|February 20, 2012|
Trina Solar to roll out high-efficiency cells following $100m loan
|Chinese solar panel manufacturer Trina Solar has bagged a $100m loan to help finance the launch of its high-efficiency 'Honey Cell' technology.|
The three-year loan from Standard Chartered will support the company's East Campus project, which is expected to add about 500MW of solar cell and module production capacity. Trina said it also has the option to extend the loan for two more years.
"We are very pleased to have received this financing to drive the commercial realisation of our innovative technology," said Terry Wang, chief financial officer of Trina Solar.
"We recognise Standard Chartered Bank's consistent and strong support of solar energy's adoption through its renewable energy-financing initiatives, including providing this loan to support the rollout of our new high-efficiency product."
Trina claims its multicrystalline cells convert more sunlight to electricity because they have a greater surface area, reduced resistance, and are less reflective than standard panels. It advertises the products as being almost 16 per cent efficient.
Eric Lian, managing director and head of wholesale banking origination and client coverage at Standard Chartered Bank China, said the bank was keen to support renewable energy at the same time as greening its own operations.
"We have integrated environmental and sustainable development criteria into our lending and investment decision-making processes, and established deep relationships with many clients in the clean energy sector," Lian said.
"We are committed to developing financial products and services for Chinese corporates in the clean energy industry to facilitate a shift to a low-carbon economy in China," he added.
China's latest five-year plan includes a raft of green targets, including a 17 per cent drop in energy intensity by 2015. Premier Wen Jiabao said last month that the country increased its share of renewable energy to 11.4 per cent during 2011.