	⁽⁴⁾
Average selling price ($/W)	$	1.33		$	0.78		$	0.64		$	0.63		$	0.66

	As of December 31,						As of June 30,

	2011		2012		2013		2014
	(in thousands)
Consolidated Balance Sheet Data
Cash and cash equivalents	$	816,780	$	807,276	$	486,686	$	452,156
Restricted cash		79,602		110,920		74,720		110,517
Inventories		249,779		318,504		244,532		451,218
Accounts receivable, net		466,537		390,157		435,092		457,812
Total current assets		1,768,722		1,765,487		1,521,701		1,710,622
Property, plant and equipment, net		919,727		893,340		889,752		1,019,506
Total assets		2,877,448		2,864,857		2,567,229		2,880,135
Short-term borrowings and current portion of long-term borrowings		389,472		875,821		935,590		669,472
Accounts payable		472,092		423,985		461,148		712,804
Total current liabilities		1,007,435		1,479,155		1,540,543		1,559,718
Accrued warranty costs		58,810		65,780		81,743		89,977
Long-term borrowings, excluding current portion		520,151		415,150		100,502		105,223
Convertible senior notes due 2019		—		—		—		172,500
Total equity		1,145,325		881,785		822,479		932,516
Total liabilities and equity	$	2,877,448	$	2,864,857	$	2,567,229	$	2,880,135

The Company believes that earnings before interest expense, interest income, income tax benefit (expense), and depreciation and amortization, or EBITDA, is a useful financial metric to assess its operating and financial performance. In addition, the Company believes that EBITDA is widely used by other companies in its industry and may be used by investors as a measure of the Company's financial performance. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization expense attributable to capital expenditures. The presentation of EBITDA should not be construed as an indication that its future results will be unaffected by other charges and gains that the Company considers to be outside the ordinary course of its business.

The term EBITDA is not defined under U.S. GAAP, and EBITDA is not a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing the Company's operating and financial performance, you should not consider this data in isolation or as a substitute for its net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. The use of EBITDA has material limitations as an analytical tool, as EBITDA does not include all items that impact the Company's net loss or income for the period. In addition, the Company's EBITDA may not be comparable to EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate EBITDA in the same manner as the Company does.

A reconciliation of net (loss) income which is the most directly comparable U.S. GAAP measure, to EBITDA is provided below:

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following table sets forth a summary, for the periods indicated, of the Company's consolidated results of operations and each item expressed as a percentage of the Company's total net sales. The Company's historical results presented below are not necessarily indicative of the results that may be expected for any future period.

	Six Months Ended June 30,

	2013			%			2014			%
	(in thousands, except for share, per share, ADS, per ADS, operating data and percentages)
Consolidated Statement of Operations Data
Net sales	$	700,947			100.0	%	$	964,236			100.0	%
Cost of goods sold		645,305			92.1			792,489			82.2


Gross profit		55,642			7.9			171,747			17.8
Operating expenses:
Selling expenses		61,747			8.8			58,461			6.1
General and administrative expenses		48,256			6.9			49,424			5.1
Research and development expenses		9,560			1.4			9,918			1.0


Total operating expenses		119,563			17.1			117,803			12.2
(Loss) income from operations		(63,921	)		(9.1	)		53,944			5.6
Foreign exchange (loss) gain		(22,689	)		(3.2	)		3,743			0.4
Interest expense		(26,115	)		(3.7	)		(17,909	)		(1.9	)
Interest income		1,853			0.3			1,124			0.1
Derivatives gain		1,530			0.2			353			0.0
Other income, net		4,973			0.7			4,101			0.4


(Loss) income before income taxes		(104,369	)		(14.9	)		45,356			4.7
Income tax benefit (expense)		6,978			1.0			(8,579	)		(0.9	)


Net (loss) income		(97,391	)		(13.9	)		36,777			3.8
Net loss attributable to the non-controlling interests		—	⁽¹⁾		—			459			0.1


Net (loss) income attributable to Trina Solar Limited shareholders	$	(97,391	)		(13.9	%)	$	37,236			3.9	%




(Loss) earnings per ordinary share:
Basic	$	(0.03	)				$	0.01
Diluted	$	(0.03	)				$	0.01
(Loss) earnings per ADS:
Basic	$	(1.37	)				$	0.52
Diluted	$	(1.37	)				$	0.50
Weighted average ordinary shares outstanding:
Basic		3,541,545,043						3,613,859,330
Diluted		3,541,545,043						3,728,220,976
Weighted average ADS outstanding:
Basic		70,830,901						72,277,187
Diluted		70,830,901						74,564,420
Consolidated Financial Data
Gross margin⁽²⁾					7.9	%					17.8	%
Net margin⁽³⁾					(13.9	%)					3.8	%
Consolidated Operating Data
PV modules shipped (in MW)		1,039.5						1,501.3	⁽⁴⁾
Average selling price ($/W)	$	0.63					$	0.66

Net Sales. The Company's total net sales increased by $263.3 million, or 37.6%, from $700.9 million for the six months ended June 30, 2013 to $964.2 million for the six months ended June 30, 2014. This increase was primarily due to (i) increased shipments, from 1,039.5 MW for the six months ended June 30, 2013 to 1,328.8 MW for the six months ended June 30, 2014, excluding 172.5 MW of internal shipments to the Company's own downstream power plants in China and the United Kingdom for which the Company did not recognize any net sales under U.S. GAAP. Total PV modules shipments increased by 44.4% from 1,039.5 MW for the six months ended June 30, 2013 to 1,501.3 MW for the six months ended June 30, 2014 and (ii) an increase in average selling price of the Company's PV modules from $0.63 per watt for the six months ended June 30, 2013 to $0.66 per watt for the six months ended June 30, 2014. The increase in the shipments was primarily due to growing demand from key geographical regions, particularly in China, Japan and the United States. The year-over-year increase in the average selling price was primarily due to increased sales to countries with higher average selling price.

Cost of Goods Sold. The Company's cost of goods sold increased by $147.2 million, or 22.8%, from $645.3 million for the six months ended June 30, 2013 to $792.5 million for the six months ended June 30, 2014, primarily due to increased shipments, offset by improvements in operating efficiency made possible by the Company's proprietary technology and business scale. As a percentage of its total net sales, the Company's cost of goods sold decreased from 92.1% to 82.2% during these periods.

Gross Profit. As a result of the foregoing, the Company's gross profit increased by $116.1 million, from $55.6 million for the six months ended June 30, 2013 to $171.7 million for the six months ended June 30, 2014. The Company's gross margin increased from 7.9% to 17.8% during these periods, primarily due to an increase in average selling price and a reduction in manufacturing cost per watt as the Company improved its operating efficiency. The one-off sale of the Company's 50 MW solar power plant in Wuwei, Gansu Province also contributed to the increase in gross margin.

Operating Expenses. The Company's operating expenses decreased by $1.8 million, or 1.5%, from $119.6 million for the six months ended June 30, 2013 to $117.8 million for the six months ended June 30, 2014. The decrease in operating expenses was due largely to a $3.2 million decrease in selling expenses, offset by slight increases in general and administrative expenses and research and development expenses. As a percentage of total net sales, operating expenses decreased from 17.1% for the six months ended June 30, 2013 to 12.2% for the six months ended June 30, 2014.

Selling Expenses. The Company's selling expenses decreased by $3.2 million, or 5.2%, from $61.7 million for the six months ended June 30, 2013 to $58.5 million for the six months ended June 30, 2014. Selling expenses as a percentage of net sales decreased from 8.8% for the six months ended June 30, 2013 to 6.1% for the six months ended June 30, 2014, primarily due to the increase in net sales.

General and Administrative Expenses. The Company's general and administrative expenses increased by $1.1 million, or 2.3%, from $48.3 million for the six months ended June 30, 2013 to $49.4 million for the six months ended June 30, 2014. The increase in general and administrative expenses for the six months ended June 30, 2014 was mainly due to increased personnel costs. General and administrative expenses as a percentage of net sales decreased from 6.9% for the six months ended June 30, 2013 to 5.1% for the six months ended June 30, 2014, primarily due to the increase in net sales.

