GCL-SI named Tier 1 PV manufacturer by Bloomberg New Energy Finance

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5 September 2016 12:34 PM

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PRESS RELEASE

SUZHOU, China, Sept. 2, 2016 /PRNewswire/ — GCL System Integration Technology (GCL-SI), (SHE: 002506), a subsidiary of the world’s leading energy group GCL, has been named in the Tier 1 list of Bloomberg New Energy Finance’s (BNEF), ranking of photovoltaic (PV) module manufacturers. On the list, GCL-SI is ranked No. 2 based on its annual solar module capacity.

BNEF’s tiering system categorizes hundreds of solar module manufacturers into three tiers based on bankability — the ability of solar product-related projects to acquire non-recourse debt financing from banks.

Tier 1 manufacturers have to prove they are able to provide own-brand, self-made products to five different projects that are non-recourse financed by five different (non-development) banks. BNEF also only considers projects that have over 1.5 MW capacity.

Featuring on BNEF’s tiering system demonstrates that GCL-SI fulfills all its criteria.

Mr. Shu Hua, president of GCL-SI, said, “GCL-SI has grown quickly since its establishment. In less than a year, we have developed international projects that reach BNEF standards. It is a rare case in the solar industry.”

The “Tier 1” list has been widely used in manufacturing forecasts and preliminary competitor analysis as an important method to distinguish the major, bankable suppliers in the PV industry. It is reviewed and updated every quarter with new information added to BNEF’s database.

“With GCL-SI on the Tier 1 list, it signifies our ability to secure debt financing from banks and to provide quality PV module products,” added Mr. Shu. “It will also bring our company more opportunities to explore the market and allow us to contribute more to global green energy.”