US-based FREYR Battery finalized the acquisition of Trina Solar’s 5 GW solar module manufacturing facility in Wilmer, Texas. Production began on November 1, 2024, with full production targeted by H2 2025, supported by firm offtake agreements for 30% of production. FREYR is also planning a 5 GW US solar cell manufacturing plant, with site selection ongoing and construction expected to begin in Q2 2025. The transaction included $100 million in cash, $50 million loan repayment, a $150 million loan note, 9.9% of FREYR’s common stock, and an $80 million convertible loan note contingent on certain conditions. FREYR also raised $50 million through preferred stock issuance and $14.8 million from a private placement with Chunyan Wu, a Trina Solar co-founder. The acquisition aims to address supply chain bottlenecks, create 1,800 jobs, and position FREYR as a turnkey solar technology provider. Multiple financial, legal, and energy advisory firms supported the transaction, including Santander, Skadden, Arps, and Dorsey & Whitney.
FREYR acquired Trina Solar’s 5 GW facility in Texas
FREYR Battery acquired Trina Solar’s 5 GW Texas facility, starting production in November 2024, with full capacity planning by H2 2025. (Image Source: Freybattery)
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Nova Energy Limited received resource consent for Te Rahui solar farm, scheduled for a financial decision by early 2025. (Image Source: Meridian Energy)
AfDB funded two 15 MW solar plants in Chad to generate 61 GWh annually and cut emissions by 49,000 tons per year. (Image Credit/Source: LCEC/Pixabay)