CHANGZHOU, China, Nov. 17, 2015 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that two of its overseas subsidiaries, Trina Solar (U.S.), Inc. ("Trina Solar US") and Trina Solar (Singapore) Science & Technology Pte. Limited ("Trina Solar Singapore"), have signed a total of US$90 Million in financing facility agreements with Wells Fargo Bank, National Association ("Wells Fargo") and Barclays Bank PLC ("Barclays").
The US$60 Million five-year revolving loan signed with Wells Fargo will be used to support Trina Solar US's working capital and business operations. The Company believes this loan facility will provide the working capital necessary to capture the market opportunities in the region. The US$30 Million credit line with Barclays will be used to support Trina Solar Singapore's working capital to better capture growing opportunities in the Asia Pacific region.
Ms. Teresa Tan, Chief Financial Officer of Trina Solar, said: "We are pleased to be working with both Wells Fargo and Barclays in our ongoing global expansion. In addition to our well established network in China, these two financing arrangements obtained through our overseas subsidiaries not only mark a new milestone for our company in terms of leveraging our global network to establish new financing platforms, but also reflect the growing confidence that premier global banks have in our business operations. We will continue to diversify our sources of funding to ensure that we have adequate funding at low cost to take advantage of the favourable market conditions in the solar energy sector. We are confident that these two credit facilities plus others will facilitate the execution of our growth strategies."
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a global leader in photovoltaic modules, solutions and services. Founded in 1997 as a PV system integrator, Trina Solar today drives smart energy together with installers, distributors, utilities and developers worldwide. The company's industry- leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
SOURCE Trina Solar Limited