China-based solar PV module company Trina Solar Ltd. has announced the official launch of operations at its new manufacturing facility in Thailand. In addition, the company has signed a financing facilities agreement for an aggregate amount of approximately $143 million with a consortium of banks led by The Siam Commercial Bank Public Co. Ltd. (SCB).
Trina Solar says the manufacturing facility, located in Rayong, has entered production using the company’s “Honey” high-efficiency assembly line method. Annualized production capacity for modules at the facility is 500 MW and could be further ramped up to over 600 MW depending on overseas market demand. Annualized production capacity for cells is 700 MW.
To finance the capital expenditure of the new production facility, Trina Solar has signed a syndicated loan agreement for a total of $100 million with SCB and China Minsheng Banking Corp. Ltd., maturing in June 2020. According to the agreement, Trina Solar has also been granted a line of credit by SCB for approximately $43 million, which will be used for working capital.
“We are pleased to announce the official launch of our new facility in Thailand as scheduled. The investment in Thailand fits our strategy of prudent capacity expansion in select overseas markets to deliver industry-leading products to customers in the U.S. and Europe, in particular, as we strive to increase the profitability of the company,” says Jifan Gao, chairman and CEO of Trina Solar.