Trina Solar's intl biz gets EUR 150m to transition to European IPP

China’s Trina Solar Co Ltd (SHA:688599) has obtained a EUR-150-million (USD 165.2m) revolving credit facility from Banco Santander to bolster its downstream division, ISBU, and enable its transition from a project developer to an independent power producer (IPP).

The credit facility is divided into two tranches: a non-recourse tranche for assets under construction and a guaranteed tranche for assets under development and acquisitions, Trina Solar said a press release on Tuesday.

Trinasolar International System Business Unit (ISBU) focuses on the utility-scale solar and battery storage space, mainly as a project developer, EPC services provider, financier and asset manager. The facility will enable Trinasolar ISBU to jump into the IPP territory and will be primarily used to fund projects in Italy, Spain, the UK, France and Germany.

"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,” commented Leonardo Lotti, ISBU’s Head of EMEA.

"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,” added Linhui Sui, President of ISBU.

(EUR 1.0 = USD 1.101)

Choose your newsletter by Renewables Now. Join for free!