Solar Power Solar Updates sample information PRELIMINARY Example deck PHOTON Consulting, LLC THIS DOCUMENT IS CONFIDENTIAL – DO NOT FORWARD OR SHARE
May 24, 2015
Sola
r P
ow
er
Solar Updates sample
information
Solar Updates sample
information
PRELIMINARY
Example deckExample deck
PHOTON Consulting, LLCPHOTON Consulting, LLC
THIS DOCUMENT IS CONFIDENTIAL – DO NOT FORWARD OR SHARETHIS DOCUMENT IS CONFIDENTIAL – DO NOT FORWARD OR SHARE
© PHOTON Consulting, LLC 2010.Neither this publication nor any portion hereof may be reprinted, sold or redistributed without written consent. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject PHOTON Consulting, LLC (“PHOTON Consulting”) to any additional registration or licensing requirement within such jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable. Such information has not been independently verified and we make no representations or warranty as to its accuracy, completeness or correctness. Any opinions or estimates herein reflect the judgment of PHOTON Consulting at the date of publication and are subject to change at any time without notice. This is not a solicitation or any offer to buy or sell. This publication is for information purposes only and is not intended to provide professional, investment or any other type of advice or recommendation. PHOTON Consulting does not accept any responsibility and cannot be held liable for any person’s use of or reliance on the information and opinions contained herein.
This sample information file is designed to demonstrate the sample data in the Solar Updates product. Data in
Solar Updates may be different from this sample information file. Some data and Y-axes in this file were
intentionally removed. This is a subset of the Solar Updates product for marketing purposes only.
This document is confidential.Please do not forward or share it in any form.
CONFIDENTIAL
Solar UpdatesSolar Updates(Overview)(Overview) PRELIMINARY
Solar Updates: Critical PV information at your fingertips Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
Delivered online via PHOTON Consulting’s The Wall research and data platform, Solar Updates is the source for the most accurate and timely information and analysis on solar PV prices, project announcements, demand and company/supply updates. PHOTON Consulting, the leader in solar research, continually monitors and analyzes these key leading indicators for the sector and delivers this critical information via Solar Updates.
• Pricing information includes weekly updates of spot prices for silicon, wafers, cells, c-Si modules and thin film modules and inverters.
• PV installation announcement information provides weekly updates of global system installation announcements.
• Demand information includes quarterly installation volume and system/module price forecasts for key and emerging solar markets.
• Company/supply information includes monthly company by company production at each step in the supply chain.
This suite of timely, relevant data and analysis provides solar decision makers with key insight into leading indicators for the sector.
CONFIDENTIAL
Solar UpdatesSolar UpdatesPrice
PV system installation announcements
Demand/market updates
Company/supply updates
Subscribe to Solar Updates
CONFIDENTIAL
Price collection definitions/parametersPrice collection definitions/parameters(Overview)(Overview)
PRELIMINARY
Consistent monthly methodology for collecting / reporting on price points across the PV value chain
Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
• Geography: • Price points are collected from Asian, European and US producers based on transactions into Asian, European and
US markets.• Period average prices are reported as the simple average of all collected price points over that time period, though
an effort is made to match the geographic share of data points to global market share
• Currency:• Price points are collected/captured in whatever currency they are offered by survey respondents. Conversions to
USD are based on real-time exchange rate on the day the transaction is reported.
• Data sources:• The significant majority of reported price points come from primary research/interviews with market participants.• These price points are routinely verified against/augmented by pricing information reported in
trade/business/popular press, company presentations and earnings transcripts, and other public data sources.• Prices are taken from both actual transaction price points as well as from current offers.
• What’s included in prices:• VAT / sales tax: Prices are typically reported exclusive of VAT/sales tax. Exceptions to this are reported as such.• Shipping: Prices are typically reported FOB end-customer port of entry. Exceptions to this are reported as such.
• Definition of “factory-gate”:• The module price received by the producer whether a module is sold to a distributor or directly to a large installer
(i.e. the price Trina receives from IBC).
• Definition of “wholesale”:• The module price received by the distributor when a module is sold to an installer (i.e. the price IBC receives when
selling a Trina module to a small installer in Germany).
2
CONFIDENTIAL
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
01/0
9/20
0901
/16/
2009
01/2
3/20
0901
/30/
2009
02/0
6/20
0902
/13/
2009
02/2
0/20
0902
/27/
2009
03/0
6/20
0903
/13/
2009
03/2
0/20
0903
/27/
2009
04/0
3/20
0904
/10/
2009
04/1
7/20
0904
/24/
2009
05/0
1/20
0905
/08/
2009
05/1
5/20
0905
/22/
2009
05/2
9/20
0906
/05/
2009
06/1
2/20
0906
/19/
2009
06/2
6/20
0907
/03/
2009
07/1
0/20
0907
/17/
2009
07/2
4/20
0907
/31/
2009
08/0
7/20
0908
/14/
2009
08/2
1/20
0908
/28/
2009
09/0
4/20
0909
/11/
2009
09/1
8/20
0909
/25/
2009
10/0
2/20
0910
/09/
2009
10/1
6/20
0910
/23/
2009
10/3
0/20
0911
/06/
2009
11/1
3/20
0911
/20/
2009
11/2
7/20
0912
/04/
2009
12/1
1/20
0912
/18/
2009
01/0
8/20
10
Module wholesale price
Module factory gate price
Cell price
Wafer price
Silicon contract price
Silicon spot price
Pri
ce in
US
$/W
c-Si value chain pricingc-Si value chain pricing($/W)($/W) PRELIMINARY
Module WS price down and module FG gate price down, cell price flat and wafer price upSilicon contract price flat and spot price down
Data updated 01/__/2010 Next update by 01/__/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Note: $/W pricing for wafer and Si based on standard conversion factors.
Weekly reporting of price at each step of the supply chain
Illustr
ative data
Axes,
dates and data
removed
Module wholesale price index rebased as of 05/29/2009
CONFIDENTIAL
c-Si value chain pricingc-Si value chain pricing($/W)($/W) PRELIMINARY
Data and graphics available for export
Data updated 01/__/2010 Next update by 01/__/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Note: $/W pricing for wafer and Si based on standard conversion factors.
CONFIDENTIAL
Illustr
ative data
Axes,
dates and data
removed
[email protected] 8CONFIDENTIAL
Weekly price movementsWeekly price movements($/W)($/W) PRELIMINARY
c-Si module German WS price up and c-Si module FG gate price up, cell price down and wafer price up
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
2
Step of value chain Mean (Wk ending X/X/2010)
Median (Wk ending X/X/2010)
WoW change (Mean)
WoW change
(Median)
German wholesale module (c-Si) ($/W)
$2.30 $2.13 +2% -1%
Factory gate module (c-Si) ($/W)
$2.04 $2.02 +14% +14%
Cell ($/W) $1.31 $1.34 -2% 0%
Wafer($/W) $0.91 $0.93 +1% +3%
Illustr
ative data
Dates removed
[email protected] 9CONFIDENTIAL
c-Si value chain price movementc-Si value chain price movement(Month-on-month changes)(Month-on-month changes) PRELIMINARY
c-Si module up 6% MoM, cell prices up 2%, wafer prices up 7%MoM, and polysilicon prices flat MoM
1
Wk ending 4/__ Wk ending 3/__ Absolute change Percent change (%)
c-Si module ($/W)
$2.04 $1.92 $0.12 +6%
Cell ($/W) $1.31 $1.29 $0.02 +2%
Wafer ($/W) $0.91 $0.85 $0.06 +7%
Polysilicon ($/kg)
$55 $55 $0 0%
Illustr
ative data
Dates removed
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
[email protected] 10CONFIDENTIAL
WS module price movement WS module price movement (Month-on-month changes)(Month-on-month changes) PRELIMINARY
WS module MoM price movements ranged from -13% to +14%
1
German WS (€/W)
Wk ending X/X/2010
Wk ending X/X/2010
Absolute change
Percent change (%)
Region of origin
Western €1.96 €1.73 €0.23 +13%
Japan €1.83 €2.11 -€0.28 -13%
China €1.55 €1.41 €0.14 +10%
Technology
c-Si €1.72 €1.66 €0.06 +4%
TF: a-Si (single
junction)
€1.49 €1.31 €0.18 +14%
TF: CdTe €1.63 €1.59 €0.04 +3%
US WS ($/W)
c-Si $2.78 $2.76 $0.02 +1%
Illustr
ative data
Dates removed
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
CONFIDENTIAL [email protected] 11
Price spreads along c-Si value chainPrice spreads along c-Si value chain
($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010)PRELIMINARY
Wafer minus Si spread up 2% WoW; cell minus wafer spread down 7%WoW; FG module minus cell spread up 59% WoW; WS module minus FG module spread down 31%
WoW
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price spread number is in an indication of the difference between mean observed price spreads at each step of the supply chain. For instance, “Spot cell price – spot wafer price” is equal to the weekly observed difference between mean cell price and mean wafer price in each week’s data set.”
