LAS VEGAS--(BUSINESS WIRE)--At Solar Power International this week, Boviet Solar USA announced that Boviet Solar 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. After 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.
Boviet will be displaying its latest solar modules at SPI in booth 2963. For more information, visit www.bovietsolarusa.com.
About Boviet Solar USA
Headquartered in Silicon Valley, Boviet Solar USA is the North American arm of Boviet Solar Technology Co. Ltd., the largest manufacturer of solar panels in Vietnam. A wholly owned subsidiary of Powerway Alloy Materials Co., Boviet Solar USA delivers commercial-grade solar modules and related products to contractors, integrators, and distributed generation (DG) providers in North America. Boviet Solar USA offers innovative, state-of-the-art technology products developed and manufactured at the company’s 530,000 square foot facility in Vietnam, which is designed to produce 650+MW of solar module capacity each year. Boviet Solar USA also delivers solar products where and when they are needed, shipping from multiple fully-stocked warehouses spread strategically across the U.S. with locations at both East and West coast shipping ports.