Trina Solar has signed agreements with units of CITIC that provide the Chinese company access to 10 billion yuan (US$1.5 billion) in financing for expansion.
Trina signed 5-year strategic cooperation agreement with CITIC Financial Leasing Co. and a 3-year strategic cooperation agreement with CITIC Bank Corp. Changzhou Branch.
Under the terms of the agreements, as a preferred strategic partner of CITIC, Trina Solar will receive credit facilities of 5 billion yuan from CITIC Financial Leasing to support equipment upgrade, downstream projects, as well as an additional credit line of 5 billion yuan from CITIC Changzhou for trade financing including short-, medium- and long-term loans. Access to foreign currency loans will also be available.
“We believe these arrangements demonstrate CITIC’s continued strong confidence in our current business model and future prospects,” said Teresa Tan, Chief Financial Officer of Trina Solar. “The two cooperation agreements not only allow us access to CITIC’s diverse financing resources and experienced professional services, but also enable CITIC to access Trina’s established industry network and participate in our strong growth. We will continue to secure necessary funding to ensure adequate financial resources to support execution of our growth strategy and enhance our leading position in the solar industry.”