1
$0.51
$0.40
$0.73
$0.50
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
05/1
5/09
05/2
2/09
05/2
9/09
06/0
5/09
06/1
2/09
06/1
9/09
06/2
6/09
07/0
3/09
07/1
0/09
07/1
7/09
07/2
4/09
07/3
1/09
08/0
7/09
08/1
4/09
08/2
1/09
08/2
8/09
09/0
4/09
09/1
1/09
09/1
8/09
09/2
5/09
10/0
2/09
10/0
9/09
10/1
6/09
10/2
3/09
10/3
0/09
11/0
6/09
11/1
3/09
11/2
0/09
11/2
7/09
12/0
4/09
12/1
1/09
12/1
8/09
12/2
5/09
01/0
1/10
01/0
8/10
01/1
5/10
01/2
2/10
01/2
9/10
02/0
5/10
02/1
2/10
02/1
9/10
02/2
6/10
03/0
5/10
03/1
2/10
03/1
9/10
03/2
6/10
04/0
2/10
04/0
9/10
Spot wafer price - spot silicon price Spot cell price - spot wafer price
FG module - spot cell price WS module - FG module price
Weekly reporting of price spreads at each step of the c-Si value chain
Pri
ce in
US
$/W Illu
strativ
e data
Axes,
dates and data
removed
System price history – California large systemsSystem price history – California large systems($/W, CSI reported data, through X/X/2010)($/W, CSI reported data, through X/X/2010)
PRELIMINARY
20% increase in month to date average of $8.10/W vs. monthly average price in November of $6.77/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Note: California system price data is updated roughly every two weeks in conjunction with release of updated CSI program data.
1
$6.95
$8.31 $8.28
$6.07
$9.95
$8.10
$6.57 $7.06
n/a
$12.77
n/a
n/a
$6.88
n/a
$7.49
$8.59
$5.68 $6.74 $7.49
$4.72
$7.88 $7.76 $7.66
$8.18 $8.00
$7.13 $7.03
$7.12 $7.19
$5.86
$8.39
$6.68 $7.00
$10.34
n/a $0.00
$5.00
$10.00
$15.001-
May
8-M
ay15
-May
22-M
ay29
-May
5-Ju
n12
-Jun
19-Ju
n26
-Jun
3-Ju
l10
-Jul
17-Ju
l24
-Jul
31-Ju
l7-
Aug
14-A
ug21
-Aug
28-A
ug4-
Sep
11-S
ep18
-Sep
25-S
ep2-
Oct
9-O
ct16
-Oct
23-O
ct30
-Oct
6-No
v13
-Nov
20-N
ov27
-Nov
4-De
c11
-Dec
18-D
ec25
-Dec
1-Ja
n8-
Jan
Average Lg commercial system price
Pri
ce in
US
$/W
Weekly reporting of system price for California large systems
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
System price history – California small systemsSystem price history – California small systems($/W, CSI reported data, through X/X/2010)($/W, CSI reported data, through X/X/2010) PRELIMINARY
2% increase WoW in reported California small system prices1% decrease in month to date average of $7.46/W up 1% vs. monthly average price in December of $7.53/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Note: California system price data is updated roughly every two weeks in conjunction with release of updated CSI program data.
1
$7.87
$8.01 $7.77
$7.82 $8.04
$7.75 $8.01 $8.06
$7.66
$7.61 $8.32
$8.05
$8.19 $7.99
$7.64 $8.03
$7.83
$7.75 $7.85
$7.96
$7.79 $7.58
$7.68
$7.80
$8.13 $7.63
$7.74
$7.45 $7.58
$7.73
$7.61 $7.47
$7.73 $7.62 $7.31
$7.46
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.001-
May
8-M
ay15
-May
22-M
ay29
-May
5-Ju
n12
-Jun
19-Ju
n26
-Jun
3-Ju
l10
-Jul
17-Ju
l24
-Jul
31-Ju
l7-
Aug
14-A
ug21
-Aug
28-A
ug4-
Sep
11-S
ep18
-Sep
25-S
ep2-
Oct
9-Oc
t16
-Oct
23-O
ct30
-Oct
6-No
v13
-Nov
20-N
ov27
-Nov
4-De
c11
-Dec
18-D
ec25
-Dec
1-Ja
n8-
Jan
Average Sm commercial and residential system price
Pri
ce in
US
$/W
Weekly reporting of system price for California small systems
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
c-Si module spot price history - US wholesalec-Si module spot price history - US wholesale
($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY
Reported c-Si module US WS spot prices flat WoW1% decrease in month to date average of $2.95/W vs. monthly average price in December of $2.99/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Note: California system price data is updated roughly every two weeks in conjunction with release of updated CSI program data.
1
$3.18 $3.18 $3.22 $3.20 $3.26 $3.34 $3.27 $3.25 $3.08
$3.28 $3.04 $3.04 $3.03 $2.97 $2.97 $2.95
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
$5.5
$6.011
-Sep
18-S
ep
25-S
ep
2-O
ct
9-O
ct
16-O
ct
23-O
ct
30-O
ct
6-N
ov
13-N
ov
20-N
ov
27-N
ov
4-D
ec
11-D
ec
18-D
ec
8-Ja
n
Average c-Si
Pri
ce in
US
$/W
Weekly reporting of c-Si module spot price for US wholesale market
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
c-Si module spot price history - German wholesalec-Si module spot price history - German wholesale
(€/W, spot market, through X/X/2010)(€/W, spot market, through X/X/2010) PRELIMINARY
9% increase WoW in reported c-Si module Germany WS spot prices6% decrease in month to date average of €1.75/W vs. monthly average price in December of €1.86/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
1
€ 1.90 € 1.93 € 1.73 € 1.72
€ 1.94 € 1.72
€ 1.85 € 1.96 € 1.88
€ 1.76
€ 1.99 € 2.02 € 2.00 € 1.83
€ 1.61 € 1.75
€0.0
€0.5
€1.0
€1.5
€2.0
€2.5
€3.0
€3.509
/18/
2009
09/2
5/20
09
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
12/2
5/20
09
01/0
8/20
10
Pri
ce in
€/W
Weekly reporting of c-Si module spot price for German wholesale market
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
c-Si module spot price history - German wholesalec-Si module spot price history - German wholesale
($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY
9% increase WoW in reported WS spot c-Si module prices in Germany in USD terms8% decrease in month to date average of $2.52/W vs. monthly average price in December of $2.74/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price point assumes the FX rate that was current as of that week. For current week data, FX rate of 1 EUR=1.44 USD simple average of daily FX rate between X/X/2010 – X/X/2010 was used.
