EQ Int'l Magazine March 2016 Edition

FIRST TO DELIVER 1 GWp IN INDIA

~ 3.3 billion USD revenue 2015

~ 4.6 GW modules delivered 2015

> 10 GW total solar project pipeline

> 1 GW solar plants built

> 14 GW modules delivered since 2001

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FIRST TO DELIVER 1 GWp IN INDIA

~ 4.6 GW modules delivered 2015

~ 3.3 billion USD revenue 2015

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Highest standards for maximum productivity Over 750 MW installed in India served by Bonfiglioli inverters

As one of the world's leading players in clean energy today, Bonfiglioli has the innovative know-how and technical capacity to bring medium-large and utility-scale PV installations to life.

Bonfiglioli designs and manufactures a wide range of hi-tech power conversion systems up to 3 MW turnkey solutions inside the Bonfiglioli Vectron center of excellence in Germany, ensuring an optimal return of investment.

In-depth understanding of markets dynamics, 21 commercial subsidiaries, four photovoltaic production centers on three continents and a wide range of inverters, make Bonfiglioli a long-standing and riskless industry player for photovoltaic field developments anywhere in the world.

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“SkyPower is excited to add these projects for Telangana to our growing list of utilityscale solar projects in India and around the globe. Construction for our solar energy projects in the Indian state of Madhya Pradesh is planned to commence in 2016.”

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WE ARE COMMITTED TO ENERGISE YOUR FUTURE… WE BELIEVE WE CAN, BECAUSE: SOVA SOLAR LIMITED www.EQMagPro.com

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INDIA

Government’s Policy Soon For Large-Scale Solar Mfg Government is working on a policy to boost large-scale solar equipment production facilities that will be soon be sent for the Cabinet’s approval, New & Renewable Energy Minister Piyush Goyal has said.

“We are trying to bring in a policy wherein we are thinking what support we can for large-scale production of equipment like silicon wafers. A policy in this regards is being considered which will be put up for Cabinet approval soon for quantum jump in domestic production of solar equipment.”

”We are working on a policy to promote large-scale domestic manufacturing of solar equipment for making it more competitive,”

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- Piyush Goyal , MNRE Minister, INDIA (He said this while addressing at SURYA KRANTI Summit organised by Bharat Solar-Power Development Forum)

33 Solar Parks To Be Set Up Across India As many as 33 solar parks will be set up across the country as part of an effort to reduce the production cost of solar power, Power Minister Piyush Goyal said.

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overnment has taken a number of steps to reduce the production cost of solar power in the country, including fiscal and financial incentives in the form of accelerated depreciation, concessional customs and excise duties, preferential tarif fs and generation based incentives, he said in Lok Sabha during Question Hour.

March 2016

he minister said an interministerial committee headed by then D epar tment of Industrial Policy and Promotion (DIPP) Secretary Amitabh Kant has submitted contours of the policy which is being evaluated.According to the draft proposal, the committee has proposed both fiscal and non-fiscal incentives to push mega solar power projects in the country.It may include a complete ecosystem for solar projects such as contours of power purchase agreement, grid connection, land to put solar panels and manufacturing of equipment.

The government has set an ambitious target to raise the solar power generation capacity by five times to 1,00,000 MW by 2022, which will entail an investment of around Rs 6 lakh crore.Allaying fears of domestic manufacturers he said that India will go in for

appeal against recent WTO’s panel ruling ruling that has stated that the country s power purchase agreements with solar firms were inconsistent with international norms.

The rulings of the WTO s dispute settlement panel can be challenged in the WTO s Appellate body.The minister said that there are different mechanism through with domestic manufacturers can be given relief and one of that could be a subsidy.He said,”We stand committed to protect the interest of d o m e st i c m anu f ac ture r s of solar equipment and nothing can deter India from achieving 100 GW of solar power generation capacity by 2022.” He also said that India has the potential to have 750 GW of solar power generation capacity and domestic as well foreign players would have ample opportunities.

“33 solar parks are sanctioned in various parts of the country to achieve cost reduction of solar power generation through economies of scale and combined power evacuation facility,” Shri Goyal said, adding incentives are being provided to improve viability of solar power generations units.

Other incentives include procurement of solar power by financially strong intermediaries like NTPC, long term vision and stable policy framework so that investors can plan better investment.

“Transparent E-reverse auction for procurement of solar power has already resulted in a price point of Rs 4.34 Kwh, almost at grid parity with the conventional sources of electricity,” he said Source: PTI

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INDIA

Waaree Energies Ltd. Celebrates International Women’s Day By Donating Solar Products To mark International Women’s Day, Waaree Energies Ltd. donated Solar powered products such as Solar Lanterns, Study lamps etc to the underprivileged women’s through its associate agency .

- Mr. Prasad Chaporkar,

Spokesperson for Waaree Energies Limited

The government has been doing lots of efforts to empower the women while much has been achieved in areas such as education, healthcare and the economy, many serious gaps still remain.

We as a part of our social responsibility are pleased to do our bit in helping the underprivileged women’s of the society.

In addition, Waaree also felicitated its women workforce on the occasion of International Women’s day. “We must acknowledge the increasing contribution of women workforce in the Solar Industry in general. By empowering women’s, economic growth, poverty reduction, health status improvements and increased resilience to environmental and humanitarian crises can be achieved.

- Mr. Chaporkar added.

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BUSINESS FINANCIAL

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Hero Future Energies Gives Indian RE Market Its First Certified Climate Bond

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ero Future Energies Pvt. Ltd. (HFE), renewable energy venture of the Hero Group recently announced issuance of India’s first certified climate bond for expansion of its wind portfolio, through its wind holding entity. The entity has secured a funding of INR 300 crore through issuance of rated and secured non-convertible debentures. The Climate Bonds Initiative, which is an international, investor-focused not-for-profit organisation, issues this certification under robust framework for monitoring, reporting and assurance of conformance with the relevant Climate Bonds Initiative standards. The certificate for conformance with Climate Bonds standard has been issued following an independent third party assurance.

“Achieving GOI’s goal of 175 GW of renewables by 2022 requires a multipronged approach, including innovative financing, newer structures and attracting global investors. As the certified green bond market scales up in India, it is likely to open up new avenues in renewable energy financing. This kind of certification is an assurance on green “use of proceeds” and will thus attract global institutional investors to fund the growing requirements of this sector in the country.”

- Rahul Munjal , Managing Director Hero Future Energies

The company secured funding of INR 300 crores through issuance of rated and secured non-convertible debentures.

The first Indian company to issue climate bond certified by the Climate Bonds Initiative standards board.

Rising trend observed among investors to prefer instruments that promote low carbon investments and also increased focus on integrating Environment, Social and Governance (ESG) factors into their investment processes 20

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“The proceeds from the fund raised will be invested in realizing our goal of 2.5 GW over the next few years. In January 2016, SEBI has also approved norms for issuance and listing of green bonds, such certifications bring transparency and will help meet the huge financing requirements worth $2.5 trillion for climate change actions in India by 2030.

In my opinion, such competitively priced instruments are the way forward in reducing cost of financing and thereby cost of energy in India.”

- Sunil Jain , CEO Hero Future Energies

Climate bonds are green bonds which require mandatory independent third party verification to provide additional assurance to investors about the climate benefit of their investments. The Climate Bonds Initiative standards sets out clear criteria to verify certain green credentials of a bond. The standard is backed by the Climate Bonds standards board comprising of pre-eminent & independent investor entities, which collectively represents $34 trillion in assets under management.

“Hero Future Energies is to be congratulated on their leadership in issuing a certified green bond with a clean energy foundation. This is a solid example of private sector innovation in climate finance.”

- Sean Kidney , CEO , Climate Bonds Initiative “Taking the step to seek and gain certification sends a positive signal to the market. This initiative by HFE demonstrates to investors and other stakeholders the importance of transparency and disclosure as a part of best practice investment governance in green bond issuance.

According to global reports, the total green bonds issued globally is in the tune of USD 42.4 billion in 2015 and is expected to cross USD 60 billion in 2016.

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BUSINESS FINANCIAL

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Trina Solar Acquires a Solar Cell Factory in the Netherlands Trina Solar Limited , a global leader in photovoltaic (“PV”) modules, solutions, and services, recently announced that its wholly owned subsidiary, Trina Solar Netherlands, has completed the acquisition of all the assets from Solland Solar, a solar cell manufacturing company with approximately 200 MW solar cell manufacturing capacity located in Heerlen, the Netherlands.

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pon completion of the transaction, Trina Solar Netherlands acquired all of the manufacturing machines, equipment, stocks, office inventory, and real estate etc. from Solland Solar. Trina Solar will commence operations at the facility in the coming weeks.

-Mr. Jifan Gao Chairman and CEO Trina Solar

“We are delighted with the successful completion of the transaction and believe that the acquisition enables us to expand the global manufacturing footprint of Trina Solar in an efficient manner.

“This investment will be one of the components of our ongoing global expansion strategy. In particular, this new cell facility in Europe, along with our in-house manufacturing capacity in Thailand and other overseas capacities allows us to leverage our global resources so that we can further expand our presence and enhance our competitive edge in overseas markets, especially the U.S. and Europe. We are also pleased to be investing in the Netherlands PV sector, in which we believe we can help create job opportunities for the local area, and support economic development in the region.”

USAID Awards $767,000 Grant to Miller Center for Social Entrepreneurship and New Ventures India for Clean Energy Initiative In an effort to lift one million of the 289 million people in India without electricity out of darkness, Miller Center for Social Entrepreneurship at Santa Clara University and New Ventures India (NVI) have been awarded a $767,000 grant for an Energy Access Investment Readiness Program.

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his public-private partnership, made possible by the generous support of the American people through USAID, has the goal to enable delivery of clean, innovative, off-grid power to people in India who currently lack energy access.

Under the program, NVI will facilitate the investment of $41 million of impact capital over three years to support local social enterprises that are able to deliver clean energy.

Already, close to $5 million has been committed to the program. Miller Center’s Global Social Benefit Institute (GSBI®) will train social entrepreneurs in India to help them become investment-ready and able to increase the reach of their businesses and resulting impact.

“This grant from USAID further validates Miller Center’s GSBI methodology, which helps social enterprises worldwide apply Silicon Valley business principles to scale their impact.

GSBI mentors will work in India with the social entrepreneurs and continue mentoring them remotely as the entrepreneurs build partnerships, overcome business model challenges, and obtain investments. We believe social entrepreneurship is an effective agent for change to address serious global issues including energy poverty and climate change.”

-Thane Kreiner, Ph.D., Executive director, Miller Center for Social Entrepreneurship

Addressing Energy Access and Climate Resilience

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f the 1.3 billion households globally without electricity access (World Energy Outlook, 2011), approximately 20 percent are in India. Entrepreneurs seeking to supply clean energy products and services to these households face numerous challenges in entering the market, overcoming barriers to scaling their operations, and accessing managerial and technical talent, and limited working capital. Miller Center’s GSBI methodology, combined with NVI’s ability to source funding from local impact investors and foundations, is expected to help overcome these challenges.

“The need for energy access in India is great. This publicprivate partnership and grant from USAID promises to make a real difference in the lives and livelihoods of a million Indians, and the benefits will radiate out to their entire communities. This program signifies a shift towards building locally-led partnerships that can identify gamechanging solutions in addressing development problems such as clean energy.”

-Sanjoy Sanyal, Director of NVI 22

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BUSINESS FINANCIAL

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Statoil Launches USD 200M New Energy Investment Fund Statoil recently launches a new venture capital fund dedicated to investing in attractive and ambitious growth companies in renewable energy, supporting its strategy of growth in new energy solutions. The new fund, Statoil Energy Ventures, will invest up to USD 200 million (around NOK 1.7 billion) over a period of four to seven years.

We are pleased to announce Statoil Energy Ventures: One of the world’s largest corporate venture funds dedicated to renewable energy. The transition to a low carbon society creates business opportunities, and Statoil aims to drive profitable growth within this space. Through the new fund, we look forward to investing in attractive and ambitious companies and contribute to shaping the future of energy,

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he fund is established as part of Statoil’s new business area New Energy Solutions, reflecting the company’s aspirations to gradually complement its oil and gas portfolio with profitable renewable energy and lowcarbon solutions. The investments are included in Statoil’s overall investment outlook as presented on 4 February.

“Statoil Energy Ventures aims to be an attractive partner for growth companies. We offer a strong financial muscle and are ready to invest in three strategic areas: Supporting our current operations in renewables, positioning in renewable growth opportunities, and exploring new high impact technologies and business models.

We look forward to engaging with ambitious entrepreneurs as an active investor and to build great companies.”

-Gareth Burns, Vice President in Statoil and managing director of Statoil Energy Ventures

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-Irene Rummelhoff, Statoil’s Executive Vice President for New Energy Solutions

Potential investment themes include offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids.

The team initially consists of six investment professionals operating with a global mandate, initially based out of Statoil’s offices in London and Oslo.

The fund will take direct positions primarily as a minority shareholder in growth companies, preferably as a co-investor with other venture firms. Investment in selected fund will also be considered to gain a wider footprint.

The Statoil Energy Ventures team, focusing on growth-phase investments in renewable energy, will operate alongside Statoil’s existing venture entity, Statoil Technology Invest (STI), which focuses on early-phase investments in upstream oil and gas.

Statoil has a strong track record of successful technology implementations and financial return through exits. STI has since 2000 invested around USD 135 million, achieving a multiple of invested capital on realized deals of 2.5.

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SOLAR PV MANUFACTURING

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SINGULUS Reports Preliminary Results For 2015

The SINGULUS TECHNOLOGIES AG reports preliminary unaudited financial results for the business year 2015. Sales amounted to about € 84 million in 2015 and were thus above the prior-year level of € 66.8 million.

Compared with 2014, the order intake improved to about € 96 million (2014: € 60 million). The order backlog stood at approx. € 26 million as of December 31, 2015 (2014: € 14.0 million).

In the past couple of years, SINGULUS TECHNOLOGIES has continuously progressed its technologic know-how and developed new production solutions for the Solar segment, which were successfully introduced to the market. In particular machines for the production of thin-film solar cells like the vacuum machines VISTARIS and CISARIS as well as for crystalline high efficiency cells especially the SILEX II machines, SINGULUS TECHNOLOGIES was able to establish the right solutions. Therefore we already received successful orders in the last year.

SOLAR INVERTERS

Waaree Energies Ltd. Exhibited Huawei String Inverters At Elecrama -2016 Solar PV Marketplace in India is highly competitive. All Project Developers, Entrepreneurs, Stakeholders have to adapt to latest cost efficient technologies to optimise their Capital expenditure as well as the Operation expenses.

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hile the order intake, sales and the EBIT in the Solar division increased compared with the previous year, these key financial figures remained weak in the Optical Disc segment.

This is especially the case for sales of the Blu-ray Disc production systems BLULINE II. SINGULUS TECHNOLOGIES has responded to the changed market situation in the optical disc market and has written down replication lines of the BLULINE II type for Blu-ray Discs. The company expects only a few new orders for these production systems in the future. The disc manufacturers are working on the market introduction of the Ultra HD Blu-ray Disc. SINGULUS TECHNOLOGIES expects that mainly investments in production equipment for Ultra HD Blu-ray Discs will be made in the future.

These write-offs and other restructuring charges, which were incurred in the business year 2015 due to the difficult situation of the company, have adversely impacted the earnings before interest and taxes (EBIT) in 2015. The EBIT including impairment and restructuring charges amounted to € – 33 to -35 million in the year under review (previous year: € -49.1 million). Excluding the impairment and restructuring charges an EBIT in the amount of € -17 to -19 million (previous year: € -27.8 million) was realized. The EBITDA amounted to € -26 to -28 million (previous year: € -24.1 million) As of December 31, 2015, the Group’s liquidity amounted to € 19.0 million (previous year: € 35.8 million).

For a new application range like for producers of consumer goods first machines could be sold respectively new machines are in the research & development or test stage and are currently discussed with potential buyers for cooperations.

SINGULUS TECHNOLOGIES will continue to intensively work on the market launch of new equipment in the business year 2016 and expects first successes during the course of 2016.

The comprehensive financial results for the business year 2015 will be published by the company on March 24, 2016.

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aaree Group has joined hands with Huawei to offer world class quality products at an optimal cost. Some of the Key benefits of Huawei String Inverter Solutions are: Higher electricity yields: Huawei string inverters with 3 MPPT gives 3% to 5 % more yield than central inverter solution, 5 years warranty, 20+ years product Lifespan, Higher string monitoring accuracy ( 0.5% vs 3% ), IP 65 Rated, Reduce initial investment withbetter solutions: No DC Combiner Box, No civil works, Reduced DC Cable, Faster installation, Reduce manpower andmaintenance cost: No Fuse Failure, No Fans (Natural Cooling), Less downtime, Less System Losses, Replacement of inverter in case of failure.

Huawei has established a unique and leading position in most of the top global Solar PV markets. Waaree Energies Ltd. with its strong sales and distribution network across India have made the availability of Huawei products easier to the Indian Market.

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Trina Solar Named As World’s Most Bankable PV Module Manufacturer By Bloomberg New Energy Finance Trina Solar Limited , a global leader in photovoltaic (“PV”) modules, solutions, and services,recently announced that it has been named as the most ‘bankable’ PV module manufacturer globally by Bloomberg New Energy Finance (BNEF).

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n its survey of key PV stakeholders asked about 50 different module brands, 100% of respondents said that Trina Solar was bankable, confirming the Company’s leading position in the solar PV market.

The report (available through BNEF subscription) details the findings of a survey conducted by BNEF to identify which module manufacturers are most likely to obtain non-recourse debt financing by commercial banks. Survey participants, which were banks, technical consultants, engineering contractors, asset managers and independent power producers (IPPs) from all around the world, were asked which PV module brands they considered bankable by their own internal criteria, which is usually based on product quality and the manufacturer’s financial strength.

Trina Solar topped the list of 50 module manufacturers, being the only company that all survey respondents believed was bankable. The report also details how Trina Solar modules were used in more debt financed projects than any other manufacturer’s modules since the start of 2014, having secured funding for more than 1.2GW for 15 different projects tracked by the BNEF database. The BNEF database is not fully comprehensive, but contains almost 14,000 solar financings worldwide.

“The findings from this report are highly positive and we believe that they come as further confirmation of our leading position in the industry around the world. Trina Solar prides itself on the sustainability and strength of its way of doing business and this latest acknowledgement of our leading bankability comes as an award for our efforts. We always strive to deliver bankable PV solutions that are innovative and that will provide the best returns for our customers. We have invested heavily, and will continue to invest, in the quality and performance of our PV modules to ensure that they can deliver the highest yields in the short and long term. As a company we are fully committed to providing affordable, clean and sustainable renewable energy across the globe.

This commitment has contributed to our success to-date. Trina Solar now stands as the largest manufacturer of PV modules in the world, and we fully intend to leverage our market-leading position as we pursue further growth both in established markets and emerging ones.”

- Teresa Tan,

Chief Financial Officer of Trina Solar

Trina Solar Remained World’s Top Solar PV Module Producer In 2015, Says GlobalData

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rina Solar held on to its status as the world’s biggest producer of solar photovoltaic (PV) modules in 2015, producing 4.55 Gigawatts (GW) of crystalline modules, while Canadian Solar claimed second spot with 3.9 GW in 2015, according to an analyst with research and consulting firm GlobalData.Trina Solar’s efforts to expand its presence in key markets across the globe, leveraging on its innovative high-quality solar products, strong sales network and brand recognition, have enabled the company to capture numerous opportunities.

“Trina Solar has experienced impressive results over the past year. For example, it has announced a new efficiency record of 22.13% for its mono-crystalline silicon solar cell, which breaks the previous record of 21.40% and demonstrates an impressive efficiency improvement of 0.73 percentage points within only one year.“In addition, the company has announced a new manufacturing base in Thailand to add 500 Megawatt (MW) module and 700 MW cell capacities, and this, along with its Malaysia facility, will help to expand Trina Solar’s production and boost competitiveness in global markets.”

- Ankit Mathur, GlobalData’s Practice Head for Power 26

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Canadian Solar also had a positive year, following the acquisition of Recurrent Energy, a provider of solar power systems, from Sharp Corporation for a purchase consideration of approximately $265 million in cash in February 2015.Mathur continues: “The acquisition enables Canadian Solar to more than double its total and late-stage solar project pipelines, and propelled the company from fourth in 2014 up to second place last year, overtaking Yingli and JinkoSolar.“Canadian Solar has a substantial global project pipeline, a strong downstream project development business and offers low manufacturing costs.

The company has also begun to offer a new upgraded warranty on its polycrystalline PV modules by guaranteeing a lower first year power output degradation.”

In terms of other top solar PV producers in 2015, JinkoSolar Holding Co., Ltd. claimed third place, with 3.79 GW produced, while JA Solar Holdings Co., Ltd. came in fourth with 3.38 GW, and Hanwha Q CELLS Co., Ltd. ranked fifth, with 3.2 GW produced.GlobalData also states that Yingli, which produced 3.35 GW in 2014, has not benefited from solar power’s growing popularity in the same way. Production dropped to 2.35 GW in 2015, as liquidity issues and debt repayments caused the company to plummet from second to seventh in the global rankings.

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ENERGY STORAGE

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Lithium Ion Batteries Are The Leading Form Of Energy Storage For New Projects A new report from Navigant Research examines global energy storage projects, providing a database of 1,119 projects organized by 11 criteria, plus analysis of regional technology choices and market shares.2015 marked a record year for the global energy storage industry, with continued increases in deployed and newly announced project capacity.

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- Alex Eller, Associate with Navigant Research

growing number of technologies were also deployed, including advanced battery and electromechanical storage technologies, and lithium ion (Li-ion) batteries remained the leading form of energy storage for new projects. According to a new report from Navigant Research, Li-ion accounted for more than half of newly announced energy storage system (ESS) capacity and more than 85 percent of deployed ESS power capacity in 2015.

“Li-ion batteries are the most popular technology for the growing distributed energy storage system (DESS) and behindthe-meter (BTM) market segments. These systems accounted for an estimated 12 percent of new system capacity announced in 2015, the highest percentage of any year on record.�While market activity picked up in a number of regions during 2015, North America remains the largest market for newly announced ESSs, according to the report. An estimated 1,653.5 MW of new ESSs were announced worldwide in 2015, with around 33.8 percent of this new capacity coming from North America.

