EQ March 2016 PDF

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10 EQ March 2016 www.EQMagPro.com
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} INDIA
Government’s Policy Soon For Large-Scale Solar Mfg
Government is working on a policy to boost large-scale solar equipment production
facilities that will be soon be sent for the Cabinet’s approval, New & Renewable
Energy Minister Piyush Goyal has said.
“We are trying to bring in a policy wherein we

are thinking what support we can for large-scale
production of equipment like silicon wafers. A policy
in this regards is being considered which will be put
up for Cabinet approval soon for quantum jump in
domestic production of solar equipment.”
T
he minister said an inter- appeal against recent WTO’s
ministerial committee headed panel ruling ruling that has
by then D epar tment of stated that the country s power
Industrial Policy and Promotion purchase agreements with
(DIPP) Secretary Amitabh solar firms were inconsistent
Kant has submitted contours with international norms.
”We are working on of the policy which is being The rulings of the WTO s
a policy to promote evaluated.According to the dispute settlement panel can
draft proposal, the committee be challenged in the WTO s
large-scale domestic has proposed both fiscal and Appellate body.The minister
non-fiscal incentives to push said that there are different
manufacturing of solar mega solar power projects in mechanism through with
the country.It may include a domestic manufacturers can
equipment for making it complete ecosystem for solar be given relief and one of
more competitive,” projects such as contours of
power purchase agreement,
that could be a subsidy.He
said,”We stand committed
- Piyush Goyal , grid connection, land to put to protect the interest of
MNRE Minister, INDIA solar panels and manufacturing d o m e st i c m anu f ac ture r s
of equipment. of solar equipment and
(He said this while addressing at SURYA
The government has set an nothing can deter India from
KRANTI Summit organised by Bharat
ambitious target to raise the achieving 100 GW of solar
Solar-Power Development Forum)
solar power generation capacity power generation capacity by
by five times to 1,00,000 MW 2022.” He also said that India
by 2022, which will entail an has the potential to have 750
investment of around Rs 6 GW of solar power generation
lakh crore.Allaying fears of capacity and domestic as well
domestic manufacturers he foreign players would have
said that India will go in for ample opportunities.
33 Solar Parks To Be Set “33 solar parks are sanctioned in various parts
of the country to achieve cost reduction of solar
Up Across India power generation through economies of scale and
combined power evacuation facility,”
Shri Goyal said, adding incentives are being provided to
improve viability of solar power generations units.
As many as 33 solar parks will be
set up across the country as part of
an effort to reduce the production Other incentives include procurement of solar power by
cost of solar power, Power Minister
financially strong intermediaries like NTPC, long term vision
Piyush Goyal said.
G
and stable policy framework so that investors can plan
overnment has taken a number of better investment.
steps to reduce the production cost
of solar power in the country, including
fiscal and financial incentives in the “Transparent E-reverse auction for procurement
form of accelerated depreciation, of solar power has already resulted in a price point
concessional customs and excise of Rs 4.34 Kwh, almost at grid parity with the
duties, preferential tarif fs and conventional sources of electricity,” he said
generation based incentives, he said Source: PTI
in Lok Sabha during Question Hour.

} INDIA
Waaree Energies Ltd. Celebrates
International Women’s Day By In addition, Waaree also
felicitated its women
Donating Solar Products workforce on the
occasion of International
To mark International Women’s Day, Waaree
Women’s day. “We
Energies Ltd. donated Solar powered must acknowledge the
products such as Solar Lanterns, Study increasing contribution
lamps etc to the underprivileged women’s of women workforce
through its associate agency .
in the Solar Industry in
The government has been general. By empowering
doing lots of efforts to women’s, economic
empower the women while growth, poverty
much has been achieved in reduction, health status
areas such as education, improvements and
healthcare and the economy, increased resilience
many serious gaps still remain. to environmental and
We as a part of our social humanitarian crises can
- Mr. Prasad responsibility are pleased be achieved.
Chaporkar, to do our bit in helping the
Spokesperson for
Waaree Energies
underprivileged women’s of - Mr. Chaporkar added.
Limited the society.
} BUSINESS
FINANCIAL &
H
Hero Future Energies Gives ero Future Energies Pvt. Ltd. (HFE), renewable
energy venture of the Hero Group recently
Indian RE Market Its First announced issuance of India’s first certified
climate bond for expansion of its wind portfolio,
Certified Climate Bond through its wind holding entity. The entity has
secured a funding of INR 300 crore through issuance of rated
and secured non-convertible debentures. The Climate Bonds
Initiative, which is an international, investor-focused not-for-profit
organisation, issues this certification under robust framework
for monitoring, reporting and assurance of conformance with
the relevant Climate Bonds Initiative standards. The certificate
for conformance with Climate Bonds standard has been issued
following an independent third party assurance.
“Achieving GOI’s goal of 175 GW “The proceeds from the fund

of renewables by 2022 requires raised will be invested in realizing
a multipronged approach, our goal of 2.5 GW over the
including innovative financing, next few years. In January 2016,
newer structures and attracting SEBI has also approved norms
global investors. As the certified for issuance and listing of green
green bond market scales up bonds, such certifications bring
in India, it is likely to open up transparency and will help meet
new avenues in renewable the huge financing requirements
energy financing. This kind of worth $2.5 trillion for climate
certification is an assurance on change actions in India by 2030.
green “use of proceeds” and will In my opinion, such competitively
thus attract global institutional priced instruments are the way
investors to fund the growing forward in reducing cost of
requirements of this sector in financing and thereby cost of
the country.” energy in India.”
- Rahul Munjal , - Sunil Jain ,
Managing Director CEO
Hero Future Energies Hero Future Energies
Climate bonds are green bonds which require mandatory

independent third party verification to provide additional assurance
to investors about the climate benefit of their investments. The
Climate Bonds Initiative standards sets out clear criteria to verify
certain green credentials of a bond. The standard is backed by
the Climate Bonds standards board comprising of pre-eminent &
independent investor entities, which collectively represents $34
The company secured funding of INR 300 trillion in assets under management.
crores through issuance of rated and
secured non-convertible debentures.
“Hero Future Energies is to be
congratulated on their leadership in
The first Indian company to issue climate issuing a certified green bond with a clean
bond certified by the Climate Bonds energy foundation. This is a solid example
Initiative standards board. of private sector innovation in climate
finance.”
- Sean Kidney ,
Rising trend observed among investors CEO , Climate Bonds Initiative
to prefer instruments that promote
“Taking the step to seek and gain certification sends a positive signal to
low carbon investments and also the market. This initiative by HFE demonstrates to investors and other
increased focus on integrating stakeholders the importance of transparency and disclosure as a part of
Environment, Social and Governance best practice investment governance in green bond issuance.
(ESG) factors into their investment According to global reports, the total green bonds issued globally is in the
processes tune of USD 42.4 billion in 2015 and is expected to cross USD 60 billion in 2016.

} BUSINESS
FINANCIAL &
Trina Solar Acquires a USAID Awards $767,000
Solar Cell Factory in the Grant to Miller Center for
Netherlands Social Entrepreneurship
and New Ventures India for
Trina Solar Limited , a global leader
in photovoltaic (“PV”) modules,
Clean Energy Initiative
solutions, and services, recently
announced that its wholly owned In an effort to lift one million of the
subsidiary, Trina Solar Netherlands, 289 million people in India without
has completed the acquisition of all electricity out of darkness, Miller
the assets from Solland Solar, a
Center for Social Entrepreneurship
solar cell manufacturing company
with approximately 200 MW solar cell at Santa Clara University and
manufacturing capacity located in New Ventures India (NVI) have been
Heerlen, the Netherlands. awarded a $767,000 grant for an
Energy Access Investment Readiness
U
Program.
T
pon completion of the transaction,
Trina Solar Netherlands acquired his public-private partnership, made possible by
all of the manufacturing machines, the generous support of the American people
equipment, stocks, office inventory, through USAID, has the goal to enable delivery
and real estate etc. from Solland of clean, innovative, off-grid power to people in
Solar. Trina Solar will commence India who currently lack energy access.
operations at the facility in the Under the program, NVI will facilitate the investment of
coming weeks. $41 million of impact capital over three years to support
local social enterprises that are able to deliver clean energy.
Already, close to $5 million has been committed to the
-Mr. Jifan Gao program. Miller Center’s Global Social Benefit Institute
Chairman and CEO (GSBI®) will train social entrepreneurs in India to help them
Trina Solar become investment-ready and able to increase the reach
of their businesses and resulting impact.
“This grant from USAID further validates

Miller Center’s GSBI methodology, which helps
social enterprises worldwide apply Silicon
Valley business principles to scale their impact.
GSBI mentors will work in India with the social
“We are delighted with the entrepreneurs and continue mentoring them
successful completion of the remotely as the entrepreneurs build partnerships, overcome
transaction and believe that the business model challenges, and obtain investments. We
acquisition enables us to expand the believe social entrepreneurship is an effective agent for
global manufacturing footprint of change to address serious global issues including energy
Trina Solar in an efficient manner. poverty and climate change.”
“This investment will be one of the -Thane Kreiner, Ph.D., Executive director, Miller
components of our ongoing global Center for Social Entrepreneurship
expansion strategy. In particular,
this new cell facility in Europe, along Addressing Energy Access and Climate Resilience
O
with our in-house manufacturing f the 1.3 billion households globally without electricity access (World Energy
capacity in Thailand and other Outlook, 2011), approximately 20 percent are in India. Entrepreneurs seeking
overseas capacities allows us to to supply clean energy products and services to these households face numerous
leverage our global resources so that challenges in entering the market, overcoming barriers to scaling their operations,
we can further expand our presence and accessing managerial and technical talent, and limited working capital. Miller
and enhance our competitive edge Center’s GSBI methodology, combined with NVI’s ability to source funding from local
in overseas markets, especially the impact investors and foundations, is expected to help overcome these challenges.
U.S. and Europe. We are also pleased “The need for energy access in India is great. This public-
to be investing in the Netherlands private partnership and grant from USAID promises to
PV sector, in which we believe we make a real difference in the lives and livelihoods of a
can help create job opportunities for million Indians, and the benefits will radiate out to their
the local area, and support economic entire communities. This program signifies a shift towards
development in the region.” building locally-led partnerships that can identify game-
changing solutions in addressing development problems
such as clean energy.”
-Sanjoy Sanyal, Director of NVI

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

One of the world’s largest corporate venture funds
dedicated to renewable energy. The transition to a low
carbon society creates business opportunities, and Statoil
aims to drive profitable growth within this space. Through -Irene Rummelhoff,
the new fund, we look forward to investing in attractive Statoil’s Executive Vice President
and ambitious companies and contribute to shaping the for New Energy Solutions
future of energy,
T
he fund is established as part of Statoil’s new business Potential investment themes
area New Energy Solutions, reflecting the company’s include offshore and onshore wind,
aspirations to gradually complement its oil and gas solar energy, energy storage,
portfolio with profitable renewable energy and low-
transportation, energy efficiency
carbon solutions. The investments are included in
Statoil’s overall investment outlook as presented on
and smart grids.
4 February. The team initially consists of six
investment professionals operating
with a global mandate, initially based
“Statoil Energy Ventures out of Statoil’s offices in London
aims to be an attractive
and Oslo.
partner for growth
companies. We offer a The fund will take direct positions
strong financial muscle primarily as a minority shareholder
and are ready to invest in growth companies, preferably as
in three strategic
areas: Supporting our a co-investor with other venture
current operations in firms. Investment in selected fund
renewables, positioning will also be considered to gain a
in renewable growth wider footprint.
opportunities, and
exploring new high The Statoil Energy Ventures
impact technologies and team, focusing on growth-phase
business models. investments in renewable energy,
We look forward will operate alongside Statoil’s
to engaging existing venture entity, Statoil
with ambitious Technology Invest (STI), which
entrepreneurs as
an active investor
focuses on early-phase investments
and to build great in upstream oil and gas.
companies.” Statoil has a strong track
-Gareth Burns, record of successful technology
Vice President in Statoil implementations and financial return
and managing director of through exits. STI has since 2000
Statoil Energy Ventures invested around USD 135 million,
achieving a multiple of invested
capital on realized deals of 2.5.

} SOLAR PV
MANUFACTURING &
W
hile the order intake,
SINGULUS Reports sales and the EBIT in the
Preliminary Results
Solar division increased
compared with the previous
For 2015 year, these key financial

figures remained weak in the Optical Disc segment.
This is especially the case for sales of the Blu-ray
Disc production systems BLULINE II. SINGULUS
TECHNOLOGIES has responded to the changed
market situation in the optical disc market and has
written down replication lines of the BLULINE II
type for Blu-ray Discs. The company expects only
a few new orders for these production systems in
the future. The disc manufacturers are working
on the market introduction of the Ultra HD Blu-ray
Disc. SINGULUS TECHNOLOGIES expects that
mainly investments in production equipment for
Ultra HD Blu-ray Discs will be made in the future.
These write-offs and other restructuring
charges, which were incurred in the business
year 2015 due to the difficult situation of the
company, have adversely impacted the earnings
The SINGULUS TECHNOLOGIES AG reports before interest and taxes (EBIT) in 2015. The EBIT
preliminary unaudited financial results including impairment and restructuring charges
for the business year 2015. Sales amounted amounted to € – 33 to -35 million in the year under
to about € 84 million in 2015 and were thus review (previous year: € -49.1 million). Excluding
the impairment and restructuring charges an EBIT
above the prior-year level of € 66.8 million.
in the amount of € -17 to -19 million (previous
Compared with 2014, the order intake year: € -27.8 million) was realized. The EBITDA
improved to about € 96 million (2014: € 60 amounted to € -26 to -28 million (previous year: €
million). The order backlog stood at approx. -24.1 million) As of December 31, 2015, the Group’s
€ 26 million as of December 31, 2015 (2014: € liquidity amounted to € 19.0 million (previous year:
14.0 million). € 35.8 million).
In the past couple of years, SINGULUS TECHNOLOGIES has For a new application range like for producers of consumer
continuously progressed its technologic know-how and developed goods first machines could be sold respectively new machines
new production solutions for the Solar segment, which were are in the research & development or test stage and are
successfully introduced to the market. In particular machines for currently discussed with potential buyers for cooperations.
the production of thin-film solar cells like the vacuum machines SINGULUS TECHNOLOGIES will continue to intensively work
VISTARIS and CISARIS as well as for crystalline high efficiency on the market launch of new equipment in the business year
cells especially the SILEX II machines, SINGULUS TECHNOLOGIES 2016 and expects first successes during the course of 2016.
was able to establish the right solutions. Therefore we already The comprehensive financial results for the business year
received successful orders in the last year. 2015 will be published by the company on March 24, 2016.
W
aaree Group has joined hands with Huawei to offer
SOLAR INVERTERS world class quality products at an optimal cost. Some
of the Key benefits of Huawei String Inverter
Waaree Energies Ltd. Solutions are:
Exhibited Huawei String

• Higher electricity yields: Huawei string inverters with 3 MPPT gives 3% to 5 % more
yield than central inverter solution, 5 years warranty, 20+ years product Lifespan,
Inverters At Elecrama -2016 •

Higher string monitoring accuracy ( 0.5% vs 3% ), IP 65 Rated,
Reduce initial investment withbetter solutions: No DC Combiner Box, No civil works,
Reduced DC Cable, Faster installation,
• Reduce manpower andmaintenance cost: No Fuse Failure, No Fans (Natural Cooling),
Solar PV Marketplace in India is highly
Less downtime, Less System Losses, Replacement of inverter in case of failure.
competitive. All Project Developers,
Entrepreneurs, Stakeholders have Huawei has established a unique and leading position
to adapt to latest cost efficient in most of the top global Solar PV markets. Waaree
technologies to optimise their Capital Energies Ltd. with its strong sales and distribution
expenditure as well as the Operation network across India have made the availability of
expenses. Huawei products easier to the Indian Market.
24 EQ February 2016 www.EQMagPro.com

} ASIA
PACIFIC &
Trina Solar Named As World’s Most Bankable PV Module
Manufacturer By Bloomberg New Energy Finance
Trina Solar Limited , a global leader in photovoltaic (“PV”) modules, solutions,
and services,recently announced that it has been named as the most ‘bankable’
PV module manufacturer globally by Bloomberg New Energy Finance (BNEF).
I
n its survey of key PV stakeholders asked
about 50 different module brands, 100% “The findings from this report are highly
of respondents said that Trina Solar was positive and we believe that they come as
bankable, confirming the Company’s leading further confirmation of our leading position
position in the solar PV market. in the industry around the world. Trina Solar
The report (available through BNEF prides itself on the sustainability and strength
subscription) details the findings of a of its way of doing business and this latest
survey conducted by BNEF to identify acknowledgement of our leading bankability
which module manufacturers are most comes as an award for our efforts. We always
likely to obtain non-recourse debt financing strive to deliver bankable PV
by commercial banks. Survey participants, solutions that are innovative
and that will provide the best
which were banks, technical consultants,
returns for our customers. We
engineering contractors, asset managers
have invested heavily, and
and independent power producers (IPPs)
will continue to invest, in the
from all around the world, were asked
quality and performance of
which PV module brands they considered
our PV modules to ensure that
bankable by their own internal criteria, which
they can deliver the highest
is usually based on product quality and the
yields in the short and long
manufacturer’s financial strength. term. As a company we are
Trina Solar topped the list of 50 module fully committed to providing
manufacturers, being the only company affordable, clean and
that all survey respondents believed was sustainable renewable energy across the globe.
bankable. The report also details how This commitment has contributed to our success
Trina Solar modules were used in more to-date. Trina Solar now stands as the largest
debt financed projects than any other manufacturer of PV modules in the world, and
manufacturer’s modules since the start of we fully intend to leverage our market-leading
2014, having secured funding for more than position as we pursue further growth both in
1.2GW for 15 different projects tracked by established markets and emerging ones.”
the BNEF database. The BNEF database is
not fully comprehensive, but contains almost - Teresa Tan,
14,000 solar financings worldwide. Chief Financial Officer of Trina Solar
Trina Solar Remained World’s Top Solar PV Module

Producer In 2015, Says GlobalData
T
rina Solar held on to its status as the world’s biggest producer Canadian Solar also had a positive year, following the acquisition of
of solar photovoltaic (PV) modules in 2015, producing 4.55 Recurrent Energy, a provider of solar power systems, from Sharp
Gigawatts (GW) of crystalline modules, while Canadian Solar Corporation for a purchase consideration of approximately $265
claimed second spot with 3.9 GW in 2015, according to an million in cash in February 2015.Mathur continues: “The acquisition
analyst with research and consulting firm GlobalData.Trina enables Canadian Solar to more than double its total and late-stage
Solar’s efforts to expand its presence in key markets across solar project pipelines, and propelled the company from fourth in 2014
the globe, leveraging on its innovative high-quality solar up to second place last year, overtaking Yingli and JinkoSolar.“Canadian
products, strong sales network and brand recognition, have Solar has a substantial global project pipeline, a strong downstream
enabled the company to capture numerous opportunities. project development business and offers low manufacturing costs.
The company has also begun to offer a new upgraded warranty on its
“Trina Solar has experienced impressive results over the past polycrystalline PV modules by guaranteeing a lower first year power
year. For example, it has announced a new efficiency record output degradation.”
of 22.13% for its mono-crystalline silicon solar cell, which In terms of other top solar PV producers in 2015, JinkoSolar Holding
breaks the previous record of 21.40% and demonstrates an Co., Ltd. claimed third place, with 3.79 GW produced, while JA Solar
impressive efficiency improvement of 0.73 percentage points Holdings Co., Ltd. came in fourth with 3.38 GW, and Hanwha Q CELLS
within only one year.“In addition, the company has announced a Co., Ltd. ranked fifth, with 3.2 GW produced.GlobalData also states that
new manufacturing base in Thailand to add 500 Megawatt (MW) module and Yingli, which produced 3.35 GW in 2014, has not benefited from solar
700 MW cell capacities, and this, along with its Malaysia facility, will help to power’s growing popularity in the same way. Production dropped to
expand Trina Solar’s production and boost competitiveness in global markets.” 2.35 GW in 2015, as liquidity issues and debt repayments caused the
- Ankit Mathur, GlobalData’s Practice Head for Power company to plummet from second to seventh in the global rankings.

} ENERGY
STORAGE &
Lithium Ion Batteries Are Rechargeable Battery
The Leading Form Of Energy Market Worth $111
Storage For New Projects Billion Driven By
A new report from Navigant
Lead-Acid Battery
Research examines global To 2019
energy storage projects,
providing a database of 1,119
G
projects organized by 11 lobal rechargeable battery market growth
criteria, plus analysis of is positively influenced by factors like
regional technology choices growing demand for lead-acid battery
replacement from automotive industries
and market shares.2015
across the world, which will drive the market at
marked a record year for the global energy 8.2% CAGR during 2015 to 2019.. Analysts say
storage industry, with continued increases main difference between NiMH and Li-ion batteries
in deployed and newly announced project is the material used for power storage. Li-ion
capacity.
A
batteries consist of carbon and highly reactive
growing number of technologies were also deployed, lithium, which can store a lot of energy than that
including advanced battery and electromechanical of NiMH batteries. NiMh batteries utilize hydrogen
storage technologies, and lithium ion (Li-ion) batteries for energy storage, In addition to nickel and
remained the leading form of energy storage for new another metal such as titanium keeping a lid on
projects. According to a new report from Navigant the hydrogen ions.
Research, Li-ion accounted for more than half of newly According to the Global Rechargeable Battery
announced energy storage system (ESS) capacity Market 2015-2019 report, the uncertain economic
and more than 85 percent of deployed ESS power scenario in Japan over the last five years has
capacity in 2015. compelled Li-ion manufacturing companies to
shift their production base from Japan to China.
The Japanese economy has been registering slow
“Li-ion batteries are the most popular economic growth because of reduced investments
technology for the growing distributed and declining exports. Hence, increased number
of Li-ion battery manufacturing bases in China will
energy storage system (DESS) and behind- drive the market growth.
the-meter (BTM) market segments. These In this latest and global rechargeable battery
systems accounted for an estimated 12 market research report, analysts estimate the lead-
percent of new system capacity announced acid battery segment to dominate over all other
segments during the forecast period. This segment
in 2015, the highest percentage of any year is envisaged to account for more than 53% of the
on record.”While market activity picked up total market share by 2019 and is influenced by
in a number of regions during 2015, North factors like its cost effectiveness and increased
power surge capabilities.
- Alex Eller, America remains the largest market for Upcoming trends like the growing influence of
Associate newly announced ESSs, according to the consumer electronics segment are rapidly gaining
with report. An estimated 1,653.5 MW of new popularity as it helps to increase the demand
Navigant for Li-ion batteries in the electronics segment.
Research ESSs were announced worldwide in 2015, The augmented demand for various devices like
with around 33.8 percent of this new mobile phones, laptops, notebooks, and cameras
capacity coming from North America. is expected to result in the increased demand for
Li-ion batteries. Since these batteries have the best
weight-to-energy ratio, they are highly compatible
The report, Energy Storage Tracker 1Q16, provides a with consumer electronic goods. This increasing
comprehensive resource of global energy storage projects. The applicability of Li-ion batteries is expected to impel
Tracker includes a database of 1,119 projects (encompassing at market growth during the forecast period. The
least 43,305 individual systems) and tracks the country, region, key vendors analyzed in rechargeable battery
market are: BYD, C&D Technologies, East Penn
market segment, capacity, status, technology vendor, systems
Manufacturing, Enersys, Exide Technologies, GS
integrator, applications, funding, investment, and key milestones Yuasa, LG Chem, Panasonic, Samsung SDI and
of each project. In addition, the report includes an analysis of the VARTA Microbattery. Further, the rechargeable
technology choice within each major region for energy storage, battery market report states that growing
analysis of the leading regions for energy storage capacity and environmental concerns and increased awareness
projects, and market share analysis for technology vendors for about the toxic content in NiCd batteries among
deployed projects and projects in the pipeline. end-users have led to a ban on NiCd batteries
in Europe.

