San José, California USA, May 27, 2022— Boviet Solar Technology Co. Ltd. (the “Company” or “Boviet Solar”), a one of the leading global solar energy technology companies specializing in manufacturing of Monocrystalline PERC PV cells, Monofacial and Bifacial PV Modules, has been ranked as a Tier 1 PV module manufacturer by BloombergNEF (BNEF) for Q2 2022, the company announced today.
BloombergNEF’s tiering system for PV module manufacturers is based on bankability, to help purchasers of PV modules distinguish between the hundreds of modules available today. To be ranked as Tier 1, the manufacturer must have provided in-house manufactured PV modules to six different projects that have been non-recourse financed by six different banks over the past two years. Since non-recourse financing does not allow the lender to pursue anything other than the collateral, it’s an indication that the bank has confidence in the PV module manufacturer. Boviet Solar has achieved the BNEF Tier 1 rating [for every quarter] in 2021 as well as Q1 2022.
“The Tier 1 designation serves as independent validation of Boviet Solar’s performance as a business partner since it rates PV module manufacturers on bankability or financial stability,” said Jimmy Xie, CEO of Boviet Solar.
Bloomberg notes that its tiering system is not a substitute for due diligence, but instead offers bankability as an additional benchmark. Banks and their due diligence providers are naturally reluctant to release their proprietary whitelists of approved solar vendors, so Tier 1 validation indicates that financial institutions have already vetted PV module manufacturers.
“When looking for a PV module partner, bankability matters just as much as top performing PV modules and cost-effectiveness,” said Sienna Cen, President of Boviet Solar USA. “Being ranked as a Tier 1 solar module maker by BloombergNEF gives Boviet third-party validation of our financial stability—a great complement to our technology, engineering, and manufacturing capabilities. Tier 1 status should give our customers added assurance that partnering with Boviet Solar is a wise choice for any solar project.”
About Boviet Solar
Founded in 2013 in Vietnam, Boviet Solar Technology Co. Ltd., is a part of Boway Corporation and a global Tier 1 solar technology company that specializes in the manufacturing of Monocrystalline PERC cells, Monofacial and Bifacial PV modules, as well as solar project development. The company works with IPPs, EPCs, project developers, solar installers, and contractors to deliver top-performing PV modules for utility-scale, commercial, industrial, and residential solar projects. With a proven track record of success working with many of the industry’s leading players, Boviet Solar has maintained its position as a BloombergNEF Tier 1 solar module manufacturer and supplier since 2017. The company offers financial stability, technology know-how, manufacturing excellence, supply chain transparency, and top-performing PV Modules known for their power, performance, quality and rated high at PVEL/DNV-GL module reliability scorecard since 2019. Boviet Solar’s USA headquarters are in San José, California and Boviet Solar Technology headquarters is located in Vietnam. For more information, please visit www.bovietsolar.com.
Director of Global Marketing