Market Intelligence Report

SOLAR
March 23, 2015

Category Title Link

Industry News Solar Quarterly Market Update A Strong Year Ahead For Global Solar Installations http://bit.ly/mercomsqmu

Key Findings:
Solar industry will continue to grow in 2015 with installations reaching approximately 54.5 GW
Solar installations in China failed to reach its goal of 13 GW in 2014 and came in at 10.6 GW
Japan is forecasted to have installed approximately 9 GW in 2014 and 2015 installations are expected to be in the
similar range barring any more negative developments

The U.S. solar market continues to grow at an impressive pace with more than 6 GW installed in 2014 and over 8.5
GW of installations forcasted for 2015
After a very strong first half of 2014 for PV installations, the U.K. solar market fizzled out towards the end of the
year with approximately 2.2 GW of total installations
Germany installed just 1.9 GW of solar in 2014, its lowest installation total in five years. Installation levels are
forecasted to be similar in 2015 primarily due to the fall in incentives
Indian solar installations in calendar year 2014 totaled 883 MW, down slightly compared to 1,004 MW installed in
2013. 2015 forecast for solar installations in India is approximately 1,800 MW

According to Mercom Capital Group, llc, based on extensive research and our
diligent analysis of the solar market, we believe that the solar industry will continue
to grow in 2015 with installations reaching approximately 54.5 GW. These figures
could fluctuate based on policy implementations in some of the major markets.
Financial institutions world-wide have become comfortable investing in solar,
opening up the capital markets avenue for the industry that didnt exist during
recession years. Project funding, debt and public market financing levels were at
their highest in 2014. New funding mechanisms like Yieldcos and third-party
leases have now spread globally, helping bring down the cost of financing and
also attracting new streams of funding into the sector.

Actual installation numbers for 2014 are starting to trickle in and China recently
reported installation figures of 10.6 GW which implies that it missed its installation
goal of 13 GW by more than 2 GW. This will have implications on total global
installations when all is said and done. China also revised its 2013 actual
installation figures down from 12.9 GW to 10.95 GW, meaning China experienced
negative growth in 2014 barring any additional revisions to the actual numbers.

It is concerning that installation numbers can be revised to such an extent after more than a year, and it raises the question of quality and accuracy of the data.
China recently floated a draft proposal targeting installations of 17.8 GW in 2015. It is a very aggressive target and installations have to grow almost 70 percent
from last year. The European solar market continues to shrink with Germany installing only 1.9 GW in 2014 and similar numbers expected in 2015. The U.K.
was the most active with 2.2 GW installed in 2014 and 2.9 GW forecasted in 2015. Japan is running into some strong headwinds in 2015 with grid issues
leading to solar power output curtailment and the upcoming downward revision of its Feed-in Tariff. Japanese installations are forecasted to peak this year at
approximately 9 GW.
The U.S. solar market is forecasted to grow at a rapid pace in 2015 and reach more than 8.5 GW as installations accelerate with the looming investment tax
credit (ITC) expiration deadline at the end of next year. U.S. trade disputes with China remain a thorn for the solar sector in 2015. India failed to reach the GW
mark in 2014 but is expected to double in size to about 1.8 GW in 2015. Overall, we are predicting another solid year for the global solar industry.

China: Solar installations in China failed

to reach its goal of 13 GW in 2014 and
came in at 10.6 GW. The slowdown was
expected as only 3.3 GW was installed
in the first half of 2014, and the
installation goal was accordingly
reduced from 14 GW to 13 GW. With
Chinas history of meeting or exceeding
goals, there was hope in the market that
installation levels would be met. Of the
10.6 GW, distributed PV installations
only amounted to 2.05 GW against a
steep target of 8 GW, whereas large-
scale projects accounted for 8.55 GW
and exceeded the goal of 6 GW. The
overly aggressive target of installing 8
GW of distributed PV was earlier
predicted to be a problem as the
National Energy Administration (NEA)s
comprehensive 15-point policy initiative
to support distributed generation (DG),
was issued a little too late to have any
meaningful impact on 2014 installations.

NEAs latest released target is 17.8 GW for 2015. It is a very aggressive target and installations have to grow almost 70 percent from 10.6 GW last year. NEA
in 2014 raised the installation target several times before lowering it but still failed to achieve the set goal. Another announcement by the NEA, which garnered
little notice, restated the 2013 installation figures to 10.95 GW down from 12.9 GW, meaning installations actually fell year-over-year. It is concerning that
installation numbers can be revised to such an extent after more than a year, raising the question as to the quality and accuracy of data reported, not-to-
mention the eventual 2014 installation numbers.

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 Market Intelligence Report
SOLAR
March 23, 2015

Category Title Link

Continued Solar Quarterly Market Update A Strong Year Ahead For Global Solar Installations http://bit.ly/mercomsqmu

Looking at the Chinese solar market in 2015, policies and incentives are in place to where 14 GW to 15 GW of installations are conceivable. A comprehensive
list of supportive policies around DG was announced in the third quarter of last year (see Mercoms September market update for details). One of the more
important steps taken was to allow DG projects to sell power to the grid at the same tariff as utility-scale projects at CNY0.90 (~$0.15)/kWh CNY1.00
(~$0.16)/kWh.

Several local provinces and cities like Jiangsu, Anhui, Zhejiang, and Shandong, among others provide incentives in addition to the national incentives making
the projects more attractive. According to Xinhua Finance Agency, a new policy proposal, Renewable Energy Power Quota Trial Assessment Method, has
been recently submitted to the State Council for approval. This is basically a Renewable Purchase Obligation mechanism that would set specific solar and wind
quotas to be purchased by utilities. If this policy is approved, it would be a major boost for the renewable sector and could further accelerate installations.

Air pollution continues to drive Chinas environmental policies of which clean power generation is a big part. A study conducted jointly by NRDC, Chinese
Academy for Environmental Planning, National Climate Center and China Coal Research Institute, said that that an estimated 670,000 deaths in 2012 were
due to coal consumption and smog-related diseases like heart disease, stroke and lung cancer. This puts perspective on the magnitude of environmental
problems that China is facing. The Chinese Ministry of Environmental Protection in a report this year criticized the air quality in most Chinese cities. Of the 74
cities that were included in the pilot study, only eight met the 2014 national standard for clean air. According to local media sources, China is planning even
tougher pollution controls and heavier fines in its next update of the pollution law. As we covered in our last report, China has pledged to reach an emissions
peak around 2030 with non-fossil fuels making up 20 percent of the energy generation mix. All of these factors have made renewable forms of energy a vital
component of the Chinese economy for years to come.

Japan: Sentiments on the Japanese

solar market have shifted as some of the
recent news and policy announcements
are deemed negative. Japan is
forecasted to have installed
approximately 9 GW in 2014 and is
expected to be in a similar range for
2015 installations barring any more
negative developments.

In September 2014, several grid operators shut off renewable power connections due to grid issues. In December 2014, the Ministry of Economy, Trade and
Commerce (METI) conducted a study pointing out seven utilities in Japan lacking transmission capacity to absorb all of the solar power generated by projects
via the Feed-in-Tariff (FiT). The report mentioned that these utilities could only absorb 58 percent of the total solar power generation available.