1
$2.78 $2.83 $2.53 $2.53
$2.86 $2.57
$2.76 $2.90 $2.80
$2.62
$3.03 $3.04 $2.96 $2.66
$2.31 $2.52
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.009
/18/
2009
09/2
5/20
09
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
12/2
5/20
09
01/0
8/20
10
Pri
ce in
US
$/W
Weekly reporting of c-Si module spot price for German wholesale market
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
German wholesale c-Si module price by region of originGerman wholesale c-Si module price by region of origin(€/W, spot market, through X/X/2010)(€/W, spot market, through X/X/2010) PRELIMINARY
Chinese pricing flat WoW, Japanese pricing up 24% WoW and Western pricing up 9% WoW
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
1
€ 1.57
€ 1.98
€ 1.81
€0.00
€0.50
€1.00
€1.50
€2.00
€2.50
China Japan Western
18-Sep 25-Sep 2-Oct 9-Oct
16-Oct 23-Oct 30-Oct 6-Nov
13-Nov 20-Nov 27-Nov 4-Dec
11-Dec 18-Dec 25-Dec 8-Jan
Weekly
pri
ce in
€/W
CONFIDENTIAL
Illustr
ative data
Axes,
dates and data
removed
German wholesale module price by technologyGerman wholesale module price by technology(€/W, spot market, through X/X/2010)(€/W, spot market, through X/X/2010) PRELIMINARY
a-Si (single junction) prices up 8% WoW, and c-Si prices up 9% WoW
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
1
€ 1.53
€ 1.75
€0.00
€0.50
€1.00
€1.50
€2.00
€2.50
a-Si (single junction) CdTe c-Si
18-Sep 25-Sep 2-Oct 9-Oct
16-Oct 23-Oct 30-Oct 6-Nov
13-Nov 20-Nov 27-Nov 4-Dec
11-Dec 18-Dec 25-Dec 8-Jan
Weekly
pri
ce in
€/W
CONFIDENTIAL
Illustr
ative data
Axes,
dates and data
removed
[email protected] 19CONFIDENTIAL
Chinese Tier 1 module - Germany wholesale Chinese Tier 1 module - Germany wholesale (€/W, spot, through X/X/2010)(€/W, spot, through X/X/2010) PRELIMINARY
6% WoW decrease in reported Chinese Tier 1 module WS prices in Germany 1% increase in April average of € 1.57/W vs. monthly average price in March of € 1.56/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Notes: “Chinese Tier 1” refers to the grouping of Chinese module manufacturers that includes Canadian Solar, Solarfun, Suntech, Trina and Yingli.
1
€ 1.51
€0.00
€0.50
€1.00
€1.50
€2.00
€2.50
06/0
5/09
06/1
2/09
06/1
9/09
06/2
6/09
07/0
3/09
07/1
0/09
07/1
7/09
07/2
4/09
07/3
1/09
08/0
7/09
08/1
4/09
08/2
1/09
08/2
8/09
09/0
4/09
09/1
1/09
09/1
8/09
09/2
5/09
10/0
2/09
10/0
9/09
10/1
6/09
10/2
3/09
10/3
0/09
11/0
6/09
11/1
3/09
11/2
0/09
11/2
7/09
12/0
4/09
12/1
1/09
12/1
8/09
12/2
5/09
01/0
1/10
01/0
8/10
01/1
5/10
01/2
2/10
01/2
9/10
02/0
5/10
02/1
2/10
02/1
9/10
02/2
6/10
03/0
5/10
03/1
2/10
03/1
9/10
03/2
6/10
04/0
2/10
04/0
9/10
04/1
6/10
04/2
3/10
04/3
0/10
Weekly
pri
ce in
€/W
Weekly reporting of Chinese Tier 1 modules in German wholesale market
Illustr
ative data
Axes,
dates and data
removed
Thin film module spot price history - German wholesaleThin film module spot price history - German wholesale
(€/W, spot market, through X/X/2010)(€/W, spot market, through X/X/2010) PRELIMINARY
5% increase WoW in reported TF module WS spot prices in Germany down1% decrease in month to date average of €1.53/W vs. monthly average price in December
of € 1.55/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
1
€ 1.55 € 1.60 € 1.56 € 1.62 € 1.65
€ 1.77
€ 1.56 € 1.61
€ 1.56 € 1.47
€ 1.59 € 1.64 € 1.65
€ 1.47 € 1.46 € 1.53
€0.0
€0.2
€0.4
€0.6
€0.8
€1.0
€1.2
€1.4
€1.6
€1.8
€2.009
/18/
2009
09/2
5/20
09
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
12/2
5/20
09
01/0
8/20
10
Pri
ce in
€/W
Weekly reporting of thin film spot price in German wholesale market
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
TF module spot price history - German wholesaleTF module spot price history - German wholesale
($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY
5% increase WoW in reported TF module WS spot prices in Germany3% decrease in month to date average of $2.21/W vs. monthly average price in December of $2.28/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price point assumes the FX rate that was current as of that week. For current week data, FX rate of 1 EUR=1.46 USD simple average of daily FX rate between X/X/2010 – X/X/2010 was used.
1
$2.35 $2.27$2.38 $2.43
$2.64
$2.33 $2.39 $2.32$2.19
$2.38$2.46 $2.44
$2.14 $2.10$2.21
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.009
/25/
2009
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
12/2
5/20
09
01/0
8/20
10
Pri
ce in
US
$/W
Weekly reporting of thin film spot price in German wholesale market
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
First Solar module - Germany wholesale First Solar module - Germany wholesale (€/W, spot, through X/X/2010)(€/W, spot, through X/X/2010) PRELIMINARY
Month to date average of € 1.65/W flat vs. monthly average price in December of € 1.65/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
1
€0.0
€0.2
€0.4
€0.6
€0.8
€1.0
€1.2
€1.4
€1.6
€1.808
/07/
2009
08/1
4/20
09
08/2
1/20
09
08/2
8/20
09
09/0
4/20
09
09/1
1/20
09
09/1
8/20
09
09/2
5/20
09
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
12/2
5/20
09
1/08
/201
0
Pri
ce in
€/W
Weekly reporting of First Solar module price in the German wholesale market
CONFIDENTIAL
Illustr
ative data
Axes,
dates and data
removed
[email protected] 23CONFIDENTIAL
Inverter price history - German wholesaleInverter price history - German wholesale
(€/W, spot market, through X/X/2010)(€/W, spot market, through X/X/2010) PRELIMINARY
Reported inverter WS spot prices in Germany flat WoW5% increase in month to date average of €0.41/W vs. monthly average price in March of €0.39/W
Data updated X/X2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
1
€ 0.42 € 0.42 € 0.42 € 0.42 € 0.40 € 0.42 € 0.45
€ 0.35 € 0.41 € 0.41 € 0.41 € 0.41 € 0.41
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
$0.7
$0.8
$0.9
$1.0
01/15/10 01/22/10 01/29/10 02/05/10 02/12/10 02/19/10 02/26/10 03/05/10 03/12/10 03/19/10 03/26/10 04/02/10 04/09/10
Pri
ce in
€/W
Weekly reporting of inverter prices in the German wholesale market
Illustr
ative data
Axes a
nd dates removed
[email protected] 24CONFIDENTIAL
German wholesale inverter prices by sizeGerman wholesale inverter prices by size
(€/W, spot market, through X/X/2010)(€/W, spot market, through X/X/2010) PRELIMINARY
<5 kW inverter prices flat WoW, and 10-100 kW inverter prices flat WoW
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
1
€ 0.42
€ 0.23
0.00
0.10
0.20
0.30
0.40
0.50
0.60
<5 kW 5 - 10 kW 10 - 100 kW
01/15/10 01/22/10 01/29/10 02/05/10
02/12/10 02/19/10 02/26/10 03/05/10
03/12/10 03/19/10 03/26/10 04/02/10
04/09/10
N/A
Pri
ce in
€/W
Illustr
ative data
Axes,
dates and data
removed
H H H H
c-Si module price history – factory gatec-Si module price history – factory gate($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY
4% WoW decrease in reported c-Si module FG price11% WoW decrease in month to date average of $1.89/W vs. monthly average price in December of
$2.12/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price point assumes the FX rate that was current as of that week. For current week data, FX rate of 1 EUR=1.46 USD simple average of daily FX rate between X/X/2010 – X/X/2010 was used.
