EQ Magazine September 2016 Part 3/3 by EQ Int'l Solar Media Group

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CONT EN T

VOLUME 8 Issue # 9

08 PM On Power Sector PM Narendra Modi’s Independence Day 2016 speech : What in it for Power Sector ?

BUISNESS & FINANCE

SOLAR INVERTERS

Apple becomes a green energy supplier

Sungrow supports solar industry in India through continuous innovation in technology

24 NTPC’S Bond Issue oversubscribed by 2.5 times

The data and information presented in this magazine is provided for informational purpose only.neither EQ INTERNATINAL ,Its affiliates,Information providers nor content providers shall have any liability for investment decisions based up on or the results obtained from the information provided. Nothing contained in this magazine should be construed as a recommendation to buy or sale any securities. The facts and opinions stated in this magazine do not constitute an offer on the part of EQ International for the sale or purchase of any securities, nor any such offer intended or implied Restriction on use The material in this magazine is protected by international copyright and trademark laws. You may not modify,copy,reproduce,republish,post,transmit,or distribute any part of the magazine in any way.you may only use material for your personall,Non-Commercial use, provided you keep intact all copyright and other proprietary notices.If you want to use material for any non-personel,non commercial purpose,you need written permission from EQ International.

MNRE seeks comments to standardise norms for solar equipment

IFC to invest up to USD 125 mn in Hero Future Energies

EXCLUSIVE INTERVIEW with Li Xiande, Jinko Solar’s Chairman

INTERVIEW

with Sven Kramer, Vice President Sales Solar Technology at teamtechnik Group

with Hitesh Doshi, Chairman & Managing Director, Waaree Energies

22 Navigant Predicts a $1.3 Trillion Market Opportunity Across the Energy Cloud Ecosystem by 2030

72 INTERVIEW with Santosh R Patil, Buisness Head- Solar , Ganges Internationale

with Gaetan Tiberghien, Principal Investment Officer, IFC

76 PV MANUFACTURING Need Of The Hour To Boost Solar Manufacturing In India

with Pradeep Sangwan, General Manager, ReneSola India

Solar Panel Cleaning: Then Only Way To Increase Your Solar Generation Up To 30%

Trina Solar Announces Second Quarter 2016 Results

30 INTERVIEW

QUARTER RESULTS

INTERVIEW

38 INTERVIEW

with Basant Jain, Chief Executive Officer, Mahindra Susten

40 INTERVIEW

POLICY & REGULATIONS Discoms, The Weakest Link In The Power Value Chain – Can It Be Strengthened?

Consultative Committee attached to Ministries of Power and New & Renewable Energy meets

ENERGY STORAGE The New Economics Of Energy Storage, - BY Paolo D’Aprile, John Newman, and Dickon Pinner

with Ivan Saha, President & Chief Technological Officer, Vikram Solar

NEWS & ANALYSIS

Pg-08-24 PV MANUFACTURING Comparison Of Output Power For Solar Cells With Standard And Structured Ribbons

Pg-51

INTERVIEW

Interview With Krish Mukherjee, COO, Sova Solar Limited

Pg-74 Interview With INVT Solar Tech.

Pg-77

Cover

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INDIA

PM Narendra Modi’s Independence Day 2016 speech : What in it for Power Sector ? Power transmission: PM Modi said that even before his government was formed, power production took place but its transmission was a problem. “You need transmission lines and good transmission infrastructure. Two years preceding the formation of our government, 30-35 thousand kM’s of transmission lines were being laid annually. Today I wish to submit this with satisfaction that we have raised this to 50,000 kilometres,” he highlighted.

Solar Pumps for Farmers Modi said that his government has taken a ‘big leap’ towards solar pumps. “This is so that the input cost of the farmers may be lessened. The recurring expenditure will be less. We have succeeded in distributing 77 thousands solar pumps till now,” he explained.

Coal Production Till a few years ago there were worries on whether power plants would have sufficient coal or not, Modi said, adding that his government’s efforts have ensured sufficient stock of coal at the threshold of the power factories.

“We have laid emphasis on energy, specifically renewable energy in our country. There was a time, when after so many years of independence, we started working on wind energy. Within a period of last one year we have increased it up to 40%. So this is the scale of up acceleration. The whole world is focusing on Solar energy. We have increased it approximately 116%-118%. This is not only a substantial incremental change, it’s a huge leap forward. We intend to enhance the things in quantum way.” Shri NARENDRA MODI, Prime Minister of India

Rural Electrification

One Nation, One Grid

Talking about his promise on electrification of 18,000 villages, PM Modi said, Though we have not been able to complete even half the task within a thousand days, we are still away from the half-mark, out of the 18,000, electricity has reached 10,000 villages. I have been told that there are many among those villages who are watching Independence Day celebrations for the first time today on television in their homes. Today, from here I extend special greetings to those villages.”

Explaining the importance of this step, Modi said, “Earlier there were zones which had surplus electricity, but there was less demand. Similarly, there were zones where there was dire need of electricity and factories had to remain shut. To effect a change in this scenario, we earned a great success with the ‘One nation, One grid, One price’. Earlier it (the price) used to be Rs 10 per unit in summers, but I went to Telangana a few days back to find that it is now Rs 1.10 per unit. This is the result of one-price system, which can connect the whole country.”

September 2016

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INDIA

Staying true to its commitment towards the Telangana Market, Rays Power Infra successfully commissions 25 MW Solar PV Park Demonstrating its commitment towards the promising solar power market existing in Telangana, Rays Power Infra successfully commissions a 25 MW Solar Park here. The company commissioned this project as a part of few other projects that were commissioned in this year itself.

he leading Solar Energy Company announced that it has completed a 9.2 MW solar PV project for one of their most prestigious client in Telangana. The Project Execution work was started in first week of March 2016 while the project was commissioned in June’2016. This project was executed on turnkey basis right from the land acquisition till the commissioning. It was completed in the record time of 90 days. The said park is a part of the 25 MW Solar Park of Rays Power Infra and is also the 3rd such Solar PV Park to be commissioned in Telangana. “Rays Power Infra Pvt. Ltd. has done the

complete design, engineering, civil work, Installation process, testing and commissioning of the Solar PV project”, he added. As the price of solar decreased, many industries & commercial offices are shifting to Solar Power to meet their energy needs. Recently, the company has partnered with Hilliard Energy to jointly develop 150 MW solar power project, entailing an investment of $130 million (about Rs 870 crore). In the first phase, a 10-MW solar project was commissioned at Kalwakurthy in Telangana and the power generated are sold to the state’s discoms.

“Telangana is an important market and strategic geography for us and we are fully committed towards catering to its requirements. We have made use of innovative technology and skilled field manpower to execute the project on time and deliver the best to our customers. It is a one of its kind unique project as the power generated from this project will be sold to a U.S. based Pharma M.N.C. Also, spread over 27 acres of land in Medak District of Telangana, this project is commissioned under REC.” Mr. Sanjay Garudapally, Co-founder & Director, Business Development, Rays Power Infra,

NTPC plans to become biggest renewable energy company in 10 years The company’s Rs 5 lakh crore capital expenditure plan will be skewed towards adding renewable energy capacity instead of setting up more thermal units.

TPC, India’s largest electricity generator, is tweaking its expansion plan to become the biggest renewable energy company in the next 10 years. The state owned company’s Rs 5 lakh crore capital expenditure plan will be skewed towards adding renewable energy capacity instead of setting up more thermal units. NTPC has targeted generation capacity of 128,000 megawatts by 2030 from the present level of over 47,000 MW. The utility had earlier decided to set up renewable energy capacity of about 10,000 MW in the next four years. This figure is likely to be revised upwards as part of the plan to enhance renewable power generation. Its current renewable energy portfolio consists of

“Keeping the total capacity addition constant, we are recasting the expansion plan to increase the mix of renewable power capacity and reduce the share of thermal power, total investment as a result is likely to be Rs 5 lakh crore. Out of the total investment, NTPC will have to shell out a maximum of Rs 1.5 lakh crore as equity for the expansion plan. Rest of the funds are to be financed by long-term debt.” A Senior NTPC official, 10

September 2016

nine solar power plants with 360 MW of capacity. NTPC’s decision to reduce the share of thermal power and increase renewable energy generation is to align itself with global trends of reducing greenhouse gas emissions and developing clean sources of energy. India has set a renewable power deployment target of 175 GW by 2022, which includes 100 GW from solar and 60 GW from wind energy. Of the 10,000 MW of renewable energy capacity planned, NTPC has commissioned 250 MW and has started work on developing 3,010 MW of projects. It also plans to set up about 800 MW of solar plants on water reservoirs at thermal power plants. “Over the last few years, large foreign financial institutions have drastically reduced their exposure to coal-fired projects under pressure from green lobbies. At present, procuring foreign loans for renewable energy projects is far easier than thermal power projects. A green power generation company also attracts global equity investors.” A Senior Analyst,

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INDIA

Consultative Committee attached to Ministries of Power and New & Renewable Energy meets The villages in Naxal affected areas and other such inaccessible regions are being expeditiously connected with off-grid power solutions, said Shri Piyush Goyal, Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, while chairing the meeting of the Consultative Committee attached to Ministries of Power and New & Renewable Energy, held here.

urther, Shri Goyal informed the Hon’ble Committee Members that according to the latest figures, a total of 10,007 villages (54%) have been electrified in the country. As on 31.07.16, a sum of Rs. 42,392 crore has already been sanctioned for projects on rural electrification across the country under the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY). The work of rural electrification is being expeditiously taken up by the Rural Electrification Corporation Ltd. (RECL), he added. Shri Goyal also informed the Hon’ble Committee Members that there has been a quantum jump of 75% in the number of villages being electrified in the period of April – August 2016 as compared to same period last year. The Consultative Committee meeting started with a presentation on RECL by its Chairman and Managing Director, Shri Rajeev Sharma. The presentation outlined the evolution of RECL since 1969, achievement of Navratna status, progress made in financing of entire Power Infrastructure value chain including renewable energy projects, performance of financial parameters, the challenges ahead and the way forward. The members were also informed that RECL is the nodal agency for DDUGJY, National Electricity Fund (NEF) and actively involved in the implementation of UDAY scheme, inter alia. All members congratulated the Government and the Ministry of Power on the work done on Rural Electrification (RE ) and said that it will help in reducing the gaps in the reach of power to the villages across the country. Members gave their valuable suggestions to further improve the process of rural electrification.

Shri Goyal, mentioning about the National Conference on Bio-fuels held recently in New Delhi, envisioned about the coordinated working of the Ministries of New & Renewable Energy, Petroleum & Natural Gas and the Department of Bio-Technology in order to give a fillip to the Bio-fuel sector from the current level of Rs. 6,500 crore to Rs. 1 Lakh crore in the next 10 years.

September 2016

Some members suggested that the quality of power distribution infrastructure needs to be monitored and accountability needs to be fixed on the ground level so as to prevent corrupt practices and ensure that there is last mile coverage of beneficiaries. Responding to the suggestions and queries raised by the Consultative Committee members, Shri Piyush Goyal said that the job of ensuring the reach of electricity on the ground lies with the State Governments/ Power Utilities and the Union Government cannot interfere in their matters under the Federal setup. The Union Government has ensured that surplus power and adequate financial support is made available to the States in order to facilitate expeditious Intensive Electrification at the village/ majla/ tola/ dhaani level. Further, the Minister directed the officials of the Power Ministry to make available all the details of funds sanctioned and disbursed to State Governments and the status of project implementation to all the Members of Parliament. It would help create accountability on the part of the States, he added. He also directed to ensure the appointment of Grameen Vidyut Abhiyantas (GVAs) and District Vidyut Abhiyantas (DVAs) in all states to achieve efficient monitoring of the progress and implementation of rural electrification. Shri Goyal assured Hon’ble Members that their valuable suggestions would be adopted by the Ministry & RECL. The second half of the meeting consisted of the Presentation on the overview of the Implementation of Bio-Gas programme under the Ministry of New and Renewable Energy.

To achieve this target, the Minister called for organizing an International level competition called Jeevan Spardha to pool in novel innovations, ideas and new technology inventions from the society itself. The meeting was attended by Shri Narayan Bhai Kachhadiya, Shri Ramesh Bais, Shri Jugal Kishore Sharma, Shri K.N. Ramachandran, Shri Om Prakash Yadav, Shri Uday Pratap Singh, Shri Sushil Kumar Singh, Shri Shailesh Kumar, Shri, Daddan Mishra, Shri Satish Chandra Dubey, Shri Rajesh Pandey, Shri Rajesh Ranjan from Lok Sabha and Shri Bashistha N. Singh and Shri Lal Singh Vadodia from Rajya Sabha.

The Secr etary, Power, Shri P.K. Pujari, the Chairman cum Managing Director & Directors of RECL, and senior officials of Ministries of Power and New & Renewable Energy also attended the meeting.

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INDIA

MNRE seeks comments to standardise norms for solar equipment

NLC India begins construction work for solar power plants As part of this, construction of 65 MW solar power plant on 325 acres in the township began with Neyveli Lignite Corporation (NLC) India CMD, Sarat Kumar Acharya formally kick-starting the construction activities.

New Delhi, Aug 25 (PTI) In a bid to standardise norms for solar equipment, the Ministry of New and Renewable Energy has sought comments from various stakeholders on technical regulation for the sector by September 6, 2016.

oughening its stand on dumping of poor quality solar equipment, the government had earlier decided to regulate imports of such products under the Bureau of India Standards (BIS) Act. “In view of enhanced target of 100 GW Solar Power by 2022, the ministry has decided to bring out technical regulation for Solar Photovoltaic Systems/ Devices/Components Goods,” a senior ministry official told PTI. This exercise is par t of the process of bringing out a Lab Policy for Renewable Energy Sector for Testing, Standardisation and Certification, he said adding that the comments can be provided by September 6, 2016. Once the standards are inserted in the rules of BIS Act, the importers would have to seek certified test reports of the products under the order. The products would have to meet the standards already in place which will ensure quality imports. A s p e r t he n o r ms of Depar tment of Commerce

September 2016

(C ommerc e and Industr y Ministry), standardisation of all goods and adopting technical regulation is mandatory to maintain quality to protect human health and safety. The official further said: “These standards will also ensure preventing poor quality of imported goods from entering into Indian market. There has been instances of dumping poor quality solar equipments in the country.” The draft technical regulation for SPV Systems/Devices/ Components Goods has been prepared as per relevant BIS Act in consultation with Bureau of Indian Standards. “Performance, testing and standardisation are essential to ensure quality and reliability of products. Indian Standards (BIS) are available for most of the renewable energy systems. Test facilities have been set up for carrying out performance testing of various renewable energy,” the official said. PTI KKS ABI

tate-run NLC India formally began the construction work for solar power projects with 4,000 MW capacity in Neyveli, about 210 km from here. These projects are being taken up under the National Solar Mission announced by the Centre. As part of this, construction of 65 MW solar power plant on 325 acres in the township began with Neyveli Lignite Corporation (NLC) India CMD, Sarat Kumar Acharya formally kick-starting the construction activities.About 2.38 lakh solar photo voltaic modules (solar panels) each with a power generating capacity of 280/310 watt would be installed under the project, a company statement said. The power generated would be synchronised with Tamil Nadu Electricity Board, it said. On the 130 MW solar power project being set up at Barsingsar, Rajasthan, the statement further said, it was waiting to sign the power purchase agreement with the government of Rajasthan in this regard.

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BUISNESS & FINANCE

Wuxi Suntech Recognized with Frost & Sullivan’s 2016 APAC Renewable Energy Technology Growth Excellence Leadership Award Wuxi Suntech Power Co., Ltd (Wuxi Suntech), the world’s leading solar energy solution provider, was recently presented with the Renewable Energy Technology Growth Excellence Leadership Award by Frost & Sullivan at its 2016 Asia Pacific Best Practices Awards. The company earned the honor due to its excellence in growth, innovation, and leadership in Asia Pacific.

he award is presented based on a comprehensive range of criteria including: »» Above-market Growth »» Growth Diversification »» Growth Sustainability »» Price / Performance Value »» Customer Ownership Frost & Sullivan evaluated businesses via indepth interviews, analysis, and extensive secondary research, in which Wuxi Suntech beat the competition by delivering the most reliable and cost-effective

solar power solutions.This award adds to an already successful 2016 for Wuxi Suntech, which has so far seen it named among Bloomberg’s Leading PV Module Suppliers, granted the Top Brand seal by EuPD research, and win the diamond trophy at the SNEC PV Power Expo for its HyPro Module. Wuxi Suntech has meanwhile been an active partner in industrial-standard making, and was invited to the SEMI China Photovoltaic Standards Committee to share its insights and contribute to national standards for the photovoltaic industry.

“Wuxi Suntech saw this participation as both an opportunity to shape the industrial landscape and a commitment to a greener, cleaner, and more sustainable future for everyone on the planet.” The Company’s Executive President, Recognizing the company’s leadership position in the industry and its capability to capture fast growth opportunities, Frost & Sullivan awarded this honor to Wuxi Suntech over other competitors that exemplify the world’s cutting-edge renewable energy technology.

“Frost & Sullivan is recognizing Wuxi Suntech with the Asia Pacific Renewable Energy Technology Growth Excellence Leadership award as the company is leading the way in ensuring the highest standards for quality and innovative solar power solutions across the globe, to keep up this momentum, Wuxi Suntech will continue to upgrade its technology and optimize management to further improve productivity and quality and enhance customer experience. This will in turn equip us with a continuous competitive edge.”

Ravi K, Vice President, Energy & Environment Practice, Asia-Pacific at Frost & Sullivan

Thanks to intensive investment in R&D, Wuxi Suntech managed to upgrade its business model to be more sustainable and customer- centric, emphasizing quality and customer satisfaction over sell-in.

IFC to invest up to USD 125 mn in Hero Future Energies International Finance Corp (IFC) will invest up to USD 125 million in Hero Future Energies, the renewable energy venture of the Hero Group. International Finance Corp (IFC) will invest up to USD 125 million in Hero Future Energies, the renewable energy venture of the Hero Group.

E 16

September 2016

Y was the investment banker on the transaction and advised Hero Future Energies to raise the funds from IFC. Hero Future Energies had said earlier in the year that it has raised Rs 300 crore through issuance of rated and secured non-convertible debentures. The funds would be used for expansion of the wind portfolio, the company had added.

“IFC together with IFC Global Infrastructure Fund will invest up to USD 125 million of equity and proceeds will be used to fund the construction of solar and wind power plants (the ‘Project’), Hero Future Energies Pvt Ltd plans to commission capacity of more than 1 GW in next 12 months, The proposed transaction is an equity investment in Hero Future Energies Pvt Ltd ...The company develops both solar (grid connected and rooftop) and wind power plants.” - IFC said,

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Sustainability, Solar And Silver

PV MANUFACTURING

1366 Technologies Introduces “3D” Wafer Feature 1366 Technologies (“1366”) unveiled the first of a series of R&D achievements that have the potential to change the way the solar industry thinks about wafer features.

The Capital Gold Group has published its internal think tank study, Sustainability, Solar, and Silver, for global publication to institutional and accredited investors.

he feasibility report by global research associates projects the demand for silver utilized for Solar Panel manufacturing to sky-rocket in the next 5 years, driven by sustainability initiatives of multi-national corporations and governments worldwide. “Corporate Social Responsibility programs are evolving from green concepts to massive solar panel installations. Apple, Google, and Facebook all have built enormous projects in the last 12 months, with giant solar-panel farms powering new data centers in the U.S. – this demonstrates a new corporate trend towards solar power and sustainability initiatives. We project solar silver demand to be over 2,500 tonnes for 2016”, states Jonathan Rose on behalf of the feasibility report done on precious metals. Silver bullion prices are projected to increase in the next five years as demand for solar panels grows. Governments around the world in China, Japan, U.S., and Germany have dedicated to reducing global carbon dioxide emissions. Silver is a key component in solar photovoltaic cells and batteries. Prospects for silver are positive as renewable energy projects in China have a considerable scope, where the government is fighting pollution on a mass scale. “China will account for 50% of the growth in solar panel production and silver usage in the next 2 years but increase its installed solar capacity more than five times by 2020”, says Mr. Rose. “Silver is in a bull market cycle this year, we have seen gains of 20% year-to-date, and expect the manufacturing shortage to add to the rally.” - Jonathan Rose, CEO of Capital Gold Group.

