Freyr buys Trina’s 5 GW solar facility for $340 million
The two companies expect to close the deal around the end of 2024. The 1.35 million square foot manufacturing plant in Wilmer, Texas, began producing modules on November 1.
Battery solutions provider Freyr has signed an agreement with Chinese-owned Trina Solar to acquire Trina’s 5 GW solar module manufacturing facility in Texas for USD 340 million.
The two companies expect to close the deal around the end of 2024. The 1.35 million square foot manufacturing plant in Wilmer, Texas, began producing modules on November 1.
“The facility is expected to ramp up to full production in 2025 with 30% of estimated production volumes backed by firm offtake contracts with US customers,” Freyr said in a media release.
Trina Solar initially invested more than USD 200 million in property and equipment when developing the facility.
Once the transaction is closed, Freyr said it will “execute a multi-phase strategic plan to establish a vertically integrated US solar manufacturing footprint.”
In addition to purchasing the Wilmer plant from Trina, Freyr plans to build a 5 GW solar cell manufacturing facility in the US, with construction expected to start in Q2 2025, the company said.
“We are pleased to announce this transformative transaction, which will immediately position the Company as one of the leading solar manufacturing companies in the US We are proud to be partnered with Trina Solar, a global manufacturing and solar technology leader,” said Daniel Barcelo, Freyr's Chief Executive Officer. “Domestic manufacturing capacity for solar and batteries is essential for energy transition and job creation. The US was once the global leader in solar, and it can be again.”
Trina Solar’s Head of Overseas Finance Center Mingxing Lin is expected to join Freyr as their chief strategy officer and as a member of the board of directors. Trina Co-General Manager Dave Gustafson will be the chief operating officer.
