Vertically integrated Chinese solar company Trina Solar has agreed financing facilities totaling $90 million dollars with two leading lending institutions.
The company has confirmed that a $60 million, five-year revolving loan agreement from U.S. bank Wells Fargo will be employed to support its working capital and business operations in the U.S., ensuring Trina is supplied with enough capital to capture "market opportunities" in the region, the company stated.
A further $30 million credit line has been arranged with British bank Barclays to aid Trina Solar Singapores strategy in the Asia Pacific region, where the company has eyed a number of market opportunities.
Teresa Tan, Trina Solars CFO, said that these two new financing arrangements for its overseas subsidiaries not only mark a new milestone for our company in terms of leveraging our global network to establish new financing platforms, but also reflect the growing confidence that premier global banks have in our business operations."
Tan added that Trina is seeking to continue further diversification of its sources of funding in order to support its globalization efforts. "We are confident that these two credit facilities, plus others, will facilitate the execution of our growth strategies."
Last month Trina agreed a sizable $1.57 billion financing deal with Chinese state bank CITIC via a series of variable and short-term loans over three years. This agreement followed a management reshuffle at the companys European and African regional units.