Standard Chartered, an international banking group, has successfully closed a six-year, $235 million non-recourse senior secured term green loan to support the development, construction, and operation of a 1.35 million square foot solar photovoltaic manufacturing plant in Wilmer, Texas, for Trinasolar, a leading global renewable energy company.
Standard Chartered served as the sole lead structuring bank and bookrunner for the financing and took on roles as Green Loan Coordinator, Joint Lead Arranger, Lender, and Hedge Counterparty. This transaction is one of the first non-recourse financings for a solar panel manufacturing facility in the United States.
The new plant will feature seven solar photovoltaic panel assembly lines producing three types of solar modules designed for utility-scale, commercial and industrial, and residential applications, with an annual output capacity of 5.0 GWdc. The project will enhance the country’s renewable energy mix, aid in the transition to cleaner energy, and create 1,500 local jobs once operational.
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.”
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 $250 million syndicated green loan for Trinasolar in 2022, where Standard Chartered acted as the Sole Mandated Lead Arranger, Bookrunner, and Green Loan Coordinator. That loan supported electricity generation using solar photovoltaic technology.
