ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, announced today at the InterSolar North America solar exhibition and conference that the Company has been upgraded to "Tier 1" status on the prestigious Bloomberg New Energy Finance ("BNEF") PV Module Maker Tiering System.
BNEF developed its tiering system for PV module makers to create a transparent differentiation between the hundreds of manufacturers of solar modules on the market. The classification is based on bankability, specifically whether projects using a particular brand of solar modules are likely to be offered non-recourse debt financing by non-development banks. BNEF bases its findings on completed deals tracked through its database, which included more than 4,800 solar financings worldwide as of the end of last year. Tier 1 module manufacturers are those that have provided products to three different projects, which have received non-recourse financing by three different banks in the past two years.
"This is a big win for us and we worked diligently to reach this milestone. We recognize that major PV project developers, EPCs and financiers rely on the BNEF report and we believe this announcement will open up a broader section of the market for our high quality solar products," said Mr. Kevin Chen, president of ReneSola America. "We've built a strong presence in the U.S. with our highly talented and knowledgeable sales, marketing, and operational support staff. ReneSola has been marketing and selling solar PV modules and microinverters for just over a year. Now, with our three operations centers and eight warehouses in the U.S., the Company has quickly grown to become one of the industry's largest module suppliers. This recognition by BNEF reflects our commitment to the U.S. market and the great strides we have made in a short amount of time."
ReneSola is exhibiting at InterSolar North America this week in San Francisco, July 8-12, in booth #7321. The company welcomes visitors to view the Company's latest products, including its new Zep-framed module.