The report, Energy Storage Tracker 1Q16, provides a comprehensive resource of global energy storage projects. The Tracker includes a database of 1,119 projects (encompassing at least 43,305 individual systems) and tracks the country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones of each project. In addition, the report includes an analysis of the technology choice within each major region for energy storage, analysis of the leading regions for energy storage capacity and projects, and market share analysis for technology vendors for deployed projects and projects in the pipeline.

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Rechargeable Battery Market Worth $111 Billion Driven By Lead-Acid Battery To 2019

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lobal rechargeable battery market growth is positively influenced by factors like growing demand for lead-acid battery replacement from automotive industries across the world, which will drive the market at 8.2% CAGR during 2015 to 2019.. Analysts say main difference between NiMH and Li-ion batteries is the material used for power storage. Li-ion batteries consist of carbon and highly reactive lithium, which can store a lot of energy than that of NiMH batteries. NiMh batteries utilize hydrogen for energy storage, In addition to nickel and another metal such as titanium keeping a lid on the hydrogen ions.

According to the Global Rechargeable Battery Market 2015-2019 report, the uncertain economic scenario in Japan over the last five years has compelled Li-ion manufacturing companies to shift their production base from Japan to China.

The Japanese economy has been registering slow economic growth because of reduced investments and declining exports. Hence, increased number of Li-ion battery manufacturing bases in China will drive the market growth.

In this latest and global rechargeable battery market research report, analysts estimate the leadacid battery segment to dominate over all other segments during the forecast period. This segment is envisaged to account for more than 53% of the total market share by 2019 and is influenced by factors like its cost effectiveness and increased power surge capabilities.

Upcoming trends like the growing influence of consumer electronics segment are rapidly gaining popularity as it helps to increase the demand for Li-ion batteries in the electronics segment.

The augmented demand for various devices like mobile phones, laptops, notebooks, and cameras is expected to result in the increased demand for Li-ion batteries. Since these batteries have the best weight-to-energy ratio, they are highly compatible with consumer electronic goods. This increasing applicability of Li-ion batteries is expected to impel market growth during the forecast period. The key vendors analyzed in rechargeable battery market are: BYD, C&D Technologies, East Penn Manufacturing, Enersys, Exide Technologies, GS Yuasa, LG Chem, Panasonic, Samsung SDI and VARTA Microbattery. Further, the rechargeable battery market report states that growing environmental concerns and increased awareness about the toxic content in NiCd batteries among end-users have led to a ban on NiCd batteries in Europe.

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MIDDLE EAST AFRICA

& “Being established energy experts, we have decided to start selling modules, because grid-independent solar installations have become the cheapest and easiest way of satisfying Africa’s hunger for energy. The difficult financial situation is making grid expansion extremely slow in this region. In Vikram Solar, we have found a partner that has experience in Africa and meets our exacting quality standards – at affordable prices.”

- DARIN MAC ALLISTER ,

General Manager at Powertech Africa

Vikram Solar Expands Into 14 Additional Sub-Saharan Countries The leading solar energy solutions provider, Vikram Solar is partnering with Powertech Africa, a leading African distributor of energy technology, thereby entering 14 new markets in sub-Saharan Africa, including Botswana, Zimbabwe and Tanzania. Vikram already operates local offices in Kenya, Uganda and South Africa.

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ikram Solar, with Powertech Africa as its official sales agent, expects to generate PV module sales of one megawatt in sub-Saharan Africa by May 2016. Drawing on its existing international network, Powertech will be supplying large solar projects and homeowners alike. A leading distributor of Power and distribution electrical solutions in Africa, Powertech Africa is now adding solar technology to its product portfolio.

The ELDORA Ultima 60 cell modules with 250 Wp, which will be sold by Powertech Africa, are particularly suited for use at high temperatures, as are routine in sub-Saharan Africa.

The International Energy Agency (IEA) estimates that Africa will achieve a total output of 173 gigawatts from renewable energies by 2040, with solar energy accounting for around 20 percent. According to Solarbuzz, there are currently solar projects in 29 African countries with a potential total output of more than 11 gigawatts.

“Powertech Africa was identified as the ideal partner for expanding our presence on the continent. Like the Vikram Group, Powertech Africa which is a division of Powertech Industries (PTY ) Ltd which has been in business for more than forty years and is committed to delivering top qualityproducts and solutions. The company exclusively works with local distributors who are familiar with the legal requirements in their respective countries, which gives us a huge advantage. We strongly believe that this partnership will provide another boost to the African solar market.”

- Neil Bothwick ,

Head of Business Development – Africa, Vikram Solar South Africa

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“ India’s 1st 100% Solar Powered Airport at Cochin safe on

Ganges Module mounting structure”

Ganges Internationale Pvt. Ltd

B - 36, Lawrence Road, Industrial Area, New Delhi - 110035, INDIA, Ph.: +91 11 47090225, 47090228, 47090229, 9311811923 email : info@gangesintl.com / www.gangesintl.com

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ROOFTOP OffGRID

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Tata Power Installs Net Metering For Rooftop Solar System In Mumbai Tata Power, India’s largest integrated power company, has successfully operationalised net metering for the rooftop solar photo voltaic (RTS PV) system installed at the premises of Vardhan Industries, a Tata Power consumer, in Mumbai.

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his is the first installation of net meter by Tata Power in its Mumbai distribution area under the procedure outlined in the MERC (net metering for roof-top solar photo voltaic systems) Regulations, 2015.A net meter has the ability to record the import and export of power. Through net metering arrangement, a consumer can drive surplus units of electricity generated by the solar units into the distribution grid of Tata Power. The units will be then be adjusted against the quantum of electricity supplied by Tata Power during the applicable billing period. Tata Power has developed a comprehensive architecture to facilitate the connectivity of the consumers’ RTS PV systems with its distribution grid.

The company has synchronised the 10kW RTS PV system with its distribution network in the month of February.

“We are delighted to announce the connectivity of the solar PV system of a consumer to our distribution grid. As per our commitment to sustainability, the facilitation of net metering of the RTS PV system will provide a major boost to the promotion of this solar energy use by end consumer. Net metering will encourage the consumer to also become a generator and this distributed generation will help the country in long run.”

- Ashok Sethi ,

COO and ED, Tata Power

Vardhan Industries had applied for connectivity of its RTS PV system with the Tata Power network under the net metering arrangement. The application form, along with the procedure and guidelines, has been made available on the Tata Power website.

OPIC And Greenlight Planet Partner To Expand Off-Grid Energy Access In The Developing World WASHINGTON – The Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance institution, signed an agreement with Greenlight Planet to finalize $5 million in OPIC financing to support the scaling up of Greenlight Planet, Inc, a provider of affordable off-grid solar energy systems to homes and businesses across the developing world.

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reenlight Planet’s global development starts with a passion for delivering clean, affordable energy to underserved communities, paired with a sustainable business and distribution strategy. Today, they impact 15 million users across 40+ countries.

Greenlight Planet, with its products branded as Sun KingTM, provides high quality affordable solar lighting and phone charging devices to populations living off the electric grid in emerging markets throughout Asia, Africa, and Latin America. With this OPIC growth financing, Greenlight Planet will expand its global distribution network in Sub30

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Saharan Africa and Asia. “ We’re building the world’s largest rooftop solar consumer base in emerging markets and are delighted to have OPIC’s expertise on-board. This financing enables us to massively expand distribution globally and commercialize a much demanded pay-as-you-go solution by our consumers,” says Anish Thakkar, Greenlight Planet’s CEO and Co-Founder. “We are targeting an aggressive penetration of 30% of the off-grid households by 2020.”

“The expansion of of f- grid energy solutions at scale is crucial to bring connectivity, opportunity,

and security to populations that live away from the grid,” said Elizabeth Littlefield, OPIC’s President and CEO. “Greenlight Planet’s strategy draws together clear development impact goals with a sound business plan and innovative partnerships to open up wider distribution. I’m looking forward to the results of OPIC’s support to them.”

OPIC’s support to Greenlight Planet is a product of the Portfolio for Impact, an OPIC financing innovation designed to support highly-developmental impact investment projects that, due to size and structure, would otherwise face difficulty in obtaining financing.

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Godrej & Boyce Mfg Ltd Successfully Bagged Order Of 130 KWp Roof Top Power Plants Godrej (Electricals & Electronics business, Power Infrastructure & Renewable Energy vertical) is pleased to announce successfully bagging 130 kW order of solar roof top plants.

hese plants are solar grid connected roof top installations with Net Metering (If state policy Permits).

The plants are located in very important Industrial area in Haryana i.e. Manesar, Gurgaon & Dharuhera, Rewari.

In a very short span of time, Godrej & Boyce has been able to secure several EPC contracts in the Roof top segment across India with customer delight. There are various rooftop installations running across pan India with customer delight. It will soon emerge as one of the top solar EPC players of India.

The environment benefits that will be generated from this solar system are significant. In addition to above, these plants will help in reduction of transmission losses in the system.

Godrej & Boyce Mfg. Co Ltd (G&B) plans to play a larger role as an EPC contractor for both On-Grid and Off-Grid power generation. Being driven by the focus on sustainability, G&B intends to enhance its presence in the sphere of Renewable Energy and will focus on various green initiatives aimed at reducing the carbon footprint.

- Mr. Raghavendra Mirji,

AVP & Head Power Infrastructure & Renewable Energy vertical

CPWD to generate 42.50 MW solar power by September, 2016 Public sector construction major the Central Public Works Department (CPWD) will generate 42.50 MW of solar energy across the country besides replacing energy inefficient electrical fittings in 20 government buildings in Delhi by September, 2016 and in rest of the country later.

These initiatives of CPWD are estimated to result in a total saving of Rs.115 cr per year.

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fforts of CPWD in this regard and the consequent gains in terms of saving in energy consumption were reviewed today by Shri Madhusudhan Prasad, Secretary (Urban Development).

CPWD earlier signed a Memorandum of Understanding with Solar Energy Corporation of India (SECI) for generation of solar power for installation of grid connected rooftop Solar Photo Voltaic panels in all Government buildings maintained by CPWD across the country.

Consequently, SECI awarded works to 14 bidders for undertaking works in 16 states.

10 MW of solar power will be generated by May,2016 in Phase-I covering Delhi (3 MW), Uttar Pradesh (2 MW), North-East and UTs(2 MW) and 1 MW each in Andhra Pradesh, Karnataka and Maharashtra.

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In Delhi, Solar panels have already been installed for a total capacity of 1.50 MW over 6 government buildings viz., Nirman Bhawan, Shastri Bhawan, East Block and Sewa Bhawan (RK Puram), Pushpa Bhawan near Sheik Sarai and CGO Complex, Lodhi Road. During the last 3 months, a total of 2,86,100 units of power has been generated from these installations resulting in a saving of Rs.11.50 lakhs in energy cost. Generation of 42.50 MW of solar power is estimated to result in a saving of Rs.13 cr per year.

Shri Madhusudhan Prasad has directed CPWD and SECI to ensure net metering at all the 200 buildings in the country to ensure proper monitoring of net energy consumption by government buildings.

As part of measures to promote efficient use of energy in all the Government buildings, CPWD has begun to replace energy inefficient fittings with LED bulbs and 5 star air conditioning systems approved by the Bureau of Energy Efficiency.

This will be completed in 20 buildings in Delhi

by September,2016.

These measures are estimated to result in a total saving of 11.41 crore units of power and Rs.103 cr in energy cost per year.

In Delhi, a total of 16,613 LED lamps have so far been installed in 261 of 268 government bungalows and 408 of 546 flats of MPs. The remaining will be done so during the Budget session of Parliament.

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Borg Energy Pvt Ltd. Undertakes Prestigious Green Energy Project For Member Of Parliament Residential Quarters In New Delhi Leading US-based alternate energy solutions provider Borg Energy Pvt Ltd has successfully completed a prestigious project to convert over 60 residential quarters of Members of Parliament into 100 % green energy efficient spaces.

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he initiative has been undertaken for the Central Public Works Department of New Delhi under the company’s new commercial Solar Photo Voltaic Power Projects which Borg Energy has unveiled in the Indian market recently.

Borg Energy India has commissioned three 10 kW on grid commercial solar photo voltaic power plants totaling a capacity of 30 kW on Grid at the residential flats of members Of Parliament.

The project included 52 Lok Sabha member flats on Dr. B D Marg involving installation of 20 KW On Grid SPV Power Plants; as well as 14 Rajya Sabha Member Flats at Talkatora Road involving installation of 10 KW On Grid SPV Power Plants.Borg Energy India has utilized its flagship specialized designed Vega Series On Grid String Inverters in this project which entails best invention patented topology globally.

The Borg Vega Series is a new series of solar powered energy generating systems in India that are highly cost-effective and can be widely used for both domestic and commercial projects to generate environment friendly free of cost electricity. The MPs residential quarters project, covering 66 flats in central Delhi was undertaken prior to the commercial launch of the Vega Series.A grid-connected solar photo-voltaic (SPV) system consists of one or several solar panels/inverters that can be adapted to generate power for different purposes – for domestic use or commercial purposes.

“This was a small yet impactful project through which we have made a large number of residential spaces meant for Indian parliamentarians completely solar energy efficient. This will help reduce substantial electricity costs and can become a model for more such green energy projects. Through this initiative, the Members of Parliament are truly showing the right pathway to all other citizens of the country by setting an example and being harbingers of clean & green energy. BORG’s Solutions have been customized for India and breaks the barrier of high cost with engineering excellence and delivers solutions that are affordable. The products also offer high efficiency in all conditions,” - Mr.Krishna Kumar , Product manager, Borg Energy

This project would enable the Members Of Parliament generate efficient energy for daily domestic use, plan for growth in connected load and also substantially save on energy bills.Lack of efficiency and high cost has been the two major drawbacks that have held back the wide use of solar energy in India.

BORG Energy India has conducted extensive research and development in India to produce products that meet Indian requirements and fill the gaps in Indian solar powered products.

BORG’s first project in India was a highly demanding and challenging task from the Power Grid Corporation of India Ltd (PGCIL) , in association with the Government of Tamil Nadu , to generate off-grid alternative power for lighting the 13th century Vellore Fort , spread over an area of 133 acres.

Mangaluru DC’S Office Gets 25KW Solar Grid The Dakshina Kannada Deputy Commissioner’s office here had installed government net metering project. The 25 kW solar panel panel generates 100 units per day there by savings of Rs.2.5 lakh per year on power bills. The project cost of this solar plant is approximately Rs 20 lakh.

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olar mission 2020 – the dream and vision of our Prime Minister Narendra Modi to promote clean and green energy was taken forward

by MP Nalin Kumar Kateel. This is the first of its Solar Roof Top project in Karnataka for the Government office with MPLAD funding from our MP Kateel,” he claimed.

March 2016

The Solar Roof Top system installed at Dc office are of Waaree make Gujarat and one of the best performing solar panels in the country with production capacity of more than 500 MW per year which comes with a performance warranty of 25 years and product warranty of 10 years,

- Prabhu , Said Prabhu’s firm has to its credits 100kw and eight solar rooftop plants installed till date.

He said another 75 kW Solar plants to be installed by February end.

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INDIA BUDGET 2016-17

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Post-Budget Views Of Mr. Tulsi Tanti, CMD, Suzlon Group

T We welcome this budget as it is positive and growth oriented with a clear view to uplift the rural economy.

he budget will result in major change in the sectors of agriculture and farmer welfare, rural development, infrastructure, social sector development and manufacturing among others. This is expected to result in increased employment, boost to entrepreneurship, better healthcare system and increased ease of doing business, all of which are pivotal to growth of the economy.

I congratulate the finance minister for taking definitive steps to address concerns of the global slowdown. Spurring rural development, focus on job creation and increasing consumer demand and exports are steps in the right direction for the Indian economy. The finance minister has maintained the fiscal discipline path by setting the fiscal deficit target of 3.5% in FY17.The budget also reiterates the mission and vision of the government to achieve long term self-sufficiency and sustainability, create the necessary support infrastructure and enhance the nation’s literacy rate.

On renewable energy specifically, as part of rural development, the government continues on its plan to providing 100% electrification by 1st May, 2018. This poses incredible opportunity for the renewable sector and to boost rural economy. At the same time, coal cess has been doubled to Rs. 400/tonne, thereby, creating the resources to achieve 30-35% carbon

emissions reduction target outlined by India at COP21 this year and also 175GW renewables target by 2022.Further, government commitment to improve grid infrastructure is reflected in the proposed additional depreciation for the plant and machinery acquired, installed for transmission activity.

The excise duty reduction from 12.5% to 6% on materials used for parts and subparts of rotor blades for wind operated electricity generators is a positive move.

However, the government should review the increase in excise duty of unsaturated Polyester Resin (polyester based infusion resin and hand layup resin), Hardeners/ Hardener for adhesive resin, Vinyl Easter Adhesive (VEA) and Epoxy Resin used for manufacture of rotor blades. Also, the imposition of service tax on freight charges incurred for transport of goods by sea will adversely impact the competitiveness of Wind turbine manufacturing in India and hence the finance minister should also review the same.

We hope the government will reconsider the Accelerated Depreciation (AD) limit which has been reduced from 80% to 40% effective FY18. We wish to reiterate that the Accelerated Depreciation limit of 80% should continue till 2022, aligned to the government target of 175GW renewables by 2022 and to boost manufacturing under the Make in India vision.

Railway Budget : Waaree Energies Welcomes The Announcement On Solar Mission Of Railways ‘Indeed, it’s a welcome move and especially the announcement that Railways would also consider subsidy / Viability gap funding support of MNRE. Indian Railways have a huge electricity consumption and adding a renewable source like Solar would go a long way in creating sustainable growth , without increasing the carbon foot print.

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ailways have a huge pile of land across the country and utilizing some part of it for putting up Solar Plants would be a step in right direction. Railway provides an wonderful opportunity to populate the use of Solar Energy across the nation.

Waaree is fully geared up to meet the requirements from Indian railways and is also exploring the possibility of bringing in innovative technology to meet the varied requirements from Railways.

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Speaking with EQ magazine on the Railway budget 2016, Mr. Hitesh Doshi – Chairman, welcomed the announcement by the Railway Minister on setting up solar plants of 1000 MW.

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Budget 2016: Shri Jaitley Allocates Rs 5036 Crore For Renewable Energy Sector Finance minister Arun Jaitley has allocated Rs 5036 crore for the renewable energy sector in Budget 2016.

The finance minister in Budget 2015-16 had revised the target of renewable energy capacity to 1,75,000 MW till 2022, comprising 1,00,000 MW solar, 60,000 MW wind, 10,000 MW biomass and 5,000 MW small hydro.

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s on December 31,2015, cumulative capacity of about 38,820 MW off grid-interactive renewable energy capacity has been installed in the country which includes 25,088 MW from wind power, 4,878 MW from solar power, 4,177 MW from small hydro power and 4,677 MW from bio-power.

The Ministry of New and Renewable Energy (MNRE) Joint Secretary Tarun Kapoor had recently said that while the one lakh MW target is ambitious, it’s achievable.

“By March end we will be around 6,500 MW and by March 2017 we will have 20,000 MW capacity,” he had said. The government also said installed capacity of solar power crossed 5,000 MW in January. Considering the tall target, the industry was expecting tax incentives and financial support to make ‘solar’ an attractive and viable option.

The renewable energy ministry had also sought over Rs 10,000 crore as increased budgetary allocation to meet this ambitious target. By way of incentive, Jaitley has reduced excise duty on carbon pultrusions used for manufacture of rotor blades, and intermediates, parts and sub-parts of rotor blades for wind operated electricity generators, to 6 percent from 12.5 percent.

At the same time, excise duty on unsaturated polyester resin (polyester-based infusion resin and hand layup resin), hardeners/hardener for adhesive resin, vinyl easter adhesive (VEA) and epoxy resin used for manufacture of rotor blades, and intermediates, parts and sub-parts of rotor blades for wind-operated electricity generators being increased to 6 percent from nil.

Source:Moneycontrol

Reaction On Union Budget 2016 – Vikram Solar While the Union Finance Minister Arun Jaitley has concluded the Budget 2016 recently, stories around the same will be floating.

With reference to the same ‘Mr. Gyanesh Chaudhary, CEO and Managing Director, Vikram Solar’ has shared his feedback on the Union Budget 2016-17.

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Union Budget’s proposals are reflective of the Government’s intent to achieve accelerated growth for rural India and revive the agricultural economy, which is much welcome. It is noteworthy to see commitment to achieve 100% rural electrification by 2018, along with focus on education and skill development. Having said that, the budget presented by Hon’ble Finance Minister, Shri Arun Jaitley did not promise a lot for the manufacturing sector. With no clear or bold reforms announced in manufacturing, (apart from 100% FDI in food processing) the budget did not showcase the intention to coordinate efforts under ‘Make in India’ initiative.”

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INDIA BUDGET 2016-17

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Union Budget Comment: Mr. Vineet Mittal, Vice Chairman Welspun Renewables “The Union Budget 2016 presents an all round holistic development agenda that Prime Minister Narendra Modi’s government has been emphasizing on. There are various initiatives proposed under the Prime Minister’s ambitious national campaigns of Skill India, Startup India, Digital India, Make in India, Stand up India and Swachh Bharat Abhiyan that are expected to transform the country over the longer term.

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his budget is clearly focusing on providing relief year to 1,80,000 crore for Pradhan Mantri Mudra Yojana and benefits to the 70% of India’s population (PMMY) which was launched for the benefit of bottom of that is living in the rural territories with a focus the pyramid entrepreneurs to borrow from Banks – NBFC on uplifting farmers by providing subsidies, skill – MFIs. These measures will help create abundant jobs development for the youth, women empowerment in the country, make India a very attractive destination for ,education, healthcare facilities, boosting local investment and give a much- required boost to the Make In entrepreneurship and a focus on infrastructure.

India initiative launched by our government. We are going to To start with INR 35984 crore outlay has been given to the be the largest consumer market in the world, hence focusing agriculture sector and 89 stalled irrigation projects have been on these areas was a must. fast tracked. Multiple schemes like 100% village electrification Infrastructure has continued to receive strong backing, with by 2018, 38500 crores for MANREGA is (the highest ever), INR 2.21 lakh crores to be spent on infra projects. Building LPG subsidy for rural women – all these initiatives were on the transport pathways, roads and railways have received much-needed. Given the adverse major backing with projected climatic conditions that have been INR 2.18 lakh crores spends.