Research and Development Expenses. The Company's research and development expenses increased by $0.3 million, or 3.1%, from $9.6 million for the six months ended June 30, 2013 to $9.9 million for the six months ended June 30, 2014. Research and development expenses as a

percentage of net sales decreased marginally from 1.4% for the six months ended June 30, 2013 to 1.0% for the six months ended June 30, 2014. The Company's research and development expenses remained constant for the six months ended June 30, 2014 compared with that for the same period in 2013.

Foreign Exchange Gain (Loss). The Company had a foreign exchange gain of $3.7 million for the six months ended June 30, 2014, compared to a foreign exchange loss of $22.7 million for the six months ended June 30, 2013. The foreign exchange gain for the six months ended June 30, 2014 resulted from the appreciation of the Japanese Yen and depreciation of the Renminbi.

Interest Expenses, Net. The Company's interest expenses, net, were $24.3 million and $16.8 million for the six months ended June 30, 2013 and 2014, respectively. The Company's interest expenses decreased from $26.1 million for the six months ended June 30, 2013 to $17.9 million for the six months ended June 30, 2014, primary due to the decreased average loan balance. Interest income decreased from $1.9 million to $1.1 million as a result of the reduction in cash and restricted cash balance with the repayment of loans.

Derivative Gain (Loss). For the six months ended June 30, 2014, the Company had a derivatives gain of $0.4 million, compared to a derivatives gain of $1.5 million for the six months ended June 30, 2013. The derivative gain for the six months ended June 30, 2014 was primarily due to changes in the value of the foreign currency forward contracts between the Euro and the U.S. dollar and the Renminbi and the U.S. dollar used to mitigate the effects of exchange rate volatility.

Income Tax (Expense) Benefit. The Company's income tax expense was $8.6 million for the six months ended June 30, 2014 compared with income tax benefit of $7.0 million for the six months ended June 30, 2013. The Company's income before income tax was $45.4 million for the six months ended June 30, 2014 compared with the Company's loss before income tax of $104.4 million for the six months ended June 30, 2013. The Company's effective income tax rate was an expense of 18.9% for the six months ended June 30, 2014 and a benefit of 6.7% for the six months ended June 30, 2013. The Company's effective income tax rate for the six months ended June 30, 2014 was lower than the PRC statutory enterprise income tax rate of 25%, primarily due to tax rate differential for entities in non-PRC jurisdictions and the preferential tax rate enjoyed by one of the Company's PRC subsidiaries.

Net Income (Loss). As a result of the foregoing, the Company had a net income of $36.8 million for the six months ended June 30, 2014, compared to a net loss of $97.4 million for the six months ended June 30, 2013. The Company's net margin was 3.8% for the six months ended June 30, 2014, compared to negative 13.9% for the six months ended June 30, 2013.

The Company finances its operations primarily through short-term and long-term borrowings, proceeds from public offerings, including its convertible senior notes offering in July 2008, follow-on offerings of ADSs in July 2009 and March 2010, concurrent offering of ADSs and convertible senior notes in June 2014, these concurrent offerings of ADSs and convertible senior notes, and the cash generated from operations. The Company believes that its current cash and cash equivalents, short-term and long-term borrowings and anticipated cash flows from operations and the renewal of short-term and long-term borrowings will be sufficient to meet its anticipated cash needs, including its cash needs for working capital and capital expenditures, for at least throughout the next 12 months. If the Company is unable to obtain sufficient funding for any reason, including the inability to renew its short-term and long-term borrowings, the Company may need to curtail its operations or postpone portions of its planned capital expenditures. The Company may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions that the Company may decide to pursue. If the Company's existing cash is insufficient to meet its

requirements, the Company may seek to sell additional equity or debt securities or borrow additional loans from banks. However, the Company cannot assure you that financing will be available in the amounts the Company needs or on terms acceptable to us, if at all. The sale of additional equity securities, including convertible debt securities, would dilute the Company's earnings per share. The incurrence of debt would divert cash from working capital and capital expenditures to service debt obligations and could result in operating and financial covenants that restrict the Company's operations and its ability to pay dividends to the Company's shareholders.

As of June 30, 2014, the Company had $452.2 million in cash and cash equivalents, $110.5 million in restricted cash, $774.7 million in outstanding borrowings, and $172.5 million convertible senior notes due 2019. The Company's cash and cash equivalents primarily consist of cash on hand and demand deposits with original maturities of three months or less. The Company's treasury policy requires cash and cash equivalents, restricted cash and investments to be placed with banks and other financial institutions. The Company plans to use the cash available as of June 30, 2014, for potential future capital expenditures, including the maintenance and enhancement of existing facilities, to further increase production capacity, potential downstream investments, and for working capital and other day-to-day operating purposes.

The Company's bank borrowing facilities include both short-term and long-term bank borrowings. The Company had total bank borrowing facilities of $990.2 million with various banks, of which $215.5 million was unused as of June 30, 2014. The Company has historically successfully renewed or rolled over the majority of its short-term bank borrowings upon maturity. In addition to bank borrowing facilities, as of June 30, 2014, the Company also had facilities for trade financing in the amount of $692.8 million, of which $563.8 million was unused. On July 15, 2013, the Company redeemed all outstanding convertible senior notes due 2013, together with all accrued but unpaid interest. As of June 30, 2014, the Company had $172.5 million in principal amount of 3.5% convertible senior notes due 2019. For details on the Company's borrowings, please see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Cash Flows and Working Capital—Borrowings" included in the Company's 2013 Annual Report.

The Company had short-term borrowings, excluding the current portion of long-term borrowings, of $601.9 million as of June 30, 2014. The average interest rate on short-term borrowings was 4% per annum for the six months ended June 30, 2014. As of June 30, 2014, certain of the Company's short-term loans were secured by its plant and machinery with a carrying value of $151.8 million.

The Company had current portion of long-term borrowings of $67.6 million and long-term borrowings, excluding current portion, of $105.2 million as of June 30, 2014. Certain of the Company's long-term borrowings contain restrictive covenants, and as of the date of this current report on Form 6-K, the Company is in compliance with these covenants.

On March 6, 2014, Trina Solar (Luxembourg) Overseas Systems S.A.R.L and Jiangsu Trina Solar Electric Power Development Co., Ltd. entered into a 15-year credit facility with China Development Bank, or the TLO CDB Facility, in the amount of €20.85 million ($28.7 million) to fund 16 MW of utility-scale solar power projects in Greece. As of June 30, 2014, the Company had drawn down and had an outstanding balance of €17.0 million ($23.2 million). The interest rate is the prevailing six-month EURIBOR plus 350 basis points. The TLO CDB Facility is guaranteed by the Company and contains a coverage ratio financial covenant.

In June 2014, the Company issued $172.5 million in aggregate principal amount of 3.5% convertible senior notes due 2019. The notes can be converted into the Company's ADSs at the option of the holders, based on an initial conversion rate of 69.9301 of the Company's ADSs per $1,000 principal amount of notes (equivalent to an initial conversion price of $14.30 per ADS). Holders of the notes will have the right to require the Company to repurchase for cash all or part of their notes on June 15, 2017 or upon the occurrence of certain fundamental changes at a repurchase price equal to

100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest. The notes will bear interest at a rate of 3.5% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2014. The notes will mature on June 15, 2019, unless previously repurchased or converted in accordance with their terms.

The Company has historically been able to repay its total borrowings as they became due, mostly from cash from operations or proceeds from additional short-term and long-term borrowings, or renew the loans upon maturity. The Company may also seek additional debt or equity financing to repay the remaining portion of its borrowings. As the Company continues to ramp-up its current and planned operations in order to further its vertical integration and expansion strategies, the Company also expects to generate cash from its expanded operations to repay a portion of its borrowings.

In the past, the Company has had significant working capital commitments for purchases of polysilicon and wafers. The Company's prepayments to suppliers were recorded either as current portion advances to suppliers, if they were expected to be utilized within 12 months of each balance sheet date, or as advances to suppliers, net of current portion, if they represented the portion expected to be utilized after 12 months. As of June 30, 2014, the Company had advances to suppliers, net of current portion, of $35.0 million, compared to $41.9 million as of December 31, 2013. The Company also had the current portion of advances to suppliers of $58.8 million as of June 30, 2014, compared to $68.3 million as of December 31, 2013. The Company generally makes prepayments without receiving collateral. As a result, the Company's claims for such prepayments would rank only as an unsecured claim, which exposes the Company to the credit risks of these suppliers in the event of their insolvency or bankruptcy. Going forward, the Company expects its advances to suppliers to decline further with the continuing improvement of polysilicon market, offset by greater volume purchases of other raw materials as the Company expands its manufacturing capacity.

