Trina Solar Signs Deal, 70% of '09 Production Sold (TSL)

The stock is up 4.9% at $26.90.
I don't mean to be the Trina station, all Trina all the time. It's just that there have been a greater than average number of stories about TSL this week. Now the bad news: TSL is going to have to expand their production capacity. If you read yesterday's post "Trina Solar Close To Signing Its First US Integrator Deals (TSL)", there were a few lines that jumped off the screen:

...One potential U.S. customer "asked for 60 megawatts per year," said Trina Solar Chief Executive Jifan Gao. "But we can't meet that demand," he added.
The company projects reaching capacity of 700 MW next year for solar cells and modules, and producing 500 MW of ingots and wafers, the executives said. It currently has 250 MW of capacity for each, and plans to reach 350 MW next year....

...Trina will need capital to expand its manufacturing and to buy additional wafers and polysilicon. Wang said that, although a recent deal with GCL Silicon calls for many of the wafers that Trina expects to need, it's best to get another supplier on board so as not to depend on a single one. As far as polysilicon, the company has 80% of its projected 2009 output covered by long-term polysilicon contracts, compared with this year's situation when less than half of its output is coming from long-term supply agreement....

I don't see any way they can avoid raising some more money so the question becomes, at what price? The stock has been hammered along with the rest of the solar group but perhaps $1.10 in earnings for the quarter that ends in three weeks and maybe $1.25 for next quarter will allow them to get a richer valuation for an equity or convertible offering.
From Reuters:

Chinese solar company Trina Solar Ltd (TSL.N: Quote) said it signed a sales agreement with Invictus NV, a Belgium company, to supply at least 50 megawatts (MW) of solar modules over two years....

...Following the deal, Trina Solar has secured the sale of about 70 percent of its estimated 2009 production target of 450 MW, about 40 percent of which has been secured with predetermined prices, it said in a statement...