| Trina Solar Scores $1.57 Billion in New Financing | |
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Chinese solar PV provider Trina Solar Ltd. (TSL) announced Wednesday morning that the company had secured RMB10 billion (approximately $1.57 billion) from Taiwan's CITIC Financial Leasing and CITIC Bank's Changzhou branch. Trina Solar's corporate headquarters and factory are located in Changzhou. Trina has signed a five-year "strategic cooperation agreement" with CITIC Financial and a separate three-year deal with CITIC's Changzhou branch. Each deal is worth RMB5 billion, and the funds from CITIC Financial will be used to support equipment upgrades and downstream projects. The deal with CITIC Changzhou is a credit line for trade financing of term loans of any length. ALSO READ: America's Most (and Least) Expensive Cars Trina Solar's chief financial officer, Teresa Tan, said: We believe these arrangements demonstrate CITIC's continued strong confidence in our current business model and future prospects. The two cooperation agreements not only allow us access to CITIC's diverse financing resources and experienced professional services, but also enable CITIC to access Trina's established industry network and participate in our strong growth. The interesting thing about this arrangement is that half the funds now available to Trina are coming from a hometown bank. According to the company's latest federal filing, Trina employs more than 14,000 people worldwide, and it's a safe bet that around 14,000 of those jobs are located in Changzhou. |
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Trina Solar Ltd.
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CODE : TSL |
ISIN : US89628E1047 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Trina Solar is based in China. Trina Solar is listed in United States of America. Its market capitalisation is US$ 2.5 billions as of today (€ 2.3 billions). Its stock quote reached its highest recent level on April 22, 2016 at US$ 9.99, and its lowest recent point on January 16, 2018 at US$ 0.01. Trina Solar has 449 180 000 shares outstanding. |