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

General Manager at
Powertech Africa
The ELDORA Ultima 60 cell modules with

250 Wp, which will be sold by Powertech
Africa, are particularly suited for use at high
temperatures, as are routine in sub-Saharan
Africa.
The International Energy Agency (IEA)
estimates that Africa will achieve a total
output of 173 gigawatts from renewable
Vikram Solar Expands Into 14 energies by 2040, with solar energy
accounting for around 20 percent. According
Additional Sub-Saharan Countries to Solarbuzz, there are currently solar
projects in 29 African countries with
The leading solar energy solutions provider, a potential total output of more than
Vikram Solar is partnering with Powertech 11 gigawatts.
Africa, a leading African distributor of
energy technology, thereby entering 14 new “Powertech Africa was identified
markets in sub-Saharan Africa, including as the ideal partner for expanding
Botswana, Zimbabwe and Tanzania. Vikram our presence on the continent. Like
already operates local offices in Kenya, the Vikram Group, Powertech Africa
which is a division of Powertech
Uganda and South Africa. Industries (PTY ) Ltd which has been
V
ikram Solar, with Powertech Africa in business for more than forty years
and is committed to delivering top
as its official sales agent, expects
qualityproducts and solutions. The
to generate PV module sales of one
company exclusively works with local
megawatt in sub-Saharan Africa by distributors who are familiar with the
May 2016. Drawing on its existing legal requirements in their respective
international network, Powertech will countries, which gives us a huge
be supplying large solar projects and advantage. We strongly believe that
homeowners alike. A leading distributor this partnership will provide another
of Power and distribution electrical boost to the African solar market.”
solutions in Africa, Powertech Africa - Neil Bothwick ,
is now adding solar technology to its Head of Business Development – Africa,
product portfolio.
Vikram Solar South Africa
“ India’s 1st 100% Solar Powered Airport at Cochin
safe on
Ganges Module mounting
structure”
Ganges Internationale Pvt. Ltd

B - 36, Lawrence Road, Industrial Area, New Delhi - 110035, INDIA, Ph.: +91 11 47090225, 47090228, 47090229, 9311811923
email : info@gangesintl.com / www.gangesintl.com
} ROOFTOP
OffGRID &
Tata Power Installs Net
Metering For Rooftop Solar
System In Mumbai
Tata Power, India’s largest integrated
power company, has successfully
operationalised net metering for the
rooftop solar photo voltaic (RTS PV)
system installed at the premises of
Vardhan Industries, a Tata Power
consumer, in Mumbai.
T
his is the first installation of net meter by
Tata Power in its Mumbai distribution area “We are delighted to announce the
under the procedure outlined in the MERC connectivity of the solar PV system of
(net metering for roof-top solar photo voltaic a consumer to our distribution grid. As
systems) Regulations, 2015.A net meter has
the ability to record the import and export of per our commitment to sustainability, the
power. Through net metering arrangement, facilitation of net metering of the RTS PV
a consumer can drive surplus units of system will provide a major boost to the
electricity generated by the solar units into
the distribution grid of Tata Power. The units
promotion of this solar energy use by end
will be then be adjusted against the quantum consumer. Net metering will encourage the
of electricity supplied by Tata Power during consumer to also become a generator and
the applicable billing period. Tata Power has this distributed generation will help the
developed a comprehensive architecture to
facilitate the connectivity of the consumers’ country in long run.”
RTS PV systems with its distribution grid.
The company has synchronised the 10kW - Ashok Sethi ,
RTS PV system with its distribution network COO and ED, Tata Power
in the month of February.
Vardhan Industries had applied for connectivity of its RTS PV system with the Tata Power network under the net metering arrangement. The
application form, along with the procedure and guidelines, has been made available on the Tata Power website.
OPIC And Greenlight Planet Partner To Expand Off-Grid

Energy Access In The Developing World
WASHINGTON – The Overseas Private Investment Corporation (OPIC), the U.S. government’s
development finance institution, signed an agreement with Greenlight Planet to
finalize $5 million in OPIC financing to support the scaling up of Greenlight Planet, Inc, a
provider of affordable off-grid solar energy systems to homes and businesses across
the developing world.
G
reenlight Planet’s global Saharan Africa and Asia. and security to populations that live
development starts with “ We’re building the world’s away from the grid,” said Elizabeth
a passion for delivering largest rooftop solar consumer Littlefield, OPIC’s President and CEO.
clean, affordable energy to base in emerging markets and are “Greenlight Planet’s strategy draws
underserved communities, delighted to have OPIC’s expertise together clear development impact
paired with a sustainable business and on-board. This financing enables goals with a sound business plan
distribution strategy. Today, they impact us to massively expand distribution and innovative partnerships to open
15 million users across 40+ countries. globally and commercialize a much up wider distribution. I’m looking
Greenlight Planet, with its products demanded pay-as-you-go solution forward to the results of OPIC’s
branded as Sun KingTM, provides high by our consumers,” says Anish support to them.”
quality affordable solar lighting and Thakkar, Greenlight Planet’s CEO OPIC’s support to Greenlight Planet
phone charging devices to populations and Co-Founder. “We are targeting is a product of the Portfolio for Impact,
living off the electric grid in emerging an aggressive penetration of 30% an OPIC financing innovation designed
markets throughout Asia, Africa, and of the off-grid households by 2020.” to support highly-developmental impact
Latin America. With this OPIC growth “The expansion of of f- grid investment projects that, due to size and
financing, Greenlight Planet will expand energy solutions at scale is crucial structure, would otherwise face difficulty
its global distribution network in Sub- to bring connectivity, opportunity, in obtaining financing.

} ROOFTOP
OffGRID &
T
Godrej & Boyce Mfg Ltd hese plants are solar grid connected
roof top installations with Net
Successfully Bagged Order Metering (If state policy Permits).
The plants are located in very
Of 130 KWp Roof Top important Industrial area in Haryana
i.e. Manesar, Gurgaon & Dharuhera,
Power Plants Rewari.
In a very short span of time,
Godrej & Boyce has been able to
Godrej (Electricals & Electronics secure several EPC contracts in the
business, Power Infrastructure & Roof top segment across India with
Renewable Energy vertical) is pleased to customer delight. There are various
announce successfully bagging 130 kW rooftop installations running across
order of solar roof top plants. pan India with customer delight. It
will soon emerge as one of the top
solar EPC players of India.
The environment benefits that
will be generated from this solar
system are significant. In addition
to above, these plants will help in
reduction of transmission losses in
the system.
Godrej & Boyce Mfg. Co Ltd (G&B) plans to play a larger role
as an EPC contractor for both On-Grid and Off-Grid power
generation. Being driven by the focus on sustainability, G&B
intends to enhance its presence in the sphere of Renewable
Energy and will focus on various green initiatives aimed at
reducing the carbon footprint.
- Mr. Raghavendra Mirji,
AVP & Head Power Infrastructure &
Renewable Energy vertical
In Delhi, Solar panels have already been

CPWD to generate 42.50 MW solar installed for a total capacity of 1.50 MW over
power by September, 2016

6 government buildings viz., Nirman Bhawan,
Shastri Bhawan, East Block and Sewa Bhawan
(RK Puram), Pushpa Bhawan near Sheik Sarai
and CGO Complex, Lodhi Road. During the
Public sector construction major the Central last 3 months, a total of 2,86,100 units of power
Public Works Department (CPWD) will generate has been generated from these installations
42.50 MW of solar energy across the country resulting in a saving of Rs.11.50 lakhs in energy
besides replacing energy inefficient electrical cost. Generation of 42.50 MW of solar power is
fittings in 20 government buildings in Delhi by
estimated to result in a saving of Rs.13 cr per year.
September, 2016 and in rest of the country later.
These initiatives of CPWD are estimated to result in Shri Madhusudhan Prasad has directed
a total saving of Rs.115 cr per year. CPWD and SECI to ensure net metering at
E
all the 200 buildings in the country to ensure
fforts of CPWD in this regard and the consequent proper monitoring of net energy consumption by
gains in terms of saving in energy consumption government buildings.
were reviewed today by Shri Madhusudhan As part of measures to promote efficient use
Prasad, Secretary (Urban Development). of energy in all the Government buildings, CPWD
CPWD earlier signed a Memorandum of has begun to replace energy inefficient fittings
Understanding with Solar Energy Corporation with LED bulbs and 5 star air conditioning systems
of India (SECI) for generation of solar power approved by the Bureau of Energy Efficiency.
for installation of grid connected rooftop Solar This will be completed in 20 buildings in Delhi
Photo Voltaic panels in all Government buildings by September,2016.
maintained by CPWD across the country. These measures are estimated to result in
Consequently, SECI awarded works to 14 bidders a total saving of 11.41 crore units of power and
for undertaking works in 16 states. Rs.103 cr in energy cost per year.
10 MW of solar power will be generated by In Delhi, a total of 16,613 LED lamps have
May,2016 in Phase-I covering Delhi (3 MW), Uttar so far been installed in 261 of 268 government
Pradesh (2 MW), North-East and UTs(2 MW) and bungalows and 408 of 546 flats of MPs. The
1 MW each in Andhra Pradesh, Karnataka and remaining will be done so during the Budget
Maharashtra. session of Parliament.

} ROOFTOP
OffGRID &
Borg Energy Pvt Ltd. “This was a small yet impactful
Undertakes Prestigious Green

project through which we
have made a large number
Energy Project For Member of residential spaces meant
for Indian parliamentarians
Of Parliament Residential completely solar energy
efficient. This will help reduce
Quarters In New Delhi substantial electricity costs
and can become a model
for more such green energy
Leading US-based alternate energy
projects. Through this
solutions provider Borg Energy Pvt Ltd initiative, the Members of
has successfully completed a prestigious Parliament are truly showing
project to convert over 60 residential the right pathway to all other
quarters of Members of Parliament into 100 citizens of the country by
% green energy efficient spaces. setting an example and being
T
harbingers of clean & green
he initiative has been undertaken for the Central energy. BORG’s Solutions have
Public Works Department of New Delhi under the been customized for India and
company’s new commercial Solar Photo Voltaic breaks the barrier of high cost
Power Projects which Borg Energy has unveiled with engineering excellence
in the Indian market recently. and delivers solutions that
Borg Energy India has commissioned three 10
are affordable. The products
kW on grid commercial solar photo voltaic power
also offer high efficiency in all
plants totaling a capacity of 30 kW on Grid at
conditions,”
the residential flats of members Of Parliament.
The project included 52 Lok Sabha member - Mr.Krishna Kumar ,
flats on Dr. B D Marg involving installation of 20 Product manager, Borg Energy
KW On Grid SPV Power Plants; as well as 14
This project would enable the Members Of
Rajya Sabha Member Flats at Talkatora Road
Parliament generate efficient energy for daily
involving installation of 10 KW On Grid SPV Power
domestic use, plan for growth in connected
Plants.Borg Energy India has utilized its flagship
specialized designed Vega Series On Grid String load and also substantially save on energy
Inverters in this project which entails best invention bills.Lack of efficiency and high cost has been
patented topology globally. the two major drawbacks that have held
The Borg Vega Series is a new series of back the wide use of solar energy in India.
solar powered energy generating systems in BORG Energy India has conducted extensive
India that are highly cost-effective and can be research and development in India to produce
widely used for both domestic and commercial products that meet Indian requirements and
projects to generate environment friendly free fill the gaps in Indian solar powered products.
of cost electricity. The MPs residential quarters BORG’s first project in India was a highly
project, covering 66 flats in central Delhi was demanding and challenging task from the
undertaken prior to the commercial launch of the Power Grid Corporation of India Ltd (PGCIL) ,
Vega Series.A grid-connected solar photo-voltaic in association with the Government of Tamil
(SPV) system consists of one or several solar Nadu , to generate off-grid alternative power
panels/inverters that can be adapted to generate for lighting the 13th century Vellore Fort ,
power for different purposes – for domestic use spread over an area of 133 acres.
or commercial purposes.
Mangaluru DC’S Office Gets 25KW Solar Grid

The Dakshina Kannada Deputy Commissioner’s office here had installed government
net metering project. The 25 kW solar panel panel generates 100 units per day there
by savings of Rs.2.5 lakh per year on power bills. The project cost of this solar
plant is approximately Rs 20 lakh.
S
olar mission 2020 – the dream The Solar Roof Top system installed at Dc office are of
and vision of our Prime Minister Waaree make Gujarat and one of the best performing solar
Narendra Modi to promote clean panels in the country with production capacity of more than
and green energy was taken forward 500 MW per year which comes with a performance warranty
of 25 years and product warranty of 10 years,
by MP Nalin Kumar Kateel. This is
the first of its Solar Roof Top project - Prabhu , Said
in Karnataka for the Government
office with MPLAD funding from our
Prabhu’s firm has to its credits 100kw and eight solar rooftop plants installed till date.
MP Kateel,” he claimed. He said another 75 kW Solar plants to be installed by February end.

} INDIA BUDGET
2016-17 &
Post-Budget Views Of Mr. Tulsi Tanti, CMD, Suzlon Group
T
he budget will result in emissions reduction target outlined by
major change in the sectors India at COP21 this year and also 175GW
of agriculture and farmer renewables target by 2022.Further,
welfare, rural development, government commitment to improve grid
infrastructure, social sector infrastructure is reflected in the proposed
development and manufacturing additional depreciation for the plant
among others. This is expected to result and machinery acquired, installed for
in increased employment, boost to transmission activity.
entrepreneurship, better healthcare system The excise duty reduction from 12.5%
and increased ease of doing business, all of to 6% on materials used for parts and sub-
which are pivotal to growth of the economy. parts of rotor blades for wind operated
I congratulate the finance minister for electricity generators is a positive move.
taking definitive steps to address concerns However, the government should review
of the global slowdown. Spurring rural the increase in excise duty of unsaturated
development, focus on job creation and Polyester Resin (polyester based infusion
increasing consumer demand and exports resin and hand layup resin), Hardeners/
are steps in the right direction for the Hardener for adhesive resin, Vinyl Easter
Indian economy. The finance minister has Adhesive (VEA) and Epoxy Resin used
maintained the fiscal discipline path by for manufacture of rotor blades. Also, the
We welcome setting the fiscal deficit target of 3.5% in imposition of service tax on freight charges
this budget as FY17.The budget also reiterates the mission incurred for transport of goods by sea will
it is positive and and vision of the government to achieve adversely impact the competitiveness of
growth oriented long term self-sufficiency and sustainability, Wind turbine manufacturing in India and
with a clear view create the necessary support infrastructure hence the finance minister should also
to uplift the and enhance the nation’s literacy rate. review the same.
rural economy. On renewable energy specifically, as We hope the government will reconsider
part of rural development, the government the Accelerated Depreciation (AD) limit
continues on its plan to providing 100% which has been reduced from 80% to 40%
electrification by 1st May, 2018. This poses effective FY18. We wish to reiterate that
incredible opportunity for the renewable the Accelerated Depreciation limit of 80%
sector and to boost rural economy. At the should continue till 2022, aligned to the
same time, coal cess has been doubled government target of 175GW renewables
to Rs. 400/tonne, thereby, creating the by 2022 and to boost manufacturing under
resources to achieve 30-35% carbon the Make in India vision.
Railway Budget : Waaree Energies Welcomes The

Announcement On Solar Mission Of Railways
‘Indeed, it’s a welcome move and especially the announcement that Railways
would also consider subsidy / Viability gap funding support of MNRE. Indian
Railways have a huge electricity consumption and adding a renewable
source like Solar would go a long way in creating sustainable
growth , without increasing the carbon foot print.
R
ailways have a huge pile of land across the country
and utilizing some part of it for putting up Solar
Plants would be a step in right direction. Railway
provides an wonderful opportunity to populate the Speaking with EQ magazine
use of Solar Energy across the nation. on the Railway budget 2016,
Mr. Hitesh Doshi – Chairman,
welcomed the announcement
Waaree is fully geared up to meet the by the Railway Minister
on setting up solar
requirements from Indian railways
plants of 1000 MW.
and is also exploring the possibility
of bringing in innovative technology
to meet the varied requirements
from Railways.

} INDIA BUDGET
2016-17 &
A
s on December 31,2015, cumulative capacity
of about 38,820 MW off grid-interactive
renewable energy capacity has been installed
in the country which includes 25,088 MW
from wind power, 4,878 MW from solar power,
4,177 MW from small hydro power and 4,677
MW from bio-power.
The Ministry of New and Renewable
Energy (MNRE) Joint Secretary Tarun
Kapoor had recently said that while the one
lakh MW target is ambitious, it’s achievable.
“By March end we will be around 6,500 MW
and by March 2017 we will have 20,000 MW
capacity,” he had said. The government
also said installed capacity of solar power
crossed 5,000 MW in January. Considering
the tall target, the industry was expecting
tax incentives and financial support to
make ‘solar’ an attractive and viable option.
The renewable energy ministry had also
Budget 2016: Shri Jaitley sought over Rs 10,000 crore as increased

budgetary allocation to meet this ambitious
Allocates Rs 5036 Crore For target. By way of incentive, Jaitley has

reduced excise duty on carbon pultrusions
Renewable Energy Sector used for manufacture of rotor blades, and
intermediates, parts and sub-parts of
rotor blades for wind operated electricity
generators, to 6 percent from 12.5 percent.
Finance minister Arun Jaitley has At the same time, excise duty on unsaturated
allocated Rs 5036 crore for the polyester resin (polyester-based infusion resin
renewable energy sector in Budget 2016. and hand layup resin), hardeners/hardener for
The finance minister in Budget 2015-16 adhesive resin, vinyl easter adhesive (VEA)
had revised the target of renewable and epoxy resin used for manufacture of
energy capacity to 1,75,000 MW till 2022, rotor blades, and intermediates, parts and
comprising 1,00,000 MW solar, 60,000 MW sub-parts of rotor blades for wind-operated
wind, 10,000 MW biomass and 5,000 MW electricity generators being increased to 6
small hydro. percent from nil.
Source:Moneycontrol
Reaction On Union Budget 2016 – Vikram Solar

While the Union Finance Minister Arun Jaitley has concluded the Budget 2016
recently, stories around the same will be floating.
Union Budget’s proposals are reflective of the

Government’s intent to achieve accelerated growth
for rural India and revive the agricultural economy,
which is much welcome. It is noteworthy to see
commitment to achieve 100% rural electrification
by 2018, along with focus on education and
skill development. Having said that, the budget
presented by Hon’ble Finance Minister, Shri Arun
Jaitley did not promise a lot for the manufacturing
sector. With no clear or bold reforms announced
in manufacturing, (apart from 100% FDI in food
processing) the budget did not showcase the
With reference to the same ‘Mr. Gyanesh intention to coordinate efforts under ‘Make in
Chaudhary, CEO and Managing Director, India’ initiative.”
Vikram Solar’ has shared his feedback
on the Union Budget 2016-17.

} INDIA BUDGET
2016-17 &
Union Budget Comment:
Mr. Vineet Mittal, Vice Chairman
Welspun Renewables
“The Union Budget 2016 presents an all round
holistic development agenda that Prime Minister
Narendra Modi’s government has been emphasizing
on. There are various initiatives proposed under
the Prime Minister’s ambitious national campaigns
of Skill India, Startup India, Digital India, Make in
India, Stand up India and Swachh Bharat Abhiyan
that are expected to transform the country over
the longer term.
T
his budget is clearly focusing on providing relief year to 1,80,000 crore for Pradhan Mantri Mudra Yojana
and benefits to the 70% of India’s population (PMMY) which was launched for the benefit of bottom of
that is living in the rural territories with a focus the pyramid entrepreneurs to borrow from Banks – NBFC
on uplifting farmers by providing subsidies, skill – MFIs. These measures will help create abundant jobs
development for the youth, women empowerment in the country, make India a very attractive destination for
,education, healthcare facilities, boosting local investment and give a much- required boost to the Make In
entrepreneurship and a focus on infrastructure. India initiative launched by our government. We are going to
To start with INR 35984 crore outlay has been given to the be the largest consumer market in the world, hence focusing
agriculture sector and 89 stalled irrigation projects have been on these areas was a must.
fast tracked. Multiple schemes like 100% village electrification Infrastructure has continued to receive strong backing, with
by 2018, 38500 crores for MANREGA is (the highest ever), INR 2.21 lakh crores to be spent on infra projects. Building
LPG subsidy for rural women – all these initiatives were on the transport pathways, roads and railways have received
much-needed. Given the adverse major backing with projected
climatic conditions that have been INR 2.18 lakh crores spends.
plaguing the farmers, the budget Finally the additional allocation of- Individually INR 97,000 crores will
will be a much needed shot in be spent on roads alone in the year
the arm. If we were to look at
this from a long term perspective
Rs 9000 2016-17. LIC of India will set up a
dedicated fund to provide credit
– developing rural regions will
ultimately benefit companies – as
crores enhancement to infrastructure
projects. Investment basket of
for the Swachh
this will open up new markets for Bharat program foreign portfolio investors will
them. The 300 urban clusters that will help take the be expanded to include unlisted
are planned to be developed will initiative to the next debt securities and pass through
incubate growth centres in rural level of penetration. securities issued by securitisation
areas by providing infrastructure SPVs. Any distribution made out
amenities and market access for
the farmers. They will also expand
In my view overall, this of income of SPV to the REITs
and INVITs having specified
employment opportunities for the has been a very positive shareholding will not be subjected
youth. In turbulent global economic budget for the country to Dividend Distribution Tax – this
scenario, India needs to focus on
rural development – which it clearly
and will give the much will help boost liquidity in Infra
sector through new listings.
has. needed shot in the Development, operation and
Strong emphasis has been laid arm in terms of grass maintenance of an infrastructure
on education and skill building this
year. Sarva Shiksha Abhiyan has
roots transformational facility beginning on or after 1st
April, 2017 shall be eligible for
received an increased allocation, development.” investment linked deduction under
while setting up of a Higher section 35AD of the Income-tax
Education Financing Agency will Act. A new credit rating system
certainly help the government in achieving its skill building for infrastructure projects which gives emphasis to various
program- an initial capital base of 1000 crore has been in-built credit enhancement structures will be developed,
allocated for this. The overall youth to be trained under the instead of relying upon a standard perception of risk which
National Skill Development Mission overall will be 76 lakhs. often result in mispriced loans. Providing legal framework
Seeding the entrepreneurial spirit of the country, amendments for dispute resolution and re-negotiations in PPP projects
in Companies Act for improving enabling environment for and public utility contracts is another key highlight for the
start-ups have been made. They will enjoy tax holidays for infrastructure sector. Also to facilitate deepening of corporate
3 years. A separate provision under this for SC/ST/women bond market, a number of measures will be undertaken that
entrepreneurs has also been provided under Standup India will help benefit fund raising and liquidity for infrastructure
scheme. Also there is a proposal to increase the target next sector.