September 2016

he company’s proprietary Direct Wafer process has demonstrated the ability to grow a “three dimensional” wafer or a thin wafer with a thick border, an advancement impossible with conventional ingotbased production technologies. The 3D feature further reduces the amount of silicon required for each wafer without sacrificing strength, durability or performance. It also allows the dominant crystalline silicon PV supply chain to lower costs while leveraging its existing infrastructure. To decrease the amount of silicon used by photovoltaic wafers, manufacturers have long pursued methods to reduce wafer thickness. While wire sawing can be used to produce wafers thinner than the standard 180-200 micron thickness, these thin wafers have reduced mechanical integrity and break during cell fabrication, electrical interconnection and encapsulation in modules. As such, standard industry wafer thickness has remained between 180-200 microns. 1366’s Direct Wafer process has the unique ability to locally-control wafer thickness and provide standard 180-200 micron thickness in stress-critical areas such as wafer perimeter or ribs where busbar soldering will occur, while reducing thickness to 100-120 microns for the remainder of the wafer. The result cuts silicon consumption to ~1.5 g/W and creates a strong, thin wafer able to withstand typical manufacturing stresses. 1366’s Direct Wafer technology is a transformative manufacturing process that offers significant advantages over traditional ingot-based wafer production technologies, including the ability to introduce new wafer features that reduce cost and increase efficiency. The process makes wafers in a single step, pulling them directly from molten silicon instead of today’s multi-step, energy- and capital-intensive approach, resulting in significant wafer production cost savings. “The unique capabilities of our Direct Wafer process are an enabler for the crystalline silicon industry to continue its dominant market share position and deliver progressively lower-cost PV solutions for years to come, the 3D wafer feature allows us to meet the industry’s anticipated need for thinner wafers without compromising existing standards or asking manufacturers to abandon their existing manufacturing lines. the beauty of our Direct Wafer process is that the innovation begets further innovation, the ability to access the wafer surface during growth is a tremendous advantage and the source of more innovation to come.”

- Frank van Mierlo, CEO, 1366 Technologies

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September 2016

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BUISNESS & FINANCE

Waaree Energies installs solar rooftop panels at Growel’s101 Mall Continuing its efforts to promote the use of Solar PVC modules as a viable energy source, Waaree energies, one of India’s leading solar product manufacturers, has installed solar rooftop panels at Growel’s corporate office located in Growel’s Mall– one of the most popular shopping centers in Kandivali, Mumbai.

he solar panel system has played a significant role in reducing the shopping mall’s carbon footprint – eliminating almost 2, 23, 200 kg of carbon dioxide. The comprehensive solar panel system was installed using Waaree’s exclusive 310 Watt-peak (Wp) modules and are powered by 33kW and 40 kW Huawei inverters. The solar energy generated by this system is projected to reach 2, 79,000 units per year.

“At Waaree Energies, we aim to eventually establish solar power as the most viable alternative to grid. With our latest solar panel system at Growel’s, we wish to achieve the same while also helping the establishment in significantly reducing its carbon footprint. Our plan is to gradually introduce multiple solar projects across India in hopes of creating a self-sustaining system that promises energy conservation in the long run.” - Mr.Hitesh Doshi, Chairman & Managing Director, Waaree Energies,

“We are extremely happy to have a solar rooftop panel system by Waaree Energies at our mall. We are confident that their involvement in this venture can help pave the way forward for greater innovation in this industry – enabling a solar-power enabled society that benefits all involved.” - Mr. Sharad Jhunjhunwala, Growel’s 101 Mall, The solar rooftop project was completed within 40 days and consists of non-penetrative roof structures. Its panels are controlled by app-based remote monitoring facilities. Apart from being involved in its set-up, Waaree Energies also provisioned 5 years O&M to Growel’s 101 Mall for maintenance and upkeep of the solar panel system.

APM Terminals Inland Services, South Asia wins the exclusive 3PL provider contract with Mahindra Susten for 260 MW Solar project in Andhra Pradesh

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PM Terminals Inland Services, South Asia has signed a contract with Mahindra Susten to provide exclusive Third Party Logistics (3PL) services in India for an upcoming 260 MW solar power project in Andhra Pradesh.The 3PL offering will provide an integrated logistics management solution to Mahindra Susten for the two thousand nine hundred TEU containers of solar panels being imported from China to India through the Port of Chennai. The

September 2016

“We are pleased to be the exclusive 3PL provider for this project by Mahindra Susten, one of the leading renewable energy brands in India. This is also a wonderful Ajit Venkataraman, opportunity to cater to Managing Director, the Indian hinterland, APM Terminals India and contribute to the Pvt. Ltd. environment.”

solar panels will be transported to Gani village in the interiors of Andhra Pradesh to set up a solar power plant. The 3PL service offering by APM Terminals Inland Services is a leap towards expanding its portfolio to provide integrated solutions to serve its customers connecting the hinterland to the world. It will leverage its state-of-the art infrastructure, global experience and logistics knowhow to execute this project. Mahindra Susten, the ‘Cleantech’ arm of Mahindra Partners – the $900 million private equity division of the Mahindra group, has been expanding its footprint across India since 2010 and is aiming to reach USD 1 bln mark this year. With the Government’s focus on renewable energy and expected capacity addition of 6 GW in 2016, India is set to become the fourth largest solar market after China, the USA and Japan. Under the ‘Make in India’ campaign, India has set an ambitious target of 100,000 MW of solar power by 2022; the solar plant installation capacity is expected to grow at a whopping 70% in 2016 alone.

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Spire Solar’s

SPI-SUN SIMULATOR™ 5100SLP BLUE

Proven quality, maximized output.

w w w. s p i re s o l a r. c o m The Spi-Sun Simulator™ 5100SLP Blue is the latest model of Spire Solar with reduced cost of ownership. The simulator offers an extended spectrum, single long pulse (SLP) up to 100ms and a measurement repeatability of < 0.15%. The one lamp design combined with these unique features form a high quality solar simulator built for testing all PV technologies.

Please visit us at the REI booth no. R31

RESEARCh & ANALYSIS

Navigant Predicts a $1.3 Trillion Market Opportunity Across the Energy Cloud Ecosystem by 2030 A more agile strategic planning approach is needed to help utilities navigate disruption and position for long-term success

avigant released Navigating the Energy Transformation, the latest installment in the company’s Energy Cloud analysis. The paper examines the energy industry’s landscape and provides stakeholders with a blueprint—the Energy Cloud Playbook—to proactively prepare for and navigate disruption and position for long-term success. Changing customer needs, evolving policy and regulation, and accelerating innovation around distributed energy resources (DER) are driving historic transformation across the energy industry, contributing to an emerging grid known as the Energy Cloud that is cleaner, more distributed, and intelligent. Navigating the Energy Transformation details the developments and technologies that comprise the Energy Cloud while evaluating shifting revenue across the value chain, as well as the implications for incumbent players and new market entrants.

Ongoing digitization efforts are laying the foundation for dynamic platforms that recombine technologies and services, moving beyond organizational siloes. From iDER, to smart cities, to building-to-grid, these platforms provide abundant opportunities for growth. With limited capital, however, and, in many cases, facing divergent investment choices, utilities and other stakeholders must choose a strategic pathway to navigate a new course and sustain long-term growth, according to the white paper. Navigant’s Energy Cloud Playbook outlines five steps industry participants should follow to prepare their organizations to face disruption and capture value in the Energy Cloud.

September 2016

“Energy industry players must be more flexible and responsive to shifting priorities than ever before, and it is imperative for utilities to engage in a more agile strategic planning process. While not all pathways to navigate this transformation will be appropriate for all players across all markets, those that acknowledge the - Jan Vrins, complexity of the challenge Navigant Energy ahead will have an advantage.” segment leader

KEY FINDINGS INCLUDE • Revenue across the electric value chain will shift downstream toward the edge of the grid, and digital innovation is expected to represent a $1.3 trillion market opportunity in 2030. • The most critical part of the Energy Cloud transition is balancing ongoing investments in the core grid with additional dynamic platforms that support new technologies, products, and services such as integrated DER (iDER), customer energy management, smart cities and transportation, the Internet of Things (IoT), and transactive energy. • As the network orchestrators, utilities play a key role in making sure new technologies and offerings are integrated with existing infrastructure and operations so that the full value of distributed energy is captured while the impact of stranded assets is understood and managed. • Existing planning horizons and tools, such as strategic plans and integrated resource plans, are insufficient. A more agile strategic planning approach is needed to pinpoint the trends, opportunities, and threats, and to introduce new technologies and business models successfully to address market and customer needs.

“By blending traditional assets, services, and interactions, and unlocking many new technologies, business models, and relationships, the emerging Energy Cloud will redefine market structures and traditional stakeholder relationships, This rapidly unfolding landscape will require new strategies and approaches to both current and emerging industry realities.” Mackinnon Lawrence, senior research director at Navigant Research

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Maybe you can’t pronounce our name... ...but you know you can trust our 4 GW of solar energy expertise Independent plant performance testing Owner’s engineering Detailed engineering services Lender’s independent engineer Technical due diligence Construction monitoring services Call us: +91 (0) 206 527 9957 Email us: india.info@sgurrenergy.com Sgurr, pronounced Skoor; n.peak, pinnacle, summit

Visit us at stand 5.19 at the 10th Renewable energy India Expo

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INDIA

BCCI signs MoU with TERI to promote renewable energy State Power Minister Shobandeb Chatterjee promised all support to the clean energy initiative by the BCCI

NTPC’S Bond Issue oversubscribed by 2.5 times

engal Chamber of Commerce and Industry (BCCI) on Thursday signed an memorandum of understanding (MoU) with The Energy and Resources Institute (Teri) for promoting renewable energy.

“We signed the MoU with the chamber to popularise clean energy and climate. We will work with BCCI with our technical resource. We can offer technology and business models on renewables,” - Ajay Mathur, Director General, TERI He said in Kolkata on Thursday

Mr. Mathur said if there is demand then Teri may consider opening a resource center in the city. State Power Minister Shobandeb Chatterjee, who was present on the occasion, promised all support to the clean energy initiative by the BCCI. BCCI energy committee chairman Deb A Mukherjee said the agreement will forge an alliance between the chamber and TERI to work toghther in the domain of renewables and allied fields.

TPC Ltd. invited bids for its 62nd series of Taxable Secured Non Convertible Debentures recently with bullet repayment after 10 years. Bids amounting to Rs. 1250 crore were received against issue size of Rs. 500 crore. After creating pricing tension, coupon of 7.58% p.a. was achieved which was inside of Corporate 10year “AAA” yield curve by 12 bps and an amount of Rs. 800 crore was allocated to successful bidders. The bidding was conducted on the Electronic Bidding Platform of National Stock Exchange of India Ltd. under the guidelines issued by SEBI for adopting electronic book mechanism for issuance of debt securities on private placement basis.The proceeds of the issue will be utilized for capital expenditure. NTPC is rated “AAA” by CRISIL, CARE and ICRA and the bond issue was also rated “AAA”.

INTERViEW

Interview With GAETAN TIBERGHIEN Principal Investment Officer, Infrastructure And Natural Resources, Power Sector Lead, South Asia, IFC

arket. EQ: In Private PPA m A Risk PP the what is your view on rward? fo y and the wa ivate potential as far as prne GT: There is a hugere d. er nc co are ts emen te Power Purchase Ag sts iva pr th wi ed iat oc ass co s, se The issue is that the m los d an ission charges PPAs, such as trans cro ss subsidy charges, can be d banking charges an private PPA market becomes set so high that the der to thrive, Private PPA unprofitable. In or m visibility on such chargmarket needs long ter to the grid and appropries, easy connectivity mechanism. Private ate energy banking solar systems have PPAs from Rooftop t there is little to the advantage tha tivity worry about grid connesec . arg or access ch

EQ : Government of India has set up a target of 100GW Solar & 75GW Wind Energy by 2022…. What would be the financing requirement and will it be a challenge to raise this finance? GT: Ans. India’s ambitious targets of achieving 100 GW of solar energy and 75 GW of wind energy by 2022 is an important element to meet the country’s ‘Power for All’ agenda. India’s renewable energy targets will require new investments of over $100 billion in the next few years not accounting for the investments needed in transmission and distribution. Since traditional bank finance will not be sufficient, India needs to mobilize investment from alternative sources of financing such as institutional and global banks, pension and sovereign wealth funds. Also, corporate bond markets and innovative structures such as green bonds and securitization structures can be leveraged. In the last few years, IFC has introduced a number of innovative financing mechanisms such as Green Bonds, the onshore Maharaja and offshore Masala Bond programs. These programs are attracting new classes of investors within and without India, lengthening maturities and mobilizing longterm Rupee financing for infrastructure needs. IFC has been aggressively helping third party issuers to successfully issue green bonds by investing in the bond. For example: In 2015, IFC became the first institution in emerging markets to issue green infrastructure bonds of $50 million. The proceeds of the amount raised will be used by Yes Bank to finance renewable projects. EQ : Financial health of DISCOMS is a concern for Bankability of Solar Projects. How should this challenge be overcome? What are the benefits of UDAY scheme and would it give any comfort for the financiers? GT: There have been some short term improvements following the financial restructuring package (FRP) for DISCOMs announced in 2012. We hope that the UDAY program (basically a new, more comprehensive, restructuring plan) will achieve the expected turnaround. Currently, half the states are yet to decide on the implementation of UDAY. Debt reduction is a necessary but is an insufficient step for the many Discoms having a negative EBITDA (Earning Before Interest, Tax, Depreciation, and Amortization).

September 2016

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INTERViEW Additional improvements such as reduction of technical and commercial losses are necessary for long term sustainability. Power-purchase agreements could also be improved to reduce risk perceptions. For example, they should be signed prior to construction in the wind sector, include suitable payment guarantees, and financially protect projects from important curtailment events (for example, when the grid is unable to absorb production from the renewable energy plant). EQ : How much has your institution financed and what is your target? GT: Globally and in India, investments in renewable energy, including solar, has been IFC’s top strategic priority. IFC has been a pioneering investor in renewable energy in India – as early as 2009. Since then, IFC has made steady investments in assisting private sector companies to set up renewable energy projects contributing to expansion of clean energy access and job creation. One-fourth of our total portfolio is in renewables in India. As of June 2016, IFC’s accumulated investment in renewable energy including mobilization, is around $1 billion. IFC portfolio companies have set up about 3GW of different forms of renewable-power projects in India. EQ : Comment on the Balance Sheet Finance vs Non-Recourse / Limited Recourse Finance? GT: IFC is a one stop-shop in devising innovative ways to support projects. We support renewable projects both through Balance Sheet Finance as well as NonRecourse Finance. IFC is involved in providing long-term tenors to match asset life, support projects in new markets and new regulations; help structure to manage intermittent generation and merchant risk for wind projects and support supply chain expansion to reduce costs for solar projects. We work with renewable energy project developers to pilot new business models and financing structures. Our innovative models of financing, such as issuance of green bonds is helping lenders finance projects with long gestation periods. EQ : What is the benefit of the Paris agreement for the renewable energy projects? GT: The Paris agreement will provide a thrust to renewable energy projects further. Countries are looking to mitigate the effects of climate change and ensure sustainable development for its citizens. India, one of the fastest growing renewable markets in the world, will immensely benefit through renewable energy installations as it hopes

to achieve ‘Power for All’ by 2022, adopt energy efficiency measures and develop smart cities. EQ : What are the opportunities, challenges, risks in financing renewable energy projects? GT: The massive capacity addition, grid strengthening to support the renewable installations and the creation of jobs present good opportunities for the sector in future. The important part is that renewable energy projects can be implemented fast and are much less exposed to unpleasant delays and cost overruns during construction. The smooth implementation of projects will require some challenges to be overcome. In addition to the payment risks, the other main concern is curtailment. Renewable energy benefits from priority dispatch but as the penetration of renewable energy increases, it becomes harder to integrate all the electricity generated and balance the grid at the same time. Huge changes are needed to reduce curtailment risk: not only more and better transmission capacity but also storage, forecasting, regional dispatch, etc. Wind energy producers in renewable energy rich Tamil Nadu and, increasingly, in Rajasthan are required to dispatch less than their potential power production. This is also true in the Northern provinces in China. Indian PPA’s do not provide protection against such risks, unlike other parts of the world. EQ : Please share some projects you have financed? GT: Some of our key clients in the renewable space are Azure Power, Applied Solar, Continuum Wind Energy, Acme Solar, Sembcorp Green Infra Limited & Ostro Energy. IFC also works with state governments to attract private sector investments. For example- IFC is supporting the government of Madhya Pradesh to set up the 750-MW Rewa ultramega solar power project. This will be the largest single-site solar power project in the world.

An example of IFC’s investment in solar energy is Azure PowerIFC was one of the earliest investors in Azure Power, now a leading player in the gridconnected solar power sector. After initial financing in 2010, IFC has made multiple rounds of debt and equity investments to help sustain Azure’s growth. Today, Azure has a portfolio of solar plants across several states.

OPERATION & MAINTENANCE

Solar Panel Cleaning:

Then Only Way To Increase Your Solar Generation Up To 30%

BY : Rounak Muthiyan & Shreya Parekh

A solar captive power plant is an effective way to generate electricity for self-consumption. It consists of several photovoltaic (PV) modules each comprising of solar cells which convert sunlight to electrical energy using the photoelectric effect. This energy is converted to grid suitable AC power by inverters which then can directly power the facility. The life span of this system is 25 years and being a stand-alone system, it requires negligible maintenance. The only and most important maintenance required is solar panel cleaning. Solar panels create energy upon direct exposure to light. Anything that restricts this light energy to reach the panels can greatly reduce the performance and cost you money! Hence, its imperative that you keep your panels clean of dust, vehicle pollutants, grime and bird droppings.

BEFORE PANEL CLEANING AFTER PANEL CLEANING

SOLAR PANEL CLEANING CAN BE DONE IN TWO WAYS I.E MANUAL AND AUTOMATED-

ased on the environment characteristics i.e humidity, dust we recommend that solar panels should be cleaned twice a week to ensure that they operate efficiently. During monsoon months, modules are kept clean with the rain water however it is important to ensure that the solar modules are clean prior to onset of summer. In the northern hemisphere, 60-70% of solar generation occurs in the first half of the year (January - June) .Solar panels installed in the following scenarios• at a tilt angle below 10° • located in particularly dusty areas • in areas of high pollution • close to large bird population will require more regular cleaning.

1. Manual solar panel cleaning

It is also necessary to clean the panels in the morning or evening hours when the panels are not in full sun and the surface is cool. If water hits a panel that is too warm, it may shatter the glass.

This is a costly mistake and not covered in WARRANTY!

hen cleaning a module, one should use a soft cloth, mild detergent and potable non-heated water. Some fingerprints, stains, or accumulation of dirt on the glass may be removed with a 3% soap and water solution. For smaller systems, spray the solution on the module glass, let it stand for five minutes, spray again and use a soft sponge or seamless cloth to wipe the glass surface in a circular motion. For large systems, spray the cleaning solution on the modules, let it stand for five minutes, and then rinse them with highpressure water or a soft squeegee. Normally, the back surface of the module need not be cleaned but in the event this is deemed necessary, one should avoid the use of any sharp objects that might damage the penetrating the substrate material. Do not stand on the module glass while cleaning. Use of sharp objects and standing on the module glass to clean the same will void the product warranty!

Drawbacks of manual solar panel cleaning

hile manual solar panel cleaning ensures that the modules are kept clean at all times, it has its own drawbacks like human errors, recurring labor cost, time-consuming processes, difficulty in access to site, difficult for large systems, etc. In such a scenario, one can opt for automated solar panel cleaning system.

