Trina Solar Limited today announced that two of its overseas subsidiaries, Trina Solar US and Trina Solar Singapore, have signed a total of US$90 Million in financing facility agreements with Wells Fargo Bank, National Association ("Wells Fargo") and Barclays Bank PLC ("Barclays").
The US$60 Million five-year revolving loan signed with Wells Fargo will be used to support Trina Solar US's working capital and business operations. The Company believes this loan facility will provide the working capital necessary to capture the market opportunities in the region. The US$30 Million credit line with Barclays will be used to support Trina Solar Singapore's working capital to better capture growing opportunities in the Asia Pacific region.
Ms. Teresa Tan, Chief Financial Officer of Trina Solar, said: "We are pleased to be working with both Wells Fargo and Barclays in our ongoing global expansion. In addition to our well established network in China, these two financing arrangements obtained through our overseas subsidiaries not only mark a new milestone for our company in terms of leveraging our global network to establish new financing platforms, but also reflect the growing confidence that premier global banks have in our business operations. We will continue to diversify our sources of funding to ensure that we have adequate funding at low cost to take advantage of the favourable market conditions in the solar energy sector. We are confident that these two credit facilities plus others will facilitate the execution of our growth strategies."