Trina Solar has completed the sale of its 5 GW US solar module factory to T1 Energy, exiting direct manufacturing while retaining a minority equity stake.
Image: Trina Solar
Trina Solar has completed the sale of its 5 GW solar module manufacturing facility in the United States to T1 Energy, finalizing a transaction first approved by the company’s board in November 2024. The Shanghai-listed manufacturer said in a Dec. 23 filing that all asset transfer and equity exchange steps have now been completed.
Following the transaction, Trina holds 45.9 million shares in T1 Energy, equivalent to a 17.4% stake, alongside cash and debt securities received earlier 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 covers a fully built 5 GW module plant 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 T1 common shares. An additional 30.4 million shares were delivered in two tranches during 2025, with the final transfer completed earlier this month following regulatory clearance.
Trina said its final ownership level was lower than initially expected due to subsequent share issuances by T1 Energy that diluted its position. The company noted that the value of its equity stake will fluctuate with market conditions.
For T1 Energy, the acquisition provides an operational U.S. module manufacturing asset as the company advances plans for domestic solar cell production. The company has positioned the Dallas facility as part of a broader strategy to supply modules aligned with US domestic content requirements.
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