Finally the additional allocation ofplaguing the farmers, the budget Individually INR 97,000 crores will will be a much needed shot in be spent on roads alone in the year the arm. If we were to look at 2016-17. LIC of India will set up a this from a long term perspective dedicated fund to provide credit – developing rural regions will enhancement to infrastructure ultimately benefit companies – as projects. Investment basket of for the Swachh this will open up new markets for foreign portfolio investors will Bharat program them. The 300 urban clusters that be expanded to include unlisted will help take the are planned to be developed will debt securities and pass through initiative to the next incubate growth centres in rural securities issued by securitisation level of penetration. areas by providing infrastructure SPVs. Any distribution made out amenities and market access for income of SPV to the REITs In my view overall, this of the farmers. They will also expand and INVITs having specified has been a very positive shareholding will not be subjected employment opportunities for the youth. In turbulent global economic budget for the country to Dividend Distribution Tax – this scenario, India needs to focus on help boost liquidity in Infra and will give the much will rural development – which it clearly sector through new listings. needed shot in the has.

Development, operation and Strong emphasis has been laid maintenance of an infrastructure arm in terms of grass on education and skill building this beginning on or after 1st roots transformational facility year. Sarva Shiksha Abhiyan has April, 2017 shall be eligible for development.” received an increased allocation, investment linked deduction under while setting up of a Higher section 35AD of the Income-tax Education Financing Agency will Act. A new credit rating system certainly help the government in achieving its skill building for infrastructure projects which gives emphasis to various program- an initial capital base of 1000 crore has been in-built credit enhancement structures will be developed, allocated for this. The overall youth to be trained under the instead of relying upon a standard perception of risk which National Skill Development Mission overall will be 76 lakhs. often result in mispriced loans. Providing legal framework Seeding the entrepreneurial spirit of the country, amendments for dispute resolution and re-negotiations in PPP projects in Companies Act for improving enabling environment for and public utility contracts is another key highlight for the start-ups have been made. They will enjoy tax holidays for infrastructure sector. Also to facilitate deepening of corporate 3 years. A separate provision under this for SC/ST/women bond market, a number of measures will be undertaken that entrepreneurs has also been provided under Standup India will help benefit fund raising and liquidity for infrastructure scheme. Also there is a proposal to increase the target next sector.

Rs 9000 crores

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INDIA BUDGET 2016-17

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KPMG Statement Budget Reaction – Renewable & Overall ENR Statement from Manish Aggarwal, Partner and Head of Energy and Natural Resources, KPMG in India

Statement from Anish De, Partner Infrastructure and Government Services, KPMG in India The increase in coal cess will improve relative attractiveness of renewables, but increase the overall cost of power for utilities by approximately 10,000 crores, thus impacting retail tariffs and utility financial health.

For renewables, the reduction of accelerated Depreciation is a negative that will cause wind tariffs in particular to go up for projects set up after March 2017. All in all it is a mixed bag and the measures appear to be aimed more at shoring up government finances.

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Overall Energy Sector perspective

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verall positive intent for the sector except the adverse impact of increase in national environment cess (which is doubled to Rs. 400 / ton). The budget refrained from big bang measures and focused on consolidation to achieve ‘energy security’ for the Country.

Intent to have a ‘comprehensive generation plan’ over next 15 to 20 years for nuclear power brings this important resource to mainstream focus apart from Renewables, which is good as it would remove India’s ‘fascination with single fuel’ and bring a holistic view required to achieve Energy security. Budget also provided for an outlay of Rs. 3000 cr per annum for nuclear power.

Permitting ‘calibrated market pricing’ for new discoveries / exploration for deep-water and difficult gas basins is real positive as that has been long standing demand of industry given the current low oil price scenario.

Disappointed to not have concrete measures to resolve stressed assets issue directly.

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he increase in Clean Environment Cess by Rs. 200 per tone would help to push more funds to the Renewable sector and provide impetus to realise ambitious government vision to this sector. Little dampener for the Renewable sector as accelerated depreciation benefits gets restricted to 40% from April 1, 2017.

However, this is in line with the overall direction outlined by FM in respect of reduction in corporate tax rates while doing away with various tax exemptions.

Expectation was to have a ‘specialised turnaround stressed fund’. Though budget reiterated the intent to resolve commercial disputes, and talked of having guidelines for ‘re-negotiation of PPPs’, and enhanced power of institutions under the SARFEASI Act, these may not lead to faster resolution of stressed asset problem in short term.

Increase in Clean Environment Cess is going to impact the sector negatively. While good from overall environment perspective, this goes against (intuitively) stated intent to reduce ‘cost of power’ to industry (per unit impact of additional increase would be roughly 12 to 16 paise per unit).Target of 100% village electrification would be achieved by May 1, 2018 (earlier then envisaged), which when seen together with RURBAN initiative launched recently to create growth centres in rural areas may lead to increase in demand of power from these unserved clusters over medium term.

Another interesting resource generation measure for making new investments pertains to divestment of assets by Central Public Sector Enterprises (CPSEs). If implemented well, this can lead to significant generation of resources outside the normal equity divestment window.Little dampener for the Renewable sector as accelerated depreciation benefits gets restricted to 40% from April 1, 2017. However, this is in line with the overall direction outlined by FM in respect of reduction in corporate tax rates while doing away with various tax exemptions.

Oil & Gas

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ermitting ‘calibrated market pricing’ for new discoveries / exploration for gas basins is real positive for oil & gas sector as that have been long standing demand of industry given the current low oil price scenario.Provision of LPG connections to roughly 1.5 crore BPL households is a big positive; budget has provided for Rs. 2000 cr allocation towards the same.

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INDIA BUDGET 2016-17

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India Budget 2016-17…Whats In It For Renewables ? »»

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Clean Energy Cess’ levied on coal, lignite and peat renamed to ‘Clean Environment Cess’ and rate increased from `200 per tonne to `400 per tonne.

Cess on coal, lignite or peat, produced or Clean Energy Cess / Clean Environment extracted as per traditional and customary rights enjoyed by local tribals without any license or lease in the State of Nagaland being exempted to be increased to Rs.200 per tonne from nil.

The accelerated depreciation provided under Income Tax Act will be limited to maximum 40% from 1.4.2017.

Increase in effective service tax rate through an additional 0.5% cess Basic Custom Duty on Industrial solar water heater being increased from 7.5% present to 10% BCD exemption on solar tempered glass / solar tempered (anti-reflective coated) glass being withdrawn and 5% concessional BCD being imposed, subject to actual user conditions.

Solar lamp being exempt from excise duty Allocation to MNRE increased to Rs.5036 crore from actual Rs.515 crore in 14-15 and Rs.262 crore in RE 15-16 Excise duty on carbon pultrusions used for manufacture of rotor blades, and intermediates, parts and sub-parts of rotor blades for wind operated electricity generators being reduced from 12.5% to 6% Excise duty on Unsaturated Polyester Resin (polyester based infusion resin and hand layup resin), Hardeners/ Hardener for adhesive resin, Vinyl Easter Adhesive (VEA) and Epoxy Resin used for manufacture of rotor blades, and intermediates, parts and sub-parts of rotor blades for wind operated electricity generators being increased from nil to 6% “Valid agreement between importer / producer of power with urban local body for processing of municipal solid waste for not less than ten years from the date of commissioning of project” being

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provided as an alternative condition for availing concessional customs/excise duty benefits in case of power generation project based on municipal and urban waste.

To augment infrastructure spending further, Government will permit mobilisation of additional finances to the extent of `31,300 crore by NHAI, PFC, REC, IREDA, NABARD and Inland Water Authority through raising of Bonds during 2016-17.

As on 23rd February, 2016, 5542 villages have been electrified. This is more than the total combined achievement of previous three years. The Government is committed to achieve 100% village electrification by 1st May, 2018. ` 8,500 crore has been provided for Deendayal Upadhayaya Gram Jyoti Yojna and Integrated Power Development Schemes.

Infrastructure and Energy sector will get Rs.246,246.39 crore up from Rs.185,139 crore actual in 14-15, RE 201516 was Rs.180,610 crore and BE 2016-17 is Rs.221,246 crore.

Breakthrough In PV Module Recycling PV CYCLE, the world’s first waste management program for all types of PV technologies, has today announced a new record in silicon based PV module recycling, achieving a 96% recycling rate in real-world performance.

TECHNOLOGY

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he new process allows the recycling of silicon flakes, a combination of EVA laminate, silicon-based semiconductors and metals, in an economic and environmentally sound manner. The advanced process is currently being applied at one of PV CYCLE’s Europebased recycling partners for silicon-PV modules.

“Our recent breakthrough in silicon-PV recycling is the result of both continuous improvement and intensive research and development along the value chain. With today average recycling rates of 90% for silicon based (all recycling partners combined) and up to 97% for non-silicon based PV modules, PV CYCLE’s Europe business has already been exceeding both industry and WEEE standards.“Thanks to our diversified recycling portfolio, PV CYCLE can offer economically viable solutions at the industry’s highest technological standards.”

- Olmina Della Monica,

Head of Treatment & Operations at PV CYCLE Association

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All types of PV technologies are equally suitable for recycling. PV module recycling allows the recovery of various raw materials and helps conserve natural resources. Today, glass, aluminum, copper, plastics from the cables and junction box, certain semiconductors as well as silver can be recycled. Other materials such as EVA plastics go into energy recovery.

PV CYCLE is today the only scheme guaranteeing comprehensive recycling for all kinds of PV modules, including silicon, CdTe, CIGS and flexible modules.

“Our recycling solutions go far beyond pretreatment and the recycling of aluminum frames.”

- Jan Clyncke,

Managing Director of the PV CYCLE Association.

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TRADE WARS

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WTO Ruling Against Paris Pact: Greenpeace Backs India Supporting India’s decision to challenge WTO ruling which held the government’s power purchase agreements with solar firms as “inconsistent”, Greenpeace today said the ruling “violates” the spirit of Paris climate change agreement.

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uling against India, the WTO recently had said India’s power purchase agreements with solar firms were ‘inconsistent’ with international norms – a matter in which the US had filed a complaint before the global trade body alleging discrimination against American firms.

Greenpeace India and Greenpeace USA have criticised the ruling and expressed support to the Indian government’s decision to go for an appeal against it.

- Pujarini Sen , Campaigner, Greenpeace India

“India’s setting of Domestic Content Requirement (DCR) was based on a worthy core principle – increasing economic opportunities and creating thousands of green jobs while taking critically important steps in the global fight against climate change.”It is ridiculous that the WTO does not recognise this principle and points to the danger to developing countries that such international trade regimes pose. The WTO ruling – and the US decision to pursue it – is a setback to India’s renewable energy ambitions. By challenging this decision, the Indian government is demonstrating commitment to India’s fledgling solar manufacturing sector, which needs initial support to enable it to compete with the price of imported products and to its own roadmap for a green economy solution to global climate change,”

The US had dragged India to the World Trade Organisation (WTO) on this issue in 2014, alleging that the clause relating to domestic content requirement (DCR) in the country’s solar power mission were discriminatory in nature and “nullified” benefits accruing to American solar power developers.

The ruling was a blow to India which has announced a target of 175 GW of renewable energy by 2022, of which 100 GW will be realised through the National Solar Mission.

Source: PTI

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WTO Issues Panel Report On India’s Domestic Content Requirements For Solar Products On 24 February 2016, the WTO issued the panel report in the case brought by the United States regarding “India – Certain Measures Relating to Solar Cells and Solar Modules” (WT/DS/456).Complaint by the United States.

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n 6 February 2013, the United States requested consultations with India concerning certain measures of India relating to domestic content requirements under the Jawaharlal Nehru National Solar Mission (“NSM”) for solar cells and solar modules.

The United States claims that the measures appear to be inconsistent with: • • •

Article III:4 of the GATT 1994; Article 2.1 of the TRIMs Agreement; and Articles 3.1(b), 3.2, 5(c), 6.3(a) and (c), and 25 of the SCM Agreement.

The United States also claims that the measures appear to nullify or impair the benefits accruing to the United States directly or indirectly under the cited agreements.

On 13 February 2013, Japan requested to join the consultations. On 21 February 2013, Australia requested to join the consultations.

On 10 February 2014, the United States requested supplementary consultations concerning certain measures of India realting to domestic content requirements under “Phase II” of the Jawaharlal Nehru National Solar Mission (“NSM”) for solar cells and solar modules.

On 21 February 2014, Japan requested to join the consultations.

On 14 April 2014, the United States requested the establishment of a panel. At its meeting on 25 April 2014, the DSB deferred the establishment of a panel.

Panel and Appellate Body proceedings

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t its meeting on 23 May 2014, the DSB established a panel. Brazil, Canada, China, the European Union, Japan, Korea, Malaysia, Norway, the Russian Federation and Turkey reserved their third party rights. Subsequently, Ecuador, Saudi Arabia and Chinese Taipei reserved their third party rights. Following the agreement of the parties, the panel was composed on 24 September 2014.

On 24 March 2015, the Chair of the panel informed the DSB that the panel expects to issue its final report to the parties by late August 2015, in accordance with the timetable adopted after consultation with the parties.

On 24 February 2016, the panel report was circulated to Members.

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TRADE WARS

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Summary of key findings

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he claims brought by the United States concern domestic content requirements (DCR measures) imposed by India in the initial phases of India’s ongoing National Solar Mission. These requirements, which are imposed on solar power developers selling electricity to the government, concern solar cells and/or modules used to generate solar power.

The Panel found that the DCR measures are trade-related investment measures covered by paragraph 1(a) of the Illustrative List in the Annex to the TRIMs Agreement. The Panel found that this suffices to establish that they

are inconsistent with both Article III:4 of the GATT 1994 and Article 2.1 of the TRIMs Agreement. The Panel decided nonetheless to assess the parties’ additional arguments under Article III:4 of the GATT 1994, and found that the DCR measures do accord “less favourable treatment” within the meaning of that provision.

Concerning the government procurement derogation in Article III:8(a) of the GATT 1994, the Panel found that the DCR measures are not distinguishable in any relevant respect from the domestic content requirements previously examined under this

provision by the Appellate Body in Canada — Renewable Energy / Feed-In Tariff Program. Following the Appellate Body’s interpretation of Article III:8(a) of the GATT 1994 in that case, the Panel found that the discrimination relating to solar cells and modules under the DCR measures is not covered by the government procurement derogation in Article III:8(a) of the GATT 1994.

In particular, the Panel found that the electricity purchased by the government is not in a “competitive relationship” with the solar cells and modules subject to discrimination under the DCR measures.

India argued that the DCR measures are justified under the general exception in Article XX(j) of the GATT 1994, on the grounds that its lack of domestic manufacturing capacity in solar cells and modules, and/or the risk of a disruption in imports, makes these “products in general or local short supply” within the meaning of that provision. The Panel found that the terms “products in general or local short supply” refer to a situation in which the quantity of available supply of a product, from all sources, does not meet demand in a relevant geographical area or market. The Panel also found that the terms “products in general or local short supply” do not cover products at risk of becoming in short supply, and found that in any event India had not demonstrated the existence of any imminent risk of a short supply. The Panel therefore found that India failed to demonstrate that the challenged measures are justified under Article XX(j).

India argued that the DCR measures are also justified under Article XX(d) of the GATT 1994, on the grounds that they secure India’s compliance with “laws or regulations” requiring it to take steps to promote sustainable development. The Panel considered that international agreements may constitute “laws or regulations” within the meaning of Article XX(d) only insofar as they are rules that have “direct effect” in, or otherwise form part of, the domestic legal system of the Member concerned. The Panel found that most of the instruments identified by India did not constitute “laws or regulations” within the meaning of Article XX(d), or were not laws or regulations in respect of which the DCR measures “secure compliance”. Therefore, the Panel found that India failed to demonstrate that the challenged measures are justified under Article XX(d).

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Exclusive Interview with

Canadian Solar n us on e enlighte te (explain s a le P : Q E i deba ce etc….. lm vs. c-s the thin fi hare, performan makers film ket s with mar arket share of thin een steadily eb M in detail). , CIGS, CIS, a-Si hav ce in hotter cliE n T a D such as C and their perform better than c-Si… ly g d increasin s India is reporte rify on this. cla ch a mates su ase comment and t around share is a ple s It t. as a e rk a bal m ns. C-Si h tes the glo nd other PV solutio d to thin film, a in m o d i CS : C-S thin film a structure compare e near futhe rest is st th 85%, while ncy and a better co is much clearer for for CDTE, e ie d c n m e ffi lu tr e o t r v cos tion highe ciency and e absolute installa l market is growing ffi e e th d th n t a ba is no doub but the glo arket share ture. There , a-Si is increasing, year. So the real m fficiency CIGS, CIS at about 10% every s. A-Si is of lower e owan n r even faste ing for those solutio mpany producing it sed s o a a c re o re c c n in e is d s is re ha r cost, the ce of c-Si and highe reas the performan rge manufacturing days, whe e past years, with la tions that have d solu a lot in th and mature ns. There capacities ll in field applicatio orms e film perf proven w f that thin o ro p o n is c-Si. better than

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March 2016

Q.

What’s the current production capacity of Canadian Solar?

CS : We are currently increasing our in-house wafer production from 400 MW to 1 GW by mid-2016, while solar cell capacity will be expanded from 2.5 GW to 3.4 GW by the end of 2016 - a 900 MW increase. The biggest capacity increase is PV module production which will be expanded from 4.33 GW to 5.63 GW by the end of 2016, an increase of more than 1 GW for global markets.

Q.

How much has been sold in India and what does the future look like?

CS : We’re proud that Canadian Solar is the first solar company to reach the landmark of selling 1 GW of PV modules in India. With a market share of 14-15% in India, we see good buoyancy for solar projects in India in 2016-2020. We expect 3-4GW of installations in India per year and our second GW is also expected to be completed in 2016. We expect to touch cumulative shipments of 10 GW by 2020 and are confident to be an integral part of India’s solar program.

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INTERVIEW

Q.

Which changes have you experienced selling PV in the last 5 years?

CS : Regarding the Indian market, we see customers are aware of the lead times involved and the growth in other markets such as China and USA. We also find that financers are playing a leading role by ensuring the projects receive high quality components from reliable suppliers, who are in a healthy financial condition and provide an excellent product warranty and warranty insurance. We also find that a lot of consolidation has happened in the EPC field. We feel that the decision making has heavily tilted towards the developers and the financers of projects.

Q.

Which are the top 10 markets for your company and approx. shipment to these markets?

SK : Americas represents about 35% of our shipping volume, EMEA 12% and APAC over 50%. The global distribution changes from year to year though. Just ten years ago, nearly 90% of our sales were in Europe, now markets like India, China and Japan are in focus. In India, we expect to reach and maintain a market share of about 20%.

Q.

What’s the roadmap for the production ramp up for your company and further growth in terms of technology and output of your products?

CS : We are looking forward to launch several innovative solar products in the second quarter of 2016. Our portfolio of solar modules will expand incorporating latest five-busbar and passivated emitter rear contact (PERC) cell technologies. PERC mono five-busbar technology will increase cell efficiency up to 21% and module power output up to 295 W for 60-cell modules. Smart DC modules are another new product we are now selling in US, Canada and Australia. By replacing the traditional junction-box with a power optimizer, our Smart DC module can eliminate the module-level mismatch and decrease shading losses. Furthermore, the Smart DC module provides module-level data to minimize operational costs and allow effective system management.

Q.

What are the key success factors of Canadian Solar’ssuccess in the Indian market?

CS : In India we have managed to build a strong and committed team of PV professionals, who have helped us formulate a winning sales and marketing strategy that puts our customers first.

The quality, performance and insurance-backed warranty of our modules is best-in-class, fostering a high loyalty of our customers towards our products. Canadian Solar’s commitment to honor contracts in all respects has also strengthened our reputation to be a highly reliable PV partner. Many customers also value our Canadian background, our experienced global management team and sustainable business strategy. Last but not least our strong bankability has also been vital to establish Canadian Solaras the preferred partner of our clients in India.

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EQ : Do yo further dro u foresee a p in PV and to w the prices of hat extent?

CS : We do no prices becau t see a steep fall in m od se of the st China, USA rong deman ule and Japan d from . However w could ratio e feel price nal s ter yields an ize a bit from the ben efits of betd ef improvemen ficiency due to the te chnological ts in manufa hand,we fin cturing. On d that polysi the other licon prices hardening and this co ar e slowly uld play a m module pri ajor role fo ces in 2016 r /2 01 markets lik e China, Ind 7. The growth in ia an d the Middle East could deter demand su mine a change in pply, and th is will decide the prices market place in the .

Q.

How important is bankability for customers in India?

Q.

Which projects have you been working on in India?

Q.

As a module supplier, what is the value Canadian Solar can add to the customer?

CS : Bankability is crucial for project development all over the world, not just in India, as the projects need to perform and deliver reliable returns for a period of 25 years and beyond. In recent years, we have cooperated with over 40 leading financial institutes and banks, underlining our longterm bankability worldwide.

CS : Canadian Solar has supplied modules to several large projects in India over the past years, e.g. we have supplied 309MW of our 72-cell CS6X-P modules to Adani Group for the world’s largest solar PV project getting installed at Kamuthi, Ramanathapuram, Tamil Nadu. Also, we have supplied 12MW of our 60-cell CS6P-P modules to Tata Power Solar, in-turns used for World’s largest Roof top solar project in RSSB Beas, Punjab. Our other customers in India include Torrent, Malpani, Sterling & Wilson, Juwi,Punj Lloyds, Cirus, Mahindra Susten, HarshaAbakus, Chemtrols, Azure and Bosch amongst others. Our modules have performed well above design parameters and customer expectations, providing high PR ratios to the developers. Most of our plants in India have yielded attractive generation numbers equivalent to >80% PR.

CS : As a responsible module supplier since 2001, we have been educating customers on various aspects of solar PV technologies, e.g.we share the documentation of international best practices with our clients, which we ourselves practice in our projects worldwide. Secondly, we offer complete end-to-end insurance documentation to transfer the international product warranty insurance to the final customer. And last but not least, we offer services like the thermal imaging of entire plants. This way we add a lot of value to our customers’ projects.

