Trina Solar, a solar module manufacturer, and smart energy solutions provider 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.
Standard Chartered served as the sole lead structuring bank and book-runner for the financing, as well as the Green Loan Coordinator, Joint Lead Arranger, Lender, and Hedge Counterparty.
The new manufacturing plant is expected to include seven solar photovoltaic panel assembly lines producing three types of solar modules for utility-scale, commercial and industrial, and residential-scale solar with a total output of 5 GWdc per year.
“Trinasolar is a longstanding client, and we are delighted to assist them again in financing this new green project. In addition to boosting job creation locally in Texas, this new state-of-the-art solar panel plant will strengthen Trinasolar US’s leading position in the local solar market. We are proud to have played a key role in this project, which allows us to bring to life our commitment to working with clients towards net zero using our ability to provide comprehensive, innovative, and bespoke sustainable financing solutions,” said Sridhar Nagarajan, Regional Head, Project Export Finance, Europe and Americas, Standard Chartered.
This financing follows a $250 million Syndicated Green Loan for Trinasolar in 2022, for which Standard Chartered was the Sole Mandated Lead Arranger, Bookrunner, and Green Loan Coordinator.
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.
In June, Maxeon Solar Technologies, a Singapore-based solar solutions provider, secured a $97.5 million debt financing from the company’s largest shareholder, TCL Zhonghuan Renewable Energy Technology (TZE).
