Suntech to be added to Bloomberg New Finance's Global PV Market Outlook Tier 1 List
Bloomberg New Energy Finance (BNEF) will add Suntech to its Tier 1 solar company list in its February 2015 PV Market Outlook. BNEF has developed a unique ranking system for grading PV module makers, based on bankability and cooperation with market developers, investors and EPCs. The ranking creates a transparent differentiation between the hundreds of manufacturers of solar modules on the market.
"When we acquired Suntech, we knew that it had the best PV modules in the industry and it was clear to us that the company would be a perfect fit for Shunfeng's strategy to become the world's largest integrated clean energy generation company," said Eric Luo, CEO of Shunfeng International Clean Energy, parent company of Wuxi Suntech. "What we didn't know was how quickly it would regain its bankability status. We are proud that this has happened within such a short period after Suntech's emergence from insolvency, and are confident that our partnership with the most respected financial institutions in the industry will provide the best solutions to our customers worldwide."
Tier 1 module manufacturers are those which have provided own-brand, own-manufactured products to five different projects, which have been financed, non-recourse, by five different non-development banks, in the past two years. The outlook is based on solar PV developments that occurred over the course of 2014.
Wuxi Suntech had previously lost its Tier 1 rating by Bloomberg New Energy Finance during its insolvency. However, following Suntech's acquisition by Shunfeng International Clean Energy in 2014 and the increase in its debt finance availability from commercial banks, BNEF now defines Suntech as a major bankable solar PV module supplier in 2015.
Under Shunfeng, Suntech has the strongest financial footing in the solar industry with nearly zero debt. It is part of the world's largest integrated clean energy generation provider globally - integrated not only in terms of manufacturing but also in terms of owning clean energy producing assets with capabilities in manufacturing, construction, finance, insurance, operation and maintenance, energy storage and applications.