Sungrow Keeps High Bankability Ranking in U.S.

PV MagazineOctober 24, 20191081

Summary:

In August of 2019, Sungrow becomes one of the few solar power inverter companies that is considered to be 100% bankable according to Bloomberg New Energy Finance (BNEF). This survey marks the first time that BNEF has collected opinions on the bankability of solar power inverter manufacturers and it will be interesting to see the traction this survey gets in the industry this year and next year.

Main Article:

Sungrow Keeps High Bankability Ranking in U.S.

In the U.S. utility-scale market bankability is a key metric, since generally these projects involve non-recourse financing, making dependable solar panel brands a key criterion. In August, Sungrow became one of the few solar power inverter solar companies to be ranked 100% bankable by Bloomberg New Energy Finance (BNEF). In its latest survey this summer BNEF had asked banks, developers and technical due diligence firms to list solar panel brands they considered bankable. The solar companies surveyed could select from among 17 solar power inverter manufacturers. While 17 hardly captures all solar power inverter manufacturers and is still a much smaller list than the 40+ suppliers BNEF tracks on the solar panels bankability side, it does provide useful guidance to market participants.

In fact, this survey marks the first time that BNEF has collected opinions on the bankability of solar power inverter manufacturers and it will be interesting to see the traction this survey gets in the industry this year and next year. It certainly makes sense to not only monitor bankability on the solar panels side, but also assess bankability with the other key PV solar-powered system component, the solar power inverter. For BNEF one challenge in doing so is the fact that inverters are less of a commodity product, since they perform multiple functions, some of which are tied to the requirements of the local electricity grid. This makes the solar power inverter market more localized, rendering a global survey more challenging.

U.S. grid requirements are especially rigorous, so that some solar power inverter manufacturers have opted to play in other markets, leaving the U.S. market to suppliers who have the R & D and technical resources to handle this long list of requirements. For example, Sungrow’s flagship central solar power inverter solution SG3150/2500U-MV complies with UL 1741, UL 1741 SA, IEEE 1547, Rule 21 and NEC 2014/2017, while also allowing grid support, including L/HVRT, L/HFRT, as well as active and reactive power control and power ramp rate control.

Hank Wang sees this solution as the solar company’s core offering this year and next year, but for 2021 he sees the company’s string solar power inverters playing a more prominent role, both in the utility-scale segment and in the commercial & industrial (C & I) segment. At its SPI booth the solar company showcased its new SG250HX string solar power inverter, which the manufacturer claims is the most powerful 1500Vdc string solar power inverter in the world. The SG250HX was officially launched at Intersolar Europe this May and together with the new SG33CX-US and SG55CX-US, these new string inverters promise to provide interesting options to North American PV developers and EPCs looking for a string solar power inverter to drive their large utility-scale and C & I solar-powered systems.

On the bankability front the new BNEF survey is undoubtedly very helpful. What helps as well are high-profile projects with prominent developers in exciting states like Texas. Wang highlights Sungrow’s success in supplying the largest PV solar energy project in Texas, a large leading European firm’s Roadrunner project in Upton County, which consists of one 252 MW phase to be completed this year and another 245 MW phase to be completed next year, amounting to a very big 497 MW overall.

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