LAS VEGAS (September 11, 2019) – At Solar Power International this week, Boviet Solar USA announced that Boviet Technology Co., Ltd., a global leader in the manufacture of high-quality PV technology, has been ranked as a Tier 1 module maker by Bloomberg New Energy Finance Corporation. The Tier 1 designation serves as independent validation of Boviet’s performance as a business partner since it rates solar module manufacturers based on bankability or financial stability.
Bloomberg New Energy Finance developed the PV module maker tiering system to address regular requests from clients for a list of “bankable” suppliers, i.e. those companies with sufficient financial backing or resources to be deemed stable in a volatile market such as solar. The Tier 1 designation is granted to module makers that have provided their own branded and manufactured products to six different projects that have received non-recourse financing from six different (nondevelopment) banks within the last two years.
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 whitelist of approved solar vendors, so Tier 1 validation indicates that financial institutions have already vetted solar module manufacturers. Bloomberg New Energy Finance maintains a database of more than 17,000 PV project financings worldwide.
“When looking for a solar module partner, bankability matters just as much as superior PV performance and cost-effectiveness,” said John Bereckis, President of the Modules Division of Boviet Solar USA. “Being ranked as a Tier 1 solar module maker by Bloomberg New Energy Finance gives Boviet third-party validation of our financial stability; a great complement to our superior R&D, engineering, and manufacturing capabilities. Tier 1 status should give our customers added assurance that partnering with Boviet is a wise choice for any solar project.”
Boviet Solar USA is a subsidiary of Powerway Group, which was founded in 1987. More than 30 years, Powerway Group has diversified holdings in non-ferrous alloys, new materials, precision slicing wire, new energy, capital operation and other industries. Powerway Group owns Powerway Alloy Material Co. Ltd. (listed on Shanghai Stock Exchange, 601137), Ningbo Bode Hightech Co. Ltd, Ningbo Powermetal Industry Co. Ltd., Italisa (Vietnam) Co. Ltd., Powerway Alloy Plate and Strip Co. Ltd., and Boviet Solar Technology Co. Ltd. Powerway Group companies offer products in the fields of aerospace, traffic, communication, household appliance and new energy, among others.
About Boviet Solar
Boviet Solar Technology Co. Ltd. was founded on September 6th, 2013 in Vietnam, headquartered in San Jose, California, USA, and a wholly owned subsidiary of Powerway Alloy Materials Co. Boviet Solar is the largest solar panel manufacturer in Vietnam and leading bankable solar power companies in the world. Boviet solar provides state-of-the-art PV modules to residential, commercial, and utility customers around the world with 1.5 GW PV cell and module manufacturing capacity.
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