Thornova Solar Maintains Bloomberg NEF Tier 1 Ranking Amid Stricter Rules

February 26. 2024

In the First Quarter 2024 Bloomberg New Energy Finance (BNEF) report, Thornova continues to rank as a Tier 1 module manufacturer, despite the stricter requirements as of January 2024. While 43% of module manufacturers were removed from the list, Thornova and its parent company, Sunova Solar, maintained their standing.

Considered the global authority on solar bankability, Bloomberg NEF’s tiering system provides a transparent differentiation between manufacturers of solar modules on the market. BloombergNEF bases its rankings on deals closed in the past, as tracked by its database of 40,000 photovoltaic financings worldwide.

As of January 2024, Bloomberg NEF now requires companies to submit information on a minimum of six projects, each with a capacity of 5MW or larger, that have been financed by six different commercial banks, in order to achieve Tier 1 status. Previous requirements stipulated projects of 1.5MW or larger.

This achievement is significant for Thornova as it continues to grow and scale in North America and attests to the reliability of the company and its products. Financing underscores a technical due diligence for the products selected for solar projects.

William Sheng, CEO of Thornova Solar comments: “Becoming a Tier 1 player in Q3 last year was our first major milestone. Staying Tier 1 under the new more stringent condition of having to provide 5 MW or larger projects truly shows that customers and financial institution trust in Thornova Solar. Our partners and their banks are convinced of our module quality and the financial stability of the company. We are proud to be recognized as a company who produces some of the best quality and most trustworthy solar technology in the market.”

Thornova offers high-performance PERC and N-type modules to the U.S. and Canadian markets from its headquarters in Fremont, California, with manufacturing located in Vietnam.