Hevel Receives Its First ruBBB+ Rating from Expert RA

16 July 2020

Hevel has received a rating of ruBBB+ from the credit rating agency Expert RA. The rating outlook is Stable. This is the company’s first credit rating.

The Hevel Group, established with the participation of RUSNANO, is Russia’s largest producer of heterojunction (HJT) solar panels, and is also involved in the construction and operation of photovoltaic power plants (PPPs). The company owns a photovoltaic module plant in Novocheboksarsk, with an annual production capacity of 340 MW, as well as its own PPPs, with a total rated capacity of 711.5 MW as of June 2020. Hevel’s network generation projects in Russia up to 2022 have a combined capacity of 907.5 MW, plus 238 MW in Kazakhstan.

According to the rating agency, the company has a moderately high level of solvency. Expert RA also predicts that Hevel’s liquidity level will remain fairly high for the next two years—this level is supported by the company’s growing cashflow derived from the opening of new facilities, and its high standards when implementing investment programs, including its monitoring of the photovoltaic module production process. The agency also highlighted the fact that in the course of Hevel’s many projects—it has been involved in the construction of more then 40 PPPs- the company has developed its own technologies.

Sergey Vakhterov, Senior Managing Director of RUSNANO Management Company: “The agency’s confirmation of Hevel’s credit rating confirms that the company has been able to win a secure position in the market and that in Russia solar power is now seen as an attractive investment area. We are proud that a company established with the participation of RUSNANO is the only entity in Russia’s developing renewable power generation market to have a current credit rating. We hope that this rating will help us in the successful implementation of new solar power projects.”

At the end of 2018 RUSNANO JSC sold its 49% stake in Hevel to Mikhail Sivoldayev’s Ream Management. RUSNANO JSC remains the project’s main creditor, and continues to participate in the company’s management bodies.

Additional information


RUSNANO Joint-Stock Company was founded in March 2011 through reorganization of state corporation Russian Corporation of Nanotechnologies. JSC RUSNANO contributes to implementation of the state policy on the development of the nanotechnology industry by investing directly and through investment funds of nanotechnology in financially effective high-technology projects providing the development of new production facilities in the Russian Federation. Its primary investment focus is in electronics, optoelectronics and telecommunications, healthcare and biotechnology, metallurgy and metalwork, energy, mechanical engineering and instrument making, construction and industrial materials, chemicals and petrochemicals. 100 percent of RUSNANO’s shares are state owned. Thanks to RUSNANO’s investments, there are currently 138 factories and R&D Centers opened in 37 regions in Russia.

Management of assets of RUSNANO JSC is carried out by Limited Liability Company established in December 2013, RUSNANO Management Company.

Work to establish nanotechnology infrastructure and carry out educational programs is fulfilled by RUSNANO’s Fund for Infrastructure and Educational Programs, which was also established during the reorganization of the Russian Corporation of Nanotechnologies.

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The Hevel Group (founded in 2009) is the largest Russian integrated company in the solar energy sector. The company includes a production facility (a photovoltaic module production plant in the city of Novocheboksarsk, Chuvash Republic), a development unit (for the design and construction of solar power plants) and a Science and Technology Centre for Thin-Film Energetics Technologies (in St. Petersburg), which is the largest specialist scientific organization in Russia focusing on research and development in the field of photovoltaics. Since 2017 Hevel has been producing solar modules in its factory, using its own heterostructure technology. The factory’s current production capacity is 160 MW, and it is planned that the company’s output of solar modules will increase to 260 MW a year in 2019.

Detailed information available at www.hevelsolar.com