The Company plans to build new facilities to increase its annualized manufacturing capacity of ingots, wafers, cells, and modules from 2,000 MW, 1,600 MW, 2,700 MW and 3, 600 MW as of June 30, 2014 to 2,200 MW, 1,700 MW, 3,000 MW, and 3,800 MW as of December 31, 2014, respectively. The Company plans to incur capital expenditures of up to $54.7 million during the second half of 2014 to achieve the above expansion plans. See "—Capital Expenditures."

The following table sets forth a summary of the Company's cash flows for the periods indicated:

	Six Months Ended June 30,

	2013			2014
	(in thousands)
Net cash (used in) provided by operating activities	$	(75,154	)	$	145,602
Net cash provided by (used in) investing activities		7,764			(174,113	)
Net cash used in financing activities		(197,431	)		(2,981	)
Effect of exchange rate changes		4,361			(3,038	)


Net change in cash and cash equivalents		(260,460	)		(34,530	)
Cash and cash equivalents at the beginning of the period		807,276			486,686


Cash and cash equivalents at the end of the period	$	546,816		$	452,156

Net cash provided by operating activities amounted to $145.6 million in the six months ended June 30, 2014, compared to net cash used in operating activities of $75.2 million for the same period in 2013. The net cash provided by operating activities in the six months ended June 30, 2014 was primarily

due to improvement in the Company's profitability, and maximizing its usage of credit and the credit periods offered by suppliers, partly offset by an increase in inventory balance.

Net cash used in investing activities amounted to $174.1 million in the six months ended June 30, 2014, compared to net cash provided by investing activities of $7.8 million for the same period in 2013. The net cash used in investing activities in the six months ended June 30, 2014 was primarily as a result of capital expenditures for property, plant and equipment of $141.4 million for investment in the Company's self-owned and operated solar power projects and the manufacturing capacity ramp-up and technological upgrades.

Net cash used in financing activities amounted to $3.0 million in the six months ended June 30, 2014, compared to $197.4 million for the same period in 2013. The net cash used in financing activities in the six months ended June 30, 2014 was primarily used to repay $786.4 million in bank borrowings (short-term and long-term), offset in part by proceeds of $557.6 million from bank borrowings (short-term and long-term), proceeds of $115.0 million from the issuance of convertible senior notes after deducting debt issuance costs and premium payments for the call options, and proceeds of $106.2 million from the issuance of the Company's ADSs after deducting the issuance costs.

The Company had capital expenditures of $141.4 million for the six months ended June 30, 2014. The Company's capital expenditures were historically used primarily for purchases of equipment and facilities for the production of ingots, wafers, cells and modules. The Company plans to build or acquire new facilities to increase its annual manufacturing capacity of ingots, wafers, cells, and modules from 2,000 MW, 1,600 MW, 2,700 MW and 3, 600 MW as of June 30, 2014 to 2,200 MW, 1,700 MW, 3,000 MW, and 3,800 MW as of December 31, 2014, respectively. The Company plans to incur capital expenditures of up to $54.7 million to achieve the above expansion during the second half of 2014. In the first half of 2014, the Company incurred $101.2 million in capital expenditures related to its downstream solar power projects and the Company expects to incur an additional $370.0 million relating to such projects during the second half of 2014.

Other than the Company's purchase obligations for raw materials and equipment, the Company has not entered into any financial guarantees or other commitments to guarantee the payment obligations of third parties. Except for a series of forward foreign currency exchange contracts entered into with several commercial banks to protect against volatility of future cash flows caused by the changes in foreign exchange rates associated with the outstanding accounts receivable, the Company has not entered into any derivative contracts that are indexed to its shares and classified as shareholders' equity, or that are not reflected in its consolidated financial statements. Furthermore, the Company does not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. The Company does not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to it or that engages in leasing, hedging or research and development services with the Company. There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, net sales or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to you and other investors.

The following table sets forth the Company's contractual obligations and commercial commitments as of June 30, 2014:

(1): Includes interests that are derived using an average rate of 3.97% per annum for long-term borrowings.
(2): Includes interests that are derived using an average rate of 4.00% per annum for short-term borrowings.
(3): Includes interests that are derived using the coupon rate of 3.5% per annum for convertible senior notes. The convertible senior notes will mature on June 15, 2019 and the holders may require the Company to early redeem the convertible senior notes on June 15, 2017.
(4): Consists of construction services, raw material, equipment and land use right purchase commitments. The raw material purchase commitment includes only the fixed and determinable portion under take-or-pay agreements, and does not include purchase commitments for which the Company is committed to purchase a specific volume amount but the purchase price is not fixed or determinable since the price is based upon the prevailing market price near the time of purchase.



Unaudited Condensed Consolidated Balance Sheets as of December 31, 2013 and June 30, 2014		F-2
Unaudited Condensed Consolidated Statements of Operations for the Six-month Periods Ended June 30, 2013 and 2014		F-4
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Six-month Periods Ended June 30, 2013 and 2014		F-5
Unaudited Condensed Consolidated Statements of Changes in Equity for the Six-month Period Ended June 30, 2014		F-6
Unaudited Condensed Consolidated Statements of Cash Flows for the Six-month Periods Ended June 30, 2013 and 2014		F-7
Notes to Unaudited Condensed Consolidated Financial Statements		F-9

TRINA SOLAR LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in U.S. dollars, except share data)

	As of December 31,		As of June 30,

	2013		2014
ASSETS
Current assets:
Cash and cash equivalents		486,685,563		452,155,640
Restricted cash		74,719,964		110,517,388
Inventories		244,532,463		451,218,431
Project assets, current portion		73,304,654		47,163,759
Accounts receivable, net of allowance for doubtful accounts of $97,057,810 and $77,207,331 as of December 31, 2013 and June 30, 2014, respectively		435,091,920		457,811,899
Current portion of advances to suppliers, net		68,252,726		58,770,713
Deferred income tax assets, net		24,202,561		17,846,961
Prepaid expenses and other current assets		114,910,682		115,137,375


Total current assets		1,521,700,533		1,710,622,166
Advances to suppliers, net of current portion		41,907,726		35,040,991
Property, plant and equipment, net		889,752,609		1,019,506,394
Prepaid land use rights, net		43,286,631		48,532,176
Project assets, net of current portion		6,096,771		1,980,156
Deferred income tax assets, net		50,901,271		47,187,735
Investment in equity affiliate		11,769,730		11,620,166
Other noncurrent assets		1,813,889		5,644,807


TOTAL ASSETS		2,567,229,160		2,880,134,591

See accompanying notes to unaudited condensed consolidated financial statements

	As of December 31,		As of June 30,

	2013		2014
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term borrowings		935,589,882		669,472,074
Accounts payable		461,147,655		712,804,062
Amount due to related parties		15,385,935		15,925,688
Income taxes payable		3,268,269		3,567,567
Accrued expenses and other current liabilities		125,151,406		157,949,014


Total current liabilities		1,540,543,147		1,559,718,405
Long-term borrowings, excluding current portion		100,502,222		105,222,634
Convertible senior notes		—		172,500,000
Accrued warranty costs		81,743,081		89,976,883
Other noncurrent liabilities		21,961,941		20,200,671


Total liabilities		1,744,750,391		1,947,618,593


Equity:
Ordinary shares ($0.00001 par value; 73,000,000,000 shares authorized, 3,605,057,489 and 4,130,044,214 shares issued and outstanding as of December 31, 2013 and June 30, 2014, respectively)		36,050		41,300
Additional paid-in capital		663,387,912		719,814,479
Retained earnings		143,369,211		180,604,878
Accumulated other comprehensive income		15,402,931		12,440,240


Total Trina Solar Limited shareholders' equity		822,196,104		912,900,897
Non-controlling interests		282,665		19,615,101


Total equity		822,478,769		932,515,998


Commitments and contingencies (Note 16)
TOTAL LIABILITIES AND EQUITY		2,567,229,160		2,880,134,591