1
$2.09 $2.03 $2.12 $2.19
$2.41 $2.29
$2.11 $1.99 $2.04
$2.29
$2.01 $1.98
$2.27 $2.11
$1.97 1.89
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.509
/11/
2009
09/1
8/20
09
09/2
5/20
09
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
01/0
8/20
10
Pri
ce in
US
$/W
Weekly reporting of c-Si factory gate module spot price
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
Cell price historyCell price history($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY
1% decrease WoW in reported cell pricesMonth to date average of $1.30/W flat vs. monthly average price in December of $1.30/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Assumes current daily FX rate.
1
$1.33 $1.30 $1.32 $1.27
$1.37
$1.26 $1.36
$1.25 $1.34 $1.30
$1.25 $1.31 $1.28 $1.31 $1.31 $1.30
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.609
/11/
2009
09/1
8/20
09
09/2
5/20
09
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
01/0
8/20
10
Pri
ce in
US
$/W
Weekly reporting of cell spot price
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
Wafer price historyWafer price history($/Piece, spot market, through X/X/2010)($/Piece, spot market, through X/X/2010)PRELIMINARY
4% increase WoW in reported wafer prices1% increase in month to date average of $3.11/piece flat vs. monthly average price in
December of $3.08/piece
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price point assumes the FX rate that was current as of that week. For current week data, wafer data points include 156 mm mono, 156mm multi.
1
$3.40 $3.17
$3.32 $3.32 $3.32 $3.28 $3.28
$3.66
$3.16 $3.28 $3.32 $3.43 $3.25
$3.00 $3.00 $3.11
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.009
/11/
2009
09/1
8/20
09
09/2
5/20
09
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
01/0
8/20
10
Pri
ce in
US
$/P
iece
Weekly reporting of wafer spot price
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
Wafer price historyWafer price history($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY
4% increase WoW in reported wafer prices1% increase in month to date average of $0.83/W vs. monthly average price in December of $0.82/W
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price point assumes the FX rate that was current as of that week Assume 5 inch wafer price is converted to $/W based on 2.42 Watt per wafer, and 6 inch wafer price is converted to $/W based on 3.77 Watt per wafer. Wafer data points include 156 mm mono, 156mm multi, 125 mono, 125 multi and majority of the data is 156 mm multi.
1
$0.90 $0.84
$0.88 $0.88 $0.88 $0.88 $0.88
$0.97
$0.84 $0.87 $0.88 $0.91 $0.86
$0.80 $0.80 $0.83
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.409
/11/
2009
09/1
8/20
09
09/2
5/20
09
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
01/0
8/20
10
Pri
ce in
US
$/W
Weekly reporting of wafer spot price
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
Silicon price historySilicon price history($/kg, spot market, through X/X/2010)($/kg, spot market, through X/X/2010) PRELIMINARY
8% decrease WoW in reported silicon spot prices 7% decrease in month to date average of $59/kg vs. monthly average price in December of
$59/kg
Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
1
$75 $75 $75 $75 $75$70 $70
$65$60 $60 $60 $58 $58 $60 $60
$55
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$10009
/11/
2009
09/1
8/20
09
09/2
5/20
09
10/0
2/20
09
10/0
9/20
09
10/1
6/20
09
10/2
3/20
09
10/3
0/20
09
11/0
6/20
09
11/1
3/20
09
11/2
0/20
09
11/2
7/20
09
12/0
4/20
09
12/1
1/20
09
12/1
8/20
09
01/0
8/20
10
Pri
ce in
US
$/k
g
Weekly reporting of silicon spot price
CONFIDENTIAL
Illustr
ative data
Axes a
nd dates removed
Solar UpdatesSolar UpdatesPrice
PV system installation announcements
Demand/market updates
Company/supply updates
Subscribe to Solar Updates
CONFIDENTIAL
[email protected] 31CONFIDENTIAL
Project announcement tracking methodologyProject announcement tracking methodology(Overview)(Overview) PRELIMINARY
Consistent methodology for collecting/reporting PV project announcements
Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
• Technology• Only flat-panel and flexible film photovoltaic announcements are reported• CSP or CPV not included
• Data sources• All reported projects come from either primary public sources such as company presentations and earnings transcripts or
secondary public sources such as trade/business/popular press• Public announcements frequently do not contain specific information regarding module manufacturer or system installer.
When explicit, we provide these details• To avoid potential confusion: Private/confidential data are not included in these estimates
• Volume• Project sizes are captured either explicitly from an announcement or implicitly from secondary information provided in the
announcement, such as aggregate project investment or expected output (kWh/year) of the system (labeled as “Estimate”)
• Project announcement classifications• Photovoltaic installations and supply agreements• Company guidance, specific to installation volume or revenue from installations• Utility and government RFP’s (if the technology is determined to be PV)• Various government subsidy programs
• Caveats• Many announced projects may not come to completion as they have not necessarily received financing, PUC approval or
zoning approval• Private/confidential sources typically add significantly to the overall volume of projects that we track but are not reported• Rigorous tracking process began in mid-2008. By late-2009, refined data and historical tracking of completions are planned.• Weekly installation volumes tend to be “noisy.” We recommend looking at trend at monthly intervals
• Value• Aggregated announcement volumes are not proportional to true installation volumes. Rather trends in announcement
volumes – especially monthly averages – are a more reliable lead indicator of module demand and end customer appetite for downstream PV projects
• Update schedule• The next version of this deck will be posted on Friday, May 7, 2010 by 8pm EST.
2
Example
Illustr
ative data
[email protected] 32CONFIDENTIAL
Trailing 7-day project announcementsTrailing 7-day project announcements
(MW - 04/21/10 - 04/27/10)(MW - 04/21/10 - 04/27/10) PRELIMINARY
Announced volumes down 74% WoWEquates to 425MW monthly run rate
1
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Dark blue = estimated. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined.
Data as of 04/27/2010 Next update by 05/07/2010
37
18
18
5 4 4
3 3 2 1 1 1 1 1 0 0 0 0 0 0 98
0
20
40
60
80
100
120Ita
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Example
Illustr
ative data
Data and graphics available for export
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Dark blue = estimated. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘RONA’=Rest of North America. ‘TBD’ = To Be Determined.
Trailing 30-day project announcementsTrailing 30-day project announcements
(MW - 04/21/10 - 04/27/10)(MW - 04/21/10 - 04/27/10) PRELIMINARY
CONFIDENTIAL
Data as of 04/27/2010 Next update by 05/07/2010
Example
Illustr
ative data
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Dark blue = estimated. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined.
CONFIDENTIAL
Trailing 30-day project announcementsTrailing 30-day project announcements
(MW - by market - since 03/27/10)(MW - by market - since 03/27/10) PRELIMINARY
2,400MW announced volume, 2,436MW total volume (incl. estimated volume)Equates to 29,229MW annual run rate
1
Data as of 04/27/2010 Next update by 05/07/2010
1,13
5
456
36 492
356 11
8 116 51 50 47 27 17 10 8 4 2 1 0 2,
436
0
500
1,000
1,500
2,000
2,500
3,000In
dia
ROU
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Example
Illustr
ative data
[email protected] 35CONFIDENTIAL
Trailing 30-day project announcementsTrailing 30-day project announcements
(MW - by market - since 03/27/10)(MW - by market - since 03/27/10) PRELIMINARY
India 46% of total project announcements since 03/27/10
1
Data as of 04/27/2010 Next update by 05/07/2010
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined. ‘Other’ includes ‘TBD’ projects.
India1,135MW
46%
ROUS492MW
20%
Ontario356MW
15%
Italy118MW
5%
Germany116MW
5%
Other219MW
9%
Example
Illustr
ative data
[email protected] 36CONFIDENTIAL
Trailing 30-day project announcementsTrailing 30-day project announcements
(MW - chronological - since 03/27/10)(MW - chronological - since 03/27/10) PRELIMINARY
104 project announcements since 03/27/10
1
Data as of 04/27/2010 Next update by 05/07/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Light blue = announced. Dark blue = estimated. Dotted blue divisions indicate new week. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined.
