Trina signs $1.57bn financing deal with CITIC

The Chinese solar company agrees package with CITIC Financial Leasing and CITIC Bank for credit facilities, foreign currency loans and variable-term loans to support the company’s business objectives.

Share

Chinese vertically integrated solar company Trina Solar has announced today a financing deal with CITIC worth RMB10 billion (US$1.57 billion).

The strategic cooperative financing arrangement will steer RMB5 billion (approximately $760 million) in funds towards Trina’s ongoing equipment upgrade plans and downstream activities. Financing for these operations comes via CITIC Financial Leasing under a five-year agreement.

A second agreement, struck with CITIC Bank Corporation Limited Changzhou Branch, is for a three-year strategic cooperation agreement in the form of a further RMB5 billion in short-, medium- and long-term loans. This arrangement also includes access to foreign currency loans to help support Trina’s overseas objectives.

Trina Solar CFO Teresa Tan said that the strategic partnership with CITIC will help fuel the company’s global growth and optimize its capital structure, adding that the deal is a demonstration of CITIC’s continued confidence in Trina’s current business model and future prospects.

"The two cooperation agreements not only allow us access to CITIC’s diverse financing resources and experienced professional services, but also enable CITIC to access Trina’s established industry network and participate in our strong growth," the CFO said.

Tan also revealed that Trina will continue to pursue and secure all necessary funding that will enable the company to execute its growth strategy.

Earlier this week Trina announced a management reshuffle triggered by its growth plans in Europe and Africa. The restructuring saw former Trina Solar Europe president Ben Hill leave the company to be replaced by RongFang Win as regional head of Module Business Unit in Europe and Africa.

Trina’s 2015 has seen the company hit record revenue figures for quarters one and two, and the company has also begun exploring the possibility of launching a yieldco in order to spin-off its growing downstream assets.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Ian Clover

Ian joined the pv magazine team in 2013 and specializes in power electronics (inverters) and battery storage. Ian also reported on the UK solar market, having worked as a print and web journalist in Britain for various multimedia companies, covering topics ranging from renewable energy and sustainability to real estate, sport and film.

More articles from Ian Clover

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.