After METIs report, the Agency for

Natural Resources and Energy (ANRE)
issued a revision to the current system
of grid connection and the FiT scheme.
Some of the proposals include: Solar
power output curtailment of up to 30
days for projects 500 kW has now
been revised to a maximum of 360
hours of curtailment a year without
compensation and is now applicable to
projects 500 kW. Another revision
applying to specific utilities of Hokkaido,
Tohoku, Shikoku, Okinawa, Hokuriku,
Chugoku and Kyushu Electric, states
that solar project operators are subject
to curtailment without compensation
when power generation exceeds grid
capacity for up to 30 days. In both cases
inverters are now mandated to have a
remote control mechanism for utilities to
manage curtailment.

METI just announced the revised FiT for FY 2015. The new tariff for projects >10kW (mostly commercial) will be reduced in two phases the tariff will be
reduced to 29 (~$0.24)/kWh starting April 1 and will be reduced again July 1 to 27 (~$0.22)/kWh. The total reduction in tariff amounts to 15.6 percent year-
over-year. The new tariff for projects <10kW is set at 33 (~$0.27)/kWh (for projects without curtailment compatible equipment installation obligation) and 35
(~$0.28)/kWh (for projects with curtailment compatible equipment installation obligation). The curtailment equipment obligation rates to the above mentioned
provision are specific to Hokkaido, Tohoku, Shikoku, Okinawa, Hokuriku, Chugoku and Kyushu Electric utilities.

METIs grid connection timeline and other implementation details are also stricter, and all efforts are being made to eliminate projects that are not active from
the project pipeline. All these developments point to the fact that the Japanese solar market may have reached its peak and 2015 may be the last good year
before installations start to decline.

Click here to obtain a copy of Solar Funding and M&A Fourth Quarter & Annual 2014 Report - http://bit.ly/MercomSolarQ42014

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 Market Intelligence Report
SOLAR
March 23, 2015

Category Title Link

Continued Solar Quarterly Market Update A Strong Year Ahead For Global Solar Installations http://bit.ly/mercomsqmu

United States: The U.S. solar market continues to grow at an impressive pace with more than
6 GW installed in 2014 and over 8.5 GW of installations forcasted for 2015. The federal
Investment Tax Credit (ITC) of 30 percent, the primary catalyst of the solar growth, is set to
expire in 2016 and drop to 10 percent unless there is a major upset in the elections next year.
2016 will undoubtedly be a big year for solar due to the expected installation rush before the
ITC expiration, but the push for installations has already begun. This is largely driven by a
strong push for tax equity fundraising by third-party solar lease firms, and the implementation of
Yieldco structures as companies try to tap lower solar financing costs and capital markets for
additional financing. With financing costs making up a significant portion of a project lifetime
cost and with the Federal Reserve expected to begin raising interest rates in the second half of
the year, reducing financing costs will become even more important to maintain healthy internal
rate of return (IRRs).

The Environmental Protection Agency's Mercury and Air Toxics Standards (MATS) takes effect this year and is another long-term positive for the industry,
especially for utility-scale projects. The U.S. Energy Information Administration (EIA) is expecting at least 13 GW of coal-fired generation to retire in 2015.
MATS mandates stricter emissions standards on coal power plants which adds additional expense as power plants retrofit to meet the new standards, in turn
making a lot of coal plants economically unviable. According to the EIA, almost 60 percent of new generation in 2015 is expected to come from wind and solar.

There is still no end to trade wars as the US International Trade

Commission (USITC) determined in January that solar products from China
with Taiwanese components have caused material injury. As a result of the
USITCs determinations, the U.S. Department of Commerce will issue
countervailing duty orders on imports of solar products from China and
antidumping duty orders on imports of these products from China and
Taiwan. Tariffs were set in December of last year, and the final anti-
dumping rates for Chinese panel imports were in the 26.71-78.42 percent
range and duties for Taiwanese solar imports were in the 11.45-27.55
percent range. Anti-subsidy rates of 27.64-49.79 percent were also
imposed on Chinese modules.

United Kingdom: After a very strong first half of 2014 for PV installations, the U.K. solar
market fizzled out towards the end of the year with approximately 2.2 GW of total installations.
The U.K. solar market in 2014 was largely driven by Renewables Obligation Certificates (ROC)
for projects larger than 5 MW. As the Department of Energy and Climate Change (DECC)
decided to end the ROC after April 2015, an installation rush is expected in the first quarter
which might make up the majority of installations in 2015. With the end of ROC, the focus will
shift to smaller projects that are incentivized through the FiT program.

A new auction mechanism called Contracts for Difference (CFD) will

replace ROC for projects greater than 5 MW. Solar will have to compete
with other technologies like wind. In the first CFD auction held last month,
solar won five projects for a total of 72 MW of which 32 MW is scheduled to
be completed in 2015. This will likely be the best year for solar in the U.K.,
and decline thereafter.

Germany: Germany installed just 1.9 GW of solar in 2014, its lowest

installation total in five years. Installation levels are forecasted to be similar
in 2015 primarily due to the decline in incentives. Under the Renewable
Energy Sources Act (EEG) 2014, which took effect from August 1, 2014,
most renewable energy projects will not receive a FiT.

Instead, generators will be required to sell renewable power directly to the market
for which they will receive a market premium (premium paid on top of the market
price for power). For PV projects >500 kW, the premium is set at 0.39/kWh
(~$0.41/kWh) above the FiT rate from January to March 2015. Projects <500 kW
continue to receive a FiT based on degression rates. Small-scale projects (<500
kW) will continue to receive a FiT until 2015 and projects <100 kW thereafter.

Large-scale ground-mounted solar projects will be selected through an auction

starting in April. Auctions totaling 500 MW are scheduled to be held this year, 400
MW in 2016 and 300 MW in 2017. The lowest bids will win projects, similar to
auctions held in India, South Africa and the U.K. The EEG also includes a
renewables surcharge on self-consumption for projects commissioned after
August 1, 2014. The surcharge will be implemented in phases: 30 percent in 2015,
35 percent in 2016, and 40 percent in 2017 and thereafter. Small systems of <10
kW will be exempt from the EEG surcharge.

India: Indian solar installations in calendar year 2014 totaled 883 MW, down
slightly compared to 1,004 MW installed in 2013. The Indian solar industry
remains positive as more and more solar programs are announced and the
installation goal continues to rise. Our 2015 forecast for solar installations in India
is a lot brighter at approximately 1,800 MW. Click here for complete India update
http://bit.ly/MercomIndiaFeb2015. Source: Mercom Capital Group, llc, Mar 2015

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 Market Intelligence Report
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March 23, 2015

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Industry News Japan Approves 16% Solar-Tariff Cut on Falling Costs From July 2015 http://bit.ly/mercommeti

Japan just announced the revised FiT for FY 2015. The new tariff for projects >10kW (mostly commercial) will be reduced in two phases the tariff will be
reduced to 29 (~$0.24)/kWh starting April 1 and will be reduced again July 1 to 27 (~$0.22)/kWh. The total reduction in tariff amounts to 15.6 percent year-
over-year. The new tariff for projects <10kW is set at 33 (~$0.27)/kWh (for projects without curtailment compatible equipment installation obligation) and 35
(~$0.28)/kWh (for projects with curtailment compatible equipment installation obligation). The curtailment equipment obligation rates to the above mentioned
provision are specific to Hokkaido, Tohoku, Shikoku, Okinawa, Hokuriku, Chugoku and Kyushu Electric utilities. Source: METI, Mercom Capital Group, Mar 19

