Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products, announced today 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.
The structured term loan facility is for an amount of up to US$100 million dollars, 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 capacity and feature its high-efficiency Honey 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."
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. Standard Chartered is a firm supporter of renewable energy. We have integrated environmental and sustainable development criteria into our lending and investment decision making processes, and established deep relationships with many clients in the clean energy sector. 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.