Trina Solar has completed the sale of its 5 GW solar module manufacturing facility in the United States to T1 Energy, finalizing a transaction that was first approved by the company’s board in November 2024.

In a filing released on Dec. 23, the Shanghai-listed solar manufacturer said that all asset transfer and equity exchange procedures related to the deal have now been completed. Following the transaction, Trina Solar holds 45.9 million shares in T1 Energy, representing a 17.4% equity stake, in addition to cash and debt securities received earlier under the transaction structure.

The facility, previously operated as Trina Solar US Manufacturing Module 1, has been renamed T1 G1 Dallas Solar Module following the change in ownership.

The transaction involves a fully constructed 5 GW module manufacturing plant developed by Trina as part of its U.S. localization strategy, aimed at navigating trade tariffs and leveraging incentives under the Inflation Reduction Act (IRA). Trina sold the asset to T1 Energy—formerly known as 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 Energy common stock. A further 30.4 million shares were transferred in two tranches during 2025, with the final tranche completed earlier this month following regulatory approvals.

Trina noted that its final ownership percentage was lower than initially anticipated due to subsequent share issuances by T1 Energy, which diluted its stake. The company added that the value of its equity holding will fluctuate in line with market conditions.

For T1 Energy, the acquisition provides an operational U.S.-based solar module manufacturing asset as it advances its plans to expand domestic solar cell production. The Dallas facility is positioned as part of the company’s broader strategy to supply modules that align with U.S. domestic content requirements.