BLOOMBERG NEW ENERGY FINANCE RANKS BOVIET SOLAR AS A TIER 1 SOLAR MODULE MANUFACTURER in Q4 2023

Boviet Solar has achieved the BNEF Tier 1 rating for every quarter in 2023

SAN JOSÉ, Calif., Nov. 29, 2023 /PRNewswire/ -- 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."

About Boviet Solar

Founded in 2013 in Vietnam, Boviet Solar, a subsidiary company of Boway Alloy, is a Tier 1 solar technology company that specializes in the manufacturing of Monocrystalline PERC and TOPCon PV cells and Gamma Series™ Monofacial and Vega Series™ Bifacial PV modules, as well as solar project development. The company works with IPPs, EPCs, project developers, solar installers, and contractors to deliver top-performing PV modules for utility-scale, commercial, industrial, and residential solar projects. As of 2023, Boviet Solar's annual PV cell and PV module manufacturing capacity is 3.0 GW and it has shipped a total of 4.4 GW since 2013, mainly to the U.S. market.

The company offers financial and business stability, technological know-how, manufacturing excellence, top-performing PV modules, supply chain transparency and strong ESG. With a proven track record of successfully working with many of the industry's leading players, Boviet Solar has maintained its position as a BloombergNEF Tier 1 solar module manufacturer since 2017. Boviet Solar's PV Modules are known for their power, performance, and quality and have been rated as top performers on PVEL's PV Module Reliability Scorecard since 2019. Black & Veatch successfully completed an independent audit of Boviet Solar's manufacturing facilities in 2022. Boviet Solar has offices in the United States, Germany, and China, with its global headquarters in Vietnam. For more information, please visit www.bovietsolar.com.

SOURCE Boviet Solar