} INDIA BUDGET
2016-17 &
KPMG Statement Budget Reaction –
Renewable & Overall ENR
Expectation was to have a ‘specialised
Statement from Manish turnaround stressed fund’. Though budget
Aggarwal, Partner and reiterated the intent to resolve commercial
Head of Energy and disputes, and talked of having guidelines for
Natural Resources, ‘re-negotiation of PPPs’, and enhanced power
KPMG in India of institutions under the SARFEASI Act, these
may not lead to faster resolution of stressed
asset problem in short term.
Statement from Anish De, Increase in Clean Environment Cess is
Partner Infrastructure going to impact the sector negatively. While
and Government Services,
KPMG in India
Overall Energy Sector perspective good from overall environment perspective,
O
this goes against (intuitively) stated intent
The increase in verall positive intent for the sector to reduce ‘cost of power’ to industry (per
coal cess will except the adverse impact of unit impact of additional increase would be
improve relative increase in national environment roughly 12 to 16 paise per unit).Target of 100%
attractiveness cess (which is doubled to Rs. 400 village electrification would be achieved by
of renewables, / ton). The budget refrained from big bang May 1, 2018 (earlier then envisaged), which
but increase the measures and focused on consolidation to when seen together with RURBAN initiative
overall cost of achieve ‘energy security’ for the Country. launched recently to create growth centres in
power for utilities rural areas may lead to increase in demand
Intent to have a ‘comprehensive generation
by approximately
plan’ over next 15 to 20 years for nuclear power of power from these unserved clusters over
10,000 crores, thus
impacting retail brings this important resource to mainstream medium term.
tariffs and utility focus apart from Renewables, which is good Another interesting resource generation
financial health. as it would remove India’s ‘fascination with measure for making new investments pertains
For renewables, single fuel’ and bring a holistic view required to to divestment of assets by Central Public
the reduction achieve Energy security. Budget also provided Sector Enterprises (CPSEs). If implemented
of accelerated for an outlay of Rs. 3000 cr per annum for well, this can lead to significant generation
Depreciation is a nuclear power. of resources outside the normal equity
negative that will Permitting ‘calibrated market pricing’ for divestment window.Little dampener for the
cause wind tariffs new discoveries / exploration for deep-water Renewable sector as accelerated depreciation
in particular to and difficult gas basins is real positive as that benefits gets restricted to 40% from April 1,
go up for projects has been long standing demand of industry 2017. However, this is in line with the overall
set up after March
given the current low oil price scenario. direction outlined by FM in respect of reduction
2017. All in all it
Disappointed to not have concrete measures in corporate tax rates while doing away with
is a mixed bag
and the measures to resolve stressed assets issue directly. various tax exemptions.
appear to be aimed
more at shoring
up government Renewables / Solar Oil & Gas
T P
finances.
he increase ermitting
in Clean ‘calibrated
Environment market
Cess by pricing’
Rs. 200 per tone for new discoveries
would help to push / exploration for
more funds to the gas basins is real
Renewable sector and positive for oil &
provide impetus to gas sector as that
realise ambitious government vision to this have been long
sector. Little dampener for the Renewable standing demand
sector as accelerated depreciation benefits of industry given
gets restricted to 40% from April 1, 2017. the current low oil price scenario.Provision
However, this is in line with the overall of LPG connections to roughly 1.5 crore
direction outlined by FM in respect of BPL households is a big positive; budget
reduction in corporate tax rates while doing has provided for Rs. 2000 cr allocation
away with various tax exemptions. towards the same.

} INDIA BUDGET
2016-17 &
India Budget 2016-17…Whats In It For Renewables ?
»» Clean Energy Cess’ levied on coal, lignite and peat
renamed to ‘Clean Environment Cess’ and rate
increased from `200 per tonne to `400 per tonne.
»» Cess on coal, lignite or peat, produced or Clean
Energy Cess / Clean Environment extracted as per
traditional and customary rights enjoyed by local
tribals without any license or lease in the State of
Nagaland being exempted to be increased to Rs.200
per tonne from nil.
»» The accelerated depreciation provided under Income
Tax Act will be limited to maximum 40% from 1.4.2017.
»» Increase in effective service tax rate through an
additional 0.5% cess
»» Basic Custom Duty on Industrial solar water heater
being increased from 7.5% present to 10%
»» BCD exemption on solar tempered glass / solar
tempered (anti-reflective coated) glass being
withdrawn and 5% concessional BCD being imposed,
subject to actual user conditions. provided as an alternative condition for availing
»» Solar lamp being exempt from excise duty concessional customs/excise duty benefits in case
of power generation project based on municipal
»» Allocation to MNRE increased to Rs.5036 crore from and urban waste.
actual Rs.515 crore in 14-15 and Rs.262 crore in RE 15-16
»» To augment infrastructure spending further,
»» Excise duty on carbon pultrusions used for manufacture Government will permit mobilisation of additional
of rotor blades, and intermediates, parts and sub-parts finances to the extent of `31,300 crore by NHAI, PFC,
of rotor blades for wind operated electricity generators REC, IREDA, NABARD and Inland Water Authority
being reduced from 12.5% to 6% through raising of Bonds during 2016-17.
»» Excise duty on Unsaturated Polyester Resin (polyester »» As on 23rd February, 2016, 5542 villages have been
based infusion resin and hand layup resin), Hardeners/ electrified. This is more than the total combined
Hardener for adhesive resin, Vinyl Easter Adhesive achievement of previous three years. The Government
(VEA) and Epoxy Resin used for manufacture of rotor is committed to achieve 100% village electrification
blades, and intermediates, parts and sub-parts of by 1st May, 2018. ` 8,500 crore has been provided
rotor blades for wind operated electricity generators for Deendayal Upadhayaya Gram Jyoti Yojna and
being increased from nil to 6% Integrated Power Development Schemes.
»» “Valid agreement between importer / producer »» Infrastructure and Energy sector will get Rs.246,246.39
of power with urban local body for processing of crore up from Rs.185,139 crore actual in 14-15, RE 2015-
municipal solid waste for not less than ten years 16 was Rs.180,610 crore and BE 2016-17 is Rs.221,246
from the date of commissioning of project” being crore.
Breakthrough In PV Module Recycling All types of PV technologies are equally

suitable for recycling. PV module recycling
allows the recovery of various raw
materials and helps conserve natural
PV CYCLE, the world’s first waste resources. Today, glass, aluminum, copper,
TECHNOLOGY plastics from the cables and junction box,
management program for all types of certain semiconductors as well as silver
PV technologies, has today announced a new record can be recycled. Other materials such
in silicon based PV module recycling, achieving a 96% as EVA plastics go into energy recovery.
recycling rate in real-world performance. PV CYCLE is today the only scheme
T
guaranteeing comprehensive recycling for
he new process allows the recycling of silicon flakes, a combination all kinds of PV modules, including silicon,
of EVA laminate, silicon-based semiconductors and metals, in CdTe, CIGS and flexible modules.
an economic and environmentally sound manner. The advanced
process is currently being applied at one of PV CYCLE’s Europe- “Our recycling
based recycling partners for silicon-PV modules. solutions go far
beyond pre-
“Our recent breakthrough in silicon-PV recycling is the result of both
continuous improvement and intensive research and development along the treatment and
value chain. With today average recycling rates of 90% for silicon based the recycling
(all recycling partners combined) and up to 97% for non-silicon based PV of aluminum
modules, PV CYCLE’s Europe business has already been exceeding both
industry and WEEE standards.“Thanks to our diversified recycling portfolio, frames.”
PV CYCLE can offer economically viable solutions at the industry’s highest
technological standards.” - Jan Clyncke,
- Olmina Della Monica, Managing Director of the PV
Head of Treatment & Operations at PV CYCLE Association CYCLE Association.

} TRADE
WARS &
WTO Ruling Against Paris WTO Issues Panel Report
Pact: Greenpeace Backs India On India’s Domestic
Supporting India’s decision to challenge WTO
Content Requirements
ruling which held the government’s power
purchase agreements with solar firms as
For Solar Products
“inconsistent”, Greenpeace today said the
ruling “violates” the spirit of Paris climate On 24 February 2016, the WTO
change agreement. issued the panel report in the
R
case brought by the United States
uling against India, the WTO recently had said
regarding “India – Certain Measures
India’s power purchase agreements with solar
firms were ‘inconsistent’ with international Relating to Solar Cells and Solar
norms – a matter in which the US had filed Modules” (WT/DS/456).Complaint by
the United States.
O
a complaint before the global trade body
alleging discrimination against American firms. n 6 February 2013, the United States
Greenpeace India and Greenpeace USA have requested consultations with India
criticised the ruling and expressed support to concerning certain measures of India
the Indian government’s decision to go for an relating to domestic content requirements
appeal against it. under the Jawaharlal Nehru National
Solar Mission (“NSM”) for solar cells and solar
modules.
“India’s setting of Domestic The United States claims that the measures
Content Requirement (DCR) was appear to be inconsistent with:
based on a worthy core principle – • Article III:4 of the GATT 1994;
increasing economic opportunities
• Article 2.1 of the TRIMs Agreement; and
and creating thousands of
• Articles 3.1(b), 3.2, 5(c), 6.3(a) and (c), and 25
green jobs while taking critically
important steps in the global of the SCM Agreement.
fight against climate change.”It The United States also claims that the measures
is ridiculous that the WTO does appear to nullify or impair the benefits accruing to
not recognise this principle and the United States directly or indirectly under the cited
points to the danger to developing agreements.
countries that such international On 13 February 2013, Japan requested to join
- Pujarini Sen ,
trade regimes pose. The WTO the consultations. On 21 February 2013, Australia
ruling – and the US decision to requested to join the consultations.
Campaigner, pursue it – is a setback to India’s
Greenpeace On 10 February 2014, the United States requested
renewable energy ambitions. By supplementary consultations concerning certain
India challenging this decision, the Indian measures of India realting to domestic content
government is demonstrating
requirements under “Phase II” of the Jawaharlal Nehru
commitment to India’s fledgling
solar manufacturing sector, which National Solar Mission (“NSM”) for solar cells and
needs initial support to enable solar modules.
it to compete with the price of On 21 February 2014, Japan requested to join
imported products and to its own the consultations.
roadmap for a green economy On 14 April 2014, the United States requested the
solution to global climate change,” establishment of a panel. At its meeting on 25 April
2014, the DSB deferred the establishment of a panel.
Panel and Appellate Body proceedings
A
The US had dragged India to the World Trade Organisation t its meeting on 23 May 2014, the DSB
(WTO) on this issue in 2014, alleging that the clause relating established a panel. Brazil, Canada, China,
to domestic content requirement (DCR) in the country’s the European Union, Japan, Korea, Malaysia,
Norway, the Russian Federation and Turkey reserved
solar power mission were discriminatory in nature and their third party rights. Subsequently, Ecuador, Saudi
“nullified” benefits accruing to American solar power Arabia and Chinese Taipei reserved their third party
developers. rights. Following the agreement of the parties, the
panel was composed on 24 September 2014.
The ruling was a blow to India which has announced a target On 24 March 2015, the Chair of the panel informed
of 175 GW of renewable energy by 2022, of which 100 GW the DSB that the panel expects to issue its final report
will be realised through the National Solar Mission. to the parties by late August 2015, in accordance
with the timetable adopted after consultation with
the parties.
Source: PTI On 24 February 2016, the panel report was
circulated to Members.

} TRADE
WARS &
Summary of key findings
T
he claims brought by the United are inconsistent with both Article III:4 provision by the Appellate Body in
States concern domestic content of the GATT 1994 and Article 2.1 of the Canada — Renewable Energy / Feed-In
requirements (DCR measures) TRIMs Agreement. The Panel decided Tariff Program. Following the Appellate
imposed by India in the initial phases nonetheless to assess the parties’ Body’s interpretation of Article III:8(a) of
of India’s ongoing National Solar additional arguments under Article the GATT 1994 in that case, the Panel
Mission. These requirements, which III:4 of the GATT 1994, and found found that the discrimination relating
are imposed on solar power developers that the DCR measures do accord to solar cells and modules under the
selling electricity to the government, “less favourable treatment” within the DCR measures is not covered by the
concern solar cells and/or modules meaning of that provision. government procurement derogation
used to generate solar power. Concerning the government in Article III:8(a) of the GATT 1994.
The Panel found that the DCR procurement derogation in Article In particular, the Panel found that
measures are trade-related investment III:8(a) of the GATT 1994, the Panel the electricity purchased by the
measures covered by paragraph 1(a) of found that the DCR measures are not government is not in a “competitive
the Illustrative List in the Annex to the distinguishable in any relevant respect relationship” with the solar cells and
TRIMs Agreement. The Panel found from the domestic content requirements modules subject to discrimination under
that this suffices to establish that they previously examined under this the DCR measures.
India argued that the DCR measures are justified under the general exception in Article XX(j) of the GATT 1994, on the grounds that its lack of domestic
manufacturing capacity in solar cells and modules, and/or the risk of a disruption in imports, makes these “products in general or local short supply”
within the meaning of that provision. The Panel found that the terms “products in general or local short supply” refer to a situation in which the
quantity of available supply of a product, from all sources, does not meet demand in a relevant geographical area or market. The Panel also found that
the terms “products in general or local short supply” do not cover products at risk of becoming in short supply, and found that in any event India had
not demonstrated the existence of any imminent risk of a short supply. The Panel therefore found that India failed to demonstrate that the challenged
measures are justified under Article XX(j).
India argued that the DCR measures are also justified under Article XX(d) of the GATT 1994, on the grounds that they secure India’s compliance
with “laws or regulations” requiring it to take steps to promote sustainable development. The Panel considered that international agreements may
constitute “laws or regulations” within the meaning of Article XX(d) only insofar as they are rules that have “direct effect” in, or otherwise form part
of, the domestic legal system of the Member concerned. The Panel found that most of the instruments identified by India did not constitute “laws or
regulations” within the meaning of Article XX(d), or were not laws or regulations in respect of which the DCR measures “secure compliance”. Therefore,
the Panel found that India failed to demonstrate that the challenged measures are justified under Article XX(d).

Exclusive Interview with
Canadian Solar
E Q : P le a s
lm vs. c-s
the thin fi hare, performan makers
i deba
n us on
e enlighte te (explain
ce etc…..
Q. What’s the current production
capacity of Canadian Solar?
ket s film
with mar arket share of thin een steadily
M eb CS : We are currently increasing our in-house wafer
in detail). , CIGS, CIS, a-Si hav ce in hotter cli- production from 400 MW to 1 GW by mid-2016, while
D T E a n
such as C and their perform better than c-Si… solar cell capacity will be expanded from 2.5 GW to 3.4
g d ly
increasin s India is reporte rify on this. GW by the end of 2016 - a 900 MW increase. The big-
ch a cla
mates su ase comment and t around gest capacity increase is PV module production which
ple e t. It s share is a as a
bal m a rk ns. C-Si h will be expanded from 4.33 GW to 5.63 GW by the
i d o m in a tes the glo nd other PV solutio d to thin film, end of 2016, an increase of more than 1 GW for global
CS : C-S thin film a structure compare e near fu-
the rest is st th markets.
85%, while ncy and a better co is much clearer for for CDTE,
ffi c ie e n d lu m e
Q.
highe r e cos t tr tion v o
d th e e ffi ciency and e absolute installa l market is growing How much has been sold in
a n t th ba
is no doub but the glo arket share
ture. There , a-Si is increasing, year. So the real m fficiency India and what does the
CIGS, CIS at about 10% every s. A-Si is of lower e owa- future look like?
r n n
even faste ing for those solutio mpany producing it sed
is d e c re a s re is n o c o ha s in c re a
r cost, the ce of c-Si
and highe reas the performan rge manufacturing CS : We’re proud that Canadian Solar is the first solar
days, whe e past years, with la tions that have company to reach the landmark of selling 1 GW of
a lot in th d solu PV modules in India. With a market share of 14-15%
and mature ns. There
capacities ll in field applicatio orms in India, we see good buoyancy for solar projects in
proven w e film perf
n o p ro o f that thin India in 2016-2020. We expect 3-4GW of installations
is c-Si.
better than in India per year and our second GW is also expected
to be completed in 2016. We expect to touch cumula-
tive shipments of 10 GW by 2020 and are confident to
be an integral part of India’s solar program.

INTERVIEW
EQ : Do yo
further dro u foresee a
Q.
p in
PV and to w the prices of
Which changes have you experienced hat extent?
selling PV in the last 5 years? CS : We do
no
prices becau t see a steep fall in m
se of the st od
China, USA
and Japan rong deman ule
CS : Regarding the Indian market, we see customers are aware . However w d from
could ratio e feel price
nal
of the lead times involved and the growth in other markets such ter yields an ize a bit from the ben s
d ef efits of bet-
as China and USA. We also find that financers are playing a improvemen ficiency due to the te
ts in manufa chnological
leading role by ensuring the projects receive high quality com- hand,we fin cturing. On
d that polysi the other
ponents from reliable suppliers, who are in a healthy financial hardening licon prices
and this co ar e slowly
condition and provide an excellent product warranty and warranty module pri uld play a m
ces in 2016 ajor role fo
insurance. We also find that a lot of consolidation has happened markets lik /2 01 r
e China, Ind 7. The growth in
in the EPC field. We feel that the decision making has heavily East could ia and the Middle
deter
tilted towards the developers and the financers of projects. demand su mine a change in
pply, and th
is will
Q.
decide the
prices
Which are the top 10 markets for market place in the
your company and approx. shipment .
to these markets?
SK : Americas represents about 35% of our shipping volume,

EMEA 12% and APAC over 50%. The global distribution chang-
es from year to year though. Just ten years ago, nearly 90% of
our sales were in Europe, now markets like India, China and
Japan are in focus. In India, we expect to reach and maintain a
Q. How important is bankability
for customers in India?
market share of about 20%. CS : Bankability is crucial for project development all over
the world, not just in India, as the projects need to perform
Q.
What’s the roadmap for the produc- and deliver reliable returns for a period of 25 years and
beyond. In recent years, we have cooperated with over 40
tion ramp up for your company and leading financial institutes and banks, underlining our long-
further growth in terms of technology term bankability worldwide.
Q.
and output of your products?
Which projects have you been
CS : We are looking forward to launch several innovative solar working on in India?
products in the second quarter of 2016. Our portfolio of solar
modules will expand incorporating latest five-busbar and passiv- CS : Canadian Solar has supplied modules to several large
ated emitter rear contact (PERC) cell technologies. PERC mono projects in India over the past years, e.g. we have supplied
five-busbar technology will increase cell efficiency up to 21% and 309MW of our 72-cell CS6X-P modules to Adani Group
for the world’s largest solar PV project getting installed at
module power output up to 295 W for 60-cell modules. Smart
Kamuthi, Ramanathapuram, Tamil Nadu. Also, we have sup-
DC modules are another new product we are now selling in US,
plied 12MW of our 60-cell CS6P-P modules to Tata Power
Canada and Australia. By replacing the traditional junction-box Solar, in-turns used for World’s largest Roof top solar
with a power optimizer, our Smart DC module can eliminate the project in RSSB Beas, Punjab. Our other customers in India
module-level mismatch and decrease shading losses. Further- include Torrent, Malpani, Sterling & Wilson, Juwi,Punj Lloyds,
more, the Smart DC module provides module-level data to mini- Cirus, Mahindra Susten, HarshaAbakus, Chemtrols, Azure
mize operational costs and allow effective system management. and Bosch amongst others. Our modules have performed
well above design parameters and customer expectations,
Q.
providing high PR ratios to the developers. Most of our
What are the key success factors plants in India have yielded attractive generation numbers
of Canadian Solar’ssuccess in the equivalent to >80% PR.
Q.
Indian market? As a module supplier, what is the
value Canadian Solar can add to
CS : In India we have managed to build a strong and committed the customer?
team of PV professionals, who have helped us formulate a win-
CS : As a responsible module supplier since 2001, we have
ning sales and marketing strategy that puts our customers first.
been educating customers on various aspects of solar PV
The quality, performance and insurance-backed warranty of our
technologies, e.g.we share the documentation of interna-
modules is best-in-class, fostering a high loyalty of our customers tional best practices with our clients, which we ourselves
towards our products. Canadian Solar’s commitment to honor practice in our projects worldwide. Secondly, we offer
contracts in all respects has also strengthened our reputation complete end-to-end insurance documentation to transfer
to be a highly reliable PV partner. Many customers also value the international product warranty insurance to the final
our Canadian background, our experienced global manage- customer. And last but not least, we offer services like the
ment team and sustainable business strategy. Last but not least thermal imaging of entire plants. This way we add a lot of
our strong bankability has also been vital to establish Canadian value to our customers’ projects.
Solaras the preferred partner of our clients in India.

