Milbank LLP represented Standard Chartered and other lenders in connection with the successful closing of a six-year $235 million non-recourse senior secured term green loan facility. This funding will drive to fund the development, construction and operation of a 1.35 million square foot solar photovoltaic manufacturing plant in Wilmer, Texas for Trinasolar, a leading global renewable company. With the capacity to produce 5.0 GWdc per year, the new manufacturing plant's seven solar photovoltaic panel assembly lines will cater to utility-scale, commercial and industrial, and residential-scale solar needs by offering three types of solar modules.
The transaction is one of the first solar panel manufacturing facilities to be financed on a non-recourse basis in the US.
“It was exciting to have advised Standard Chartered on this innovative new green project financing for Trinasolar, which will help improve the renewable energy mix and support the transition to cleaner energy in the United States,” said Global Project, Energy and Infrastructure Finance partner Sean O’Neill.
“This project is a great example of the groundswell of investment in the domestic US clean energy supply chain and the impact of the Inflation Reduction Act and the new 45X tax credit,” added Global Project, Energy and Infrastructure Finance partner Mike Duff.
The Milbank team was led by Mr. O’Neill, Mr. Duff and Tax partner Drew Batkin along with Global Project, Energy and Infrastructure Finance associates Jeffrey Zwerner, Sarah Tonkin, Claire Ferguson and Abigail King.