See accompanying notes to unaudited condensed consolidated financial statements

TRINA SOLAR LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amount in U.S. dollars, except share data)

	Six-month periods ended June 30,

	2013			2014
Net sales		700,946,803			964,236,358
Cost of goods sold		645,304,466			792,488,778


Gross profit		55,642,337			171,747,580
Selling expenses		61,747,374			58,461,277
General and administrative expenses		48,255,740			49,423,815
Research and development expenses		9,559,818			9,918,455


(Loss) income from operations		(63,920,595	)		53,944,033
Other income (expenses):
Interest income		1,853,051			1,124,397
Interest expense		(26,115,211	)		(17,908,931	)
Foreign exchange (loss) gain		(22,689,422	)		3,742,519
Derivatives gain		1,530,060			352,995
Other income, net		4,972,642			4,100,766


(Loss) income before income taxes		(104,369,475	)		45,355,779
Income tax benefit (expense)		6,978,211			(8,578,948	)


Net (loss) income		(97,391,264	)		36,776,831
Net loss attributable to the non-controlling interests		98			458,836


Net (loss) income attributable to Trina Solar Limited shareholders		(97,391,166	)		37,235,667




(Loss) earnings per ordinary share
Basic		(0.03	)		0.01
Diluted		(0.03	)		0.01
Weighted average ordinary shares outstanding
Basic		3,541,545,043			3,613,859,330
Diluted		3,541,545,043			3,728,220,976

See accompanying notes to unaudited condensed consolidated financial statements

TRINA SOLAR LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amount in U.S. dollars)

See accompanying notes to unaudited condensed consolidated financial statements

	Ordinary shares

	Ordinary shares				Additional paid-in capital			Retained earnings				Noncontrolling interest			Total shareholders' equity
	Shares		Amount		Additional paid-in capital			Retained earnings				Noncontrolling interest			Total shareholders' equity
Balance at December 31, 2013		3,605,057,489		36,050		663,387,912			143,369,211	15,402,931			282,665			822,478,769
Share-based compensation		—		—		1,612,769			—	—			—			1,612,769
Vesting of restricted shares to employees		9,440,625		95		—			—	—			—			95
Issuance of ordinary shares pursuant to share option plan		9,546,100		95		952,554			—	—			—			952,649
Issuance of ordinary shares, net of issuance cost		506,000,000		5,060		106,172,822			—	—			—			106,177,882
Purchase of call options in connection with issuance of convertible senior notes		—		—		(52,311,578	)		—	—			—			(52,311,578	)
Net income		—		—		—			37,235,667	—			(458,836	)		36,776,831
Acquisition of a subsidiary		—		—		—			—	—			16,191,012			16,191,012
Capital contribution from non-controlling interests		—		—		—			—	—			3,675,000			3,675,000
Foreign currency translation adjustments, net of nil tax		—		—		—			—	(2,962,691	)		(74,740	)		(3,037,431	)


Balance at June 30, 2014		4,130,044,214		41,300		719,814,479			180,604,878	12,440,240			19,615,101			932,515,998

See accompanying notes to unaudited condensed consolidated financial statements

TRINA SOLAR LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in U.S. dollars)

	Six-month periods ended June 30,

	2013			2014
Operating activities: Net (loss) income		(97,391,264	)		36,776,831
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization		68,479,850			58,689,494
Equity in (income) loss of equity method investees, net		(2,465	)		149,564
Loss on change in fair value of derivatives		965,234			547,894
(Gain) loss on disposal of property, plant and equipment		(2,313	)		28,311
Reversal of allowance for accounts receivable		(2,332,379	)		(188,114	)
Inventory write-down		17,282,063			21,381,249
Provision for impairment loss of project assets		—			920,935
Deferred income tax (benefit) expense		(10,077,490	)		10,069,136
Share-based compensation		2,825,567			1,612,769
Amortization of convertible senior notes issuance costs		—			67,311
Gain on disposal of a subsidiary		—			(326,895	)
Other		—			(818,218	)
Gain on redemption of convertible senior notes		(282,625	)		—
Changes in operating assets and liabilities:
Restricted cash		—			(2,784,397	)
Accounts receivable		(85,514,928	)		(22,531,865	)
Inventories		7,063,653			(213,668,392	)
Project assets		(31,029,391	)		(3,968,807	)
Advances to suppliers		(6,206,605	)		(1,002,939	)
Prepaid expenses and other current assets		(64,589,465	)		2,505,176
Other noncurrent assets		37,338			(363,391	)
Accounts payable		110,242,027			216,398,375
Amount due to related parties		2,045,181			539,753
Income taxes payable		3,091,529			299,298
Accrued expenses and other current liabilities		3,253,764			31,653,822
Accrued warranty costs		6,184,004			8,233,802
Other noncurrent liabilities		804,438			1,380,747


Net cash (used in) provided by operating activities		(75,154,277	)		145,601,449

See accompanying notes to unaudited condensed consolidated financial statements

	Six-month periods ended June 30,

	2013			2014
Investing activities:
Purchases of property, plant and equipment		(29,673,495	)		(141,416,586	)
Proceeds from sale of property, plant and equipment		61,113			8,844
Prepaid land use right		(2,087,168	)		—
Proceeds from disposal of a subsidiary		—			307,496
Government subsidies received for property, plant and equipment		944,520			—
Decrease (increase) in restricted cash		38,519,144			(33,013,027	)


Net cash provided by (used in) investing activities		7,764,114			(174,113,273	)




Financing activities:
Proceeds from exercise of share options		—			952,649
Proceeds from issuance of ordinary shares, net of issuance costs		—			106,177,882
Proceeds from issuance of convertible senior notes		—			172,500,000
Debt issuance costs		—			(5,189,352	)
Purchase of call options in connection with convertible senior notes issuance		—			(52,311,578	)
Redemption of convertible senior notes		(26,292,375	)		—
Proceeds from short-term bank borrowings		571,329,244			513,008,289
Repayment of short-term bank borrowings		(651,444,243	)		(524,537,547	)
Proceeds from long-term bank borrowings		249,652,282			44,616,290
Repayment of long-term bank borrowings		(340,476,249	)		(261,872,188	)
Contribution from non-controlling interests holders		—			3,675,000
Payment for acquisition of non-controlling interest		(200,000	)		—


Net cash used in financing activities		(197,431,341	)		(2,980,555	)




Effect of exchange rate changes		4,361,812			(3,037,544	)
Net change in cash and cash equivalents		(260,459,692	)		(34,529,923	)
Cash and cash equivalents at the beginning of the period		807,275,992			486,685,563


Cash and cash equivalents at the end of the period		546,816,300			452,155,640




Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized		25,346,703			17,259,993
Income taxes paid		1,444,136			337,753
Supplemental schedule of non-cash investing activities:
Purchases of property, plant and equipment included in accounts payable		43,589,857			83,529,470
Supplemental schedule of non-cash financing activities:
Long-term borrowing assumed by buyer upon sale of project asset		—			(32,612,240	)

See accompanying notes to unaudited condensed consolidated financial statements

TRINA SOLAR LIMITED AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in U.S. dollars, except share data)

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission ("SEC"). The condensed consolidated balance sheet as of December 31, 2013 was derived from the audited consolidated financial statements of Trina Solar Limited ("Trina") and its subsidiaries (collectively, "the Company"). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated balance sheet of the Company as of December 31, 2013 and the related consolidated statements of operations, comprehensive income, changes in equity and cash flow for the year then ended, and the related financial statement schedule I, included in the Company's Annual Report on Form 20-F filed with the SEC.

In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2014, and the results of operations and cash flows for the six-month periods ended June 30, 2013 and 2014, have been made.

The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company's consolidated financial statements include the allowance made for doubtful accounts receivable, provision for losses on advances to suppliers, inventory write-downs, the estimated useful lives of long-lived assets, the impairment of long-lived assets and project assets, fair value of foreign currency derivatives, accrued loss on firm purchase commitment, the accrual for uncertain tax positions and valuation allowance of deferred income tax assets, accrued warranty expenses, and the grant-date fair value of share-based compensation awards and related forfeiture rates. Changes in facts and circumstances may result in revised estimates. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.