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March 2016

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Bihar Joins “UDAY” Scheme Sixth State to Sign MOU

The Government of India, the State of Bihar and the DISCOMs of Bihar (North Bihar Power Distribution Company Limited, and South Bihar Power Distribution Company Limited) signed Memorandum of Understanding (MOU) under the Scheme UDAY – “Ujwal DISCOM Assurance Yojana” for operational and financial turnaround of the DISCOMs. The signing ceremony was held in the august presence of the Minister of State for Power (IC) Shri Piyush Goyal.

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“UDAY” SCHEME

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he MoUs was signed on behalf of Ministry of Power by Dr A K Verma, Shri Pratyaya Amrit , Secretary Energy on behalf of State Government of Bihar and on behalf of two DISCOMs by Shri R Lakshmanan , MD, North Bihar Power Distribution Company Limited and Shri Sandeep Kumar MD ,South Bihar Power Distribution Company Limited .

“Our focus and our efforts have been that eastern parts of India should progress fast and gets benefits of rapid growth in infrastructure , which over the years has suffered behind the curve of growth….. should benefit from enjoy the fruit of development and rapidly catch up the rest of India. This has been promised and guiding principle of the Government of India and our department have made focused efforts to bring about paradigm change in the Power Sector in Bihar over the last 22 months.” Shri Goyal further said “I am delighted that the state government rapidly worked to prepare the agreement between the Discoms and state government and the centre. All of us stand committed to working as a team India to ensure the benefits of progress….. the benefits of development and growth reach every citizen of the country particularly of the Eastern India …….particularly of Bihar. Reiterating his commitment of fulfilling all the assurances made in Bihar Package, Shri Goyal said “The Government stands committed to all the assurances that were made in terms of Bihar package which included a UMPP at Banka for which now a coal mine has also been allotted and cheaper coal given to Barh so that the cost of power reduced nearly by Rs 2/- a unit which includes quickly implementing Deen Dayal Upadhyaya Gram Jyoti Yojana( DDUGJY) scheme and Integrated Power Development Scheme so that power can reach every home in Bihar…. who have been remained deprived of electricity for nearly 7 decades….. also rapidly completing the incomplete projects of the 11th and 12th Plan which also need to be completed along with new projects . Shri Goyal further informed that 981 Mega Watt of power from Bhutan has been allotted to Bihar and from Buxar Thermal Power Plant , 1310 Mega Watt of Power will be given to Bihar.”

I

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he Government of Bihar would take over Rs.2332 cr. of DISCOM debt, being 75% of the total DISCOM debt of Rs.3110 cr.

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n his speech broadcast over phone at the ceremony from Patna, Shri Bijendra Prasad Yadav , Minister of Energy & Commercial Tax, State Government of Bihar thanked Shri Piyush Goyal on behalf of State for bringing UDAY Scheme . He assured that all targets given in the MOU will be achieved. He hoped that Centre Government will allot more power to the State.The Distribution Utilities of the country are reeling under heavy debt burden. As on 30th September, 2015, the outstanding debt of the DISCOMs stood at Rs.4.3 lakh crore. In order to bring relief to these Utilities from the burden of debt, and to improve their overall performance, Government of India launched the Scheme UDAY on 20th November, 2015, after a series of discussions with all the stakeholders, namely the State Governments, DISCOMs, lenders etc. UDAY is an aim to ensure a permanent solution to the debt-ridden Distribution utilities to achieve financial stability and to improve their operational efficiencies, for sustained growth.

Bihar is the sixth State to have accepted UDAY for bringing about a positive change in the Power Sector scenario of the States.

Rajasthan, Uttar Pradesh, Chhattisgarh and Jharkhand have already signed the MoU under UDAY for operational and financial turnaround of DISCOMs. With the signing of MoU with Bihar, approximately 33% of the DISCOM debt, ie. around Rs.1.40 lakh crore, would be restructured. Gujarat has also

signed the MoU for operational turnaround, considering the healthy financial position of the DISCOMs of the State.

The Government of Bihar has taken a major step towards improving the financial health of the DISCOMs by signing the MOU under UDAY and agreeing to take over the debt of the DISCOMs. The Government of Bihar would take over Rs.2332 cr. of DISCOM debt, being 75% of the total DISCOM debt of Rs.3110 cr. outstanding as on 30.09.2015, as envisaged in the scheme. The scheme also provides for the balance debt of Rs.778 cr. to be re-priced or issued as State guaranteed DISCOM bonds, at coupon rates around 3% less than the average existing interest rate.

The annual saving in the interest cost to the State would be around Rs.117 cr. on account of restructuring of the DISCOM debt.

UDAY not only focusses on bringing about financial turnaround of the DISCOMs. It also lays stress on improving operational efficiencies of the DISCOMs. In order to bring about a sustainable turnaround of the DISCOMs, the State of Bihar and the DISCOMs will improve operational efficiency through compulsory Feeder and Distribution Transformer metering, consumer indexing & GIS mapping of losses, upgrade/change transformers, meters etc., smart metering of high-end consumers, thereby bringing about reduction in transmission losses and AT&C losses, besides eliminating the gap between cost of supply of power and realisation.

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“UDAY” SCHEME

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he reduction in AT&C losses and transmission losses to 15% and 4% respectively is likely to bring additional revenue of around Rs.6650 cr. during the period of turnaround.

With the financial turnaround through financial and operational efficiencies, the rating of the DISCOMs would improve, which would help them in raising cheaper funds for their future capital investment requirement. This is expected to provide interest cost saving of around Rs.80 cr. to the DISCOMs. While efforts will be made by the State Government and the DISCOMs to improve the operational efficiency of the DISCOMs, and thereby reduce the cost of supply of power, the Central government would also provide incentives to the DISCOMs and the State Government for improving Power infrastructure in the State and for further lowering the cost of power. The Central schemes such as DDUGJY, IPDS, Power Sector Development Fund or such other schemes of MOP and MNRE are already providing funds for improving Power Infrastructure in the State and additional/priority funding would be considered under these schemes, if the State/DISCOMs meet the operational milestones outlined in the scheme. The State shall also be supported through additional coal at notified prices and in case of availability through higher capacity utilization, low cost power from NTPC and other CPSUs. Other benefits such as coal swapping, coal rationalization, correction in coal grade slippage, availability

of 100% washed coal would help the state to further reduce the cost of Power. The State would gain around Rs.1086 cr. due to these coal reforms.

Demand Side interventions in UDAY such as usage of energy-efficient LED bulbs, agricultural pumps, fans & airconditioners and efficient industrial equipment through PAT (Perform, Achieve, Trade) would help in reducing peak load, flatten load curve and thus help in reducing energy consumption in the State of Bihar. The gain is expected to be around Rs.720 cr.The ultimate benefit of signing the MOU would go to the people of Bihar. Higher demand for power from DISCOMs would mean higher PLF of Generating units and therefore, lesser cost per unit of electricity thereby benefitting consumers. The DISCOMs would also increase power supply in areas with reduced AT&C losses. The scheme would allow speedy availability of power to around 1152 villages and 160.60 lakh households in Bihar that are still without electricity. Availability of 24×7 power to hitherto unconnected villages/households etc. would boost the economy, promote industries, thereby improving employment opportunities and see Bihar develop into one of the leading industrialised States in India.

An overall net benefit of approximately Rs.9000 cr. would accrue to the State by opting to participate in UDAY, by way of savings in interest cost, reduction in AT&C and transmission losses, interventions in energy efficiency, coal reforms etc. during the period of turnaround.

UDAY is an effort to make the DISCOMs financially independent and operationally healthy, to be able to supply adequate power at affordable rates, through 100% Village electrification and 24X7 Power For All.

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INDIA

World Solar Industry Unites for Climate Change In a matching response to Prime Minister Narendra Modi’s visionary step of forming the International Solar Alliance(ISA),which is essentially a Government initiative, the world solar industry has united to fight climate change.The Global Solar Council (GSC), consisting of various solar associations from around the world, including the world’s largest markets of India, Australia, Brazil, China and other Asian countries, Europe, the Middle East, South America and the United States, was launched at COP 21 climate change events last December at Paris.

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ndia’s well known solar champion and Chairman of the powerful National Solar Energy Federation of India (NSEFI), Pranav R Mehta, was unanimously elected as one of the Co-Chairman of the newly established Global Solar Council at the Paris event in December.The India affiliate office of the Global Solar Council was opened two days ago in New Delhi by John Smirnow, Secretary General of GSC, and Pranav R Mehta, Co-Chairman, in the presence of Shri Tarun Kapoor, Joint Secretary Ministry of New and Renewable Energy, Govt. of India, K.S.Popli, CMD,IREDA and other senior government and solar industry leaders including: Suman Kumar, Director, Sun Edison; R.W.Ghai of Hindustan Clean Energy; Dr.Annapurna Vancheswari, Sr. Director, TERI; Rakesh Kumar, Director, SECI; Pawan Agrawal, President YES Bank; Sanjeev Gupta, NEXGEN Financial Services; and NGOs working in the sector.

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his history making event brings together leading solar nations with a successful track record and experience and new and emerging economies.

The Global Solar Council is unifying the solar industry at an international level to share best practices, accelerate global market developments and mitigate the disastrous effects of global warming and climate change.

Global Solar Council to Work in Close Cooperation with ISA This newly established Global Solar Council will work in a complementary manner and in close cooperation with the International Solar Alliance (ISA) announced by Prime Minister Narendra Modi and will have an affiliated office in New Delhi, amongst similar other global offices.

“Under the leadership of Pranav Mehta and other visionary founders, we will help accelerate the deployment of clean, reliable, emissionsfree solar energy worldwide.

- John Smirnow , Secretary General of the Global Solar Council

“Globally we need to join hands in the area of technology and affordable finance to help accelerate solar adoption, which will ultimately lead to affordable solar energy and mitigation of the adverse effects of global warming and climate change.”

- Pranav Mehta, Co-Chairman of the newly established Global Solar Council

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Research & Analysis

DNV GL Report From a system perspective, Large-scale

renewable energy projects remain more

COST EFFICIENT compared to decentralised alternatives

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DNV GL, the world’s largest resource of independent energy experts and certification body, has recently published the findings of its report on a cost benefit analysis between large-scale centralised and micro-distributed (DG) renewable generation.

The report’s main conclusion is that centralised wind and solar generation is between 33-50% more cost-efficient than the evaluated decentralised alternatives in all the conditions defined in the report in established power systems.

NV GL’s report acknowledges the impact of regional boundary conditions, such as available renewable sources, electrification maturity and the flexibility of the existing generation mix on the cost estimation differences. For DG, the report also notes that the share of network integration costs in total costs is very small compared to the overall expenditure, although it may vary by DG option and network structure.

For some distribution companies such as those operating in Europe, these costs can be considerable when a very high penetration level of DG is reached. For remote supplies, the competitiveness of DG versus centralised generation depends on the distance the load has to cover between the main grid and the consumer.

The report’s methodology involved the use of renewable energy sources under different conditions, including established power systems and electrification of remote areas. In this cost report, DNV GL has included different renewable sources and technologies, the expected impacts on the reinforcement of the of the distribution network (focused on lower voltages where micro-generation is installed), the backup generation required as result of system operation modelling (based on different initial state generation mix scenarios, including a scenario of poor electrified network), forecasted energy demand and possible combinations of these boundary conditions for both renewable generation approaches. The combination of these boundary conditions that represent possible system and network topologies shows different expected costs of electricity depending on the centralised or DG option.

Further findings include: In established power systems, DG is more costly than the evaluated centralised generation alternatives, under the conditions defined in this report. When comparing between the cheapest centralised generation and DG technologies, the range was found to be between 46 and 112 EUR/MWh, making DG at least 50% more expensive in the best case scenario than centralised generation, but 100% more expensive in the worst case. Cost comparison between centralised renewable energy generation and DG shows an important impact of the regional wind and solar conditions in the results, considering that PV is present in all the DG selected technologies as well as some of the centralised generation ones. Based on this observation, it it can be concluded that small PV and to a limited extent small PV/ battery are the most competitive DG alternatives to centralised generation, assuming favourable solar conditions and an established power system. Small PV/ μCHP are the best DG options in moderate solar conditions.

The report presents a comprehensive analysis of the integration of renewables considering varied options and scenarios, focusing on the overall efficiency of the system. Ultimately, optimised grids are key for the development of a sustainable energy sector, not only will they allow energy to be produced in large centralized plants to reach consumers, they will also enable the integration of decentralized generation without major cost contributions.

Our report highlights that large scale renewable projects are currently the leaders in the drive to solve the energy trilemma by providing a reliable, sustainable and affordable energy supply. Micro-generation is a vital complement to large scale projects, however to make it a viable alternative for future energy supplies its investment costs need to become even more competitive.”

- Christian Hewicker , Senior Technical Advisorat DNV GL – Energy

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ANALYSIS ON SUITABILITY OF EURO AND CEC EFFICIENCY ESTIMATES FOR

INDIAN CLIMATIC CONDITIONS - By Aparna Sankar, Asst. Engineering Manager & Faisal Kamran, Design Engineer, Solar Business, L&T Construction Indian solar market is expanding at a rapid pace and the Central Government’s target of 100GW by 2022 is creating further impetus for aggressive expansion of the share of solar photovoltaic power. Till date India stands at 5.2 GW of installed capacity out of which nearly 30 % was installed in the year 2015-16.

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cceptance of solar photovoltaic power plants depends largely on the predictive analysis of its energy generation potential which is dependent on multiple operating factors and weather parameter models. Performance of an SPV power plant under real time operating conditions depends on the accuracy of these predictions. Inverters are considered as the heart of a solar photovoltaic (SPV) power plant. This device collects the DC power from the solar PV array, converts it to AC and feeds the power to the electrical grid.

The ambitious and aggressive solar PV capacity expansion in the country will demand higher accuracy in the specification of critical parameters for all the components with respect to the actual operation conditions. The most critical parameter of an inverter’s operation is its energy conversion efficiency. Efficiency of solar inverters is a function of the input power level, which in turn is the function of the irradiance level incident at the location. A weighted average efficiency of the solar inverter, as against the peak efficiency, would hence give a more meaningful value to reflect the field operating conditions of the inverter. Current market standards of Euro and CEC efficiency do not accurately replicate the actual operation of inverters in Indian climate. This article discusses the need to devise a weighted average efficiency formula for inverters with respect to irradiance patterns prevalent in India.

Weighted Average Efficiency For Inverters

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eighted average efficiency gained importance due to the need of an effective quantification method for the efficiency of solar PV inverters, which in turn could be used to determine the generation of solar PV power plants. Two standard methods of quantifying inverter efficiency which are widely accepted are Euro efficiency and CEC efficiency, which were formulated based on the climatic patterns for Trier, Germany and Sacramento, California respectively. The Euro efficiency was formulated in 1990 by Rolf Hotopp for Trier, Germany using hourly averages of irradiation data for one year. Subsequently, the CEC efficiency was formulated for Sacramento, California in 2006 by the California Energy Commission. Weighted average approach captures the fraction of energy input to the inverter at each loading level to compute the average operating efficiency.

“Weighted Average Efficiency (ηweighted)= ∑ Ki*ηi Where Ki= PMPPi / P STCi PMPPi= Maximum power point array output power PSTCi = STC power output from the array i = loading class

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uro efficiency says 80% of the energy input to the inverter falls at a loading factor of 0.5 or below. Similarly for CEC efficiency, the inverter operates at greater than 0.5 loading factor for approximately 60% of the energy input.

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ost inverter manufacturers mention the peak, Euro and CEC efficiencies in their inverter technical specifications, even for markets with climatic patterns which are at variance with that of Trier or Sacramento. However irradiance patterns are highly site-dependent and consideration of the irradiance profiles of two locations is insufficient to generalize and standardize nominal operating efficiency of inverters across globe, especially in regions like India which combines tropical climatic system and distinct monsoon patterns.

This method captures the irradiance profile of the location.

The coefficients for the most relevant loading fractions as per Euro and CEC weighted inverter efficiency methods are given in Table 1 TABLE 1. Coefficients for weighted efficiency formula as per Euro and CEC methods

Inverter Loading Classes

5%

10%

20%

30%

50%

Euro Coefficients

3%

6%

13%

10%

48%

20%

4%

5%

12%

21%

5%

CEC Coefficients

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75% 53%

100%

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Solar Power

FIG. 1 Irradiance profiles of Bhatinda and Lahaul vs irradiance profiles of Sacramento and Trier

IRRADIANCE PATTERN: INDIAN LOCATIONS vs SACRAMENTO & TRIER

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lobal horizontal irradiance patterns from 8 different locations across India were considered for this study.

The locations so considered are from all 4 cardinal directions, so as to cover the various climatic conditions prevailing in India. The yearly irradiation patterns of these locations were compared graphically to the irradiation pattern of Sacramento, California U.S.A and Trier, Germany.

From North part of the country which receives reasonable amount of irradiation, Bhatinda and Lahaul were considered from Punjab and Himachal Pradesh respectively. (Fig. 1). In the West, Pokhran from Rajasthan and Charanka from Gujarat were chosen. Both these location receive large amount of irradiation (Fig. 2). In the Southern part of India the irradiation patterns were taken from Anantapur which is located in Andhra Pradesh and from Parmakudi located in Tamil Nadu.As for the Eastern part of India which receives less amount of irradiation when campared to the rest of regions, Purulia in West Bengal and Karimganj in Assam were chosen. (Fig. 4) FIG. 2 Irradiance profiles of Pokhran and Charanka vs irradiance profiles of Sacramento and Trier

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rom the graphs it can be observed that all the locations, with an exception of Lahaul, show irradiation patterns more similar to that of Sacramento than to Trier. Lahaul having a more temperate climate at the higher latitude and altitude, is the only region where radiation pattern is similar to Trier. However the absolute quantum of energy in each radiation band varies, which is the basis for the weighted average efficiency calculation for inverters.

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FIG. 3 Irradiance profiles of Anantpur and Paramakudi vs irradiance profiles of Sacramento and Trier

FIG. 4 Irradiance profiles of Bhatinda and Lahaul vs irradiance profiles of Sacramento and Trier

INADEQUACIES OF USING EURO AND CEC EFFICIENCES FOR INDIAN CLIMATE

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n order to assess the loading pattern of the inverter when deployed in Indian climate, a sample system with a capacity of 1MW was simulated in PV Syst with a 1:1 inverter loading. In this study, the fraction of energy in different loading (PARRAYMPP/PSTC) classes at which the inverter operates is estimated for the above locations, using the local irradiance patterns. The coefficients of the efficiency values (Ki) were calculated from this distribution and were compared with the weights allocated for the efficiency classes considered in Euro efficiency method and CEC efficiency method. The results are as shown in table 2.

Inverter Loading Classes

5

10

20

30

50

75

100

Bhatinda Euro 0.44% 1.78% 5.58% 9.13% 34.26% 48.81% CEC 2.20% 5.58% 9.10% 34.30% 48.00% 0.88%

TABLE 2: Comparison of weights / coefficients calculated for selected Indian locations with the efficiency classes corresponding to CEC and Euro efficiency calculation methodologies

Lahaul Euro 0.30% 1.21% 4.50% 6.80% 22.70% 64.49% CEC 2.00% 4.50% 6.80% 22.70% 62.00% 2.00% Pokhran Euro 0.40% 1.30% 4.60% 7.80% 28.70% 57.20% CEC 1.60% 4.60% 7.80% 28.70% 56.60% 0.70% Charanka Euro 0.30% 1.20% 4.10% 7.00% 24.00% 63.40% CEC 1.00% 4.10% 7.00% 24.00% 58.00% 5.90% Anantapur Euro 0.40% 1.20% 4.70% 7.50% 23.90% 62.30% CEC 2.00% 4.70% 7.50% 23.90% 51.00% 10.90% Parmakudi Euro 0.40% 1.10% 4.70% 6.40% 24.50% 62.90% CEC 1.00% 4.70% 6.40% 24.50% 54.00% 9.40% Purulia Euro 0.40% 1.10% 4.20% 6.20% 24.70% 63.40% CEC 1.00% 4.20% 6.20% 24.70% 58.00% 5.90% Karimganj Euro 0.40% 1.20% 4.30% 6.90% 23.40% 63.90% CEC 1.80% 4.30% 6.90% 23.40% 55.00% 8.60%

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owever the coefficients for relevant inverter operation classes, calculated as the fraction of energy present in the loading class, are not aligned to either of the established weighted average efficiency computation methods. This implies that estimation of operating efficiency of a solar inverter using Euro and CEC methodologies will not yield accurate results for Indian conditions. Nominal operating efficiency of solar inverters in Indian climatic conditions can be better quantified by considering the irradiance patterns in the region under consideration.

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CONCLUSION

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olar PV inverter demand in India is largely delivered by a number of European and American manufacturers who indicate the nominal efficiency of inverter in terms of Euro and CEC efficiencies. Most inverters developed and manufactured in Europe are designed to deliver their best efficiencies at the most recurrent loading levels.

The variation in the coefficients computed above for Indian locations clearly indicate that direct use of efficiency classes and weight ages from Euro and CEC methods is inadequate to quantify annual nominal operating efficiency for the inverters in Indian climate. As depicted in table 2, more accurate indication of actual operating efficiency of inverters in Indian climatic conditions needs to be calculated on the basis of local irradiance pattern ideally or on the basis of representative locations for each climatic pattern (for eg. typical location per state). Region-specific formulae with relevant operation classes and coefficients need to be derived for accurate selection of inverters.

It is hence suggested that inverter manufacturers mention a nominal operating efficiency for their inverters corresponding to irradiance and temperature profiles in India, apart from the Euro and CEC values. Manufacturers are proposed to design their inverters for Indian markets to deliver the peak efficiency at the efficiency class with highest weight age as per the climatic regionspecific computation method for nominal operating efficiency.

This parameter would be more relevant for selection of inverters for application in solar PV projects in Indian locations.

