Trina Solar pockets US$700m from 1GW solar asset sale

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One of Trina's operational sites in Mexico. Image: Trina Solar.

Updated: Module manufacturer Trina Solar has sold around 1GW (970MW approx) of solar PV projects to a newly-launched asset management vehicle, dubbed Matrix Renewables.

The projects, which are either operational, under construction or in late-stage development, are located in Spain, Chile, Colombia and Mexico.

They will form the first projects within the portfolio of Matrix Renewables, which has been launched by investment platform The Rise Fund and alternative asset management company TPG. Matrix is to be based in Madrid, and both TPG and The Rise Fund said they were in the process of assembling an “industry-leading management team” to leverage its existing investment expertise.

Ed Beckley, partner at TPG, said the company was excited to launch Matrix with “such a geographically diverse set of high-quality solar PV projects.”

“Trina is one of the leading manufacturers of solar PVs, with a history of developing world-class solar PV projects in key markets. With the establishment of Matrix Renewables and the leadership of a seasoned management team, we are actively looking for additional strategic opportunities to grow our global portfolio and build out the platform,” he added.

The portfolio indeed contains projects in some of global solar’s most attractive markets. Spain has emerged as one of Europe’s hottest destinations for solar investments, while Chile has been lauded as particularly attractive given the ultra-low levelised cost of electricity (LCOE) factors which have been recorded there.

The total PV project portfolio (35 projects) is expected to be delivered by the end of 2022 with the transaction worth around US$700 million. The contract also stipulates that 25% of the total contract price be paid before a projects construction starts and 45%, and 30% subsequently when the project is connected to the grid and then operating, according to Trina Solar's financial filings related to the deal.

Trina Solar expects around 20% of the contract price would achieve revenue generation in 2020, while the remaining revenue would come in batches in 2021 through 2022.

‘Solar Module Super League’ member Trina has a demonstrable track record in project development, having developed more than 3GW of utility-scale projects in various markets since its formation and an existing international pipeline in excess of 7GW.

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