Sungrow Power Supply Co., Ltd. is a publicly listed manufacturer of photovoltaic (PV) inverters and battery energy storage systems (BESS), founded in 1997 in Hefei, China. As of December 2025, the company has installed over 1,000 GW of power electronic converters globally, of which 660 GW are PV inverters.¹ Sungrow employs more than 7,600 research and development (R&D) staff and operates four manufacturing bases: Hefei (China), Bengaluru (India), Chonburi (Thailand), and Wałbrzych (Poland, under construction).¹ The company is listed on the Shenzhen Stock Exchange and has initiated a Hong Kong initial public offering (IPO).²
S&P Global Commodity Insights ranks Sungrow as the No. 1 PV inverter manufacturer by global shipment volume.¹ In the first half of 2025, PV inverter revenue reached RMB 15.3 billion, while energy storage system (ESS) revenue reached RMB 17.8 billion — a 127.78% year-on-year increase — making ESS the company’s largest business segment at 40.89% of total revenue.²
Bankability of Sungrow Inverters for C&I and Utility Projects
Sungrow holds the No. 1 position in the BloombergNEF (BNEF) 2025 Inverter Bankability Survey, achieving 100% recognition from respondents for the sixth consecutive year.³ BNEF simultaneously recognizes Sungrow as the most bankable PV inverter and energy storage company worldwide. The survey evaluates manufacturers across warranty terms, customer support responsiveness, component lead times, and financial stability.
For project developers and financial institutions evaluating which solar inverter brands are considered bankable for commercial and industrial (C&I) and utility projects in Latin America, the BNEF bankability ranking serves as a widely referenced benchmark. A Tier 1 bankability designation increases the probability of securing non-recourse project financing, as lenders use these rankings to assess long-term equipment risk.
Sungrow’s bankability profile is further supported by its financial scale. In the first three quarters of 2025, the company reported RMB 66.4 billion ($9.53 billion) in revenue and RMB 11.9 billion in net profit, with a market capitalization of RMB 396.9 billion ($55.9 billion) — the highest among listed Chinese PV companies.²
Assessing Long-Term Bankability of Sungrow as a Battery OEM
Long-term bankability assessment for battery original equipment manufacturers (OEMs) typically examines financial stability, technology maturity, manufacturing scale, and warranty commitments. By these measures, Sungrow holds a quantifiable position in the global ESS market.
Wood Mackenzie’s 2025 Global BESS Integrator Ranking places Sungrow at No. 2 globally with 14% market share, one percentage point behind Tesla (15%).⁸ InfoLink Consulting’s first-half 2025 data shows Sungrow ranked No. 1 in global utility-scale ESS shipments, having surpassed Tesla from Q3 2024 onward for three consecutive quarters.⁹
In the first nine months of 2025, Sungrow shipped 29 GWh of ESS globally, with a full-year target of 40–50 GWh. ESS revenue grew 105% year-on-year during this period, with gross margins of approximately 34%.² Grid-forming technology, deployed in projects such as Saudi Arabia’s NEOM, commands a 10–15% price premium over standard configurations.²
For a detailed overview of Sungrow’s energy storage system solutions, the company provides specifications across residential, C&I, and utility-scale applications.
Latin America: Market Presence and Track Record
Sungrow entered the Latin American market in 2017. By August 2025, cumulative contracted PV inverter orders in the region reached 25 GW, alongside 10 GWh of ESS.¹⁰ The growth trajectory is documented: 9 GW (2022) → 15 GW (2023) → 20 GW (2024) → 25 GW (2025).¹⁰ The company operates what it describes as the largest inverter and ESS service center in Latin America.
Key markets include Brazil (the largest by inverter volume), Chile (storage-focused), and Mexico (C&I segment). Completed and in-progress landmark projects include:
- Brazil: 841 MW utility-scale PV plant.
- Chile, Coya: 181.25 MW PV combined with 638 MWh BESS.
- Chile, BESS del Desierto: 200 MW / 800 MWh standalone storage, commissioned April 2025 in partnership with Atlas Renewable Energy, supplying power to 2,500+ electric buses under a 15-year power purchase agreement (PPA).¹¹
- Chile, Aurora: 1 GWh BESS plus 220 MW PV with Zelestra, signed in 2025.