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Inverters & Bos

Delta Highlighted its R&D and Manufacturing Operations Expansion in India and its Smart Solutions for Energy Management & Automation during Elecrama 2016 Delta India Electronics, a leading provider of power and thermal management solutions, announced, at Elecrama 2016, the expansion of its R&D and manufacturing operations with new facilities in Bangalore and Hosur respectively, in line with its long-term plans to harness the country’s significant long-term growth potential. Delta India plans to develop smart energy management solutions with industry-leading energy efficiency at its new R&D centre which is expected to create up to 500 engineering jobs within the next 3 years. Within the next 10 years, Delta’s new factory in Hosur will create up to 20,000 jobs for the manufacturing of power electronics, renewable energy and automation solutions.

“Delta recognizes the potential of India to become a powerhouse in manufacturing and its need for high energy efficiency which is one of Delta’s core competences. We believe our new R&D centre in Bangalore will be instrumental in the creation of innovative and energy-efficient technologies that will support the realization of national initiatives such as “Make in India” and “Digital India”. Delta was one of the multinational companies invited by the Prime Minister of India, the Honourable Narendra Modi, to the opening event of “Digital India” in July 2015. We expect the Hosur factory to eventually become Delta’s biggest manufacturing base in India.”

- Mr. James Ng, Chairman of Delta Electronics (Thailand), parent company of Delta India

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elta selected Bangalore for its new R&D centre due to the high quality and abundancy of its engineering talent pool for software and hardware development.

This new R&D centre is expected to create up to 500 high-tech jobs within the next three years and focus on technologies such as mega-watt scale power conversion and power quality. The new plant in Hosur is expected to start operations in early 2017 and will supply the local marketplace with smart, high-efficiency telecom power systems, industrial automation solutions, UPS, renewable energy inverters and converters as well as solutions for display and monitoring.

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Inverters & Bos

- Mr. Dalip Sharma, Managing Director of Delta India Electronics “Delta is recognized as a sustainable enterprise by world-class institutions such as the Carbon Disclosure Project (CDP) and the Dow Jones Sustainability Indices (DJSI) given its commitment to the development of solutions that truly help customers save energy.

Providing telecom networks with green power, enabling energyefficient and smart manufacturing processes and data centres and even realizing green buildings are part of Delta’s contributions for a better tomorrow”. “At Elecrama 2016, we exhibit for the first time in India, our entire portfolio of smart solutions with industry-leading energy efficiency for a wide range of sectors such as green energy generation, industrial automation, telecom and even agriculture. Our track record includes the implementation of a smart monitoring solution for ATMs that provides a safe environment for banking customers across India while protecting the banks’ infrastructure. Also, our PV inverters, featuring the world’s highest energy efficiency of up to 98.7%, support residential, commercial and megawattscale projects; our innovative solar trackers increase output by up to 30% versus fixedmount structures; and our VFD controllers combine with solar power to provide Indian farmers with a clean and energy-saving water pumping solution for irrigation”

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Another highlight of Delta’s offering at Elecrama, is the battery energy storage system, a modular cabinet with 41 kWh of energy backup capacity that leverages Delta’s proprietary lithium-ion battery technology and power conditioning system (PCS). With the use of an energy management system (EMS), this storage platform is suitable for a variety of applications, such as community, commercial energy storage and utility-scale ancillary services.

Functions such as output power stabilization for renewable power systems, peak demand shifting to reduce exposure to elevated electricity prices and power backup are key elements of this solution.

In order to support India’s growing economy and manufacturing sector, Delta also offers its renewable energy solutions, such as a full range of string and centralized solar PV inverters that feature industry-leading energy conversion efficiency of up to 98.7% in certain models and power range from 3kW to 1 MW for residential, commercial and utility segments. In addition, our solar tracking technology delivers approximately 30% higher output versus fixedmount structures. The system combines Delta’s automation devices such as servo drives and motor drives, programmable logic controllers (PLC) and human-machine interfaces (HMI) and can realize both single axis and dual axis rotation depending on actual customer requirements.

Delta also offered, at Elecrama, technology to support the creation of green data centres in India. Thus, the Infra Suite Datacenter Infrastructure Solutions combines power distribution cabinets, modular UPS technology (with AC-AC efficiency of up to 96% as well as vertical expansion from 25 kW to 200 kW), precision cooling and racks & accessories and a Environment Management System for real-time monitoring and ease-of-maintenance. A virtual tour of Delta’s green data centre in Thailand was also featured at the booth.

Another remarkable section of Delta’s booth at Elecrama 2016 is Display & Monitoring Solutions which feature: »» The smart monitoring system implemented in the banking industry in India to protect ATM customers while preventing and tackling thefts and attacks on ATM sites across India through advanced image analysis technology and a remote monitoring platform. »» The ultra-narrow bezel LCD video walls, which offer up to 20×15 display arrays for large-scale applications, brightness of 700 nits (55-inch cubes), pixel pitch of 0.63mm, 4,000:1 contrast ratio, 3.5mm combined bezel width and the integration of Delta’s Icon Pro display controller these video walls become total solutions for real-time monitoring of surveillance, transportation management and other missioncritical applications.

As India expands the digitalization of the country, Delta supports the telecom industry with its energy-saving power solutions. These include hybrid-power systems for outdoor installations that integrate solar PV energy to reduce reliance on unstable grids and on fossil fuels. The underlying energy management technologies integrate rectifiers with energy efficiency of up to 97.5% that help deliver significant opex savings for our customers as well as controllers that monitor and control the entire system and site power infrastructure, enhance battery life, enable energy savings, and inform the operator of maintenance needs.

Delta’s new small cell for 4G applications, Golden Eagle, winner of the 2015 Reddot Product Design Award and featuring energy conversion efficiency of 96% is also a highlight of the showcase and a new solution for the Indian telecom market.

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QUARTER RESULTS

Risen Energy Risen Energy Announces Full Year 2015 Results Risen Energy Co. Ltd, a public limited company organised under the laws of the People’s Republic of China, listed on the Shenzhen stock market, and a tier 1, “AAA” credit rated integrated manufacturer of high-performance solar photovoltaic products and provider of total business solutions, announced its annual report for the year ending December 31, 2015.

Full Year 2015 Financial and Operation Headlines » » »

Sales revenue of 5.26 billion RMB, an increase of 78% from 2014 Net Income of 320 million RMB, an increase of 382% from 2014 Shipments grow to 1246 MWp of solar PV modules and 547 MWp of EPC, BOT and BT solar project installations

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he Company continues to demonstrate that their historic prudent financial management is now delivering unequivocal financial benefit to strategic partners, EPC project owners, the Company’s own projects and a minimal spot market on an international basis. With regionalised sales and service support structure, in place and expanding, end users are assured of detailed provision of techno-commercial solutions.

Ultramodern highly automated manufacturing infrastructure for cell and module production of 2600 MWp capacity at the end of 2015 which will be increased to 3100 MWp during 2016.

Investment in R&D delivers solar PV cells with efficiencies of 19%+ for polycrystalline and 20%+ for monocrystalline, as well as solar PV modules with the lowest temperature coefficient of power within the industry.

Risen’s Group diverse and supporting

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portfolio of products and services encompasses further segments and industries, covering the 2nd largest producer of Ethylene Vinyl Acetate (EVA) under the brand of Sveck, LED lighting solutions under the brand of Twinsell, financial services under the brand of Sunallies, an International Real Estate business, and an EPC services organisation, ensure that Risen’s financial sensitivity is diluted and not subject to an individual markets whims, with a net effect of long term viability being a pronounced asset for customers and their long term servicing needs.

Clearly the year ahead will prove remarkable as the Company continues to expand from its own cash generation.

The guidance for Q1 2016 with a net income prediction of between 160 and 170 million RMB epitomises and reiterates the growth is managed with long term sustainability as its core objective.

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QUARTER RESULTS

China Sunergy

CSUN Announces Third Quarter 2015 Financial Results China Sunergy Co.Ltd. a specialized solar cell and module manufacturer, recently announced its financial results for the third quarter ended September 30, 2015.

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Total revenue was US$111.1 million, an increase of 27.0% from US$87.5 million in the second quarter of 2015. The revenue for self-branded products totaled US$107.3 million and the revenue for the products processed under the OEM arrangement wasUS$2.6 million.

Shipments totaled 308.9MW, an increase of 67.4% (124.4MW) from 184.5MW in the second quarter of 2015. Module shipments, including module processed under OEM arrangement of 54.3MW, were 208.4MW. Cell shipments, including cell processed under OEM arrangements of 6.1 MW, were 100.5MW. Average selling price (“ASP”) for the Company’s modules, excluding those processed under OEM arrangements, was US$0.52per watt, compared with US$0.58 per watt in the second quarter of 2015.

Gross profit was US$3.3 million and gross margin was 2.9%, compared with gross profit of US$6.1 million on gross margin of 6.9% in the second quarter of 2015.

Net loss attributable to ordinary shareholders was US$22.0 million, compared with US$10.5 million in the second quarter of 2015.

Net loss attributable to ordinary shareholders per ADS was US$1.48, compared with US$0.71 in the second quarter of 2015.

Cash, cash equivalents and restricted cash totaled US$120.4 million as of September 30, 2015.

March 2016

Financial Review Total Revenue and Shipments

For the third quarter of 2015, total revenue was US$111.1 million, compared with US$87.5 million in the second quarter of 2015.

The increase in revenue was mainly due to higher shipments in self-branded solar cells and modules. Revenue from the Company’s self-brand modules and cells business totaled US$107.3 million or 96.5% of the total revenue, while revenue generated from the modules and cells processed under OEM arrangement, was US$2.6 million, or 2.4% of total revenue.

Total shipments for the third quarter of 2015 were 308.9MW, an increase of 67.4% from 184.5MW in the previous quarter.

The increase in total shipments was primarily resulted from the strong demand in Chinese market. The total shipments to China increased to 195.5MW in the quarter ended September 30, 2015, compared with 48.2MW in the previous quarter. Total module shipments, including modules processed under OEM arrangement of 54.3MW, were 208.4MW for the third quarter of 2015. Total cell shipments, including cell processed under OEM arrangements of 6.1 MW, were 100.5MW for the third quarter of 2015. Sales revenue derived from Asian market accounted for 72.9% of total revenue in the third quarter of 2015, of which 52.0% of total revenue was generated from China and 9.8% of total revenue was derived from India. In addition, sales to European and American markets represented 17.0% and 8.5% of total revenue in the quarter ended September 30, 2015. Sales revenue contributed by Asia,Europe and America as percentage of total revenue was 39.3%, 25.2% and 34.4%, respectively in the quarter ended June 30, 2015.

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QUARTER RESULTS

Operating Expenses, Operating Income (Loss) and Net Loss

ASP ASP for the Company’s self-branded modules for the third quarter of 2015 was US$0.52 per watt, compared with US$0.58 per watt in the previous quarter. The decrease of ASP for the third quarter of 2015 was primarily due to higher shipments to lower price regions. ASP for the Company’s self-branded cells during the third quarter of 2015 was US$0.28 per watt, compared with $0.26 per watt in the previous quarter.

Operating expenses increased to US$16.3 million in the third quarter of 2015, from US$13.9 million in the second quarter of 2015. The sequential increase in operating expenses was primarily due to the increase in general and administration expenses. During the third quarter of 2015, general and administration expenses were US$11.4 million during the third quarter of 2015, increased byUS$2.7 million as compared to US$8.7 million in the second quarter of 2015. The increase was partly attributable to the increase in bad debt provision of approximately US$1.6 million.

Wafer and Conversion Costs Blended wafer costs in the third quarter of 2015 were US$0.20 per watt and remained flat as compared to previous quarter.

Conversion costs of cells and modules manufactured in the third quarter of 2015 were US$0.12 and US$0.18 per watt, respectively, compared with US$0.14 and US$0.18 per watt, respectively, in the previous quarter. The two-cent decrease in the conversion costs of cells was primarily due to the higher output.

Loss from operations was US$13.0 million in the third quarter of 2015, compared with loss from operations of US$7.8 million in the second quarter of 2015. In addition, the Company had other expenses of US$1.3 million versus other income of US$1.7 million in the previous quarter, which was primarily due to the foreign exchange loss incurred from the depreciation of RMB against U.S dollar. Correspondingly, net loss attributable to ordinary shareholders was US$21.7 million in the third quarter of 2015, compared withUS$10.5 million in the previous quarter.

Gross Profit and Gross Margin Gross profit for the third quarter of 2015 was US$3.3 million on gross margin of 2.9%, compared with gross profit of US$6.1 million on gross margin of 6.9% for the second quarter of 2015.

The decrease in gross profit and gross margin was primarily due to a faster rate of decline in average selling price for self-branded solar modules as compared to the decrease in the products’ unit cost. In addition, a change in geographical mix resulted from higher shipments to lower-margin markets, combined with gross loss for the sales of self-branded solar cells contributed to the margin decrease in the quarter ended September 30, 2015. During the quarter, the unit purchasing price for wafer increased by approximately 5.6% compared with previous quarter, which heightened the unit cost of solar cells.

Amount Due from/to Related Parties Amount due from related parties totaled US$88.9 million as of September 30, 2015, a decrease of US$1.6 million compared toUS$90.5 million as of June 30, 2015. Amount due to related parties totaled US$4.7 million as of September 30, 2015, an increase ofUS$1.1 million compared to US$3.6 million as of June 30, 2015.

Inventory Inventories at the end of the third quarter of 2015 totaled US$72.2 million, a decrease of US$13.7 million from US$85.9 million at the end of the second quarter of 2015, which was mainly due to higher shipments during the quarter.

Accrued expenses and other current liabilities

Advance to suppliers

As of September 30, 2015, accrued expenses and other current liabilities increased to US$41.2 million from US$26.2 million as ofJune 30, 2015. The increase in accrued expenses was primarily resulted from the increase in the accrual of interest expenses of approximately US$2.2 million. The increase in other current liabilities was mainly due to the increased advance from clients ofUS$12.8 million.

Advance to suppliers totaled US$20.6 million at the end of the third quarter of 2015, an increase of US$11.9 million from US$8.7 million at the end of the second quarter of 2015. The increase was mainly driven by the higher shipments and strong demand for solar modules.

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QUARTER RESULTS

Trina Solar

Trina Solar Announces Fourth Quarter and Full Year 2015 Results Trina Solar Limited (NYSE: TSL) (“Trina Solar” or the “Company”), a global leader in photovoltaic (“PV”) modules, solutions and services, announced its unaudited financial results for the fourth quarter and full year of 2015.

Fourth Quarter Financial Highlights »

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Total module shipments were 1,776.3 MW, consisting of 1,579.7 MW of external shipments and 196.6 MW of shipments to the Company’s own downstream power projects.

This compares with total shipments of 1,703.2 MW, consisting of 1,353.2 MW of external shipments and 350.0 MW of shipments to the Company’s own downstream power projects in the third quarter of 2015.

Net revenues were $961.9 million, an increase of 21.4% from the third quarter of 2015 and 36.4% from the fourth quarter of 2014.

Gross profit was $183.3 million, an increase of 32.7% from the third quarter of 2015 and 65.1% from the fourth quarter of 2014.

Gross margin was 19.1%, compared with 17.4% in the third quarter of 2015 and 15.7% in the fourth quarter of 2014.

Operating income was $81.3 million, compared with $5.8 million in the third quarter of 2015 and $30.5 million in the fourth quarter of 2014.

Net income attributable to Trina Solar’s ordinary shareholders was $41.7 million, compared with a net loss of $20.0 million in the third quarter of 2015 and net income of $10.6 million in the fourth quarter of 2014.

Earnings per fully diluted American Depositary Share (“ADS” and each ADS represents 50 of the Company’s ordinary shares) were $0.43, compared with loss per fully diluted ADS of $0.24 in the third quarter of 2015 and earnings per fully diluted ADS of $0.13 in the fourth quarter of 2014.

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Financial Review » Total solar module shipments were approximately 5.74 GW, an increase of 56.8% from 3.66 GW in 2014. » Total net revenues were $3.0 billion, an increase of 32.8% from 2014. » Gross profit was $566.6 million, an increase of 47.0% from 2014. » Gross margin was 18.7%, compared with 16.9% in 2014. » Operating income was $177.0 million, an increase of 47.4% from 2014. » Net income attributable to Trina Solar’s ordinary shareholders for the full year was $76.5 million, an increase of 28.9% from 2014. » Earnings per fully diluted ADS for 2015 were $0.86, compared with $0.74 in 2014.

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QUARTER RESULTS

NET REVENUES

“We are pleased to report another quarter of record shipments and a sequential increase in earnings. Our module shipments during the quarter hit an all-time high of 1.78 GW, which once again exceeded the high-end of our guidance. We continue to maintain our position as the world’s largest solar module manufacturer and a leading solar project developer and operator.” “Our downstream business performed basically in-line with our expectations. We connected a total of 258.8 MW of PV power projects to the grid in the fourth quarter, including 132.5 MW of utility projects and 126.3 MW of distributed generation (DG) projects in China. For the full year of 2015, we connected a total of 685.9 MW of PV power projects to the grid around the world, of which about one third were DG projects in China. We continue to work diligently to maintain our position as a leading innovator of PV technology in the industry. We also view our R&D work as an important component of our strategy to diversify our product offerings and move our business into higher value-added areas”.

- Mr. Jifan Gao, Chairman & CEO , Trina Solar

Mr. Jifan Gao Added,

During the year, our R&D team accomplished a number of significant achievements, including three world records for our PERC solar cells and modules, which follow seven world records that we set in 2014. Our pilot line of interdigitated back contact solar cells (IBC) continued to reach new levels of efficiency, enabling us to use IBC solar cells and modules for high-value applications.” “2015 was in many ways a strong year for Trina Solar as we achieved record results on both a sequential and year-over-year basis in each quarter. During the year, we entered the Indian market and a number of other emerging markets, which helped to expand our global footprint from 43 to 63 countries. We also made progress on our global capacity expansion plans. Our partnered facilities in Vietnam and Malaysia, where we employ a relatively asset light model, helped to meet the growing demand for our products in overseas markets, and we expect our cell and module facility in Thailand to become operational in 2016. Our downstream business experienced more growth in China’s highly competitive environment. All of these efforts have solidified our foundation and leave us well-positioned for 2016.”

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Net revenues were $961.9 million, including downstream revenues from electricity generated by solar power projects and others of $34.6 million. Total net revenues represent an increase of 21.4% sequentially and an increase of 36.4% year-over-year. Total shipments were 1,776.3 MW, consisting of 1,579.7 MW of external shipments and 196.6 MW of shipments to the Company’s downstream power projects. This compares with total shipments of 1,703.2 MW in the third quarter of 2015 and 1,098.8 MW in the fourth quarter of 2014. The sequential increase in revenues and shipments was primarily due to rising shipment volumes to the U.S., Japan and the rest of Asia. The year-over-year increase in revenues and shipments was driven largely by growing demand from the U.S. and Asia.

Gross Profit and Gross Margin Gross profit was $183.3 million, compared with $138.2 million in the third quarter of 2015 and $111.0 million in the fourth quarter of 2014. Gross margin was 19.1%, compared with 17.4% in the third quarter of 2015 and 15.7% in the fourth quarter of 2014. The sequential increase in gross margin was mainly because of the increase in downstream revenues with higher gross margin as well as slight increase in module average selling price (“ASP”).

Operating Expenses, Income and Margin Operating expenses were $102.0 million, a decrease of 23.0% sequentially and an increase of 26.6% year-over-year. The sequential decrease was primarily because the third quarter included a $45.0 million provision for the settlement of a lawsuit brought against Trina Solar by Solyndra. The Company’s operating expenses represented 10.6% of fourth quarter net revenues, a decrease from 11.0% for the third quarter of 2015, if excluded the one-off Solyndra settlement provision, and a decrease from 11.4% in the fourth quarter of 2014. As a result, operating income was $81.3 million, compared with $5.8 million in the third quarter of 2015 and $30.5 million in the fourth quarter of 2014. Operating margin was 8.5%, compared with 0.7% in the third quarter of 2015 and 4.3% in the fourth quarter of 2014.

Net Interest Expense Net interest expense was $13.2 million, compared with $13.1 million in the third quarter of 2015 and $8.3 million in the fourth quarter of 2014.

Foreign Currency Exchange Loss The Company recorded a net foreign currency exchange loss of $11.4 million, which included a gain on the change in fair value of foreign exchange derivative instruments of $1.3 million.

This compares with a net loss of $13.1 million in the third quarter of 2015 and a net loss of $7.6 million in the fourth quarter of 2014. The foreign currency exchange loss in the fourth quarter of 2015 primarily resulted from the depreciation of the RMB against the USD.

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QUARTER RESULTS Income Tax Expense (Benefit) Income tax expense was $17.6 million, compared with an income tax benefit of $3.1 million in the third quarter of 2015 and an income tax expense of $1.7 million in the fourth quarter of 2014.

Net Income (Loss) & Earnings (Loss) per ADS Net income attributable to ordinary shareholders of Trina Solar was $41.7 million, compared with net loss attributable to ordinary shareholders of $20.0 million in the third quarter of 2015 and net income attributable to ordinary shareholders $10.6 million in the fourth quarter of 2014. Earnings per fully diluted ADS were $0.43, compared with loss per fully diluted ADS of $0.24 in the third quarter of 2015 and earnings per fully diluted ADS of $0.13 in the fourth quarter of 2014.

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Total module shipments during 2015 were 5.74 GW, consisting of 4.83 GW of external shipments and 912 MW of shipments to the Company’s downstream power projects, an increase of 56.8% from 3.66 GW in 2014, primarily driven by strong demand from China, Japan and the U.S. Net revenues were $3.0 billion, including downstream revenues from electricity generated by solar power projects, project sales and others of $168.7 million. Total net revenues represent an increase of 32.8% from $2.29 billion in 2014. Gross profit was $566.6 million, an increase of 47.0% from $385.6 million in 2014. Overall gross margin was 18.7%, compared with 16.9% in 2014. The gross margin expansion in 2015 was primarily due to a greater reduction in manufacturing costs compared with the general decline in ASP, as well as increased sales of overseas downstream solar projects and EPC services, which produce higher margins than module sales.

Operating profit was $177.0 million in 2015, compared with $120.1 million in 2014.

Operating margin was 5.8%, compared with 5.3% in 2014.

Net income attributable to ordinary shareholders of Trina Solar was $76.5 million, compared with $59.3 million in 2014. Net margin was 2.5%, compared with 2.6% in 2014.

Earnings per fully-diluted ADS were $0.86, compared with $0.74 for 2014.

Financial Condition

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As of December 31, 2015, the Company had $659.9 million in cash and cash equivalents, and restricted cash.

