Standard Chartered approves $235 million green loan financing for Trinasolar
It will support the company’s upcoming 5 GW DC module assembly plant in the US
The Vertex solar modules produced at the factory will cater to all prominent market segments
China-headquartered global solar PV manufacturer Trinasolar has inched closer to realizing its 5 GW DC solar module factory in the US after the Standard Chartered banking group approved a $235 million green loan facility for its construction.
“We are delighted to announce the successful signing and funding of our first syndicated projected financing with Standard Chartered, marking the first non-recourse syndicated project financing in the United States raised by a PV module manufacturer and renewable enterprise,” said Trinasolar Group CFO Jerry Sen Wu.
The 6-year non-recourse senior secured term facility will be used to fund the development, construction, and operation of the PV plant of Trinasolar.
The Texas factory will roll out modules for the utility-scale, commercial and industrial, and residential segments, from 7 PV panel assembly lines installed. Trina expects the project to create 1,500 new local jobs once fully operational.
In September 2023, Trina had picked Wilmer in Texas to locate its maiden US factory to produce its flagship 210 mm Vertex solar modules using US or Europe-sourced polysilicon. Back then, it targeted 2024 as the commissioning timeline (see Another Chinese Solar Producer Heads To The US).
US-produced modules should give Chinese producers like Trinasolar a reprieve from antidumping and circumvention duties on Chinese companies shipping to the US from Southeast Asian nations.
The US market has become an attractive proposition for solar PV manufacturers since the passing of the Inflation Reduction Act (IRA). Recently, a bipartisan proposal was also announced by US senators to keep Chinese companies from accessing Section 45X credits (see US Senators Want No IRA Manufacturing Aid For Chinese Solar Producers).
Recently, Trinasolar’s Product Manager Ling Zhuang presented the company’s latest module solution with anti-dust features at the TaiyangNews Global PV System Technology Trends H1/2024 conference (see Day 1 Summary TaiyangNews Global PV System Technology Trends H1/2024).
TaiyangNews has teamed up with EUPD Research to host a 1-day conference on Solar Made in USA where participants will present a 360-degree view on manufacturing along the crystalline silicon value chain with emphasis on technology in solar wafer, cell and module manufacturing. The event will take place on Sept, 9, 2024 in RE+ Anaheim, California. Register for the event here.
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