Trina Solar obtains USD 100 million loan facility from Standard Chartered Bank
- The loan facility will support the Trina's announced East Campus project for an additional 500 MW of cell and module production capacity
Trina Solar Limited (Changzhou, China), integrated manufacturer of solar photovoltaic (PV) products, on February 16th, 2012 announced that its wholly-owned subsidiary, Trina Solar (Changzhou) Science & Technology Co. Ltd., has obtained a three-year structured term loan facility from Standard Chartered Bank.
Loan facility to support addition of approximately 500 MW of cell and module production capacity
The structured term loan facility is for an amount of up to USD 100 million, which may be drawn down in single or multiple tranches within the first 12 months. Each tranche is for a term of up to 36 months from the initial drawdown date, and may be extended for up to another two years. The facility will support the Company's announced East Campus project, which is expected to add approximately 500 MW of cell and module production capacity and feature its high-efficiency Honey solar cell technology.
"We are very pleased to have received this financing to drive the commercial realization of our innovative technology," said Terry Wang, Chief Financial Officer of Trina Solar.
"We recognize Standard Chartered Bank's consistent and strong support of solar energy's adoption through its renewable energy financing initiatives, including providing this loan to support the rollout of our new high-efficiency product."
Bank committed to facilitate a shift to a low-carbon economy
Eric Lian, Managing Director and Head of Wholesale Banking Origination & Client Coverage, Co-Head of Wholesale Banking, Standard Chartered Bank (China) Limited, said, "We are very pleased to provide financial support to Trina Solar, a leading integrated manufacturer of solar photovoltaic products. Leveraging on our global expertise in sustainable business, we are committed to developing financial products and services for Chinese corporates in the clean energy industry to facilitate a shift to a low-carbon economy in China."
In addition to this term loan, Standard Chartered Bank has worked closely with Trina Solar since 2008, providing short-term working capital and trade financing facilities, as well as products that support the Company's foreign exchange hedging program.
2012-02-17| Courtesy: Trina Solar Limited | solarserver.com © Heindl Server GmbH
Our editorial selection of breaking solar news is published at:
www.solarserver.com/solar-magazine/solar-news/top-solar-news.html