Industry News China Sets Solar Installation Target of 17.8 GW for 2015 http://bit.ly/mercomnea

Chinas latest released solar installation target is 17.8 GW for 2015, unlike last year the installation goal has not been broken down into distributed and large-
scale projects in this announcement. It is a very aggressive target and installations have to grow almost 70 percent from 10.6 GW last year. NEA in 2014
raised the installation target several times before lowering it but still failed to achieve the set goal. Another announcement by the NEA. Solar installations in
China failed to reach its goal of 13 GW in 2014 and came in at 10.6 GW. Source: NEA, Mercom Capital Group, Mar 16

Industry News Belgium Installed 65 MW of Solar PV in 2014 http://bit.ly/merocmbspvc

Belgiums cumulative installed solar PV capacity surpassed 3,105 MW at the end of June 2014, according to provisional statistics released by Belgian
renewable energy association Apere. The country installed only 65 MW of new PV capacity last year. Of this PV power, 33 MW was installed in The French-
speaking region of Wallonia, while 31 MW was installed in the Flemish-speaking region of Flanders. The region of Brussels added only 250 kW of PV systems
in 2014. The vast majority of the PV capacity deployed in the country is represented by 355,800 residential PV systems. Each of Belgiums three regions has
their own individual incentive schemes, and each region has its own regulations for solar. Source: Apere, Photon, Mar 19

Industry News Spot Photovoltaic Module Price Trends for February 2015 in Europe http://bit.ly/mercompvX

Planned increase in the minimum import price undermines confidence in the European market.
Despite relatively mild temperatures, PV demand in Europe has not quite hit its stride yet.
March saw a slight price increase for modules from all regions of origin. That was primarily
down to the weak euro. Nevertheless, a general shortage of cheap Asian goods is discernible.
In Germany, despite the weakening market, a rise in feed-in tariffs for PV is nowhere in sight.
Over the past half year, less than 100 MW of capacity a month has been installed. This
represents a significant shortfall from the planned expansion corridor and should actually trigger
an immediate rise in the feed-in tariff. This is sure to be a topic of discussion over the next few
weeks.
February has already seen lively debate over Chinese solar producers such as Canadian Solar, ET Solar, and ReneSola. The EU Commission has accused
these manufacturers of evading a negotiated agreement between China and the EU aimed at avoiding a rise in import duty. The companies under fire have
reacted very differently to the accusations, from outright denials to disinterested shrugs. ReneSola, for instance, has announced that it wants to pull out of the
agreement altogether and simply accept the duty on Chinese goods. The company already manufactures its goods outside of China anyway, and a vanishingly
small proportion of its solar panels are bound for the European market. Moreover, dropping the agreement would in many respects make life easier for the
company. Other producers will likely soon follow suit.
In addition, rumors that the minimum import price (MIP) will be raised by three euro cents to the original level of 0.56 (~$0.6)/W are solidifying. Against this
backdrop, Chinese manufacturers in particular have announced price increases of up to ten percent. It is obvious, however, that the European market could
not handle a general price increase in the single- to double-digit percentage range.The solar industry must once again come together in a concerted effort and
send a clear signal to the European Commission and the European Parliament that the minimum import price and the volume cap must be scrapped and anti-
dumping measures done away with before it is too late. Source: pvXchange, Mercom Capital Group, llc, Mar 2015

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Industry News Italy May Have Installed Just 385 MW of PV in 2014

Italian renewable energy association, Anie Energia revealed that Italys installed solar PV capacity reached 18,325 MW as of the end of December 2014. This
means that Italy has added new solar PV systems with a combined capacity of 385 MW last year, significantly down from approximately 2 GW in 2013. The
vast majority of the 50,571 solar PV systems installed in Italy last year are residential installations. Of the newly installed capacity, 123.6 MW comes from solar
PV systems with a power between 3 kW and 6 kW, while 97.98 MW comes from solar PV systems ranging from 20 kW to 200 kW. Around 60% of the solar
PV capacity installed in 2014 is represented by solar PV systems with a capacity of up to 20 kW. Under the five Conto Energia incentive programs, Italian
energy agency GSE granted incentives to 550,074 PV projects with a total power of 17.62 GW. Hence, around 700 MW of PV capacity was installed in Italy
without incentives. Source: Anie Energia, Photon, Mar 17

Industry News Malaysia Has Installed 188 MW of Solar PV as of March This Year http://bit.ly/mercommipvc

Approximately 187.5 MW of operational PV capacity had been

installed under Malaysia's FIT scheme as of March 20, 2015,
according to the countrys Sustainable Energy Development
Authority (SEDA). As of February 20, 2015, the countrys
installed PV capacity stood at 179.9 MW. The total amount of
renewable energy power installed under the FIT scheme,
which allocates incentives for solar, biogas, biomass and
small-hydro projects has reached 275.7 MW. SEDA also
reports that there are currently 51.5 MW of PV projects under
development through the FIT scheme. Of this capacity, 21.2
MW was approved in 2015, 25.8 MW in 2014 and 4.4 MW in
2013. Source: SEDA, Photon, Mar 23

Industry News US Installed 16 MW of Large Scale Solar Projects in February 2015 http://bit.ly/MercomFERC

A total of 16 MW from 8 large scale solar projects were

connected to the grid in the US in February 2015, Cumulative
installations up to February 2015 totaled 68 MW from 13 large
scale solar projects, compared to 437 MW connected in the
same period last year. Among new generation connected from
large scale energy projects in February 2015 solar is behind
Wind (21 MW). Solar Generation Highlights:

OCI Alamo 5.5 MW OCI Alamo 3 Solar Project in Bexar County, Texas is online. The power generated is sold to CPS Energy under long-term contract
Citizen Solar has four solar projects that came online in Georgia: 1) 1.3 MW Cook County project in Cook County; 2) 1 MW Goosby project in Terrell County;
3) 1 MW Terrell County Industrial Project in Terrell County; and 4) 1.8 MW Taylor County Industrial Project in Taylor County
Source: FERC, Mar 2015

Industry News Portugal Installed 115 MW of Solar PV in 2014 http://bit.ly/mercomdgeg

Portugal registered 21 MW of new PV capacity in December, according to the latest data from the Portuguese Directorate General for Geology and Energy
(DGEG). The country added 47 MW in the previous month and no PV capacity in December 2013. Portugal had 414 MW of cumulative installed PV capacity at
the end of December. Of this capacity, 157.5 MW came from micro-production PV installations (systems up to 250 kW). Portugal added 115 MW of PV
systems in 2014, significantly up from 55 MW in 2013. At the end of December 2014, the country had more than 11.60 GW of installed renewable energy
capacity. Source: Photon, DGEG, Mar 23

Funding News RET Capital Announces $200 Million in Financing for Four Solar Projects in North America http://bit.ly/mercomretsp

