China-based solar PV manufacturer Trina Solar has signed framework investment agreement with investors PingAn Trust and Jiangsu Jiuzhou Investment Group to arrange funding for solar photovoltaic (PV) plants in China having combined generation capacity of 500MW to 1,000MW.
Trina Solar have signed convertible loan arrangements with the investors to support the downstream project developments, it said.
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Minority stakes in the projects can be converted by the investors in the future according to pre-specified times.
The investors will arrange bridge loans for the construction phases of the solar PV projects, after completion of due diligence, the Chinese power developer informed.
Trina Solar chairman and chief executive officer Jifan Gao said: "According to the government’s plan, China’s photovoltaic power installation capacity will reach over 100GW by 2020.
"In 2015, we will use this strategic collaboration as an opportunity to further reinforce and expand our leading position in China’s PV market."
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By GlobalDataPingAn Trust Industry Department general manager Yuhang Li said: "We are delighted to work with Trina Solar to jointly develop solar projects in China that will generate stable and recurring cash flows in line with our investment strategy and the Chinese government’s objectives."
Jiuzhou Investment president Shijin Luo said: "China is now in a new era of energy reform as it looks to promote green energy including solar energy production and consumption.
"As the world’s largest solar module manufacturer with an established global brand, Trina Solar has made steady progress in the downstream business in recent years. We view Trina as a trusted partner for our move into the solar energy business."
