In its report for Q3 2023, Bloomberg New Energy Finance (BNEF) lists Sunova Solar as a Tier 1 module manufacturer. The inclusion is based on eight accepted projects that meet the criteria of being larger than 1.5 MW and have been financed by at least six different banks without recourse.
Wuxi 21.08.02023 – Sunova Solar is proud to inform its customers, partners and those who wish to become one in the future that the company has been listed as a Tier 1 player by Bloomberg in its Q3 2023 report released today.
William Sheng, CEO of Sunova Solar, comments: “Becoming a Tier 1 player is an important milestone for Sunova Solar. We have been working diligently with our partners to find the right projects and help them convince their banks of the quality of our modules. By putting together the necessary projects, we have also already started to expand our business model from decentralized rooftop solar energy to utility-scale applications. Becoming a Tier 1 player will help us to fully cover this segment and open doors for participation in the large projects. 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 market expansion across all segments together with them.”
“With 4.2 GW of module production capacity in operation and a further 6 GW under construction, we are already preparing for increasing demand as a Tier 1 supplier,” adds Mike Song, Chairman of Sunova Solar. “Political uncertainty has created major challenges for supply chains and requires flexibility and multilateral cooperation to succeed in this market.
The iterative further development of cell technology and the need to develop products for multiple applications remain a constant challenge. For this reason, we at Sunova Solar have decided to integrate our production processes around the cell technology supply chain. This is the most important influencing factor that makes it possible to combine cost reduction and increased efficiency. We have therefore also invested in a silicon wafer production facility with a production capacity of 20 GW, which is also currently under construction. This will help us enormously to control the quality and cost of the cells produced for us and will enable us to directly control the entire supply chain by purchasing polysilicon material directly. This allows us to ensure that we comply with all traceability issues and regulations that our products are made without forced labor, which have already been introduced in the US and will come into force in Europe next year. At the same time, we are diversifying our cooperation in various areas to expand market access, which will help us to achieve further benefits through economies of scale!”
“Full traceability is not the only benefit customers will have from Sunova Solar being Tier 1 listed with Bloomberg,” Sheng continues, “it will also make it easier for them to access financing for projects of all sizes, as being Tier 1 is further confirmation of the bankability of our products. According to the PV Tech Module Bankability Report, we are already rated CC+, which underlines our thorough financial management. Inclusion in Bloomberg’s Tier 1 list will help us move up the scale as the rating is strongly linked to deliveries, which are now expected to increase as we are now able to service utility-scale projects. Together with our continued focus on affordable modules with high efficiency and quality, all these components strengthen the confidence in our company and our products among EPCs, developers, investors and financial institutions alike.”
“We started as employees in this industry more than a decade ago and are now co-owners of a Tier 1 company. We can attribute our success to our belief that thriving companies must have a clear vision and mission, and that top management must create a good corporate culture and values to lay the foundation for continued growth and strong, sustainable success,” concludes Song.