Trina Solar (Luxembourg) has secured a €150 ($165.6) million revolving credit facility from Banco Santander to accelerate the growth of its downstream division, Trinasolar International System Business Unit (ISB) focusing on the development of utility-scale solar power and battery storage projects. The financing will support ISBU’s transition to an independent power producer (IPP)._x000D_
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The facility is structured in two revolving tranches: a “non-recourse” tranche for assets under construction, and a “guaranteed” tranche for assets under development and acquisitions. It will primarily fund projects in Italy, Spain, the UK, France and Germany._x000D_
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“Historically, our focus has been developing, constructing and selling the assets,” Leonardo Lotti, head of EMEA of ISBU, said. “Moving forward, we are expanding further into PPA organization and asset operations, therefore enhancing value generation across the entire value chain.”_x000D_
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“This credit facility marks a pivotal first step in our strategic transition from a project developer to an IPP,” Linhui Sui, president of ISBU, said. “This shift not only accelerates our growth but also positions us as a long-term, strategic player.”_x000D_
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“We are delighted to support Trina Solar with this revolving financing that will boost their growth in Europe,” Bart White, head of energy EMEA, structured finance at Santander, said. “Trina’s sizeable renewable pipeline will make a meaningful contribution to energy transition targets in Europe, while also supporting Trinasolar ISBU’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.”
Forward for Specialty Finance
