Standard Chartered has announced the successful closing of a six-year USD 235 million green loan to fund the development, construction, and operation of a solar photovoltaic manufacturing plant in Wilmer, Texas. This significant investment will boost the solar energy market in the USA.
Key Details of the Financing
Standard Chartered acted as the sole lead structuring bank, bookrunner, Green Loan Coordinator, Joint Lead Arranger, Lender, and Hedge Counterparty. This transaction marks one of the first non-recourse financings for a solar panel manufacturing facility in the USA, showcasing innovative solar technology developments.
The new plant, operated by Trinasolar, will feature seven solar photovoltaic panel assembly lines. These lines will produce three types of solar modules for utility-scale, commercial, industrial, and residential applications, with a total output of 5.0 GWdc annually. This project will also create 1,500 local jobs, contributing to green energy policies and economic growth in Texas.
Trinasolar’s Strategic Goals
Jerry Sen Wu, Group CFO of Trinasolar, expressed enthusiasm for the project. “We are delighted to announce the successful signing and funding of our first syndicated project financing with Standard Chartered. This marks the first non-recourse syndicated project financing in the USA raised by a PV module manufacturer and renewable enterprise. We extend our heartfelt appreciation to Standard Chartered and all our banking partners for their unwavering support in our mission to bring ‘Solar Energy for All,’ lead industry innovation, and uphold environmental protection as a core aspect of our corporate social responsibility.”
Standard Chartered’s Commitment
Sridhar Nagarajan, Regional Head of Project Export Finance for Europe and the Americas at Standard Chartered, highlighted the bank’s long-standing relationship with Trinasolar. “Trinasolar is a longstanding client, and we are delighted to assist them again in this new green project financing. This state-of-the-art solar panel plant will not only create jobs locally in Texas but also strengthen Trinasolar US’s position in the local solar energy market. We are proud to have played a key role in this project, reflecting our commitment to sustainable financing solutions.”
This financing follows a USD 250 million Syndicated Green Loan for Trinasolar in 2022, also managed by Standard Chartered. The loan was used for electricity generation using solar photovoltaic technology, further supporting green energy policies and sustainable investments.
About Standard Chartered and Trinasolar
Standard Chartered is an international banking group with a presence in 53 dynamic markets and clients in 64 additional markets. The bank focuses on driving commerce and prosperity through diversity and sustainable financing solutions. In the Americas, Standard Chartered facilitates trade and investment flows between the Americas and other key regions globally.
Founded in 1997, Trinasolar is a global leader in photovoltaic (PV) module and smart energy solutions. The company has shipped over 150 GW of modules worldwide and is recognized for its technological innovation and financial performance. Trinasolar’s mission is to boost global renewable energy development, promoting solar energy for all and striving towards a net-zero future.
Future Prospects
The development of this solar module manufacturing plant in Texas is a significant step in enhancing the renewable energy landscape in the USA. As Trinasolar and Standard Chartered continue to lead in solar energy investments and innovations, the solar energy market is poised for substantial growth. This project exemplifies the power of strategic partnerships in advancing green energy policies and achieving sustainable development goals.
Source：businesswire.com