20 1 26 0 0 0 0 2 5 20 21 10 0 0 151
15 4 370 17 10 0 1 1 8 0
43 501 0 1 0 0 0 1 0 0 25
100
1,00
011 10 20 30 2
177
9050
4 080
10 360 8 0 1 0 20 5 5 2 0 0 0 0 0 1 1 1 0 1 9 0
240
20 10 2 150
0 1 2 0 2 3 4 0 1 0 1 1 18 18 1 0 3 437
0 1 0 5
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1,000
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Example
Illustr
ative data
[email protected] 37CONFIDENTIAL
Recent system price examplesRecent system price examples($/W)($/W) PRELIMINARY
1.3X range in system prices across markets and segments
1
Data as of 04/27/2010 Next update by 05/07/2010
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. ‘ROUS’= Rest of US
Country Location SegmentMeter
designation StatusSize
(MW)Price
($mln) $/W Method of Calc InstallerModule
providers TechUpdate
date
ROUS North CarolinaCommercial
rooftopCustomer Completed 0.012 $0.07 $5.83
Reported Price/Estimated
WattageVolt Energy c-Si 23-Apr
Italy Utility Announced 37.1 $167.0 $4.50Reported
Price/Reported Wattage
BP Solar 26-Apr
Example
Illustr
ative data
[email protected] 38CONFIDENTIAL
Recent system price examplesRecent system price examples($/W)($/W) PRELIMINARY
1.3X range in system prices across markets and segments
1
Data as of 04/27/2010 Next update by 05/07/2010
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. ‘ROUS’= Rest of US. Light blue = announced. Dark blue = estimated.
$5.83
$4.50
$0
$1
$2
$3
$4
$5
$6
$7
12kW c-SiComm.R.
ROUS23 Apr
37.1MWItaly
26 Apr
Example
Illustr
ative data
[email protected] 39CONFIDENTIAL
Weekly totalsWeekly totals(MW - since 11/01/2008)(MW - since 11/01/2008) PRELIMINARY
382MW of announcements last weekWeekly average of 634MW since 11/01/2008
1
Data as of 04/27/2010 Next update by 05/07/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
166 54
220
798 18
521
218
91,
022
1,12
737
715
921
920
623
319
771
51,
247
6848
624
8 606
1,04
415
798
712
6 437
194
264
376 79
059
256
971
1,06
864
5 938
452 63
813
611
71,
121
1,17
51,
117
2,62
425
334
91,
442
4038
626
0 561
200
2,96
032
321
312
275
060
314
855
384
287
2,46
675
629
898
854
841
935
132
95,
317
1,33
430
81,
519
176 38
250
0
1,000
2,000
3,000
4,000
5,000
6,000
11/0
8/08
-11/
14/0
8
11/2
2/08
-11/
28/0
8
12/0
6/08
-12/
12/0
8
12/2
0/08
-12/
26/0
8
01/0
3/09
-01/
09/0
9
01/1
7/09
-01/
23/0
9
01/3
1/09
-02/
06/0
9
02/1
4/09
-02/
20/0
9
02/2
8/09
-03/
06/0
9
03/1
4/09
-03/
20/0
9
03/2
8/09
-04/
03/0
9
04/1
1/09
-04/
17/0
9
04/2
5/09
-05/
01/0
9
05/0
9/09
-05/
15/0
9
05/2
3/09
-05/
29/0
9
06/0
6/09
-06/
12/0
9
06/2
0/09
-06/
26/0
9
07/0
4/09
-07/
10/0
9
07/1
8/09
-07/
24/0
9
08/0
1/09
-08/
07/0
9
08/1
5/09
-08/
21/0
9
08/2
9/09
-09/
04/0
9
09/1
2/09
-09/
18/0
9
09/2
6/09
-10/
02/0
9
10/1
0/09
-10/
16/0
9
10/2
4/09
-10/
30/0
9
11/0
7/09
-11/
13/0
9
11/2
1/09
-11/
27/0
9
12/0
5/09
-12/
11/0
9
12/1
9/09
-12/
25/0
9
01/0
2/10
-01/
08/1
0
01/1
6/10
-01/
22/1
0
01/3
0/10
-02/
05/1
0
02/1
3/10
-02/
19/1
0
02/2
7/10
-03/
05/1
0
03/1
3/10
-03/
19/1
0
03/2
7/10
-04/
02/1
0
04/1
0/10
-04/
16/1
0
04/2
4/10
-04/
27/1
0
Example
Illustr
ative data
[email protected] 40CONFIDENTIAL
Monthly totalsMonthly totals(MW - since 09/01/2008)(MW - since 09/01/2008) PRELIMINARY
2,222MW of announcements month-to-date in April
1
Data as of 04/27/2010 Next update by 05/07/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
264
930 1,040
1,707 1,884
1,320
2,055
2,860
1,409
2,482
3,1973,414
3,669
2,498
3,750
1,624
3,892
2,254
7,545
2,222
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000Se
p-08
Oct
-08
Nov
-08
Dec-
08
Jan-
09
Feb-
09
Mar
-09
Apr-
09
May
-09
Jun-
09
Jul-0
9
Aug-
09
Sep-
09
Oct
-09
Nov
-09
Dec-
09
Jan-
10
Feb-
10
Mar
-10
Apr-
10 th
ru
04/2
7
Example
Illustr
ative data
[email protected] 41CONFIDENTIAL
Project announcements - 2009-2010Project announcements - 2009-2010
(MW)(MW) PRELIMINARY
30.2GW of announcements in 2009; 15.9GW YTD2010
1
Data as of 04/27/2010 Next update by 05/07/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
30,161
15,912
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2009 2010 thru 04/27
Example
Illustr
ative data
[email protected] 42CONFIDENTIAL
Project announcements - 2009-2010Project announcements - 2009-2010
(MW)(MW) PRELIMINARY
15.9GW of announcements YTD2010 compared to 8.0GW in 2009 thru 04/27
1
Data as of 04/27/2010 Next update by 05/07/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
2,8602,222
8,048
15,912
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Apr-09 Apr-10 thru 04/27 2009 thru 04/27 2010 thru 04/27
Example
Illustr
ative data
[email protected] 43CONFIDENTIAL
Announcements by market - 2010Announcements by market - 2010(MW)(MW) PRELIMINARY
California, ROUS and India lead project announcements in 2010YTD
1
Data as of 04/27/2010 Next update by 05/07/2010
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined.
5,70
0
3,60
6 1,16
11,
107
680 47
8
433
405
292
212
211
207
111
100
92 80 77 66 60 51 50 36 29 25 16 10 8 5 2 1 1 1 0 0 0 0 600
15,9
12
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Calif
orni
aRO
US
Indi
aO
ntar
ioIta
lyFr
ance
Ger
man
yEu
rope
-U
nspe
c.Is
rael
Spai
nCh
ina
Afri
ca -
Uns
pec.
Bulg
aria
Dom
inic
an R
.Ja
pan
Peru
Belg
ium
Czec
h Re
publ
icM
alay
sia
Mex
ico
Paki
stan
Sout
h Ko
rea
Gre
ece
Aust
ralia
Thai
land
Tibe
tCa
pe V
erde
Taiw
anSi
ngap
ore
Vene
zuel
aM
oroc
coSr
i Lan
kaCo
sta
Rica
Hai
tiBu
rkin
a Fa
soSl
oven
iaTB
DTo
tal
Example
Illustr
ative data
[email protected] 44CONFIDENTIAL
Announcements by market - 2010Announcements by market - 2010(MW)(MW) PRELIMINARY
California represents 36% of total project announcements in 2010YTD
1
Data as of 04/27/2010 Next update by 05/07/2010
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined. ‘Other’ includes ‘TBD’ projects.