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Build-to-sell project assets under current assets increased to $531.3 million as of December 31, 2015 from $30.2 million as of September 30, 2015 to reflect the strategic shift in the Company’s downstream business from holding all of the Company’s PV projects in China to selling a proportion of the projects during the quarter.

As a result, some of the project assets were transferred from property, plant and equipment (PP&E) to current assets during the quarter.

The Company’s build-to-sell projects include the projects that were recently completed construction in China during the fourth quarter as well as projects that are under construction in China and overseas which are to be sold in the future.

With the new business model in our downstream business, in accordance with the accounting policies of the Company, the revenues generated from sales of build-to-sell project assets under current assets will be recognized as revenue if all revenue recognition criteria are met, whereas gain or loss from the disposal of build-to-own project assets under PP&E will be recorded as other operating income or expense in the income statement. In addition, incidental electricity income generated from the build-to-sell project assets prior to the sales of the projects will be recorded as other operating income, whereas electricity income generated from the Company’s operation of the build-to-own project assets are recognized as service revenues if all revenue recognition criteria are met.

Total bank borrowings were $1,438.6 million as of December 31, 2015, of which $916.6 million were short-term borrowings and current portion of long-term borrowings.

Shareholders’ equity was $1,050.7 million as of December 31, 2015.

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Manufacturing Capacity As of December 31, 2015, the Company had the following annualized in-house manufacturing capacities: • Ingot production capacity of approximately 2.3 GW • Wafer capacity of approximately 1.8 GW; • PV cell capacity of approximately 3.5 GW; and • PV module capacity of approximately 5.0 GW. Project Development In the fourth quarter of 2015, the Company connected a total of 258.8 MW PV power projects to the grid, including 132.5 MW of utility projects and 126.3 MW of DG projects in China. The 132.5 MW of utility PV power projects consisted of 42.5 MW in Yunnan, which was a portion of a total 300.0 MW project, 40.0 MW in Xinjiang, 21.0 MW in Hebei, 17.0 MW in Anhui and 12.0 MW in Jiangsu. The 126.3 MW of DG projects consisted of 44.9 MW in Jiangsu, 29.0 MW in Shandong, 20.2 MW in Anhui, 16.5 MW in Hubei, 14.7 MW in Zhejiang and 1.0 MW in Henan.

In 2015, the Company connected a total of 685.9 MW of PV power projects to the grid across the globe, of which, DG projects in China were 200.4 MW, accounting for 29.2%.

As of December 31, 2015, the Company had a total of 869.2 MW downstream solar projects in commercial operation, including 847.0 MW in China, 4.2 MW in the U.S., and 18.0 MW in Europe. The 847.0 MW projects in China consisted of 645.5 MW of utility projects and 201.5 MW of DG projects.

First Quarter and Fiscal Year 2016 Guidance First Quarter 2016 Guidance The Company expects to ship between 1.37 GW to 1.45 GW of PV modules, all of which will be shipped to third-party customers.

Fiscal Year 2016 Guidance 2016 Manufacturing Capacity Guidance The Company expects to achieve the following annualized capacity at the end of 2016: • • • •

Ingot production capacity of approximately 2.3 GW Wafer capacity of approximately 1.8 GW PV cell capacity of approximately 5.0 GW PV module capacity of approximately 6.0 GW

The Company expects total PV module shipments between 6.30 GW and 6.55 GW, of which 450 MW to 550 MW will be shipped to the Company’s downstream projects, revenues of which will not be recognized.

The Company expects to connect to the grid between 750 MW and 850 MW of downstream PV power projects across the world, including 10 % to 15% of DG projects in China.

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QUARTER RESULTS Jinko Solar

JinkoSolar Announces Fourth Quarter and Full Year 2015 Financial Results JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2015.

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Total solar module shipments were 1,709.9 megawatts (“MW”), which includes 92.7 MW to be used in the Company’s downstream projects. Total solar module shipments increased 50.7% from 1,134.9 MW in the third quarter of 2015 and 58.6% from 1,078.3 MW in the fourth quarter of 2014.

As of December 31, 2015, the Company had connected 1,006.6 MW worth of solar power projects.

Total revenues were RMB6.07 billion (US$937.7 million), representing an increase of 49.9% from the third quarter of 2015 and an increase of 104.4% from the fourth quarter of 2014.

Solar power projects generated electricity of 154.4 GWh, a 34.0% decrease from the third quarter of 2015 due to the seasonality and the curtailment of projects in China’s western regions, and an increase of 67.9% from the fourth quarter of 2014 due to the increase in number and capacity of solar power projects. Revenues generated from solar power projects were RMB136.3 million (US$21.0 million), representing a decrease of 33.8% from the third quarter of 2015 and an increase of 69.4% from the fourth quarter of 2014.

Gross margin was 19.5%, compared with 21.3% in the third quarter of 2015 and 22.8% in the fourth quarter of 2014.

Income from operations was RMB 482.7 million (US$74.5 million), compared with RMB384.0 million in the third quarter of 2015 and RMB236.6 million in the fourth quarter of 2014.

Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB 349.4 million (US$ 53.9 million), compared with RMB195.1 million in the third quarter of 2015 and RMB244.7 million in the fourth quarter of 2014.

Diluted earnings per American depositary share (“ADS”) were RMB10.92 (US$1.68), compared with RMB3.12 in the third quarter of 2015 and RMB3.12 in the fourth quarter of 2014.

Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders in the fourth quarter of 2015 was RMB 503.5 million (US$77.7 million), compared with RMB253.3 million in the third quarter of 2015 and RMB237.1 million in the fourth quarter of 2014.

Non-GAAP basic and diluted earnings per ADS were RMB16.12 (US$2.48) and RMB15.72 (US$2.44), respectively, in the fourth quarter of 2015.

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Full Year 2015 Highlights » Total solar module shipments were 4,511.6 MW, which include 304.0 MW to be used in the Company’s downstream solar power projects, an increase of 53.3% from 2,943.6 MW for the full year 2014. » As of December 31, 2015, the Company has connected 1,006.6 MW worth of solar power projects. » Total revenues were RMB16.08 billion (US$2.48 billion) for the full year 2015, an increase of 61.1% from RMB9.98 billion for the full year 2014. » Revenues generated from solar power projects were RMB622.1 million (US$96.0 million), representing a 161.8% increase from RMB237.6 million in 2014. » Gross margin was 20.3% for the full year 2015, compared with 22.4% for the full year 2014. » Income from operations was RMB1.33 billion (US$205.9 million), compared RMB931.6 in the full year 2014. » Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB683.8 million (US$105.6 million) for the full year 2015, compared with RMB673.0 million for the full year 2014. » Diluted earnings per ADS for the full year 2015 was RMB21.40 (US$3.32), compared with RMB15.44 for the full year 2014. » Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders for the full year 2015 was RMB1.15 billion (US$177.0 million), compared with RMB800.2 million for the full year 2014. · Non-GAAP basic and diluted earnings per ADS for the full year 2015 were RMB36.80 (US$5.68) and RMB35.88 (US$5.52), respectively.

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QUARTER RESULTS

Mr. Kangping Chen Added,

“I am pleased to report a strong finish to the year with record high total module shipments and revenue. Total module shipments reached 1,709.9 MW during the quarter which resulted in total revenues of US$937.7 million, an increase of 104.4% over the same period in 2014. This translates into module shipments for the entire year of 4,511.6 MW, and total revenues of US$2.48 billion. Global demand remains strong, especially in key solar markets, which gives us good visibility for the entire year and leaves us very confident about our future prospects. Our downstream business remains a key focus of ours as we continue to work on building its longterm viability and sustainability.

Electricity output during the fourth quarter of 2015 reached 154.4 GWh, down 34.0% sequentially while generating RMB136.3 million in revenue. We connected 161 MW of solar power projects to the grid during the fourth quarter which brings our total capacity of connected projects to 1,006.6 MW as of December 31, 2015. Aside from the effects of seasonality, power output was impacted by the curtailment of projects in China’s western regions and strong rainfall in eastern regions. A number of events beyond our control such as delays in subsidy catalog update and a prolonged grid-connection process made us fall short of our connection target for the year but we are confident in our ability to rapidly make up for this shortfall this year. We are now accelerating the spin-off process to maximize shareholder value.”

- Mr. Kangping Chen, Chief Executive Officer Jinko Solar

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“The depreciation of the RMB over the past half year has caused considerable turmoil in the global markets. We have been increasing our hedge ratio to ensure that its impact on our business remains limited. Despite recent economic volatility, we remain positive on China’s long-term development given that we just entered the first year of the new national five-year plan which is expected to further deepen structural supply-side reforms.

Global demand for solar energy continues to grow steadily. We remain the market leader in China where growth and demand is expected to be strong and more balanced this year.

With the extension of ITC, the biggest market uncertainty has been removed in the US which provides us with good visibility on market stability well into 2018. ASPs in major markets are expected to further stabilize during the first quarter of 2016 as demand grows. We remain cautious about the expansion of production capacity, but with demand growing sharply, we have plans in place to expand our manufacturing capacity to meet our minimum market demand expectations. In conclusion, we finished off the year on a very strong footing with record shipments and revenues that demonstrate the efficiency of our operations and value that our customers all over the world place on our brand and products. Our focus on maintaining the highest quality standard in the industry allows us to provide our customers with reliable, high-efficiency PV products regardless of where they are based. I am confident about our growth prospects as we continue to deliver long-term value to our shareholders.”

Fourth Quarter 2015 Financial Results TOTAL REVENUE Total revenues in the fourth quarter of 2015 were RMB6.07 billion (US$937.7 million), representing an increase of 49.9% from RMB4.1 billion in the third quarter of 2015 and an increase of 104.4% from RMB2.97 billion in the fourth quarter of 2014, respectively.

The sequential increase in total revenues was mainly attributable to the increase in shipments of solar modules. The year-over-year increase was mainly due to the increase in shipments as well as electricity revenues.

During the fourth quarter of 2015, revenues from downstream solar power projects were RMB136.3 million (US$21.0 million), representing a decrease of 33.8% from RMB205.8 million in the third quarter of 2015 and an increase of 69.4% from RMB80.4 million in the fourth quarter of 2014. The sequential decrease was primarily due to seasonality and the curtailment of projects in China’s western regions. The year-overyear increase in solar power project revenues was primarily due to the increase in number and capacity of the Company’s solar projects. Gross profit for solar power project revenues was RMB46.3 million (US$7.2 million) during the fourth quarter of 2015, representing a gross margin of 34.0%.

The Company has entered into certain sales contracts with retainage terms (the “Retainage Contracts”) since the second half of 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage for the specified period which generally ranges from one year to two years (the “Retainage Period”). Given the limited experience the Company has with respect to the collectability of the retainage under the Retainage Contracts, the Company does not recognize such retainage until the customers pay it after the Retainage Period expires. The total amount of retainage under the Retainage Contracts that was not recognized as revenues was RMB11.7 million (US$1.8 million) and nil for the fourth and the third quarter of 2015, respectively. During the fourth quarter of 2015, the Company recognized retainage payments of RMB35.3 million (US$5.4 million) as revenues. As of December 31, 2015, the cumulative amount of retainage that had not yet been recognized as revenue was RMB156.2 million (US$24.1 million).

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QUARTER RESULTS GROSS PROFIT AND GROSS MARGIN Gross profit in the fourth quarter of 2015 was RMB1.18 billion (US$182.6 million), compared with RMB864.6 million in the third quarter of 2015 and RMB678.2 million in the fourth quarter of 2014.

Gross margin was 19.5% in the fourth quarter of 2015 compared with 21.3% in the third quarter of 2015 and 22.8% in the fourth quarter of 2014. The sequential decrease was from the lower gross margins of electricity revenues due to seasonality and the curtailment of projects in China’s western regions.

INCOME FROM OPERATIONS AND OPERATING MARGIN Income from operations in the fourth quarter of 2015 was RMB482.7 million (US$74.5 million), compared RMB384.0 million in the third quarter of 2015 and RMB236.6 million in the fourth quarter of 2014. Operating margin in the fourth quarter of 2015 was 7.9%, compared with 9.5% in the third quarter of 2015 and 8.0% in the fourth quarter of 2014, respectively.

Total operating expenses in the fourth quarter of 2015 were RMB700.3 million (US$108.1 million), an increase of 45.7% from RMB480.6 million in the third quarter of 2015 and an increase of 58.6% from RMB441.5 million in the fourth quarter of 2014. The sequential increase in operating expenses was mainly due to increases in shipping and warranty costs and provisions of accounts receivable.

Total operating expenses excluding non-cash expenses, including stock-based compensation, the provisions for doubtful accounts, and disposal and impairment of fixed assets were RMB587.1 million (US$90.6 million), compared to RMB493.1 million in the third quarter of 2015 and RMB388.7 million in the fourth quarter of 2014.

Total operating expenses excluding non-cash charges as a percentage of total net revenues was 9.7% in the fourth quarter of 2015, compared to 12.2% in the third quarter of 2015 and 13.1% in the fourth quarter of 2014.

INTEREST EXPENSE, NET Net interest expense in the fourth quarter of 2015 was RMB97.3 million (US$15.0 million), a decrease of 33.5% from RMB146.2 million in the third quarter of 2015 and an increase of 18.5% from RMB82.1 million in the fourth quarter of 2014. The sequential decrease was mainly due to lower interest expenses associated with the discounted notes receivable and the capitalization of interests expensed in the prior year. The year-over-year increase was mainly due to an increase in loans used for solar power projects.

EXCHANGE GAIN / (LOSS), NET The Company recorded an exchange gain of RMB72.1 million (US$11.1 million) including change in fair value of forward contracts in the fourth quarter of 2015. The Company had net exchange loss of RMB121.6 million in the third quarter of 2015 and net exchange loss of RMB6.8 million in the fourth quarter of 2014. The sequential and year-over-year changes were mainly due to the Company’s proactive hedging strategy to minimize foreign exchange impact.

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Change In Fair Value Of Convertible Senior Notes And Capped Call Options The Company recognized a loss from a change in fair value of convertible senior notes of RMB48.7 million (US$7.5 million), and a gain from a change in fair value of capped call options of RMB4.0 million (US$0.6 million). The loss from change in fair value of convertible senior notes was primarily due to the increase in the price of the Company’s stock during the fourth quarter of 2015. The Company repurchased convertible senior notes for an aggregate amount of US$22.5 million during the fourth quarter.

Equity in Income of Affiliated Companies The Company recognized equity income from affiliated companies of RMB1.7 million (US$0.3 million) in the fourth quarter of 2015 as a result of its share of profits for solar power projects held by affiliated companies.

Income Tax Expense / (Benefit), Net The Company recorded an income tax expense of RMB59.6 million (US$9.2 million) in the fourth quarter of 2015, compared with an income tax expense of RMB34.2 million in the third quarter of 2015 and an income tax benefit of RMB9.4 million during the fourth quarter of 2014.

Net Income and Earnings per Share Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders in the fourth quarter of 2015 was RMB349.4 million (US$53.9 million), compared with RMB195.1 million in the third quarter of 2015 and RMB244.7 million in the fourth quarter of 2014.

Basic and diluted earnings per share were RMB2.80 (US$0.43) and RMB2.73 (US$0.42), respectively, during the fourth quarter of 2015. This translates into basic and diluted earnings per ADS of RMB11.20 (US$1.72) and RMB10.92 (US$1.68), respectively.

Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders in the fourth quarter of 2015 was RMB503.5 million (US$77.7 million), compared with RMB253.3 million in the third quarter of 2015 and RMB237.1 million in the fourth quarter of 2014.

Non-GAAP basic and diluted earnings per share were RMB4.03 (US$0.62) and RMB3.93 (US$0.61), respectively, during the fourth quarter for 2015.

This translates into non-GAAP basic and diluted earnings per ADS of RMB16.12 (US$2.48) and RMB15.72 (US$2.44), respectively.

Financial Position As of December 31, 2015, the Company had RMB4.24 billion (US$654.4 million) in cash and cash equivalents and restricted cash, compared with RMB3.7 billion of cash and cash equivalents and restricted cash as of September 30, 2015.

As of December 31, 2015, the total interest-bearing debts were RMB10.29 billion (US$1.59 billion), compared with RMB10.60 billion as of September 30, 2015, of which interest-bearing debts from downstream solar power projects accounted for RMB4.93 billion (US$760.3 million), compared with RMB 4.07 billion as of September 30, 2015.

As of December 31, 2015, the Company’s working capital was negative RMB640.3 million (US$98.8 million), compared with negative RMB734.3 billion as of September 30, 2015.

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QUARTER RESULTS FULL YEAR 2015 FINANCIAL RESULTS TOTAL REVENUES

NET INCOME & EARNINGS PER SHARE

Total revenues for the full year 2015 were RMB16.08 billion (US$2.48 billion), an increase of 61.1% from RMB9.98 billion for the full year 2014. The increase in total revenues was mainly attributable to the increase in shipments of solar modules and electricity revenues from solar projects.

GROSS PROFIT & GROSS MARGIN Gross profit for the full year 2015 was RMB3.3 billion (US$504.8 million), an increase of 46.0% from RMB2.2 billion for the full year 2014.

Gross margin was 20.3% for the full year 2015, compared with 22.4% for the full year 2014. The decrease in gross margin was primarily due to a slight decline in solar module ASPs.

Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders for the full year 2015 was RMB683.8 million (US$105.6 million), compared with a net income of RMB673.0 million in 2014.

CHANGE IN FAIR VALUE OF CONVERTIBLE SENIOR NOTES & CAPPED CALL OPTIONS The Company recognized a loss from a change in fair value of convertible senior notes and capped call options of RMB14.6 million (US$2.2 million) for the full year 2015, compared with a gain of RMB64.1 million in 2014, primarily due to changes in the Company’s stock price.

INCOME FROM OPERATIONS & OPERATING MARGIN

EQUITY IN GAIN OF AFFILIATED COMPANIES

Income from operations for the full year 2015 was RMB1.33 billion (US$205.9 million), compared with RMB931.6 million for the full year 2014. Operating margin for the full year 2015 was 8.3%, compared with 9.3% for the full year 2014.

The Company recognized equity gain of affiliated companies of RMB13.7 million (US$2.1 million) for the full year 2015 as a result of its share of profits for solar power projects held by affiliated companies.

Total operating expenses for the full year 2015 were RMB1.94 billion (US$298.9 million), an increase of 48.0% from RMB1.3 billion for the full year 2014. Operating expenses represented 12.0% of total revenues for the full year 2015, compared with 13.1% for the full year 2014. The increase in total operating expense is primarily due to the increase of shipping and warranty, and stock-based compensation expenses.

INCOME TAX EXPENSE / (BENEFIT), NET

INTEREST EXPENSE, NET Net interest expense for the full year 2015 was RMB385.9 million (US$59.6 million), an increase of 34.2% from RMB287.7 million in 2014. The increase was primarily due to the increase in bank borrowings used for the construction of downstream solar power projects in 2015.

Basic and diluted income per share for the full year 2015 was RMB5.49 (US$0.85) and RMB5.35 (US$0.83), respectively. This translates into basic and diluted earnings per ADS of RMB21.96 (US$3.40) and RMB21.40 (US$3.32), respectively.

Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders for the full year 2015 was RMB1.15 billion (US$177.0 million), compared with non-GAAP net income of RMB800.2 million in 2014.

Non-GAAP basic and diluted earnings per share for the full year 2015 were RMB9.20 (US$1.42) and RMB8.97 (US$1.38), respectively, which translates into non-GAAP basic and diluted earnings per ADS of RMB36.80 (US$5.68) and RMB35.88 (US$5.52), respectively.

The Company recognized an income tax expense of RMB111.9 million (US$17.3 million) for the full year 2015, compared with a tax benefit of RMB134.3 million in 2014. The Company’s evaluation of its deferred tax assets was based on both positive and negative indications of the ability to realize the benefits of such tax assets. Based on the strong financial performance of certain subsidiaries, the Company determined that the future taxable income of certain subsidiaries would be sufficient to realize the benefits of such tax assets and reversed the valuation allowance of RMB203.6 million in 2014.

EXCHANGE LOSS The Company recorded an exchange loss of RMB61.2 million (US$9.4 million) in the full year 2015. The Company had net exchange loss of RMB147.8 million in 2014.

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QUARTER RESULTS Fourth Quarter & Full Year 2015

OPERATIONAL HIGHLIGHTS Recent Business Developments »»

»» Solar Module Shipments Total solar module shipments in the fourth quarter of 2015 amounted to 1,709.9 MW, including 92.7 MW to be used in the Company’s downstream projects.

In comparison, total solar module shipments for the third quarter of 2015 amounted to 1,134.9 MW, including 71.0 MW to be used in the Company’s downstream projects.

Total solar module shipments in 2015 amounted to 4,511.6 MW, including 304.0 MW to be used in the Company’s downstream projects. In comparison, total solar module shipments in 2014 amounted to 2,943.4 MW, including 520 MW to be used in the Company’s downstream projects.

Solar Power Project Capacity

As of December 31, 2015, the Company had connected 1,006.6 MW of solar power projects to the grid.

Solar Products Production Capacity

As of December 31, 2015, the Company’s in-house annual silicon wafer, solar cell and solar module production capacity was 3 GW, 2.5 GW and 4.3 GW, respectively.

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In November 2015, JinkoSolar was invited to the COP21 climate change conference held in Paris.

In January 2016, JinkoSolar announced that its multicrystalline PV modules were the first to receive the China Quality Certification Center’s Top Runner Program level-one energy efficiency certification in China.

In January 2016, JinkoSolar announced that it had entered into an agreement to supply up to one gigawatt (GW) of solar PV modules to sPower, a leading US independent power producer (IPP) company.

In January 2016, JinkoSolar announced that it had formed a consortium with RWE AG through its subsidiary RWE Innogy to jointly participate in the 800 MW Solar Photovoltaic Independent Power Project - Phase III tendered by the Dubai Electricity and Water Authority in Dubai, United Arab Emirates.

