Standard Chartered Bank Supports Trina Solar in the Signing of the World’s First Common Ground Taxonomy Aligned Syndicated Green Loan

TRINA SOLAR ENERGY DEVELOPMENT PTE. LTD. (“Trina Solar”) announced the signing of its inaugural USD 250 million Syndicated Green Loan. The financing is unique as it is the world’s first Common Ground Taxonomy (CGT) aligned syndicated loan transaction, with the use of proceeds supporting D1.1 Electricity generation using solar photovoltaic technology and C2.4 Production of solar generators. CGT has helped to bridge the gap between local Chinese and international taxonomies and will be a key driver for sustainable finance in China.The Green Loan and Green Loan Framework has a Second Party Opinion from Sustainalytics, confirming alignment to both EU Taxonomy and the Common Ground Taxonomy.

The three-year term loan facility is led by Standard Chartered Bank as the Sole Mandated Lead Arranger and Bookrunner and Green Loan Coordinator. The loan syndicate comprises a total of 15 banks from diverse geographies (by headquarter), including PRC (including Hong Kong and Taiwan), Singapore, Australia, Luxembourg and Jordan.

“We are delighted to support Trina Solar in signing this milestone deal. As a leading photovoltaic manufacturer in China, Trina Solar plays a pivotal role in promoting clean energy technology development and helping with energy industry’s low-carbon transformation. As the world’s first CGT aligned syndicated green loan, this deal proves Standard Chartered Bank’s capability to innovate in green and sustainable finance. We will continue to leverage our expertise in sustainable finance to provide comprehensive and innovative sustainable financing solutions and to work with Chinese companies towards ‘net zero.” Jean Lu, Deputy Chief Executive Officer, Managing Director, Head of Client Coverage, Corporate, Commercial & Institutional Banking (Standard Chartered Bank China) comments.

“The Common Ground Taxonomy plays a key role in bridging the China Green Industry Catalogue and the EU Taxonomy. We believe CGT can further promote green finance product innovation in China, set clearer standards for green financing of Chinese companies and accelerate cross-border capital flows into China’s green finance market.” Tracy Wong Harris, Head of Sustainable Finance Asia (Standard Chartered Bank) comments.

“We are glad to see the successful signing on this green loan with Standard Chartered Bank, which is the world’s first green loan aligned to both CGT and China Green Industry Catalogue. We hereby would like to thank Standard Chartered Bank and all other bank partners for their collective support and trust in us. The development of Trina Solar is inseparable from the support and recognition from our clients, partners and the general public. With the mission of ‘benefiting humankind with solar’, Trina Solar will make consistent efforts in green, low-carbon and sustainable development. We will stay true to our mission, continue to lead industry changes with technology innovations and treat environmental protection as part of our corporate social responsibility.” Sen Wu, Chief Finance Officer (Trina Solar) comments.

Trina Solar is committed to leading the way in smart solar energy solutions for a net-zero future. So far, it has set 25 world records in terms of solar energy cell conversion efficiency and module output power, and is the first of its kind in the field of PV technology that won the China Industry Award and the National Technology Invention Award. As of April 2022, the company’s cumulative global shipment of PV modules has exceeded 100GW, which is equivalent to planting 7.4 billion trees worldwide. Because of its outstanding product value, excellent technological innovation and robust financial performance, the company has been well recognized by renowned global independent institutions and earned the confidence of the photovoltaic market and financial institutions. It is a recipient of the RETC “High Achievers” Award for three consecutive years, has been listed among the Top Performers for eight consecutive years after testing by PVEL’s PV Module Reliability Scorecard, and received the Bloomberg New Energy Finance (BNEF)’s 100% Bankability Rating for six consecutive years. Trina Solar maintained the highest rating in the third quarter after having obtained AAA-rating in the PV ModuleTech Bankability Rankings report published by PV-Tech in the second quarter of this year.

This green loan further supports the company’s expansion and represents a global marquee transaction. Going forward, Trina Solar will continue to lead the industry with innovation as its core driving force, fulfill its mission of “Solar Energy for All”, promote the transformation of energy structure with high-value products, and help create a more beautiful, net-zero world.