Trina nets US$90m to finance global expansion

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Teresa Tan, Trina Solar's CFO, said the company would continue to diversify its sources of funding. Image: Trina Solar.

Wells Fargo and Barclays have signed financing facility agreements with Trina Solar’s subsidiaries in the US and Singapore, worth a total of US$90 million.

China’s Trina Solar, a member of the group dubbed the “super league” of module manufacturers by PV Tech, announced the deals today. Like many others in the top bracket, the company has also vertically integrated a downstream project business utilising its own modules.

Wells Fargo, the US bank, will lend US$60 million to Trina Solar US, as a flexible “revolving loan”, meaning Trina can withdraw funds from the facility on a timeline of its own choosing. The loan will be used to provide the capital to target unspecified “market opportunities in the region”.

Meanwhile, the Singapore subsidiary of Trina, Trina (Singapore) Science and Technology, is looking to “capture growing opportunities in the Asia-Pacific region”. It has been provided with a US$30 million line of credit from Barclays, to boost its working capital in the region.

“In addition to our well established network in China, these two financing arrangements obtained through our overseas subsidiaries not only mark a new milestone for our company in terms of leveraging our global network to establish new financing platforms, but also reflect the growing confidence that premier global banks have in our business operations,” Trina Solar chief financial officer Teresa Tan said.

Tan went on to say that Trina would continue to “diversify our sources of funding” which it would seek at low cost so that the company could “take advantage of favourable conditions in the solar energy sector”.

PV Tech's publisher Solar Media will be hosting the Solar & Off-Grid Renewables Southeast Asia event next week at IMPACT, Bangkok, Thailand.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

PV Tech Premium
August 4, 2021
The latest installment of PV Tech’s special feature on Europe’s solar renaissance rounds-up the rest of the continent’s key markets, examining the key drivers behind solar growth in Portugal, France and the UK, amongst others.
PV Tech Premium
August 3, 2021
This installment of PV Tech’s European solar special uncovers the emerging markets of Europe’s PV sector, including Poland, Denmark and Greece.
PV Tech Premium
August 2, 2021
In today’s installment of PV Tech’s ‘European solar under the spotlight’ feature, we assess the potential and key drivers behind Europe’s leading markets in Germany, Spain and the Netherlands.
PV Tech Premium
July 30, 2021
Not only will solar be the dominant source of new power generation in Europe by 2025, cementing its position as the third largest market for solar globally, but the continent has placed the asset class at the very heart of its COVID-19 recovery strategy. As part of a week-long special report on PV Tech Premium, Liam Stoker, Edith Hancock and Jules Scully explore the drivers for solar in Europe, the key markets and the challenges that remain.
July 29, 2021
US residential solar installer Sunnova said it was investing in its end-to-end solar services to cater for customers demanding more from their rooftop installations.
July 27, 2021
Canadian Solar has closed a BRL500 million (US$100 million) financing facility to develop a Brazilian solar portfolio claimed to be the country’s largest, while also giving it the option to hold built solar assets for longer.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021