BLOOMBERG NEW ENERGY FINANCE RANKS BOVIET SOLAR AS TIER 1 SOLAR MODULE MANUFACTURER

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Mar 16, 2022, 11:27 ET

Boviet Solar achieves industry standing for Q1 2022

SAN JOSÉ, Calif., March 16, 2022 /PRNewswire/ -- Boviet Solar, a leading global solar energy technology company specializing in the manufacturing of Monocrystalline PERC PV cells, Monofacial and Bifacial PV Modules, has been ranked as a Tier 1 PV module manufacturer by BloombergNEF (BNEF) for Q1 2022, the company announced today.

Boviet Solar has been on BNEF's Tier 1 module manufacturer list since 2017 and achieved Tier 1 status in every quarter of 2021.

Boviet Solar manufacturers Passivated Emitter Rear Cell (PERC) cells and Monofacial and Bifacial PV modules.

BNEF's tiering system for PV module manufacturers is based on bankability, to help purchasers of modules distinguish between the hundreds of modules available today. To be ranked as Tier 1, the manufacturer must have provided in-house manufactured PV modules to six different projects that have been non-recourse financed by six different banks over the past two years. Since non-recourse financing does not allow the lender to pursue anything other than the collateral, it's an indication that the bank has confidence in the PV module manufacturer.

"The Tier 1 designation serves as independent validation of Boviet Solar's performance as a business partner since it rates solar module manufacturers on bankability or financial stability," said Jimmy Xie, CEO of Boviet Solar.

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 whitelists of approved solar vendors, so Tier 1 validation indicates that financial institutions have already vetted PV module manufacturers.

"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 Solar 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 Solar is a wise choice for any solar project."

About Boviet Solar

Founded in 2013 in Vietnam, Boviet Solar is part of Boway Alloy and a global Tier 1 solar technology company that specializes in the manufacturing of Monocrystalline PERC cells, Monofacial and 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. With a proven track record of success working with many of the industry's leading players, Boviet Solar has maintained its position as a BloombergNEF Tier 1 solar module manufacturer and supplier since 2017. The company offers financial stability, technology know-how, manufacturing excellence and supply chain transparency. Its PV Modules are known for their power, performance and quality and have been rated as top performers on the PVEL/DNV-GL module reliability scorecard since 2019. Boviet Solar's USA headquarters are in San José, California and its global headquarters are located in Vietnam. For more information, please visit www.bovietsolar.com.

Safe Harbor Statement

This press release has been prepared by Boviet Solar (the "Company") solely to facilitate the understanding of the Company's business model and growth strategy. The information contained in this press release has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisers or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this press release or its contents or otherwise arising in connection with the press release, and you are advised to conduct an independent analysis with respect to any matters contained herein. This press release contains forward-looking statements and management may make additional forward-looking statements in response to your questions. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to its future performance, consolidated results of operations and financial condition. These statements can be identified using words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from expectations implied by these forward-looking statements because of various factors and assumptions. Although we believe our expectations expressed in such forward-looking statements are reasonable, we cannot assure you that they will be realized. In addition, these forward-looking statements are made as of the current date, and the Company does not undertake to update forward-looking statements to reflect future events or circumstances, unless otherwise required by law.

SOURCE Boviet Solar