2. Automated solar panel cleaning

n easy way to clean your solar panels without having to climb on the roof and do it! Kalpa Power has developed one such sprinkler based proprietary cleaning system. This system consists of: 1. Solar pump for pushing the water up to the water treatment plant. The water pressure varies between 2.51 – 4 psi. 2. Water treatment plant which ensures the hardness of water to be less than 100 ppm. 3. After water treatment, the water is pushed to the booster pump with sprinkler heads connected on top which sprinkles water on the solar panels. These sprinklers cover the solar panel in 180°. The sprinkler interval can be automated by PLC/ solenoid valves. These system is maintenance-free and ensures timely cleaning of solar panels for optimum generation solar generation. Timely cleaning of solar panels reduces chances of accumulation of dust on solar panels. Also, this is a one time investment, reducing the labor cost that would be incurred in manual solar panel cleaning. To know more about this sprinkler based solar panel cleaning system, please visit this youtube link:- https://www.youtube. com/watch?v=jsD1RsFrTCs

As quoted by one of our customers, Mr. Chavan, owner of Gajraj Cleaners, Ahmednagar,” the only maintenance required for a solar power plant is regular cleaning of solar panels.” Being a stickler for cleanliness, he conducts a panel dusting everyday followed by soap solution mopping every 8 days to maximize solar generation. Hence one can say that the only and most important maintenance for solar power plant is regular solar panel cleaning, manual or automated.

INTERViEW

INTERVIEW WITH

PRADEEP SANGWAN General Manager, ReneSola India

EQ: Please describe in brief about your company, directors, promoters, investors, its vision & mission PS: We were founded in 2005 by Mr. Xianshou Li, our CEO, who is recognized as one of the pioneers of the solar industry in China. ReneSola listed on the New York Stock Exchange in 2008 and today we are one of the leading international manufacturers of solar modules, dedicated to providing green energy solutions globally. ReneSola has built an expansive and responsive network of sales offices, warehouses and technical support that now covers almost 20 countries. Our India offices opened in 2014.

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How much modules have you supplied to India till now, what is the target/ expectation in 2016-17

PS: To date we havean installed base of more than 650MW modules in India and we are on track to add another 450MW in 2016-17, which will take our total volume of modules supplied to India above 1GW.

Kindly enlighten our readers on the performance of your modules in India in various geographic locations, customer feedback.

PS: Our modules have been in operation in India since 2013.Our clients are fully satisfied with the performance of our modules and this has enabled us to win repeat business from our clients as well as referral business based on the performance of the plants under operation with ReneSola modules. Today we have solar plants in operation with ReneSola modules in almost all states and across all verticals -- ground-mounted large plants, rooftops and off-grid applications like telecoms. We have large solar power plants performing well with ReneSola modules in Delhi, Punjab, Haryana, Uttranchal, Rajasthan, Madhya Pradesh, Maharashtra, Karnataka, Chattisgarh, Telangana, Andhara Pradesh, Tamil Nadu & Kerala.

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INTERViEW

EQ: Solar Trade Wars: What are the benefits to Indian manufacturers PS: The present solar trade war is fuelled by low demand globally and is taking place between Chinese suppliers. It will not be of any benefit to Indian manufacturersas Indian manufacturers’ business is dependent on government policies, but there is still great uncertainty about policies that require the use of modules made in India. Indian solar manufacturers are focusing mainly on rooftop and off-grid requirements as well as exports to countries where China-made modules have been hit by duties. Yet in one of these markets, Europe, currently there is weak demand while also companies from across the world are trying to sell modules there, so the market is very competitive. Local Indian manufacturers are slow and cannot compete with Chinese manufacturers who can supply at a better price and in a quicker time.

Present some noteworthy projects, case studies of solar plants built using your solar modules.

PS: In India, ReneSola is proud to have been the module supplier to Cochin airport (14.4MWp), the world’s first fully solar powered airport, as well as other key projects including Delhi airport (6.6MWp) and Mangalore port (4.4MWp). Our modules were shortlisted for these key projects after rigorous due diligence and testing of our modules on the necessary parameters for such installations.

What is the size of your company in terms of manufacturing capacities, growth chart, future expansion plans, revenues, shipments, ASP’s, financial figures?

PS: As a fully-integrated manufacturer of solar products we have in-house production capacity of 1.5 GW of modules, 3 GW of wafers and 330MW of cells. We have more than 5,600 employees worldwide and reported revenue of USD1.3 billion in 2015, making us one of leading companies in our industry.

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What are your plans for India, your view on the GOI target of 100GW Solar Power by 2022?

PS: India is one of the key markets for ReneSola and we have consistently invested in adding manpower, pre- andpost salesand technical support,andour supply chain infrastructure. We will also be introducing our new products for the Indian solar market this year and have ramped up our stocking capacities to cater to the rooftop and off-grid markets for the immediate availability of our modules. We fully support the Indian government’s goal of achieving 100GW of solar capacity by 2022,although we recognize the magnitude of the task ahead.Only with a firm action plan does India’s aim look achievable. There are some constraints that have restricted the growth of renewable energy in our country so far and to meet this goal India needs to address these constrains, such as inadequate transmission lines, open access issuesand unclear laws in the power sector. We also need to increase our pace of renewable energy capacity installations by seven-fold, from an average 3GW per year to more than 20GW per year. While we believe that the target may prove challenging to achieve in the given timeframe, considering that we will need a serious overhaul of India’s power infrastructure as well as new incentives to drive investment, we are quite positive about the present government’s initiatives to address these issues blocking the flow of investment into the solar sector.

September 2016

INTERViEW

How much is your R&D budget as % of your sales / profits

PS: ReneSola has one of the largest R&D budgets among our peer group, which was 3.4% of revenue in 2015. Since 2010 we have consistently been one of the top five spenders on R&D among the leading module manufacturers, according to rankings produced by PV-Tech.

Technology road map in terms of 1500V , Double Glass, BiFacial Cells, PERC/ PERT Technologies, upcoming game changes technologies

PS: In our commitment to product innovation, in 2016 we are introducing our VirtusIII module, which is the latest evolution of the ground breaking Virtus series, as well as 1500V and Double Glass modules to provide higher efficiency to meet the demands of our customers. We will be showcasing these modules to our local clients at the Renewable Energy India exhibition in September.

Explain various guarantees, warrantees, insurance, certifications, test results, performance report of your modules

PS: Our modules carry all necessary IEC certificates and certification is awarded through standard tests carried out third -party international labs. Performance analysis of our modules is also carried out from time to time by international labs including Photon and the results are placed in the public domain. We offer 10-year material and workmanship warranties and 25-yearlinear power output warranties on our solar modules. We also offer third-party insurance to our clients.

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EQ : Whatâ&#x20AC;&#x2122;s your commitment towards the solar sector in India? PS : ReneSola was one of the first international module manufacturers to establish dedicated India operations, with our first India office opening in 2014. We are incorporated as a local Indian entity (ReneSola India Pvt Ltd.) and are fully committed towards the Indian solar sector through our investment in sales infrastructure and the supply of our latest technology to the Indian market.

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September 2016

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The New Economics Of Energy Storage - BY Paolo D’Aprile, John Newman, and Dickon Pinner

Energy storage can make money right now. Finding the opportunities requires digging into real-world data.

September 2016

nergy storage is a favorite technology of the future—for good reasons. Many people see affordable storage as the missing link between intermittent renewable power, such as solar and wind, and 24/7 reliability. Utilities are intrigued by the potential for storage to meet other needs such as relieving congestion and smoothing out the variations in power that occur independent of renewable-energy generation. Major industrial companies consider storage a technology that could transform cars, turbines, and consumer electronics (see sidebar, “What is energy storage?”). Others, however, take a dimmer view, believing that storage will not be economical any time soon. That pessimism cannot be dismissed. The transformative future of energy storage has been just around the corner for some time, and at the moment, storage constitutes a very small drop in a very large ocean. 1. In 2015, a record 221 megawatts of storage capacity was installed in the United States, 2. more than three times as much as in 2014—65 megawatts, which was itself a big jump over the previous year. But more than 160 megawatts of the 2015 total was deployed by a single regional transmission organization, PJM Interconnection. 3. And 221 megawatts is not much in the context of a total US generation capacity of more than a million megawatts. Our research shows considerable near-term potential for stationary energy storage. One reason for this is that costs are falling and could be $200 per kilowatt-hour in 2020, half today’s price, and $160 per kilowatt-hour or less in 2025. Another is that identifying the most economical projects and highest-potential customers for storage has become a priority for a diverse set of companies including power providers, grid operators, battery manufacturers, energy-storage integrators, and businesses with established relationships with prospective customers such as solar developers and energy-service companies.

In this article, we describe how to find profitable possibilities for energy storage. We also highlight some policy limitations and how these might be addressed to accelerate market expansion. These insights could help forwardthinking companies win an early toehold in a market that in the United States could reach $2.5 billion by 2020—six times as much as in 2015.4 The ultimate prize, of course, is much bigger. As the technology matures, we estimate that the global opportunity for storage could reach 1,000 gigawatts in the next 20 years.

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ENERGY STORAGE Where to compete: Model insights

dentifying and prioritizing projects and customers is complicated. It means looking at how electricity is used and how much it costs, as well as the price of storage. Too often, though, entities that have access to data on electricity use have an incomplete understanding of how to evaluate the economics of storage; those that understand these economics have limited access to real-world data on electricity use. Moreover, there has been a tendency to average the data when doing analyses. Aggregating numbers, however, is not

useful when evaluating prospects for energy storage because identical buildings next door to each other could have entirely different patterns of electricity use. Conclusions drawn based on averages therefore do not have the precision needed to identify which customers would be profitable to serve. In our research, we were able to access data from both utility and battery companies. On this basis, we found that it is quarterhour-by-quarter-hour or even minute-by-minute use that reveals where the opportunities are.

To identify today’s desirable customers, we built a proprietary energy-storage-dispatch model that considers three kinds of real-world data: • • •

Electricity production and consumption (“load profiles”), at Intervals of seconds or minutes for at least a year Battery characteristics, including price and performance Electricity prices and tariffs

Using both public and private sources, we accessed data for more than a thousand different load profiles, dozens of batteries

(including lithium ion, lead acid, sodium sulfur, and flow cell), and dozens of electricity tariff and pricing tables. Our model, shown in the exhibit, identifies the size and type of energy storage needed to meet goals such as mitigating demand charges, providing frequency-regulation services, shifting or improving the control of renewable power at grid scale, and storing energy from residential solar installations.

Exhibit Demand-charge management

The model shows that it is already profitable to provide energy-storage solutions to a subset of commercial customers in each of the four most important applications-demand-charge management, grid-scale renewable power, small-scale solar-plus storage, and frequency regulation.

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ome customers are charged for using power during peak times (a practice known as a demand charge). Energy storage can be used to lower peak consumption (the highest amount of power a customer draws from the grid), thus reducing the amount customers pay for demand charges. Our model calculates that in North America, the break-even point for most customers paying a demand charge is about $9 per kilowatt. Based on our prior work looking at the reduction in costs of lithium-ion batteries, this could fall to $4 to $5 per kilowatt by 2020. Importantly, the profitability of serving prospective energy-storage customers even within the same geography and paying a similar tariff can vary by $90 per kilowatt of energy storage installed per year because of customer-specific behaviors. Another interesting insight from our model is that as storage costs fall, not only does it make economic sense to serve more customers, but the optimum size of energy storage increases for existing customers.

September 2016

ENERGY STORAGE

Grid-scale renewable power

nergy storage can smooth out or firm wind- and solarfarm output; that is, it can reduce the variability of power produced at a given moment. The incremental price for firming wind power can be as low as two to three cents per kilowatt-hour. Solar-power firming generally costs as much as ten cents per kilowatt-hour, because solar farms typically operate for fewer hours per day than wind farms.

Small-scale solar-plus storage

t a residential level, the combination of solar and storage is only worthwhile when specific market and regulatory conditions are in place to make the value of storage greater than the cost of installing it. This can happen, for example, when excess production can be stored for later consumption; in that case, consumers need to buy less power from the grid and thus cut their costs.

Frequency regulation

lectricity grids experience continuous imbalances between power generation and consumption because millions of devices are turned on and off in an uncorrelated way. These imbalances cause electricity frequencies to deviate, which can hurt sensitive equipment and, if left unchecked and allowed to become too large, even affect the stability of the grid. Storage systems are particularly well suited to frequency regulation because of their rapid response time and ability to charge and discharge efficiently. Our model confirms that storage can be profitable in select frequency-regulation markets. The economics depend on the context. Ideally, batteries hover around a specific state of charge to minimize the amount of storage required.

How to compete: The state of batteries

attery technology, particularly in the form of lithium ion, is getting the most attention and has progressed the furthest. Lithium-ion technologies accounted for more than 95 percent of new energy-storage deployments in 2015.5 They are also widely used in consumer electronics and have shown promise in automotive applications, such as plug-in hybrids and electric vehicles. Prices for lithium-ion batteries have been falling and safety has improved; moreover, they can work both in applications that require a lot of energy for a short period (known as power applications) and those requiring lower amounts of energy for longer periods (energy applications). Collectively, these characteristics make lithium-ion batteries suitable for stationary energy storage across the grid, from large utility-scale installations to transmission-and-distribution infrastructure, as well as to individual commercial, industrial, and residential systems.

September 2016

Our model confirms the centrality of lithium-ion batteries to utility-scale energy storage, but with two important caveats. First, it is critical to match the performance characteristics of different types of lithium-ion batteries to the application. For example, we looked at two major lithium-ion-battery providers that were competing to serve a specific industrial application. The model found that one company’s products were more economic than the other’s in 86 percent of the sites because of the product’s ability to charge and discharge more quickly, with an average increased profitability of almost $25 per kilowatt-hour of energy storage installed per year. Second, in some specific applications, non lithium-ion technologies appear to work better. For demand-charge management and residential solar-plus storage, certain leadacid products are more profitable than lithium-ion cells. For large-scale firming of wind power, our model shows that flow cells can be more economic than lithium-ion cells for all but the shortest periods (less than an hour) and are projected to continue to lead on cost through 2020.

Policy and market limits

ur model suggests that there is money to be made from energy storage even today; the introduction of supportive policies could make the market much bigger, faster. In markets that do provide regulatory support, such as the PJM and California markets in the United States, energy storage is more likely to be adopted than in those that do not. In most markets, policies and incentives fail to optimize energystorage deployment. For example, the output from intermittent renewable-energy sources can change by megawatts per minute, but there are few significant incentives to pair renewable energy with storage to smooth power output. Another issue is that tariffs are varied and not consistently applied in a way that encourages energy-storage deployment. Thus, customers with similar load profiles are often billed differently; some of these tariffs provide incentive for the adoption of storage to the benefit of the electrical-power system, while others do not. Pairing load profiles with appropriate tariffs and ensuring that tariffs are stable could help build the economic business case for energy storage. Finally, the inability to bring together detailed modeling, customer data, and battery performance (due in part to policy choices and rules limiting data access) makes it difficult to identify and capture existing opportunities.

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ENERGY STORAGE

What the future may hold Owork points to several important findings. First, energy storage already makes economic sense for certain applications. This point is sometimes overlooked given the emphasis on mandates, subsidies for some storage projects, and noneconomic or tough-to-measure economic rationales for storage (such as resilience and insurance against power outages). Second, market participants need to access the detailed data that could allow them to identify and prioritize those customers for whom storage is profitable. Given the complexity of energy storage, deployment is more likely to follow a push versus a pull sales model, favoring entrepreneurial companies that find creative ways to access and use these data. Third, storage providers must be open-minded in their design of energystorage systems, deciding whether lithium-ion, lead-acid, flow-cell, or some other technology will provide the best value. A strategy that employs multiple technologies may carry incremental costs, but it may also protect against sudden price rises.

Fourth, healthy margins are likely to accrue to companies that make use of battery and load-profile data. The unique characteristics of individual customers will favor tailored approaches, including the development of algorithms that find and extract the greatest value. Strong customer relationships are required to access relevant data and to deliver the most economical solution as regulations and technologies evolve. Fifth, how to use storage to reduce system-wide costs will require some thought. Examples might include price signals that are correlated with significant deviations in power generation and consumption, rules that reward the provision of storage to serve multiple sites in close proximity, and tariffs that favor self consumption (or load shifting) of renewable electricity. The most important implication is this: the large-scale deployment of energy storage could overturn business as usual for many electricity markets. In developed countries, for example, central or bulk generation traditionally has been used to satisfy instantaneous demand, with ancillary services helping to smooth out discrepancies between generation and load. Energy storage is well suited to provide such ancillary services. Eventually, as costs fall, it could move beyond that role, providing more and more power to the grid, displacing plants. That moment is not imminent. But it is important to recognize that energy storage has the potential to upend the industry structures, both physical and economic, that have defined power markets for the last century or more. And it is even more important to be ready.

About the Author(s) Paolo Dâ&#x20AC;&#x2122;Aprile is an associate partner in McKinseyâ&#x20AC;&#x2122;s Rome office; John Newman is an associate partner in the San Francisco office, where Dickon Pinner is a senior partner. The authors wish to thank Hussein Abdelhalim and Benedikt Battke for their contributions to this article.

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September 2016

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INTERViEW

Interview with

Basant Jain Chief Executive Officer, Mahindra Susten

EQ: Susten has given a great impetus to innovation by foraying into products, what was the reason for this? BJ: In the last one year, developers have bid aggressively, creating pressure on the entire supply chain. While the EPC industry has been continuously innovating to cut costs by design innovations and in some cases careful dilution of specifications in non-core areas, further cost cutting seemed to be a big challenge in the near future. Moreover, commodity (Steel, Copper and Aluminium) prices were on the up in last few months. At Mahindra Susten, we realized this pressure and we chose to offer a differentiated value Products based on our EPC experience, strong R&D and Innovation strengths. These products include the Mahindra Susten Azimuth Tracker (MSAT100TM), Inverter Container, Combiner Box and Module Mounting Systems. Our products are designed and developed indigenously to ensure customers have the best in class reliable products available at economical rates.

EQ : Susten is a leading solar EPC company in India, for our readers who would like to know more, please share with us brief background of Mahindra Susten? BJ: Mahindra Susten is one of the fastest growing portfolio companies under the $1 billion Mahindra Partners group, and in 5 years we have established ourselves as one of the leading companies within the Indian solar industry. Our key offerings are turnkey EPC (Engineering, procurement and construction) services for utility scale solar PV, rooftop solar PV and sustainable infrastructure. Additionally, we also offer innovative products like single axis solar PV tracker, micro grid solutions, PV module cleaning robots and varied services like engineering, O&M (Operations & Maintenance) and analytics. We are all set to deliver over 1 GW of Solar PV power plants across India by Mar 2017, with 550 MWp already commissioned. Our customers, like SoftBank Energy, Fonroche, First Solar, Renew Power, Asian Paints, Infosys, Tech Mahindra, are proud owners of some of India’s finest plants with 2% - 5% higher generation as compared to other plants around them. Our expertise in design, engineering, construction, procurement and latest industry know-how has made us a leader in this space. With our project portfolio, we are proud to have emerged as the largest solar EPC Company in FY15. Our focus on execution excellence and quality ensures that Mahindra Susten goes beyond the contract and constantly delivers customer delight!

EQ : Do you envisage a big market for Trackers in India? Has the perspective of Indian solar developers on tracker changed? BJ: Indian PV industry has seen record low tariffs that are leading to IRR pressures for developers. Thus, Financiers, Developers and Utility businesses are all looking for a viable financial model to maximize a solar project’s return. In an effort to increase solar output, single-axis trackers have become the “go-to” solution since they increase production by up to 20 38

September 2016

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INTERViEW

EQ:Are there any patents on the tracker? BJ: We have filed for 6 Indian patents on Mahindra Tracker, including patent on innovative bearing design, Housing and Unique Tracking mechanism. Unique Tracking Algorithm, ensures tracking is based on angle and not time interval. The Sun’s motion varies throughout the year, the motion is slower during summers and faster in winter, and thus our unique algorithm tracks this angle making it very accurate. The tracker also has a unique Stowing algorithm and the speed limit is dependent on angle of the tracker. Thus, stowing is done as a combination of tracker angle and wind speed, thereby maximizing generation at all times.

percent. Also, Installation of trackers improves the IRR by 2-3% over fixed tilt systems, thereby making Trackers the Choice for developers in India. Availability of local reliable makes of tracker has also helped change the mind-set of Indian developers who are willing bank on the Tracker technology. The trend of shifting to trackers is seen more in the southern states where solar trackers give a higher gain ~ 18-24% over fixed tilt system. Most enquiries for EPC, including tenders from government, include a solar Tracker as a critical aspect. Our assessment of the industry shows a tracker market of 40GW and upwards for the Indian solar industry till 2022.

