Boviet Solar Technology Co. Ltd. (the "Company" or "Boviet Solar"), a leading solar energy technology company specializing in manufacturing monocrystalline PERC and TOPCon PV cells and Gamma Series™ Monofacial and Vega Series™ Bifacial PV modules, has been ranked as a Tier 1 PV module manufacturer by BloombergNEF (BNEF) for Q4 2023. Boviet Solar has maintained its position as a BNEF Tier 1 solar module manufacturer since 2017.
"The Tier 1 designation serves as independent validation of Boviet Solar's performance as a business partner because it rates PV module manufacturers on bankability or financial stability," said Jimmy Xie, CEO of Boviet Solar.
BNEF's tiering system for PV module manufacturers is based on bankability to help purchasers of PV modules distinguish between the hundreds of panels available today. To rank as Tier 1, the company must have provided in-house manufactured PV modules to six different projects that have been non-recourse financed by six separate banks over the past two years. Non-recourse financing does not allow the lender to pursue anything other than collateral, indicating that the bank has confidence in the PV module manufacturer.
"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 project."