Wuxi, China, February 10, 2015/Press Release/:Bloomberg New Energy Finance (BNEF) has addedSuntech to its Tier 1 solar company list in its February 2015 PV Market Outlook. BNEF has developed a unique ranking system for grading PV modulemakers, based on bankability and cooperation with market developers, investors and EPCs.The rankingcreates a transparent differentiation between thehundreds 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 bea 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 afterSuntech’s emergence from insolvency,and areconfident that our partnershipwith 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 hadpreviously 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 itsdebt 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.
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About Wuxi Suntech Power Co., Ltd.
WuxiSuntech Power Co., Ltd., a company incorporated in the PRC in January 2001, produces industry-leading solar products for residential, commercial, industrial, and utility applications. Suntech has delivered more than 30 million photovoltaic panels or 8 GWs of installed capacity to more than 1 thousand customers in more than 80 countries. Suntech's pioneering R&D creates customer-centric innovations that are driving solar to grid parity against fossil fuels. Suntech's mission is to provide reliable access to nature's cleanest and most abundant energy source.