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

Facebook
Twitter
LinkedIn
Reddit
Email
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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Sydney, Australia