Standard Chartered has secured a $235 million green loan to finance the development and construction of a solar photovoltaic manufacturing plant in Wilmer, Texas. The six-year non-recourse financing deal will support the buildout of a 1.35 million square foot facility operated by renewable energy company Trinasolar, which is expected to generate 5 gigawatts of direct current annually, according to the bank’s announcement.
This solar manufacturing plant, which will feature seven assembly lines, is designed to produce three types of photovoltaic modules for commercial, industrial, utility, and residential-scale purposes. Standard Chartered, highlighted that the project will not only enhance the US renewable energy mix but also create 1,500 jobs in the local Texas community. The project aligns with Standard Chartered’s sustainability goals, which include achieving net-zero emissions across its operations by 2025 and within its financed operations by 2050.
“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,” said Sridhar Nagarajan, Standard Chartered’s regional head of project export finance, Europe, and Americas.
This solar plant is part of Standard Chartered’s broader sustainability strategy, which includes a commitment to reduce absolute financed emissions from the oil and gas sector by 29% by 2030, based on a 2020 baseline. The bank’s targets are aligned with the International Energy Agency’s Net Zero Emissions scenario.