The accompanying unaudited condensed consolidated financial statements contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company's ability to operate profitably, the Company's ability to generate cash flows from operations, and the Company's ability to pursue financing arrangements, including the renewal or rollover of its bank borrowings, to support its working capital requirements.

As of June 30, 2014, the Company's total consolidated current assets exceeded total consolidated current liabilities by $150,903,761. As of the same date, the Company had cash and cash equivalents of $452,155,640 and short-term borrowings and current portion of long-term borrowings of $669,472,074. The liquidity of the Company is primarily dependant on its ability to maintain positive cash flows from operations coupled with sufficient short-term bank loans and other financing facility to support its working capital and meet its obligations and commitments when they become due.

The Company has carried out a review of its cash flow forecast for the twelve months ending June 30, 2015. Based on such forecast, management believes that adequate sources of liquidity exist to

fund the Company's working capital and capital expenditures requirements, and to meet its short term debt obligations and other liabilities and commitments as they become due. In preparing the cash flow forecast, management has considered historical cash requirements of the Company, as well as other key factors, including its ability to renew its short-term and long term borrowings during the next twelve months. Based on those factors, management believes the assumptions used in the cash forecast are reasonable.

Project assets held for sale consisted of the following at December 31, 2013 and June 30, 2014:

During the six-month period ended June 30, 2014, the Company completed and sold a 50 MW project in Wuwei, Gansu Province ("Wuwei Project") with a carrying amount of $56,115,210, to Huadian Fuxin Energy Corporation Limited ("Huadian Fuxin") in China.

As of December 31, 2013 and June 30, 2014, the Company pledged project assets with a total carrying amount of $65,291,805 and nil, respectively, to secure bank borrowings.

For the six-month periods ended June 30 2013 and 2014, impairment loss of project assets was nil and $920,935, respectively.

The following table presents the movement of the allowance for doubtful accounts:

For the six-month periods ended June 30, 2013 and 2014, inventories were written down by $17,282,063 and $21,381,249, respectively, to reflect the lower of cost or market. The majority of the write-down were for finished goods that were obsolete.

	December 31,			June 30,

	2013			2014
	$			$
Buildings		193,651,543			208,959,667
Plant and machinery		947,100,162			980,215,670
Motor vehicles		3,459,925			3,577,692
Electronic equipment, furniture and fixtures		104,751,785			107,753,556


		1,248,963,415			1,300,506,585
Less: Accumulated depreciation		(413,829,203	)		(471,352,419	)


		835,134,212			829,154,166
Construction in progress		54,618,397			190,352,228


Property, plant and equipment, net		889,752,609			1,019,506,394

Depreciation of property, plant and equipment was $68,075,562 and $58,069,061 for the six-month periods ended June 30, 2013 and 2014, respectively.

As of December 31, 2013 and June 30, 2014, the Company pledged property, plant and equipment with a total carrying amount of $490,979,601 and $461,444,504, respectively, to secure bank borrowings.

As of December 31, 2013 and June 30, 2014, the Company had solar projects that it operated with a total carrying amount of $47,885,957 and $48,157,404, respectively, which are recorded in plant and machinery. As of December 31, 2013 and June 30, 2014, the Company was constructing solar projects that it will operate with a total carrying amount of $262,682 and $122,119,362, respectively, which are recorded in construction in progress.

The Company reports its property, plant and equipment at cost, less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. The Company expenses repair and maintenance costs when they are incurred.

The following tables present the fair values of derivative instruments included in the Company's consolidated balance sheets as of December 31, 2013 and June 30, 2014:

The following table presents the amounts related to derivative instruments affecting the Company's consolidated statements of operations for the six-month periods ended June 30, 2013 and 2014:

The Company does not have any assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2013 and June 30, 2014.

As of December 31, 2013 and June 30, 2014, information about inputs into the fair value measurements of the Company's assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:

Following is a description of the valuation techniques that the Company uses to measure assets and liabilities at fair value on a recurring basis under the fair value measurement guidance as well as the basis for classification of such instruments pursuant to the valuation hierarchy established under the guidance:

During the six-month period ended June 30, 2014, the Company repaid short-term loans of $201 million to China Development Bank ("CDB") upon maturity. In June 2014, the Company renewed a short-term borrowing facility of $330 million with CDB. As of June 30, 2014, the Company had drawn down $180 million from the facility.

Certain short-term facilities contain certain financial covenants which are required to be maintained. As of June 30, 2014, Trina China violated the current ratio and quick ratio for a short-term borrowing of $180 million with CDB. Trina Solar (Luxembourg) Holdings S.A.R.L. ("TLH") violated the gearing ratio for a series of short-term borrowing from CDB for an aggregate amount of $170 million. Trina China and TLH obtained waiver letters from CDB, stating that the violation of financial covenants has been waived and such financial covenants have been amended. As a result, Trina China and TLH were in compliance with the amended financial covenants.

During the six-month period ended June 30, 2014, Trina Solar (Luxembourg) Overseas Systems S.A.R.L entered into a fifteen-year credit facility with China Development Bank ("TLO CDB Facility") amounting to EUR 20.85 million ($28.7 million) to fund 16 MW of utility-scale solar power projects in Greece. As of June 30, 2014, the Company had drawn down EUR 17.0 million ($23.2 million). The outstanding balance as of June 30, 2014 was EUR 17.0 million ($23.2 million). The interest rate is the prevailing six-month EURIBOR plus 350 basis points. The TLO CDB Facility is guaranteed by Trina. The TLO CDB Facility contains a financial covenant ratio which requires the annual general repayment coverage rate to be calculated and maintained on the December 31 of each calendar year.

During the six-month period ended June 30, 2014, the Company's subsidiary, Wuwei Trina Solar Electricity Generation Pte Ltd. ("Wuwei"), which held the Wuwei Project, additionally drew down $21.2 million from its credit facility under the loan agreement with CDB for the PV project construction. The total loan balance of $32.6 million was assumed by Huadian Fuxin after the completion and sale of the Wuwei Project to Huadian Fuxin.

Some long-term borrowings contain certain financial covenants which are required to be maintained. As of June 30, 2014, TLH violated gearing ratio for a long-term borrowing of $80 million with CDB. TLH obtained waiver letter from CDB, stating that the violation of financial covenants was waived and such financial covenants have been amended. As a result, TLH was in compliance with the amended financial covenants

In June 2014, the Company issued $172,500,000 in aggregate principal amount of convertible senior notes due 2019 (the "Notes"). The Notes bear interest at a rate of 3.5% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2014. The Notes mature on June 15, 2019, unless earlier redeemed, repurchased or converted.

Holders of the Notes have the option to convert their Notes at any time prior to the close of business on the second business day immediately preceding the maturity date. The Notes can be converted into the Company's American Depositary Shares ("ADSs"), each representing 50 ordinary shares of the Company, par value $0.00001 per share, at an initial conversion rate of 69.9301 of the

Company's ADSs per $1,000 principal amount of Notes (equivalent to an initial conversion price of $14.30 per ADS). The conversion rate is subject to adjustment in some events but is not adjusted for any accrued and unpaid interest. In addition, following a make-whole fundamental change that occur prior to the maturity date or following the Company's delivery of a notice of a tax redemption, the Company will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or such tax redemption.

Holders of the Notes have the right to require the Company to repurchase for cash all or part of their Notes on June 15, 2017 at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. In addition, if the Company undergoes a fundamental change, holders may require the Company to repurchase for cash all or part of their notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The Notes are the Company's senior unsecured obligations and rank equally with all of its existing and future senior unsecured indebtedness, which are effectively subordinated to all of the Company's existing and future secured indebtedness and all existing and future liabilities of the Company's subsidiaries, including trade payables.

In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 815-15 and Topic 470-20, the Company recorded the Notes as a liability in their entirety, and the conversion feature and any other embedded feature did not need to be bifurcated and accounted for separately.

The net proceeds from the Notes offering were $167,310,648, after deducting debt issuance costs of $5,189,352. Debt issuance costs are recorded as deferred assets and amortized as interest expenses, using the effective interest method, to the put date of the Notes (June 15, 2017).

