Chinese solar panel maker receives funding for advanced technology

Trina Solar, a Chinese solar panel maker, has received bank funding to allow it to continue development of a technology it claims outperforms traditional solar panels.

A three-year, US$100 million loan from Standard Chartered Bank China will support the company's East Campus project that could add some 500MW of solar cell and module production capacity.

Trina claims its multi-crystalline cells or “Honey cells” convert more sunlight into electricity because of their larger surface area, reduced resistance, and are less reflective than standard panels. It its Honey cells are 16% more efficient.

"We are very pleased to have received this financing to drive the commercial realisation of our innovative technology," said Terry Wang, chief financial officer of Trina Solar.

He said his company recognises Standard Chartered Bank's consistent and strong support of solar energy's adoption through its renewable energy-financing initiatives, including providing loans to support the roll out of their new high-efficiency product.

"We are committed to developing financial products and services for Chinese corporates in the clean energy industry to facilitate a shift to a low-carbon economy in China," said Eric Lian, managing director and head of wholesale banking origination and client coverage at Standard Chartered Bank China.

China's latest five-year plan includes a series of green targets, including a 17% drop in energy intensity by 2015. Premier Wen Jiabao said last month that the country increased its share of renewable energy to 11.4% during 2011.