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7 August, New York, USA – Standard Chartered announces the successful closing of a six-year USD235 million non-recourse senior secured term green loan facility to fund the development, construction, and operation of a 1.35 million square foot solar photovoltaic manufacturing plant in Wilmer, Texas, USA, for Trinasolar, a leading global renewable company.
Standard Chartered was the sole lead structuring bank and bookrunner for the financing and acted as Green Loan Coordinator, as well as a Joint Lead Arranger, Lender, and Hedge Counterparty. The transaction is one of the first solar panel manufacturing facilities to be financed on a non-recourse basis in the USA.
The new manufacturing plant will include seven solar photovoltaic panel assembly lines producing three types of solar modules for utility-scale, commercial and industrial, and residential-scale solar with a total output of 5.0 GWdc per year. This project helps improve the country’s renewable energy mix and transition to cleaner energy and, once fully operational, will bring 1,500 new local jobs.
Jerry Sen Wu, Group CFO, Trinasolar said: “We are delighted to announce the successful signing and funding of our first syndicated projected financing with Standard Chartered, marking the first non-recourse syndicated project financing in the United States 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.”
Sridhar Nagarajan, Regional Head, Project Export Finance, Europe and Americas, Standard Chartered said: “Trinasolar is a longstanding client, and we are delighted to assist them again in this new green project financing. In addition to boosting job creation locally in Texas, this new state-of-the-art solar panel plant will strengthen Trinasolar US’s leading position in the local solar market. We are proud to have played a key role in this project which allows us to bring to life our commitment to working with clients towards net zero using our ability to provide comprehensive, innovative, and bespoke sustainable financing solutions.”
This financing follows a USD250 million[1] Syndicated Green Loan for Trinasolar in 2022, for which Standard Chartered was the Sole Mandated Lead Arranger, Bookrunner and Green Loan Coordinator. The loan was used for electricity generation using solar photovoltaic technology.
