Fremont, CA (August 22, 2023)…Thornova Solar announced today that the company has been added to the list of Tier 1 Module Manufacturers, as reported in Bloomberg New Energy Finance’s (BNEF) Third Quarter Report 2023.
BNEF’s Tier 1 list are those module manufacturers considered “bankable” based on successful projects and deals closed in the past and tracked by the Bloomberg database. Thornova’s parent company, Sunova, submitted eight projects which fulfilled BNEF’s criteria of being larger than 1.5 MW and financed by at least six different banks with non-recourse financing.
“The Tier 1 listing is a major milestone and allows Thornova to participate in the largest solar projects,” said William Sheng, CEO of Thornova Solar. “At the same time, we honor and maintain close relationships with our customers who trusted us even before we achieved Tier 1 status and continue our expansion across all segments together with them.”
With volume manufacturing in Vietnam dedicated to the North American market, Thornova will invest in a solar cell facility in Southeast Asia and also has plans to open a U.S. manufacturing site in 2024.
“Focusing our production processes around the solar cell supply chain enables us to combine cost reduction while increasing efficiency,” Sheng said. “The investment in solar cell manufacturing will help Thornova control the quality and the costs of the cells produced for us and enables direct control of the full supply chain.”
Thornova has already been rated CC+ according to the PV Tech Module bankability report, which emphasizes thorough financial management. Thornova fully complies with the SEIA Supply Chain Protocol to ensure complete supply chain traceability for its modules.
“Together with our continuous focus on affordable high efficiency and quality modules, all these components enhance the trust in our company and products by EPCs, developers, investors and financial institutions alike,” Sheng explained.