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

“UDAY”
SCHEME
T
he MoUs was signed on behalf of Ministry of Power by Dr A K Verma, Shri
Pratyaya Amrit , Secretary Energy on behalf of State Government of Bihar
and on behalf of two DISCOMs by Shri R Lakshmanan , MD, North Bihar
Power Distribution Company Limited and Shri Sandeep Kumar MD ,South
Bihar Power Distribution Company Limited .
“Our focus and our efforts have been that eastern parts of India should progress
fast and gets benefits of rapid growth in infrastructure , which over the years
has suffered behind the curve of growth….. should benefit from enjoy the fruit
of development and rapidly catch up the rest of India. This has been promised
and guiding principle of the Government of India and our department have made
focused efforts to bring about paradigm change in the Power Sector in Bihar
over the last 22 months.” Shri Goyal further said “I am delighted that the state
government rapidly worked to prepare the agreement between the Discoms and
state government and the centre. All of us stand committed to working as a team
India to ensure the benefits of progress….. the benefits of development and growth
reach every citizen of the country particularly of the Eastern India …….particularly
of Bihar. Reiterating his commitment of fulfilling all the assurances made in Bihar
Package, Shri Goyal said “The Government stands committed to all the assurances
that were made in terms of Bihar package which included a UMPP at Banka for
which now a coal mine has also been allotted and cheaper coal given to Barh
so that the cost of power reduced nearly by Rs 2/- a unit which includes quickly
implementing Deen Dayal Upadhyaya Gram Jyoti Yojana( DDUGJY) scheme and
Integrated Power Development Scheme so that power can reach every home in
Bihar…. who have been remained deprived of electricity for nearly 7 decades….. also
rapidly completing the incomplete projects of the 11th and 12th Plan which also
need to be completed along with new projects . Shri Goyal further informed that
981 Mega Watt of power from Bhutan has been allotted to Bihar and from Buxar
Thermal Power Plant , 1310 Mega Watt of Power will be given to Bihar.”
I
n his speech broadcast over phone at signed the MoU for operational turnaround,
the ceremony from Patna, Shri Bijendra considering the healthy financial position of
Prasad Yadav , Minister of Energy & the DISCOMs of the State.
Commercial Tax, State Government of The Government of Bihar has taken a
Bihar thanked Shri Piyush Goyal on behalf major step towards improving the financial
of State for bringing UDAY Scheme . He health of the DISCOMs by signing the MOU
assured that all targets given in the MOU under UDAY and agreeing to take over the
will be achieved. He hoped that Centre debt of the DISCOMs. The Government of
Government will allot more power to the Bihar would take over Rs.2332 cr. of DISCOM
State.The Distribution Utilities of the country debt, being 75% of the total DISCOM debt of
are reeling under heavy debt burden. As Rs.3110 cr. outstanding as on 30.09.2015, as
on 30th September, 2015, the outstanding envisaged in the scheme. The scheme also
debt of the DISCOMs stood at Rs.4.3 lakh provides for the balance debt of Rs.778 cr. to
crore. In order to bring relief to these Utilities be re-priced or issued as State guaranteed
from the burden of debt, and to improve DISCOM bonds, at coupon rates around 3%
their overall performance, Government of less than the average existing interest rate.
India launched the Scheme UDAY on 20th The annual saving in the interest cost to the
November, 2015, after a series of discussions State would be around Rs.117 cr. on account
with all the stakeholders, namely the State of restructuring of the DISCOM debt.
Governments, DISCOMs, lenders etc. UDAY UDAY not only focusses on bringing about
is an aim to ensure a permanent solution financial turnaround of the DISCOMs. It
to the debt-ridden Distribution utilities to also lays stress on improving operational
T
achieve financial stability and to improve their efficiencies of the DISCOMs. In order to
he Government of operational efficiencies, for sustained growth. bring about a sustainable turnaround of
Bihar is the sixth State to have accepted the DISCOMs, the State of Bihar and the
Bihar would take UDAY for bringing about a positive change DISCOMs will improve operational efficiency
over Rs.2332 cr. in the Power Sector scenario of the States. through compulsory Feeder and Distribution
of DISCOM debt, being Rajasthan, Uttar Pradesh, Chhattisgarh and Transformer metering, consumer indexing
Jharkhand have already signed the MoU & GIS mapping of losses, upgrade/change
75% of the total DISCOM under UDAY for operational and financial transformers, meters etc., smart metering of
debt of Rs.3110 cr. turnaround of DISCOMs. With the signing high-end consumers, thereby bringing about
of MoU with Bihar, approximately 33% of the reduction in transmission losses and AT&C
DISCOM debt, ie. around Rs.1.40 lakh crore, losses, besides eliminating the gap between
would be restructured. Gujarat has also cost of supply of power and realisation.

“UDAY”
SCHEME
T
he reduction in AT&C losses and transmission of 100% washed coal would help the state to further reduce
losses to 15% and 4% respectively is likely to bring the cost of Power. The State would gain around Rs.1086 cr.
additional revenue of around Rs.6650 cr. during the due to these coal reforms.
period of turnaround. Demand Side interventions in UDAY such as usage of
With the financial turnaround through financial and energy-efficient LED bulbs, agricultural pumps, fans & air-
operational efficiencies, the rating of the DISCOMs would conditioners and efficient industrial equipment through PAT
improve, which would help them in raising cheaper funds for (Perform, Achieve, Trade) would help in reducing peak
their future capital investment requirement. This is expected load, flatten load curve and thus help in reducing energy
to provide interest cost saving of around Rs.80 cr. to the consumption in the State of Bihar. The gain is expected to
DISCOMs. be around Rs.720 cr.The ultimate benefit of signing the MOU
While efforts will be made by the State Government and would go to the people of Bihar. Higher demand for power from
the DISCOMs to improve the operational efficiency of the DISCOMs would mean higher PLF of Generating units and
DISCOMs, and thereby reduce the cost of supply of power, therefore, lesser cost per unit of electricity thereby benefitting
the Central government would also provide incentives to the consumers. The DISCOMs would also increase power supply
DISCOMs and the State Government for improving Power in areas with reduced AT&C losses. The scheme would
infrastructure in the State and for further lowering the cost allow speedy availability of power to around 1152 villages
of power. The Central schemes such as DDUGJY, IPDS, and 160.60 lakh households in Bihar that are still without
Power Sector Development Fund or such other schemes of electricity. Availability of 24×7 power to hitherto unconnected
MOP and MNRE are already providing funds for improving villages/households etc. would boost the economy, promote
Power Infrastructure in the State and additional/priority industries, thereby improving employment opportunities
funding would be considered under these schemes, if the and see Bihar develop into one of the leading industrialised
State/DISCOMs meet the operational milestones outlined States in India.
in the scheme. The State shall also be supported through An overall net benefit of approximately Rs.9000 cr. would
additional coal at notified prices and in case of availability accrue to the State by opting to participate in UDAY, by way of
through higher capacity utilization, low cost power from NTPC savings in interest cost, reduction in AT&C and transmission
and other CPSUs. Other benefits such as coal swapping, coal losses, interventions in energy efficiency, coal reforms etc.
rationalization, correction in coal grade slippage, availability during the period of turnaround.
UDAY is an effort to make the DISCOMs financially independent and

operationally healthy, to be able to supply adequate power at affordable
rates, through 100% Village electrification and 24X7 Power For All.

INDIA
World Solar Industry

Unites for Climate Change
In a matching
response to
Prime Minister
Narendra Modi’s
visionary step
of forming the
International Solar
Alliance(ISA),which
is essentially a Government
initiative, the world solar
industry has united to fight
climate change.The Global
Solar Council (GSC), consist-
ing of various solar associa-
T
tions from around the world,
including the world’s largest his history making event brings together leading solar nations with a suc-
markets of India, Australia, cessful track record and experience and new and emerging economies.
Brazil, China and other Asian The Global Solar Council is unifying the solar industry at an international
countries, Europe, the Middle level to share best practices, accelerate global market developments and
East, South America and the mitigate the disastrous effects of global warming and climate change.
United States, was launched
at COP 21 climate change Global Solar Council to Work in Close Cooperation with ISA
events last December at This newly established Global Solar Council will work in a complementary manner
Paris. and in close cooperation with the International Solar Alliance (ISA) announced by
Prime Minister Narendra Modi and will have an affiliated office in New Delhi, amongst
I
similar other global offices.
ndia’s well known solar champion
and Chairman of the powerful Na-
tional Solar Energy Federation of “Under the leadership of
India (NSEFI), Pranav R Mehta, Pranav Mehta and other
was unanimously elected as one
of the Co-Chairman of the newly es- visionary founders, we will
tablished Global Solar Council at the help accelerate the deployment
Paris event in December.The India af-
filiate office of the Global Solar Coun-
of clean, reliable, emissions-
cil was opened two days ago in New free solar energy worldwide.
Delhi by John Smirnow, Secretary - John Smirnow ,
General of GSC, and Pranav R Mehta, Secretary General of the Global Solar Council
Co-Chairman, in the presence of Shri
Tarun Kapoor, Joint Secretary Min-
istry of New and Renewable Energy, “Globally we need to join hands
Govt. of India, K.S.Popli, CMD,IREDA
and other senior government and
in the area of technology and
solar industry leaders including: affordable finance to help
Suman Kumar, Director, Sun Edison; accelerate solar adoption, which
R.W.Ghai of Hindustan Clean Energy;
Dr.Annapurna Vancheswari, Sr. Direc- will ultimately lead to affordable
tor, TERI; Rakesh Kumar, Director, solar energy and mitigation of
SECI; Pawan Agrawal, President YES the adverse effects of global
Bank; Sanjeev Gupta, NEXGEN Fi-
nancial Services; and NGOs working warming and climate change.”
in the sector. - Pranav Mehta,
Co-Chairman of the newly established Global Solar Council

Research
& Analysis
DNV GL Report
From a system perspective, Large-scale
renewable energy projects remain more
COST EFFICIENT
compared to decentralised alternatives
D
NV GL’s report acknowledges the impact of regional boundary
conditions, such as available renewable sources, electrification maturity
and the flexibility of the existing generation mix on the cost estimation
differences. For DG, the report also notes that the share of network
integration costs in total costs is very small compared to the overall
expenditure, although it may vary by DG option and network structure.
For some distribution companies such as those operating in Europe,
these costs can be considerable when a very high penetration level
of DG is reached. For remote supplies, the competitiveness of DG
versus centralised generation depends on the distance the load has
to cover between the main grid and the consumer.
The report’s methodology involved the use of renewable energy
sources under different conditions, including established power
systems and electrification of remote areas. In this cost report, DNV
DNV GL, the world’s largest GL has included different renewable sources and technologies, the
resource of independent expected impacts on the reinforcement of the of the distribution network
energy experts and certi- (focused on lower voltages where micro-generation is installed), the
fication body, has recently backup generation required as result of system operation modelling
published the findings (based on different initial state generation mix scenarios, including a
of its report on a cost scenario of poor electrified network), forecasted energy demand and
benefit analysis between possible combinations of these boundary conditions for both renewable
large-scale centralised generation approaches. The combination of these boundary conditions
and micro-distributed (DG) that represent possible system and network topologies shows different
renewable generation. expected costs of electricity depending on the centralised or DG option.
The report’s main conclu- Further findings include:
sion is that centralised
wind and solar generation In established power systems, DG is more costly than the evaluated centralised generation alternatives, under the
is between 33-50% more conditions defined in this report. When comparing between the cheapest centralised generation and DG technologies,
cost-efficient than the the range was found to be between 46 and 112 EUR/MWh, making DG at least 50% more expensive in the best case
evaluated decentralised scenario than centralised generation, but 100% more expensive in the worst case. Cost comparison between cen-
alternatives in all the con- tralised renewable energy generation and DG shows an important impact of the regional wind and solar conditions
ditions defined in the re- in the results, considering that PV is present in all the DG selected technologies as well as some of the centralised
port in established power generation ones. Based on this observation, it it can be concluded that small PV and to a limited extent small PV/
battery are the most competitive DG alternatives to centralised generation, assuming favourable solar conditions
systems.
and an established power system. Small PV/ μCHP are the best DG options in moderate solar conditions.
The report presents a comprehensive analysis of the integration of renewables considering

varied options and scenarios, focusing on the overall efficiency of the system. Ultimately,
optimised grids are key for the development of a sustainable energy sector, not only will
they allow energy to be produced in large centralized plants to reach consumers, they will
also enable the integration of decentralized generation without major cost contributions.
Our report highlights that large scale renewable projects are currently the leaders in the
drive to solve the energy trilemma by providing a reliable, sustainable and affordable
energy supply. Micro-generation is a vital complement to large scale projects, however to
make it a viable alternative for future energy supplies its investment costs need to become
even more competitive.”
- Christian Hewicker , Senior Technical Advisorat DNV GL – Energy

Solar
Power
ANALYSIS ON SUITABILITY OF EURO

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

Solar
Power
A
cceptance of solar photovoltaic power plants
depends largely on the predictive analysis of its
energy generation potential which is dependent on
multiple operating factors and weather parameter
models. Performance of an SPV power plant
under real time operating conditions depends on
the accuracy of these predictions. Inverters are
considered as the heart of a solar photovoltaic
(SPV) power plant. This device collects the DC
power from the solar PV array, converts it to AC
and feeds the power to the electrical grid.
The ambitious and aggressive solar PV
capacity expansion in the country will demand
higher accuracy in the specification of critical
E
parameters for all the components with respect to uro efficiency says 80%
the actual operation conditions. The most critical
parameter of an inverter’s operation is its energy of the energy input to the
conversion efficiency. Efficiency of solar inverters inverter falls at a loading
is a function of the input power level, which in turn
is the function of the irradiance level incident at factor of 0.5 or below. Similarly
the location. A weighted average efficiency of the for CEC efficiency, the inverter
solar inverter, as against the peak efficiency, would
hence give a more meaningful value to reflect the operates at greater than 0.5 load-
field operating conditions of the inverter. Current ing factor for approximately 60%
market standards of Euro and CEC efficiency do
not accurately replicate the actual operation of of the energy input.
M
inverters in Indian climate. This article discusses
the need to devise a weighted average efficiency ost inverter manufactur-
formula for inverters with respect to irradiance ers mention the peak,
patterns prevalent in India.
Euro and CEC efficien-
Weighted Average Efficiency For Inverters
cies in their inverter technical
W
eighted average efficiency gained importance due to the need
of an effective quantification method for the efficiency of solar specifications, even for markets
PV inverters, which in turn could be used to determine the gen- with climatic patterns which are
eration of solar PV power plants. Two standard methods of quantifying
inverter efficiency which are widely accepted are Euro efficiency and at variance with that of Trier or
CEC efficiency, which were formulated based on the climatic patterns Sacramento. However irradiance
for Trier, Germany and Sacramento, California respectively. The Euro
efficiency was formulated in 1990 by Rolf Hotopp for Trier, Germany patterns are highly site-dependent
using hourly averages of irradiation data for one year. Subsequently, and consideration of the irradiance
the CEC efficiency was formulated for Sacramento, California in 2006
by the California Energy Commission. Weighted average approach cap- profiles of two locations is insuf-
tures the fraction of energy input to the inverter at each loading level to ficient to generalize and standard-
compute the average operating efficiency.
ize nominal operating efficiency of
“Weighted Average Efficiency (ηweighted)= ∑ Ki*ηi
inverters across globe, especially
Where Ki= PMPPi / P STCi
in regions like India which com-
PMPPi= Maximum power point array output power
PSTCi = STC power output from the array
bines tropical climatic system and
i = loading class distinct monsoon patterns.
This method captures the irradiance profile of the location.
The coefficients for the most relevant loading fractions as per Euro and CEC weighted
inverter efficiency methods are given in Table 1
TABLE 1. Coefficients for weighted efficiency formula as per Euro and CEC methods
Inverter Loading Classes 5% 10% 20% 30% 50% 75% 100%
Euro Coefficients 3% 6% 13% 10% 48% 20%
CEC Coefficients 4% 5% 12% 21% 53% 5%

Solar
Power
FIG. 1 Irradiance profiles of Bhatinda and Lahaul vs irradiance profiles of Sacramento and Trier
IRRADIANCE PATTERN:
INDIAN LOCATIONS vs
SACRAMENTO & TRIER
G
lobal horizontal irradiance patterns
from 8 different locations across
India were considered for this study.
The locations so considered are from all 4
cardinal directions, so as to cover the various
climatic conditions prevailing in India. The
yearly irradiation patterns of these locations
were compared graphically to the irradiation
pattern of Sacramento, California U.S.A and
Trier, Germany.
From North part of the country which
receives reasonable amount of irradiation,
Bhatinda and Lahaul were considered from
Punjab and Himachal Pradesh respec-
tively. (Fig. 1). In the West, Pokhran from
Rajasthan and Charanka from Gujarat were
chosen. Both these location receive large
amount of irradiation (Fig. 2). In the Southern
part of India the irradiation patterns were
taken from Anantapur which is located in
Andhra Pradesh and from Parmakudi located
in Tamil Nadu.As for the Eastern part of India
which receives less amount of irradiation
when campared to the rest of regions, Puru-
lia in West Bengal and Karimganj in Assam
were chosen. (Fig. 4)
FIG. 2 Irradiance profiles of Pokhran and Charanka vs irradiance profiles of
Sacramento and Trier
F
rom the graphs it can be observed that all the locations, with an exception
of Lahaul, show irradiation patterns more similar to that of Sacramento than
to Trier. Lahaul having a more temperate climate at the higher latitude and
altitude, is the only region where radiation pattern is similar to Trier. However the
absolute quantum of energy in each radiation band varies, which is the basis for the
weighted average efficiency calculation for inverters.

Solar
Power
FIG. 3 Irradiance profiles of Anantpur and Paramakudi vs irradiance profiles of Sacramento and Trier
FIG. 4 Irradiance profiles of Bhatinda and Lahaul vs irradiance profiles of Sacramento and Trier
INADEQUACIES OF USING EURO AND CEC EFFICIENCES FOR INDIAN CLIMATE
I
n order to assess the loading pattern of the inverter when deployed in Indian climate, a sample system with a capacity of
1MW was simulated in PV Syst with a 1:1 inverter loading. In this study, the fraction of energy in different loading (PAR-
RAYMPP/PSTC) classes at which the inverter operates is estimated for the above locations, using the local irradiance
patterns. The coefficients of the efficiency values (Ki) were calculated from this distribution and were compared with the
weights allocated for the efficiency classes considered in Euro efficiency method and CEC efficiency method. The results are
as shown in table 2.
Inverter Loading Classes 5 10 20 30 50 75 100

Bhatinda Euro
0.44%
1.78%
5.58%
9.13%
34.26% 48.81%
CEC 2.20%
5.58%
9.10%
34.30%
48.00%
0.88%
Lahaul Euro
0.30%
1.21%
4.50%
6.80%
22.70% 64.49%
TABLE 2:
Comparison of CEC 2.00%
4.50%
6.80%
22.70%
62.00%
2.00%
weights / coefficients Pokhran Euro
0.40%
1.30%
4.60%
7.80%
28.70% 57.20%
calculated for selected CEC 1.60%
4.60%
7.80%
28.70%
56.60%
0.70%
Indian locations with Charanka Euro
0.30%
1.20%
4.10%
7.00%
24.00% 63.40%
the efficiency classes CEC 1.00%
4.10%
7.00%
24.00%
58.00%
5.90%
corresponding to Anantapur Euro
0.40%
1.20%
4.70%
7.50%
23.90% 62.30%
CEC and Euro
CEC 2.00%
4.70%
7.50%
23.90%
51.00%
10.90%
efficiency calculation
Parmakudi Euro
0.40%
1.10%
4.70%
6.40%
24.50% 62.90%
methodologies
CEC 1.00%
4.70%
6.40%
24.50%
54.00%
9.40%
Purulia Euro
0.40%
1.10%
4.20%
6.20%
24.70% 63.40%
CEC 1.00%
4.20%
6.20%
24.70%
58.00%
5.90%
Karimganj Euro
0.40%
1.20%
4.30%
6.90%
23.40% 63.90%
CEC 1.80%
4.30%
6.90%
23.40%
55.00%
8.60%

CONCLUSION
H S
owever the coefficients for olar PV inverter demand in India is largely delivered by a
relevant inverter operation number of European and American manufacturers who
indicate the nominal efficiency of inverter in terms of Euro
classes, calculated as the and CEC efficiencies. Most inverters developed and manufac-
fraction of energy present in the tured in Europe are designed to deliver their best efficiencies at
loading class, are not aligned to the most recurrent loading levels.
either of the established weighted The variation in the coefficients computed above for Indian
locations clearly indicate that direct use of efficiency classes
average efficiency computation and weight ages from Euro and CEC methods is inadequate to
methods. This implies that quantify annual nominal operating efficiency for the inverters
in Indian climate. As depicted in table 2, more accurate indica-
estimation of operating efficiency tion of actual operating efficiency of inverters in Indian climatic
of a solar inverter using Euro and conditions needs to be calculated on the basis of local irradiance
pattern ideally or on the basis of representative locations for each
CEC methodologies will not yield
climatic pattern (for eg. typical location per state). Region-specific
accurate results for Indian formulae with relevant operation classes and coefficients need to
conditions. Nominal operating be derived for accurate selection of inverters.
efficiency of solar inverters in It is hence suggested that inverter manufacturers mention a

nominal operating efficiency for their inverters corresponding to
Indian climatic conditions can irradiance and temperature profiles in India, apart from the Euro
be better quantified by consider- and CEC values. Manufacturers are proposed to design their in-
verters for Indian markets to deliver the peak efficiency at the ef-
ing the irradiance patterns in the
ficiency class with highest weight age as per the climatic region-
region under consideration. specific computation method for nominal operating efficiency.
This parameter would be more relevant for selection of inverters
for application in solar PV projects in Indian locations.

Inverters
& Bos
Delta Highlighted its R&D and Manufacturing

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

a powerhouse in manufacturing and its need for
high energy efficiency which is one of Delta’s core
competences. We believe our new R&D centre in
Bangalore will be instrumental in the creation of
innovative and energy-efficient technologies that will
support the realization of national initiatives such as
“Make in India” and “Digital India”. Delta was one of the
multinational companies invited by the Prime Minister
of India, the Honourable Narendra Modi, to the opening
event of “Digital India” in July 2015. We expect the
Hosur factory to eventually become Delta’s biggest
manufacturing base in India.”
- Mr. James Ng,
Chairman of Delta Electronics (Thailand),
parent company of Delta India
D
elta selected Bangalore for its new
R&D centre due to the high quality and
abundancy of its engineering talent pool
for software and hardware development.
This new R&D centre is expected to create
up to 500 high-tech jobs within the next
three years and focus on technologies
such as mega-watt scale power conversion
and power quality. The new plant in Hosur
is expected to start operations in early
2017 and will supply the local marketplace
with smart, high-efficiency telecom power
systems, industrial automation solutions,
UPS, renewable energy inverters and
converters as well as solutions for display
and monitoring.

