Trina Solar Limited, a global photovoltaic modules producer, has announced that it signed a 5-year strategic cooperation agreement with CITIC Financial Leasing Co., Ltd and a separate 3-year strategic cooperation agreement with CITIC Bank Corporation Limited Changzhou Branch on October 28, 2015.
Under the terms of the agreements, as a preferred strategic partner of CITIC, Trina Solar will receive comprehensive, one-stop customized financial products and services including credit facilities of RMB5 billion (around US$787 million) from CITIC Financial Leasing to support equipment upgrade, downstream projects, as well as an additional credit line of RMB5 billion (around US$787 million) from CITIC Changzhou for trade financing including short-, medium- and long-term loans. Access to foreign currency loans will also be available.
Ms. Teresa Tan, Chief Financial Officer of Trina Solar, said:
"We are pleased to build a long-term strategic partnership with CITIC based on our existing cooperative relationship to fuel our global growth and optimize our capital structure. 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. This strategic partnership creates a win-win outcome. We will continue to secure necessary funding to ensure adequate financial resources to support execution of our growth strategy and enhance our leading position in the solar industry."