Trina Solar subsidiary Trina Solar (Luxembourg) Holdings has announced it has secured a €150 million revolving credit facility from Banco Santander to accelerate the growth of the company’s International System Business Unit (ISBU), a downstream division focused on the development of utility-scale solar power and battery storage systems, and its transition from a pure project developer to an independent Power Producer (IPP), starting from Europe.
The revolving facility offers flexible financing for the development, construction and acquisition of solar and energy storage projects across Europe. The financing is structured in two tranches with revolving features: a “non-recourse” tranche for assets under construction across Europe, and a “guaranteed” tranche facility for assets under development, construction, and potential acquisitions.
This dual-tranche revolving structure will support Trina Solar ISBU’s development and construction of solar projects primarily in Italy, Spain, the United Kingdom, France and Germany, with a portion of the funds allocated to stand-alone battery storage and hybrid projects to strengthen the IPP business.
The facility is designed to enhance flexibility and support organic and inorganic growth in Europe, while enabling the construction of project assets across the continent, the financing covering both merchant and contracted revenue projects.
Leonardo Lotti, Head of EMEA at Trina Solar ISBU, commented: “This financing represents a milestone in our project development business in Europe. Historically, our focus has been developing, constructing and selling the assets. Moving forward, we will expand into PPA organization, project finance and asset operations, enhancing value generation across the entire project business.”
ISBU President Linhui Sui added: “This credit facility marks a pivotal first step in our strategic transition from a project developer to an IPP. This shift not only accelerates our growth but also positions us as a long-term, strategic player in the project development business.”
Bart White, Head of Energy EMEA, Structured Finance, at Santander, commented “We are delighted to support Trina Solar with this revolving financing that will boost its growth in Europe. Trina’s sizeable renewable pipeline will make a meaningful contribution to energy transition targets in Europe, while also supporting the company’s transformation into an IPP. This transaction is another step in Santander’s global commitment to facilitate €220 billion euros in green financing by 2030.”
