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In the latest ranking based on Altmann-Z scores, India-based Insolation Energy, Waaree Renewable Technologies and Solex Energy retain the top three spots. But further down the ranking, analysts see more companies with lower scores compared to the last quarter. Hong Kong-based Sinovoltaics, a technical compliance and quality assurance services company, has released its free-to-download Q1 2025 global PV module manufacturers ranking . It shows that India-based Insolation Energy, Waaree Renewable Technologies and Solex Energy have maintained their spot in the top three. The Altmann Z-score-based ranking covers publicly traded module manufacturers from March 2022 to December 2024. This quarter, the report includes 63 suppliers, two fewer than the previous quarter. Analysts say there is a “growing divide” between financially strong manufacturers and those at risk. “While some industry leaders remain stable, many more have moved into the Grey Zone, signalling potential instability,” they said in a statement, referring to their graphic colour codes, which assign grey to companies with an Altmann Z score below 2.6 but above 1.1. The latter are colour-coded red. Other changes include the rise of three new companies to the top ten: Phono Solar (Sumec), HT SAAE and ERA Solar (Yonggao Group), all based in China. The last top ten spots are occupied by Indian companies Insolation Energy, Waaree and Solex Energy, followed by Taiwanese Eterbright (HIWIN) and US-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 on companies revenues and balance sheet values ??to measure a companys financial health. The assessment of financial strength is based on a stress test based on profitability, leverage, liquidity, solvency and activity ratios. A score of 1.1 or below indicates a higher likelihood of bankruptcy in the next two years, while a score of 2.6 or above indicates a strong financial position. Sinovoltaics analysts say the rating reports provide insight into stability scores over time, but do not necessarily indicate the quality of PV equipment. “With the increasing risk of bankruptcies and disappearing warranty coverage, financial due diligence has never been more critical,” Sinovoltaics CEO Dricus de Rooij said in a statement. The reports are intended to assist project developers with financial due diligence, compare vendor scores, or help identify “financially stable partners who can back their warranties and products.” |
