CHANGZHOU, China, Sept. 11, 2024 /PRNewswire/ -- Trina Solar (Luxembourg) Holdings S.A.R.L., a subsidiary of
Trina Solar Co., Ltd., has secured a €150 million revolving credit
facility from Banco Santander to accelerate the growth of its
downstream division, Trinasolar International System Business Unit
('ISBU') focusing on the development of utility-scale solar power
and battery storage projects. The financing will support ISBU's
transition to an Independent Power Producer (IPP).
The facility is structured in two revolving tranches: a
"non-recourse" tranche for assets under construction, and a
"guaranteed" tranche for assets under development and acquisitions.
It will primarily fund projects in Italy, Spain,
the UK, France, and Germany.
Leonardo Lotti, Head of
EMEA of ISBU, commented: "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."
Linhui Sui, President of
ISBU, commented: "This credit facility marks a pivotal first
step in our strategic transition from a project developer to an
IPP. This shift not only accelerates our growth but also positions
us as a long-term, strategic player."
Bart White, Head of Energy
EMEA, Structured Finance at Santander commented: "We are
delighted to support Trina Solar
with this revolving financing that will 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 euros in green financing until
2030"
About Santander Corporate & Investment Banking
Santander CIB is Santander's global division that supports
corporate and institutional clients by offering tailored services
and value-added wholesale products suited to their complexity and
sophistication. It also adheres to responsible banking standards
that contribute to the progress of society.
About Trinasolar ISBU
Trinasolar ISBU is the downstream project development arm
of Trina Solar. It operates across
15 countries worldwide and focuses on solar power and battery
energy storage systems, with expertise in project development, EPC,
finance, and asset management.
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