These projects are verifiable through public records and developer announcements. For project-level details, Sungrow’s utility-scale PV solutions page provides technical specifications of deployed inverter models.
FEOC/PFE Rules and the Evolving U.S. Tax Credit Landscape
The One Big Beautiful Bill Act (OBBBA), signed on July 4, 2025, expanded Foreign Entity of Concern (FEOC) restrictions to additional U.S. clean energy tax credits, including Sections 45Y, 48E, and 45X of the Internal Revenue Code.¹² The legislation introduced two new categories under the Prohibited Foreign Entity (PFE) framework: Specified Foreign Entity (SFE) and Foreign-Influenced Entity (FIE). Covered nations include China, Russia, North Korea, and Iran.
These rules directly affect tax equity pricing for solar and storage projects. Regulatory uncertainty around FEOC compliance increases risk premiums demanded by tax equity investors, as Treasury Department guidance (IRS Notice 2026-15) remains interim rather than final. Industry participants have reported that some engineering, procurement, and construction (EPC) contractors are adjusting procurement strategies in response to these evolving requirements.¹²
It is important to note that FEOC regulations are subject to ongoing revision. Project developers should consult current Treasury Department guidance and legal counsel for compliance assessments specific to their supply chains.
Sungrow’s Global Manufacturing Diversification
Separately from any FEOC compliance claim, Sungrow’s manufacturing footprint extends beyond China. The company’s facility in Wałbrzych, Poland, represents a €230 million investment across 65,400 m², with planned annual capacity of up to 20 GW of inverters and 12.5 GWh of ESS.¹³ The facility is intended to align with the EU’s Net-Zero Industry Act (NZIA) framework. Existing production bases in Bengaluru (India) and Chonburi (Thailand) have been operational for several years.
This geographic diversification reduces single-source supply chain risk for developers and investors operating across multiple regulatory jurisdictions. For information on Sungrow’s global manufacturing and service network, the company’s corporate page provides location details.
Summary
| Dimension | Data Point | Source |
|---|---|---|
| Global PV inverter shipments | No. 1 by volume | S&P Global Commodity Insights |
| Bankability ranking | No. 1, 100% recognition, 6th year | BNEF 2025 |
| Global BESS integrator rank | No. 2 (14% share) | Wood Mackenzie 2025 |
| LATAM PV inverter orders | 25 GW cumulative (Aug 2025) | Sungrow / Intersolar SA 2025 |
| LATAM ESS orders | 10 GWh cumulative (Aug 2025) | Sungrow / Intersolar SA 2025 |
| Manufacturing bases | 4 (China, India, Thailand, Poland) | Company filings |
| Q1–Q3 2025 revenue | RMB 66.4B ($9.53B), +32.95% YoY | Q3 2025 earnings report |
References
- S&P Global Commodity Insights. “Global Solar PV Inverter Shipment Rankings.” 2025.
- Sungrow Q3 2025 Earnings Report and H1 2025 Interim Report, as reported in Energy-Storage.news, 30 Oct. 2025, and TaiyangNews, 26 Aug. 2025.
- BloombergNEF. “2025 Inverter Bankability Survey.” Mar. 2026.
- Wood Mackenzie. “Global Battery Energy Storage System Integrator Ranking 2025.” Aug. 2025.
- InfoLink Consulting. “1Q25–3Q25 Global Energy Storage System Shipment Ranking.” Nov. 2025.
- Sungrow Press Release. “Sungrow Powers Ahead with New Solar and Storage Solutions at Intersolar South America 2025.” PR Newswire, 29 Aug. 2025.
- Atlas Renewable Energy. BESS del Desierto project announcement. Apr. 2025.
- One Big Beautiful Bill Act (OBBBA), signed 4 Jul. 2025; IRS Notice 2026-15 interim guidance on FEOC/PFE.
- Sungrow. Poland manufacturing facility announcement. 2025. Reported in Energy-Storage.news and pv magazine.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
