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FREYR Battery acquires a 5 GW solar plant in Texas

The acquisition of a solar production plant in Texas by FREYR Battery marks a major strategic development in strengthening local energy supply chains.

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FREYR Battery (NYSE: FREY) has finalized the acquisition of Trina Solar’s U.S. manufacturing assets, a key player in the renewable energy sector. This transaction includes a 5 GW solar module production plant located in Wilmer, Texas, which began operations in November 2024.

A strategic focus on the U.S. solar industry

The transaction is part of a broader effort to strengthen local solar energy infrastructure in the United States. Through this acquisition, FREYR Battery aims to develop integrated production of solar modules and cells while meeting increasing local content requirements for national energy projects.

The facility is expected to reach full operational capacity by the second half of 2025. Currently, 30% of the estimated production volumes for that period are already secured through firm contracts with U.S. clients, demonstrating the growing demand for localized solutions in the sector.

A structured financial arrangement

The terms of the deal include a $100 million cash payment, repayment of a $50 million intercompany loan, a $150 million promissory note, and an $80 million convertible loan that can be converted into equity under certain conditions. FREYR also assumed $235 million in debt associated with the plant.

This financial model allows FREYR to secure the necessary resources while strengthening its strategic partnerships.

Future outlook for the sector and FREYR

In addition to this acquisition, FREYR Battery is moving forward with its plan to construct a solar cell manufacturing plant in the United States. Construction is expected to begin in the second quarter of 2025, with production anticipated to start in the second half of 2026. This initiative is expected to create up to 1,800 direct jobs and alleviate bottlenecks in the U.S. solar supply chain.

This acquisition positions FREYR as a key player in developing an integrated and competitive domestic solar sector, aligned with the United States’ strategic priorities for energy transition.

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