In connection with the offering, the Company also used $52,311,578 of the net proceeds from the offering to purchase the zero-strike call options (the "Call Options"), covering 4,755,598 ADSs, with affiliates of the initial purchasers. The Call Options are intended to facilitate privately negotiated transactions by which investors in the Notes will hedge their investment in the Notes. The default settlement method for the Call Options is share settlement, but the Company may elect cash settlement in some cases pursuant to the terms of the Call Options. In accordance with ASC Topic 815-40, the Call Options are accounted as a prepaid forward to purchase the Company's own shares and are classified in permanent equity at its fair value at inception, and presented as a reduction to equity in the consolidated balance sheet. The shares underlying the Call Options are included in the basic and diluted EPS calculation.

The Company applied an estimated annual effective tax rate approach for calculating the tax provision for interim periods in accordance with ASC 740-270 "Income tax—Interim reporting". The estimated effective tax rate is based on expected income (loss), statutory tax rates and incentives available in the various jurisdictions in which the Company operates. The interim tax provision is determined by applying the estimated annual effective tax rate to the year-to-date ordinary income and discrete recognition of other tax effects. For a given quarter, the income tax provision equals the difference between the provision recorded cumulatively for the year less the amount recorded cumulatively as of the end of the prior interim period. As the year progresses, the Company refines the estimates of the year's taxable income as new information becomes available. This continual estimation process often results in a change to the estimated effective tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the estimated annual effective tax rate.

The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry-forward periods, the Company's experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Company's ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the statutory carry-forward periods provided for in the tax law of the various jurisdictions in which the Company operates.

The income tax benefits for the six-month period ended June 30, 2013 were $6,978,211, and the income tax expenses for the six-month period ended June 30, 2014 were $8,578,948. The Company's effective tax rates were 6.7% and 18.9% for the six months ended June 30, 2013 and 2014, respectively.

In June 2014, the Company issued in aggregate 10,120,000 ADSs, representing 506,000,000 ordinary shares, in a registered offering. The net proceeds from the offering was $106,177,882, after deducting underwriting discounts and commissions and other issuance costs of $5,142,118.

The following table presents the Company's share-based compensation expense by types of award:

In July 2006, the Company adopted the Share Incentive Plan (the "Share Incentive Plan") upon which the Compensation Committee (the "Committee") of the Board of Directors can authorize to make awards of restricted shares to any participant selected by the Committee in such amounts under terms and conditions as determined by the Committee. Restricted shares shall be subject to restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote restricted shares or the right to receive dividends on the restricted share). These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the award or thereafter.

The fair value of the restricted shares was based on the market price on the date of grant.

As of June 30, 2014, there was $4,741,286 of total unrecognized compensation cost related to the compensation cost of unvested restricted shares, which is expected to be recognized over a weighted-average period of 2.38 years. The total fair value of shares vested during the six-month periods ended June 30, 2013 and June 30, 2014 was $904,544 and $2,302,228, respectively.

In May 2008, the Company revised the Share Incentive Plan and introduced stock options as a compensation instrument to its employees. Under the terms of the revised Share Incentive Plan, share options are granted to employees at exercise prices equal to the Company's share price on the grant date. The Company's stock options expire five years from their grant date and generally vest one third per annum on the anniversary of the grant date.

During the six-month periods ended June 30, 2013 and 2014, the Company did not grant share options to its board of directors and employees.

			Weighted Average Exercise Price

Options outstanding at December 31,2013	129,085,735		$	0.19	3.58
Granted	—			—
Exercised	(9,546,100	)	$	0.10		1,790,494
Forfeited	(18,101,996	)	$	0.23
Options outstanding at June 30, 2014	101,437,639		$	0.19	3.16	14,165,331
Options vested or expected to vest at June 30, 2014	92,241,434		$	0.20	3.10	12,552,704
Options exercisable at June 30, 2014	56,123,589		$	0.26	2.71	6,062,557

Total intrinsic value of options exercised during the six-month periods ended June 30, 2013 and 2014 were $74,317 and $1,790,494, respectively.

As of June 30, 2014, the Company had $ 2,240,682 of unrecognized share-based compensation cost related to unvested share options, which it expects to recognize over a weighted-average period of 1.78 years.

The following table sets forth the computation of the basic and diluted (loss) earnings from operations per share for the periods indicated:

	Six-month periods ended June 30,

	2013			2014
	$			$
Net (loss) earnings attributable to Trina Solar Limited shareholders—basic		(97,391,166	)		37,235,667
Interest expenses of convertible senior notes		—			318,873


Net (loss) earnings attributable to Trina Solar Limited shareholders—diluted		(97,391,166	)		37,554,540




Weighted average number of ordinary shares outstanding—basic		3,541,545,043			3,613,859,330
Plus incremental weighted average number of ordinary shares from assumed conversion of stock options using the treasury stock method		—			48,858,886
Plus incremental weighted average number of ordinary shares from assumed conversion of restricted shares using the treasury stock method		—			5,231,540
Plus incremental weighted average number of ordinary shares from assumed conversion of convertible securities using the if-converted method		—			60,271,220


Weighted average number of ordinary shares outstanding—diluted		3,541,545,043			3,728,220,976




(Loss) Earnings per ordinary share from operations—basic		(0.03	)		0.01




(Loss) Earnings per ordinary share from operations—diluted		(0.03	)		0.01

For the six-month periods ended June 30, 2013 and 2014, the following securities were excluded from the computation of diluted (loss) earnings per share as inclusion would have been anti-dilutive.

The amounts due to related parties is $15,385,935 and $15,925,688 as of December 31, 2013 and June 30, 2014, respectively, which include payable to Changzhou Youze S&T Co., Ltd. ("Youze"),

Changzhou Junhe Mechanical Co., Ltd. ("Junhe"),Changzhou Jiuling New Energy S&T Co., Ltd. ("Jiuling"), entities controlled by Mr. Weizhong Wu and Mr. Weifeng Wu, respectively, who are the brothers in law of Mr. Jifan Gao, Trina's CEO, for Trina China's purchase of wafers and other services.

For the six-month periods ended June 30, 2013 and 2014, Trina China purchased wafers for a total price of RMB 25,460,756 ($4,119,550) and RMB 16,449,557 ($2,669,962), respectively, from Youze. The transactions were approved by the audit committee.

For the six-month periods ended June 30, 2013 and 2014, the Company sold ingots for a total price of RMB 20,673,363 ($ 3,314,335) and nil, respectively, to Youze. The transactions were approved by the audit committee.

For the six-month periods ended June 30, 2013 and 2014, the Company incurred costs of RMB86,834,295 ($13,966,255) and RMB 66,271,343 ($10,802,767), respectively, with respect to the wafer slicing process service provided by Youze. During the six-month period ended June 30, 2014, the Company entered into a long-term agreement with Youze for the wafer slicing process service from July 2014 to June 2016 and made a prepayment of RMB 50,000,000 ($8,126,381). The transactions were approved by the audit committee.

For the six-month periods ended June 30, 2013 and 2014, Trina China purchased goods and equipment maintenance services for a total price of RMB 1,644,764 ($262,840) and RMB 1,194,303 ($194,825), respectively, from Changzhou Junhe Mechanical Co., Ltd. The transactions were approved by the audit committee.

For the six-month period ended June 30, 2014, Trina China purchased wafers for a total price of RMB 5,427,351 ($881,350) from and sold modules for a total price of RMB 21,028,718 ($3,416,135) to Jiuling, respectively. The transactions were approved by the audit committee.

As of June 30, 2014, the Company's commitments to purchase property, plant and equipment and prepaid land use right associated with the expansion of the Company's solar module manufacturing and downstream project business are approximately $169 million.

