Leading Silicon Module Super League (SMSL) member Trina Solar has signed several strategic financing agreements with CITIC bank totalling over US$1.57 billion for a five-year period.
Trina Solar had been seeking around US$1.0 billion in project financing to meet its PV project completions targets.
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CITIC is providing Trina Solar with a one-stop offering of customised financial products and services including credit facilities of RMB5 billion from CITIC Financial Leasing.
The leasing deal valued at around RMB5 billion (US$786 million) was said to support equipment upgrades and downstream projects.
CITIC is also providing a line of credit for RMB5 billion of short, medium and long-term loans. Access to foreign currency loans would also be available, said Trina Solar.
Teresa Tan, Chief Financial Officer of Trina Solar, said: “We believe these arrangements demonstrate CITIC's continued strong confidence in our current business model and future prospects. The two cooperation agreements not only allow us access to CITIC's diverse financing resources and experienced professional services, but also enable CITIC to access Trina's established industry network and participate in our strong growth. This strategic partnership creates a win-win outcome. We will continue to secure necessary funding to ensure adequate financial resources to support execution of our growth strategy and enhance our leading position in the solar industry.”
Trina Solar has guided module shipments, including its own projects of over 5GW in 2015.