ReneSola launches bankability book to secure more financing

In light of the current global economic situation, which is making it particularly difficult for solar companies to secure financing, China-based ReneSola has unveiled its Bankability Book.

It is being touted as a "unique financing tool", which provides would be investors with enough information, including on production processes, certifications, bank and insurance details, test and audit reports and after sales service, to persuade them to invest in solar projects.

"It was created to tackle the growing number of PV projects that require bankability in order to get off the ground," said ReneSola in a statement released. "A standard bankability analysis process looks at legal, technical and economic risks of a project, with the PV modules accounting for the majority of the technical assessment."

It adds that for a photovoltaic module to be seen as bankable, it must, among others, have proven track record of reliability, and offer appropriate guarantees and warranties. Branding and technology is also said to be taken into account.

"In today’s financial climate, particularly in the Eurozone and the U.S., banks need convincing that the money they lend will see a return," stated CEO, Xianshou Li. "We want to lead the solar industry in terms of providing the information finance houses need … We want to be transparent about our work and this document will help investors, installation companies and banks get everything they need."

The Bankability Book was said to be prepared following a factory audit carried out by Germany-based Accelios Solar GmbH.

ReneSola was not immediately available to comment on the news.