Renewable Energy Trust Capital, an investment firm, announced the close of over $200 million in financing for four solar projects in the U.S. and Canada.The
independent renewable finance platform focused on lowering the cost of capital for renewable energy developers and other industry stakeholders closed a
C$115 million (~$90.88 million) non-recourse debt to support the acquisition of two solar facilities in Ontario, Canada. The company closed a non-recourse
term loan, fixed rate notes and letter of credit facility in December 2014 with NORD/LB Norddeutsche Landesbank Girozentrale in Hannover and
Massachusetts Mutual Life Insurance Company (MassMutual), securing a total of C$115 million (~$90.88 million) in financing to acquire the 12.6 MW
DiscoveryLight and 14.2 MW FotoLight projects from Canadian Solar.
The projects provide power to the Ontario Power Authority under 20-year feed-in-tariff contracts. RET Capital also announced that it had closed two additional
non-recourse debt financings, totaling $121 million related to the acquisition of two solar facilities in California representing more than 44 MW. Source: RET
Capital, Mar 20

Industry News MASEN Issues Request for Proposal for 50 MW Solar PV Project in Morocco http://bit.ly/mercommrfps

The Moroccan Agency for Solar Energy (MASEN) has issued an Request for Proposal (RfP) for the construction of a 50 MW PV project in Morocco. The
project will be developed in Ourazazate, southern Morocco, where MASEN has already developed large-scale solar projects. In mid-February, MASEN
confirmed the five sites that will be used for a 2 GW solar project being developed as part of Moroccos national solar plan. One of the five sites is in
Ouarzazate, while the other four are located near Midelt, Tata, El-Aain and Cape Bojador. Le Matin, MASEN chose these five locations because they are
subject to high levels of solar radiation.
The Midelt and Tata sites replace two previously announced sites in Ain Beni Mathar and Sebkha Tah. These two new sites will each host approximately 500
MW of solar capacity. The pre-qualification process to select developers for the two new sites will begin later this year. The entire 2 GW Noor project is due to
be completed by 2020. The Ouarzazate project is already under development and will host 510 MW of installed solar capacity. The El-Aaiun site will host 500
MW, while the Cape Bojador site will host 100 MW. Source: Photon, LUsine Nouvelle, Mar 20

Click here to obtain a copy of Solar Funding and M&A Fourth Quarter & Annual 2014 Report - http://bit.ly/MercomSolarQ42014

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Company News JinkoSolar and DuPont Signs Strategic Collaboration Agreement http://bit.ly/mercomjdpc

JinkoSolar, a vertically integrated manufacturer of silicon ingots, wafers and PV cells and modules, announced that it has signed a strategic collaboration
agreement with DuPont, a solar equipment provider, which reflects the companies interests in furthering the growth and adoption of efficient and reliable solar
generated electricity. Areas of potential collaboration include technical development efforts to support continued improvements in the efficiency, durability and
reliability of solar cells and panels, including through development and supply of advanced materials including DuPont Solamet PV19x series PV metallization
pastes and DuPont Tedlar polyvinyl fluoride films, as well as co-marketing collaborations aimed at promoting the broader and faster adoption of solar energy to
help address the world's growing energy needs. Source: JinkoSolar, Mar 20

Company News CBD Energy Renamed as BlueNRGY Group http://bit.ly/mercomcbdnc

CBD Energy, a solar installer, announced that it will change its name to BlueNRGY Group. The name change was approved by the Company's shareholders at
an extraordinary general meeting held on March 12, 2015 and will be effected as soon as the Australian Securities and Investments Commission (ASIC)
records the change in the Company's registration. However, the Company will immediately begin doing business as BlueNRGY Group (BlueNRGY) while the
ASIC action is pending. Source: CBD Energy, Mar 19

M&A News Solarwatt Acquires Centrosolar's French Subsidiary http://bit.ly/mercomswacf

Solarwatt, a German based solar module manufacturer, has completed the acquisition of the French subsidiary of insolvent Centrosolar, a German PV
manufacturer and solutions provide. The financial terms of the transaction were not disclosed. The company will now be renamed Solarwatt France. Solarwatt
signed a preliminary agreement to acquire Centrosolars Benelux-based and French subsidiaries in June 2014. Source: Solarwatt, Mar 19

Industry News HB 3328/SB1879 Offers a Comprehensive Plan for Illinois Energy Future http://bit.ly/mercomhbcp

Legislation being introduced in the Illinois General Assembly will expand support for renewable energy in Illinois and ensure that energy consumers and the
state economy will continue to benefit from affordable power, a more secure and resilient grid and innovation that is establishing Illinois as a leader for a
greener, cleaner future. The legislative proposal includes measures to strengthen the security and resiliency of the grid, the construction of microgrids,
community solar projects and the expansion of energy efficiency programs.

Accessible, Affordable Solar Power for the Community: While current Illinois law allows homeowners to generate their own solar power and sell excess
power back to the grid, apartment dwellers and others without suitable space or those who cant afford the investment cannot enjoy the benefits of owning
renewable generation. ComEds legislative proposal would expand access to solar power to all types of homeowners from all income levels by encouraging
development of community solar projects.

Refining the Renewable Portfolio Standard for a Greener Energy Future: The legislation refines the State of Illinois existing renewable portfolio standard
to better serve as a viable solution for ensuring a green energy future in our state. Specifically, the amendment refines the Illinois Renewable Portfolio standard
established in 2007 to better incorporate what has been learned over the last eight years, including the impacts of municipal aggregation. The legislation will
release funds available for investment in wind and solar energy. It also will ensure that the Illinois Power Agency (IPA) will procure renewable energy credits for
customers who receive energy supply from a utility and for the majority of residential customers who receive energy supply from an Alternative Retail Electric
Supplier (ARES). Source: ComEd, Mar 19

M&A News Alternate Energy Acquires Risource Energy http://bit.ly/mercomaeare

Alternate Energy, Honolulu-based solar project developer, has acquired Risource Energy, a solar project developer. Terms of the deal were not disclosed.
Source: Pacific Business News, Mar 19

Company News JinkoSolar Plans to Build a Cell & Module Manufacturing Facility in Malaysia

JinkoSolar, a vertically integrated manufacturer of silicon ingots, wafers and PV cells and modules, announced that it plans to build a solar cell and module
manufacturing facility in Penang, Malaysia. Located in Penang, Malaysia, the manufacturing facility will utilize the high efficiency multi-crystalline technology,
and once completed, will provide JinkoSolar with additional production capacity of 500 MW for solar PV cells and 450 MW for modules. The Company has
signed a tenancy agreement with Nationgate Technology for the workshops in which the production line is going to be built. JinkoSolar will invest
approximately $100 million to build the plant including equipment and working capital which is expected to begin operations in May 2015.
Source: JinkoSolar, Mar 19

Project
SPI Signs Agreement with Aqua Clean Energy to Develop 50 MW Solar PV Projects in US http://bit.ly/mercomspija
Announcement
Solar Power (SPI), a vertically-integrated PV project developer, announced its partnership with Aqua Clean Energy (ACE), for the co-development of floating
PV projects in California, Arizona, New Mexico, Texas and Mexico. Under the terms of the agreement, ACE and SPI will co-develop an identified pipeline of
floating PV projects in the licensed territories with an estimated combined size of over 50 MW by establishing a joint venture holding company, Aqua Clean
Energy Fund. The floating PV projects to be co-developed by ACE and SPI will implement an innovative floating solar platform, which allows standard PV
panels to be installed on large bodies of water such as drinking water reservoirs, quarry lakes, irrigation canals or remediation and tailing ponds.
Source: Solar Power, Mar 19

