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Trina Solar has obtained a five-year syndicated US$304 million loan facility to support its East Campus 500MW capacity expansion project, which is to be completed over the next three years.
The lenders consist of a syndicate of five domestic banks led by the Agricultural Bank of China and the Bank of China. The first drawdown is expected to occur in September 2009 in accordance with the schedule agreed upon with the lenders. The loan proceeds will be used to fund the company's capital expenditure targets for the Q209 and will also be immediately used to repay related outstanding loans of approximately US$80 million due on June 30, 2010.
"We are very pleased to finalize this important financing to drive this next important phase of our company's advancement," said Jifan Gao, Chairman and CEO of Trina Solar. "The syndicated loan facility combined with the proceeds from our recent follow-on offering will allow us to improve our long-term capital resources as we carry out our market-driven expansion plan and elevate our manufacturing technology platform."