Last week, Boviet Solar USA was granted Tier 1 status by the Bloomberg New Energy Finance Corporation. We sat down with John Bereckis, the President of the Modules Division of Boviet Solar USA, to learn what the Tier 1 designation means for Boviet and its partners.
What is Tier 1 status?
The Tier 1 status was developed by Bloomberg New Energy Finance out of a need to create a list of bankable suppliers for their clients.It is awarded to module makers that have provided their own branded and manufactured products to six different projects within the last two years. In addition, each project must have received non-recourse financing from six different banks.
In this way, the Tier 1 status is granted to solar module manufacturers that financial institutions have already vetted through the financing of real projects. It serves as an independent validation of a manufacturer’s performance as a business partner, based on bankability and financial stability.
What is bankability?
Bankability refers to companies with enough financial backing. In a market like solar, which can be unpredictable due to the exciting rate of R&D, financial stability is incredibly important. It shows not only stability, but resilience and adaptability as well.
Bankability matters, Bereckis states,
“Just as much as superior PV performance and cost-effectiveness. It’s not just third-party validation of our financial stability, but rather, Tier 1 status is a great complement to our superior R&D, engineering, and manufacturing capabilities.”
Bankability isn’t just about financial stability, but a reflector of a manufacturer’s ability to drive R&D and stay ahead of the curve.
What makes Boviet Solar USA bankable?
Boviet Solar USA’s support as a subsidiary of The Powerway Group gives Boviet the benefit of over 30 years of experience and partnerships with high-profile clients. In addition, The Powerway Group is a publicly traded company, with over $1.5 billion in annual revenue and annual growth of 15%.
Powerway’s diversified holdings in non-ferrous alloys, new materials, precision slicing wire, new energy, capital operation, and others, as well as their partnerships with high-profile customers like Honeywell, Emerson, Hitachi, Bosh, Huawei, Apple, Samsung, Siemens, Panasonic, Moen, and Kohler give Boviet Solar USA a unique edge. “Powerway Group is a pioneer in alloy development as well as capital investment, and with Powerway’s backing, Boviet Solar USA has extensive engineering and financial resources,” says Bereckis.
“Powerway’s mega engineering capability contributed to the Shenzhou 1 spacecraft, so for Boviet Solar USA, PV R&D is truly rocket science”, President John Bereckis explains.
How does Boviet Solar USA’s Tier 1 ranking benefit future partnerships?
“Tier 1 status should give our customers added assurance that partnering with Boviet is a wise choice for any solar project,” says Bereckis.
Tier 1 status means that Boviet Solar USA is not only financially stable and independently validated, but that it’s providing partners with industry-leading products backed by extensive R&D. Control of production and inventory means that every partner receives premium products, personalized services, and that orders are fulfilled. “Part of the Boviet advantage is total control over manufacturing, inventory, and shipping”. Beyond that, says Bereckis, “Boviet works closely with our partners to ensure the right solar modules are available when and where they are needed.”
In the end, Bloomberg’s Tier 1 ranking may be based on bankability, but that designation represents much more than just a manufacturer’s ability to independently finance and manufacture multiple projects a year to completion. Tier 1 status is also a marker of a great business partner for your next solar project.