Trina Solar has recently signed a US$30 million credit facility with VietinBank — Vietnam’s largest listed bank by capital — which will be used to finance the production of the company’s plant in the northeast province of Bắc Giang. The agreement marks the bank’s first credit facility given to a Chinese solar PV company, proving the private sector’s confidence in Trina Solar’s capability.
At the time of its commencement in early 2017, the plant was the largest solar PV cell manufacturing facility in Vietnam with a single-site capacity of more than 1 GW, creating more than 1,000 jobs for the local economy. Beyond this agreement, Trina Solar hopes to extend its partnership with VietinBank to further boost investments in Vietnam’s downstream stations and ECP (Engineering, Procurement and Construction) services.
This move comes shortly after Trina Solar announced that it would be supplying 258 MW monocrystalline PERC double glass modules to the largest private solar PV project in Vietnam. This 264-hectare power station in Phan Rang-Tháp Chàm is the first combined wind and solar power generation plant in the country and is backed by leading Vietnamese investment firm Trung Nam Group. It is expected to be completed in June 2019.
Trung Nam Group’s decision to partner Trina Solar for its first PV power plant investment was a well-thought through one and is a clear indicator of their trust in the company’s ability to deliver. With a deep understanding of the local PV market and its expertise as a global leader in solar innovation, Trina Solar will continue to play a pivotal role in Vietnam’s transformation towards a renewable energy ecosystem.
Both developments in Vietnam are a small part of Trina Solar’s expansion plans in the Asia Pacific region and beyond. In addition to continuous growth in the US and European markets, Trina Solar also has formidable presence and influence in emerging markets in Southeast Asia, the most recent being Malaysia and Thailand. As of end 2017, Trina Solar’s accumulated shipments have exceeded 32 GW, ranking top internationally in terms of production scale and market share. The company aims to continue being the world’s leading provider of integrated solar energy solutions with a vision of bringing renewable energy to any and all.
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