On August 7, 2024, Standard Chartered Bank announced the successful completion of a six-year, $235 million non-recourse senior secured term green loan to finance Trina Solar, a global leader in renewable energy, for the development, construction, and operation of a 5GW photovoltaic module manufacturing in Wilmer, Texas, USA.
Standard Chartered Bank acted as the sole structuring bank and bookrunner for this financing, as well as the green loan coordinator, joint lead arranger, lender, and hedging counterparty. This is one of the first non-recourse financed photovoltaic module plants in the United States.
The new manufacturing facility, financed by Trina Solar, will include seven photovoltaic module assembly lines, producing three types of modules suitable for utility-scale ground-mounted power stations, commercial and industrial, and residential distributed power stations.
Trina Solar Group CFO Wu Sen said, "We are delighted to announce the successful signing and fundraising of our first syndicated project financing with Standard Chartered Bank. This is the first non-recourse syndicated project financing raised by a photovoltaic module manufacturer and renewable energy company in the United States. We sincerely thank Standard Chartered Bank and all our banking partners for their unwavering support in helping us achieve our mission of 'Solar for All,' leading industry innovation, and placing environmental protection at the core of our corporate social responsibility."
Sridhar Nagarajan, Regional Head of Project and Export Finance, Europe and Americas at Standard Chartered Bank, said, "Trina Solar is a long-term client of ours, and we are pleased to assist them once again in achieving this new green project financing. In addition to creating local jobs in Texas, this new state-of-the-art photovoltaic module plant will strengthen Trina's leading position in the U.S. photovoltaic market. We are proud to play a key role in this project, which allows us to leverage our ability to provide comprehensive, innovative, and customized sustainable financing solutions, fulfilling our commitment to working with clients to achieve net-zero emissions."
Sourceļ¼Go out Energy