California5,700MW
36%
ROUS3,606MW
23%
India1,161MW
7%
Ontario1,107MW
7%
Italy680MW
4%
Other3,659MW
23%
Example
Illustr
ative data
[email protected] 45CONFIDENTIAL
Number of announcementsNumber of announcements(# - since 01/09)(# - since 01/09) PRELIMINARY
78 announcements month-to-date in April
1
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
Data as of 04/27/2010 Next update by 05/07/2010
57 57 5865
8678
103 105
89
128138 133
118
97
218
78
0
50
100
150
200
250
Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 thru
04/27
Example
Illustr
ative data
CONFIDENTIAL [email protected] 46
Trailing 7-day announcements by completion dateTrailing 7-day announcements by completion date(MW)(MW) PRELIMINARY
49% of announced volumes for completion in 2010, 4% in 2011, 47% undisclosed
1
Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
Data as of 04/27/2010 Next update by 05/07/2010
48
4
0 0 0 0 0
45
0
10
20
30
40
50
60
2010 2011 2012 2013 2014 2015 2016+ Undisclosed
Example
Illustr
ative data
CONFIDENTIAL [email protected] 47
Trailing 30-day announcements by completion dateTrailing 30-day announcements by completion date(MW)(MW) PRELIMINARY
9% of announced volumes for completion in 2010, 5% in 2011, 31% undisclosed
1
Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
Data as of 04/27/2010 Next update by 05/07/2010
212
130
232
0 0
100
1,000
762
0
200
400
600
800
1,000
1,200
2010 2011 2012 2013 2014 2015 2016+ Undisclosed
Example
Illustr
ative data
CONFIDENTIAL [email protected] 48
2010 announcements by completion date2010 announcements by completion date(MW)(MW) PRELIMINARY
13% of announced volumes for completion in 2010, 4% in 2011, 62% undisclosed
1
Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
Data as of 04/27/2010 Next update by 05/07/2010
2,043
6451,354
4303 127
1,480
9,830
0
2,000
4,000
6,000
8,000
10,000
12,000
2010 2011 2012 2013 2014 2015 2016+ Undisclosed
Example
Illustr
ative data
[email protected] 49CONFIDENTIAL
2010 announcements by completion date2010 announcements by completion date(MW - YTD)(MW - YTD) PRELIMINARY
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
1
15.9GW of projects in 2010YTD with 2.0GW (13%) of projects to be completed in 2010
Data as of 04/27/2010 Next update by 05/07/2010
2,043645
1,354430 3 127
1,480
9,830 15,912
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2010 2011 2012 2013 2014 2015 2016+ Undisclosed Total
Example
Illustr
ative data
[email protected] 50CONFIDENTIAL
2010 announcements by completion date2010 announcements by completion date(% - YTD)(% - YTD) PRELIMINARY
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
1
15.9GW of projects in 2010YTD with 2.0GW (13%) of projects to be completed in 2010
Data as of 04/27/2010 Next update by 05/07/2010
13%4%
9%3% 0% 1%
9%
62% 100%
0%
20%
40%
60%
80%
100%
2010 2011 2012 2013 2014 2015 2016+ Undisclosed Total
Example
Illustr
ative data
[email protected] 51CONFIDENTIAL
2009 announcements by completion date2009 announcements by completion date(MW - 01/01/09-12/31/09)(MW - 01/01/09-12/31/09) PRELIMINARY
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
1
In 2009, wide distribution of project installation year with no information available for nearly half of announced project volume
1,443
3,1791,315
3,213 563
2,810
3,0801,302
13,256 30,161
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2009 2010 2011 2012 2013 2014 2015 2016+ Undisclosed Total
Data as of 04/27/2010 Next update by 05/07/2010
Example
Illustr
ative data
CONFIDENTIAL [email protected] 52
PRELIMINARY
6% of announced volumes for completion in 2010, 1% in 2011, 32% undisclosed
1
Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
Apr 10 announcements by completion dateApr 10 announcements by completion date
(MW)(MW)
Data as of 04/27/2010 Next update by 05/07/2010
144
28
232
0 0
100
1,000
718
0
200
400
600
800
1,000
1,200
2010 2011 2012 2013 2014 2015 2016+ Undisclosed
Example
Illustr
ative data
CONFIDENTIAL [email protected] 53
Monthly announcements by completion dateMonthly announcements by completion date
(MW)(MW) PRELIMINARY
Monthly comparison of MW of announcements by completion date
1
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
Data as of 04/27/2010 Next update by 05/07/2010
182
48 1
800
0 0 0 0
1,82
9
109 25
6
58 144
58 0 0 0
784
69 83 27 2 0
538
11 0
1,75
4
269 57
0
342 54
7
0 0
500
302
667
82 89 201 55
6
0 0
1,61
0
0
875
239 35
1
1 25 0
970
67
1,00
0
1,01
6
81 191
35
241
0
291
0 0
1,66
0
75
573
102
40
380
1,01
2
0 0
1,56
7
22
670
287 44
0
6 0 0 0
199
0
529
134
60
235
3 2
480
2,44
9
0
405
315
747
194
0 0 0
593
0
966
168 31
5
1 0 25 0
6,07
0
0
144
28
232
0 0 100
1,00
0
718
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2009 2010 2011 2012 2013 2014 2015 2016+ Undisclosed
Apr 09 May 09
Jun 09 Jul 09
Aug 09 Sep 09
Oct 09 Nov 09
Dec 09 Jan 10
Feb 10 Mar 10
Apr 10
Example
Illustr
ative data
CONFIDENTIAL [email protected] 54
Monthly announcements by completion dateMonthly announcements by completion date
(% of MWs)(% of MWs) PRELIMINARY
Monthly comparison of % of announcements by completion date
1
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.