In order to better manage the Company's unit costs and to secure adequate and timely supply of polysilicon and wafer materials, the Company entered into a number of multi-year supply agreements with periods from 2008 through 2020 for quantities that are expected to meet the Company's anticipated production needs. Pursuant to the original terms of these agreements, the Company was required to purchase fixed or minimum quantities of polysilicon and wafer at fixed prices. During 2012, the Company renegotiated and revised the pricing terms of the supply agreements with certain suppliers. Under the terms of the revised supply agreements, the Company commits to purchase the

minimum quantities at the prevailing market prices at the time of the purchase from June 30, 2014 to 2020 as follows:

In addition, in order to better manage the Company's unit costs of production, the Company also entered into a long-term wafer slicing process service agreement with Youze, a related party, for periods from 2014 through 2016. The Company commits to procure the minimum quantities of wafer which is processed by Youze, at the prevailing market prices at the time of the purchase from July 1, 2014 to 2016 as follows:

The Company also renegotiated with a supplier during 2012 on the pricing terms of take-or-pay contracts for the remaining procurement periods from 2014 to 2018. Pursuant to the revised contract terms, the Company is obligated to purchase fixed quantities of polysilicon materials at a range of price subject to negotiation. To the extent that the Company fails to take delivery of the polysilicon materials based on the revised term for three consecutive months, the revised pricing terms are nullified, and the take-or-pay contracts will then be subject to the original fixed price terms. As of June 30, 2014, the

amount of the fixed and determinable portion of the obligation with respect to these contracts based on the minimum price of the range is as follows:

The Company's total purchase under the above take-or-pay contracts was $24 million and $32 million, respectively, for the six-month periods ended June 30, 2013 and 2014.

The Company has made advances to suppliers where the Company has committed to purchase minimum quantities under some of the supply agreements. The Company does not require collateral or other security against its advances to related or third party suppliers. As a result, the Company's claims for such prepayments would rank only as an unsecured claim, which exposes the Company to the credit risks of the suppliers. Also, the Company may not be able to recover all unutilized advances to suppliers if the Company does not purchase the minimum quantities or is unable to negotiate or renegotiate acceptable quantities, prices and delivery terms with these suppliers.

The Company had operating lease agreements principally for its office properties in the PRC, Europe and the US. The Company's lease expense was $1,847,476 and $2,474,727 for the six-month periods ended June 30, 2013 and 2014, respectively.

In 2011, solar panel manufacturing companies in the United States filed antidumping and countervailing duty petitions with the U.S. government, which resulted in the institution of antidumping and countervailing duty investigations relating to imports into the United States of Crystalline Silicon Photovoltaic ("CSPV") cells, whether or not assembled into modules, from China. In December 2012, following completion of those investigations by the U.S. International Trade Commission, or

Commission, and the U.S. Department of Commerce, or Commerce, antidumping and countervailing duty orders were imposed on imports into the United States covered by the investigation, including imports of the Company's products. The orders require an effective net cash deposit rate of 23.75%. The actual duty rates at which entries of covered merchandise will be finally assessed may differ from the announced deposit rates because they are subject to completion of ongoing administrative reviews of the antidumping and countervailing duty orders. The Company expects the first administrative reviews to be completed by early 2015. In February 2013, the Company, along with other parties, including the U.S. companies that petitioned for the investigations, filed appeals with the U.S. Court of International Trade, or CIT, challenging various aspects of Commerce's findings. Final decisions by the CIT on those appeals are expected in late 2014, and further appeals are possible. The Company may not be successful in its appeals, in which case the scope of the antidumping and countervailing duty orders could remain or be expanded.

Also, on December 31, 2013, SolarWorld Industries America, Inc., or SolarWorld, a U.S. producer of solar cells and panels, filed petitions with the U.S. government resulting in the institution of new antidumping and countervailing duty investigations. The petitions accuse Chinese producers of certain CSPV cells and modules of dumping their products in the United States and receiving countervailable subsidies from the Chinese government. This trade action also accuses Taiwanese producers of certain CSPV cells and modules of dumping their products in the United States. According to SolarWorld, the new trade action is intended to close a loophole in the scope of the existing antidumping and countervailing duty orders. In that regard, under the new petitions, solar cells produced in any country, using Chinese ingots or wafers where manufacturing begins in China and is finished in another country, and incorporated into Chinese-made modules will be subject to antidumping and countervailing duties. If it is determined that the Company exports merchandise covered by the new trade action to the United States and antidumping or countervailing duties are imposed on such merchandise, its export sales to the United States could be adversely affected. The Commission issued preliminary affirmative injury determinations on February 14, 2014. On June 3, 2014, Commerce released its preliminary determination that certain imports from China are benefitting from improper government subsidies and, therefore, potentially subject to the imposition of countervailing duties. In that regard, effective June 10, 2014, the Company's products have been subject to a preliminary cash-deposit rate of 18.56% when imported into the United States. In addition, on July 25, 2014, Commerce released its preliminary determination that certain solar product imports from China are potentially subject to antidumping duties. In that regard, effective July 31, 2014, the Company's products have been subject to a preliminary cash-deposit rate of 26.33%. As a result of these preliminary determinations, the Company's products are subject to a combined deposit rate of 29.3% when imported into the United States, taking into account both the countervailing duties and the anti-dumping duties. Preliminary margins are subject to change pending Commerce's final determinations, and duties will be imposed only if the Commission makes final affirmative injury determinations. Anti-dumping duties imposed on Taiwanese producers may also affect the Company as it uses solar cells produced in Taiwan in some of its solar modules, and the Company is considering other sources of solar cells in its production. Final determinations in the antidumping and countervailing duty investigations are expected to be issued by the Commission and Commerce later this year or early next year. The government of China has notified the U.S. Government that it wants to discuss an agreement to suspend the antidumping investigations. Should that not happen and the final antidumping and countervailing duty

determinations be unfavorable to the Company, its financial condition and results of operations may be negatively affected. For the period from June 10, 2014 to June 30, 2014, the Company recorded deposits of $6.1 million as cost of goods sold in relation to the goods imported and sold in the United States, and recorded deposits of $4.8 million as cost of inventories for the goods imported but still held by the Company in the United States.

On September 6, 2012 and November 8, 2012, the European Commission announced the initiation of antidumping and anti-subsidy investigations, respectively, concerning imports into the European Union of CSPV modules and key components (i.e., cells and wafers) originating in China. On December 5, 2013, the Council of the European Union announced its final decision imposing antidumping and anti-subsidy duties on imports of CSPV cells and modules originating in or consigned from China. An average duty of 47.7%, consisting of both antidumping and anti-subsidy duties, are applicable for a period of two years beginning on December 6, 2013 to imports from Chinese solar panel exporters who, like the Company, cooperated with the European Commission's investigations. However, on the same day, the European Commission accepted a price undertaking by Chinese export producers in connection with the antidumping and anti-subsidy proceedings. As a result, imports from Chinese solar panel exporters that are made pursuant to the price undertaking are exempt from the final antidumping and anti-subsidy duties imposed by the European Union. The Company intends to comply with the minimum price and other conditions set forth in the undertaking so that its exported products will be exempt from the antidumping and anti-subsidy duties imposed by the European Commission. An industry group in the European Union that represents a number of manufacturers in Europe recently lodged a complaint with the European Commission alleging that Chinese solar producers, including Trina, are violating the price undertaking agreement. The Company does not believe that it is, and has publically stated that it is not, violating the price undertaking deal. European Union investigators have pledged to investigate the complaint and, if they find evidence of violations, it is possible that the price undertaking agreement could be withdrawn. If the agreement is withdrawn or if the Company are found by competent authorities not to be in compliance at any time with the price undertaking or the imports from all the PRC exporters exceed the annual volume established by the price undertaking, the above-described duties would be applied on its exports to the European markets and could materially and adversely affect its affiliated European Union operations and increase its cost of selling into the region, which could negatively affect the Company's financial conditions and results of operations.

It is also possible that other antidumping or countervailing duty or other import restrictive proceedings will be initiated in any number of additional jurisdictions. For example, in November 2012, India initiated antidumping investigations against solar cell imports from China, the United States, Malaysia and Taiwan, and in May 2014, India's Department of Commerce recommended imposing duties on electricity produced on "solar cell" imports from these countries. However, in September 2014 India's Ministry of Finance decided against imposing any such duties. Further, on May 14, 2014, Australia initiated an antidumping investigation against certain CSPV modules or panels exported to Australia from China. Although the Company's policy requires that all of its export sales comply with international trade practices, it cannot guarantee that the government agencies in the jurisdictions in which actions are brought will not impose trade remedy actions. Under antidumping and countervailing duty laws, significant additional duties may be imposed on imports of the products into these countries, which increase the costs of accessing these additional markets. As a result of the duties

imposed by the relevant authorities, or if duties are imposed on PRC-manufactured products, the Company may adjust its business strategy for selling into these jurisdictions. Any change in the Company's business strategy would create a number of operational and legal uncertainties. Any of the above scenarios may materially and adversely impact the Company's sales, thereby limiting its opportunities for growth.