EQ : The Susten tracker is gaining traction in market, what is unique about Mahindra Susten Tracker? BJ: The MSAT100TM can be described as “Plug and Track”. Being an EPC player we understand the challenges faced by developers at sites and keeping that in mind, the MSAT100TM was developed to counter the same. Ease of installation & Maintenance are at the core of the tracker design. Independent Row Tracking, Wireless Design, SelfLubricated bearings, Robust control with inbuilt cleaning and stowing modes are all in line with this strategy. MSAT100TM (Mahindra Susten Azimuth Tracker) is a tracker system with the simplicity of a fixed tilt, thereby requiring no additional work or time during installation and minimal maintenance. All components including bearings, torque tube, rails and fasteners have been carefully designed to ensure minimal wear and tear from wind exposure, extreme temperatures or severe weather events. 90% of the tracker components are indigenous thereby ensuring faster availability, in terms of, “on time” delivery of the product and ease of spares accessibility. The MSAT100TM is a Tracker which has been designed, tested and developed keeping site conditions in mind for maximum gain at optimum costs.

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EQ : Mahindra is always known for their reliability and quality; would this be true for the tracker as well? BJ: With Responsibility comes Reliability, and it is critical both, for our customers and brand Mahindra. Rigorous testing, software analysis and prototyping were conducted before launching the tracker. Accelerated life tests, emulating actual site conditions, have been completed on the tracker system for 25 years. Humidity tests, Temperature cycling, Salt Spray Test, MTBF for Controller and Wind Tunnel test are amongst the list of tests that were performed to ensure suitability of the system under harsh climatic conditions. All of these tests have not only successfully passed, but also proven that the design margins built in have good factor of safety to ensure we have a system which lasts for 25 years. The tracker design was reviewed and approved by Third parties like SGURR, TUV, MRV and D&V, thereby increasing confidence in the design. World class quality on vendors is maintained through rigorous vendor qualification process, third party inspections and sample audits by our team. Quality inspections before packaging also ensure we have defect free trackers at the site.

EQ : With Susten’s firm focus on innovation/quality in a competitive solar market, what does the future hold? BJ: The MSAT100TM was first commissioned in Jan 2016 and at present we have ~250 MW at various stages of execution (11.2 MW installed). Our focus in 2016 is to execute and deliver world class MSAT product to our customers. We have seen a lot of interest in our trackers from developers and we plan to enlighten them about the benefits of tracker, including aspects of reliability and bankability. Apart from the Tracker, we are constantly innovating and developing newer products to address the pain points that developers have while setting up a PV plant. Our dedicated team of specialist engineers are on the job and the market will see many more quality products, including Module Cleaning Robots from Mahindra Susten in the near Future.

September 2016

INTERViEW

Interview with

Ivan Saha President & Chief Technological Officer, Vikram Solar

EQ : How much modules have you supplied to India till now, what is the target/ expectation in 2016-17 EQ: Present some noteworthy projects, case studies of solar plants built using your solar modules IS: We gave world its first fully solarized airport by installing 100 kW capacity rooftop solar power plant at Cochin International Airport, Kerala, India. We installed 80 kW capacity Rooftop Solar Power Plant at Indian Institute of Remote Sensing, Uttarakhand, India. capacity solar PV power plant for NVVN, RajastMW Our 40 han, India has enhanced utility scale energy requirement of Rajasthan. We have offered India its first Installation of 10 kW floating solar power plant in West Bengal, India. Our 2.25 MW capacity solar PV power plant for Chhattisgarh State Electricity Board, Chhattisgarh, India is a quality example of ground mounted solar project. We have also successfully installed 5 MW capacity solar PV power plant for Konark Gujarat PV Power Pvt. Ltd., Gujarat, India.

September 2016

IS: We have supplied a total of 150 MW in the last 2 years to the domestic Indian market. This year the target is to supply about 300 MW.

EQ : The recent aggressive bidding by various developers keeping Solar Tariffs in the price range of Rs.4.34 – Rs.5 per kWh in various Solar Tenders…Whats your view on the viability, Costs & timeline pressures, Resource Challenges (Materials, ManPower, Execution, Grid Connection, Land Possession) etc… IS: 2016 witnessed a record decline in Indian solar energy tariff, standing at RS 4.34 per unit. Government is obviously trying to improve efficiency in the entire power sector value chain to offer uninterrupted electricity and support globally competitive manufacturers. But, undoubtedly there is a huge mismatch between project cost and ROI, with low tariffs. Even consistent drop in component prices do not justify approximately 20-30% drop in bids. This situation brings the questions about project sustainability and viability of decreasing solar tariff. Government should also consider the possibility of influx of low quality modules. So, asset quality control in solar project development and sustainability of solar plants should be given more importance, rather than lowering the tariff any further.

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EQ: What is the size of your company in terms of manufacturing capacities, growth chart, future expansion plans, revenues, shipments, ASP’s, financial figures of the widest range of solar PV one offer IS: We modules (10 Wp to 345 Wp); used across industrial, commercial, residential and utility scale projects. We have an annual rated capacity of 0.5 GW for high quality module manufacturing and we are pacing towards 2 GW capacity by 2020. We recorded a 910.69 crores revenue in FY 2015-16, which is a 49.91% increase from FY 2014-15 revenue generation 623.14 crores. Our net worth is 233.01 crores, which is a 47.41% increase from last financial year’s growth. And our profit after tax in FY 2015-16 was 54.97 crores, a 42.15% increase from the last year.

EQ : Please describe in brief about your company, directors, promoters, investors, its vision & mission

EQ : What are your plans for India, your view on the GOI target of 100GW Solar Power by 2022?

IS: Vikram Solar is a globally recognized leading solar energy solutions provider, specializing in high efficiency PV module manufacturing and comprehensive EPC solutions. As a Tier 1 PV module manufacturer (Bloomberg New Energy Finance ranking), our products are designed to the highest standards of quality, reliability and performance. And we have international presence in more than 32 countries, contributing in shaping the solar revolution across continents. After reaching the 0.5 GW mark of annual rated module production capacity in 201516, Vikram Solar is further expanding capacity to 2 GW by FY 2020. The company is spearheaded by Mr. Gyanesh Chaudhary, our Managing Director & CEO. He is a dynamic business leader. He has been acknowledged as a “Promising Entrepreneur” by The Economic Times. And he is the key driving force of Vikram Solar. We at Vikram Solar have always believed that the global solar industry is destined for disruptive growth in the world’s energy mix, and we have patiently and responsibly worked towards aligning our range of products with the diverse and evolving needs of customers across geographies. Our mission is to ensure a green future by dramatically reducing carbon footprint. Our solutions can help solar energy users and inspire others to follow. Solar energy helps decrease electricity bills, while providing requisite power supply even in case of a power outage. So, we promote our products to help people understand how to harvest money with every sunrise.

IS: We have plan to invest up to 1,000 Crores over three-four years to expand our module manufacturing capacity. Planning to reach 2 GW manufacturing capacity through expansion. Government of India is increasing the number of government tenders and auctions, lowering cost of generating electricity by solar power, declining cost of investment and offering support to quickly build a solar industry to build a solar industry. By analyzing their commitment and advancement in technology, we believe achieving the 100 GW solar capacity milestone by 2022 is possible. However, focusing on domestic manufacturing capacity development is extremely important to penetrate the global solar sector and assure nation-wide socioeconomic development.

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EQ : What are your plans for Manufacturing set up in India, the opportunities and challenges in manufacturing in India IS: Manufacturing infrastructure in India is growing with the help of Government support and initiatives. Although, India’s increasing energy deficit and unique geo-graphical position call for solar manufacturing growth, there are a few challenges that Government needs to address first. Slow land acquisition process, lack of clarity in policy environment, no import duties on foreign solar equipment, lack of quality control regulation, and lack of skilled resources are few of the many issues that limit expansion plans of domestic manufacturers.

September 2016

INTERViEW

EQ : Solar Trade Wars: What are the benefits to Indian manufacturers IS: Global solar trade wars started when a few countries initiated aggressive equipment dumping on foreign industries, below the market price. Countries like USA, Canada, and India raised legal complaints against countries like China, accusing them of damaging domestic solar demand by flooding their industry with cheaper products. India brought Domestic Content Requirement (DCR) to save the domestic business interests, but it was swatted down by WTO as ‘preferential treatment’. Although, Government is still implementing DCR on a lower scale, its full-scale implementation would have created more demand for domestic manufacturers. Demand brings in investors and financial aid would have helped domestic manufacturers to claim a portion of the global solar market. These opportunities would have allowed India to transform its socio-economic infrastructure, leveraging industrial growth. Indian Government understands this equation and that is why they are trying to protect domestic manufacturing interest. However, more needs to be done. India is still young in solar sector compared to the giants (China, USA). In this situation, domestic capacity enhancement would have helped the country to save billions (in last five years, India has spent $5 billion on imports) on imports, create demand and sustain energy requirement, while strengthening financial structure.

EQ : How much is your R&D budget? IS: We invested about INR 100 Million from our reserves in R&D and product certifications. And our R&D team has helped us to position our modules as the natural choice for long-term investments.

EQ : What are the top 5 markets for your company in the past, present and future? IS: Although, we have presence in 32 countries across the world, North America, Europe, Africa, Asia, and India are the top five markets that Vikram Solar has penetrated and claimed a huge portion of.

EQ : Technology road map in terms of 1500V, Double Glass, BiFacial Cells, PERC/PERT Technologies, upcoming game changes technologies IS: Our R&D team is focused on innovation to evolve solar technology and increase energy generation rate. We are planning to showcase our Bi-Facial 60 cell N-type module, named Eldora Duplex that is capable to work at 1500V system voltage. We have already launched PERC (passivated emitter rear cell) solar cell technology in ELDORA neo module, which offers 17% efficiency with ease. We also have successfully developed an efficient Solar Tracker System, which will enable solar panels to turn and move with the sun, increasing energy generation rate.

EQ : Explain various guarantees, warrantees, insurance, certifications, test results, performance report of your modules IS: Vikram Solar used to offer a 25-year performance guarantee with its modules. But, we have recently increased that guarantee period to 27 years, assuring buyers of performance and consistency. We have IEC 61215, IEC 61730, IEC 62716, IEC 61701 and IEC 62804 certifications. We are also UL 1703 certified, MNRE certified and CEC listed (60 & 72 cell modules), JETPVm certified (Japan) and CAN/CSA certified (Canada). We have a certified EPC projects division - ISO 9001:2008. We have received ISO 9001:2008 for maintaining high quality management system. And ISO 14001:2004 certification for a safe environmental management system. We have also received ISO 18001:2007 for maintaining a safe work environment. Our modules are quality checked by highest rated internationally recognized agencies and to maintain a quality standard, we have in-house testing processes that surpass IEC certification requirements with ease.

EQ : Please share information of some new orders in hand. IS: Today we have a strong order book exceeding 400 MW.

EQ : As a module manufacturer provided 25 years warranties….is it backed up by warranties by cell manufacturer, materials manufacturers? IS: No, as we use import quality cells from Asian solar entities, we do not get any warranties from our sources. However, we offer a 12 years of product warranty and 27 years of linear power output warranty to the buyers. We took this decision because we trust our product quality and we believe this is the best way to convince buyers about solar shift and speed up solar progress in India.

September 2016

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INTERViEW

EQ : Kindly highlight your product, technology & company USP’s, distinctive advantages etc… IS: We offer solar PV modules ranging from 10 Wp to 345 Wp. Our modules are – • Eldora Grand Ultima Silver • Eldora Grand • Eldora Ultima Silver • Eldora Ultima All Black • Eldora Prime • Eldora neo Silver • Eldora Micro We use advanced and state-ofart manufacturing equipment from internationally recognized equipment suppliers, and we coupled it with robust in-house processes to manufacture highefficiency mono and polycrystalline silicon PV modules. Besides modules we also offer• Solar home lighting system • Solar power pack • Solar water pump To end-consumers. Our product USP’s are• Excellent low-light and long wavelength response (>1100nm) • Highest area efficiency in the class • Resistant to PID (85 Degrees Centigrade, 85% Relative Humidity, 168 Hours @ - 1000V) • Upto 12 years of product warranty • Upto 27 years of linear power output warranty

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EQ: What is your commitment towards the solar sector in India? IS: Vikram Solar is ready to contribution to the growth of Indian solar infrastructure. We have already crossed quite a few milestones, completing many one of a kind projects. We developed India’s first floating solar panel installation at West Bengal, we brought World’s first fully solarized airport in Kerala. We have also invested INR 100 Million in R&D to make modules more efficient in solar energy generation. Although Indian photovoltaic market is still at a growing stage, we understand its potential of transforming into 4th largest solar market. And in this pursuit, we want to be front runners to surpass limitations and achieve excellence with India for the betterment of the world.

EQ : What will be the cost, technology trends in solar pv modules IS: LCOE is anticipated to be decreased by around 2.5% by 2030. A frameless solar PV module concept may take hold in the future. Module quality assurance model mayimprove having high throughput and controls for industrial processing (a better version of EL tests, hot spot tests). Advanced ageing simulation is suspected to have a part in the future innovation of module, helping in better understanding the module degradation, to increase longevity. Silicone may be selected as new encapsulation material on PV modules in place of EVA. We are sure that with new technological improvement, new trends will surely pop up and speed up the global solar development.

September 2016

RESEARCH & ANALYSIS

Discoms, The Weakest Link In The Power Value Chain â&#x20AC;&#x201C; Can It Be Strengthened? A reality check...

In India, for decades together, DISCOMs1 have remained as the weakest link in the Power sector value chain due to 1) high Aggregate Technical Commercial (AT&C) losses (national average of ~22-23% in FY14), 2) lack of cost-reflective tariffs and 3) absence of timely support by the states. Resultantly, DISCOMs have built up huge pile of debt (~Rs.4.3 trillion as on Mar-15) to fund their accumulated losses. In November 2015, Government of India (GoI) with an objective of financial turnaround of DISCOMs launched Ujawal DISCOM Assurance Yojana (UDAY) to improve their operational and financial efficiencies.

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September 2016

hrough this scheme, the GoI intends to achieve four key milestones a) reduction in debt burden through phased takeover of outstanding debt, b) improve operational efficiencies of DISCOMs, c) reduction in cost of power generation through various measures and d) enforcing financial discipline on State DISCOMs to achieve alignment with State Finances. Additionally, the scheme also envisages benefits to the participating DISCOMs such as 1) access to additional/priority funding for capital expenditure from the Central Schemes2 and 2) higher share of cheaper power from Central Power utilities. This scheme remains optional for the states. Under the scheme, tripartite Memorandum of Understanding (MoUs) were signed amongst states, DISCOMs and GoI clearly stipulating their responsibilities for achieving operational and financial

milestones. The UDAY scheme is more comprehensive than earlier Financial Restructuring Package (FRP) schemes as it encompasses all the three elements i.e. 1) clearing up past debt burden, 2) provide financial roadmap to shift to cost reflective tariff regime by FY19 and 3) provide enough deterrents for the states to eliminate future losses of DISCOMs post FY18 as it starts impacting their Fiscal Responsibility and Budget Management (FRBM) limits. Till date thirteen states have signed UDAY MoUs. The likelihood of UDAY achieving desired results to make DISCOMs sustainable and improve overall health of Power sector appears high. However, CARE believes its success would depend upon support it receives from the participating states in carrying the scheme in spirit and intent as well as key premises underlying the scheme holding true.

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RESEARCH & ANALYSIS

UDAY Scheme â&#x20AC;&#x201C; What is the scope and what can it deliver?

he UDAY is a far more comprehensive scheme as it addresses DISCOM problems in the past, present and future. DISCOMs in the past have accumulated losses due to high AT&C losses and lack of cost-reflective tariffs, mandating the states to take over accumulated losses. It also focuses on resolving present problems like coal supply concerns and aims to make DISCOMs efficient with improved infrastructure with financial discipline. It intends to provide sustainable solutions to tackle the likely problems for state DISCOMs as enumerated in the Annexure-I.

How debt takeover will happen? What is/expected bond issuance programme in FY16/in FY17? Till September 2015, the DISCOMs had accumulated losses totalling ~Rs. 4.0 lakh crore (as shown below), which were funded through total debt of ~Rs.4.37 lakh crore.

nder the UDAY scheme, the states are expected to issue bonds aggregating Rs.2.52 lakh crore (excluding Tamil Nadu, which has accumulated losses of Rs.0.75 lakh crore). The states such as Rajasthan and Uttar Pradesh (UP) are likely to benefit immediately as on account of reduction in interest cost due to take-over of these loans by the respective states as shown in the table below.

he debt takeover by the various states participated in the UDAY will be in the form of mix of bank borrowings, grant and equity infusion. However, CARE notes that the states with high DISCOM debt are likely to face problems as higher liabilities are likely to constrain the fiscal space available with them in the near future.

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September 2016

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RESEARCH & ANALYSIS

Haryana State DISCOMs - Debt takeover As per tripartite MoU signed by GoI, Haryana state and Haryana DISCOMs, the Debt takeover is in the form of mix of grant (22.5%), loan (70%) and equity (7.5%), respectively. This phasing out of DISCOM debt is as follows:

hus, interest cost savings in DISCOMs is limited to interest rate differential as the interest is pass-through by the state to DISCOMs post debt (of i.e. Rs.15,570 crore) takeover in Q4FY16 and Q2FY17. Further, the State DISCOM‘s balance 25% debt (Rs.8,650 crore) is likely to be re-priced post takeover of the 75% of the debt. The Haryana state has already issued bonds totalling Rs.17,300 crore in FY16 (refers to the period April 1 to March 31) and has floated tender for issuance of balance amount of bonds by Q2FY17 (please refer to http://finhry.gov.in/udaybonds.pdf for details). The participation of Haryana DISCOM in UDAY Scheme may improve its overall sustainability, but it is not panacea for all the structural problems that the DISCOM faces presently, e.g. CARE Ratings believes that the most important issue that needs an urgent attention in Haryana DISCOMs is high level of cross-subsidization in tariffs Haryana DISCOMs’ power consumption from Agriculture sector stood at 26% in FY14; while, the revenue collection from Agriculture segment stood

at only 2%. Further, with implementation of UDAY Scheme, the state is likely to work on feeder-separation thereby increasing rural supply, which in turn will only increase, the crosssubsidization levels. Thus, lowering cross-subsidization by increasing agriculture tariffs, metering the unmetered agriculture consumers and sustainable reduction in AT&C losses to the normative levels of 14-15% from the current 28% level should remain the focus for Haryana DISCOMs. The inverted DISCOM tariff structure (with agriculture consumer/ domestic (cross-subsidised) category having the highest cost of power supply supplied at lowest rates) creates a structural impediment for the long-term sustainability of DISCOMs. Resultantly, CARE believes that it is very difficult for the state DISCOMs with low industry share and high cost of power supply to see a sustainable turnaround without a getting a meaningful remuneration from agriculture/domestic consumers, even if the AT&C losses are reduced to normative levels of 14-15%.

In FY16, eight states have issued ~Rs.1.0 lakh crore worth of bonds. The state-wise break-up is given below:

he bonds issued by the states have five years of moratorium with a non-SLR status. The borrowing to takeover DISCOM debt is not reckoned against the next borrowing ceiling of the state determined by Department of Expenditure, MoF under 14th Finance Commission

Recommendations. However, any borrowing after FY17 to takeover DISCOM debt shall be reckoned as a part of Net Borrowing ceiling. The participating states are expected to issue Rs.1.50-1.75 lakh crore worth of bonds by the last tranche (75% of the outstanding debt) by Q2FY17.

The States will have to service the interest on bonds issued, which is likely to put pressure on state government budget potentially forcing them to cut spending needed to support economic growth. Thus, the path towards fiscal consolidation for the participating states may get longer, till the economic growth picks up and DISCOM losses reduce meaningfully.