M&A News NextEnergy Solar Fund Acquires 6.5 MW Solar Project in UK http://bit.ly/mercomnsefs

NextEnergy Solar Fund (NESF), a UK based investment company, announced the signing of the share purchase agreement (SPA) to acquire a special
purpose vehicle which owns the Park View solar power project of 6.5 MW for up to 7.5 million (~$11.05 million). The project is being constructed under an
Engineering, Procurement and Construction (EPC) contract negotiated by NESFs investment advisor, NextEnergy Capital. Park View is located in Devon, and
is to be accredited under the 1.4 Renewable Obligation Certificate (ROC) regime. The SPV will be acquired by NESF upon achievement of the preliminary
acceptance certificate (PAC), which NESF expects to be issued by May 2015. Source: NESF, Mar 19

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Industry News Global Solar PV Capacity to Reach 498 GW in 2019 http://bit.ly/mercomspvna

Cumulative Demand By Geography for 2015-2019
Total global solar PV capacity is forecast to reach 498 GW in 2019, which
is 177 percent higher than 2014, according to IHS. While total global solar
PV demand is projected to grow steadily, the large number of discrete
country markets at the gigawatt-level will help reduce demand volatility.
Global solar demand is expected to reach 75 GW in 2019, which is 66
percent higher than in 2014. Last year, the largest global markets were
China and Japan, which together accounted for half of total demand. The
United States, U.K. and Germany together accounted for another quarter of
total demand.

Average selling prices (ASP) of standard c-Si modules (i.e., c-Si excluding
Super Mono) are forecast to decline by 27 percent between 2015 and 2019,
reaching $0.45 per watt. The share of thin-film modules produced is
projected to decline from 8 percent in 2014 to 7 percent this year-the lowest
share recorded since 2010, when c-Si module shortages opened the door
for thin-film technology to reach a production share of 15 percent. Due to
the expected supply-driven market situation, the share of thin film is
projected to remain at 7 percent through 2019.
Source: HIS

Within the thin film category, growth is likely to be driven by cadmium telluride (CdTe) and copper indium gallium selenide (CIGS). By 2019, annual production
of a-Si modules is projected to fall to less than half of its 2014 level. Source: IHS, Mar 19

IPO News Sunrun Preparing for IPO http://bit.ly/mercomsripo

Sunrun, a U.S. based provider of residential solar electricity, is powering up for a potential initial public offering (IPO) later this year. The San Francisco-based
company, which installs and maintains solar panels for residential homes, is set to work with banks including Credit Suisse Group and Goldman Sachs Group
on an IPO, though the deals timing and final price arent yet finalized. In January 2015, Sunrun raised $195 million in credit facilities from Investec. Credit
Suisse also had previously backed the company with $200 million in project financing in 2012. Source: Sunrun, Mar 18

M&A News EDP Renovaveis Sells 49% of 30 MW Solar PV Project in the US http://bit.ly/mercomedprs

EDP Renovaveis (EDPR), a renewable energy project developer, has reached an agreement with DIF Infrastructure III (DIF III), an investment company, to sell
a 49% equity shareholding in an operating solar PV project with 30 MW. The Lone Valley solar PV project, located in the state of California, achieved
commercial date of operation (COD) in the fourth quarter 2014 and sells its output through two 20 year Power Purchase Agreement (PPA). Completion of the
transaction is subject to customary closing conditions. Based on the transaction price and the institutional equity financing established in September 2014, the
enterprise value for 100% of the assets amounts to $3.1 million/MW. Source: EDPR, Mar 18
Technology
Printable Electrodes Improve Efficiency of Organic Solar Cells http://bit.ly/mercompeisc
Highlight
Flexible modules that are printed as a newspaper roll-to-roll process (R2R), could soon make inexpensive solar cells and LED Lighting Fixtures possible.
Researchers from the EU project "TREASORES" (Transparent Electrodes for Large Area Large Scale Production of Organic Optoelectronic Devices)
presented the prototype of a flexible solar cell module and a transparent silver composite electrode - more powerful and cheaper than anything previous.
Flexible organic solar cells thereby have a huge potential, since they require a relatively small amount of cheap starting materials to be produced by R2R in
large quantities.
A Flexible Organic Solar Cell
As part of the EU-funded with a total budget of over 14 million (~$14.8 million) project
TREASORES developed and tested an international team led by Empa Scientists Frank
Nuesch since November 2012 new technologies to make a reality of R2R production of organic
optoelectronic devices such as solar cells and LED lighting fixtures.

The international team, which brings together researchers from 19 laboratories and companies
in five European countries, has developed about ultra-thin transparent silver composite
electrodes, which are not only cheaper than the indium tin oxide electrodes currently used
(ITO), but also a higher achieve performance. The scientists were able to demonstrate a record
efficiency of seven percent in a perovskite-based solar cell. In addition, the first entirely
produced in the R2R process solar cell achieved in field trials a lifetime which is sufficient
Source: EMPA commercial claims.
In addition to other promising technologies will be further developed in the second half of the project. These include transparent, flexible electrodes made of
textiles, nanowires and carbon nanotubes (CNT). Flexible electrodes of silver nanowires has a sheet resistance of less than 20 ohms/square (a measure of the
electrical conductivity of thin layers), and an optical transmittance of 80-percent.
Even better cut copper nanowires from: In a transparency of 90 percent on glass their sheet resistance was even below 10 ohms/square - a substantial
improvement over the ITO electrodes hitherto customary that at such a high transparency sheet resistance of about 100 ohms / square. The solar cells made
with these copper electrodes currently have an efficiency of about three percent. Similar improvements achieved even when the researchers CNT electrodes;
whose sheet resistance is currently at 74 ohms/square at a transparency of 90 percent. With CNT electrodes reached organic solar cells have an efficiency of
between four and five percent.
However, all these types of electrodes have a disadvantage: they are to a certain degree bumpy and rough, so a planarizing layer is necessary to allow a
flawless application of optoelectronic elements in several layers. The researchers therefore already working on another electrode type, in which a thin layer of
silver (Ag) between two metal oxide (MO) is located. These films are found to be significantly more even. Multilayer MO/Ag/Mo electrodes allow the
construction considerably more efficient optoelectronic components, reflecting the low roughness of about 20 nanometers (difference between maximum to
minimum value) is at least partly due.
These ultra-thin electrodes record efficiencies of up to seven percent can be achieved, have such tests on organic solar cells shown from commercially
available materials. With the same electrode materials the team achieved in the production of white organic light emitting diodes (OLEDs) a value of 17 lm/W
and organic light emitting electrochemical cells (OLECs) of more than 20 lm / W. Source: EMPA, Mar 18

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Funding News Public Investment Corporation Invest $81 Million in 200 MW Solar CSP Projects in South Africa http://bit.ly/mercompiccs

South Africas state-owned Public Investment Corporation (PIC) invested in two South African solar CSP projects worth Rand22 billion (~$1.8 billion) to help
boost energy supplies in the continents second-biggest economy. The PIC took a 20 percent stake in each of the two projects in the Northern Cape province,
Xina and Ilangalethu, which will have a combined 200 MW of energy. The project in Ilangalethu will also receive Rand600 million (~$48.4 million) of debt
financing. The PIC has invested in nine renewable energy projects. Source: Bloomberg, Mar 18

Company News Sunnova Introduces Zero-Money-Down Solar Ownership Program in US http://bit.ly/mercomsispu

Sunnova, a solar service provider, announced the inception of its EZ Own program, giving homeowners the power to own their solar power system without
upfront costs or maintenance expenses. With the EZ Own program, customers can go solar with zero money down and pay a fixed amount each month over
the 25-year term at a kWh price substantially less than what they currently pay for power, giving the homeowner control over electric costs for the long term.