BUSINESS OUTLOOK First Quarter and Full Year 2016 Guidance For the first quarter of 2016, the Company estimates total solar module shipments to be in the range of 1.3 GW to 1.4 GW, which includes 1.2 GW to 1.3 GW module shipments to third parties. Revenues will not be recognized for the modules shipped to its own downstream projects as required by U.S. GAAP. For the full year 2016, the Company estimates total solar module shipments to be in the range of 6 GW and 6.5 GW which includes 5.4 GW to 5.7 GW module shipments to third parties. Full year newly-added solar power project development scale is expected to be in the range of 600 MW to 800 MW.

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For Sponsorship Opportunity

For Delegate Registration

GOURAV GARG gourav.garg@EQmag.net 093033 43777

Piyush Mishra piyush.mishra@EQmag.net 0731 4222268

ANAND GUPTA anand.gupta@EQmag.net 098262 44496

For Speaker Opportunity Prasoon Agrawal prasoon.agrawal@EQmag.net 096440 94933

ARPITA GUPTA arpita.gupta@EQmag.net 090095 55914

QUARTER RESULTS Canadian Solar

Canadian Solar Reports Fourth Quarter And Full Year 2015 Results Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced its financial results for the fourth quarter ended December 31, 2015.

Fourth Quarter 2015 Highlights »

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Total solar module shipments were a quarterly record high of 1,430 MW, of which 1,398 MW were recognized in revenue, compared to 1,150 MW recognized in revenue in the third quarter of 2015.

Net revenue was a quarterly record high of $1,120.3 million, compared to $849.8 million in the third quarter of 2015.

Net revenue from the total solutions business as a percentage of total net revenue was 30.7%, compared to 26.6% in the third quarter of 2015.

Gross margin was 17.9%, compared to 14.9% in the third quarter of 2015.

Net income attributable to Canadian Solar was $62.3 million, or $1.05 per diluted share, compared to $30.4 million, or $0.53 per diluted share, in the third quarter of 2015.

Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.1 billion, compared to $1.0 billion at the end of the third quarter of 2015.

Net cash generated from operating activities was $201.7 million, compared to $41.4 million in the third quarter of 2015.

During the quarter, the Company completed the construction and tax-equity financing of all of its late-stage, utilityscale project pipeline in the U.S., and sold controlling stakes in two projects totaling 246.9 MWp. During the quarter, the Company completed the sale of three solar power plants valued at over C$197.1 million ($144.5 million), in Canada.

The Company has recently started the operation and retained ownership of solar power plants totaling 144.0 MWp, including 14.1 MWp in Canada, 6.2 MWp in Japan, 22.9 MWp in the United Kingdom and 100.8 MWp in China.

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Full Year 2015 Highlights » Total solar module shipments were an annual record high of 4,706 MW, of which 4,384 MW were recognized in revenue, compared to 2.8 GW recognized in revenue in 2014. » Net revenue was an annual record high at $3.47 billion, compared to $2.96 billion in 2014. » Net revenue from the total solutions business as a percentage of total net revenue was 30.9%, compared to 44.5% in 2014. » Income from operations was $247.4 million and non-cash charges for depreciation, amortization and equity compensation were $100.2 million. » Net income attributable to Canadian Solar was $171.9 million, or $2.93 per diluted share, compared to $239.5 million, or $4.11 per diluted share, in 2014. » During the year, the Company delivered a total of 388 MW of system kits and utility-scale solar power plants to all of its key markets. » Cash flow from operations was $397.0 million, compared to $265.1 million in 2014.

Fourth Quarter 2015 Results

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et revenue in the fourth quarter of 2015 was $1,120.3 million, up 31.8% from $849.8 million in the third quarter of 2015 and up 17.2% from $956.2 million in the fourth quarter of 2014. Total solar module shipments in the fourth quarter of 2015 were 1,430 MW, of which 1,398 MW were recognized in revenue, compared to 1,150 MW recognized in revenue in the third quarter of 2015 and 897 MW recognized in revenue in the fourth quarter of 2014. Solar module shipments recognized in revenue in the fourth quarter of 2015 included 63.8 MW used in the total solutions business, compared to 110.5 MW in the third quarter of 2015 and 163.3 MW in the fourth quarter of 2014.

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QUARTER RESULTS

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By geography, in the fourth quarter of 2015, sales to the Americas represented 51.9% of net revenue, sales to Asia represented 41.1% of net revenue, and sales to Europe and others represented 7.0% of net revenue, compared to 52.6%, 41.3% and 6.1% respectively, in the third quarter of 2015 and 61.8%, 31.8%, 6.4% respectively, in the fourth quarter of 2014.

Gross profit in the fourth quarter of 2015 was $200.5 million, compared $126.8 million in the third quarter of 2015 and $184.9 million in the fourth quarter of 2014. Gross margin in the fourth quarter of 2015 was 17.9%, compared to 14.9% in the third quarter of 2015 and 19.3% in the fourth quarter of 2014. The sequential increase in gross margin was primarily due to higher margin and higher contribution from the total solutions business, as well as lower module manufacturing cost.

Total operating expenses were $95.2 million in the fourth quarter of 2015, down 0.8% from $95.9 million in the third quarter of 2015 and up 38.1% from $68.9 million in the fourth quarter of 2014.

Selling expenses were $39.4 million in the fourth quarter of 2015, up 5.7% from $37.2 million in the third quarter of 2015 and up 8.7% from $36.2 million in the fourth quarter of 2014. The sequential increase in selling expenses was primarily due to higher shipping and handling expenses, partially offset by lower sales commission. The year-over-year increase was primarily due to higher shipping and handling expenses and higher sales com-

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mission.

General and administrative expenses were $51.0 million in the fourth quarter of 2015, down 6.7% from $54.6 million in the third quarter of 2015 and up 74.1% from $29.3 million in the fourth quarter of 2014. Excluding the $20.8 million expense related to the settlement of LDK arbitration case in the third quarter of 2015, the sequential increase in general and administrative expenses was primarily due to impairment of certain idle assets of approximately $7.0 million, an increase in bad debt expense as well as higher salary and bonus expenses. The year-over-year increase was primarily due to consolidation of Recurrent Energy’s general and administrative expenses.

Research and development expenses were $4.8 million in the fourth quarter of 2015, compared to $4.1 million in the third quarter of 2015 and $3.4 million in the fourth quarter of 2014.

Income from operations was $105.3 million in the fourth quarter of 2015, compared to $30.9 million in the third quarter of 2015, and $116.0 million in the fourth quarter of 2014. Operating margin was 9.4% in the fourth quarter of 2015, compared to 3.6% in the third quarter of 2015 and 12.1% in the fourth quarter of 2014.

Non-cash depreciation and amortization charges were approximately $24.7 million in the fourth quarter of 2015, compared to $24.8 million in the third quarter of 2015, and $22.2

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million in the fourth quarter of 2014. Non-cash equity compensation expense was $1.4 million in the fourth quarter of 2015, compared to $1.4 million in the third quarter of 2015, and $1.2 million in the fourth quarter of 2014.

Interest expense was $17.1 million in the fourth quarter of 2015, compared to $13.0 million in the third quarter of 2015, and $12.1 million in the fourth quarter of 2014.

Interest income was $4.2 million in the fourth quarter of 2015, compared to $4.2 million in the third quarter of 2015 and $4.2 million in the fourth quarter of 2014.

The Company recorded a loss on change in fair value of derivatives of $9.4 million in the fourth quarter of 2015, compared to a loss of $12.3 million in the third quarter of 2015 and a gain of $14.9 million in the fourth quarter of 2014. The loss on change in fair value of derivatives in the fourth quarter of 2015 included a loss on change in fair value of foreign currency hedging loss of $0.9 million and loss on change in fair value of warrants of $8.9 million. The warrants were issued in conjunction with the $180 million in financing arranged by Credit Suisse in the fourth quarter of 2015.

These warrants can be settled in cash at the discretion of the holder and as a result they are liability derivatives which were fair valued at issuance and are subsequently marked to market at the end of each reporting period.

Foreign exchange gain in the fourth quarter of 2015 was $11.3 million compared to a foreign exchange gain of $17.1 million in the third quarter of 2015 and a foreign exchange loss of $19.8 million in the fourth quarter of 2014.

Income tax expense was $31.0 million in the fourth quarter of 2015, compared to tax benefit of $3.9 million in the third quarter of 2015 and income tax expense of $27.5 million in the fourth quarter of 2014.

Net income attributable to Canadian Solar was $62.3 million, or $1.05 per diluted share, in the fourth quarter of 2015, compared to net income of $30.4 million, or $0.53 per diluted share, in the third quarter of 2015, and net income of $75.7 million, or $1.28 per diluted share, in the fourth quarter of 2014.

FINANCIAL CONDITION • •

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The Company had $1.13 billion of cash, cash equivalents and restricted cash as of December 31, 2015, compared to $1.00 billion as of September 30, 2015.

Accounts receivable, net of allowance for doubtful accounts, at the end of the fourth quarter of 2015 were $426.8 million, compared to $431.9 million at the end of the third quarter of 2015. Accounts receivable turnover was 43 days in the fourth quarter of 2015, compared to 48 days in the third quarter of 2015.

Inventories at the end of the fourth quarter of 2015 were $334.5 million, compared to $426.4 million at the end of the third quarter of 2015. Inventory turnover was 40 days in the fourth quarter of 2015, compared to 63 days in the third quarter of 2015.

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Accounts and notes payable at the end of the fourth quarter of 2015 were $985.8 million, compared to $1.02 billion at the end of the third quarter of 2015.

Short-term borrowings at the end of the fourth quarter of 2015 were $1.16 billion, compared to $1.06 billion at the end of the third quarter of 2015. Long-term debt at the end of the fourth quarter of 2015 was $606.6 million, compared to $514.3 million at the end of the third quarter of 2015. Senior convertible notes totaled $150.0 million at the end of the fourth quarter of 2015, unchanged from the end of the third quarter of 2015. Short-term borrowings and long-term debt directly related to utility-scale solar power projects totaled $560.6 million at the end of the fourth quarter of 2015.

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QUARTER RESULTS

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At the end of the fourth quarter of 2015, the Company booked approximately $1.2 billion of solar power plant assets in property, plant and equipment. This includes plants already in operation, as well as plants in construction to be owned and operated.

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The purchase price paid by the Company for Recurrent Energy and the operating solar projects acquired from KKR has been allocated on a preliminary basis to assets acquired and liabilities assumed based on available information and management’s best estimates. The Company is still finalizing this allocation. The final allocation may differ from this preliminary allocation.

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: “Our revenue increased 31.8% over the third quarter of 2015 to $1,120.3 million. We reduced our inventory by $91.9 million as we tightened controls over working capital. Gross margin of 17.9% was above the high end of our guidance of 13% to 15%, driven by favorable currency trends that resulted in higher than expected average selling prices for our Module business and higher than expected margins in our Energy business. The Energy business margins were higher due to timing on the recognition of US project sales and better than expected results from sales of projects in Canada. We closed all of the required construction and tax equity financing for our near-term US projects in 2015 at what we believe to be low and very competitive rates. We continue to believe that our track record of execution and our strong financial results position us well to implement our plans for the next few years. We remain flexible on our plans to launch a YieldCo and are willing to sell projects in the short term to recycle growth capital while maintaining enough size and scale to launch a YieldCo should market conditions become favorable.”

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“This was a record breaking year for Canadian Solar. Our track record of consistent and reliable execution continues to reinforce our competitive position and strong bankability. This in turn is providing us with excellent support from financial institutions and investors worldwide. The more than 4.7 GW of total solar module shipments in 2015 underscores the vast growth opportunities we see ahead in our key markets worldwide. Equally important, we continue to make impressive progress in the buildout of our Energy or total solutions business, with 398 MW of solar plants in operation, a late-stage project pipeline totaling 2.0GW in execution, and an early stage project pipeline of 8.3 GW in development, 2.6 GW of which is in the U.S. and will benefit from the recent ITC extension. This gives us considerable visibility into our earnings power, as well as flexibility over the timing of the potential launch of our own YieldCo.” -Dr. Shawn Qu, Chairman and Chief Executive Officer, Canadian Solar Inc.

Utility Scale Project Pipeline The Company’s solar project pipeline totals 10.3 GWp, including approximately 2.0 GWp of projects in late-stage of development, and 8.3 GWp in early- to mid-stage of development. The Company would like to caution that some of the projects under development may fail to secure all the permits and grid-connection approvals and as a result may not reach completion.

Late-Stage Solar Project Pipeline Canadian Solar’s late-stage, solar project pipeline totals approximately 2.0 GWp, with an estimated resale value and gross profit contribution exceeding $4.5 billion and $850 million, respectively, once these projects have been built and connected to the grid. In Canada, in the fourth quarter of 2015, the Company started the commercial operation of four solar power plants totaling 57.0 MWp. Three of these plants, Illumination, Aria and Earthlight, totaling 42.9 MWp and valued at over C$197.1 million ($144.5 million), were sold to investors. The Company intends to own and operate the forth plant, Alfred.

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QUARTER RESULTS

In the United States, in the fourth quarter of 2015, the Company sold a controlling interest in the 212.1 MWp Roserock and the 272.1 MWp Garland solar power projects to Southern Power, a subsidiary of Southern Company (NYSE: SO). As of the end of the fourth quarter of 2015, the Company had secured debt commitments totaling $1.8 billion with a syndicate of banks and tax-equity commitments totaling $1.3 billion from several investors, to fund the build-out of all of its utility scale projects currently under construction. The Company’s utility-scale solar project pipeline in the U.S. totals approximately 770.9. MWp as detailed below:

* Reflects Company net ownership after sales and tax equity financing

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n Japan, as recently announced, the Company started commercial operation of three solar power plants, with a total capacity of approximately 6.2 MWp. As of the end of January 2016, the Company’s pipeline of projects in development was approximately 582.2 MWp, with 81.5 MWp in construction and an additional 107.4 MWp at the ready-to-build stage. Under a recent rule change, METI will give developers a grace period to submit a signed interconnection contract for existing projects under development to lock in the feed-in-tariff (FIT). Projects that are not able to reach this milestone within the grace period will have their respective FIT rate reduced to the applicable rate at that time. The exact length of this grace period is still to be announced. The Company has signed interconnection agreements for projects totaling approximately 200 MWp, and believes it can sign interconnection agreements for an additional 170-215 MWp within the next 12 months. The Company will reassess the options for the projects that do not secure interconnection agreements within this grace period, in the context of the market environment at that time.

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n the United Kingdom, in the fourth quarter of 2015, the Company started commercial operation of five solar power plants totaling 22.9 MWp. The Company’s late-stage solar project pipeline totals 57.0 MWp, which are expected to be connected to the grid in 2016.

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n Brazil, the Company won bids in Pirapora, Minas Gerais, for three solar projects totaling 110.0 MWp increasing the Company’s late-stage solar project pipeline to 384.0 MWp. Canadian Solar expects its solar power plants in Brazil to be connected to the grid in 2017 and 2018. Once connected, the electricity generated will be purchased by a Brazilian government entity under a 20-year power purchase agreement.

Early- to Mid-Stage Solar Project Pipeline

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n China, the Company recently started commercial operation of eight solar power plants totaling approximately 100.8 MWp, including five solar plants in the fourth quarter of 2015 totaling 85.1 MWp, and three solar plants in the first quarter of 2016 totaling 15.7 MWp. During 2016, the Company expects to connect to the grid solar plants totaling an additional 150 MWp.

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The Company’s early- to mid-stage solar project pipeline now totals 8.3 GWp, including approximately 2.6 GWp of projects under development by Recurrent Energy in the U.S. that are expected to be constructed over the next five years and qualify for the investment tax credit. Recurrent Energy’s development activities in the U.S. are divided into three key regions of focus: Northeast, Central and West - with pipelines of approximately 2.0 GWp in the West and more than 600 MWp in the Central region. California and Texas continue to be priority states for Recurrent Energy.

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QUARTER RESULTS

SOLAR POWER PLANTS IN OPERATION •

In addition to its utility-scale project development pipeline, the Company now has a fleet of solar power plants in operation totaling approximately 398.1 MWp, up from 257.2 MWp in the third quarter of 2015. Revenue from the sale of electricity in the fourth quarter of 2015 totaled $13.6 million, compared to $8.7 million in the third quarter of 2015. The resale value of the Company’s fleet of operating solar power plants is estimated at over $850 million, with gross margin of contribution exceeding 20.0%.

MANUFACTURING CAPACITY EXPANSION •

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BUSINESS OUTLOOK

As previously disclosed, the Company is increasing its manufacturing capacity to meet expected strong growth in demand for its solar products across the globe. The Company plans to expand its wafer, cell and module capacities to 1.0 GW, 3.9 GW and 5.73 GW, respectively, by December 31, 2016.

The Company’s wafer manufacturing capacity at its Luoyang plant, Henan Province, is expected to reach 1.0 GW

by June of 2016. The Company’s cell manufacturing capacity at its Suzhou and Funing plants, in Jiangsu Province, currently totals 2.2 GW and 500 MW, respectively. The Company’s cell manufacturing capacity at its Funing plant, Jiangsu Province, is expected to reach 1.0 GW by July of 2016.

The Company’s new 700 MW cell manufacturing plant, located in South East Asia, is expected to be commissioned in the second half of 2016. The Company’s existing module manufacturing capacity now totals 4.33 GW, and is expected to reach 5.73 GW by the end of 2016: 4.1 GW in China – 3.0 GW in Changshu, Jiangsu Province, and 1.1 GW in Luoyang, Henan Province – and 1.63 GW at existing and new locations outside China: 500 MW in Canada, 300 MW in Vietnam, 30 MW in Indonesia, 300 MW in Brazil and 500 MW in South East Asia.

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The Company’s business outlook is based on management’s current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management’s views and estimates are subject to change without notice.

For the first quarter of 2016, the Company expects total module shipments to be in the range of approximately 1,085 MW to 1,135 MW, including approximately 15 MW of shipments to the Company’s utility-scale solar projects that may not be recognized in first quarter 2016 revenue. Total revenue for the first quarter of 2016 is expected to be in the range of $645 million to $695 million, with gross margin expected to be between 12% and 14%.

For the full year 2016, the Company expects total module shipments to be in the range of approximately 5.4 GW to 5.5 GW, with approximately 5.0 GW recognized in revenue. Total revenue for the full year 2016 is expected to be in the range of $2.9 billion to $3.1 billion. The Company expects its cost of production to decrease throughout the year as new internal wafer, cell module capacities come online both inside and outside China, and the percentage of external purchase and OEM is reduced. Management expects that the increase in vertical integration along the manufacturing steps will help the Company maintain or improve its gross margin.

The above revenue guidance does not include the potential sale of solar power plants that the Company currently owns and operates, or expects to reach commercial operation in 2016 in OECD countries. The Company remains flexible in ways to monetize these assets in order to maximize shareholder’s return, and may consider selling some of its OECD solar plants, in which case revenue for the full year is expected to be in the range of $3.2 billion to $3.6 billion, an increase of $300 million to $500 million over our base forecast.

The Company’s solar power plant assets in OECD countries are expected to reach 1.1 GW by the end of 2016.The Company estimates that the resale value of these assets, based on the Company’s understanding of the current market conditions for such assets, at approximately $2.5 billion, with gross profit contribution of approximately $355 million. The market situation may change from time to time, resulting in different resale values if and when the Company does sell any of its project assets. In addition, the Company estimates the electricity revenue from these solar power plants, on an annualized run-rate basis, is approximately $160-170 million at the end of 2016.

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QUARTER RESULTS

“As we enter 2016, we expect to continue to grow both our module shipment volume and our downstream solar power plant business. However, our focus on the module side is really to upgrade our technology and to improve our cost structure through selected capacity investment, especially in the midstream solar cell part of the value chain. The increase in our internal wafer and cell production will help us to increase the module power output and lower our cost, therefore, better prepare us for future competition. Meanwhile, Canadian Solar has been gradually but surely becoming one of the leading developer and owner of high quality solar power plants around the world. We have several options to monetize our project development expertise and our solar power plant assets. These options include, for example, outright sale of our solar power plants, asset-backed securitization or a YieldCo launch subject to market conditions. Our goal is to maximize the long-term return to our shareholders.”

RECENT DEVELOPMENTS »»

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On February 24, 2016, Canadian Solar announced that it entered into a financing agreement pursuant to which Goldman Sachs Japan Co., Ltd. has agreed to arrange JPY3.0 billion ($26.0 million) project finance bond for Canadian Solar’s 10.2 MWp Aomori-Misawa Solar Power Plant in Rokunohe-cho, Kamikita-gun, Aomori Prefecture, Japan. On February 19, 2016, Canadian Solar announced that it supplied 2.8 MW of its CSI-28/36-KTL-CT three-phase inverters to the Brar Family Partnerships in Delano, California. On February 18, 2016, Canadian Solar announced that it secured a credit facility pursuant to which Ping An Bank will provide up to $300 million to Recurrent Energy to support Recurrent Energy’s solar power project development, construction and operation activities. The credit facility has a three-year maturity. On February 8, 2016, Canadian Solar announced that it started the commercial operation of three solar power plants in Japan, totaling approximately 6.2 MWp. The 6.2 MWp portfolio of projects includes the 2.3 MWp Ashikita Solar Power Plant in Kumamoto City, Kumamoto Prefecture, the 2.2 MWp Minamishimabara Power Plant - East and the 1.7MWp Minamishimabara Plant - West in Minamishimabara City, Nagasaki Prefecture. On February 4, 2016, Canadian Solar announced that its wholly-owned subsidiary, Canadian Solar Solutions Inc., has secured contracts to supply 50 MW AC (60 MW DC) of MaxPower CS6X Ontario-made solar panels and 30 medium voltage power stations for the Southgate Solar project. This utility-scale solar project, developed by Samsung Renewable Energy Inc. and Connor, Clark & Lunn Infrastructure, will be built in the Township of Southgate, County of Grey, Ontario.

On February 1, 2016, Canadian Solar announced that its wholly owned subsidiary, Canadian Solar Japan K.K., has entered into a syndicated loan agreement pursuant to which Mizuho Bank, Ltd., acting as the book-runner, has agreed to provide a total of JPY4.7 billion ($39.5 million) to Canadian Solar Japan K.K to support its working capital and business operations.

