In its 3rd quarter 2023 report, Bloomberg New Energy Finance (BNEF) lists Sunova Solar as a Tier 1 module manufacturer. The listing is based on eight accepted projects, which fulfilled their criteria of being larger than 1.5 MW and financed by at least six different banks non-recourse.
Wuxi 21.08.02023 – Sunova Solar is proud to inform its customers, partners and those who want to become such in the future, that it has been listed as Tier 1 player by Bloomberg in their 3rd quarter 2023 report which came out today.
William Sheng, CEO of Sunova Solar comments: “Becoming a Tier 1 player is a major milestone for Sunova Solar. We have worked carefully with our partners to find the right projects and help them convince their banks about the quality of our modules. With compiling the required projects, we also already started to enhance our business model from roof top distributed solar energy to utility scale applications. The Tier 1 listing will support us in fully encompassing this segment and open doors for participation in the largest projects. At the same time, we honor and maintain close relationships to our customers that trusted us even before we acquired Tier 1 status and continue our market expansion across all segments together with them.”
“With 4.2 GW of module production capacity operational and further 6 GW under construction we are already preparing for increasing demand as Tier 1 player.” adds Mike Song, Chairman of Sunova Solar. “Political uncertainty has brought great challenges to the supply chains, requiring flexibility and multilateral cooperation to be successful in this market.
The iterative updating of cell technology and the need to develop products for multiple applications remains a constant challenge. Therefore, we at Sunova Solar have decided to integrate our production processes around the cell technology supply chain, which is the main influencing factor that enables to combine cost reduction while increasing efficiency. Therefore, we have also invested in a silicon wafer production site with 20 GW production capacity, which is also currently under construction. This will help us tremendously to control the quality and the costs of the cells produced for us and enables direct control of the full supply chain by purchasing polysilicon material directly. This will help us to ensures that we comply with all non-forced labor traceability issues and regulations set-up already in the US and becoming effective next year in Europe. At the same time, we are diversifying our cooperation in different areas to broaden market access which will help us to gain further advantages of economies of scale!”
“Full traceability is not the only benefit customers will have from Sunova Solar being a Tier 1 listed player by Bloomberg“, continues Sheng, “it will also ease their access to finance for all sizes of projects as being a Tier 1 player is a further confirmation of the bankability of our products. We are already CC+ rated according to the PV Tech Module bankability report, which emphasizes our thorough financial management. Tier 1 listing by Bloomberg will help us to further move up on this scale, as their rating is strongly connected to shipments, which expect to rise now with the ability to serve utility scale projects. Together with our continuous focus on affordable high efficiency and quality modules, all these components enhance the trust in our company and products by EPC, developers, investors and financial institutions alike.”
“Having started as employees in this industry more than a decade ago, now that we are the co-owners of a Tier 1 company, we can trace back our success to our belief that prosperous companies must have a clear vision and mission, and that the top management must establish a good corporate culture and respective values to lay the foundation for continuous growth and strong sustainable success,” concludes Song.