The offering allows homeowners to retain ownership of the system, while Sunnova provides the industry's most comprehensive warranty package, which
includes system maintenance, repairs and 24/7 monitoring. EZ Own can also be transferred in the event of a sale of the home, making it more flexible and
convenient than competing products, such as loans. Customers can also prepay their outstanding balance, in total or partially, at any time without penalty or
fees. Since the customer will continue to own the system, they may also be eligible for federal Investment Tax Credits (ITC). Sunnova anticipates launching EZ
Own in California in the first quarter of 2015, with plans for expansion to additional states and territories in the Sunnova network. Source: Sunnova, Mar 18
JinkoSolar Signs Agreement with China Development Bank Leasing
Funding News http://bit.ly/mercomjsspc
for 1 GW Solar PV Project in China
JinkoSolar, a vertically integrated manufacturer of silicon ingots, wafers, PV cells and modules, will use finance leasing from China Development Bank Leasing
(CDBL) to build 1 GW of solar PV projects over the next five years. CDBL will provide financing support for no less than 200 MW worth of projects annually up
to an aggregate amount of no less than 1,000 MW worth of projects over the next five years. Financing support will include leasing, sale-leaseback and other
financial instruments. A green channel mechanism will be set by both parties to closely monitor the development of projects, financing and communicate issues
with each other. Financial leasing contracts will be signed for specific projects. Source: JinkoSolar, Mar 18
Technology
Caltech Scientists Develop Cool Process to Make Better Graphene http://bit.ly/mercomcsdcg
Highlight
A new technique invented at Caltech to produce graphene, a material made up of an atom-thick layer of carbon, at room temperature could help pave the way
for commercially feasible graphene-based solar cells and light-emitting diodes, large-panel displays, and flexible electronics. "With this new technique, we can
grow large sheets of electronic-grade graphene in much less time and at much lower temperatures," says Caltech staff Scientist David Boyd, who developed
the method.
Caltech Growth Process for Graphene. Graphene could revolutionize a variety of engineering and scientific fields due to its unique
properties, which include a tensile strength 200 times stronger than steel and an electrical
mobility that is two to three orders of magnitude better than silicon. The electrical mobility of a
material is a measure of how easily electrons can travel across its surface.
However, achieving these properties on an industrially relevant scale has proven to be
complicated. Existing techniques require temperatures that are much too hot-1,800 degrees
Fahrenheit, or 1,000 degrees Celsius-for incorporating graphene fabrication with current
electronic manufacturing. Additionally, high-temperature growth of graphene tends to induce
large, uncontrollably distributed strain-deformation-in the material, which severely compromises
its intrinsic properties.
Images of Early-Stage Growth of Graphene on Copper. The scientists also discovered that their graphene grows in a special way. Graphene produced
using conventional thermal processes grows from a random patchwork of depositions. But
graphene growth with the plasma technique is more orderly. The graphene deposits form lines
that then grow into a seamless sheet, which contributes to its mechanical and electrical
integrity. Graphene sheets with low concentrations of defects could be used to protect materials
against degradation from exposure to the environment.
Another possibility would be to grow large sheets of graphene that can be used as a
transparent conducting electrode for solar cells and display panels. Another possibility, is to
introduce intentional imperfections into graphene's lattice structure to create specific
mechanical and electronic attributes. If graphine is strained by design at the nanoscale, its
properties can be changed. But for this to work, it need to start with a perfectly smooth, strain-
Source: Caltech free sheet of graphene. Source: Caltech, Mar 18
Project
SunEdison to Build 150 MW Solar PV Project in Texas http://bit.ly/mercomsesct
Announcement
SunEdison, a solar energy services and technology provider, announced that it will construct new solar PV project in West Texas to supply the City of
Georgetown with 150 MW of solar power for 25-years. The SunEdison solar projects will be interconnected in 2016, and will provide over 9,500 GWh of clean
energy to Georgetown through 2041, enough to power more than 24,000 homes a year for 25 years. Upon completion, SunEdison expects to offer this project
for investment to TerraForm Power, an owner and operator of clean energy power projects. SunEdison will construct the project and provide financing.
Operation and maintenance of the solar power plants will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and
reporting services. Source: SunEdison, Mar 18
RGS Energy Renews $5 Million Credit with Silicon Valley Bank
Funding News http://bit.ly/mercomrgssv
and $3.15 Million from Riverside
RGS Energy, a rooftop installers of solar equipment, has renewed its revolving line of credit with Silicon Valley Bank (SVB). The company also renewed its
loans with Riverside Fund III, an affiliate of RGS Energys largest shareholder, Riverside Renewable Energy Investment. The latest amendment to the
companys credit facility with SVB provides RGS Energy with a $5 million revolving line of credit through March 15, 2016. The amendments to the loans from
Riverside extend $3.15 million in loans through March 31, 2016. Source: RGS Energy, Mar 17

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Project
Risen Energy to Build 99 MW Solar PV Project in China http://bit.ly/mercomrebpc
Announcement
Risen Energy, a Chinese PV manufacturer, is to build a 99 MW solar PV project on land leased adjacent to fish ponds in the Shepantu area of Ninghai county
Zhengjiang Province. Authorization for the project was recently received from Zhengjiang Province Development and Reform Commission on March 13. The
project was said to cost around RMB 707.81 million (~$133.95 million). About 692 acre of fish ponds will be used to construct the PV system and other facilities
and the project will provide 232.098 billion kWh in 25 years, yielding as much power as 835.6 thousand tons of coal. Source: Risen Energy, Mar 17

Company News Sol Voltaics Produces GaAs Nanowires for Solar Energy http://bit.ly/mercomsvpwr

Sol Voltaics, a sweden based research firm providing advanced nano material technology for the solar industry, announced that it has doubled the previously
reported world-record for PV conversion efficiency using a gallium-arsenide (GaAs) nanowire array (NWA). As independently verified by Fraunhofer-ISE, Sol
Voltaics has demonstrated a 1-sun conversion efficiency of 15.3% in a GaAs NWA solar cell, representing a significant milestone towards providing the solar
industry with an efficiency boosting tandem film. This is the highest efficiency reported to date in a III-V NWA solar cell, and twice the prior record for GaAs
NWA technology. Source: Sol Voltaics, Mar 17
Macquarie Infrastructure Debt Investment Solutions Invests
Funding News http://bit.ly/mercommrpvf
$229 Million in UK Residential Solar PV
Macquarie Infrastructure Debt Investment Solutions (MIDIS), a provider of financial, advisory, investment and funds management services, has provided three
individual financing facilities to the private residential housing and commercial solar PV operator, A Shade Greener (ASG). The total funding amounted to 155
million (~$228.6 million) in total and was used to refinance free solar portfolios of feed-in tariff solar panels. The facilities were advanced as part of a framework
agreement between MIDIS and ASG, under which MIDIS will provide refinancing for portfolios of ASGs operational free solar assets. This allows ASG to
recycle capital and facilitate the roll out of its business model, while helping to cut energy bills for UK consumers. The deal comes after MIDIS separate 21.5
million (~$31.8 million) financing of one of the largest UK solar projects in Pembrokeshire, mandated by the renewable energy infrastructure asset manager,
Quercus Assets Selection. Source: MIDIS, Mar 17

