Trina Solar has completed the sale of its 5 GW solar module manufacturing facility in the United States to T1 Energy, completing a transaction first approved by the company’s board of directors in November 2024. The Shanghai-listed manufacturer said in a December 23 filing that all asset transfer and share exchange steps have now been completed.
Following the transaction, Trina will own 45.9 million shares in T1 Energy, equivalent to a 17.4% stake, in addition to cash and debt securities previously received under the deal structure. The facility, previously operated as Trina Solar US Manufacturing Module 1, has been renamed T1 G1 Dallas Solar Module.
The transaction involves a 5 GW fully built module factory developed by Trina as part of its US localization strategy in response to tariffs and incentives under the Inflation Reduction Act. Trina sold the asset to T1 Energy, formerly FREYR Battery, in exchange for a combination of cash, senior preferred notes and equity.
By the end of 2024, Trina had received $100 million in cash, $150 million in senior preferred notes and 15.4 million shares of T1 common stock. A further 30.4 million shares were delivered in two tranches in 2025, with the final transfer completed earlier this month following regulatory approval.
Trina said the final ownership level was lower than initially expected due to subsequent share issuances by T1 Energy, which diluted its position. The company noted that the value of its equity stake will fluctuate depending on market conditions.
For T1 Energy, the acquisition provides an operational manufacturing asset for U.S. modules as the company continues to pursue plans for domestic solar cell production. The company has positioned the Dallas facility as part of a broader strategy to deliver modules aligned with U.S. domestic content requirements.
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