Sinovoltaics updates PV module manufacturer financial stability ranking
Sinovoltaics, a Hong Kong-based technical compliance and quality assurance service firm, has released its first quarter 2025 free-to-download, global in scope, PV Module Manufacturers Ranking. It shows that India-based Insolation Energy, Waaree Renewable Technologies and Solex Energy have maintained their place as the top three.
The Altmann Z-score-based ranking covers publicly traded module manufacturers from March 2022 to December 2024. This quarter the report tracks 63 suppliers, down two since the previous quarter.
The analysts said that there is a “growing divide” between financially strong and at-risk manufacturers. “While some industry leaders remain stable, many more have moved into the Grey Zone, signaling potential instability,” they said in a statement, referring to their graphics color codes, which assign the grey to companies with an Altmann Z-score of less than 2.6 but greater than 1.1. The latter are color-coded red.
Other changes include three new entrants moving up the ranks into the top ten, namely Phono Solar (Sumec), HT SAAE, and ERA Solar (Yonggao Group), all based in China.
The latest top ten positions are held by India-based Insolation Energy, Waaree, and Solex Energy, followed by Taiwan-based Eterbright (HIWIN), U.S.-based First Solar, joined by Boviet Solar, DMEGC Solar, Phono Solar, ERA Solar and HT SAAE, all based in China.
Sinovoltaics describes the Altmann Z-score as a quantitative formula that relies on publicly available information about corporate income and balance sheet values to measure the financial health of a company. The financial strength assessment is based on a credit-strength test based on profitability, leverage, liquidity, solvency, and activity ratios.
A score that is 1.1 or lower indicates a higher probability of bankruptcy within the next two years, while a higher score of 2.6 or greater indicates a solid financial position. The Sinovoltaics analysts say that the ranking reports provide an insight into stability scores over time, but they do not necessarily signal the quality of the PV equipment.
“With the increasing risk of bankruptcies and disappearing warranty coverage, financial due diligence has never been more critical,” said Dricus de Rooij, CEO of Sinovoltaics, in a statement.
The reports are meant to assist project developers in financial due diligence, to compare suppliers’ scores, or to help identify “financially stable partners that can stand behind their warranties and products.”
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