M&A News RWE Acquires Minority Stake in Conergy http://bit.ly/mercomrwesc

Conergy, a Hamburg based solar project developer and investor, announced an investment of $45 million from RWE Supply & Trading, a energy trading
company and a unit of RWE, a German electric utility. This investment is part of a larger capital, with which RWE will receives a minority stake in Conergy.
Kawa Capital Management will remain the majority shareholder of the company. The funds will be used to finance the global growth plans for Conergy with
acquisition of project pipelines and targeted M&A transactions. Source: Conergy, Mar 17

M&A News SPI Completes Acquisition of 4.3 MW of Solar Projects in Italy http://bit.ly/mercomspiasp

Solar Power (SPI), a solar project developer, announced that SPI, together with its wholly owned subsidiary, SPI China (HK), has completed its previously
announced acquisition of 4.3 MW of PV projects in Italy from CECEP Solar Energy Hong Kong, a wholly owned subsidiary of China Energy Conservation and
Environmental Protection Group (CECEP), a state-owned energy conglomerate in China. Source: Solar Power, Mar 17

Industry News France Launches 120 MW Request for Proposal for Solar PV Projects http://bit.ly/mercomflpvp

French Ministry of Ecology, Sustainable Development has issued a request for proposal (RfP) for the installation of 120 MW of PV systems between 100 kW to
250 kW in size. The government said that the RfP has been based on the suggestions that the countrys energy regulator CRE has received from the French
solar industry. The RfP, which will be held in three phases of 40 MW each, is part of the government initiative aimed at reviving the domestic solar sector. The
deadline for submission of tenders for the first period is set at 21 September 2015. The specification is available on the website of the Ministry. Source:
Ministry of Ecology, Sustainable Development and Energy, Mar 17

New Fund News Severn Trent to Invest $281 Million in Renewables in UK http://bit.ly/mercomstisp

Severn Trent, a UK based water company, announced to invest 190 million (~$281 million) in renewable energy. This investment will take place over the next
5 years principally in two technologies - anaerobic digestion and solar. This will take self generation of renewable energy from 28% of Severn Trent Water's
gross energy consumption to around 50% by 2020. This will provide efficient green energy and a long-term hedge against volatile market prices.
Source: London Stock Exchange, Mar 17
Technology
New Method for Making Solar Cells from Perovskite http://bit.ly/mercombupcp
Highlight
Researcher at Brown University has revealed a new way to make light-absorbing perovskite films for use in solar cells.The new method involves a room-
temperature solvent bath to create perovskite crystals, rather than the blast of heat used in current crystallization methods. The study shows that the technique
produces high-quality crystalline films with precise control over thickness across large areas, and could point the way toward mass production methods for
perovskite cells.

The first perovskite cells introduced in 2009 managed an efficiency of only about 4 percent, a far cry from the 25 percent efficiency boasted by standard silicon
cells. But by last year, perovskite cells had been certified as having more than 20 percent efficiency. Perovskite precursor chemicals are dissolved into a
solution, which is then coated onto a substrate. Heat is applied to remove the solvent, leaving the perovskite crystals to form in a film across the substrate.
Yuanyuan Zhou, a graduate student in Padtures lab, wanted to see if there was a way to make perovskite crystal thin films without having to apply heat. He
came up with what is known as a solvent-solvent extraction (SSE) approach. In his method, perovskite precursors are dissolved in a solvent called NMP and
coated onto a substrate. Then, instead of heating, the substrate is bathed in diethyl ether (DEE), a second solvent that selectively grabs the NMP solvent and
whisks it away. Whats left is an ultra-smooth film of perovskite crystals.
Because there is no heating involved, the crystals can be formed on virtually any substrate-even heat-sensitive polymer substrates used in flexible
photovoltaics. Another advantage is that the entire SSE crystallization process takes less than two minutes, compared to an hour or more for heat-treating.
That makes the process more amenable to mass production because it can be done in an assembly line kind of process.
The SSE approach also enables films to be made very thin while maintaining high quality. Standard perovskite films are generally on the order of 300
nanometers thick. But Zhou has been able to make high quality films as thin as 20 nanometers. The SSE films could also be made larger-several centimeters
square - without generating pinholes. Source: Brown University, Mar 16

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Technology
Scientists Move Closer to Two for One Deal on Solar Cell Efficiency http://bit.ly/mercomsmccu
Highlight

The underlying mechanism behind an enigmatic process called singlet exciton fission, which could enable the development of significantly more powerful
solar cells, has been identified by scientists in a new study. The process is only known to happen in certain materials, and occurs when they absorb light. As
the light particles come into contact with electrons within the material, the electrons are excited by the light, and the resulting excited state splits into two.
If singlet exciton fission can be controlled and incorporated into solar cells, it has Solar Cells
the potential to double the amount of electrical current produced from highly
energetic blue and green light, capturing a great deal of energy that would
normally be wasted as heat and significantly enhancing the efficiency of solar cells
as a source of green energy. Until now, however, scientists have not really
understood what causes the process, and this has limited their ability to integrate
it into solar devices.
Writing in the journal "Nature Physics", a team of researchers shows that there is
an unexpected link between the splitting process and the vibration of the molecule
that occurs when light comes into contact with the electrons. This vibration is
thought to drive the production of two excited electrons, revealing for the first time
how singlet exciton fission happens. Source: University of Cambridge

At its most basic, singlet exciton fission is a product of the fact that when light particles, or photons, come into contact with an electron, the electron is excited
by the light and moves. In doing so, it leaves a hole in the materials electronic structure. The electron and the hole are still connected, however, by a state of
mutual attraction, and the two together are referred to by physicists as an exciton.
These excitons come in two very different flavours: spin-singlet and spin-triplet, and in rare circumstances, they can convert from one to the other. In the
natural world, spin-singlet excitons are a part of photosynthesis in plants, because the light absorbed by pigments in the plant generates excitons which then
carry energy throughout it. Solar cells imitate this process to generate and drive an electrical current. Conventional solar cells are silicon-based, and the
absorption of a single photon leads to the formation of a single, excited electron that can be harvested as electrical current.
In a handful of materials, however, singlet exciton fission occurs instead. Rather than producing just one spin-singlet exciton, two spin-triplets appear when a
photon is absorbed. This offers the tantalising prospect of a 100% increase in the amount of electrical current generated. The team used thin samples of TIPS-
pentacene, a semiconducting material in which singlet exciton fission is known to occur.
They then fired ultra-fast pulses of laser light at the samples, each pulse lasting just 10 femtoseconds, or 10 quadrillionths of a second. The miniscule
timescale was necessary so that large numbers of molecules could be vibrated synchronously, enabling the researchers to measure the response of the
molecule and the resulting effect on the electrons as light hit the material. Source: University of Cambridge, Mar 16