Inverters
& Bos
Another highlight of Delta’s offering at Elecrama, is the battery energy

storage system, a modular cabinet with 41 kWh of energy backup capacity
that leverages Delta’s proprietary lithium-ion battery technology and power
conditioning system (PCS). With the use of an energy management system
(EMS), this storage platform is suitable for a variety of applications, such
as community, commercial energy storage and utility-scale ancillary services.
Functions such as output power stabilization for renewable power systems,
peak demand shifting to reduce exposure to elevated electricity prices and
power backup are key elements of this solution.
In order to support India’s growing economy and manufacturing sector, Delta
also offers its renewable energy solutions, such as a full range of string and
centralized solar PV inverters that feature industry-leading energy conversion
efficiency of up to 98.7% in certain models and power range from 3kW to 1
- Mr. Dalip Sharma,
MW for residential, commercial and utility segments. In addition, our solar
Managing Director tracking technology delivers approximately 30% higher output versus fixed-
of Delta India mount structures. The system combines Delta’s automation devices such
Electronics as servo drives and motor drives, programmable logic controllers (PLC) and
“Delta is recognized as a human-machine interfaces (HMI) and can realize both single axis and dual axis
sustainable enterprise by rotation depending on actual customer requirements.
world-class institutions such as Delta also offered, at Elecrama, technology to support the creation of green
the Carbon Disclosure Project data centres in India. Thus, the Infra Suite Datacenter Infrastructure Solutions
(CDP) and the Dow Jones combines power distribution cabinets, modular UPS technology (with AC-AC
Sustainability Indices (DJSI) efficiency of up to 96% as well as vertical expansion from 25 kW to 200 kW),
given its commitment to the precision cooling and racks & accessories and a Environment Management
development of solutions that System for real-time monitoring and ease-of-maintenance. A virtual tour of
truly help customers save energy. Delta’s green data centre in Thailand was also featured at the booth.
Providing telecom networks with
green power, enabling energy-
efficient and smart manufacturing Another remarkable section of Delta’s booth at
processes and data centres and Elecrama 2016 is Display & Monitoring Solutions
even realizing green buildings
are part of Delta’s contributions which feature:
for a better tomorrow”. “At
Elecrama 2016, we exhibit for »» The smart monitoring system implemented in the banking
the first time in India, our entire
portfolio of smart solutions with industry in India to protect ATM customers while preventing
industry-leading energy efficiency and tackling thefts and attacks on ATM sites across India
for a wide range of sectors such
as green energy generation, through advanced image analysis technology and a remote
industrial automation, telecom monitoring platform.
and even agriculture. Our
track record includes the »» The ultra-narrow bezel LCD video walls, which offer up to
implementation of a smart 20×15 display arrays for large-scale applications, brightness
monitoring solution for ATMs
that provides a safe environment
of 700 nits (55-inch cubes), pixel pitch of 0.63mm, 4,000:1
for banking customers across contrast ratio, 3.5mm combined bezel width and the
India while protecting the banks’ integration of Delta’s Icon Pro display controller these video
infrastructure. Also, our PV
inverters, featuring the world’s walls become total solutions for real-time monitoring of
highest energy efficiency of up surveillance, transportation management and other mission-
to 98.7%, support residential,
commercial and megawatt- critical applications.
scale projects; our innovative
solar trackers increase output As India expands the digitalization of the country, Delta supports the telecom
by up to 30% versus fixed- industry with its energy-saving power solutions. These include hybrid-power
mount structures; and our VFD systems for outdoor installations that integrate solar PV energy to reduce
controllers combine with solar reliance on unstable grids and on fossil fuels. The underlying energy management
power to provide Indian farmers technologies integrate rectifiers with energy efficiency of up to 97.5% that help
with a clean and energy-saving deliver significant opex savings for our customers as well as controllers that
water pumping solution for monitor and control the entire system and site power infrastructure, enhance
irrigation” battery life, enable energy savings, and inform the operator of maintenance needs.
Delta’s new small cell for 4G applications, Golden Eagle, winner of the 2015 Reddot
Product Design Award and featuring energy conversion efficiency of 96% is also a
highlight of the showcase and a new solution for the Indian telecom market.

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

» Sales revenue of 5.26 billion RMB, an increase of 78% from 2014
» Net Income of 320 million RMB, an increase of 382% from 2014
» Shipments grow to 1246 MWp of solar PV modules and 547 MWp of EPC, BOT and
BT solar project installations
T
he Company continues to demonstrate portfolio of products and services
that their historic prudent financial encompasses further segments and
management is now delivering industries, covering the 2nd largest
unequivocal financial benefit to strategic producer of Ethylene Vinyl Acetate
partners, EPC project owners, the (EVA) under the brand of Sveck, LED
Company’s own projects and a minimal lighting solutions under the brand of
spot market on an international basis. With Twinsell, financial services under the
regionalised sales and service support brand of Sunallies, an International Real
structure, in place and expanding, end Estate business, and an EPC services
users are assured of detailed provision organisation, ensure that Risen’s
of techno-commercial solutions. financial sensitivity is diluted and not
Ultramodern highly automated subject to an individual markets whims,
manufacturing infrastructure for cell and with a net effect of long term viability
module production of 2600 MWp capacity being a pronounced asset for customers
at the end of 2015 which will be increased and their long term servicing needs.
to 3100 MWp during 2016. Clearly the year ahead will prove
Investment in R&D delivers solar remarkable as the Company continues
PV cells with efficiencies of 19%+ to expand from its own cash generation.
for polycrystalline and 20%+ for The guidance for Q1 2016 with a net
monocrystalline, as well as solar PV income prediction of between 160 and
modules with the lowest temperature 170 million RMB epitomises and re-
coefficient of power within the industry. iterates the growth is managed with long
term sustainability as its core objective.
Risen’s Group diverse and supporting

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

» Total revenue was US$111.1 million, an in-
crease of 27.0% from US$87.5 million in
the second quarter of 2015. The revenue
for self-branded products totaled US$107.3 Financial Review -
million and the revenue for the products
processed under the OEM arrangement wa- Total Revenue and Shipments
sUS$2.6 million. For the third quarter of 2015, total revenue was US$111.1 million,
» Shipments totaled 308.9MW, an increase compared with US$87.5 million in the second quarter of 2015.
of 67.4% (124.4MW) from 184.5MW in the The increase in revenue was mainly due to higher shipments
second quarter of 2015. Module shipments, in self-branded solar cells and modules. Revenue from the
including module processed under OEM Company’s self-brand modules and cells business totaled
arrangement of 54.3MW, were 208.4MW.
US$107.3 million or 96.5% of the total revenue, while revenue
Cell shipments, including cell processed
generated from the modules and cells processed under OEM
under OEM arrangements of 6.1 MW, were
100.5MW.
arrangement, was US$2.6 million, or 2.4% of total revenue.
» Average selling price (“ASP”) for the Com- Total shipments for the third quarter of 2015 were 308.9MW,
pany’s modules, excluding those processed an increase of 67.4% from 184.5MW in the previous quarter.
under OEM arrangements, was US$0.52per The increase in total shipments was primarily resulted from
watt, compared with US$0.58 per watt in the the strong demand in Chinese market. The total shipments to
second quarter of 2015. China increased to 195.5MW in the quarter ended September
» Gross profit was US$3.3 million and gross 30, 2015, compared with 48.2MW in the previous quarter. Total
margin was 2.9%, compared with gross prof- module shipments, including modules processed under OEM
it of US$6.1 million on gross margin of 6.9% arrangement of 54.3MW, were 208.4MW for the third quarter
in the second quarter of 2015. of 2015. Total cell shipments, including cell processed under OEM
» Net loss attributable to ordinary sharehold- arrangements of 6.1 MW, were 100.5MW for the third quarter of
ers was US$22.0 million, compared with 2015. Sales revenue derived from Asian market accounted for
US$10.5 million in the second quarter of 72.9% of total revenue in the third quarter of 2015, of which
2015. 52.0% of total revenue was generated from China and 9.8%
» Net loss attributable to ordinary sharehold- of total revenue was derived from India. In addition, sales to
ers per ADS was US$1.48, compared with European and American markets represented 17.0% and 8.5%
US$0.71 in the second quarter of 2015. of total revenue in the quarter ended September 30, 2015. Sales
» Cash, cash equivalents and restricted cash revenue contributed by Asia,Europe and America as percentage
totaled US$120.4 million as of September of total revenue was 39.3%, 25.2% and 34.4%, respectively
30, 2015. in the quarter ended June 30, 2015.

QUARTER
RESULTS
ASP Operating Expenses, Operating

ASP for the Company’s self-branded modules for the third
Income (Loss) and Net Loss
quarter of 2015 was US$0.52 per watt, compared with US$0.58 Operating expenses increased to US$16.3 million in
per watt in the previous quarter. The decrease of ASP for the the third quarter of 2015, from US$13.9 million in the
third quarter of 2015 was primarily due to higher shipments second quarter of 2015. The sequential increase in
to lower price regions. ASP for the Company’s self-branded operating expenses was primarily due to the increase
cells during the third quarter of 2015 was US$0.28 per watt, in general and administration expenses. During the
compared with $0.26 per watt in the previous quarter. third quarter of 2015, general and administration
expenses were US$11.4 million during the third quarter
Wafer and Conversion Costs of 2015, increased byUS$2.7 million as compared to
US$8.7 million in the second quarter of 2015. The
Blended wafer costs in the third quarter of increase was partly attributable to the increase in
2015 were US$0.20 per watt and remained bad debt provision of approximately US$1.6 million.
flat as compared to previous quarter.
Conversion costs of cells and modules manufactured in Loss from operations was US$13.0 million in the third
the third quarter of 2015 were US$0.12 and US$0.18 per quarter of 2015, compared with loss from operations
watt, respectively, compared with US$0.14 and US$0.18 of US$7.8 million in the second quarter of 2015. In
per watt, respectively, in the previous quarter. The two-cent addition, the Company had other expenses of US$1.3
decrease in the conversion costs of cells was primarily due million versus other income of US$1.7 million in the
to the higher output. previous quarter, which was primarily due to the
foreign exchange loss incurred from the depreciation
Gross Profit and Gross Margin of RMB against U.S dollar. Correspondingly, net loss
attributable to ordinary shareholders was US$21.7
Gross profit for the third quarter of 2015 million in the third quarter of 2015, compared
was US$3.3 million on gross margin withUS$10.5 million in the previous quarter.
of 2.9%, compared with gross profit
of US$6.1 million on gross margin of Amount Due from/to Related Parties
6.9% for the second quarter of 2015.
Amount due from related parties totaled US$88.9 million
The decrease in gross profit and gross
as of September 30, 2015, a decrease of US$1.6 million
margin was primarily due to a faster rate of decline in average
compared toUS$90.5 million as of June 30, 2015. Amount
selling price for self-branded solar modules as compared
due to related parties totaled US$4.7 million as of September
to the decrease in the products’ unit cost. In addition, a
30, 2015, an increase ofUS$1.1 million compared to US$3.6
change in geographical mix resulted from higher shipments
million as of June 30, 2015.
to lower-margin markets, combined with gross loss for the
sales of self-branded solar cells contributed to the margin Inventory
decrease in the quarter ended September 30, 2015. During
the quarter, the unit purchasing price for wafer increased by Inventories at the end of the third quarter of 2015 totaled
approximately 5.6% compared with previous quarter, which US$72.2 million, a decrease of US$13.7 million from US$85.9
heightened the unit cost of solar cells. million at the end of the second quarter of 2015, which was
mainly due to higher shipments during the quarter.
Accrued expenses and other current liabilities Advance to suppliers

As of September 30, 2015, accrued expenses and other current Advance to suppliers totaled US$20.6 million
liabilities increased to US$41.2 million from US$26.2 million as at the end of the third quarter of 2015, an
ofJune 30, 2015. The increase in accrued expenses was primarily increase of US$11.9 million from US$8.7
resulted from the increase in the accrual of interest expenses million at the end of the second quarter of
of approximately US$2.2 million. The increase in other current 2015. The increase was mainly driven by the
liabilities was mainly due to the increased advance from clients higher shipments and strong demand for solar
ofUS$12.8 million. modules.

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

» Total module shipments were 1,776.3 MW,
consisting of 1,579.7 MW of external ship-
ments and 196.6 MW of shipments to the
Company’s own downstream power projects.
This compares with total shipments of 1,703.2
MW, consisting of 1,353.2 MW of external
shipments and 350.0 MW of shipments to the
Company’s own downstream power projects in
Financial Review -
the third quarter of 2015.
» Net revenues were $961.9 million, an increase » Total solar module shipments were ap-
of 21.4% from the third quarter of 2015 and proximately 5.74 GW, an increase of
36.4% from the fourth quarter of 2014.
» Gross profit was $183.3 million, an increase
56.8% from 3.66 GW in 2014.
of 32.7% from the third quarter of 2015 and » Total net revenues were $3.0 billion, an
65.1% from the fourth quarter of 2014.
» Gross margin was 19.1%, compared with 17.4%
increase of 32.8% from 2014.
in the third quarter of 2015 and 15.7% in the » Gross profit was $566.6 million, an
fourth quarter of 2014.
increase of 47.0% from 2014.
» Operating income was $81.3 million, compared
with $5.8 million in the third quarter of 2015 » Gross margin was 18.7%, compared with
and $30.5 million in the fourth quarter of 2014. 16.9% in 2014.
» Net income attributable to Trina Solar’s ordi-
nary shareholders was $41.7 million, compared » Operating income was $177.0 million, an
with a net loss of $20.0 million in the third increase of 47.4% from 2014.
quarter of 2015 and net income of $10.6 mil-
lion in the fourth quarter of 2014. » Net income attributable to Trina Solar’s
» Earnings per fully diluted American Depositary ordinary shareholders for the full year
Share (“ADS” and each ADS represents 50 of
the Company’s ordinary shares) were $0.43,
was $76.5 million, an increase of 28.9%
compared with loss per fully diluted ADS of from 2014.
$0.24 in the third quarter of 2015 and earn-
ings per fully diluted ADS of $0.13 in the fourth
» Earnings per fully diluted ADS for 2015
quarter of 2014. were $0.86, compared with $0.74 in 2014.

QUARTER
RESULTS
NET REVENUES
Net revenues were $961.9 million, including downstream
revenues from electricity generated by solar power projects
and others of $34.6 million. Total net revenues represent
“We are pleased to report another quarter of re- an increase of 21.4% sequentially and an increase of 36.4%
cord shipments and a sequential increase in earn- year-over-year. Total shipments were 1,776.3 MW, consisting
ings. Our module shipments during the quarter hit of 1,579.7 MW of external shipments and 196.6 MW of shipments
an all-time high of 1.78 GW, which once again ex- to the Company’s downstream power projects. This compares
ceeded the high-end of our guidance. We contin- with total shipments of 1,703.2 MW in the third quarter of 2015
ue to maintain our position as the world’s largest and 1,098.8 MW in the fourth quarter of 2014. The sequential
solar module manufacturer and a leading solar increase in revenues and shipments was primarily due to rising
project developer and operator.” “Our down- shipment volumes to the U.S., Japan and the rest of Asia. The
stream business performed basically in-line with year-over-year increase in revenues and shipments was driven
our expectations. We connected a total of 258.8 largely by growing demand from the U.S. and Asia.
MW of PV power projects to the grid in the fourth
quarter, including 132.5 MW of utility projects and Gross Profit and Gross Margin
126.3 MW of distributed generation (DG) projects Gross profit was $183.3 million, compared with $138.2 million
in China. For the full year of 2015, we connected in the third quarter of 2015 and $111.0 million in the fourth
a total of 685.9 MW of PV power projects to the quarter of 2014. Gross margin was
grid around the world, of which about one third 19.1%, compared with 17.4% in the
were DG projects in China. We continue to work third quarter of 2015 and 15.7%
diligently to maintain our position as a leading in- in the fourth quarter of 2014. The
novator of PV technology in the industry. We also sequential increase in gross margin
view our R&D work as an important was mainly because of the increase
component of our strategy to in downstream revenues with higher gross margin as well as
diversify our product offerings slight increase in module average selling price (“ASP”).
and move our business into
higher value-added areas”.
Operating Expenses,
- Mr. Jifan Gao,
Income and Margin
Chairman & CEO , Operating expenses were $102.0 million, a decrease of 23.0%
sequentially and an increase of 26.6% year-over-year. The
Trina Solar
sequential decrease was primarily because the third quarter
included a $45.0 million provision for the settlement of a lawsuit
brought against Trina Solar by Solyndra. The Company’s operating
expenses represented 10.6% of fourth quarter net revenues, a
decrease from 11.0% for the third quarter of 2015, if excluded the
one-off Solyndra settlement provision, and a decrease from 11.4% in
the fourth quarter of 2014. As a result, operating income was $81.3
Mr. Jifan Gao Added, million, compared with $5.8 million in the third quarter of 2015 and
During the year, our R&D team accomplished a number of significant achievements, $30.5 million in the fourth quarter of 2014. Operating margin was
including three world records for our PERC solar cells and modules, which follow 8.5%, compared with 0.7% in the third quarter of 2015 and 4.3% in
seven world records that we set in 2014. Our pilot line of interdigitated back contact the fourth quarter of 2014.
solar cells (IBC) continued to reach new levels of efficiency, enabling us to use
IBC solar cells and modules for high-value applications.” “2015 was in many ways Net Interest Expense
a strong year for Trina Solar as we achieved record results on both a sequential Net interest expense was $13.2 million, compared with $13.1 million in the
and year-over-year basis in each quarter. During the year, we entered the Indian third quarter of 2015 and $8.3 million in the fourth quarter of 2014.
market and a number of other emerging markets, which helped to expand our global
footprint from 43 to 63 countries. We also made progress on our global capacity ex- Foreign Currency Exchange Loss
pansion plans. Our partnered facilities in Vietnam and Malaysia, where we employ a The Company recorded a net foreign currency
relatively asset light model, helped to meet the growing demand for our products in exchange loss of $11.4 million, which included
overseas markets, and we expect our cell and module facility in Thailand to become a gain on the change in fair value of foreign
operational in 2016. Our downstream business experienced more growth in China’s exchange derivative instruments of $1.3 million.
highly competitive environment. All of these efforts have solidified our foundation This compares with a net loss of $13.1 million in
and leave us well-positioned for 2016.” the third quarter of 2015 and a net loss of $7.6
million in the fourth quarter of 2014. The foreign currency exchange
loss in the fourth quarter of 2015 primarily resulted from the
depreciation of the RMB against the USD.

QUARTER
RESULTS
Full Year 2015 Results

Income Tax Expense (Benefit)
• Total module shipments during 2015 were 5.74 GW, consisting of 4.83 GW of external
Income tax expense was $17.6 million, compared with an income shipments and 912 MW of shipments to the Company’s downstream power projects, an
tax benefit of $3.1 million in the third quarter of 2015 and an increase of 56.8% from 3.66 GW in 2014, primarily driven by strong demand from China,
income tax expense of $1.7 million in the fourth quarter of 2014. Japan and the U.S.
• Net revenues were $3.0 billion, including downstream revenues from electricity
Net Income (Loss) & Earnings generated by solar power projects, project sales and others of $168.7 million. Total net
(Loss) per ADS revenues represent an increase of 32.8% from $2.29 billion in 2014. Gross profit was
$566.6 million, an increase of 47.0% from $385.6 million in 2014. Overall gross margin
Net income attributable to ordinary shareholders of Trina was 18.7%, compared with 16.9% in 2014. The gross margin expansion in 2015 was
Solar was $41.7 million, compared with net loss attributable primarily due to a greater reduction in manufacturing costs compared with the general
to ordinary shareholders of $20.0 million in the third quarter decline in ASP, as well as increased sales of overseas downstream solar projects and
of 2015 and net income attributable to ordinary shareholders EPC services, which produce higher margins than module sales.
$10.6 million in the fourth quarter of 2014. Earnings per fully
• Operating profit was $177.0 million in 2015, compared with $120.1 million in 2014.
diluted ADS were $0.43, compared with loss per fully diluted
Operating margin was 5.8%, compared with 5.3% in 2014.
ADS of $0.24 in the third quarter of 2015 and earnings per fully
diluted ADS of $0.13 in the fourth quarter of 2014. • Net income attributable to ordinary shareholders of Trina Solar was $76.5 million,
compared with $59.3 million in 2014. Net margin was 2.5%, compared with 2.6% in 2014.
Financial Condition • Earnings per fully-diluted ADS were $0.86, compared with $0.74 for 2014.
As of December 31, 2015, the Company
had $659.9 million in cash and cash Operations and Business Update
equivalents, and restricted cash. Manufacturing Capacity
• Build-to-sell project assets under current assets As of December 31, 2015, the Company had the following annualized in-house manufacturing
increased to $531.3 million as of December 31, capacities:
2015 from $30.2 million as of September 30, 2015 • Ingot production capacity of approximately 2.3 GW
to reflect the strategic shift in the Company’s • Wafer capacity of approximately 1.8 GW;
downstream business from holding all of the • PV cell capacity of approximately 3.5 GW; and
Company’s PV projects in China to selling a • PV module capacity of approximately 5.0 GW.
proportion of the projects during the quarter. Project Development
As a result, some of the project assets were In the fourth quarter of 2015, the Company connected a total of 258.8 MW PV power projects to
transferred from property, plant and equipment the grid, including 132.5 MW of utility projects and 126.3 MW of DG projects in China. The 132.5 MW
(PP&E) to current assets during the quarter. of utility PV power projects consisted of 42.5 MW in Yunnan, which was a portion of a total 300.0
The Company’s build-to-sell projects include MW project, 40.0 MW in Xinjiang, 21.0 MW in Hebei, 17.0 MW in Anhui and 12.0 MW in Jiangsu. The
the projects that were recently completed 126.3 MW of DG projects consisted of 44.9 MW in Jiangsu, 29.0 MW in Shandong, 20.2 MW in Anhui,
construction in China during the fourth quarter 16.5 MW in Hubei, 14.7 MW in Zhejiang and 1.0 MW in Henan.
as well as projects that are under construction In 2015, the Company connected a total of 685.9 MW of PV power projects to the grid across the
in China and overseas which are to be sold in the globe, of which, DG projects in China were 200.4 MW, accounting for 29.2%.
future.
• With the new business model in our downstream As of December 31, 2015, the Company had a total of 869.2 MW downstream solar projects in
business, in accordance with the accounting commercial operation, including 847.0 MW in China, 4.2 MW in the U.S., and 18.0 MW in Europe. The
policies of the Company, the revenues generated 847.0 MW projects in China consisted of 645.5 MW of utility projects and 201.5 MW of DG projects.
from sales of build-to-sell project assets under
current assets will be recognized as revenue if First Quarter and Fiscal Year 2016 Guidance
all revenue recognition criteria are met, whereas
First Quarter 2016 Guidance
gain or loss from the disposal of build-to-own
The Company expects to ship between 1.37 GW to 1.45 GW of PV modules, all of which will be
project assets under PP&E will be recorded as
shipped to third-party customers.
other operating income or expense in the income
statement. In addition, incidental electricity
Fiscal Year 2016 Guidance
income generated from the build-to-sell project
2016 Manufacturing Capacity Guidance
assets prior to the sales of the projects will be
The Company expects to achieve the following annualized capacity at the end of 2016:
recorded as other operating income, whereas
electricity income generated from the Company’s
• Ingot production capacity of approximately 2.3 GW
operation of the build-to-own project assets are
• Wafer capacity of approximately 1.8 GW
recognized as service revenues if all revenue
• PV cell capacity of approximately 5.0 GW
recognition criteria are met.
• PV module capacity of approximately 6.0 GW
• Total bank borrowings were $1,438.6 million as of
December 31, 2015, of which $916.6 million were The Company expects total PV module shipments between 6.30 GW and 6.55 GW, of which
short-term borrowings and current portion of 450 MW to 550 MW will be shipped to the Company’s downstream projects, revenues of
long-term borrowings. which will not be recognized.
• Shareholders’ equity was $1,050.7 million as of
December 31, 2015. The Company expects to connect to the grid between 750 MW and 850 MW of downstream
PV power projects across the world, including 10 % to 15% of DG projects in China.

