10 September 2009

Trina Solar gets cash boost

China-based Trina Solar Ltd., a solar power company, received a loan of $304 million to expand capacity at its east campus location over the next three years.

The 13-year-old Trina Solar is an integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers, and cells to the assembly of PV modules.

Loan proceeds will fund capital expenditures for the rest of 2009 and pay back outstanding loans of about $80 million.

“The syndicated loan facility combined with the proceeds from our recent follow-on offering will allow us to improve our long-term capital resources as we carry out our market-driven expansion plan and elevate our manufacturing technology platform,” said Chief Executive Jifan Gao.

Trina Solar revenues increased in 2007 to $301.8 million compared to $114.5 million in 2006. Trina Solar net income also increased to $35.4 million, compared to $13.2 million in 2006.

Trina Solar sells and markets its products in European countries, such as Germany, Spain, Italy, Netherland, France, and Belgium, where government incentives have accelerated the adoption of solar power. Trina Solar also targets in emerging PV markets such as France, the U.S., South Korea, India, Australia, China, and Mongolia. Trina Solar has offices in China, Germany, Spain, and the U.S.

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