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FREYR to buy Trina Solar’s 5GW solar module facility in Texas, US
Category: Business News
The $340m transaction will close by the end of 2024.
FREYR Battery has agreed to take over Trina Solar’s 5GW solar module manufacturing facility in Wilmer, Texas.
The $340m transaction will close by the end of 2024, subject to customary conditions and the completion of a preferred stock issuance.
Trina Solar will receive $100m in cash, a $50m repayment of an intercompany loan and a $150m loan note.
The deal also includes 9.9% of FREYR’s outstanding common stock and a convertible loan note that could convert into an additional 11.5% of FREYR’s outstanding common stock.
The facility, which commenced production on 1 November 2024, is set to reach full production in 2025.
30% of the expected total production output from the facility is already committed to be sold through contracts with customers in the US.
Read full article here.
Source: Power Technology