September 2016

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RESEARCH & ANALYSIS

UDAY mandate - State DISCOM implementation remains the key....

he Scheme mandates all the 11 State DISCOMs, which signed MoUs under UDAY, to break-even by FY20 and eliminate the gap between revenues (ARR-Average Revenue realization) and power cost (ACS - Average Cost of Supply) with the combination of tariff hike, reduction in fixed cost by coal supply improvement and rationalization alongwith reduction in AT&C losses.

Revenue (ARR) - Cost (ACS) gap: The troubled states such as UP, Jharkhand, Bihar and Haryana will only be able to eliminate the gap by FY20. However, states like Chhattisgarh and Rajasthan, where the accumulated losses were attributable to the lack of tariff increase in line with the cost escalation, are envisaged to witness faster turnaround by FY17/FY18, respectively.

AT&C loss reduction: MoUs have also enlisted region/district-wise target of reducing AT&C losses to bring down to the normative level of 15% over the projected period. The AT&C loss reduction can be achieved through improvement in combination of billing and collection efficiency level. Highest loss reporting states during FY14 are Bihar, UP and Jharkhand, i.e.44.0%, 32.4% and 35.0%, respectively.

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September 2016

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RESEARCH & ANALYSIS

he targeted AT&C loss reduction trajectory looks ambitious especially for the states like UP, Bihar, J&K and Jharkhand as the billing and collection efficiency (please refer Annexure-II for details) are lower in these states. Additionally, these states need to invest in transmission and distribution network, implement feeder separation schemes and improve metering/billing/collecting in order to reduce AT&C losses meaningfully in the projected period (FY17-FY20). UDAY scheme’s success critical for overall sustainability of the Power sector & for setting up base for the next phase of reforms

uccessful implementation of the UDAY Scheme remains vital for sustainability of DISCOMs. However, its success hinges upon participating state’s 1) willingness and ability to adhere to key operational milestones, 2) reducing overall cost of power by sourcing power through optimal mix of generation sources and building adequate intrastate transmission capacity, 3) Improvement in sustainability of DISCOMs by moving to cost-reflective tariff regime (viz. quarterly/monthly automatic fuel adjustment), 4) supporting DISCOMs through timely payment of subsidies and 5)proactive resolution of other critical issues such as lowering cross subsidization in power tariffs to boost Industrial/commercial demand, accurate determination of AT&C losses etc. The implementation of Central Schemes such as Deendayal Upadhaya Gram Jyoti Yojana (DDUGJY) and Integrated Power Development Scheme (IPDS) for feeder separation and sustainable reduction in AT&C losses also assume importance in this backdrop. While these milestones are being achieved, the other Distribution reforms also needs to be expedited bringing in competition in the power distribution segment by creating division of State DISCOMs into carriage (wire) and content (supply) subsidiaries and inviting private participation in the supply business along with incumbent for creating vibrant multi-buyer and multi-seller power market.

September 2016

Annexure-I - Details of UDAY Scheme A. Past issues: 1. Takeover of DISCOM debt: States to acquire 75% of DISCOM debt as on September 30, 2015 over two years i.e. 50% by FY16-end and 25% in FY17. This would result in reduction in interest burden by 25%. Thus, annual losses can be reduced meaningfully by FY17-end for the participating DISCOMs. Further, once the losses reduce, the DISCOMs’ ability to get debt at cheaper cost increases and the balance debt can be re-priced, which is currently charged by banks/FIs@14-15%. B. Present issues: 1. Improve operational efficiencies: The states and DISCOMs participating in the UDAY scheme made to follow targeted activities for achieving operational efficiencies and reduce AT&C losses, which will be funded through Central government schemes (such as DDUGJY, IPDS and PSDF). The scheme targets AT&C loss reduction through• To segregate the paying and non-paying consumers - Compulsory feeder and distribution transformer metering by the states by June-16 and June-17 respectively. • To improve billing efficiency through metering and tracking losses through smart metering for all consumers consuming >200 units. • Demand Side Management, which would help reduce peak load and energy consumption. This would also ensure use of more efficient fans/air conditioners and industrial equipments. 2. Reduction in cost of power generation: The UDAY scheme envisages both GoI and participating states take measures to reduce cost of power by rationalising coal supply and competitive power purchase by the states through the steps mentioned below: GoI to take following steps: • Enhance domestic coal supply by increasing coal production to 908MT by FY20 from Coal India Ltd. (CIL). • Coal linkage rationalization/coal swapping to optimize distance travelled by coal to power plants and allow more coal to flow through efficient plants and cutting down supply for older plants. • Crushed coal supply from CIL from April 1, 2016. • 100% washed coal supply for G10 and above coal for the power plants by October 1, 2018. States to take following steps: • Prospective power purchase through transparent competitive bidding by DISCOMs • Improving efficiency of state generating units by NTPC handholding. 3. Augmenting transmission lines • The GoI along with states to award transmission projects worth Rs.1 lakh crore on tariff-based competitive bidding (which includes projects under green corridor). • Transmission capacity addition of ~18.4GW to Southern grid is expected to meet the increased demand by 2018-19, which will re-balance the interregional power surplus and deficit and reduce installed capacity of stranded plants. • Target to reduce transmission loss to 1% from current 4-5% levels. 4. Quarterly tariff hikes: As per new National Tariff Policy, 2016, the DISCOMs are allowed to carry out tariff hikes in the form of fuel cost adjustments to cover increase in fuel costs. These legitimate costs should be pass-through, though regulators will have to ensure that the consumers are not burdened with DISCOM inefficiencies.

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RESEARCH & ANALYSIS

C. Future issues: • Banks/Financial institutions have been asked not to lend DISCOMs outside UDAY scheme. • The banks cannot advance any loans to DISCOMs for funding losses • Post UDAY, the funding of losses can only be done as per the trajectory decided by Power Ministry (MoP)

with the state. Such financing would be done through state issued bonds or DISCOM bonds backed by state guarantee. • For working capital loans, banks can lend DISCOMs upto 25% of the previous year’s annual revenue or as per prudential norms.

• The scheme mandates the states to take over future DISCOM losses in a graded manner (i.e. from FY18 onwards). This will act a deterrent for piling of DISCOMs losses and assuring mandatory state support. The state has to takeover losses as shown below:-

Annexure-II 1) State-wise DISCOM parameters for eight states under UDAY Scheme

This report is prepared by Credit Analysis & Research Limited (CARE Ratings). CARE Ratings has taken utmost care to ensure accuracy and objectivity while developing this report based on information available in public domain. However, neither the accuracy nor completeness of information contained in this report is guaranteed. CARE Ratings is not responsible for any errors or omissions in analysis/inferences/views or for results obtained from the use of information contained in this report and especially states that CARE Ratings has no financial liability whatsoever to the user of this report.

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September 2016

INTERViEW

In terview with Hitesh Doshi Chairman & Managing Director, Waaree Energies Limited EQ : How much modules have you supplied to India till now, what is the target/expectation in 2016-17? HD: So far, we have supplied more than 500 MW’s of solar modules in India to various clients. We expect to sell more than 500 MW’s of modules during 2016-17.

EQ : Present some noteworthy projects, case studies of solar plants built using your solar modules? HD: Waaree has been associated with many noteworthy projects in India over the years. Some of the EPC Projects executed by us are: •

‘Waaneep Solar’ –We have executed a 50 MW grid tied EPC contract for led ‘Waaneep Solar’ in Madhya Pradesh, and will soon commission another 50 MW project for them in Andhra Pradesh.

•

10 MW Solar Photovoltaic Power Plant for Mono Steel –We have also successfully executed a 10 MW Solar Photovoltaic Power Plant for Mono Steel India Ltd. at Una, Gujarat in 2012. We continue to receive positive feedback for this EPC service and correspondingly, has a very good Performance Ratio. We have used over 40,000 modules for this project.

•

Roha Dyechem –We have facilitated turnkey EPC services for our client Roha Dyechem Pvt. Ltd. for a 25MW Solar Photovoltaic Power Plant at Jodhpur, Rajasthan.It consists of 2,06,766 solar modules and this project was executed in record time under challenging environmental conditions.

•

Sharda Constructions –We had commissioned a 10 MW solar power plant for Sharda Construction & Corporation Pvt. Ltd. (SCCPL) during July 2015 near Latur, Maharashtra. Despite challenging conditions like undulated land area and a steep slope, we were able to complete this project within 90 days and the plant is having excellent PR

Apart from the above, we have supplied our Modules to many more prestigious projects such as Kokan Railway, DMRC, NTPC, Haldiram etc.

EQ : Kindly highlight your product, technology & company USP, distinctive advantages, etc. HD: Our products range from 3 Wp to 345 Wp. We are among the select few companies in India to have contemporary In-house testing facilities. We have two kinds of testing facilities – one for incoming raw material, and one for Post 50

September 2016

EQ: What are your plans for India, your view on the GOI target of 100GW Solar Power by 2022? 00: The Government of India’s target of generating 100GW Solar Power by 2022 is indeed ambitious, but at the same time, very encouraging. This is the first time that any government in the world has made such bold plans that can greatly transform the renewable energy sector of that country. We are confident that the government’s steady focus on this sector can help in achieving this target and consequently,enable people to lead an environmentally sustainable lives. We firmly believe in the Governments targets and are fully geared up to supply of Modules as well as offer EPC services, with focus on cost, quality and Time.

production tests. One of the distinct advantage that we offer to our customers is that they can physically verify the BOM that is being used in manufacturing their Modules. They can also witness the quality control process and do a first-hand verification at our manufacturing plant.

EQ : What’s your commitment towards the solar sector in India? HD: Waaree Energies is the leading solar manufacturing brand in India. Being one of the biggest solar power companies in the country, we feel it is our duty to contribute our share in making India self-sufficient in terms of solar power generation. Furthermore, our mission is to promote the adoption of renewable energy sources like solar for greater power efficiency and sustainability. We are bringing new technologies through our association with Merlin technologies, USA. We have also scaled our manufacturing capabilities and will soon achieve 1 GW capacity by the next financial year. Additionally, we have exported our Modules to several developed and developing nations.

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PV MANUFACTURING

Comparison Of Output Power For Solar Cells With Standard And Structured Ribbons - BY Wolfgang Muehleisen1, a, Lukas Neumaier1, Christina Hirschl, Thomas Maier, Michael Schwark, Siegfried Seufzer, Rene Battistutti, Mathias Pedevilla, J¨og Scheurer, and Robert Lorenz

T I

he optical loss due to the busbar grid and soldered interconnector ribbons on a three busbar standard multicrystalline silicon solar cell’s front side is at 2.3%. One way to reduce this optical loss on cell level and in a photovoltaic (PV) module is to use deep structured ribbons as cell connectors. The standard soldered, flat ribbon is replaced with a glued, multiple structured ribbon. The investigation of shiny soldered flat ribbons and multiple structured ribbons in single-cell mini

modules demonstrates the light angle dependency and the benefit for the structured alternative. Additional yield measurements for conventional photovoltaic modules with soldered flat and glued multiple structured ribbons technologies were studied under laboratory conditions as well as in outdoor measurements. The simulations and the experimental findings confirmed that the new structured ribbon design increases the short circuit current and the yield by about 2%.

1. Introduction n general, the power output of a solar cell can be improved by reducing the amount of light reflected by the metallic busbars. Standard solar cells with a cell area of 243.4 cm2 lose 2.3% in short circuit current due to shadowing of the busbars with an entire area of 5.5 cm2. Several ideas have been tried out to compensate this loss mechanism. One idea is to paint the ribbons with white pigments for diffusing light [1]. A second attempt is to use many small round ribbons called smart wire technology (SWT) [2]. The third approach is to use the total reflection effect in combination with the glass/air interface and the structured ribbons [3–6]. These ribbons are called light harvesting (LHR) or light capturing ribbons (LCR). The effect of LCRs in comparison with flat standard ribbons is of major interest within this research. A certain amount of light that enters the solar cell will be reflected by the cell’s wiring. In a conventional cell this light is lost: structured ribbon cells modify the path of the reflected light so that it is internally reflected at the glass air interface of the module and absorbed by the cell. This paper uses experiments to evaluate if this strategy increases the cell’s output power, as well as simulations to understand the respective mechanism. We have found that cells with structured ribbons increase the

power output by about 2% in comparison to conventional cells, making this approach economically attractive. In a conventional three busbar solar cell, the interconnection ribbons are flat, metallic, and highly reflective and cover 2.3% of the cell’s surface area. Because of their composition and geometry, light reflected by the ribbon is transmitted to the glass/air boundary and furthermore lost. If the ribbon surface is structured, light will be reflected over a wider range of angles. A specific amount of the reflected light rays will impinge on the glass/air boundary with a certain angle, resulting in total internal reflection. Subsequently, this internally reflected light will be available for energy conversion. Instead of modifying the composition of the ribbon’s reflective surface with pigments, it is possible and in fact easier to modify its geometry. A metallic ribbon with a triangular cross-section could potentially achieve total internal reflection for almost all ofthe light reflected from the ribbon. Of course this depends on the geometry, the position of the sun, the cell and the cross-section. This paper will use theory, simulations and experiments to determine the range of angles over which a structured ribbon gives a significant improvement in the short circuit current and furthermore power and yield of the module.

2.1 Multiple structured ribbons – benefit for PV modules

fter their invention ten years ago, nowadays structured solar interconnect wires are available on a large scale. Those LCRs replace the customary flat soldering ribbons for the series connection of solar cells. The idea behind this development is to increase the efficiency of a solar module by intelligent light redirecting while irradiating the ribbon’s surface. The light is reflected back onto the surface of the cell via total internal reflection at the glass/air interface (Figs. 1

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and 2). Up to 80% of the incoming light that strikes the ribbon is recovered compared to the 5% recovery of a traditional solar cell tabbing and interconnect wire. In combination with an electrical conductive adhesive (ECA) stringer, structured ribbons are easily processable. Concerning aesthetic rules in the building integrated PV, built modules with LCR technology appear very uniform and inconspicuous. A further advantage of the structure ribbon is the ecofriendly, lead-free process, fulfilling the directive on the restriction of hazardous substances (RoHS). In Figure 1 the typical process for redirecting light utilizing LCRs is illustrated.

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PV MANUFACTURING

1. Light is reflected under a certain angle by the ribbon structure. The obliquely scattered light is totally reflected at the glass/air interface 2. And therefore reaches active cell material and generates charge carriers beside the ribbon.

(b) Photograph of an irradiated module with LCR ribbons (left) in comparison to a standard flat ribbon module (right).

Fig. 1. Optical path of the light for a structured ribbon.

Fig. 2. Photograph of an irradiated mini module with emphasized LCR effect (blue lines beside LCRs).

3. The visual inspection shows the shiny surface of a flat ribbon associated with lossy light reflection (Figs. 3a, 3b right module). Compared to the flat ribbons, the LCRs appears darker, therefore less light is reflected and the embedded solar cell receives more light (Figs. 3a, 3b left module).

(a) Photograph of an irradiated mini module with LCR ribbons (left) in comparison to a standard flat ribbon mini module (right).

September 2016

2.2 Electrical conductive adhesive (ECA)

For years, crystalline silicon (c-Si) cell – and module manufacturers have searched alternatives to replace the soldering – by a gluing process [7, 8]. For this purpose, newly developed adhesives are present and especially suited for the variety of new cell concepts, such as back contact or Cu-galvanic cells which allow cost reductions in many ways. The adhesive utilized in our tests (SoltaBond – SB 1242) is a standard electrical conductive, silver based adhesive, that can be used for c-Si cells in mass production (Fig. 4). In multiple test runs, the reliability of the epoxy resin adhesive on various surfaces has been proven. Due to the reduction in silver content, newest silver reduced glues are still in test phase but should minimize the overall adhesive costs. An important benefit of gluing is a decreased processing temperature of 180 ◦C compared to 220 ◦C for soldering with the prospect of less stress in a solar cell, thus lowering the risk of tensions and micro cracks.

Fig. 4. Photograph of the gluing process with three busbars and ribbons.

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PV MANUFACTURING

3 Simulation

he simulations are performed using a two-step algorithm programmed via MATLAB. The first step consists of a ray tracing algorithm. For a given cell geometry, determined by the cross-sectional shape of the ribbon and the thickness of the cover glass, the traces of 5000 parallel rays which are evenly distributed across the ribbon width are calculated. Trace calculation is aborted when a beam hits the plane of the solar cell, or, in order to avoid endless loops, if the number of impacts on the ribbon and the glass/air interface exceeds 200. In the second step of the simulation, the effective intensity of each ray reaching the solar cell is calculated by forming the product of the transmission coefficient on the glass/air interface and the reflection coefficients of all subsequent reflections on the metal ribbon and the glass/air interfaces. Rays that do not reach the solar cell after 200 impacts are assigned with zero intensity. The dependence on the incident angle is taken into account for all interactions, except for the absorption in the cell, which is considered as a perfect absorber. As the incident light is not polarized, the average value of s- and p-polarized transmission and reflection coefficients is used. The average value of the effective intensity averaged over all rays

(Ieff) describes the fraction of the light incident on the ribbon that is reflected back on the solar cell. Having solved the purely geometrical problem of ray tracing in the first simulation step allows for a time efficient evaluation of Ieff with respect to variations of the optical parameters involved in the problem. All simulations presented here were performed with a non-dispersive glass refractive index of 1.4, and a laminated glass/EVA thickness of 3.5 mm. Figure 5 depicts the optical micrograph of a LCR cross section. The ribbon has an average height of 0.2 mm and 1.2 mm maximum width. Referring to this geometry we investigated the efficiency dependence of LCRs on different geometrical parameters. In these calculations, the reflection coefficient at the metal surface was set equal to 1 for simplicity. The effective intensity was calculated for various values of the slope angle γ, and the incident angle as shown in Figure 6.Even for flat ribbons (γ = 0◦), a certain intensity reaches the cell. This is partly due to rays reflected from the ribbon’s side boundary, but also by rays reflected back on the cell via the glass/air interface. Independent of the ribbon geometry, all curves approach zero for high incident angles due to the decreasing transmission of the air/glass interface. For a 20 ◦ slope, the average intensity shows a pronounced increase around 3◦ incident angle. The latter marks the onset where the rays, reflected from one side of the pyramids, are totally reflected at the glass/air interface. At higher slope angles both slopes contribute to light.

Fig. 5. Typical geometry of an LCR and its approximation for numerical simulations.

Fig. 7. Simulated different slope angles.

C Fig. 6. Leff for different pyramid slope angles and corresponding incidence angles.

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apturing via total reflection at small incident angles, and the range of the incident angle where this condition is fulfilled, broadens (see curves for slope angles of 25◦ and 30 ◦ in Fig. 6). At normal incidence, Ieff reaches a value of 0.96, which corresponds to the transmission of the air/glass interface and indicates that all incoming rays are redirected on the solar cell via total reflection. For higher slope angles (32.5◦), multiple reflection on the LCR occurs which reduce the fraction of rays that are totally reflected. To verify the optimum value of the pyramid slope, we calculated the increase in effective average ray intensity:

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PV MANUFACTURING

where Ieff,LCR and Ieff,flat are the effective average ray intensities of the light capturing ribbon and a flat ribbon, respectively, and α is the incident angle. By averaging ΔIeff (α) over different ranges of incident angles around normal incidence, we obtain the dependencies shown in Figure 6. As long as only incident angles up to 15◦ are taken into account, slope angles between 25 ◦ and 32.5 ◦ show the same increase. Considering a wider range of incidence from 0 ◦ to 30 ◦, however, it becomes obvious, that a slope angle around 30 ◦ would be preferable in order to fully exploit the potential of the LCR, shown in Figure 7.

