Standard Chartered announces USD235 million green loan financing for USA solar module manufacturing plant

NEW YORK--(BUSINESS WIRE)--Standard Chartered announces the successful closing of a six-year USD235 million non-recourse senior secured term green loan facility to fund the development, construction, and operation of a 1.35 million square foot solar photovoltaic manufacturing plant in Wilmer, Texas, USA, for Trinasolar, a leading global renewable company.

Standard Chartered was the sole lead structuring bank and bookrunner for the financing and acted as Green Loan Coordinator, as well as a Joint Lead Arranger, Lender, and Hedge Counterparty. The transaction is one of the first solar panel manufacturing facilities to be financed on a non-recourse basis in the USA.

The new manufacturing plant will 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 5.0 GWdc per year. This project helps improve the country’s renewable energy mix and transition to cleaner energy and, once fully operational, will bring 1,500 new local jobs.

Jerry Sen Wu, Group CFO, Trinasolar said: “We are delighted to announce the successful signing and funding of our first syndicated projected financing with Standard Chartered, marking the first non-recourse syndicated project financing in the United States raised by a PV module manufacturer and renewable enterprise. We extend our heartfelt appreciation to Standard Chartered and all our banking partners for their unwavering support in our mission to bring “Solar Energy for All,” lead industry innovation, and uphold environmental protection as a core aspect of our corporate social responsibility.”

Sridhar Nagarajan, Regional Head, Project Export Finance, Europe and Americas, Standard Chartered said: “Trinasolar is a longstanding client, and we are delighted to assist them again in this new green project financing. 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.”

This financing follows a USD250 million¹ Syndicated Green Loan for Trinasolar in 2022, for which Standard Chartered was the Sole Mandated Lead Arranger, Bookrunner and Green Loan Coordinator. The loan was used for electricity generation using solar photovoltaic technology.

Standard Chartered

We are a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Our history in the US dates back to 1902, and we are currently present in nine locations throughout the Americas. Our Americas franchise focuses on financial institutions and select corporations and plays a key role in facilitating trade and investment flows between the Americas and Asia, Africa, the UK and Europe and the Middle East.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

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Trinasolar

Trinasolar was founded in 1997. As a global leading provider for photovoltaic (PV) module and smart energy solutions, Trinasolar delivers PV products, applications and services to promote global sustainable development. Trinasolar's mission is to boost global renewable energy development around the world for the benefit of all of humanity. To date, Trinasolar has shipped more than 150GW of modules, with shipments of 210mm modules surpassing 75GW.

Trinasolar has obtained extensive technical and brand recognition from renowned independent institutes worldwide, demonstrating the PV market's strong confidence in Trina’s product value, technological innovation, and financial performance. It has scored 100% in the BNEF Bankability Survey for the past 7 years, has won “Overall Highest Achiever” by RETC for 4 consecutive years, was awarded the highest ranking, AAA, 5 times in a row in the PVTech ModuleTech Bankability Ratings report, and has been awarded “Top Performer” by PVEL for 9 consecutive years.

Trinasolar’s global business footprint has delivered clean energy to more than 160 countries and regions. Trinasolar has operated in the USA since 2009. With its mission of “Solar energy for all,” Trinasolar is committed to working with others to create a net-zero future.

For more information, please visit www.trinasolar.com

¹ Standard Chartered Bank Supports Trinasolar in the Signing of the World’s First Common Ground Taxonomy Aligned Syndicated Green Loan | Trinasolar