On January 28, 2016, Canadian Solar announced that it has entered into agreements with International Finance Corporation (“IFC”) to receive a financing package of up to $70 million in loans and equity investment. IFC’s financing package includes loans to Canadian Solar of up to $60 million and a subscription for up to $10 million of common shares of the Company. The agreements with IFC underscore the Company’s commitment to expanding in Asia and Latin America, as well as conducting its operations in compliance with IFC’s environmental and social performance standards. On January 15, 2016, Canadian Solar announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has secured contracts to supply 50 MWac (60 MWp) of MaxPower CS6X Ontario-made solar panels and 30 medium voltage power stations for the Windsor Solar LP facility. This utilityscale solar project, developed by Samsung Renewable Energy Inc. (“Samsung”) and Connor, Clark and Lunn Infrastructure (“CC&L Infrastructure”), will be built in the City of Windsor, Ontario. On January 6, 2016, Canadian Solar announced that it has energized an additional five solar power plants in the United Kingdom, totaling 22.9 MWp, bringing its total fleet of solar power plants in operation in the United Kingdom to 63.1 MWp. On January 5, 2016, Canadian Solar announced that Recurrent Energy closed a tax equity investment commitment with GE Energy Financial Services, a unit of GE (NYSE: GE), for the 75 MWac Astoria 2 solar power project. Recurrent Energy also closed a debt facility for the Astoria 2 project, which is currently under construction in California.

On December 23, 2015, Canadian Solar announced that its wholly-owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC EarthLight solar power plant to One West Holdings Ltd., an affiliate of Concord Green

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Energy Inc. The plant, valued at over CAD$69.4 million ($49.7 million), is located in Georgina, Ontario. On December 21, 2015, Canadian Solar announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of the 9 MW AC Aria solar power plant valued at over CAD$65.6 million ($47.2 million) to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. The Aria plant is located in the Township of Elmvale, Ontario. On December 18, 2015, Canadian Solar announced that Recurrent Energy closed a combined construction and term debt facility with a syndicate of five banks for its 200 MW AC Garland solar power project in California. The project is currently under construction.

On December 18, 2015, Canadian Solar announced that Recurrent Energy signed an agreement with Southern Power, a subsidiary of Southern Company, giving Southern Power a controlling interest in the Garland solar power project in California. On December 15, 2015, Canadian Solar announced the sale of the 10 MW AC (14 MW DC) Illumination solar power plant to an affiliate of DIF Infrastructure III. The plant, valued at CAD $65.9 million ($48.4 million), is located in Scugog, Ontario. It reached commercial operation on November 13, 2015 and will sell electricity pursuant to a 20-year Independent Electricity System Operator feedin-tariff contract. On December 15, 2015, Canadian Solar announced that it raised a final tranche of $80.0 million under its previously announced two-year senior secured term loan arranged by Credit Suisse AG, Singapore Branch, bringing the total facility amount to $180.0 million. On December 8, 2015, Canadian Solar announced that it has signed a financing agreement pursuant to which Deutsche Bank AG, Tokyo Branch, has agreed to provide a JPY12.0 billion ($97.2 million) senior non-recourse project finance credit facility to the Company for the construction of its 48MWp Kumamoto Mashiki solar power plant in Japan. On December 7, 2015, Canadian Solar announced it has signed a financing agreement pursuant to which Royal Bank of Scotland has agreed to provide a GBP19.2 million ($29.0 million) term loan to Canadian Solar for the construction of seven solar power plants with a total installed capacity of 38MWp in the United Kingdom.

On November 30, 2015, Canadian Solar announced that Recurrent Energy closed a combined construction and term debt facility with a syndicate of five banks for its 157.5 MWac/ 212 MWp Roserock solar power project in Texas. The project is currently under construction. The electricity generated by the facility will be delivered to Austin Energy pursuant to a 20-year power purchase agreement.

On November 30, 2015, Canadian Solar announced that Recurrent Energy signed a partnership agreement with Southern Power, a subsidiary of Southern Company, giving Southern Power a controlling interest in the Roserock solar power project in Texas. On November 24, 2015, Canadian Solar announced that, in 2016, it will supply 112 MW of its CS6P-265P PV modules to Sunrun (NASDAQ: RUN), the largest dedicated residential solar company in the United States. On November 20, 2015, Canadian Solar announced that it won three solar power projects totaling 110MWp in Pirapora, in the state of Minas Gerais, Brazil. The Company will develop the projects. Once completed and connected to the grid, the electricity generated by the plants will be sold to CCEE (Camara de Comercializacao de Energia Eletrica) under a 20-year power purchase agreement at R$300/MWh (approximately US$78.8/MWh). The three projects are targeted to reach commercial operation by late 2018. On November 19, 2015, Canadian Solar announced that Recurrent Energy closed a tax equity investment commitment with GE Energy Financial Services, a unit of GE (NYSE: GE), for the 100 megawatt (MWac) Astoria solar power project. Recurrent Energy also closed a debt facility for the Astoria project, which is currently under construction in California.

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INVERTERS

2016 PV EXPO JAPAN

Huawei launches Smart PV solution 3.0 From March 2 to 4, 2016, Smart GRID EXPO, Japan’s most influential industry exhibition was held as scheduled. As the global leader of the Smart PV industry, Huawei took part in the exhibition with the FusionSolar Smart PV solution 3.0 and a new type of Smart PV controller and shared with the industry the advanced ideology and technical achievements of Huawei Smart PV, as well as the future direction of Huawei PV.

+ 80

Thousand

visits from over 1950 exhibitors from multiple countries and regions participated the exhibition event.

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uawei FusionSolar Smart PV solution 3.0 was most favored by visitors. Especially in UHV and HV scenarios, Huawei FusionSolar becomes the best choice for Japan’s PV customers due to the low initial investment (more than 5%), high energy yield (more than 5%), fine-grained intelligent O&M (efficiency improved by 50%), and long-term secure and reliable operating.

Smart PV, changing for you As the second largest PV market in Asia after China, Japan has always been marked as preciseness and standard, and has a strict check on imported PV products. Besides, as the subsidies continuously decrease due to the FIT adjustment, products with high energy yield and high quality became the core focus of this exhibition.

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INVERTERS

VISITORS IN A LIVELY DISCUSSION

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s the second largest PV market in Asia after China, Japan has always been marked as preciseness and standard, and has a strict check on imported PV products. Besides, as the subsidies continuously decrease due to the FIT adjustment, products with high energy yield and high quality became the core focus of this exhibition.

Huawei has successfully cooperated with Japanese top enterprises such as DaiwaHouse, Mitsubishi, KYOCERA, West Holdings, and Power Max. The FusionSolar Smart PV solution has become the mainstream in the Japanese market. Thanks to the high-quality performance and excellent power quality, Huawei inverters made successful large-scale grid-tied cases in the top ten power enterprises of Japan, and won high evaluation from Japanese customers.

The PV industry in the new era is not just large terrestrial power stations. A variety of new types of PV plants, such as solar-agriculture plants, solar-fishery plants, and floating plants emerge. This is especially suitable for Japan that is short of land resources. In different areas, the power stations in various scenarios require suitable solutions. Huawei FusionSolar Smart PV 3.0 successfully reaches the goal and brings maximum benefits for customers in different scenarios.

TOP CUSTOMERS IN DEEP COMMUNICATION Smart PV upgrades, and the 3.0 era starts

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ith the declined trend of Japan FIT subsidies, the construction cost, energy yield, and O&M of PV power stations have become the primary factors considered by power station investors. Huawei Smart PV solution 3.0 inherits the characteristics of simple site setup, high energy yield, and safety and reliability, and further enhances the PR efficiency based on the deep understanding and analysis of scenarios. Especially in UHV and HV scenarios, Huawei FusionSolar becomes the best choice for Japan’s PV customers undoubtedly due to the low initial investment, high energy yield (more than 5%), fine-grained intelligent O&M (efficiency improved by 50%), and long-term secure and reliable operating.

New type of controller with eight routes of high-precision Smart PV string monitoring function CROWD AT THE BOOTH Over the past 10 years, Huawei has invested

240,000 Million RMB in R&D innovation

45%

R&D engineers accounted for -

in 170 thousand employees

Huawei sets up 16 R&D centers and 31 joint innovation centers around the world, and joins more than 170 standard organizations and open source organizations. By the end of 2015, Huawei has 41903 patents authorized.

Huawei Network Energy sets up 10 R&D centers around the world, and Huawei Smart PV has seven R&D centers in Sweden, Germany, the United States and the following cities in China: Chengdu, Beijing, Shanghai, and Shenzhen. Through the cross-border convergence of the digital information technology and PV industry, Huawei’s high-quality products and innovative solutions won the trust of customers all over the world. The achievement of Huawei is an inevitable result of Huawei’s adherence to the customer-centric ideology, continuous seeking of customer satisfaction, and loyal services for customers.

OPTIMAL SOLUTIONS IN THE UHV AND HV SCENARIOS

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n this exhibition, Huawei showed the Smart PV solution 3.0 dedicated for the Japanese market and the core component, that is, a new type of Smart PV controller 33KTL-JP/40KTL-JP. Each controller supports four routes of MPPT and provides eight routes of high-precision Smart PV string monitoring function which reduces the fault location time by 80%. Meanwhile, the system provides neither inverter rooms nor consumables such as fuses, and cools as the temperature drops, which significantly improves the reliability. The simplified design reduces system fault points. As a result, the inverter fault affects only a small scope of services and the services quickly resume through device replacement. Compared with traditional PV plant solutions in the Japanese market, Huawei Smart PV solution reduces the initial investment by 5% and increases the energy yield by 5% or more.

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Rooftop Projects

Standing Tall With

Standing Seam - By Nuevosol Energy pvt. ltd.

The industrial and commercial sector has always craved the most bang for every buck spent, and justifiably so. In an era where cost cutting has become a global phenomenon, cost optimization is a definite need of the hour. Standing seam roofs with their higher moisture locking ability, high strength and cooling effect are both price effective and require low maintenance, and are hence becoming the most preferred variety for the industrial and commercial sector, inducing more and more facilities to change to the new arrangement to reap the accompanying benefits. This shift has created a new space to innovate, to provide novel rooftop solar mounting solutions.

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Rooftop Projects

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hallenges serve as a veritable yardstick to gauge progress and inspire out-of-the-box thinking.

Nuevosol has always welcomed challenges with great anticipation because of the eventual opportunity to innovate and perhaps introduce a game-changing solution that could revolutionize the ever-growing solar PV sector. One such challenge presented itself in the form of a mounting solution requirement for an inclined metallic roof having a standing seam profile – a seemingly insurmountable challenge at that particular point of time. In spite of the usual melee of naysayers and conservative design purists, who dismissed the design as abstract, ambitious and summarily defined it as destined to fail, the solution held its own and has emerged as one of the firm’s shining testaments for innovative thinking.

A unique requirement, the 300kWp project– (a)

Designs that are perfect on paper can still be fallible when tested on site, there is no substitute to onsite testing to test the true veracity of a design – this is a key learning and a firmly etched philosophy that Nuevosol adheres to. The Standing Seam clamp samples along with the super-structure components were thus tested on site to gauge their true strength and rigidity.

Pull out load tests were conducted, one to gauge the uplift capacity and the other to estimate the lateral load bearing capacity. The results did not just meet expectations; they surpassed them with the clamps withstanding well over 75kg more than the site’s functional conditions. This was a true reaffirmation of the confidence we had in our designing ability, and the client responded positively, recommending the design for mass production and installation. 300kWp was delivered in 15 working days – a true reflection of the delivering prowess of Nuevosol’s supply chain network.

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possessed a roof inclined at 5° in the E-W direction, and (b) required that the modules be inclined in the N-S direction at an angle approaching the latitude to maximize energy generation. The roofing sheet had a standing seam profile as can be seen in the image.

Nuevosol’s design team took into consideration the wind loads and the load bearing capacity of the roofing sheet, and designed the clamp that perfectly catered to all the requirements. In addition to the pullout load, the clamp was designed to sustain and withstand lateral loads. The material used for the clamp was Anodized Aluminium(15µ) with a yield strength of 210 MPa, with the clamp components being extruded using a specially prepared die to ensure tolerances were perfectly in place. The superstructure comprising of the rafters and purlins were made of pre galvanized mild steel with yield strength of 250 – 350 MPa.

Delivering a project with unique design requirements is a challenge within itself. Achieving the same in record turnaround times is what truly raises the bar, grabs the attention of clientele, and thus sets an example for an entire sector to emulate. This project’s success unraveled the until-then untapped territory of standing seam and Klip-Lok© roof mounting, opening up the rooftop market and creating a new business stream.

In spite of all the pushing and pulling that occurs during the duration of our projects, clients have always stuck by Nuevosol for three reasons – a) immaculate design founded on strong design basics, b) uncompromised product quality and delivery, c) willingness to support in areas lying beyond the bounds of contractual agreement.This very same trust fuels the firm’s imagination, and its incessant zeal to innovate, and will continue to do so in the future.

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PR DUCTS

Heliatek Sets New Organic Photovoltaic World Record Efficiency Of 13.2% Heliatek R&D teams reached a record conversion efficiency of 13.2% for an OPV multi-junction cell, setting a new world record for the direct conversion of sunlight into electricity using organic photovoltaic cells.

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he measurement was independently confirmed by Fraunhofer CSP.Thanks to the excellent low light and high temperature behavior of the organic semiconductor, the electricity generation of the newly developed cells corresponds to the output of conventional solar cells with 16 to 17% efficiency when both are under real world conditions.

This new result confirms the world-leading technology position of Heliatek as demonstrated by its continuous progress from 3% to more than 13% efficiency over the last 10 years. It also supports its roadmap towards 15% efficient organic solar cells. The result further validates Heliatek’s unique technology approach of using vacuum deposition of small molecules on plastic films.

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PR DUCTS “We are very proud of this new world record. This success is based on our chemical research for new organic absorber materials. Key to this success is the close cooperation of our physics and chemistry R&D teams, which leads to an optimal combination of the properties of this new solar cell design.”

- Dr. Martin Pfeiffer, CTO Heliatek

“I am delighted by this latest result, It validates our choice to internalize our R&D, both by developing new absorber molecules and optimizing the device architecture. This will provide the baseline for efficiency in our large-volume manufacturing line. With our HeliaFilm, we are clearly executing our strategy to provide de-carbonized, de-centralized energy generation directly on buildings all over the world.”

- Dr. Adds Thibaut Le Seguillon, CEO, Heliatek

The world-record cell is a multi-junction cell combining three different absorbers. Each of them is dedicated to efficiently convert green-, red- or near-infrared light of the wavelength range between 450 and 950 nm into electricity. These absorber molecules have been developed and are patented by Heliatek.

The new record efficiency was measured at simulated AM 1.5 illumination and was confirmed by the Fraunhofer – Center for Silizium-Photovoltaik – CSP in Halle, a recognized center for independent verification of solar cell performance results under standard testing conditions.

JA Solar’s PV Modules Are 100% In Compliance With IEC62804 Anti-PID Standard JA Solar Holdings Co. Ltd. one of the world’s largest manufacturers of high-performance solar power products, recently announced that its entire portfolio of PV modules has passed the 96-hour Potential Induced Degradation (“PID”) resistance test under the conditions of 85-degrees Celsius and 85% relative humidity (double 85) at -1,000V of system voltage bias as required to meet the IEC62804 standard.

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A Solar is the first PV module manufacturing company to guarantee the capability of double 85 antiPID for all of its PV modules. In addition, as reported earlier , JA Solar’s high-performance multi-crystalline Si RIECIUM modules passed an extended 500-hour PID test conducted by TUV SUD with a degradation of less than 2%. This result is a testament to the outstanding anti-PID capability of the high-performance modules, which are now guaranteed to be able to sustain a doubled (192 hours) IEC62804 standard PID test and are certified by PI-BERLIN and PVEL. The excellent anti-PID performance of JA’s PV modules provides an enhanced quality and reliability assurance to the end users for the stable operation of PV installations, especially for those operating in a hot and humid environment over their 25-year life span.

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“The advantage of JA’s solar products is reflected not only in its core technology that features high performance and cost-effectiveness, but also in its reliability, To be able to pass ‘double 85’ anti-PID certifications for all our PV modules in mass production is a tremendous achievement in terms of JA Solar’sability to produce highperformance and highly reliable PV modules to meet the evergrowing demands for better solar products from our customers and project partners.”

- Dr. Wei Shan, CTO, JA Solar

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PR DUCTS

Sungrow Presented New Custom Built Inverter At PV EXPO Japan 2016

Sungrow, one of the leading PV-inverter manufacturers in the world, presented its brand new inverter, the SG49K5J at PV EXPO Japan 2016. The SG49K5J is a custom designed inverter, with a nominal AC output power of 49.5KW. It has a maximum efficiency of nearly 99%, making it one of the most efficient inverters in the Japanese solar market. It is also applicable to the 50KW grid, and one SG49K5J inverter, is enough for a whole PV power plant, saving costs on logistics and management.

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he SG49K5J also has high heat dissipating capabilities, keeping the internal temperature at a low level. The SG49K5J is stable in high temperatures, ensuring excellent yields of power generation and has passed the JIS8502 salt spray test. This test examines if the inverter can work stably in conditions with high salt levels (coastal areas) and humidity in the air, by placing the inverter in a salt spray chamber for a period of 50 days. The SG49K5J also works in numerous bad weather conditions and hostile environments. Sungrow Japan now has a highly trained team for the Japanese market. Located in Shinbashi, Tokyo, the office comprises of teams for technology support, management and customer service.

Sungrow Japan is capable of offering after-sales service, nationally across Japan. Sungrow presented SG49K5J and the classic product SG34KJ in booth W10-8.

Ingeteam Extends Its Range Of Three Phase String Inverters Up To 40 KW

“With the dramatic development of the solar market, Japan is increasingly important to Sungrow. We are committed to focusing on technology innovation, making better inverters and providing professional services to customers, The SG49K5J will offer a new level of quality to our customers in Japan, and we look forward to debuting it at PV EXPO Japan”, - Professor Cao Renxian, CEO, Sungrow

Ingeteam has just launched onto the market its new PV string inverter models, delivering output powers of up to 40 kW in a single inverter. In addition to the 40 kW model, a further three models have also been presented: 24 kW, 28 kW and 33 kW.

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he UL-1741 compliant version of these models, specifically designed for the North American market, has also been extended to offer output powers of up to 40 kW.These string inverters are suitable for immediate rooftop placement and they perform at full capacity no matter the inclination of the structure they are attached to. This is the INGECON SUN 3Play TLM Series of inverters, noted for their dual MPPT (Maximum Power Point Tracking) as well as their maximum efficiency levels (98.5%) and high performance. For example, this inverter family is suitable for self-consumption systems with no injection of excess energy into the public grid.

Ingeteam has already started to supply these new models to many different markets. The models available until now, with output powers ranging from 10 to 20 KW, are already installed in countries such as Switzerland, Italy, Argentina, Paraguay, France, Australia, Chile, India, El Salvador, Brazil, Mexico, United States and Spain, to mention but a few.

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PR DUCTS

Hanwha Q CELLS Showcased Leading Technology At PV EXPO 2016 In Tokyo, Japan Hanwha Q CELLS Co. Ltd. one of the world’s largest providers of high efficiency photovoltaic products, presented its broad portfolio of products and solutions at this year´s PV Expo in Tokyo, which was held at Tokyo Big Sight between March 2nd and March 4th. Hanwha Q CELLS was located at E11-56 in East 2 Hall.

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anwha Q CELLS introduced new module lines with its proprietary Q.ANTUM cell technology: multicrystaline Q.PLUS, which was awarded for “Solar Industry Award 2015” in the category of “Module Manufacturing Innovation” by Solar International and monocrystalline Q.PEAK prototype, which can produce up to 305 Wp from 60 cells.

In addition, Hanwha Q CELLS presented a Glass-to-Glass module prototype. This next generation module uses a second glass layer instead of a conventional back sheet, thus enhancing the module´s robustness and durability.

Hanwha Q CELLS Japan, an affiliate of Hanwha Q CELLS, operates sales offices in Nagoya, Fukuoka and Sendai and has a technical support center in Tsukba.

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“Japan has been one of our key markets as demonstrated by our accumulated sales of 2 GW in Japan since 2011, our focus is to develop and offer high quality, high performance products and solutions that are tailored to local demands in Japan.”

- Dr. Christoph Ludwig, VP of R&D Projects, Hanwha

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PR DUCTS

The Next Generation: Teamtechnik’s High-Performance STRINGER TT2100, With 65 MWp Annual Output The Stringer TT2100 is setting a new standard at 2100 cycles per hour or 1.7 seconds for a single cycle. It confirms teamtechnik’s position as the supplier of the fastest single-track soldering solutions for solar cells in the world, increasing the throughput per stringer to 65 MW per year and production system. The full teamtechnik layup system with two Stringer TT2100s and a 6-axis robot achieves a total output of 130 MW per year.

Gentle cell handling and perfect string geometry

Soldering up to 6 busbars with full and half cells The new STRINGER TT2100 can process solar cells with up to 6 busbars. Systems which are initially equipped to process fewer busbars can easily be upgraded to 6 busbars later. This applies both to full cells and half cells.

New short, compact design The new stringer saves on space, because, despite achieving higher output, it takes up much less room in the production hall.

Compact in design, the Stringer TT2100 needs less production space than its predecessor system. At the same time, teamtechnik has reduced the electricity and compressed air consumption by another 10%.

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“The pressure on costs in the solar industry is still enormous, so we are constantly striving to improve the performance of our stringer systems. With system availability of up to 98% and exceptionally high output, we help our customer to cut their production costs continually,” - Axel Riethmüller, Executive VP, teamtechnik

teamtechnik stringers are known for their very low cell breakage rates, accurate string geometries and ribbon positioning. Gentle cell handling, optimum soldering parameters and technologically sophisticated processes also ensure that the even faster STRINGER TT2100 also boasts these features.

Even ribbons with very narrow widths of less than 0.6 mm are perfectly placed, as they and the cells are carefully held in place during transport with the patented teamtechnik hold-down system.

Soldering is becoming ever more sophisticated as the width of both busbars and ribbons steadily decreases. This is a challenge which teamtechnik has mastered perfectly with its stringer technology. teamtechnik focuses consistently on improving its expertise in high-performance stringers. High, reliable output and the best soldering results are at the heart of the innovative stringer technology. The company has become the world leader in just a few years. Solar module manufacturers from all over the world place orders with teamtechnik. teamtechnik delivered its 600th high-tech system at the beginning of 2016.

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