Trina Solar signs EUR 150 million revolving credit facility to support downstream business unit’s transition to IPP model

Trina Solar subsidiary Trina Solar (Luxembourg) Holdings announced that it has received a €150 million revolving credit line from Banco Santander. The facility is intended to accelerate the development of the International System Business Unit (ISBU), the company’s downstream division focused on the development of utility-scale solar and battery storage systems, and its transformation from a pure project developer to an independent power producer (IPP), starting with its operations in Europe.

The revolving finance facility offers flexible financing for the development, construction and acquisition of solar and energy storage projects across Europe. The financing is structured in two tranches with revolving features: a “non-recourse” tranche for assets under construction across Europe and a “guaranteed” tranche for assets under construction, construction and potential acquisitions.

This two-tranche renewable structure will support the development and construction of Trina Solar ISBU’s solar projects, primarily in Italy, Spain, the UK, France and Germany, with a portion of the funds earmarked for standalone battery storage and hybrid projects to strengthen its IPP business.

The programme aims to increase flexibility and support organic and inorganic growth in Europe, as well as enable the construction of project assets across the continent. The funding will cover both commercial and contract projects.

Leonardo Lotti, Head of EMEA at Trina Solar ISBU, commented: “This financing represents a significant milestone in our project development activities in Europe. Historically, our focus has been on developing, building and selling assets. Going forward, we will expand our PPA organization, project financing and asset operations, increasing value generation across the entire project business.”

ISBU President Linhui Sui added: “This credit facility marks a key first step in our strategic transition from a project developer to an IPP. This transition not only accelerates our growth but also positions us as a long-term, strategic player in the project development business.”

Bart White, Head of Energy EMEA, Structured Finance, at Santander, commented: “We are pleased to support Trina Solar with this renewable financing, which will support its growth in Europe. Trina’s significant renewable energy potential will make a significant contribution to Europe’s energy transition goals, while supporting the company’s transformation into an IPP. This transaction is another step in Santander’s global commitment to facilitate €220 billion of green finance by 2030.”