Trina Solar and Spire have both improved their financial positions by securing new or expanding existing lines of credit. Trina said it has landed new credit facilities totaling $57 million from Standard Chartered Bank (China), consisting of trade financing and defensive hedging products. Spire said it has amended its current $3 million revolving credit facility with Silicon Valley Bank, adding another $5 million revolver, which adds up to $8 million available to the company over the next year.
Trina said that the new lines of credit will help support its raw material procurement and product sales, while helping the company mitigate foreign exchange risks associated with market volatilities. The vertically integrated Chinese solar manufacturer now has total credit facilities of about $520 million.
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Spire’s expanded line is an export-import credit facility backed by a guarantee from the Export-Import Bank of the United States. The existing equipment credit facility will be retained with no additional funds available under that line, the company said.