During the first quarter of 2014, the Company's solar projects development segment, which is engaged in the construction, sale and operation of solar projects, met the criteria of quantitative threshold according to ASC 280-10-50-10, and it is expected that this segment will continue to be of significance. Therefore, beginning in the first quarter of 2014, the Company is reporting its financial performance based on the two segments: manufacturing segment and solar projects segment.

The following table set forth the results of operations of the Company's segments and reconciliation with the Company's consolidated results of operations for the six-month periods ended June 30, 2013 and 2014:

	For the six-month periods ended June 30,

	2013											2014
	$											$
	Manufacturing			Solar projects			Elimination(1)		Total			Manufacturing			Solar projects			Elimination(1)			Total
Net sales		727,873,656			4,366,097			(31,292,950)		700,946,803			977,091,344			71,115,319			(83,970,305	)		964,236,358
Gross profit		55,001,167			2,521,786			(1,880,616)		55,642,337			159,450,636			17,807,896			(5,510,952	)		171,747,580
Interest (expense) income, net		(24,037,003	)		(225,157	)		—		(24,262,160	)		(14,605,963	)		(2,178,571	)		—			(16,784,534	)
(Loss) income before income taxes		(101,033,048	)		(1,455,811	)		(1,880,616)		(104,369,475	)		42,568,495			8,298,236			(5,510,952	)		45,355,779
	Manufacturing			Solar projects			Elimination(2)		Total			Manufacturing			Solar projects			Elimination(2)			Total
	$											$
	As of December 31, 2013											As of June 30,2014
	As of December 31, 2013											As of June 30,2014
Total assets		2,499,251,808			194,691,747			(126,714,395)		2,567,229,160			2,835,881,438			293,993,379			(249,740,226	)		2,880,134,591

The following table summarizes the Company's net sales generated from different geographic locations:

	Six-month periods ended June 30,

	2013		2014
	$		$
Europe:
—United Kingdom		94,071,583		53,048,458
—Germany		135,571,001		15,531,668
—Spain		26,881,906		2,554,219
—Italy		8,237,201		1,465,790
—Belgium		6,968,956		553,615
—Others		36,886,373		11,795,714


Europe Total		308,617,020		84,949,464
China		129,868,154		263,287,631
United States		105,929,873		328,101,392
Japan		53,471,013		214,090,160
Others		103,060,743		73,807,711


Total net sales		700,946,803		964,236,358


	TRINA SOLAR LIMITED
	By:	/s/ Jifan Gao Name: Jifan Gao Title: Chairman and Chief Executive Officer
Date: September 29, 2014

Manufacturing Facility

Silicon ingots	2,000 MW	945 MW	2,200 MW
Silicon wafers	1,600 MW	773 MW	1,700 MW
Solar cells	2,700 MW	1,259 MW	3,000 MW
PV modules	3,600 MW	1,526 MW	3,800 MW

	Payment Due by Period

	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
	(in thousands)
Long-term borrowings⁽¹⁾	$	192,162	$	72,682	$	83,436	$	4,281	$	31,763
Short-term borrowings⁽²⁾		614,638		614,638		—		—		—
Convertible Senior Notes⁽³⁾		202,688		6,038		12,075		184,575		—
Operating lease commitments		2,900		1,568		1,332		—		—
Purchase Obligations⁽⁴⁾		324,337		168,848		73,634		66,069		15,786


Total	$	1,336,725	$	863,774	$	170,477	$	254,925	$	47,549

	Six-month periods ended June 30,

	2013			2014
Net (loss) income		(97,391,264	)		36,776,831
Other comprehensive income (loss):
Foreign currency translation adjustments, net of nil tax		4,361,812			(3,037,431	)


Comprehensive (loss) income		(93,029,452	)		33,739,400
Less: comprehensive loss attributable to non-controlling interests		(98	)		(533,576	)


Comprehensive (loss) income attributable to Trina Solar Limited		(93,029,354	)		34,272,976

	December 31,		June 30,

	2013		2014
	$		$
Project assets—Module cost		43,725,858		20,549,677
Project assets—Development		15,185,471		26,199,680
Project assets—Others		20,490,096		2,394,558


Total project assets		79,401,425		49,143,915




Current portion		73,304,654		47,163,759
Noncurrent portion, net of impairment loss		6,096,771		1,980,156

	Six-month periods ended June 30,

	2013			2014
	$			$
Beginning balance		106,825,173			97,057,810
Reversal during the six-month periods		(2,332,379	)		(188,114	)
Amount written-off against allowance		—			(19,662,365	)


Closing balance		104,492,794			77,207,331

	December 31, 2013		June 30, 2014

	$		$
Raw materials		43,987,539		66,468,777
Work in progress		40,004,269		80,544,661
Finished goods		160,540,655		304,204,993


Total		244,532,463		451,218,431

	December 31, 2013

	Other Assets —Current		Other Current Liabilities
	$		$
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts		351,523		475,973

	Amount of gain (loss) on Derivatives Recognized in Income Six-month periods ended June 30,				Location of gain (loss) Recognized in

Derivative Type	2013		2014		Income on Derivatives
	$		$
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts		1,530,060		352,995	Derivatives gain

				Fair Value Measurements at December 31, 2013 Using

	Total Fair Value and Carrying Value on the Balance Sheet			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	$			$		$			$
Assets:
Foreign exchange forward contracts		351,523			—		351,523			—
Liabilities:
Foreign exchange forward contracts		(475,973	)		—		(475,973	)		—


Net liabilities		(124,450	)		—		(124,450	)		—

	December 31,		June 30,

	2013		2014
	$		$
Bank borrowings
Short-term		613,433,236		601,903,979
Long-term, current portion		322,156,646		67,568,095


Total current		935,589,882		669,472,074
Long-term, non-current portion		100,502,222		105,222,634


Total		1,036,092,104		774,694,708

	December 31,		June 30,

	2013		2014
	$		$
Short-term borrowings guaranteed by Trina		376,481,244		246,376,934
Short-term borrowings secured by plants and machinery of Changzhou Trina Solar Energy Co., Ltd,Trina Solar (Changzhou) Science & Technology Co., Ltd. and Hubei Trina Solar Co., Ltd.. ("Trina China")		139,481,245		311,527,045
Unsecured short-term borrowings		97,470,747		44,000,000


Total		613,433,236		601,903,979

	December 31,		June 30,

	2013		2014
	$		$
Long-term borrowings secured by plant and machinery, and land use rights		147,077,179		65,533,513
Long-term borrowings secured by solar project assets		11,481,245		—
Long-term borrowings guaranteed by Trina		80,000,000		103,194,025
Unsecured long-term borrowings		184,100,444		4,063,191


Total		422,658,868		172,790,729

	Six-month periods ended June 30,

	2013		2014
	$		$
Share options		1,413,592		478,018
Restricted shares		1,411,975		1,134,751


Total share-based compensation expense		2,825,567		1,612,769

			Weighted average grant date fair value

Non-vested at January 1, 2014	38,183,882		$	0.19
Granted	—		$	—
Vested	(9,440,625	)	$	0.26
Forfeited	(5,205,872	)	$	0.24


Non-vested at June 30, 2014	23,537,385		$	0.16



Period from June 30 to December 31, 2014	212	1,068
Year ending December 31,
2015	625	3,960
2016	625	2,650
2017	625	2,650
2018	625	2,650
2019	625	2,650
Thereafter	625	2,650


Total	3,962	18,278

	For the six-month periods ended June 30,

	2013		2014
Non-vested restricted shares		29,789,979		—
Share options		87,957,248		23,342,356
Convertible senior notes		232,735,084		—


		350,482,311		23,342,356

		$ million

Period from June 30, 2014 to December 31, 2014			15.5
Year ending December 31
2015			41.0
2016			34.4
2017			32.8
2018			32.0
Thereafter			—


Total			155.7

		$

Period from June 30 to December 31, 2014			911,128
Year ending December 31
2015			1,312,598
2016			675,806
Thereafter			—


Total			2,899,532