The PV ModuleTech Bankability Ratings is a prestigious ranking of photovoltaic module manufacturers, published by PV-Tech, a leading organization in the solar energy sector. This report provides critical risk analysis and evaluations, essential for investors, project developers, and financial institutions operating in the photovoltaic (PV) industry.
PV ModuleTech Bankability Ratings – Assessment Criteria
The PV ModuleTech Ranking is based on several key criteria crucial for evaluating the bankability of PV module manufacturers:
- Financial Stability: Analysis of a company’s financial performance, including revenues, profits, and liquidity.
- Production History: Assessment of the manufacturer’s experience and ability to deliver products meeting quality standards.
- Market Reputation: Examination of customer feedback and reviews regarding product quality and reliability.
- After-Sales Support: Evaluation of post-sales services, including the availability of spare parts and technical support.
- Innovation: The manufacturer’s capability to introduce new technologies and enhance existing products.
PV ModuleTech Bankability Pyramid
The PV ModuleTech Bankability Pyramid is a classification tool that ranks PV manufacturers based on these evaluation criteria. Below are the rating categories and profiles of suppliers according to the current pyramid structure:
Premium
- AAA: Manufacturers with leading production and financial metrics.
- AA: Typically well-established suppliers with robust financial health.
- A: Manufacturers with production capacities of several GW and moderate-to-strong financial standing.
Second Tier
- BBB: Manufacturers with strong financial results but lower delivery volumes.
- BB: A broad category encompassing suppliers with varying production and financial metrics.
- B: Similar to BB but with lower production capabilities.
Speculative
- CCC: Manufacturers with low sales volumes, often limited to the domestic Chinese market.
- CC: Suppliers reliant on favorable external factors (e.g., large orders).
- C: Manufacturers with high deployment risks due to low volumes or weak financial positions.
PV ModuleTech Ratings Q2 2024
Source: PV ModuleTech Bankability Ratings Quarterly Q2 2024
AAA Category
At the top of the PV ModuleTech Q2 2024 Pyramid, in the prestigious AAA category, are Jinko Solar and LONGi Solar, recognized as global leaders in the PV industry. Their top ranking reflects exceptional financial stability, global operations, and high-quality products trusted by investors worldwide.
AA Category
Manufacturers such as First Solar, JA Solar, and Trina Solar are in the AA category, showcasing high reliability and innovation. Their strong financial foundation and capability to execute large-scale projects make them a reliable choice in the renewable energy sector.
A Category
The A tier includes producers like Astronergy, Canadian Solar, DAS Solar, Risen Energy, and Tongwei, offering high-quality products but with slightly less financial capacity compared to the AAA and AA leaders. These companies consistently demonstrate their strong position in the PV sector.
BBB Category
DMEGC is classified in the BBB category because it has solid fundamentals, but its ability to undertake large investments is more limited compared to higher-ranked competitors.
BB Category
In the BB tier, manufacturers such as GCL-SI, Hanwha Q-Cells, Runergy, Seraphim, Waaree, and VSUN stand out for operational stability, though they have limited financial and innovative capabilities compared to industry leaders.
B category
Brands such as GCL-SI, Hanwha Q-Cells, Runergy, Seraphim, Waaree and VSUN are in the B category. They are characterised by operational stability, but their financial and innovation capabilities are lower than those of the industry leaders.
B Category
The B category includes companies like Adani, Aiko Solar, Boviet, Eging, Huansheng, and Znshine. While offering quality products, their financial and technological potential is more limited compared to higher-tier manufacturers.
CCC+ Category
Manufacturers in the CCC+ group of the PV ModuleTech Q2 2024 include CECEP, Hyundai, HT-SAAE, Jinneng, Jolywood, Elite Solar, Haitai, SEG Solar, SolarSpace, and Sunova (Thornova). These companies face challenges that limit their competitiveness and bankability.
CCC Category
Firms in the CCC tier, such as Elin (Sirius PV), Huasun, Maxeon, Phono Solar, QN-Solar, ReneSola Yixing, Solargiga, Suntech Power, TSEC, Vikram, and Yingli, experience technological and financial constraints that significantly impact their ranking.
CC+ Category
Brands such as Akcome, Emmvee, Goldi, Heliene, Hoyuan (HY Solar), Saatvik, Luxen Solar, Motech, REC Group, Shuangliang, and UREC are in the CC+ category, characterized by low investment reliability, posing increased risks for investors.
CC Category
The CC category includes manufacturers like BYD, Gautam Solar, Hansol, Jetion, Rayzon Energies, New East, Philadelphia Solar, RenewSys, Silfab and Sunport, with limited financial and technological resources affecting their market position.
C+ Category
Manufacturers in the C+ category, such as CSG, Imperial Star, JG Solar, Premier Energies, Hevel/Unigreen, S-Energy, Shinsung, SPI Energy (Solar4America) and Talesun, exhibit lower technological levels that limit their international competitiveness.
C Category
In the lowest C category of the PV ModuleTech Q2 2024 ranking includes companies like ENEL Group (3Sun), Jakson, Meyer Burger, Mission Solar, Tata Power and Websol are ranked due to limited financial and technological reliability, making investments in these enterprises highly risky.
PV ModuleTech Quarterly Report
The PV ModuleTech Bankability Ratings Report is an essential tool for all PV market participants, helping to understand the financial and technological risks associated with selecting module manufacturers. In a rapidly changing market, regularly reviewing this report can support informed investment decisions and ensure long-term stability in photovoltaic ventures.