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

» Total solar module shipments were 1,709.9 megawatts
(“MW”), which includes 92.7 MW to be used in the Com-
pany’s downstream projects. Total solar module shipments
increased 50.7% from 1,134.9 MW in the third quarter of
2015 and 58.6% from 1,078.3 MW in the fourth quarter of
2014.
» As of December 31, 2015, the Company had connected Full Year 2015 Highlights
1,006.6 MW worth of solar power projects.
» Total revenues were RMB6.07 billion (US$937.7 million), » Total solar module shipments were 4,511.6 MW,
representing an increase of 49.9% from the third quarter of which include 304.0 MW to be used in the Compa-
2015 and an increase of 104.4% from the fourth quarter of ny’s downstream solar power projects, an increase
2014. of 53.3% from 2,943.6 MW for the full year 2014.
» Solar power projects generated electricity of 154.4 GWh, » As of December 31, 2015, the Company has con-
a 34.0% decrease from the third quarter of 2015 due to
nected 1,006.6 MW worth of solar power projects.
the seasonality and the curtailment of projects in China’s
western regions, and an increase of 67.9% from the fourth » Total revenues were RMB16.08 billion (US$2.48
quarter of 2014 due to the increase in number and capac- billion) for the full year 2015, an increase of 61.1%
ity of solar power projects. Revenues generated from solar from RMB9.98 billion for the full year 2014.
power projects were RMB136.3 million (US$21.0 million), » Revenues generated from solar power projects
representing a decrease of 33.8% from the third quarter of were RMB622.1 million (US$96.0 million), repre-
2015 and an increase of 69.4% from the fourth quarter of senting a 161.8% increase from RMB237.6 million in
2014. 2014.
» Gross margin was 19.5%, compared with 21.3% in the third
» Gross margin was 20.3% for the full year 2015,
quarter of 2015 and 22.8% in the fourth quarter of 2014.
compared with 22.4% for the full year 2014.
» Income from operations was RMB 482.7 million (US$74.5
million), compared with RMB384.0 million in the third » Income from operations was RMB1.33 billion
quarter of 2015 and RMB236.6 million in the fourth quarter (US$205.9 million), compared RMB931.6 in the full
of 2014. year 2014.
» Net income attributable to JinkoSolar Holding Co., Ltd.’s or- » Net income attributable to JinkoSolar Holding Co.,
dinary shareholders was RMB 349.4 million (US$ 53.9 mil- Ltd.’s ordinary shareholders was RMB683.8 million
lion), compared with RMB195.1 million in the third quar- (US$105.6 million) for the full year 2015, compared
ter of 2015 and RMB244.7 million in the fourth quarter of with RMB673.0 million for the full year 2014.
2014. » Diluted earnings per ADS for the full year 2015 was
» Diluted earnings per American depositary share (“ADS”) RMB21.40 (US$3.32), compared with RMB15.44 for
were RMB10.92 (US$1.68), compared with RMB3.12 in the
the full year 2014.
third quarter of 2015 and RMB3.12 in the fourth quarter of
2014. » Non-GAAP net income attributable to JinkoSolar
· Non-GAAP net income attributable to JinkoSolar Holding Holding Co., Ltd.’s ordinary shareholders for the
Co., Ltd.’s ordinary shareholders in the fourth quarter of full year 2015 was RMB1.15 billion (US$177.0 million),
2015 was RMB 503.5 million (US$77.7 million), compared compared with RMB800.2 million for the full year
with RMB253.3 million in the third quarter of 2015 and 2014.
RMB237.1 million in the fourth quarter of 2014. · Non-GAAP basic and diluted earnings per ADS for
· Non-GAAP basic and diluted earnings per ADS were the full year 2015 were RMB36.80 (US$5.68) and
RMB16.12 (US$2.48) and RMB15.72 (US$2.44), respective- RMB35.88 (US$5.52), respectively.
ly, in the fourth quarter of 2015.

QUARTER
RESULTS
Mr. Kangping Chen Added,

“The depreciation of the RMB over the past half year has caused considerable turmoil in
the global markets. We have been increasing our hedge ratio to ensure that its impact on
our business remains limited. Despite recent economic volatility, we remain positive on
China’s long-term development given that we just entered the first year of the new na-
tional five-year plan which is expected to further deepen structural supply-side reforms.
Global demand for solar energy continues to grow steadily. We remain the market leader
in China where growth and demand is expected to be strong and more balanced this year.
With the extension of ITC, the biggest market uncertainty has been removed in the US
which provides us with good visibility on market stability well into 2018. ASPs in major
markets are expected to further stabilize during the first quarter of 2016 as demand
“I am pleased to report a strong grows. We remain cautious about the expansion of production capacity, but with demand
finish to the year with record
high total module shipments and growing sharply, we have plans in place to expand our manufacturing capacity to meet
revenue. Total module shipments our minimum market demand expectations. In conclusion, we finished off the year on a
reached 1,709.9 MW during the very strong footing with record shipments and revenues that demonstrate the efficiency
quarter which resulted in total of our operations and value that our customers all over the world place on our brand and
revenues of US$937.7 million, an products. Our focus on maintaining the highest quality standard in the industry allows us
increase of 104.4% over the same
period in 2014. This translates into to provide our customers with reliable, high-efficiency PV products regardless of where
module shipments for the entire they are based. I am confident about our growth prospects as we continue to deliver
year of 4,511.6 MW, and total long-term value to our shareholders.”
revenues of US$2.48 billion. Global
demand remains strong, especially
in key solar markets, which gives
us good visibility for the entire
year and leaves us very confident
about our future prospects. Our Fourth Quarter 2015 Financial Results
downstream business remains a
key focus of ours as we continue TOTAL REVENUE
to work on building its long-
term viability and sustainability. Total revenues in the fourth quarter of 2015 were RMB6.07 billion (US$937.7 million),
Electricity output during the fourth representing an increase of 49.9% from RMB4.1 billion in the third quarter of 2015 and
quarter of 2015 reached 154.4 an increase of 104.4% from RMB2.97 billion in the fourth quarter of 2014, respectively.
GWh, down 34.0% sequentially The sequential increase in total revenues was mainly attributable to the increase
while generating RMB136.3 million in shipments of solar modules. The year-over-year increase was mainly due to the
in revenue. We connected 161 increase in shipments as well as electricity revenues.
MW of solar power projects to
the grid during the fourth quarter During the fourth quarter of 2015, revenues from downstream solar power projects
which brings our total capacity of were RMB136.3 million (US$21.0 million), representing a decrease of 33.8% from
connected projects to 1,006.6 MW RMB205.8 million in the third quarter of 2015 and an increase of 69.4% from RMB80.4
as of December 31, 2015. Aside million in the fourth quarter of 2014. The sequential decrease was primarily due to
from the effects of seasonality, seasonality and the curtailment of projects in China’s western regions. The year-over-
power output was impacted by the year increase in solar power project revenues was primarily due to the increase in
curtailment of projects in China’s number and capacity of the Company’s solar projects. Gross profit for solar power
western regions and strong rainfall project revenues was RMB46.3 million (US$7.2 million) during the fourth quarter of
in eastern regions. A number of 2015, representing a gross margin of 34.0%.
events beyond our control such as
delays in subsidy catalog update The Company has entered into certain sales contracts with retainage terms (the
and a prolonged grid-connection “Retainage Contracts”) since the second half of 2012, under which customers were
process made us fall short of our allowed to withhold payment of 5% to 10% of the full contract price as retainage
connection target for the year but for the specified period which generally ranges from one year to two years (the
we are confident in our ability to “Retainage Period”). Given the limited experience the Company has with respect to
rapidly make up for this shortfall
the collectability of the retainage under the Retainage Contracts, the Company does
this year. We are now accelerating
not recognize such retainage until the customers pay it after the Retainage Period
the spin-off process to maximize
shareholder value.” expires. The total amount of retainage under the Retainage Contracts that was not
recognized as revenues was RMB11.7 million (US$1.8 million) and nil for the fourth
- Mr. Kangping Chen, and the third quarter of 2015, respectively. During the fourth quarter of 2015, the
Chief Executive Officer Company recognized retainage payments of RMB35.3 million (US$5.4 million) as
Jinko Solar revenues. As of December 31, 2015, the cumulative amount of retainage that had not
yet been recognized as revenue was RMB156.2 million (US$24.1 million).

QUARTER
RESULTS
GROSS PROFIT AND GROSS MARGIN

Gross profit in the fourth quarter of 2015 was RMB1.18 Change In Fair Value Of Convertible
billion (US$182.6 million), compared with RMB864.6 million Senior Notes And Capped Call Options
in the third quarter of 2015 and RMB678.2 million in the
The Company recognized a loss from a change in fair value of convertible
fourth quarter of 2014.
senior notes of RMB48.7 million (US$7.5 million), and a gain from a change in
Gross margin was 19.5% in the fourth quarter of 2015 fair value of capped call options of RMB4.0 million (US$0.6 million). The loss
compared with 21.3% in the third quarter of 2015 and 22.8% from change in fair value of convertible senior notes was primarily due to
in the fourth quarter of 2014. The sequential decrease was the increase in the price of the Company’s stock during the fourth quarter of
from the lower gross margins of electricity revenues due 2015. The Company repurchased convertible senior notes for an aggregate
to seasonality and the curtailment of projects in China’s amount of US$22.5 million during the fourth quarter.
western regions.
Equity in Income of Affiliated Companies
INCOME FROM OPERATIONS AND The Company recognized equity income from affiliated companies of RMB1.7
OPERATING MARGIN million (US$0.3 million) in the fourth quarter of 2015 as a result of its share
of profits for solar power projects held by affiliated companies.
Income from operations in the fourth quarter of 2015 was
RMB482.7 million (US$74.5 million), compared RMB384.0 Income Tax Expense / (Benefit), Net
million in the third quarter of 2015 and RMB236.6 million in The Company recorded an income tax expense of RMB59.6 million (US$9.2
the fourth quarter of 2014. Operating margin in the fourth million) in the fourth quarter of 2015, compared with an income tax expense
quarter of 2015 was 7.9%, compared with 9.5% in the third of RMB34.2 million in the third quarter of 2015 and an income tax benefit of
quarter of 2015 and 8.0% in the fourth quarter of 2014, RMB9.4 million during the fourth quarter of 2014.
respectively.
Total operating expenses in the fourth quarter of 2015
Net Income and Earnings per Share
were RMB700.3 million (US$108.1 million), an increase of Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary
45.7% from RMB480.6 million in the third quarter of 2015 shareholders in the fourth quarter of 2015 was RMB349.4 million (US$53.9
and an increase of 58.6% from RMB441.5 million in the million), compared with RMB195.1 million in the third quarter of 2015 and
fourth quarter of 2014. The sequential increase in operating RMB244.7 million in the fourth quarter of 2014.
expenses was mainly due to increases in shipping and Basic and diluted earnings per share were RMB2.80 (US$0.43) and RMB2.73
warranty costs and provisions of accounts receivable. (US$0.42), respectively, during the fourth quarter of 2015. This translates
Total operating expenses excluding non-cash expenses, into basic and diluted earnings per ADS of RMB11.20 (US$1.72) and RMB10.92
including stock-based compensation, the provisions for (US$1.68), respectively.
doubtful accounts, and disposal and impairment of fixed Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary
assets were RMB587.1 million (US$90.6 million), compared shareholders in the fourth quarter of 2015 was RMB503.5 million (US$77.7
to RMB493.1 million in the third quarter of 2015 and million), compared with RMB253.3 million in the third quarter of 2015 and
RMB388.7 million in the fourth quarter of 2014. RMB237.1 million in the fourth quarter of 2014.
Total operating expenses excluding non-cash charges as Non-GAAP basic and diluted earnings per share were RMB4.03 (US$0.62)
a percentage of total net revenues was 9.7% in the fourth and RMB3.93 (US$0.61), respectively, during the fourth quarter for 2015.
quarter of 2015, compared to 12.2% in the third quarter of This translates into non-GAAP basic and diluted earnings per ADS of RMB16.12
2015 and 13.1% in the fourth quarter of 2014. (US$2.48) and RMB15.72 (US$2.44), respectively.
INTEREST EXPENSE, NET Financial Position

Net interest expense in the fourth quarter of 2015 was As of December 31, 2015, the Company had RMB4.24 billion (US$654.4 million)
RMB97.3 million (US$15.0 million), a decrease of 33.5% in cash and cash equivalents and restricted cash, compared with RMB3.7
from RMB146.2 million in the third quarter of 2015 and billion of cash and cash equivalents and restricted cash as of September 30,
an increase of 18.5% from RMB82.1 million in the fourth 2015.
quarter of 2014. The sequential decrease was mainly due
to lower interest expenses associated with the discounted As of December 31, 2015, the total interest-bearing debts were RMB10.29
notes receivable and the capitalization of interests billion (US$1.59 billion), compared with RMB10.60 billion as of September 30,
expensed in the prior year. The year-over-year increase 2015, of which interest-bearing debts from downstream solar power projects
was mainly due to an increase in loans used for solar power accounted for RMB4.93 billion (US$760.3 million), compared with RMB 4.07
projects. billion as of September 30, 2015.
As of December 31, 2015, the Company’s working capital was negative
EXCHANGE GAIN / (LOSS), NET RMB640.3 million (US$98.8 million), compared with negative RMB734.3 billion
The Company recorded an exchange gain of RMB72.1 million as of September 30, 2015.
(US$11.1 million) including change in fair value of forward
contracts in the fourth quarter of 2015. The Company had
net exchange loss of RMB121.6 million in the third quarter of
2015 and net exchange loss of RMB6.8 million in the fourth
quarter of 2014. The sequential and year-over-year changes
were mainly due to the Company’s proactive hedging
strategy to minimize foreign exchange impact.

QUARTER
RESULTS
FULL YEAR 2015 FINANCIAL RESULTS

TOTAL REVENUES NET INCOME & EARNINGS
Total revenues for the full year 2015 were PER SHARE
RMB16.08 billion (US$2.48 billion), an increase Net income attributable to JinkoSolar Holding
of 61.1% from RMB9.98 billion for the full year Co., Ltd.’s ordinary shareholders for the full year
2014. The increase in total revenues was mainly 2015 was RMB683.8 million (US$105.6 million),
attributable to the increase in shipments of compared with a net income of RMB673.0 million
solar modules and electricity revenues from in 2014.
solar projects.
Basic and diluted income per share for the full
year 2015 was RMB5.49 (US$0.85) and RMB5.35
GROSS PROFIT & CHANGE IN FAIR VALUE OF (US$0.83), respectively. This translates into
GROSS MARGIN CONVERTIBLE SENIOR NOTES basic and diluted earnings per ADS of RMB21.96
Gross profit for the full year 2015 was RMB3.3 (US$3.40) and RMB21.40 (US$3.32), respectively.
& CAPPED CALL OPTIONS
billion (US$504.8 million), an increase of 46.0% Non-GAAP net income attributable to JinkoSolar
from RMB2.2 billion for the full year 2014. The Company recognized a loss from a change in
Holding Co., Ltd.’s ordinary shareholders for
Gross margin was 20.3% for the full year 2015, fair value of convertible senior notes and capped
the full year 2015 was RMB1.15 billion (US$177.0
compared with 22.4% for the full year 2014. The call options of RMB14.6 million (US$2.2 million)
million), compared with non-GAAP net income of
decrease in gross margin was primarily due to a for the full year 2015, compared with a gain of
RMB800.2 million in 2014.
slight decline in solar module ASPs. RMB64.1 million in 2014, primarily due to changes
in the Company’s stock price. Non-GAAP basic and diluted earnings per share
for the full year 2015 were RMB9.20 (US$1.42)
INCOME FROM OPERATIONS EQUITY IN GAIN OF and RMB8.97 (US$1.38), respectively, which
& OPERATING MARGIN AFFILIATED COMPANIES translates into non-GAAP basic and diluted
earnings per ADS of RMB36.80 (US$5.68) and
Income from operations for the full year The Company recognized equity gain of affiliated
RMB35.88 (US$5.52), respectively.
2015 was RMB1.33 billion (US$205.9 million), companies of RMB13.7 million (US$2.1 million)
compared with RMB931.6 million for the full year for the full year 2015 as a result of its share of
2014. Operating margin for the full year 2015 was profits for solar power projects held by affiliated
8.3%, compared with 9.3% for the full year 2014. companies.
Total operating expenses for the full year INCOME TAX EXPENSE /
2015 were RMB1.94 billion (US$298.9 million),
an increase of 48.0% from RMB1.3 billion for the
(BENEFIT), NET
full year 2014. Operating expenses represented The Company recognized an income tax expense
12.0% of total revenues for the full year 2015, of RMB111.9 million (US$17.3 million) for the
compared with 13.1% for the full year 2014. The full year 2015, compared with a tax benefit
increase in total operating expense is primarily of RMB134.3 million in 2014. The Company’s
due to the increase of shipping and warranty, and evaluation of its deferred tax assets was based on
stock-based compensation expenses. both positive and negative indications of the ability
to realize the benefits of such tax assets. Based
on the strong financial performance of certain
INTEREST EXPENSE, NET subsidiaries, the Company determined that the
Net interest expense for the full year 2015 was future taxable income of certain subsidiaries
RMB385.9 million (US$59.6 million), an increase would be sufficient to realize the benefits of
of 34.2% from RMB287.7 million in 2014. The such tax assets and reversed the valuation
increase was primarily due to the increase in allowance of RMB203.6 million in 2014.
bank borrowings used for the construction of
downstream solar power projects in 2015.
EXCHANGE LOSS
The Company recorded an exchange loss of
RMB61.2 million (US$9.4 million) in the full year
2015. The Company had net exchange loss of
RMB147.8 million in 2014.

QUARTER
RESULTS
Fourth Quarter & Full Year 2015

OPERATIONAL HIGHLIGHTS
Recent Business
Developments
»» In November 2015, JinkoSolar
was invited to the COP21
climate change conference
held in Paris.
»» In January 2016, JinkoSolar
announced that its multi-
crystalline PV modules were
Solar Module Shipments the first to receive the China
Total solar module shipments in the fourth quarter Quality Certification Center’s
of 2015 amounted to 1,709.9 MW, including 92.7 MW Top Runner Program level-one
to be used in the Company’s downstream projects. energy efficiency certification
In comparison, total solar module shipments for in China.
the third quarter of 2015 amounted to 1,134.9 MW, »» In January 2016, JinkoSolar
including 71.0 MW to be used in the Company’s
downstream projects.
announced that it had entered
into an agreement to supply
Total solar module shipments in 2015 amounted to up to one gigawatt (GW) of
4,511.6 MW, including 304.0 MW to be used in the solar PV modules to sPower, a
Company’s downstream projects. In comparison,
leading US independent power
total solar module shipments in 2014 amounted to
2,943.4 MW, including 520 MW to be used in the
producer (IPP) company.
Company’s downstream projects. »» In January 2016, JinkoSolar
announced that it had formed
Solar Power Project Capacity a consortium with RWE AG
As of December 31, 2015, the Company had
connected 1,006.6 MW of solar power projects to
through its subsidiary RWE
the grid. Innogy to jointly participate in
the 800 MW Solar Photovoltaic
Solar Products Production Capacity Independent Power Project
As of December 31, 2015, the Company’s
in-house annual silicon wafer, solar cell and solar
- Phase III tendered by the
module production capacity was 3 GW, 2.5 GW and Dubai Electricity and Water
4.3 GW, respectively. Authority in Dubai, United
Arab Emirates.
BUSINESS OUTLOOK
First Quarter and Full Year 2016 Guidance
For the first quarter of 2016, the Company estimates total solar module shipments to be
in the range of 1.3 GW to 1.4 GW, which includes 1.2 GW to 1.3 GW module shipments to third
parties. Revenues will not be recognized for the modules shipped to its own downstream
projects as required by U.S. GAAP.
For the full year 2016, the Company estimates total solar module shipments to be in the
range of 6 GW and 6.5 GW which includes 5.4 GW to 5.7 GW module shipments to third par-
ties. Full year newly-added solar power project development scale is expected to be in the
range of 600 MW to 800 MW.

