Sinovoltaics Ranking Report, Edition 1 – 2019: which PV manufacturers are financially strongest?

Sinovoltaics Ranking Report, Edition 1 – 2019: which PV manufacturers are financially strongest?

In Edition 1-2019 of the Sinovoltaics Ranking Report for PV Manufacturers we rank over 75+ leading PV module manufacturers according to their financial strength. The Ranking Scores of this Edition are based on publicly available financial data, which has been collected in December 2018.

This Free Edition shows you the ranking of 10 out of 77 solar module manufacturers.

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Why does Sinovoltaics Group publish this report?

The financial strength of PV module manufacturers directly relates to their capability of fulfilling warranty obligations in the long term. Sinovoltaics Group uses the Ranking Report Scores to advise its clients which PV manufacturers to pick and which to avoid.

What happens when a PV manufacturer goes bankrupt?

Solar module product and performance warranties are typically valid as long as the manufacturer is around. When a PV manufacturer goes bankrupt, its product- and performance warranties will unfortunately no longer be valid. Valid warranties are important for PV plant developers and PV project owners who want to safeguard their project ROIs.

A product warranty is important to cover defects related to the solar module’s workmanship. A performance warranty is important to have in place in case solar module’s degrade faster than anticipated and its output is lower than expected.

Are many PV manufacturers at risk of going bankrupt?

In the December 2018 Sinovoltaics Ranking Report there are 27 PV manufacturers that are ranked in the ‘Distress Zone’. The probability of these 27 companies going bankrupt within 2 years is over 80% (Source).

The past years we’ve seen multiple manufacturers going bankrupt, leaving project owners with an increased warranty risk, including LDK, Solyndra, Suntech Wuxi, Bosch etc. and the most recent bankruptcies of Suniva and Solarworld in 2017 shows that picking a financially healthy manufacturer is more relevant than ever.

In December 2018 there are 27 PV manufacturers that are ranked in the ‘Distress Zone’. The probability of these 27 companies going bankrupt within 2 years is over 80%

Edition 1, 2019: how do PV module manufacturers rate on the Altman Z-score?

The following table is a selection of Ranking Scores of the major, publicly listed Asian, European and American manufacturers in Q4 – 2018:

Ranking Scores of the major, publicly listed Asian, European and American manufacturers

Sinovoltaics Ranking-Report 1-2019 – Free Edition

Sinovoltaics PV Ranking Report 2019

Sinovoltaics Ranking-Report 1-2019 – Free Edition

Gain access to the complete Financial Ranking overview of the leading 75+ PV Manufacturers?
Click here to order the latest edition >>>

How does the Altman Z-Score work?

Any questions about the Altman Z-Score? Read this background article first.

A couple of extracts from the full Sinovoltaics PV Manufacturer Ranking Report:

PV z score

How are the Sinovoltaics Altman Z-Scores interpreted?

Sinovoltaics Altman Z-Scores Interpretation

How are Sinovoltaics Ranking Scores calculated?

Sinovoltaics PV Ranking Scores Calculation Sinovoltaics PV Ranking Scores Current Calculation

How to interpret companies that have been consistently in the Grey Zone?

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Ranking Scores PV Manufacturers

















About the author
Dricus is Managing Director at Sinovoltaics Group.Sinovoltaics Group assists PV developers, EPCs, utilities, financiers and insurance companies worldwide with the execution of ZERO RISK SOLAR projects - implemented by our multinational team of solar PV-specialized quality engineers and auditors on-site in Asia.Dricus is based in Hong Kong and has been working in the PV industry in China for 10+ years. Connect with Dricus on LinkedIn
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