Trinasolar is selling its 5 GW solar module production plant in the US to FREYR
The $340 million deal will see the Texas plant rolling out Trinasolar-branded modules
FREYR is also set to establish a 5 GW solar cell manufacturing plant in the US
Leading Chinese solar PV manufacturer Trinasolar is selling its 5 GW solar module manufacturing plant in the US to battery manufacturer FREYR Battery for $340 million while acquiring a minority stake in FREYR through its overseas subsidiary Trinaway.
Under the transaction, FREYR will take over the 1.35 million sq. ft. 5 GW fab in Wilmer, Texas, which it says entered production on November 1, 2024. Trinasolar unveiled the Texas project in September 2023 to produce its 210 mm Vertex solar modules for which it also raised $235 million from Standard Chartered (see Trinasolar Lands $235 Million Green Loan For 5 GW Texas Factory).
In a stock exchange announcement, Trinasolar explained that this transaction with FREYR will reduce the geopolitical risks for the company, ensure the supply of domestically manufactured products in the US, and enhance its product competitiveness in the country.
The Chinese company said it will continue to provide support in branding, intellectual property (IP), manufacturing, sales and after-sales services to cement its position in the US market.
Trinasolar stated, “The company will continue to support and influence the module production capacity sold by holding FREYR's equity.”
For FREYR, this transaction boosts its plans to create US-owned and operated vertically integrated solar manufacturing across multiple phases. It is currently in the process of selecting a suitable site for a 5 GW solar cell manufacturing plant in the country.
Construction for the cell plant is planned to begin in Q2 2025, with cell production starting in H2 2026.
“We are pleased to announce this transformative transaction, which will immediately position the Company as one of the leading solar manufacturing companies in the U.S. We are proud to be partnered with Trina Solar, a global manufacturing and solar technology leader,” commented FREYR’s newly appointed CEO Daniel Barcelo. “Domestic manufacturing capacity for solar and batteries is essential for energy transition and job creation.”
The Trinasolar transaction is scheduled to close in Q4 this year. In anticipation of this deal, FREYR is guiding for a 2025 EBITDA of between $75 million and $125 million and expects to exit 2025 with a full-year EBITDA run rate of $175 million to $225 million.
Meanwhile, Trinasolar is expanding its manufacturing footprint in Australia where it has partnered with SunDrive, bringing together the latter’s expertise in copper-based cell metallization and n-type technologies (see Trinasolar To Expand Manufacturing Footprint To Australia).