For Sponsorship Opportunity For Delegate Registration For Speaker Opportunity
GOURAV GARG Piyush Mishra Prasoon Agrawal
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098262 44496 090095 55914
QUARTER
RESULTS
Canadian Solar
Canadian Solar Reports Fourth
Quarter And Full Year 2015 Results
Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ),
one of the world’s largest solar power companies, announced its
financial results for the fourth quarter ended December 31, 2015.
Fourth Quarter 2015 Highlights

» Total solar module shipments were a
quarterly record high of 1,430 MW, of
which 1,398 MW were recognized in rev-
enue, compared to 1,150 MW recognized
in revenue in the third quarter of 2015.
» Net revenue was a quarterly record high
of $1,120.3 million, compared to $849.8
Full Year 2015 Highlights
million in the third quarter of 2015.
» Total solar module shipments were an annual record high of
» Net revenue from the total solutions
business as a percentage of total net rev- 4,706 MW, of which 4,384 MW were recognized in revenue,
enue was 30.7%, compared to 26.6% in compared to 2.8 GW recognized in revenue in 2014.
the third quarter of 2015. » Net revenue was an annual record high at $3.47 billion, com-
» Gross margin was 17.9%, compared to pared to $2.96 billion in 2014.
14.9% in the third quarter of 2015. » Net revenue from the total solutions business as a percentage of
» Net income attributable to Canadian total net revenue was 30.9%, compared to 44.5% in 2014.
Solar was $62.3 million, or $1.05 per di- » Income from operations was $247.4 million and non-cash
luted share, compared to $30.4 million, charges for depreciation, amortization and equity compensation
or $0.53 per diluted share, in the third were $100.2 million.
quarter of 2015.
» Cash, cash equivalents and restricted
» Net income attributable to Canadian Solar was $171.9 million, or
cash balances at the end of the quarter $2.93 per diluted share, compared to $239.5 million, or $4.11 per
totaled $1.1 billion, compared to $1.0 diluted share, in 2014.
billion at the end of the third quarter of » During the year, the Company delivered a total of 388 MW of
2015. system kits and utility-scale solar power plants to all of its key
» Net cash generated from operating ac- markets.
tivities was $201.7 million, compared to » Cash flow from operations was $397.0 million, compared to
$41.4 million in the third quarter of 2015. $265.1 million in 2014.
» During the quarter, the Company com-
pleted the construction and tax-equity
financing of all of its late-stage, utility- Fourth Quarter 2015 Results
scale project pipeline in the U.S., and sold
N
controlling stakes in two projects totaling
246.9 MWp. et revenue in the fourth quarter of 2015 was
$1,120.3 million, up 31.8% from $849.8 million
» During the quarter, the Company com-
in the third quarter of 2015 and up 17.2% from
pleted the sale of three solar power $956.2 million in the fourth quarter of 2014. Total
plants valued at over C$197.1 million solar module shipments in the fourth quarter of
($144.5 million), in Canada. 2015 were 1,430 MW, of which 1,398 MW were recognized
» The Company has recently started the in revenue, compared to 1,150 MW recognized in revenue in
operation and retained ownership of so- the third quarter of 2015 and 897 MW recognized in revenue
lar power plants totaling 144.0 MWp, in- in the fourth quarter of 2014. Solar module shipments recog-
cluding 14.1 MWp in Canada, 6.2 MWp in nized in revenue in the fourth quarter of 2015 included 63.8
Japan, 22.9 MWp in the United Kingdom MW used in the total solutions business, compared to 110.5
and 100.8 MWp in China. MW in the third quarter of 2015 and 163.3 MW in the fourth
quarter of 2014.

QUARTER
RESULTS
million in the fourth quarter of 2014. Non-cash

equity compensation expense was $1.4 million
in the fourth quarter of 2015, compared to $1.4
million in the third quarter of 2015, and $1.2
million in the fourth quarter of 2014.
»» Interest expense was $17.1 million in the fourth
quarter of 2015, compared to $13.0 million in
the third quarter of 2015, and $12.1 million in
the fourth quarter of 2014.
»» Interest income was $4.2 million in the fourth
quarter of 2015, compared to $4.2 million in
the third quarter of 2015 and $4.2 million in
the fourth quarter of 2014.
»» The Company recorded a loss on change in
»» By geography, in the fourth quarter of 2015, mission. fair value of derivatives of $9.4 million in the
sales to the Americas represented 51.9% of »» General and administrative expenses were fourth quarter of 2015, compared to a loss of
net revenue, sales to Asia represented 41.1% $51.0 million in the fourth quarter of 2015, $12.3 million in the third quarter of 2015 and
of net revenue, and sales to Europe and others down 6.7% from $54.6 million in the third a gain of $14.9 million in the fourth quarter of
represented 7.0% of net revenue, compared quarter of 2015 and up 74.1% from $29.3 2014. The loss on change in fair value of de-
to 52.6%, 41.3% and 6.1% respectively, in the million in the fourth quarter of 2014. Exclud- rivatives in the fourth quarter of 2015 included
third quarter of 2015 and 61.8%, 31.8%, 6.4% ing the $20.8 million expense related to the a loss on change in fair value of foreign cur-
respectively, in the fourth quarter of 2014. settlement of LDK arbitration case in the third rency hedging loss of $0.9 million and loss on
»» Gross profit in the fourth quarter of 2015 was quarter of 2015, the sequential increase in change in fair value of warrants of $8.9 mil-
$200.5 million, compared $126.8 million in the general and administrative expenses was lion. The warrants were issued in conjunction
third quarter of 2015 and $184.9 million in the primarily due to impairment of certain idle as- with the $180 million in financing arranged by
fourth quarter of 2014. Gross margin in the sets of approximately $7.0 million, an increase Credit Suisse in the fourth quarter of 2015.
fourth quarter of 2015 was 17.9%, compared in bad debt expense as well as higher salary These warrants can be settled in cash at the
to 14.9% in the third quarter of 2015 and 19.3% and bonus expenses. The year-over-year in- discretion of the holder and as a result they
in the fourth quarter of 2014. The sequential crease was primarily due to consolidation of are liability derivatives which were fair valued
increase in gross margin was primarily due to Recurrent Energy’s general and administra- at issuance and are subsequently marked to
higher margin and higher contribution from tive expenses. market at the end of each reporting period.
the total solutions business, as well as lower »» Research and development expenses were »» Foreign exchange gain in the fourth quarter
module manufacturing cost. $4.8 million in the fourth quarter of 2015, of 2015 was $11.3 million compared to a for-
»» Total operating expenses were $95.2 million compared to $4.1 million in the third quarter eign exchange gain of $17.1 million in the third
in the fourth quarter of 2015, down 0.8% from of 2015 and $3.4 million in the fourth quarter quarter of 2015 and a foreign exchange loss
$95.9 million in the third quarter of 2015 and of 2014. of $19.8 million in the fourth quarter of 2014.
up 38.1% from $68.9 million in the fourth »» Income from operations was $105.3 million in »» Income tax expense was $31.0 million in the
quarter of 2014. the fourth quarter of 2015, compared to $30.9 fourth quarter of 2015, compared to tax ben-
»» Selling expenses were $39.4 million in the million in the third quarter of 2015, and $116.0 efit of $3.9 million in the third quarter of 2015
fourth quarter of 2015, up 5.7% from $37.2 million in the fourth quarter of 2014. Operat- and income tax expense of $27.5 million in the
million in the third quarter of 2015 and up ing margin was 9.4% in the fourth quarter of fourth quarter of 2014.
8.7% from $36.2 million in the fourth quar- 2015, compared to 3.6% in the third quarter »» Net income attributable to Canadian Solar was
ter of 2014. The sequential increase in selling of 2015 and 12.1% in the fourth quarter of 2014. $62.3 million, or $1.05 per diluted share, in
expenses was primarily due to higher shipping »» Non-cash depreciation and amortization the fourth quarter of 2015, compared to net
and handling expenses, partially offset by charges were approximately $24.7 million in income of $30.4 million, or $0.53 per diluted
lower sales commission. The year-over-year the fourth quarter of 2015, compared to $24.8 share, in the third quarter of 2015, and net
increase was primarily due to higher shipping million in the third quarter of 2015, and $22.2 income of $75.7 million, or $1.28 per diluted
and handling expenses and higher sales com- share, in the fourth quarter of 2014.
FINANCIAL CONDITION
• The Company had $1.13 billion of cash, cash equivalents and restricted • Accounts and notes payable at the end of the fourth quarter of 2015
cash as of December 31, 2015, compared to $1.00 billion as of were $985.8 million, compared to $1.02 billion at the end of the third
September 30, 2015. quarter of 2015.
• Accounts receivable, net of allowance for doubtful accounts, at the • Short-term borrowings at the end of the fourth quarter of 2015 were
end of the fourth quarter of 2015 were $426.8 million, compared $1.16 billion, compared to $1.06 billion at the end of the third quarter
to $431.9 million at the end of the third quarter of 2015. Accounts of 2015. Long-term debt at the end of the fourth quarter of 2015 was
receivable turnover was 43 days in the fourth quarter of 2015, $606.6 million, compared to $514.3 million at the end of the third
compared to 48 days in the third quarter of 2015. quarter of 2015. Senior convertible notes totaled $150.0 million at
• Inventories at the end of the fourth quarter of 2015 were $334.5 the end of the fourth quarter of 2015, unchanged from the end of the
million, compared to $426.4 million at the end of the third quarter of third quarter of 2015. Short-term borrowings and long-term debt
2015. Inventory turnover was 40 days in the fourth quarter of 2015, directly related to utility-scale solar power projects totaled $560.6
compared to 63 days in the third quarter of 2015. million at the end of the fourth quarter of 2015.

QUARTER
RESULTS
• At the end of the fourth quarter

of 2015, the Company booked
approximately $1.2 billion of solar
power plant assets in property, plant
and equipment. This includes plants
already in operation, as well as
plants in construction to be owned
and operated.
• The purchase price paid by the
Company for Recurrent Energy
and the operating solar projects
acquired from KKR has been
allocated on a preliminary basis
to assets acquired and liabilities
assumed based on available
information and management’s
best estimates. The Company is
still finalizing this allocation. The
final allocation may differ from this
preliminary allocation.
Michael G. Potter, Senior Vice President

and Chief Financial Officer of Canadian
Solar, added: “Our revenue increased
31.8% over the third quarter of 2015 “This was a record breaking year for Canadian Solar. Our track
to $1,120.3 million. We reduced our record of consistent and reliable execution continues to reinforce
inventory by $91.9 million as we tightened our competitive position and strong bankability. This in turn is
controls over working capital. Gross providing us with excellent support from financial institutions and
margin of 17.9% was above the high end investors worldwide. The more than 4.7 GW of total solar module
of our guidance of 13% to 15%, driven by shipments in 2015 underscores the vast growth opportunities
favorable currency trends that resulted we see ahead in our key markets worldwide. Equally important,
in higher than expected average selling
prices for our Module business and
we continue to make impressive progress in the buildout of our
higher than expected margins in our Energy or total solutions business, with 398 MW of solar plants in
Energy business. The Energy business operation, a late-stage project pipeline totaling 2.0GW in execution,
margins were higher due to timing on the and an early stage project pipeline of 8.3 GW in development, 2.6
recognition of US GW of which is in the U.S. and will benefit from the recent ITC
project sales and extension. This gives us considerable visibility into our earnings
better than expected power, as well as flexibility over the timing of the potential launch
results from sales of our own YieldCo.”
of projects in
Canada. We closed
all of the required -Dr. Shawn Qu,
construction and Chairman and Chief Executive Officer, Canadian Solar Inc.
tax equity financing
for our near-term
US projects in 2015 at what we believe to Utility Scale Project Pipeline
be low and very competitive rates. We
continue to believe that our track record The Company’s solar project pipeline totals 10.3 GWp, including approximately 2.0 GWp of projects in late-stage
of development, and 8.3 GWp in early- to mid-stage of development. The Company would like to caution that some
of execution and our strong financial
of the projects under development may fail to secure all the permits and grid-connection approvals and as a
results position us well to implement
result may not reach completion.
our plans for the next few years. We
remain flexible on our plans to launch a Late-Stage Solar Project Pipeline
YieldCo and are willing to sell projects in
Canadian Solar’s late-stage, solar project pipeline totals approximately 2.0 GWp, with an estimated resale
the short term to recycle growth capital
value and gross profit contribution exceeding $4.5 billion and $850 million, respectively, once these projects
while maintaining enough size and scale to
have been built and connected to the grid. In Canada, in the fourth quarter of 2015, the Company started the
launch a YieldCo should market conditions
commercial operation of four solar power plants totaling 57.0 MWp. Three of these plants, Illumination, Aria and
become favorable.”
Earthlight, totaling 42.9 MWp and valued at over C$197.1 million ($144.5 million), were sold to investors. The
Company intends to own and operate the forth plant, Alfred.

QUARTER
RESULTS
In the United States, in the fourth quarter of 2015, the Company sold a controlling interest in the 212.1
MWp Roserock and the 272.1 MWp Garland solar power projects to Southern Power, a subsidiary
of Southern Company (NYSE: SO). As of the end of the fourth quarter of 2015, the Company
had secured debt commitments totaling $1.8 billion with a syndicate of banks and tax-equity
commitments totaling $1.3 billion from several investors, to fund the build-out of all of its utility scale
projects currently under construction. The Company’s utility-scale solar project pipeline in the U.S.
totals approximately 770.9. MWp as detailed below:
* Reflects Company net ownership after sales and tax equity financing
I
n Japan, as recently announced, the Company started commercial operation
I
of three solar power plants, with a total capacity of approximately 6.2 MWp. As n the United Kingdom, in the fourth quarter
of the end of January 2016, the Company’s pipeline of projects in development of 2015, the Company started commercial
was approximately 582.2 MWp, with 81.5 MWp in construction and an additional operation of five solar power plants totaling
107.4 MWp at the ready-to-build stage. Under a recent rule change, METI will 22.9 MWp. The Company’s late-stage solar
give developers a grace period to submit a signed interconnection contract for project pipeline totals 57.0 MWp, which are
existing projects under development to lock in the feed-in-tariff (FIT). Projects expected to be connected to the grid in 2016.
I
that are not able to reach this milestone within the grace period will have
n Brazil, the Company won bids in Pirapora,
their respective FIT rate reduced to the applicable rate at that time. The exact
Minas Gerais, for three solar projects
length of this grace period is still to be announced. The Company has signed
totaling 110.0 MWp increasing the Company’s
interconnection agreements for projects totaling approximately 200 MWp, and
late-stage solar project pipeline to 384.0
believes it can sign interconnection agreements for an additional 170-215 MWp
MWp. Canadian Solar expects its solar
within the next 12 months. The Company will reassess the options for the projects
power plants in Brazil to be connected to the
that do not secure interconnection agreements within this grace period, in the
grid in 2017 and 2018. Once connected, the
context of the market environment at that time.
electricity generated will be purchased by a
Brazilian government entity under a 20-year
power purchase agreement.
Early- to Mid-Stage Solar Project Pipeline

The Company’s early- to mid-stage solar project pipeline now
totals 8.3 GWp, including approximately 2.6 GWp of projects
under development by Recurrent Energy in the U.S. that are
expected to be constructed over the next five years and qualify
I
for the investment tax credit. Recurrent Energy’s development
n China, the Company recently started commercial operation of eight solar power
activities in the U.S. are divided into three key regions of focus:
plants totaling approximately 100.8 MWp, including five solar plants in the fourth
Northeast, Central and West - with pipelines of approximately
quarter of 2015 totaling 85.1 MWp, and three solar plants in the first quarter of 2016
2.0 GWp in the West and more than 600 MWp in the Central
totaling 15.7 MWp. During 2016, the Company expects to connect to the grid solar plants
region. California and Texas continue to be priority states for
totaling an additional 150 MWp.
Recurrent Energy.

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

current views and estimates with respect to operating and
market conditions, its current order book and the global
MANUFACTURING CAPACITY EXPANSION financing environment. It is also subject to uncertainty relating
to customer final demand and solar project construction
• As previously disclosed, the Company is increasing its manufacturing capacity schedule. Management’s views and estimates are subject to
to meet expected strong growth in demand for its solar products across the change without notice.
globe. The Company plans to expand its wafer, cell and module capacities to 1.0 For the first quarter of 2016, the Company expects total
GW, 3.9 GW and 5.73 GW, respectively, by December 31, 2016. module shipments to be in the range of approximately 1,085
MW to 1,135 MW, including approximately 15 MW of shipments
to the Company’s utility-scale solar projects that may not
be recognized in first quarter 2016 revenue. Total revenue
for the first quarter of 2016 is expected to be in the range of
$645 million to $695 million, with gross margin expected to be
between 12% and 14%.
For the full year 2016, the Company expects total module
shipments to be in the range of approximately 5.4 GW to 5.5
GW, with approximately 5.0 GW recognized in revenue. Total
revenue for the full year 2016 is expected to be in the range
of $2.9 billion to $3.1 billion. The Company expects its cost of
• The Company’s wafer manufacturing capacity at its production to decrease throughout the year as new internal
Luoyang plant, Henan Province, is expected to reach 1.0 GW wafer, cell module capacities come online both inside and
by June of 2016. The Company’s cell manufacturing capacity outside China, and the percentage of external purchase and
at its Suzhou and Funing plants, in Jiangsu Province, OEM is reduced. Management expects that the increase in
vertical integration along the manufacturing steps will help the
currently totals 2.2 GW and 500 MW, respectively. The Company maintain or improve its gross margin.
Company’s cell manufacturing capacity at its Funing plant, The above revenue guidance does not include the potential
Jiangsu Province, is expected to reach 1.0 GW by July of 2016. sale of solar power plants that the Company currently owns
The Company’s new 700 MW cell manufacturing plant, and operates, or expects to reach commercial operation in
located in South East Asia, is expected to be commissioned 2016 in OECD countries. The Company remains flexible in ways
in the second half of 2016. The Company’s existing module to monetize these assets in order to maximize shareholder’s
manufacturing capacity now totals 4.33 GW, and is expected return, and may consider selling some of its OECD solar
to reach 5.73 GW by the end of 2016: 4.1 GW in China – 3.0 plants, in which case revenue for the full year is expected to
GW in Changshu, Jiangsu Province, and 1.1 GW in Luoyang, be in the range of $3.2 billion to $3.6 billion, an increase of
Henan Province – and 1.63 GW at existing and new locations $300 million to $500 million over our base forecast.
outside China: 500 MW in Canada, 300 MW in Vietnam, The Company’s solar power plant assets in OECD countries
30 MW in Indonesia, 300 MW in Brazil and 500 MW in are expected to reach 1.1 GW by the end of 2016.The Company
South East Asia. estimates that the resale value of these assets, based on the
Company’s understanding of the current market condi-
tions for such assets, at approximately $2.5 billion, with
gross profit contribution of approximately $355 million. The
market situation may change from time to time, resulting in
different resale values if and when the Company does sell
any of its project assets. In addition, the Company estimates
the electricity revenue from these solar power plants, on an
annualized run-rate basis, is approximately $160-170 million at
the end of 2016.

QUARTER
RESULTS
“As we enter 2016, we expect to continue to grow both our module shipment volume and our downstream solar power plant business. However, our focus on the module
side is really to upgrade our technology and to improve our cost structure through selected capacity investment, especially in the midstream solar cell part of the value
chain. The increase in our internal wafer and cell production will help us to increase the module power output and lower our cost, therefore, better prepare us for future
competition. Meanwhile, Canadian Solar has been gradually but surely becoming one of the leading developer and owner of high quality solar power plants around the
world. We have several options to monetize our project development expertise and our solar power plant assets. These options include, for example, outright sale of our
solar power plants, asset-backed securitization or a YieldCo launch subject to market conditions. Our goal is to maximize the long-term return to our shareholders.”
RECENT DEVELOPMENTS
»» On February 24, 2016, Canadian Solar announced that it entered into a financing Energy Inc. The plant, valued at over CAD$69.4 million ($49.7 million), is located
agreement pursuant to which Goldman Sachs Japan Co., Ltd. has agreed to in Georgina, Ontario. On December 21, 2015, Canadian Solar announced that its
arrange JPY3.0 billion ($26.0 million) project finance bond for Canadian Solar’s wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of the
10.2 MWp Aomori-Misawa Solar Power Plant in Rokunohe-cho, Kamikita-gun, 9 MW AC Aria solar power plant valued at over CAD$65.6 million ($47.2 million)
Aomori Prefecture, Japan. On February 19, 2016, Canadian Solar announced that to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. The Aria plant
it supplied 2.8 MW of its CSI-28/36-KTL-CT three-phase inverters to the Brar is located in the Township of Elmvale, Ontario. On December 18, 2015, Canadian
Family Partnerships in Delano, California. On February 18, 2016, Canadian Solar Solar announced that Recurrent Energy closed a combined construction and
announced that it secured a credit facility pursuant to which Ping An Bank will term debt facility with a syndicate of five banks for its 200 MW AC Garland
provide up to $300 million to Recurrent Energy to support Recurrent Energy’s solar power project in California. The project is currently under construction.
solar power project development, construction and operation activities. The On December 18, 2015, Canadian Solar announced that Recurrent Energy signed
credit facility has a three-year maturity. On February 8, 2016, Canadian Solar an agreement with Southern Power, a subsidiary of Southern Company, giving
announced that it started the commercial operation of three solar power plants Southern Power a controlling interest in the Garland solar power project in Cali-
in Japan, totaling approximately 6.2 MWp. The 6.2 MWp portfolio of projects fornia. On December 15, 2015, Canadian Solar announced the sale of the 10 MW
includes the 2.3 MWp Ashikita Solar Power Plant in Kumamoto City, Kumamoto AC (14 MW DC) Illumination solar power plant to an affiliate of DIF Infrastructure
Prefecture, the 2.2 MWp Minamishimabara Power Plant - East and the 1.7MWp III. The plant, valued at CAD $65.9 million ($48.4 million), is located in Scugog,
Minamishimabara Plant - West in Minamishimabara City, Nagasaki Prefecture. On Ontario. It reached commercial operation on November 13, 2015 and will sell
February 4, 2016, Canadian Solar announced that its wholly-owned subsidiary, electricity pursuant to a 20-year Independent Electricity System Operator feed-
Canadian Solar Solutions Inc., has secured contracts to supply 50 MW AC in-tariff contract. On December 15, 2015, Canadian Solar announced that it raised
(60 MW DC) of MaxPower CS6X Ontario-made solar panels and 30 medium a final tranche of $80.0 million under its previously announced two-year senior
voltage power stations for the Southgate Solar project. This utility-scale solar secured term loan arranged by Credit Suisse AG, Singapore Branch, bringing
project, developed by Samsung Renewable Energy Inc. and Connor, Clark & Lunn the total facility amount to $180.0 million. On December 8, 2015, Canadian Solar
Infrastructure, will be built in the Township of Southgate, County of Grey, Ontario. announced that it has signed a financing agreement pursuant to which Deutsche
On February 1, 2016, Canadian Solar announced that its wholly owned subsidiary, Bank AG, Tokyo Branch, has agreed to provide a JPY12.0 billion ($97.2 million)
Canadian Solar Japan K.K., has entered into a syndicated loan agreement pursu- senior non-recourse project finance credit facility to the Company for the
ant to which Mizuho Bank, Ltd., acting as the book-runner, has agreed to provide construction of its 48MWp Kumamoto Mashiki solar power plant in Japan. On De-
a total of JPY4.7 billion ($39.5 million) to Canadian Solar Japan K.K to support its cember 7, 2015, Canadian Solar announced it has signed a financing agreement
working capital and business operations. pursuant to which Royal Bank of Scotland has agreed to provide a GBP19.2 million
»» On January 28, 2016, Canadian Solar announced that it has entered into agree- ($29.0 million) term loan to Canadian Solar for the construction of seven solar
ments with International Finance Corporation (“IFC”) to receive a financing pack- power plants with a total installed capacity of 38MWp in the United Kingdom.
age of up to $70 million in loans and equity investment. IFC’s financing package »» On November 30, 2015, Canadian Solar announced that Recurrent Energy closed
includes loans to Canadian Solar of up to $60 million and a subscription for up to a combined construction and term debt facility with a syndicate of five banks
$10 million of common shares of the Company. The agreements with IFC under- for its 157.5 MWac/ 212 MWp Roserock solar power project in Texas. The project
score the Company’s commitment to expanding in Asia and Latin America, as well is currently under construction. The electricity generated by the facility will be
as conducting its operations in compliance with IFC’s environmental and social delivered to Austin Energy pursuant to a 20-year power purchase agreement.
performance standards. On January 15, 2016, Canadian Solar announced that its On November 30, 2015, Canadian Solar announced that Recurrent Energy
wholly owned subsidiary, Canadian Solar Solutions Inc., has secured contracts signed a partnership agreement with Southern Power, a subsidiary of Southern
to supply 50 MWac (60 MWp) of MaxPower CS6X Ontario-made solar panels and Company, giving Southern Power a controlling interest in the Roserock solar
30 medium voltage power stations for the Windsor Solar LP facility. This utility- power project in Texas. On November 24, 2015, Canadian Solar announced that,
scale solar project, developed by Samsung Renewable Energy Inc. (“Samsung”) in 2016, it will supply 112 MW of its CS6P-265P PV modules to Sunrun (NASDAQ:
and Connor, Clark and Lunn Infrastructure (“CC&L Infrastructure”), will be built RUN), the largest dedicated residential solar company in the United States. On
in the City of Windsor, Ontario. On January 6, 2016, Canadian Solar announced November 20, 2015, Canadian Solar announced that it won three solar power
that it has energized an additional five solar power plants in the United Kingdom, projects totaling 110MWp in Pirapora, in the state of Minas Gerais, Brazil. The
totaling 22.9 MWp, bringing its total fleet of solar power plants in operation in the Company will develop the projects. Once completed and connected to the grid,
United Kingdom to 63.1 MWp. On January 5, 2016, Canadian Solar announced that the electricity generated by the plants will be sold to CCEE (Camara de Comer-
Recurrent Energy closed a tax equity investment commitment with GE Energy cializacao de Energia Eletrica) under a 20-year power purchase agreement at
Financial Services, a unit of GE (NYSE: GE), for the 75 MWac Astoria 2 solar power R$300/MWh (approximately US$78.8/MWh). The three projects are targeted to
project. Recurrent Energy also closed a debt facility for the Astoria 2 project, reach commercial operation by late 2018. On November 19, 2015, Canadian Solar
which is currently under construction in California. announced that Recurrent Energy closed a tax equity investment commitment
»» On December 23, 2015, Canadian Solar announced that its wholly-owned subsid- with GE Energy Financial Services, a unit of GE (NYSE: GE), for the 100 megawatt
iary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC EarthLight (MWac) Astoria solar power project. Recurrent Energy also closed a debt facility
solar power plant to One West Holdings Ltd., an affiliate of Concord Green for the Astoria project, which is currently under construction in California.

