Goldi Solar Ranked Among ‘Bankable Tier 1’ Solar Module Makers by BNEF

Gujarat-headquartered Goldi Solar Pvt Ltd has been ranked among the ‘Bankable Tier 1’ solar module makers by the Bloomberg New Energy Finance (BNEF), an international research organisation, for the first quarter of 2020.

BNEF Report

BloombergNEF has developed its tiering system for photovoltaic (PV) module manufacturers to create a transparent differentiation between hundreds of manufacturers of solar modules in the market.

Moreover, the main criterion of selection is that, the company must have supplied own-brand modules to at least six projects that received non-recourse debt from a minimum of six different commercial banks in the last two years, counting the earlier of the financial close or commissioning date.

Goldi Solar is one of the leading Indian solar panel manufacturers, EPC services provider and independent power producer (IPP).

Commenting on the development, Ishver Dholakiya, Managing Director of Goldi Solar, said that “this is a big win for us and we worked diligently to reach this milestone. We recognize that major PV project developers, EPCs and financers rely on the BNEF report and we believe this announcement will open up a broader section of the market for our high-quality solar modules”.

Out of the total 38 companies that met all the criteria’s to be on the list of Tier 1 companies, Goldi Solar is among the four Indian companies which got a place in this list.

It has increased its manufacturing capacity to 500 MW and subsequently aim to scale it up to 1 GW in 2020.

The other three Indian companies which are selected in the Tier 1 list includes – Waaree with 2,000 MW per year capacity, Adani/Mundra with 1,500 MW per year capacity, and Vikram Solar with 1,200 MW per year capacity.

Significantly, the major chunk of the list was enjoyed by the Chinese firms. While, 5 firms from South Korea, 4 companies from India, 3 from the United States, 2 Japanese companies, and 1 each from Canada, Taiwan and Europe got the place in this Tier 1 list of bankable solar module makers.

“We are delighted today to be included in this list of Tier 1 manufacturers, our panels which have been supplied to the projects have fulfilled BNEF standards. This “Tier 1” title is important to us which will not only attract new opportunities but it will also help us to complete few pending International orders and to penetrate more easily in markets like Europe and US as a major bankable supplier of the solar PV industry and allow us to further contribute more towards sustainability and greener future”, said Bharat Bhut, Director of Goldi Solar.