Data as of 04/27/2010 Next update by 05/07/2010
6%
2%
0%
28%
0% 0% 0% 0%
64%
8%
18%
4%
10%
4%
0% 0% 0%
56%
3% 3%
1% 0% 0%
22%
0% 0%
71%
8%
18%
11%
17%
0% 0%
16%
9%
21%
2% 3%
6%
16%
0% 0%
47%
0%
26%
7%
10%
0% 1% 0%
26%
2%
27%
28%
3%
8%
1%
10%
0%
12%
0% 0%
66%
2%
15%
3%
1%
10%
27%
0% 0%
42%
1%
41%
18%
27%
0% 0% 0% 0%
12%
0%
14%
3%
2%
6%
0% 0%
12%
63%
0%
18%
14%
33%
9%
0% 0% 0%
26%
0%
13%
2%
4%
0% 0% 0% 0%
80%
0%
6%
1%
10%
0% 0%
5%
45%
32%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2009 2010 2011 2012 2013 2014 2015 2016+ Undisclosed
Apr 09 May 09
Jun 09 Jul 09
Aug 09 Sep 09
Oct 09 Nov 09
Dec 09 Jan 10
Feb 10 Mar 10
Apr 10
Example
Illustr
ative data
Solar UpdatesSolar UpdatesPrice
PV system installation announcements
Demand/market updates
Company/supply updates
Other updates
Subscribe to Solar UpdatesCONFIDENTIAL
(Summary data)(Summary data)
__GW supply, __GW shipments, __GW installs, $__/W FG ASP, $__/W system ASP
Market price and volume data - 2009Market price and volume data - 2009ROUGH
ESTIMATES
Source: PHOTON Consulting, LLC as of January __, 2010. Note: All data are rough estimates. Demand curve components sum to a number larger than total annual installations due to work-in-progress installations. These are conservative estimates
FG module ASP System ASP Global total
Market ($/W - trailing exchange rate) (Local currency/W) ($/W - current
exchange rate)($/W - trailing exchange rate) (Local currency/W) ($/W - current
exchange rate) Installations (MW)
Belgium $4.00 € 3.05 $4.15 $7.75 € 5.90 $8.05 48Bulgaria $4.10 6.10 лв $4.25 $6.60 9.85 лв $6.85 5California (Non-Residential) $3.50 $3.50 $3.50 $6.50 $6.50 $6.50 167California (Residential) $3.70 $3.70 $3.70 $7.20 $7.20 $7.20 43China (Field) $3.60 ¥ 24.65 $3.60 $6.90 ¥ 47.25 $6.90 27China (Rooftop) N/A N/A N/A N/A N/A N/A 0Czech Republic $4.15 84.00 Kč $4.25 $7.30 147.80 Kč $7.50 51France (Field) $4.25 € 3.25 $4.45 $8.00 € 6.10 $8.35 40France (Rooftop) $4.45 € 3.40 $4.65 $9.90 € 7.55 $10.30 80Germany (Field- c-Si) $3.75 € 2.85 $3.90 $5.50 € 4.20 $5.75 10Germany (Field - non c-Si) $2.45 € 1.85 $2.50 $5.00 € 3.80 $5.20 410Germany (Rooftop) $3.90 € 2.95 $4.05 $6.45 € 4.90 $6.70 1,180Greece (Field) $4.25 € 3.25 $4.45 $9.25 € 7.05 $9.60 10Greece (Rooftop) N/A N/A N/A N/A N/A N/A 0India (Field) $3.90 INR 196 $3.95 $5.15 INR 259 $5.20 25Italy (Field) $4.20 € 3.20 $4.35 $7.40 € 5.65 $7.70 75Italy (Rooftop) $4.35 € 3.30 $4.50 $8.90 € 6.80 $9.30 200Japan $3.25 ¥308 $3.20 $6.40 ¥607 $6.30 230RONA $3.80 $3.80 $3.80 $7.60 $7.60 $7.60 160Slovakia N/A N/A N/A N/A N/A N/A 0South Korea (Large) $3.10 ₩4,311 $3.45 $5.95 ₩8,273 $6.65 260South Korea (Small) $3.75 ₩5,214 $4.20 $6.95 ₩9,664 $7.80 15Spain (Field) $4.35 € 3.30 $4.50 $7.80 € 5.95 $8.10 2,461Spain (Rooftop) $4.45 € 3.40 $4.65 $8.70 € 6.65 $9.10 50Unallocated $3.85 N/A $3.85 $8.30 N/A $8.30 446Integrated products $4.45 N/A $4.45 $10.85 N/A $10.85 150Net inventory builds N/A N/A N/A N/A N/A N/A 885GLOBAL $3.94 $4.08 $7.31 $7.57 7,028
Data are intentionally removed
CONFIDENTIAL
Illustr
ative data
Axes a
nd data removed
Data and graphics available for export
(Summary data)(Summary data)
Market price and volume data - 2009Market price and volume data - 2009ROUGH
ESTIMATES
Source: PHOTON Consulting, LLC as of January __, 2010. Note: All data are rough estimates. Demand curve components sum to a number larger than total annual installations due to work-in-progress installations. These are conservative estimates
CONFIDENTIAL
Data are intentionally removed
Illustr
ative data
Axes a
nd data removed
($/W and MW/yr)($/W and MW/yr)
__GW supply, __GW shipments, __GW installs, $__/W FG ASP, $__/W system ASP
Global demand curve - 2009Global demand curve - 2009ROUGH ESTIMATES
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Demand curve components sum to a number larger than total annual installations due to work-in-process installations. Demand curves reflect trailing six-month average exchange rates.
Data as of: __/__/2009 Next update by: 01/__/2010
Quarterly reporting of price and volume by market segment
US
$/W
CONFIDENTIAL 58
Illustr
ative data
Axes a
nd data removed
(MW/yr)(MW/yr)
3 largest markets in 2009: Germany (46%), Italy (8%) and Japan (6%)
Global installation volume by market - 2009Global installation volume by market - 2009
ROUGH ESTIMATES
Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
Data as of: 4/__/2009 Next update by: 04/2010
CONFIDENTIAL
Ger
man
y
Italy
Japa
n
Czec
h Re
publ
ic
RON
A
Inte
grat
ed P
rodu
cts
Fran
ce
Belg
ium
Calif
orni
a
Chin
a
Spai
n
Sout
h Ko
rea
Aust
ralia
Ont
ario
Indi
a
Bulg
aria
Gre
ece
Slov
akia
Una
lloca
ted
Tota
l
Illustr
ative data
Axes a
nd data removed
(Summary data)(Summary data)
__GW supply, __GW shipments, __GW installs, $__/W FG ASP, $__/W system ASP
Market price and volume data – 2010Market price and volume data – 2010ROUGH
ESTIMATES
Source: PHOTON Consulting, LLC as of January __, 2010. Note: All data are rough estimates. Demand curve components sum to a number larger than total annual installations due to work-in-progress installations. These are conservative estimates
FG module ASP System ASP Global total
($/W - trailing exchange rate) (Local currency/W) ($/W - current
exchange rate)($/W - trailing exchange rate) (Local currency/W) ($/W - current
exchange rate) Installations (MW)
Belgium $4.00 € 3.05 $4.15 $7.75 € 5.90 $8.05 48Bulgaria $4.10 6.10 лв $4.25 $6.60 9.85 лв $6.85 5California (Non-Residential) $3.50 $3.50 $3.50 $6.50 $6.50 $6.50 167California (Residential) $3.70 $3.70 $3.70 $7.20 $7.20 $7.20 43China (Field) $3.60 ¥ 24.65 $3.60 $6.90 ¥ 47.25 $6.90 27China (Rooftop) N/A N/A N/A N/A N/A N/A 0Czech Republic $4.15 84.00 Kč $4.25 $7.30 147.80 Kč $7.50 51France (Field) $4.25 € 3.25 $4.45 $8.00 € 6.10 $8.35 40France (Rooftop) $4.45 € 3.40 $4.65 $9.90 € 7.55 $10.30 80Germany (Field- c-Si) $3.75 € 2.85 $3.90 $5.50 € 4.20 $5.75 10Germany (Field - non c-Si) $2.45 € 1.85 $2.50 $5.00 € 3.80 $5.20 410Germany (Rooftop) $3.90 € 2.95 $4.05 $6.45 € 4.90 $6.70 1,180Greece (Field) $4.25 € 3.25 $4.45 $9.25 € 7.05 $9.60 10Greece (Rooftop) N/A N/A N/A N/A N/A N/A 0India (Field) $3.90 INR 196 $3.95 $5.15 INR 259 $5.20 25Italy (Field) $4.20 € 3.20 $4.35 $7.40 € 5.65 $7.70 75Italy (Rooftop) $4.35 € 3.30 $4.50 $8.90 € 6.80 $9.30 200Japan $3.25 ¥308 $3.20 $6.40 ¥607 $6.30 230RONA $3.80 $3.80 $3.80 $7.60 $7.60 $7.60 160Slovakia N/A N/A N/A N/A N/A N/A 0South Korea (Large) $3.10 ₩4,311 $3.45 $5.95 ₩8,273 $6.65 260South Korea (Small) $3.75 ₩5,214 $4.20 $6.95 ₩9,664 $7.80 15Spain (Field) $4.35 € 3.30 $4.50 $7.80 € 5.95 $8.10 2,461Spain (Rooftop) $4.45 € 3.40 $4.65 $8.70 € 6.65 $9.10 50Unallocated $3.85 N/A $3.85 $8.30 N/A $8.30 446Integrated products $4.45 N/A $4.45 $10.85 N/A $10.85 150Net inventory builds N/A N/A N/A N/A N/A N/A 885GLOBAL $3.94 $4.08 $7.31 $7.57 7,028
Data are intentionally removed
CONFIDENTIAL
Illustr
ative data
Axes a
nd data removed
($/W and MW/yr)($/W and MW/yr)
__GW supply, __GW shipments, __GW installs, $__/W FG ASP, $__/W system ASP
Global demand curve - 2010Global demand curve - 2010ROUGH ESTIMATES
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Demand curve components sum to a number larger than total annual installations due to work-in-process installations. Demand curves reflect trailing six-month average exchange rates.