4 Experimental set-up

ighteen single-cell mini module specimens were produced using the standard construction layers: glass (solar glass, low iron, 3.2 mm), EVA (Vistasolar 486.10, 450 μm), pre-characterized solar cell (ETON, 220 μm), EVA (Vistasolar 486.10,450 μm) and backsheet (ISOVOLTAIC APA 4004, 350 μm). The solar cells are standard sized (156 mm × 156 mm) and consist of multicrystalline silicon wafer material. Each cell is equipped with three busbars and connector dimensions of 152 mm lengths, 1.2 mm width and 0.2 mm depth. One third of the samples had standard soldered flat ribbons, one third had glued flat and one third glued structured ribbons. The copper ribbon core material has the same properties and dimensions for both, soldering and gluing ribbons. The only difference is the ribbon surface coating. The soldering ribbon uses a tin solder coating and the gluing ribbon uses a silver coating. The electrically conductive adhesive was a two components type (SB 1242). The string process was the same for soldered and glued cells. An infrared (IR) source connected the solar cell with the respective ribbons in the same machine. The soldering ribbons were soldered, the glued ribbons were cured on the busbars of the cell. Meanwhile the connection process every soldered as well as every glued ribbon was hold-down with 12 clamps at 12 points. Initially we used single-cell mini modules to be more precise than with modules. The test criterion was the short circuit current (Isc) of the cell for a given amount of light. First, the specimens were measured under laboratory conditions, with illumination orthogonal to the cell, using a class AAA flash cell tester (Sinton FCT-350). Then, two sample pairs were measured again under direct sunlight and tilted to measure the effect of different illumination angles. Upon making tests on single-cell mini modules, four 60-cells standard format modules were produced therefrom two equipped with the modified interconnector ribbons. Exactly the same way as for the single-cell mini modules, the 60-cells modules with soldered ribbons were compared to 60-cells modules with glued structured ribbons. The comparative Isc, PMPP flash cell test procedure was also repeated for the modules. Finally, the yield was determined by an outdoor test platform. The results for the single-cell mini modules from the flash cell tester are described in Secion 5.1 and the angular dependent outdoor tests in Section 5.2. The results for the flash module test for the standard 60-cell modules with soldered and glued ribbons are described in Section 5.3 and the outdoor yield measurements in Section 5.4.

September 2016

5 Results

here Ieff,LCR and Ieff,flat are the effective average ray intensities of the light capturing ribbon and a flat ribbon, respectively, and α is the incident angle. By averaging ΔIeff (α) over different ranges of incident angles around normal incidence, we obtain the dependencies shown in Figure 6. As long as only incident angles up to 15◦ are taken into account, slope angles between 25◦ and 32.5◦ show the same increase. Considering a wider range of incidence from 0 ◦ to 30 ◦, however, it becomes obvious, that a slope angle around 30 ◦ would be preferable in order to fully exploit the potential of the LCR, shown in Figure 7.

5.1 Single-cell mini modules measurements in the flash cell tester

n a first step, a plurality of solar cells were measured and 18 cells sorted to equal Isc values. The selected cells were split into three groups, each with six cells for the ribbon investigations. Each cell was measured 5 times before and after encapsulation. The step from soldered flat ribbons with tin surface to glued flat ribbons with silver surface was taken into account too. Figure 8 shows the results including error bars. As expected, there is an average improvement from a six specimens set of glued structured ribbons to soldered ones of 2.03±0.46 %. The effect from soldered flat to glued flat ribbons is not relevant due to the margin of error bars. Therefore both string connection technologies, soldering or gluing, are possible without a significant difference in short circuit current (Fig. 8).

Fig. 8. Soldered standard ribbons compared to glued flat and glued LCRs in a cell flash tester.

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PV MANUFACTURING

Fig. 9. Comparison of the different ribbons concerning short circuit current in tilted position.

5.2 Single-cell mini modules outdoor measurements with angle dependence To characterize the angle dependence of structured ribbons, two mini modules with soldered and two with glued structured ribbons were mounted on a glass plate. With this arrangement two sample sets were measured simultaneously with the possibility to adjust any angle (Fig. 9). By measuring the Isc for the fixed samples, the quotient of the current for the structured ribbon sample to the standard soldered sample quantifies the benefit. The samples were oriented directly towards the sun using a rod. If the rod casts no shadow the sun is directly over the samples and the angle is defined to 0◦. Two directions were tested – vertical (Fig. 10) and horizontal (Fig. 11). In addition this experimental arrangement was verified by simulations. The results of the blue sky outdoor measurements for the angle dependent case in vertical orientation is shown in Figure 10. Compared to the simulation curve with 5◦ dispersion because of smoothed glass (black circle), the measurement points at different days (grey rhomb, black

Fig. 11. Angle dependent gain of structured ribbons for horizontal orientation of the ribbons. triangle, grey square) are in good agreement. Each measurement point is an average of 10 measurement points. While the simulations were done assuming a planar glass/air interface, the cover glass used for the fabrication of the modules had a corrugated surface. Thus, the angle of incident is not clearly defined. This variability was taken into account by averaging the simulations over a 5◦ angular range, which corresponds to the surface topology of the glass surface. The results of the outdoor measurements for the sample pair in horizontal orientation is shown in Figure 11. The measurement in comparison to the simulation is sectional in good agreement. For incident angles below 15◦ all incoming light is reflected back on the solar cell. At higher angles, the condition of total internal reflection is no longer fulfilled for all rays and the gain decreases.

5.3 60-cells module measurements in the flash module tester Taking the step from single-cell mini modules to standard 60-cells modules is important to make sure that the structured ribbons work in a common module too. Hence four 60-cells modules with pre-sorted cells under variation in the ribbons type – soldered and glued LCR – were characterized using a calibrated flash module tester. Aware of the fact, that two modules per variation are not enough for a significant statistic, we emphasize that this test is a first indication whether the new technique and the module design are operating as expected. The relative gain in Isc for module LCR 1 from Set 1 is 1.75% and for LCR 2 from Set 2 is 2.59% compared to the associated standard module. These values are in the range of plausibility. The gain in Isc for the single-cell mini modules is also affirmed for the 60-cells modules.

Fig. 10. Angle dependent gain of structured ribbons for vertical orientation of the ribbons.

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September 2016

PV MANUFACTURING

5.4 60-cells module measurements outdoor

ot only the flash module test measurements provide relevant values for the yield of structured ribbons. In fact the yield in kilo watt hours (kWh) over several days and weeks is of interest, if not the most interesting value for an end customer. To test the effect on the yield using the new technique and ribbon design, the 60-cells modules were mounted to a platform (Fig. 3b). The test platform was built on a shed and consists of two rows of modules which are optimally orientated to south direction under an angle of 26◦. The climate, classified to category C in this south Austrian region, is moderate but warm with many rainfalls over the year. Over a time period of two years the yield between a module set with glued LCR technology and a standard module with soldering ribbon technology (Set 1) is in the sun intensive months between 1.7 and 2.2%. In the winter months the yield gain is jumpy and often around 1%. So the LCR effect is more powerful in the summer. The kWh data per module were collected continuous with help of separate module boxes from Solaredge. In the end of every month the sum of collected kWh was inserted into a diagram. For the absolute yield gain for LCR vs. Standard ribbon technology, the ratio for all collected kWh in 24 months was relevant instead of an average of every month block. The gain in two years for LCR technology was 1.75% (Fig. 12).

Fig. 12. Comparison of a module set over months – yield gain LCR against standard soldered.

6 Discussion According to theory the reflectivity of a LCR ribbon is at 80%. Calculated with the original dimensions for a three busbar solar cell, an expected Isc gain would be at 1.8%. Compared to the measurements for the single-cell mini modules in a cell flash tester the Isc gain was at 2.03 ± 0.46%. Hence, expected and measured values were in good accordance. The simulation and experimental comparisons for the angle dependence were in good agreement for vertical orientation. For the horizontal orientation the measurement showed a better

September 2016

behaviour than the simulation at angles from 30◦ to 60◦. This effect could be induced by the glass surface which was assumed to 5% roughness. The yield measurements over 18 months resulted in a good accordance compared to the cell flash test results. The mean yield for test Set 1 LCR against standard flat ribbon was at 1.7% whereby the power gain from the cell flash test results was at 2.03 ± 0.46%. It is worth mentioning that the yield measurements are a combination of vertical and horizontal irradiation whereby the flash cell test results are only valid for one direction. Therefore it is plausible that the yield is somehow smaller than for Isc and Pmpp measurements in a cell flash tester, as the angle dependence investigations for vertical and horizontal orientations confirmed. Nevertheless, theory, simulation and experiments are in good agreement and show the potential of LCR technology.

7 Conclusion

n this project, conventional solar cells with soldered ribbons were compared to the novel design that uses glued structured ribbons (LCRs). First a mini module sample set of 18 equal cells was established. Each of the 18 cells was measured 5 times before and after lamination. The flash cell test results for the single-cell mini modules of precharacterized solar cells showed that the deeply structured glued ribbons have a higher short circuit current Isc (approx.2.03±0.46%) than soldered flat ribbons. Due to the fact that the spectrum of the flash cell tester differs from the solar spectrum, the experiment was repeated using natural light and almost identical results were observed. In general, light is not exactly orthogonal to the cell, but instead varies depending on time of day. Therefore, measurements on the performance of both, structured and flat connector types as a function of illumination angle were performed. When tilting a horizontal orientated ribbon sample in direct comparison to a flat ribbon sample, the LCR gain is at 1.8% for angles from 0◦ to 15◦ and drops to less than 1% at larger angles far away from 30%. This is not true for the direct comparison in vertical tilting test. Over a wide range of angles the LCR gain is around 1.8% for angles from 0◦ to 60◦. The same flash test procedure was conducted for the singlecell mini modules as well as for four 60-cells PV modules in a module tester. The flash test values for the power gain between glued LCR and soldered ribbons were around 1.5%. This is in moderate accordance with the results for the measurements on single-cell mini modules described before. The attendant outdoor tests for measuring the yield over a longer time period confirmed the Isc gain for the LCR effect compared with a glued flat ribbon. The improvement in yield is at 1.7%. This work was conducted as part of the Austrian “Energy Research Program” project INFINITY, using results from the predecessor project InnoModu. Funded by the Austrian Climate and Energy Fund and the Austrian Research Promotion Agency (FFG), are both gratefully acknowledged.

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INTERViEW

Interview with

SVEN KRAMER Q. EQ : Whats is your market share in the solar PV manufacturing market nger SK : teamtechnik does provide stri solar of n systems for the interconnectio ket mar ld cells. teamtechnik is the wor r sola the leader for Stringer Systems for ngStri 650 module production. More than on er Systems are worldwide in operati dmo r and more than 20 GWp of sola ules are produced every year on teamtechnik Stringer Systems. Our worldwide market share is approx. 25%.

Please describe in brief about your company, directors, promoters, investors, its vision & mission

SK : teamtechnik has been developing and building intelligent and reliable automation solutions for the solar and medical technology and automotive sectors for 40 years. teamtechnik is considered an international leader in highly flexible automation technology. The senior management team has set a sales target of â&#x201A;Ź150 million for the current business year. The company employs 900 people around the world. The majority of the workforce are engineers and highly qualified specialists. teamtechnik Group has 6 production sites in Germany, Poland, China and the USA. The headquarters of the company is located in Freiberg am Neckar, Germany. teamtechnik is the world market leader for Stringer Systems for the solar module rpoduction. More than 650 Stringer Systems are worldwide in operation and more than 20 GWp of solar modules are produced every year on teamtechnik Stringer Systems.

Solar Trade Wars : What are the benefits to Indian manufacturers

SK : Indian suppliers can provide their solar modules around the world. Based on my knowledge solar modules manufactured in India are free of any anti-dumping tariffs if the cells are not produced in China or Taiwan. This enables the Indian solar module manufacturer to export their solar modules into Europe and into North America.

58Â

September 2016

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INTERViEW

Vice President Sales Solar Technology at teamtechnik Group

Technology road map in terms of 1500V , Double Glass, BiFacial Cells, PERC/PERT Technologies, Hetero Junction, 5-6 Busbars upcoming game changes technologies etc…

SK : Our Stringer Systems TT2100 and TT4200 GIGA are ready for the future. They can process Bi-facials cells, PERC/PERT solar cells, all commercial available mono and multi crystalline solar cells with up to 6 busbars. Precision handling and soldering processes enable the interconnection of solar cells with ribbons which have a width of down to 0.6 mm. A low cell breakage rate, precise ribbon placement and a high production capacity is realized on a compact footprint. Full cells as well as half cells can be processed with both Stringers.A non-contact IR light soldering method in combination with closed-loop control system as well as our hold-down device systems enables a high quality of the produced strings. The Stringer TT2100 has an annual production capacity of 65 MWp. The Stringer TT4200 GIGA requires only 15 m² of floorspace and produces up to 130 MWp per year. For the interconnection of Hetero Junction solar cells we have developed our TT1400ECA Stringer System. An Electrical Conductive Adhesive is used in combination with a Light Reflective Ribbon (LCR) for the interconnection of the cells. Using the ECA technology enables the processing of the cells at lower temperatures in a range of 150 to 160 ºC. The ECA is applied using a screen printing process onto the cells. Busbarless cells can be used for this type of interconnection which saves material costs during the cell manufacturing process.

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What are the trends in new manufacturing technology equipment, materials, processes, innovations etc…

SK : Our Stringers can optionally process LHS ribbons. These light reflective ribbons can increase the power output of a solar module by 2.8%. Instead of a flat ribbon the LHS ribbon will be used for the interconnection of the cells. The structured ribbon will reflect the incoming light from the ribbon surface back to the glass. The glass surface reflects the light again onto the active area of the cell surface and thereby increases the power output of the solar module. Using our layup system it is possible to use our adapted ribbon length system. This will eliminate a cutting of the first and last ribbon of a string. Normally the strings are produced with a fixed length of the first and last ribbon. For the interconnection of the strings in the module matrix it is required to cut the ribbon to various lengths, depending on where the string is located in the module matrix. With our adapted ribbon length system is is possible to produce a string already on the stringer with the required length of the first and last ribbon of each string. This will save time, material and costs during the production of the solar cell matrix. More than 50 systems have been already provided to solar module manufacturers around the world using this innovative feature. We see a trend to a higher number of busbars. The industry has changed within the last 2 years from 3 busbars to 4 busbars. Some of our customers are already producing modules with 5 busbars. Our Stringer Systems have been already prepared for using up to 6 ribbons. An upgrade of our TT2100 and TT4200 GIGA can be done at a later time with a short interruption of the production at the customer site. A clear forward thinking feature and an advantage for our customers.

September 2016

INTERViEW

EQ : What are the various technologies available for manufacturing and whats the advantage ? & disadvantage in the tech or equipment you offer we offer SK : Depending on the required production capacity The TT2100 0 GIGA. TT420 ger Strin our or 0 TT210 ger Strin our either Two stringer can has already a high production capacity of 65 MW. with one complete MW be combined in one layup system providing 130 W) we offer also our system. For higher production capacities (> 500M s are combined in one TT4200 GIGA. This is a dual track stringer. Two trackg. After fluxing and cell machine. The machine has one centralized cell feedin or the right soldering inspection the cells are placed alternately on the left ss of each track is proce ring solde the and track. The ribbon handling ine is the very identical to the TT2100. The advantage of this mach ity of 130 MW. capac ction produ a and m² 15 compact footprint of only mer has to A world record! But of course the question the customs or one syste ate separ two have to like answer if he would s system for 130 MW. Therefore we think that it maketo ing plann is body some if ger Strin sense to use the increase the production capacity by > 500 MW. Both machines can be used for full cells and half cells.

TecnhologyObsolesence : What solution you offer to your customers against possible future technology obsolescence when they buy your equipment

SK : As already pointed out, our TT2100 and TT4200 GIGA Stringer Systems can be upgraded for the processing of solar cells with up to 6 busbars and a ribbon width of down to 0.6 mm.

What is the efficiency, costs, roadmap of solar PV modules/cells

SK : I think this is a question you should ask the module manufacturers. We provide a high quality stringer system with a high technical availability and a high yield. This will enable our customers to produce their solar modules at competitive costs.

Please present some examples of your equipment & technologies in India and worldwide and their performance

SK :Our customers use in India our TT1200, TT1200HS, TT1800 and of course the new TT2100 Stringer System. Unfortunately I am not allowed to name the customers since we have NDAs in place with them.

September 2016

What is the future of solar manufacturing technologies

SK : The global solar market will increase. Please take a look at the ITRPV Technology Roadmap for trends towards new technologies and about the possible development of the market size as well as possible manufacturing costs in the future.

India currently has around 1.2 GW Cell Manufacturing and 5GW of Module Manufacturing ..what is the opportunities, challenges in manufacturing in India

SK : There is a huge opportunity for the production of solar modules in India. The market in India will increase even further. Local manufacturing incentives will make sure that solar modules which are produced in India will be used in the installation projects. In my opinion the market will increase to 10GW or even more in India in the next few years. More companies will invest in the cell manufacturing side as well. But for the production of cells the investment is much higher than for the module production.

Why India doesn’t have any wafer or polysilicon or ingots manufacturing ?

SK : I am sorry but I cannot answer this question. Please ask the cell manufacturers. They should be able to answer the question.

What the expectations from the Government to boost manufacturing in India

SK : The Indian government wants to create local jobs at the solar module manufacturers. At the same time clean energy can be generated. In addition the installation of a solar module is quick and the power is available right away. In my opinion it is a very good way to have enough energy for the growing energy demand in India.

Enlighten with some new orders in hand, its timelines

SK : Teamtechnik is the market leader for Stringers in India. Soon we will have a production capacity of more than 2 GWp installed at various module manufacturers in India. We are working on new projects and I am sure we will be able to convince even more customers in India to use our advanced and proven technology from Germany.

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INTERViEW

What is the key competitive advantages for your customers who choose to buy your equipment and technology . SK :The key advantages of our equipment are as follows:»» Ready for the future: up to 6 busbars »» Ribbon width of 0,6 mm »» Precise ribbon placement »» Non-contact IR light soldering technology; closed loop controlled »» Low breakage rate »» Full cell and half cell capability »» Low power consumption »» Compact footprint

What are the various inspection, testing, verification, assurance technologies to ensure high quality manufacturing and various certification requirements

SK : All incoming cells are tested by a vision inspection system. Any defects cell will be sorted out. Our machines operate with an exceptionally yield, a gentle cell handling which results and a low cell breakage rate and a very precise ribbon placement. Our process engineers help at the beginning our customers to set up the correct soldering recipe during the training when a new machine is installed. Our customer’s process engineers get trained to determine the right soldering recipe for the material combination selected. Once set, the Stringer automatically produces the strings. No additional tweaking is required anymore. Of course our customers do their quality controls during the normal production. Pull-force tests are used to check the soldering quality. Samples are produced for the lab tests.

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»» High production capacity of 65 MW per TT2100 or 130 MW per TT4200 GIGA »» True 24/7 operation »» Reliable and repeatable system »» Experience since 2004 in Stringer Technology »» Separation of handling and soldering process is the basis for the high throughput »» LHS ribbon capability

EQ : India is currently ramping up manufacturing capacities… how much capacity addition do you forecast ? for SK : teamtechnik is the market leader a e hav will Stringers in India. Soon we p GW production capacity of more than 2 installed at various module manufacturers in India. In my opinion the growth will continue due to the ambitious 100 GW goal of the Indian government.

September 2016

SOLAR INVERTERS

Sungrow Supports Solar Industry In India Through Continuous Innovation In Technology Solar market in India is experiencing a rapid growth and is expected to have a promising future with a target of 12GW capacity in 2016-17. The Indian government has announced a goal of 100GW of solar capacity by 2022, with the utility and rooftop projects expected to contribute up to 60GW and 40GW respectively. Solar inverter is a core component of solar power system. Performance and reliability of inverters play a key role in grid friendliness and providing optimum return on investment (ROI). Sungrow, the world’s leading PV inverter manufacturer is committed to enhancing product performance and power generation efficiency based on its 20-year expertise in solar industry.

Sungrow’s projects in India

n 2014, Sungrow was chosen by the IBC Solar (India) to supply string inverters in its 5.5MW utility power plant in Bhadla, India. In 2015, Sungrow deepened cooperation with the IBC Solar (India) by offering central inverters for its 11MW utility power plant in Pokhran, India. These two projects are both located in the northern part

of India, a desert area where the mercury can climb upto 50 degrees Celsius, frequently posing lots of challenges to solar inverters under operation. Project manager of IBC Solar (India) conveyed high appreciation for stable performance on extreme conditions. Plenty of orders followed this one after the other.

