Chinese panel brand ET Solar is relaunching its U.S. sales division after 2017 bankruptcy
ET Solar, a China-headquartered solar panel manufacturer, closed its U.S. sales and large-scale development division in 2017, but now the company is relaunching. ET Solar Inc. filed Chapter 11 bankruptcy in U.S. courts in December 2017, citing “U.S. solar trade tariffs.” The ET Solar panel company continued to manufacture modules and is still considered a tier 1 solar manufacturer by Bloomberg New Energy Finance (BNEF).
“Based on the positive outlook for the U.S. PV market demand [and] the excellent reputation of the ET brand in the U.S. market, the U.S. bankruptcy court approved the plan of reorganization of ET Solar Inc. on February 11, 2019,” ET Solar said in a press release. “After the restructuring, Yuanfar and Wuxi Bardon Company (BD) are now standing behind the ET Solar brand in the U.S. and its U.S. operations team.”
Yuanfar is a subsidiary of the China Aerospace Science and Technology Group, a government-owned enterprise. The company is “devoted” to financial supply chain business and has orchestrated large-scale solar module supply deals. Wuxi Bardon, previously involved with solar marketing, has already set up financial supply chain business patterns with Yuanfar, says the ET Solar press release.
“Yuanfar and BD have committed to support ET Solar in the United States, which includes taking advantage of Yuanfar’s muscular financial strength on behalf of ET Solar Inc.’s module orders in the United States, and will provide an average monthly supply chain financial support of $50 million to ensure the delivery of orders,” ET Solar stated.
ET Solar modules used in the U.S. market will come from ET Solar’s existing solar manufacturing facilities in Vietnam, Thailand, Cambodia and Turkey.
Before ET Solar Inc.’s 2017 bankruptcy, the company said it was communicating with a large U.S. solar developer about a warranty claim. The relaunched ET Solar Inc. plans to provide panel replacement and financial compensation to the customer once reorganization is complete.