While making deep forays into the Chinese domestic market, Sineng has also kept a watchful eye on overseas opportunities. Five years ago, Sineng started building a production facility in Bangalore, seeking to leverage the Indian PV market as a springboard into Southeast Asia. It was at this moment that Sineng sought out HSBC.
After learning that Sineng was making a play in overseas markets and had a need for long-term quality guarantees, HSBC began a series of talks with the company.
HSBC China was apprised of the long construction cycle for the planned Bangalore facility and Sineng’s requirement for its project contractors to provide quality guarantees for periods ranging from five to ten years. In order to deal with payments over such long periods, HSBC China’s product team quickly took action by issuing a counter guarantee and partnered with HSBC India on a long-term guarantee that met the requirements of the project.
In 2021, with the support of HSBC China, Sineng’s India plant successfully moved location and ramped up production, paving the way for the company’s continued overseas expansion for a higher market share internationally. According to a report by Bridge to India, in 2021, Sineng became India’s second largest supplier of PV inverters by on-grid installed capacity, accounting for 18.23% of the local market.
In addition to its presence in India, South Korea, Vietnam and other Southeast Asian markets, Sineng is also venturing into Europe, the Middle East, and South America, seeking to further tap into the global market. The company now has strategic partnerships with world-class conglomerates including Tata Group and SoftBank.