There are several manufacturers of photovoltaic modules in the world, with numerous production capacities, different levels of investment in R&D (Research and Development), product quality and financial health.
With the growing demand for solar energy – the source, for example, added just over 10 GW of installed capacity in Brazil only between the months of January and October 2023, due to the high volume of suppliers – it is essential to choose companies that are well evaluated in international certifications.
A Triple A classification (AAA), issued by PVTech in your report PV ModuleTech Bankability Ratings, is one of them. The study is based on a comprehensive analysis of a manufacturer's performance across metrics including shipments, production capacity, technology and financial position, with the company scoring highly in each of these areas.
The survey, which has been capturing annual metrics since 2013, and starting in the last quarter of 2015 began capturing quarterly metrics, is an essential tool for all investors, developers, EPCists and owners of solar plants, where the selection of module suppliers is critical to maximize project performance, reliability and long-term returns.
Among the companies that have the AAA rating, the highest in the ranking, is JA Solar. According to the 2022 annual report, the company's total revenue was CNY 72,989 billion (CNY is the Chinese currency code), an increase of 76,72% compared to the previous year, with a net profit attributable to the parent company of CNY 5,533 billion , an increase of 171,4% compared to 2021.
One of the largest photovoltaic module manufacturers in the world, by the end of 2022, JA had surpassed 1260 independently developed patents. In addition, it has been ranked among the Fortune China 500 for several years, among the 500 largest Chinese private companies and among the 500 largest global new energy companies.
Second Fernando Castro, country manager at JA Solar in Brazil, Triple A is very important for DG (distributed generation) plants and utility projects, as, in addition to ensuring the financial health of the module manufacturer, it adds the following implicit advantages:
- For the banks and companies that will finance the project, they guarantee that the chosen supplier has the financial power to supply, as well as meet the demand of said project without becoming dangerously dependent, financially, and from the point of view of production capacity and cash flow;
- It is an additional guarantee that, in the case of very rare, but possible problems in the field that require replacement of modules, the company will have the cash, financial and productive capacity to replace the panels, without compromising the project.
More details about Triple A
Top global suppliers were analyzed using metrics converted into quarterly bankability ratings, with AAA (highest). Below, in detail, are the analyzes carried out:
- Financial analysis of annual and quarterly ratios, metrics and general strengths of reference module providers to be fully understood, with segmentation into operational metrics such as liquidity, leverage, debt, profitability, revenue generation and share of panel business sales;
- Technology analysis by module supplier describes effective internal capabilities by region/technology, global panel supply by end region, internal technology roadmap for high-efficiency module types, investments by value chain segment, and R&D spending. ), for example;
- Extensive research analysis and panel vendor commentary explaining upward/downward trends across all manufacturing parameters and health/financial position, with specific focus on module sourcing strategy and risk factors involved.
Other JA Solar differentiators
In addition to having the AAA rating from PV Tech, JA Solar, between 2014 and 2022, was named “Top Performer” by PVEL, one of the main independent third-party photovoltaic testing organizations in the world.
In total, the company's modules have nine certifications in the photovoltaic market. Among them are the classifications received by PV Tech, RETC, PVEL, EUPD Research, TUV SÜD, UL Solutions, BNEF, ETL from Intertek and the Inmetro seal.