Sungrow’s projects in India

n 28th of June 2016, Sungrow was awarded a biggest contract to supply solar central inverters to 150MW of solar projects by Mytrah Energy (India) Private Limited. Scope includes design, engineering, manufacture and assembly of central inverters for Mytrah’s solar projects

in the Telangana and Punjab state, India. Sungrow’s SG2500 turnkey solution features optimum power yields with its maximum system efficiency reaching up to 99%. The 10foot container design enables easy deployment and saves installation time.

Sungrow signing 150MW contract with Mytrah Energy (India)

September 2016

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SOLAR INVERTERS

Until now, Sungrow has deployed over 150MW PV inverters in India and over 300 MW are under pipeline. “High efficiency, ease of installation and maintenance design of Sungrow central inverters, in addition to their local technical support and global acceptance were some of the important aspects of why Sungrow was selected as the inverter supplier. We would be happy to be associated with Sungrow for our future projects as well.”

Focused on innovation Inverters with three-level topology increases efficiency up to 99%

he maximum ef ficiency of Sungrow inverters can reach up to 99% due to three-level topology design. Even 1% enhancement of PV inverter efficiency can result in a considerable increase in yield of

a power plant, approximately up to US$4.54 million for a 100MW solar power plant in 25 years.Sungrow is constantly evolving its technology and produces highly efficient products for market requirements.

- Girish Gelli, Director, Mytrah Energy (India) Private Limited

EFFICIENCY TEST 2 PCs of SG2500connected through a double split transformer to the grid

4 inverter modules connected in AC side

2 PCs of SG2500 connected by a double split to grid

ultiple 500/630 KW inverters are connected directly in AC side under conventional system designs. Unsynchronized control signals arising out of this design might cause problems in the system. Electrical isolation of multiple inverters needs to be realized by using a transformer with multiple LV windings in this case. With years of technical innovation, Sungrow designed an effective solution using

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carrier synchronization technology and paralleling on AC side of all individual inverters. Based on that, SG2500 enables four 630KW inverter modules to be internally AC paralleled and can be connected directly on AC side to the grid through a simple two-winding transformer. This would result in reduction of transformer cost up to 10% as compared to the conventional system using transformer with multiple LV windings.

September 2016

SOLAR INVERTERS

Stable operation observed even under high ambient temperature in India

he patented vertical duct and forced air cooling design allows the cold air to be blown into the air inlet of the inverter unit directlyat front bottom side, resulting in higher heat dissipation. The inlet and outlet are completely separated to avoid mixing of hot air with air inlet to container. Usage of 50mm rock wool in the inlet reduces temperature differential between inside and outside of the container. Also the efficient heat dissipation design enables SG2500 to work with an overloading ratio of 1.1 on AC side up to45degrees Celsiusand run with a full-load for a long term up to 50 degree Celsius, reducing power loss caused by derating phenomenon.

Sungrow patented cooling system

ungrowâ&#x20AC;&#x2122;s container solution with its patented cooling system deployed in 168MW solar power plant located in Algeria, a desert area with temperature reaching up to 55 degree Celsius with frequent & strong sandstorm, has been performing at optimum efficiency since connected to the grid.

Sungrow project in Algeria

DC/AC ratio over 1.3:levelized cost of electricity (LCOE) reduced by US$0.3 cents/kwh, ROI increased by 1.84%

ue to the PV modules attenuation and covering of dust on it over a period of time after installation, the power transferred to the inverter on DC side actually accounts for less than 90% of the PV array power capacity in solar systems. On one hand, the system utilization is reduced because equipment like DC/AC ratio 1.0

12.1

1.97%

0.66%

11.8

8.58% 9.24%

9.68% 11.65%

IRR

ROI

LCOE

September 2016

to get optimum output. With the DC/ AC ratio of Sungrow inverters reaching up to 1.3 or even more, the LCOE can be reduced by US$0.3 cents/kwh and the internal rate of return can increase by 0.66%. According to the following chart,ROI rate will improve by 1.97% and the payback period of investment will shorten by 5.43%.

DC/AC ratio 1.3

0.3

(US$ cent/kWh)

64Â

inverters, transformers and back-end electrical systems operate at light load for a long term while the PV array power capacity is less than or equal to the inverter AC nominal output power. On the other hand, this will lead to an increase in system costs. Therefore, more PV modules need to be connected to inverters in DC side

5.43%

9.2

8.7

Payback period of investment (Year)

Yield comparison

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SOLAR INVERTERS

Standard container design for fast installation and reduction in cost up to US$900,000 for a 100MW power plant

he 10-foot container design enables SG2500 to be installed easily and quickly with only 8 square meter land requirement, saving installation time and cost. The container solution integrates multiple functional units including communication, distribution, fire protection, heat dissipation and illumination. Also, SG2500 is designed for water-proof, dust-proof and anti-corrosion requirements to suit all environmental conditions. Deployment ofSG2500 container solution will result in reduction of cost foraround US$9,000 per MW when calculated for a 100MW power plant.

Touch screen makes operation easier Modularized design makes replacement easier

SG2500 SG2500 container solution

Double open the door design makes maintenance more convenient

OVERVIEW OF SUNGROW IN INDIA

ungrow is intensifying its business in India rapidly with over 150MW solar inverters installed already and over 300MW under pipeline. In order to offer better services to Indian customers, Sungrow (India) Private Limited, a subsidiary of Sungrow was officially found in July of 2015. Sungrow India is having their offices at Bangalore, Delhi and Mumbai. Sungrow also established a bounded warehouse for string inverter business and storage of spares along with strong support from distribution network. Furthermore, professional and well experienced Indian team is able to efficiently manage sales, consulting, technical support and after-sales services across India.

“India is expected to be a promising solar market. Motivated by technical innovation, Sungrow will continue to focus on improving properties of products, completing service network and maximizing return on investment for Indian customers”

-Prof.Renxian Cao,

President of Sungrow

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September 2016

QUARTER RESULTS

Trina Solar Announces Second Quarter 2016 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 quarter ended June 30, 2016.

Second Quarter 2016 Financial and Operating Highlights »

Total module shipments were 1,658.3 MW, consisting of 1,619.0 MW of external shipments and 39.3 MW of shipments to the Company’s own downstream power projects. This compares with total shipments of 1,423.3 MW in the first quarter of 2016, consisting of 1,370.4 MW of external shipments and 52.9 MW of shipments to the Company’s own downstream power projects, and total shipments of 1,231.6 MW in the second quarter of 2015, consisting of 1,000.7 MW of external shipments and 230.9 MW of shipments to the Company’s own downstream projects.

Net revenues were $961.6 million, compared with $816.9 million in the first quarter of 2016 and $722.9 million in the second quarter of 2015.

Gross profit was $176.3 million, compared with $139.7 million in the first quarter of 2016 and $144.9 million in the second quarter of 2015.

Gross margin was 18.3%, compared with 17.1% in the first quarter of 2016 and 20.0% in the second quarter of 2015.

Operating income was $83.7 million, compared with $44.8 million in the first quarter of 2016 and $60.7 million in the second quarter of 2015.

Net income attributable to Trina Solar’s ordinary shareholders was $40.3 million, compared with $26.6 million in the first quarter of 2016 and $40.9 million in the second quarter of 2015.

Earnings per fully diluted American Depositary Share (“ADS” with each ADS representing 50 of the Company’s ordinary shares) were $0.42, compared with $0.29 in the first quarter of 2016 and $0.42 in the second quarter of 2015.

September 2016

“We had another solid quarter with major financial and operational metrics improving across the board. Module shipments during the quarter increased on a sequential and yearover-year basis to 1.66 GW. Module shipments were driven mainly by continued demand from China ahead of the expected subsidy policy adjustment. Our new production facility in Thailand is ramping up its capacity on schedule and is helping to strengthen our competitiveness in the U.S. Our downstream business performed well in China’s rapidly growing market as we connected 292.8 MW of utility projects and 28.0 MW of DG projects during the quarter. We also made progress overseas with the sale of 11.2 MW of projects in the U.K. and Italy during the quarter. We are a proven and leading innovator in the global PV industry, having made a series of breakthroughs in transforming lab technology into production practice. Following the achievement of a 21.1% average efficiency for industrially-produced mono-crystalline cells using passivated emitter rear cell (PERC) technology, our R&D team achieved an average efficiency of 20.2% for industrially-produced P-type multi-crystalline silicon cells with PERC technology. We also achieved an average efficiency of 18.7% for our multi-crystalline silicon P-type double print cells that were produced for commercial shipment. We will continue driving the development of our high-efficiency cells in order to offer customers the highest quality products. Going forward, we will continue to focus on developing our brand name, products and technology, while identifying opportunities to develop our downstream business. We believe that our strategy gives us a competitive edge in the industry and provides a solid foundation for our sustainable and long term development.”

- Mr. Jifan Gao, Chairman and CEO of Trina Solar

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QUARTER RESULTS

Second Quarter 2016 Results Net Revenues » Net revenues were $961.6 million, including $60.7 million in revenues from electricity generated by the Company’s operational downstream solar power projects, sales of solar power projects that are developed for sale, and EPC services. Total net revenues represent an increase of 17.7% sequentially and an increase of 33.0% year-overyear. Total shipments were 1,658.3 MW, consisting of 1,619.0 MW of external shipments which were recognized in revenue and 39.3 MW of shipments to the Company’s downstream power projects. This compares with total shipments of 1,423.3 MW in the first quarter of 2016, consisting of 1,370.4 MW of external shipments and 52.9 MW of shipments to the Company’s own downstream power projects, and total shipments of 1,231.6 MW in the second quarter of 2015, consisting of 1,000.7 MW of external shipments and 230.9 MW of shipments to the Company’s own downstream projects. The sequential increase in revenues and shipments was primarily driven by growth from China as a result of rush orders before June 30 in anticipation of an expected subsidy policy adjustment, which more than offset the decline of shipments to the U.S., Europe, Japan and the rest of Asia.

Gross Profit and Margin » Gross profit was $176.3 million, compared with $139.7 million in the first quarter of 2016 and $144.9 million in the second quarter of 2015. Gross margin was 18.3%, compared with 17.1% in the first quarter of 2016 and 20.0% in the second quarter of 2015. The sequential increase in gross margin was mainly due to lower blended costs as a result of a significant decrease in antidumping and countervailing duties in the U.S. as the Company increased the proportion of shipments to the U.S. from its Thailand facilities in the second quarter. The year-over-year decrease in gross margin was primarily due to average selling prices declining at a faster rate than the Company’s cost reductions.

Operating Expenses, Income and Margin » Operating expenses were $92.6 million, compared with $94.9 million in the first quarter of 2016 and $84.2 million in the second quarter of 2015. Operating expenses included an accounts receivable provision of $2.4 million in the second quarter of 2016, compared with $6.0 million in the first quarter of 2016, and a reversal of accounts receivable provision of $3.1 million in the second quarter of 2015. Operating expenses also included other operating income, which mainly represents income from electricity generated from the Company’s downstream solar power projects that are recorded as current assets on the balance sheet prior to the sale of the projects. Other operating income was $7.1 million in the second quarter of 2016, compared with $3.3 million in the first quarter of 2016 and nil in the second quarter of 2015. The Company’s operating expenses accounted for 9.6% of net revenues during the second quarter of 2016, a decrease from 11.6% in both the first quarter of 2016 and the second quarter of 2015. Excluding the other operating income, the Company’s operating expenses accounted for 10.4% of net revenues during the second quarter of 2016, a decrease from 12.0% in the first quarter of 2016 and 11.6% in the second quarter of 2015. The sequential decrease of operating expenses as a percentage of revenue was primarily due to a decrease in accounts receivable provision along with an increase in net revenues. The year-over-year decrease of operating expenses as a percentage of revenue was primarily due to the decrease of shipping expenses resulting from the increasing shipment in China with lower shipping expenses.

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As a result, operating income was $83.7 million, compared with $44.8 million in the first quarter of 2016 and $60.7 million in the second quarter of 2015. Operating margin was 8.7%, compared with 5.5% in the first quarter of 2016 and 8.4% in the second quarter of 2015.

Net Interest Expense » Net interest expense was $25.5 million, compared with $15.1 million in the first quarter of 2016 and $12.4 million in the second quarter of 2015. The sequential and yearover-year increases in net interest expenses were mainly due to the increase in both shortterm and long-term borrowings, as well as less interest expense being capitalized in the second quarter of 2016.

Foreign Currency Exchange Gain (Loss) » The Company recorded a net foreign currency exchange loss of $2.9 million, which included a gain on the change in fair value of foreign exchange derivative instruments of $4.0 million. This compares with a net gain of $0.8 million in the first quarter of 2016 and a net gain of $5.1 million in the second quarter of 2015. The foreign currency exchange loss in the second quarter of 2016 primarily resulted from the depreciation of the RMB against the USD.

Income Tax Expense » Income tax expense was $16.5 million, compared with income tax expense of $3.7 million in the first quarter of 2016 and $11.8 million in the second quarter of 2015. The sequential and year-over-year increases in income tax expense were mainly due to the increase in taxable profits in the second quarter of 2016 compared with the first quarter of 2016 and the second quarter of 2015.

Net Income and Earnings per ADS » Net income attributable to ordinary shareholders of Trina Solar was $40.3 million, compared with $26.6 million in the first quarter of 2016 and $40.9 million in the second quarter of 2015. Net margin was 4.2%, compared with 3.3% in the first quarter of 2016 and 5.7% in the second quarter of 2015. Earnings per fully diluted ADS were $0.42, compared with $0.29 in the first quarter of 2016 and $0.42 in the second quarter of 2015.

Financial Condition » As of June 30, 2016, the Company had $831.5 million in cash and cash equivalents, and restricted cash. Total borrowings were $1,792.7 million, of which $1,157.8 million were short-term borrowings. In the first quarter of 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update 2015-03, Interest - Imputation of Interest, which requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, instead of being reported on the balance sheet as an asset. Accordingly, debt issuance costs with an amortized balance of $10.5 million, which used to be reported as an asset, have been retrospectively reclassified as a direct deduction from the carrying amount of the related debt liability as of June 30, 2015. Shareholders’ equity was $1,113.8 million as of June 30, 2016, an increase from $1,081.9 million as of March 31, 2016 and an increase from $1,031.6 million as of June 30, 2015.

September 2016

QUARTER RESULTS

Operations & Business Update Project Development

Manufacturing Capacity

As of June 30, 2016, 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 5.0 GW; and * PV module capacity of approximately 6.0 GW.

In the second quarter of 2016, the Company connected a total of 320.8 MW of PV projects to the grid in China, including 28.0 MW DG projects and 292.8 MW utility projects. The Company also sold 11.2 MW projects in the U.K. and Italy. As of June 30, 2016, the Company had a total of 1,276.8 MW downstream solar projects in grid-connected operation, including 1,241.6 MW in China, 4.2 MW in the U.S., and 31.0 MW in Europe. The 1,241.6 MW projects in China consisted of 1,015.7 MW of utility projects and 225.9 MW of DG projects.

GOING PRIVATE TRANSACTION On August 1, 2016, the Company entered into a definitive agreement and plan of merger, pursuant to which the Company will be acquired by an investor consortium in an all-cash transaction implying an equity value of the Company of approximately $1.1 billion. The merger, which is currently expected to close during the first quarter of 2017, is subject to customary closing conditions including the approval of the merger by the Company’s shareholders at a meeting of shareholders to be convened.

Third Quarter of 2016 Guidance The Company expects to ship between 1.55 GW and 1.65 GW of PV modules, of which 30 MW to 50 MW of PV modules will be shipped to the Company’s downstream PV projects, from which revenues will not be recognized.

Fiscal Year 2016 Guidance The Company reiterates its 2016 guidance of 6.30 GW to 6.55 GW, of which 220 MW to 260 MW will be shipped to the Company’s downstream projects, from which revenues will not be recognized. The Company reiterates its 2016 guidance of global solar power project connections at between 400 MW and 500 MW, including 15% to 20% of DG projects in China.

September 2016

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EXCLUSIVE INTERVIEW

JinkoSolar’s Chairman Li Xiande Interview

10 Years of the Industry and the Company 2016 is JinkoSolar’s 10thAnniversary; EQ Magazine delivered an interview with JinkoSolar’s Chairman Xiande Li, discussing solar PV industry’s achievement over the last ten years and JinkoSolar’s vision. Company’s Achievement

It is important to acknowledge the role that JinkoSolar is playing today in maintaining both the economic and technological progress in the solar PV industry. We are a pioneer inthe vertically integrated business model compassing from wafer, cell, module, system, to solar plant development. This allows us to drive down costs and maintain profitability while others have failed. Jinko was the first company to recover from a negative margin in Q2 2013, and has secured the No.1 position in gross margin for 14 consecutive quarters. JinkoSolar has climbed to the No.1 position inthe first quarter of 2016 in terms of shipment (1600MW), revenue(RMB 5.47 billion), gross margin (21.3%), and net profit (RMB 313.3 million).Moreover, JinkoSolar has become the largest manufacturer with a capacity of 6.3-6.5GW in 2016.

Company’s advantage over others

e stepped in to this industry in 2006. We started producing solar modules in 2010, and our market share has gone from zero at the beginning to roughly 7-8 percent in 2015. Furthermore, we have never sacrificed profits to boost sales. What enabled that? Technology and Quality. It’s beensaid that European and US companies are strong in leading technology- that is what they are best at. It’s a wrong assumption. Cost per watt is one of the most critical criteria’s used to judge the real value of solar PV technology. Competition ultimately takes its natural course, customers pick the best, the most advantageous products.”

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September 2016

EXCLUSIVE INTERVIEW

Company’s vision of the future

Company’s view on Mono technology taking over Poly technology

ono has become a threat to poly due its dramatic decline of cost. However, mono is not perfect. First of all, its costs have almost dropped to the floor; there is no further room for more reductions. Secondly, the efficiency of poly is expected to increase to another new record; equal or even higher than the average level of mono.

Company’s future under current unstable global economy

I I

I feel optimistic about the future of the industry. A new record has been set for world’s cheapest solar energy in June in the UAE of 2.99 cents/k Wh.Solar is now undercutting coal and close to replacing it as thethe primary energy source. In Great Britain, the government has just put the plans to build the long-anticipated nuclear power plant Hinkley Point C on hold,because they expect solar energy to be more cost effectiveby the time the nuclear power plant is built. It is only a matter of time until renewable energy becomes a global preference.

Company’s view on the coming demand crisis

don’t think this cycle has been fundamentally different from any others in the industry, except in terms of its degree. The plunge was very steep and very quick. Then the surge was steep as well.If you take 100 as the base, things dropped to 30 or 40 very suddenly, but then demand shot up to 200 just as fast. So it was severe, but it was over very quickly.

Company’s strategy in the future

Our core optimism expresses itself in technological terms, particularly the drive to commercialization of higher output modules, for example 334.5watt for 60 poly-cell module. In the longer term, I’m looking to establish JinkoSolar’s role as a solar plant developer. This has been reflected by an increasing focus on solar plant development andenergy service providing as its core businesses.

think the next year may not be very good, which is disappointing. However, we have built our company to last through all those difficult times.. Even when business is bad, we will continue togrow and make profit, outpacing competitors.

Company’s view on competitors

e have always had competitors. They come and go. Some are in some ways more aggressive, and some have deep pockets. But JinkoSolar has something that is unique and leaves our competitors behind us.

Company’s view on the current price pressure

’ve never seen an end to price pressure. Our leading technology, superior production process, cutting edge factories, complete supply chain, and manufacturing scale give us a huge advantage over the competitors, enabling us to achieve efficiencies that bring down costs. Technology and quality are our core competences used to break eveneasier than our rivals. Even under intensive price pressure, we don’t think many manufacturerswill give up so easily.

Company’s best cost structure

ur costs are more determined by the quality of R&D and production. In addition,capacity scale and complete vertically integrated modules also attribute to the cost advantage.

September 2016

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EXCLUSIVE INTERVIEW

Company’s miraculous growth story

Company’s view on solar panel’s overall demand in the future

e predict that the overall solar PV industry will grow this year, then stabilize or decrease a little next year, and then finally accelerate expansion from 2018 onwards due to its cost undercutting coal on a global scale. The solar PV role at the center of energy becomes vital, both today and in the future, which is why I am strongly optimistic of the years ahead of us.

e started in 2006 as a small company, and at first the industry didn’t pay much attention to us. They didn’t think we were going anywhere. But in 2009, we started to manufacture solar panels, and successfully listed in NYSE in May 2010. We eventually caught up to the industry, and the company started growing like bamboo shoots.

