Close on the heels of the company's various announcements to expand its cumulative module manufacturing capacity to 50 GW by the end of 2021, Trina Solar is now looking for finance to fund the projects, all of which will use 210mm large size monocrystalline silicon wafers (see 8 GW High Efficiency Solar Cell Production By Trina Solar).
It intends to raise RMB 5,265 billion ($814 million) by issuing convertible corporate bonds to unspecified objects, Trina Solar stated in a stock exchange filing, which will effectively solve the problem of the funding gap. Total investment the projects need to come online is RMB 18.85 billion ($2.91 billion) according to the company's estimates.
These funds will be invested by the Chinese solar cell and module manufacturer on the following:
Some of the proceeds raised will also be invested on replenishing working capital and repaying bank loans, it added.
Solar cell production capacity of Trina Solar currently is about 12 GW along with cumulative solar PV module production capacity of around 22 GW which it aims to expand to exceed 50 GW by the end of 2021 with 210mm large size cells contributing more than 80% to the mix.
The 210mm sized modules will improve the company's product performance in one go, it explained, while also promoting advanced photovoltaics and address demand and supply gap of high efficiency products in the market.
Trina Solar achieved an increase of 18.66% for its operating income during 9M/2020 to a total of RMB 19.926 billion.
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