Data as of: 04/__/2010 Next update by: 04/2010
Quarterly reporting of price and volume by market segment
US
$/W
CONFIDENTIAL
Illustr
ative data
Axes a
nd data removed
(MW/yr)(MW/yr)
3 largest markets in 2010: Germany ( %), Italy ( %) and Japan ( %)
Global installation volume by market - 2010Global installation volume by market - 2010
ROUGH ESTIMATES
Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
Data as of: 1/__/2009 Next update by: 01/2010
CONFIDENTIAL
Ger
man
y
Italy
Japa
n
Chin
a
Calif
orni
a
Czec
h Re
publ
ic
Fran
ce
RON
A
Belg
ium
Spai
n
Inte
grat
ed P
rodu
cts
Ont
ario
Indi
a
Uni
ted
King
dom
Bulg
aria
Gre
ece
Sout
h Ko
rea
Taiw
an
Slov
akia
Isra
el
Aust
ralia
Una
lloca
ted
Tota
l
Illustr
ative data
Axes a
nd data removed
Solar UpdatesSolar UpdatesPrice
PV system installation announcements
Demand/market updates
Company/supply updates
Subscribe to Solar Updates
CONFIDENTIAL
(Thousand tons - Bottom up)(Thousand tons - Bottom up)
2010 silicon production bottom-up estimate for top 10 companies: __ thousand tons
Silicon production (2010)Silicon production (2010)ROUGH ESTIMATE
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. This slide reflects PHOTON Consulting’s most up-to-date company by company supply projections for 2010 and may not match supply data in other sections because of differing slide update frequencies (monthly vs. quarterly).
Data as of: 01/__/2010 Next update by: 02/2010
Hemlock Wacker OCI GCL REC Tokuyama MEMC M.Setek Mitsubishi Daqo Total 10 largest
producers
20
40
60
80
100
120
140
Pro
du
cti
on
in
th
ou
san
d t
on
s
CONFIDENTIAL
Illustr
ative data
Axes a
nd data removed
(MW - Bottom-up)(MW - Bottom-up)
2010 wafer production bottom-up estimate for top 20 companies: __GW
Wafer production (2010)Wafer production (2010)ROUGH ESTIMATE
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. This slide reflects PHOTON Consulting’s most up-to-date company by company supply projections for 2010 and may not match supply data in other sections because of differing slide update frequencies (monthly vs. quarterly).
Data as of: 01/__/2010 Next update by: 02/2010
LDK
Sola
r
REC
Sola
rWor
ld
Ying
li
Rene
Sola
MEM
C
GCL
M.S
etek
Trin
a
JingL
ong
PV C
ryst
alox
Jinko
Sol
ar
Nex
olon
Sola
rgig
a
Ever
sol (
Gin
tech
)
Chan
gzho
u Eg
ing
Gre
en E
nerg
y Te
chno
logy
SAS
Spac
e En
ergy
Long
i Sili
con
Tota
l - to
p 20
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Pro
du
cti
on
in
MW
CONFIDENTIAL
Illustr
ative data
Axes a
nd data removed
(MW - Bottom-up)(MW - Bottom-up)
2010 c-Si cell production bottom-up estimate for top 20 companies: __GW
Cell production (2010)Cell production (2010)ROUGH ESTIMATE
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. This slide reflects PHOTON Consulting’s most up-to-date company by company supply projections for 2010 and may not match supply data in other sections because of differing slide update frequencies (monthly vs. quarterly).
Data as of: 01/__/2010 Next update by: 02/2010
Sunt
ech
Ying
li
Q-C
ells
JA S
olar
Mot
ech
Shar
p
Trin
a
SunP
ower
Gin
tech
Sola
rfun
Sola
rWor
ld
Cana
dian
Sol
ar
Kyoc
era
Chin
a Su
nerg
y
E-To
n
Nin
gBo
Sola
rEle
ctric RE
C
Sany
o
Chan
gzho
u Eg
ing
Neo
Sol
ar
Tota
l - to
p 20
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Pro
du
cti
on
in
MW
CONFIDENTIAL
Illustr
ative data
Axes a
nd data removed
(MW - Bottom-up)(MW - Bottom-up)
2010 c-Si module production bottom-up estimate for top 20 companies: __GW
c-Si module production (2010)c-Si module production (2010)PRELIMINARY
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. This slide reflects PHOTON Consulting’s most up-to-date company by company supply projections for 2010 and may not match supply data in other sections because of differing slide update frequencies (monthly vs. quarterly).
Data as of: 01/__/2010 Next update by: 02/2010
Sunt
ech
Ying
li
Shar
p
Trin
a
SunP
ower
Cana
dian
Sol
ar
Sola
rfun
Sola
rWor
ld
Kyoc
era
LDK
Sola
r
REC
Sany
o
Nin
gbo
Sola
rEle
c-tr
ic
Solo
n
Chan
gzho
u Eg
ing
Aleo
Ever
gree
n
Mits
ubis
hi E
lect
ric
Erso
l
Hyun
dai H
eavy
In
dust
ries
Tota
l - to
p 20
2,000
4,000
6,000
8,000
10,000
12,000
Pro
du
cti
on
in
MW
CONFIDENTIAL
Illustr
ative data
Axes a
nd data removed
(MW - Bottom-up)(MW - Bottom-up)
2010 thin film module production bottom-up estimate for top 20 companies: __GW
Thin film module production (2010)Thin film module production (2010)ROUGH ESTIMATE
Source: PHOTON Consulting, LLC. Note: All data are rough estimates. This slide reflects PHOTON Consulting’s most up-to-date company by company supply projections for 2010 and may not match supply data in other sections because of differing slide update frequencies (monthly vs. quarterly).
Data as of: 01/__/2010 Next update by: 02/2010
Firs
t Sol
ar
Shar
p
ECD
Sunfi
lm
Tron
y
Kane
ka
Nex
Pow
er
Sign
et
Soly
ndra
Mas
dar P
V
Mits
ubis
hi H
eavy
Indu
strie
s
Auria
ENN
Sol
ar
Sun
Wel
l
Mos
er B
aer
Erso
l
Best
Sol
ar
Scho
tt
Astr
oner
gy
Solib
ro
Tota
l - T
op 2
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Pro
du
cti
on
in
MW
CONFIDENTIAL
Illustr
ative data
Axes a
nd data removed
Solar UpdatesSolar UpdatesPrice
PV system installation announcements
Demand/market updates
Company/supply updates
Subscribe to Solar Updates
CONFIDENTIAL
[email protected] 70CONFIDENTIAL
Solar Updates:Solar Updates:Critical PV information at your fingertipsCritical PV information at your fingertips
PRELIMINARY
Solar Updates: Critical PV information at your fingertips
Source: PHOTON Consulting, LLC. Note: All data are rough estimates.
To subscribe to Solar Updates, please visit: http://www.photonconsulting.com/solarupdates/index.php
For more information or to contact at PHOTON Consulting representative:
• Website: www.photonconsulting.com/solarupdates• Email: [email protected] • Phone: +1-617-262-5701
2
© PHOTON Consulting, LLC 2010.Neither this publication nor any portion hereof may be reprinted, sold or redistributed without written consent. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject PHOTON Consulting, LLC (“PHOTON Consulting”) to any additional registration or licensing requirement within such jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable. Such information has not been independently verified and we make no representations or warranty as to its accuracy, completeness or correctness. Any opinions or estimates herein reflect the judgment of PHOTON Consulting at the date of publication and are subject to change at any time without notice. This is not a solicitation or any offer to buy or sell. This publication is for information purposes only and is not intended to provide professional, investment or any other type of advice or recommendation. PHOTON Consulting does not accept any responsibility and cannot be held liable for any person’s use of or reliance on the information and opinions contained herein.
CONFIDENTIAL
This sample information file is designed to demonstrate the sample data in the Solar Updates product. Data in
Solar Updates may be different from this sample information file. Some data and Y-axes in this file were
intentionally removed. This is a subset of the Solar Updates product for marketing purposes only.
This document is confidential.Please do not forward or share it in any form.