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September 2016

INTERViEW

Interview With SANTOSH R PATIL Buisness Head- Solar , Ganges Internationale Pvt Ltd.

rtance EQ : What is the impo in variers of using Solar Track ia Ind of ous states helps in maximizSRP: Solar Trackers by providing 16on ing energy producti r, hence helps in 20% additional powe of Solar Plants. It improving the LCOE icity in roughly generates more electr ace needed sp of nt the same amou , making ms ste sy tilt for fixed ng them ideal for optimizi e. ag land us

EQ : What are your plans for India, your view on the GOI target of 100GW Solar Power by 2022 SRP: Modi Government has revised the solar Power capacity installation target to five times from 22 GW to 100 GW. It is an optimistic move but to achieve such a massive target, there would be several challenges like land requirement for such a huge capacity, funding of around 100 billion dollars, availability of Grid for transmitting the generated solar power. Ganges with an extensive experience of 1.5+ GW of Solar Installations till now and are planning to further add on approx 1 GW this year. EQ : Explain briefly about your company & your technical strengths in Solar Mounting Solutions. SRP: Ganges is a manufacturer of module mounting structures . It has a diverse portfolio focusing on Solar, heavy engineering, telecom and food processing 72

September 2016

with a consolidated turnover of INR 1000+ crores (USD 180 million). Ganges has a Hi-tech production facility at Pondicherry with a capacity of 48000 MT per annum. It has a state of the art galvanizing plant and manufacture structures with HR material, Cold form sections and pipe and supply of material with hot dip galvanizing and pre galvanized coil of 275 gsm or 550 gsm and galvalume. Ganges has strategic partnerships with renowned US companies- Panel Claw for Rooftop Solution and Sunlink Corporation for Single Axis Tracking Solution to diversify our portfolio. We have in house design team for customized Structure Solutions and Electrical design team for designing of Solar Plants. Complete Project management team with a strength of 150 + engineers on ground for executing GWs of Solar Projects. EQ : What is the kind of tracker technology you supply for the solar market SRP: It is a centralized drive tracker on proven hydraulic/mechanical technology and simplifies the mechanics and maintenance. It can track upto 1.2 MWp block with a single tracker, thus fewer components and less points of failure. Moreover, it uses standard industrial grade components which are durable and commercially available unlike other tracker technologies which use customized components leading to service difficulties. EQ : What is your USP’s, distinctive advantage of your technology, products, solutions

SRP: We are a one stop shop for executing complete package of solar projects apart from manufacturing and supplying of structures which helps in increasing our market share with our in house team for designing of customized structure solution and project management team for execution of solar projects. We have entire range of structures from fixed tilt, seasonal tilt, single axis tracking for Ground Mount installations to Rooftop structures for flat RCC roofs without roof penetration. EQ : Please present case studies, noteworthy projects in India and/or worldwide SRP: Our Noteworthy Projects are the Cochin International Airport (first 100% solar powered airport in India) and Canal Top Project on Krishna River canal in Karnataka. We have executed projects for almost all the Indian as well as global solar developers. EQ : In the overall Solar Market…. what is the size of installations with trackers…in this what is your market share SRP: In India the trackers are now taking shape and in next few years we will see more installations with solar trackers. The tracker installations in India have just started and have not reached to a stage where we can actually analyze the market share but we can say that we are very strongly and dominantly placed in the solar tracker business with proven technology. EQ : What are the various technologies, players in the trackers space… their technology, advantages, disad-

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INTERViEW

vantages, costings SRP: There are two types of tracker technologies- Centralized and Distributed. The major difference between the two is in Centralized a block of structures will be rotated with an actuator and in distributed drive every structure will be rotated with an actuator. Both hydraulic and Mechaincal actuators are used worldwide. We feel hydraulic is the best option as hydraulics have proven technology in heavy earth equipments, automobiles and machinery and are suitable for both outdoor and indoor applications. In our tracker hydraulic system can drive 1.2MWp block and mechanical system can drive 0.5MWp block. Thus hydraulic is more economical in capex as well as opex.

EQ : Comment on the O&M, Life of solar trackers

EQ : Please present the cost benefit analysis of using trackers in India

EQ : What are the top 5-10 markets for Solar trackers worldwide

SRP: While solar trackers increases power generation by 16%- 20% over fixed tilt per DC Watt peak. The Initial capex increase will be 8% to 10% of project cost per DC Watt peak but for generation equal to fixed tilt per Watt peak tracking reduces capex by 6% to 8%. The increase in the land cost and also overall operation and maintenance cost is offset by cost per unit saving which is almost 3-4% more in case of solar trackers. EQ : In terms of solar energy costs per kWh….how much trackers can contribute in lowering the costs SRP: Trackers can generate 16-20% of additional power which helps in optimizing the land usage and reducing the component cost by generating more number of units. Thus, improved LCOE of Solar plants. EQ : Mention the technical specifications of the trackers you offer SRP: Ganges-Sunlink tracker is a single axis horizontal tracking system with tilt angle of +/- 52.5 degree which is compatible for all modules. One drive can accommodate upto 62 rows with 60 modules in each row, so the array configuration can be 1.2 MWp DC for a single drive. The system is wind tunnel tested .While we offer 170 Kmph as standard wind velocity and can also be designed upto 240 Kmph with 0 psf snow load and upto 190 Kmph with 50 psf snow load as per the design requirement of any location. It has inbuilt snow algorithm which includes wind speed and snow shedding. It takes approx 3 min to stow. These are few of the technical specification of the

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SRP: Our Tracker system has robust control and drive systems that incorporate durable industrial grade components. This tracker equipment has been selected to minimize service requirements while performing reliably for the lifetime of the power plant. Recommended inspections and maintenance are scheduled for one , two and five year intervals. Solar trackers are designed for more than 25 years of life. Few minor components like tubes, pipes, filters etc are to be replaced after every 5 -10 years.

SRP: India, Middle East , USA, Australia and South East Asean Countries can be identified as top market for solar trackers. I kept India in 1st place as I see a lot of growth potential in India. In US, we have seen 300% increase in Tracker installation compared to previous year. EQ : What are your plans for India and your view on the opportunities and challenges? SRP: I have mentioned earlier that India has set aggressive and optimistic target to achieve 100GW of solar installed capacity by 2022. Presently we plan to cater atleast 10 GW by 2022. We need to address some challenges of land acquisition and transmission bottlenecks. Ganges-Sunlink trackers. EQ : What is the size of your company in terms of manufacturing capacities, growth chart, future expansion plans, financial figures, SRP: Ganges has state of the art manufacturing facility at Pondichery with capacity of 48000MT per anum. We will be executing approx 1 GW in FY 2016-17 and looking to achieve installations 5+ GW cumulative by 2018-19. We have our plans in place to cater the infrastructure. EQ: Explain various guarantees, warrantees, insurance, certifications, test results, performance report of your trackers

EQ : How much extra land, time required, , O&M investment required trackers h wit ts jec pro for costs d requirement SRP: The additional lan are fixed tilt mp co we en wh l is margina . The investment structure with trackers almost twice in are in tracker structures tilt but when you comparison with fixed actually gives it compare the benefit ergy generation. en re mo % 18 approx. gible but the gli ne is st The O&M co be chosen to to right quality tracker ues in fuiss ce an en int ma avoid proposers ck tra ture. So the es overall gain for the developers.

SRP: Warranties for Mechanical and Structural Components are 10 Years where as Controllers and Actuators are warranted for 5 Years. We give Plant Uptime of 99% for 1 Year and then same will continue based on AMC. Also extended warranty and O&M are available on request. Our design is wind tunnel tested and ETL listed to the UL2703 standard. Our trackers have track record of 8+ years as of now. EQ : The recent aggressive bidding by various developers keeping Solar Tariffs in the price range of Rs.4.34 – Rs.5 per kWh in various Solar Tenders…Whats your view on the viability, Costs & timeline pressures, Resource Challenges (Materials, ManPower, Execution, Grid Connection, Land Possession) etc… SRP: Seeing the current cost of project , we can say that the projects are viable and definitely developers have accounted all the risks while quoting such low prices. Situation may change once GST comes into effect. Land has always been a risk in any infra project in India and the limited availability of Grid has to be looked into while quoting such low tariffs but nevertheless its good for consumer who is benefitted in terms access to low cost of solar energy. We support the competitive environment and have all the resources to meet the cost and timeline pressure of developers. Our trained and expert manpower are able to execute the project in any given region and timeline. Also the developers can think of adopting innovative technologies such as Single Axis Trackers (SAT) which will further reduces their project cost with more generation hence more revenue.

September 2016

INTERViEW

Interview with KRISH MUKHERJEE EQ : How much modules have you supplied to India till now, what is the target/expectation in 2016-17

EQ : Present some noteworthy projects, case studies of solar plants built using your solar modules

KM: Till date we have supplied approximately 70 MW till date and this year our target is to achieve 75 MW

KM: Recently we have built 200 KW project for GRSE’s ship building hull shop roof. The challenges faced in this project were of very unique nature as the building itself is of very special type. It was truly a learning experience for our whole team and we feel more confident on our engineering and execution capabilities.

EQ : The recent aggressive bidding by various developers keeping Solar Tariffs in the price range of Rs.4.34 – Rs.5 per kWh in various Solar Tenders… Whats your view on the viability, Costs & timeline pressures, Resource Challenges (Materials, ManPower, Execution, Grid Connection, Land Possession) etc… KM: Keeping in mind the long term aspect and future of green energy technologies, this is a step in the positive direction that the prices are being rationalized and are almost at par with other fossil based energy sources. Though for the time being it is straining the value chain but I feel that in the long run it will be beneficial for the industry as a whole. It will help in positioning Solar PV as a main stream energy source. But today we have challenges in implementation of Solar PV projects in terms of trained manpower and resource mobilization and utilization, but as the industry matures these things will be addressed and this industry will be a major employer.

EQ : Kindly enlighten our readers on the performance of your modules in India in various geographic locations, customer feedback,. KM: SOVA SOLAR is committed to the quality of products and we are winning accolades from customers in diverse geographic regions. Our modules are continuously giving higher generation across diversified geographies thereby yielding better returns to the investors.

September 2016

EQ : Please describe in brief about your company, directors, promoters, investors, its vision & mission KM: SOVA SOLAR was incorporated in 2009 with a vision for clean environment, and sustainable future. The company is dedicated to achieve the goal of clean, sustainable and self reliant future.

EQ : What is the size of your company in terms of manufacturing capacities, growth chart, future expansion plans, revenues, shipments, ASP’s, financial figures, KM: SOVA SOLAR presently has a manufacturing capacity of 200 MW which we intend to enhance up to 500 MW by 2018 and 1 GW by 2020. Company plans to foray into cell and wafer manufacturing shortly to strengthen the supply chain by vertical integration.

EQ : What are your plans for India, your view on the GOI target of 100GW Solar Power by 2022 KM: With the massive target of 100 GW, SOVA is well positioned to embrace the opportunity and with our quality focused and vertically integrated value chain we are confident of presenting before our customers a compelling value proposition.

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CHIEF OPERATING OFFICER (COO), SOVA Solar Limited

EQ : Solar Trade Wars : What are the benefits to Indian manufacturers

EQ : Please share information of some new orders in hand.

KM: One interesting thing about any struggle is that it strengthens you and makes you fitter for survival. This fierce competition has made the Indian module manufacturers more competitive and today we are better off at meeting customer’s expectations in global markets. Moreover the trade barriers created by some countries are helping Indian manufacturers in those markets because of lesser competition from the Chinese

KM: We are supplying to our customers for their projects for NTPC in India. Our modules are also being used for development of 26 MW power plant for German Utility Company and along with our associate company we are developing 16 MW power plant in Japan.

EQ : How much is your R&D budget as % of your sales / profits KM: We are earmarking 1% of our net revenues for R&D.

EQ : Technology road map in terms of 1500V , Double Glass, BiFacial Cells, PERC/PERT Technologies, upcoming game changes technologies KM: In this industry it is very important to keep up with the upcoming trends and SOVA is at the forefront of such initiatives. We have converted 100% of our capacity to 4BB % PERC technology compliant. We have achieved manufacturing expertise for 1500V modules; we are working on developing glass to glass modules and BiFacial modules.

EQ : As a manufacturer, kindly share your plans to foray as developer or equity investor in solar pv power projects. KM: SOVA is a manufacturing focused company and we are foraying into project development and/or installation very selectively. Our belief is to remain focused in manufacturing and provide our customers and partners with the best value proposition for their projects.

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EQ : As a module manufacturer provided 25 years warranties….is it backed up by warranties by cell manufacturer, materials manufacturers ? KM: In solar PV industry, the onus of quality rests with the module manufacturer as none of the suppliers of raw materials provide back to back warranties. Therefore it is extremely necessary that utmost care is taken during the procurement with emphasis on quality. We at SOVA maintain strict QA and QC processes to check and maintain the supply chain and the in house testing and checking to provide world class products to our customers.

EQ : What will be the cost, technology trends in solar pv modules KM: There remains a situation of overcapacity and the nature of demand is cyclic, which will cause the prices to fluctuate wildly for sometime in the future. The general trend of the prices will be to slightly go down as we achieve scale and utilization. In the technology front, the evolution of higher efficiency cells and other raw materials reducing the losses will create better capable products. PERC, Bi Facial cells, 5BB cells are the emerging trends. In the medium term some composite semiconductor material may emerge which may ultimately replace c-Si in the long run.

September 2016

PV MANUFACTURING

For Huge Working Capital At Competitive Rate Of Interest & Simplicity Of Solar Policy

Need Of The Hour To Boost Solar Manufacturing In India

By- Chetan Shah Director, Goldi Green Technologies Pvt. Ltd.

At every step we are focused at Mr. Modiâ&#x20AC;&#x2122;s dream of Make in India. We are expanding our domestic manufacturing line to reach out to global opportunities by offering world class quality product with committed deliveries.

onsidering the fact that it is difficult for India to rely heavily on conventional power resources, solar sector will play a very important role for Indiaâ&#x20AC;&#x2122;s energy strategy in the long run. We are as such geared up to increase our share in the domestic market by expanding our presence through a dedicated team of trained professionals spread across major parts of India and reaching out to the smallest consumer by enlightening on the virtues of using solar energy and the long run advantages it will have for the consumer. However, to make this growth path sustainable and to achieve the set target, India will need substantial foreign direct investment into the sector. It will be necessary for the government to devise a special policy to attract foreign investment to set up manufacturing in a joint venture with local manufacturer in India. This infusion of capital will boost manufacturing capacity to many folds and help us achieve the time bound target. Besides

huge capital needs, to run the manufacturing sector, there is a need for huge working capital at competitive rate of interest which at present is not easily available even at very high rates and is not competitive in comparison with other international manufacturers. Making available low cost domestic finance from banks and financial institutions will not only boost manufacturing sector but also create a favorable environment for projects and position. India as the most favorite place for manufacturing this will further give a boost to mission Make in India. The other major concern that we envisage is simplicity of the solar policy and a need for solar policy as one country one policy to boost domestic market of rooftop as well as MW scale projects. In the present policy there are many stake holders and policy as well as its execution is complicated because of which the investors are not comfortable. Even the procedure to avail the fiscal benefits is complicated and delayed.

A very young team of management at Goldi Green has consciously employed and trained more than 200 youngsters (out of total workforce of 350) from the tribal belt as a part of our commitment towards skill India, however considering the tall task, the government will have to encourage basic knowledge and awareness about renewable energy and solar energy in particular at the academic level and also introduce courses on solar technology at engineering colleges so that more number of employable people are available to the industry. Government should also invest more in the training of tribal youth through the various industrial training institutes (ITI) on various aspects of solar energy including system design, installation and commissioning, operations, servicing, repairs and maintenance of systems and power projects since the quantum jump in the sector will generate huge employment opportunities and will need a large number of trained man-power.

76Â

September 2016

It is very heartening to note that MNRE has initiated a pilot program in this direction and instituted National Institute of Solar Energy to act as nodal agency and coordinate with all the states.

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Interview With INVT Solar tech. EQ: How much Inverters have you supplied to India till now, what is the target/expectation in 2016-17 Ans: There are about 25MW until Aug 2016, and the target is 50MW in 2016-17. EQ: The recent aggressive bidding by various developers keeping Solar Tariffs in the price range of Rs.4.34 – Rs.5 per kWh in various Solar Tenders…Whats your view on the viability, Costs & timeline pressures, Resource Challenges (Materials, ManPower, Execution, Grid Connection, Land Possession) etc… Ans: The economic is running so far, for example the GDP of Gujarat state is up to 25% in 2015. And there is only energy from coal-fired stations in India. Solar energy is the best choose for India. EQ: Kindly enlighten our readers on the performance of your Inverters in India in various geographic locations, customer feedback,. Ans: There are lots of solar plants installed with INVT’s inverters in India, such as schools’ rooftops and factories’ rooftops. And the efficiency is so good from customer feedback, for example, 5.1kW system with 17 pcs of 300w solar panels in a school rooftop, the day generation is up to 28kwh. EQ: Please describe in brief about your company, directors, promoters, investors, its vision & mission Ans: The Vision of the Enterprise: To be the globally leading and respected provider for products and services of industrial automation and electric power. Corporate Mission: Make all efforts to offer value-added products and services to strengthen client’s competitive advantages. EQ: Briefly describe the various technologies and its suitable applications such as Central Inverter, String, Micro Inverter, 1500V, Outdoor, Container solutions etc.. Ans: INVT is supplying 0.75kW to 60kW strings inverters for residential and commercial projects. The core technologies of MG series and BG series are from Germany. And there are more and more applications with strings inverters to replace centre inverters. All inverters with IP65 are more convenient for installations.

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EQ: What is the size of your company in terms of manufacturing capacities, growth chart, future expansion plans, revenues, shipments, ASP’s, financial figures, The capacity is 450,000 pcs of inverters per year.

Ans:

EQ: What are your plans for India, your view on the GOI target of 100GW Solar Power by 2022? Ans: India is the one of most important market for INVT. The Mumbai Branch of INVT was setup since 2007. And there are about 25 local sales staff and aftersales service centre in Mumbai and New Delhi, to support the India market. EQ: What are your plans for Manufacturing set up in India, the opportunities and challenges in manufacturing in India? Ans: In 2016, INVT setup solar service centre in New Delhi, and is planning to do SKD and local manufacturing in India in 2017. EQ: How much is your R&D budget as % of your sales /profits? Ans: There are more than 10% of year turnover investment for R&D. EQ: What are the top 5 markets for your company in the past, present and future? Ans: The top 5 markets are Australia, Germany, Holland, Thailand and China. EQ: Technology road map in terms of 1500V ,micro inverters, upcoming game changes technologies? Ans: Yes, INVT is doing R&D for 1500V technologies more than 5 years. EQ: Kindly comment of Energy Storage as a game changer, its technology, cost trends… etc… Ans: DB series of Hybrid inverters is INVT’s new generation product. And now the key cost is battery only now. And the market is exploding when the cost of batteries decline. EQ: Explain various guarantees, warrantees, insurance, certifications, test results, performance report of your inverters?

Ans: All inverters certified by IEC standards, including •

IEC62109-1/2

•

IEC61727/IEC62116

•

IEC61000-6-2/3

•

IEC61683

•

IEC60068-2-1/2/14/30

EQ: Kindly highlight your product, technology & company USP’s, distinctive advantages etc… Ans: A. Software optimization for the power grid with much wider adaptability. B. Wide voltage range, low starting voltage, higher conversion efficiency. C. Designed with latest thermal simulation technology for longer service life. D. Reactive power control and power factor adjustable: 0.8 leading ~ 0.8 lagging. EQ: Do you also bring financing solutions for your customers? Ans: Yes, we do. EQ: What are the trends in new manufacturing technology equipment, materials, processes, innovations etc… Ans: The new technology is Grapheme. EQ: What is your commitment towards the solar sector in India? Ans: Providing renewable energy and environmental protection. EQ: What will be the cost, technology trends in solar inverters Ans: It is IGBT.

September 2016

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