Trina Solar has launched operations at its manufacturing facility in located in Rayong, Thailand.
The solar technology company signed a financing facilities agreement for nearly $143 million with a consortium of banks led by The Siam Commercial Bank Public Company (SCB) in Thailand.
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.
Trina Solar has signed a syndicated loan agreement for $100 million with SCB and China Minsheng Banking Corporation (CMBC), maturing in June 2020, to finance the capital expenditure of the new production facility. In addition, Trina Solar has received credit from SCB for $43 million, which will be used for working capital.
“The investment in Thailand fits our strategy of prudent capacity expansion in select overseas markets to deliver industry leading products to customers in the US and Europe in particular as we strive to increase the profitability of the company,” said Jifan Gao, chairman and CEO of Trina Solar, in a statement.