Trina Solar Signs €150 Million Revolving Credit Facility to Support its Downstream Project Business Unit’s IPP Transition

September 05, 2024 – Luxembourg – Trina Solar (Luxembourg) Holdings S.A.R.L., a subsidiary of Trina Solar Co., Ltd. (SHANGHAI STOCK EXCHANGE: 688599), has successfully secured a €150 million revolving credit facility from Banco Santander Santander Corporate & Investment Banking to speed up the business growth of Trinasolar International System Business Unit (ISBU), a downstream division focused on the development of utility-scale solar power and battery storage system, and its transition from a pure project developer to an independent Power Producer (IPP), starting from Europe.

The revolving facility offers flexible financing for the development, construction, and acquisition of solar and energy storage projects across Europe. The financing is structured in two tranches with revolving features: a "non-recourse" tranche for assets under construction across Europe, and a “guaranteed” tranche facility for assets under development, construction, and potential acquisitions.

This dual-tranche revolving structure will support Trinasolar ISBU's development and construction of solar projects primarily in Italy, Spain, the United Kingdom, France, and Germany, with a portion of the funds allocated to stand-alone battery storage and hybrid projects to strengthen the IPP business.

The facility is designed to enhance flexibility and support organic and inorganic growth in Europe while enabling the construction of project assets across the continent. The financing covers both merchant and contracted revenue projects.

Leonardo Lotti, Head of EMEA at Trinasolar ISBU, commented, “This financing represents a milestone in our project development business in Europe. Historically, our focus has been developing, constructing, and selling the assets. Moving forward, we will expand into PPA organization, project finance, and asset operations, enhancing value generation across the entire project business.”

Linhui Sui, President of Trinasolar 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 in the project development business.”

Bart White, EMEA head of Energy Structured Finance at Santander CIB, 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 Trina Solar’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"

Banco Santander has Advised Trina Solar and acted as Mandated Lead Arranger in this transaction. The multi-jurisdictional team from Watson Farley & Williams, led by Rodrigo Berasategui, Partner in charge of the Banking and Finance Sector in Madrid acted as legal advisor for the Lenders. Trina Solar was advised by Ashurst Milano, that acted with a multi-jurisdictional team led by Milan partners Anna Pinzuti and Umberto Antonelli.

About Trinasolar ISBU

Trinasolar International System Business Unit (“Trinasolar ISBU”) is the downstream project development arm of Trina Solar. It is engaged in the utility-scale development and management of solar power and BESS projects, and operates in 15 countries across Asia, Europe, North America, and Latin America regions. Its focus areas include development, EPC, project finance, O&M, and asset management.

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.

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