The speed at which large photovoltaic projects are being developed is adding new variables to bankability analysis. Cristhian Romero de la Cruz, Business Development Manager LATAM at Gonvarri Solar Steel , asserts that there are plants exceeding 200 MW that can be built and operational in just 18 months, and that banks and investors are beginning to extend their evaluation to include the technology manufacturers that supply the assets.
“Look, I believe that in recent years banks and investors have already begun to go beyond simply generating a financial analysis with EPCs,” Romero de la Cruz stated during his participation in the streaming event “It had to be said and it was said ,” organized by Energía Estratégica.
The financial perspective thus begins to directly incorporate the technologist's ability to mitigate risks that could affect cash flow. The manufacturer is no longer limited to simply supplying a component and gains relevance within the comprehensive analysis of the asset.
“These days it is not uncommon for banks to start reaching out to technology companies,” said the Business Development Manager for Latin America at Solar Steel.
This approach, he explains, responds to both successful experiences and problems encountered in previous projects. In this learning process, the technological choice takes on a dimension that goes beyond the product's technical performance and encompasses the company's ability to meet its commitments.
One of the factors Romero de la Cruz identifies in his conversations with financial institutions and investors is industrial reliability . The analysis considers whether the manufacturer can deliver the equipment with the required quality and within the agreed-upon timeframe.
"It's about the technologist being able to guarantee that the product will be delivered to you in good quality and within the agreed timeframe," he explained.
The time factor is particularly important given the pace at which some utility-scale developments are progressing. Timelines for bringing large-scale projects from construction to operation have been reduced compared to those recorded three or four years ago.
“I believe there are certain brands or companies that have achieved a timeframe of less than 18 months depending on the circumstances of the park,” the executive added.
From manufacturer to long-term risk
Speed of construction is only one part of the equation. When the lifespan of an asset extends over decades, supplier continuity becomes another variable to consider.
At this point, Romero de la Cruz links bankability to track record and the manufacturer's ability to remain competitive in the market. This argument is particularly relevant in a photovoltaic supply chain characterized by significant price fluctuations and industrial adjustments.
The executive specifically mentions the situation of module manufacturers and the millions in losses caused by the price reductions. Adding to this scenario is the new requirement that China will implement starting January 1, 2027, with a minimum efficiency of 23% and a minimum power output of 630 W — a change that raises questions about the ability of some suppliers to adapt.
For Romero de la Cruz, this industrial uncertainty extends beyond panel manufacturers to tracker suppliers and investors. In projects designed to operate for decades, the ability of these companies to remain competitive and support the asset becomes increasingly important in long-term evaluations.
“Specifically regarding trackers, I see this as a relationship that you're going to be in for at least 25 or 30 years,” the executive stated.
Continue reading
Therefore, regional history, internal procedures, technical support, and subsequent follow-up gain importance compared to those who structure and finance the project .
“We can see that it not only has an impact on the speciesist, but also on the investor so that they can make a decision based on that,” explained Romero de la Cruz.
The experience gained from operational installations thus emerges as a way to demonstrate technological performance beyond technical specifications. Solar Steel reports 30 GW delivered globally, of which 8 GW are in Latin America . According to its executive, the company ranked first in deliveries in Spain, Peru, and Chile last year, second in Europe, and third in Latin America.
In the Peruvian market, the manufacturer has been present since 2012 and has over 1.2 GW of installed capacity , while in Chile it has accumulated more than 2 GW . These figures are relevant within a purchasing process in which, according to Romero de la Cruz, the client is also increasing the level of due diligence.
Interested parties are no longer satisfied with simply receiving commercial or technical documentation. They seek references from other buyers, contact with existing assets, and evidence of the performance of installed equipment.
In that regard, the executive assures that clients of projects developed since 2012 allow new interested parties to visit the facilities and directly verify their operation and subsequent support.
“That gives confidence not only to the speciesist, the IPP or the generator, but also, and above all, to the bank,” he emphasized.
Bankability is starting to look beyond CAPEX
The change doesn't end when construction is complete. Romero de la Cruz detects a growing interest in operation and maintenance (O&M) and in understanding the role of technology manufacturers during the operational phase.
According to the Solar Steel representative, the consultations are beginning to address how the supplier will respond once the park is operational, what support it will offer, and what its role will be in addressing the needs that arise during operation.
Romero de la Cruz raises the need to observe "not the stage outside of CAPEX in construction, but the OPEX stage within the bankability process."
This development coincides with a South American market that remains active. The executive estimates that Peru, Chile, and Argentina could collectively reach around 1 GW of photovoltaic capacity by 2026 , three markets that Solar Steel includes in its regional strategy.
For Peru, he also identifies regulation as a key factor for the next investment cycle. The executive believes that clear regulations could provide a new impetus for the coming years.
“It’s a very good year, a very good year for the markets, and particularly in Peru, with clear regulations, I believe that this growth trend will continue in 2027 and 2028,” he projected.
Meanwhile, technological advancements are opening another front. Solar Steel plans to deepen its customer relationships during 2026 and address innovations that go beyond the trackers themselves, including the application of artificial intelligence to photovoltaic projects .
But Romero de la Cruz's central message about bankability comes before any new tool: with tighter timelines and assets designed to operate for decades, those who manufacture, deliver and support the technology begin to have relevance for those who provide the capital.
The reduction in project timelines for projects exceeding 200 MW demonstrates the significant progress made in the industry's execution capabilities. At the same time, it highlights a crucial aspect that persists even after the commercial operation date: the industrial and technical solvency of the suppliers who will be responsible throughout the park's lifespan.