INVERTERS
2016 PV EXPO JAPAN
Huawei launches
Smart PV solution 3.0
From March 2 to 4, 2016, Smart GRID EXPO, Japan’s most influential industry
exhibition was held as scheduled. As the global leader of the Smart PV industry,
Huawei took part in the exhibition with the FusionSolar Smart PV solution 3.0 and
a new type of Smart PV controller and shared with the industry the advanced
+
ideology and technical achievements of Huawei Smart PV, as well as the future
direction of Huawei PV.
80 H
uawei FusionSolar Smart PV so-
lution 3.0 was most favored by
visitors. Especially in UHV and HV
scenarios, Huawei FusionSolar
becomes the best choice for Japan’s
PV customers due to the low initial investment
(more than 5%), high energy yield (more than
5%), fine-grained intelligent O&M (efficiency
improved by 50%), and long-term secure and
Thousand reliable operating.

Smart PV, changing for you
As the second largest PV market in Asia after
China, Japan has always been marked as pre-
visits from over 1950 exhibitors from ciseness and standard, and has a strict check on
multiple countries and regions imported PV products. Besides, as the subsidies
continuously decrease due to the FIT adjust-
participated the exhibition event. ment, products with high energy yield and high
quality became the core focus of this exhibition.

INVERTERS
VISITORS IN A LIVELY DISCUSSION New type of controller with eight
A
s the second largest PV market in Asia after China,
Japan has always been marked as preciseness routes of high-precision Smart PV
and standard, and has a strict check on imported
PV products. Besides, as the subsidies continuously de-
string monitoring function
crease due to the FIT adjustment, products with high en-
ergy yield and high quality became the core focus of this CROWD AT THE BOOTH
exhibition. Over the past 10 years, Huawei has invested
Huawei has successfully cooperated with Japanese
top enterprises such as DaiwaHouse, Mitsubishi, KYO-
CERA, West Holdings, and Power Max. The FusionSo-
lar Smart PV solution has become the mainstream in the
240,000 Million
RMB in R&D innovation
Japanese market. Thanks to the high-quality performance
45%
and excellent power quality, Huawei inverters made suc- R&D engineers accounted for -
cessful large-scale grid-tied cases in the top ten power
enterprises of Japan, and won high evaluation from Japa-
nese customers. in 170 thousand
The PV industry in the new era is not just large terres-
trial power stations. A variety of new types of PV plants,
employees
such as solar-agriculture plants, solar-fishery plants, and
floating plants emerge. This is especially suitable for Ja-
pan that is short of land resources. In different areas, the Huawei sets up 16 R&D centers and 31 joint
power stations in various scenarios require suitable so- innovation centers around the world, and joins
lutions. Huawei FusionSolar Smart PV 3.0 successfully more than 170 standard organizations and
reaches the goal and brings maximum benefits for cus- open source organizations. By the end of 2015,
tomers in different scenarios. Huawei has 41903 patents authorized.
TOP CUSTOMERS IN DEEP Huawei Network Energy sets up 10 R&D cen-

ters around the world, and Huawei Smart PV
COMMUNICATION has seven R&D centers in Sweden, Germany,
Smart PV upgrades, and the 3.0 era starts the United States and the following cities in
W
China: Chengdu, Beijing, Shanghai, and Shen-
ith the declined trend of Japan FIT subsidies, the zhen. Through the cross-border convergence
construction cost, energy yield, and O&M of PV of the digital information technology and PV
power stations have become the primary fac- industry,
tors considered by power station investors. Huawei Smart
PV solution 3.0 inherits the characteristics of simple site Huawei’s high-quality products and innovative
setup, high energy yield, and safety and reliability, and solutions won the trust of customers all over
further enhances the PR efficiency based on the deep un- the world. The achievement of Huawei is an
derstanding and analysis of scenarios. Especially in UHV inevitable result of Huawei’s adherence to the
and HV scenarios, Huawei FusionSolar becomes the best customer-centric ideology, continuous seeking
choice for Japan’s PV customers undoubtedly due to the of customer satisfaction, and loyal services
low initial investment, high energy yield (more than 5%), for customers.
fine-grained intelligent O&M (efficiency improved by 50%),
and long-term secure and reliable operating.
OPTIMAL SOLUTIONS IN THE UHV AND HV
SCENARIOS
I
n this exhibition, Huawei showed the Smart PV solution
3.0 dedicated for the Japanese market and the core
component, that is, a new type of Smart PV controller
33KTL-JP/40KTL-JP. Each controller supports four routes
of MPPT and provides eight routes of high-precision Smart
PV string monitoring function which reduces the fault lo-
cation time by 80%. Meanwhile, the system provides
neither inverter rooms nor consumables such as fuses,
and cools as the temperature drops, which significantly
improves the reliability. The simplified design reduces sys-
tem fault points. As a result, the inverter fault affects only
a small scope of services and the services quickly resume
through device replacement. Compared with traditional
PV plant solutions in the Japanese market, Huawei Smart
PV solution reduces the initial investment by 5% and in-
creases the energy yield by 5% or more.

Rooftop
Projects
Standing Tall With

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

Rooftop
Projects
C
hallenges serve as a veritable yardstick to gauge possessed a roof inclined at 5° in the E-W direction,
progress and inspire out-of-the-box thinking. and (b) required that the modules be inclined in the
Nuevosol has always welcomed challenges N-S direction at an angle approaching the latitude to
with great anticipation because of the eventual maximize energy generation. The roofing sheet had
opportunity to innovate and perhaps introduce a a standing seam profile as can be seen in the image.
game-changing solution that could revolutionize the Nuevosol’s design team took into consideration the
ever-growing solar PV sector. One such challenge wind loads and the load bearing capacity of the
presented itself in the form of a mounting solution roofing sheet, and designed the clamp that perfectly
requirement for an inclined metallic roof having a catered to all the requirements. In addition to the
standing seam profile – a seemingly insurmountable pullout load, the clamp was designed to sustain and
challenge at that particular point of time. In spite withstand lateral loads. The material used for the
of the usual melee of naysayers and conservative clamp was Anodized Aluminium(15µ) with a yield
design purists, who dismissed the design as strength of 210 MPa, with the clamp components
abstract, ambitious and summarily defined it as being extruded using a specially prepared die to
destined to fail, the solution held its own and has ensure tolerances were perfectly in place. The
emerged as one of the firm’s shining testaments superstructure comprising of the rafters and purlins
for innovative thinking. were made of pre galvanized mild steel with yield
A unique requirement, the 300kWp project– (a) strength of 250 – 350 MPa.
Designs that are perfect on paper can still be Delivering a project with unique design requirements is a challenge
fallible when tested on site, there is no substitute within itself. Achieving the same in record turnaround times is what
to onsite testing to test the true veracity of
truly raises the bar, grabs the attention of clientele, and thus sets
a design – this is a key learning and a firmly
etched philosophy that Nuevosol adheres to. The an example for an entire sector to emulate. This project’s success
Standing Seam clamp samples along with the unraveled the until-then untapped territory of standing seam
super-structure components were thus tested and Klip-Lok© roof mounting, opening up the rooftop market and
on site to gauge their true strength and rigidity. creating a new business stream.
Pull out load tests were conducted, one to gauge
the uplift capacity and the other to estimate the In spite of all the pushing and pulling that occurs
lateral load bearing capacity. The results did not
just meet expectations; they surpassed them with
during the duration of our projects, clients have
the clamps withstanding well over 75kg more always stuck by Nuevosol for three reasons –
than the site’s functional conditions. This was a
true reaffirmation of the confidence we had in a) immaculate design founded on strong design basics,
our designing ability, and the client responded b) uncompromised product quality and delivery,
positively, recommending the design for mass
production and installation. 300kWp was delivered
c) willingness to support in areas lying beyond the bounds of
in 15 working days – a true reflection of the contractual agreement.This very same trust fuels the firm’s
delivering prowess of Nuevosol’s supply chain imagination, and its incessant zeal to innovate, and will continue
network. to do so in the future.

PR DUCTS
Heliatek Sets New Organic Photovoltaic

World Record Efficiency Of 13.2%
Heliatek R&D teams reached a record conversion efficiency of 13.2% for an OPV multi-junction
cell, setting a new world record for the direct conversion of sunlight into electricity using
organic photovoltaic cells.
T he measurement was independently confirmed by

Fraunhofer CSP.Thanks to the excellent low light and high
temperature behavior of the organic semiconductor, the
electricity generation of the newly developed cells corre-
sponds to the output of conventional solar cells with 16 to
17% efficiency when both are under real world conditions.
This new result confirms the world-leading technology
position of Heliatek as demonstrated by its continuous
progress from 3% to more than 13% efficiency over the
last 10 years. It also supports its roadmap towards 15%
efficient organic solar cells. The result further validates
Heliatek’s unique technology approach of using vacuum
deposition of small molecules on plastic films.

PR DUCTS
“We are very proud of this new world record. This suc-
cess is based on our chemical research for new organic
“I am delighted by this latest result, It validates our choice
to internalize our R&D, both by developing new absorber
absorber materials. Key to this success is the close molecules and optimizing the device architecture. This will
cooperation of our physics and chemistry R&D teams, provide the baseline for efficiency in our large-volume man-
which leads to an optimal combination of the properties ufacturing line. With our HeliaFilm, we are clearly execut-
of this new solar cell design.” ing our strategy to provide de-carbonized, de-centralized
energy generation directly on buildings all over the world.”
- Dr. Martin Pfeiffer,
- Dr. Adds Thibaut Le Seguillon,
CTO Heliatek
CEO, Heliatek
The world-record cell is a multi-junction cell combining three different absorbers. Each of them is dedicated to efficiently convert green-,
red- or near-infrared light of the wavelength range between 450 and 950 nm into electricity. These absorber molecules have been developed
and are patented by Heliatek.
The new record efficiency was measured at simulated AM 1.5 illumination and was confirmed by the Fraunhofer – Center for Silizium-Photo-
voltaik – CSP in Halle, a recognized center for independent verification of solar cell performance results under standard testing conditions.
JA Solar’s PV Modules Are 100% In Compliance

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

pany to guarantee the capability of double 85 anti-
PID for all of its PV modules. In addition, as reported
earlier , JA Solar’s high-performance multi-crystalline
Si RIECIUM modules passed an extended 500-hour
“The advantage of JA’s solar products is reflect-
ed not only in its core technology that features
high performance and cost-effectiveness, but
also in its reliability, To be able to pass ‘double 85’
anti-PID certifications for all our PV modules in
PID test conducted by TUV SUD with a degradation
mass production is a tremendous achievement
of less than 2%. This result is a testament to the out-
standing anti-PID capability of the high-performance
in terms of JA Solar’sability to produce high-
modules, which are now guaranteed to be able to sus- performance and highly reliable
tain a doubled (192 hours) IEC62804 standard PID PV modules to meet the ever-
test and are certified by PI-BERLIN and PVEL. The growing demands for better
excellent anti-PID performance of JA’s PV modules solar products from our cus-
provides an enhanced quality and reliability assur- tomers and project partners.”
ance to the end users for the stable operation of PV
installations, especially for those operating in a hot - Dr. Wei Shan,
and humid environment over their 25-year life span. CTO, JA Solar
www.EQMagPro.com EQ February 2016 79

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

sipating capabilities, keeping the in-
ternal temperature at a low level. The
SG49K5J is stable in high tempera-
tures, ensuring excellent yields of
“With the dramatic develop-
ment of the solar market, Japan
is increasingly important to Sun-
grow. We are committed to fo-
power generation and has passed the cusing on technology innovation,
JIS8502 salt spray test. This test exam- making better inverters and
ines if the inverter can work stably in
providing professional services
conditions with high salt levels (coastal
areas) and humidity in the air, by plac-
to customers, The SG49K5J will
ing the inverter in a salt spray chamber offer a new level of quality to
for a period of 50 days. The SG49K5J our customers in Japan, and
also works in numerous bad weather conditions and hostile environ- we look forward to debuting it
ments. Sungrow Japan now has a highly trained team for the Japa- at PV EXPO Japan”,
nese market. Located in Shinbashi, Tokyo, the office comprises of
- Professor
teams for technology support, management and customer service.
Cao Renxian,
Sungrow Japan is capable of offering after-sales service, nationally
across Japan. Sungrow presented SG49K5J and the classic product CEO, Sungrow
SG34KJ in booth W10-8.
Ingeteam Extends Its Ingeteam has just launched onto the market its
new PV string inverter models, delivering output
Range Of Three Phase powers of up to 40 kW in a single inverter. In

addition to the 40 kW model, a further three models
String Inverters Up To
have also been presented: 24 kW, 28 kW and 33 kW.
40 KW T he UL-1741 compliant version of these models, specifical-

ly designed for the North American market, has also been
extended to offer output powers of up to 40 kW.These
string inverters are suitable for immediate rooftop place-
ment and they perform at full capacity no matter the inclination
of the structure they are attached to. This is the INGECON SUN
3Play TLM Series of inverters, noted for their dual MPPT (Maxi-
mum Power Point Tracking) as well as their maximum efficiency
levels (98.5%) and high performance. For example, this inverter
family is suitable for self-consumption systems with no injection
of excess energy into the public grid.
Ingeteam has already started to supply these new models to many different
markets. The models available until now, with output powers ranging from 10 to
20 KW, are already installed in countries such as Switzerland, Italy, Argentina,
Paraguay, France, Australia, Chile, India, El Salvador, Brazil, Mexico, United
States and Spain, to mention but a few.

PR DUCTS
Hanwha Q CELLS Showcased “Japan has been one

of our key markets
Leading Technology At PV as demonstrated
by our accumulated
EXPO 2016 In Tokyo, Japan sales of 2 GW in
Japan since 2011, our
Hanwha Q CELLS Co. Ltd. one of the world’s largest providers focus is to de-
of high efficiency photovoltaic products, presented its broad velop and offer high
portfolio of products and solutions at this year´s PV Expo in
Tokyo, which was held at Tokyo Big Sight between March
quality, high per-
2nd and March 4th. Hanwha Q CELLS was located at E11-56 in formance products
East 2 Hall. and solutions that
are tailored to local
H anwha Q CELLS introduced new module

lines with its proprietary Q.ANTUM cell
technology: multicrystaline Q.PLUS, which
was awarded for “Solar Industry Award
2015” in the category of “Module Manufac-
demands in Japan.”
- Dr. Christoph
Ludwig,
VP of R&D Projects,
turing Innovation” by Solar International and
monocrystalline Q.PEAK prototype, which Hanwha
can produce up to 305 Wp from 60 cells.
In addition, Hanwha Q CELLS presented a
Glass-to-Glass module prototype. This next
generation module uses a second glass
layer instead of a conventional back sheet,
thus enhancing the module´s robustness
and durability.
Hanwha Q CELLS Japan, an affiliate of
Hanwha Q CELLS, operates sales offices
in Nagoya, Fukuoka and Sendai and has a
technical support center in Tsukba.

PR DUCTS
The Next Generation:

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

busbars with full string geometry
and half cells teamtechnik stringers are known for their very low
cell breakage rates, accurate string geometries and
The new STRINGER TT2100 can ribbon positioning. Gentle cell handling, optimum
process solar cells with up to 6 soldering parameters and technologically sophis-
busbars. Systems which are ini- ticated processes also ensure that the even faster
tially equipped to process fewer STRINGER TT2100 also boasts these features.
busbars can easily be upgraded Even ribbons with very narrow widths of less
to 6 busbars later. This applies than 0.6 mm are perfectly placed, as they and the
both to full cells and half cells. cells are carefully held in place during transport
with the patented teamtechnik hold-down system.
New short, compact “The pressure on costs in the
Soldering is becoming ever more sophisticated
design solar industry is still enor-
as the width of both busbars and ribbons steadily
The new stringer saves on space,
mous, so we are constantly decreases. This is a challenge which teamtechnik
because, despite achieving
striving to improve the has mastered perfectly with its stringer technology.
higher output, it takes up much performance of our stringer teamtechnik focuses consistently on improving its
less room in the production hall. systems. With system expertise in high-performance stringers. High, reli-
Compact in design, the Stringer availability of up to 98% and able output and the best soldering results are at
TT2100 needs less production exceptionally high output, we the heart of the innovative stringer technology. The
space than its predecessor sys- help our customer to cut their company has become the world leader in just a few
tem. At the same time, teamtech- production costs continually,” years. Solar module manufacturers from all over
nik has reduced the electricity the world place orders with teamtechnik. teamtech-
and compressed air consumption - Axel Riethmüller, nik delivered its 600th high-tech system at the be-
by another 10%. Executive VP, teamtechnik ginning of 2016.

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FIRST

~ 3.3 billion USD ~ 4.6 GW > 10 GW total > 1 GW > 14 GW

CANADIAN SOLAR IS THE #1 BRAND FOR SOLAR MODULES IN INDIA.

We once took a step

Mount your investments on intelligent structures.

LES IN INDIA. Mount you

INVERTERS & BOS

Bonfiglioli Renewable Power Conversion India (P) Ltd

14 EQ March 2016 www.EQMagPro.com

SOVA SOLAR LIMITED

www.EQMagPro.com EQ March 2016 17

“We are trying to bring in a policy wherein we

18 EQ March 2016 www.EQMagPro.com

“Achieving GOI’s goal of 175 GW “The proceeds from the fund

Climate bonds are green bonds which require mandatory

20 EQ March 2016 www.EQMagPro.com

“This grant from USAID further validates

22 EQ March 2016 www.EQMagPro.com

We are pleased to announce Statoil Energy Ventures:

www.EQMagPro.com EQ March 2016 23

For 2015 year, these key financial

Exhibited Huawei String

Inverters At Elecrama -2016 •

24 EQ February 2016 www.EQMagPro.com

Trina Solar Remained World’s Top Solar PV Module

26 EQ March 2016 www.EQMagPro.com

www.EQMagPro.com EQ March 2016 27

- DARIN MAC ALLISTER ,

The ELDORA Ultima 60 cell modules with

Ganges Internationale Pvt. Ltd

OPIC And Greenlight Planet Partner To Expand Off-Grid

30 EQ March 2016 www.EQMagPro.com

In Delhi, Solar panels have already been

power by September, 2016

www.EQMagPro.com EQ March 2016 31

Undertakes Prestigious Green

Mangaluru DC’S Office Gets 25KW Solar Grid

32 EQ March 2016 www.EQMagPro.com

Railway Budget : Waaree Energies Welcomes The

www.EQMagPro.com EQ March 2016 33

Budget 2016: Shri Jaitley sought over Rs 10,000 crore as increased

Allocates Rs 5036 Crore For target. By way of incentive, Jaitley has

Reaction On Union Budget 2016 – Vikram Solar

Union Budget’s proposals are reflective of the

34 EQ March 2016 www.EQMagPro.com

www.EQMagPro.com EQ March 2016 35

36 EQ March 2016 www.EQMagPro.com

Breakthrough In PV Module Recycling All types of PV technologies are equally

www.EQMagPro.com EQ March 2016 37

38 EQ March 2016 www.EQMagPro.com

Summary of key findings

www.EQMagPro.com EQ March 2016 39

40 EQ March 2016 www.EQMagPro.com

SK : Americas represents about 35% of our shipping volume,

www.EQMagPro.com EQ March 2016 41

42 EQ March 2016 www.EQMagPro.com

www.EQMagPro.com EQ March 2016 43

UDAY is an effort to make the DISCOMs financially independent and

44 EQ March 2016 www.EQMagPro.com

World Solar Industry

46 EQ March 2016 www.EQMagPro.com

The report presents a comprehensive analysis of the integration of renewables considering

www.EQMagPro.com EQ March 2016 47