Trina Solar (Luxembourg) Holdings S.A.R.L, a subsidiary of solar module manufacturer and smart energy solutions provider Trina Solar, secured a €150 million (~$165 million) revolving credit facility provided by Banco Santander.
The funding will support the company’s downstream division, Trina Solar International System Business Unit (‘ISBU’), which develops utility-scale solar power and battery storage projects. The financing will also support ISBU’s transition to Independent Power Producer (IPP).
This funding was made available in two revolving tranches. The first is a “non-recourse” tranche for assets under construction, and the second is a “guaranteed” tranche for assets under development and acquisitions. It will primarily focus on projects in European countries like Italy, Spain, the U.K., France, and Germany.
“Historically, our focus has been developing, constructing, and selling the assets. Moving forward, we are expanding further into PPA organization and asset operations, therefore enhancing value generation across the entire value chain,” commented Leonardo Lotti, Head of EMEA of ISBU.
Last month, the company secured a $235 million non-recourse senior secured term green loan facility from Standard Chartered to support the development, construction, and operation of a 1.35 million square foot solar photovoltaic manufacturing plant in Wilmer, Texas.
“We are delighted to support Trina Solar with this revolving financing to boost their growth in Europe. Trina’s sizeable renewable pipeline will make a meaningful contribution to energy transition targets in Europe while also supporting Trinasolar ISBU’s transformation into an IPP. This transaction is another step in Santander’s global commitment to facilitate €220 billion in green financing until 2030,” said Bart White, Head of Energy EMEA, Structured Finance at Santander.
Recently, the company, in collaboration with Lightshift Energy, an energy storage project developer, owner, and operator, announced the completion of four North American energy storage installations in Massachusetts.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, solar debt financing activity in 1H 2024 reached $12.2 billion in 50 deals, a 53% increase year-over-year compared to 1H 2023, when $8 billion was raised in 33 deals. The first half of 2024 was the highest 1H total recorded in a decade for debt financing.
