FREYR Battery has completed its purchase of a 5-gigawatt solar module facility in Texas from Trina Solar Co. (Source: Shutterstock)
FREYR Battery has completed its purchase of a 5-gigawatt solar module facility from Trina Solar Co. for $380 million, according to a Dec. 24 press release.
FREYR said the facility, located in Wilmer, Texas, commenced production in November and is expected to be fully operational by the second half of 2025. First solar cell production is anticipated for the second half of 2026.
Total consideration to Trina included $100 million in cash, a $50 million repayment of an intercompany loan, a $150-million loan note, 9.9% of FREYR outstanding common stock and an $80 million convertible loan note, FREYR said.
FREYR also acquired $235 million in indebtedness related to the facility.
Operations at the Wilmer plant continue as scheduled following Line 1’s completion and commissioning of Line 2 in November. FREYR expects the seven-line facility to reach full production in the second half of 2025.
Santander served as financial adviser and Skadden, Arps, Slate, Meagher & Flom (U.K.) LLP served as legal adviser. Arnold & Porter, Ernst & Young, Clean Energy Associates and Rystad Energy served as advisers to FREYR in support of the transaction.
Dorsey & Whitney LLP served as U.S. legal adviser, CICC served as financial adviser and Deloitte served as tax adviser to Trina Solar.
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