Company News Natcore Technology Makes Laser-Processed HIT-Structure Solar Cell http://bit.ly/mercomntlp

Scientists working in the Rochester R&D Center of Natcore Technology, a company into research and licensing of a thin-film growth technology, have
produced an all back contact silicon HIT-structure (heterojunction with intrinsic thin layer) solar cell using their proprietary laser technology. Silicon HIT-
structure cells have been shown to yield record efficiencies of greater than 25%. says Dr. David Levy, Natcores Director of Research and Technology.
Natcores HIT-structure cells are made using thin amorphous silicon layers in combination with a standard crystalline silicon solar wafer. This concept makes
very efficient cells, as seen in the Sanyo/Panasonic HIT cell. Natcores scientists used a laser in applying contacts to the rear of the cell. In addition to further
increasing cell efficiency relative to industry standards, the Natcore all-back-contact technique could allow production of these high efficiency cells at low cost.
Source: Natcore Technology, Mar 16

Funding News U.S. Bancorp Finances $100 Million for Solar Projects in US http://bit.ly/mercombjo

U.S. Bancorp, a tax credit investor, and ORIX USA, a financial investor, announce the closing of U.S. Bancorps first renewable energy syndication, which is
expected to enable SolarCity to install approximately 2,500 solar systems at homes and businesses in nine states. U.S. Bancorp led the transaction,
introducing of an industry-leading product that will allow both first-time and experienced investors to tap into the renewable-energy tax credit market. This
agreement will help finance the installation of solar arrays in Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, Maryland, New Jersey and
New York, with more to come. The syndication is expected to finance more than $100 million in solar projects. The syndication deal marks ORIXs entry into
the renewable-energy tax credit financing market. Source: U.S. Bancorp, Mar 16

Industry News EU to Raise Minimum Import Price for Chinese Solar Modules http://bit.ly/mercomeurpv

A year after lowering the minimum import price, the European Commission is set to increase it back to its original level. The weak euro is one major reason for
the move. As of April, Chinese PV manufacturers that have committed to the European Unions so-called Undertaking, or minimum import price agreement, will
have to sell their solar modules for 0.56 (~$0.58) per watt in the EU. The minimum import price for Chinese solar cells, meanwhile, will go up to 0.28
(~$0.29) from April 1.
A year ago, the EU lowered the minimum import prices for crystalline solar modules from 0.56 (~$0.58) to 0.53 (~$0.55) per watt. This time, however, the
weak exchange rate of the euro against the U.S. dollar has most likely led to the increase. The current drop in the euro resulted in the drastic increase, the
level of which has even surprised industry reps. The minimum specified import volume for Chinese solar PV manufacturers, which is also specified in the
undertaking, will initially remain unchanged. Source: PV Magazine, Mar 16

Company News Xcel Energy Plans 140 MW of New Solar in New Mexico http://bit.ly/mercomxepsp

Xcel Energy, an electric utility, is adding 140 MW of PV solar project to its Texas-New Mexico generation mix with an agreement to purchase the output of two
planned solar project near Roswell, New Mexico. The company has signed two long-term power purchase agreements with affiliates of Florida-based NextEra
Energy Resources, and expects to add the solar energy capacity in 2016 before valuable federal investment tax credits terminate for new projects. The two
contracts are subject to approval from the New Mexico Public Regulation Commission. Xcel Energy announced in 2014 it was seeking up to 200 MW of solar
energy for its Texas-New Mexico system. At roughly the same time, NextEra was looking to build three solar projects near Roswell in Chaves County, New
Mexico, and the output of two of these three projects will make up the Xcel Energy purchase. Source: Xcel Energy, Mar 2015

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Industry News Virginia Announces Solar Net Metering House Bill 2201 http://bit.ly/mercomgtsb

Rooftop solar in West Virginia has come under threat after State Governor, Earl Ray Tomblin, signed a controversial bill designed to restrict net metering in the
state. House Bill 2201 sets new rules for net metering that could result in a cap on eligible generation and additional charges for net metering customers. The
crux of the bill was the prohibition of so-called cross-subsidisation, which it defined as charging costs directly incurred by the electric utility in accommodating a
net metering system to electric retail customers who are not customer generators. The implication is the prohibition of this could result in net meting customers
being charged additional grid charges. Changes to the bill also include the Public Service Commission conducting a general investigation into net metering
taking into consideration rules adopted by other states, and the addition of a cap on net metering of 3% of total peak customer demand.
Source: State of West Virginia, Mar 2015

New Fund News ADB Raises $500 Million Through Green Bond Issue http://bit.ly/mercomadbgb

The Asian Development Bank (ADB) has raised $500 million from an inaugural green bond issue, aimed at channeling more investor funds to ADB projects
that promote low-carbon and climate-resilient economic growth and development in developing Asia. The proceeds from ADBs 10-year green bonds, lead
managed by BofA Merrill Lynch, Morgan Stanley, and SEB will be used to finance climate change adaptation projects such as those which climate-proof water,
energy, transport, or other urban infrastructure. Climate change mitigation projects that could be financed by the bond include renewable energy, energy
efficiency or sustainable transport initiatives like rail or bus services. The bond was priced at 99.294%, with a spread of 12.45 basis points over the 2% US
Treasury due 15 February 2025. The coupon is 2.125%.
The bonds were sold to about 44 investors including AP2, AP3, AP4, Baloise Insurance, Bank Morgan Stanley AG, Banque Syz & Co SA, Blackrock, Calvert
Investments, Donner & Reuschel Asset Management, Mirova, Nikko Asset Management Europe Ltd, Nippon Life Insurance Company, Omega Global Investors
on behalf of Local Government Super, Praxis Intermediate Income Fund, SEB Wealth, State Street Global Advisors, and TIAA-CREF. By investor type, 16% of
the bonds went to central banks and official institutions, 22% to banks, 61% to fund managers/pension funds/insurance, and 1% to other types of investors. By
geography, 31% of the bonds placed in Asia, 45% in Europe, Middle East and Africa, and 24% in the Americas. Source: ADB, Mar 2015

Industry News DEWA to Regulate Solar Generation in Buildings and Connection to its Grid http://bit.ly/mercomdasgg

Dubai Electricity and Water Authority (DEWA), announces its smart initiative, Shams Dubai, to regulate the generation of solar energy in buildings and their
connection to DEWAs grid. Shams Dubai encourages tenants and building owners to install photovoltaic solar panels to generate electricity. DEWA will
connect the system to its network. The electricity will be used onsite and the surplus is exported to DEWAs grid. This encourages the use of renewable
energy, increases its share in electricity production and diversifies the energy mix. Source: DEWA, Mar 2015

Industry News Brazil to Hold Second Solar Energy Auction on August 14, 2015 http://bit.ly/mercombseaa

Agencia Nacional de Energia Eletrica (Aneel), Brazils energy regulator, will hold the next reserve energy auction, which is conceived mostly for the
development of large-scale solar projects, on Aug. 14, 2015. Projects selected in the auction, which must begin delivering power in August 2017, will sell their
electricity output to the Brazilian grid under a 20 year power purchase agreement. Source: epe.gov.br, Mar 16
Project
Yingli Green Energy Begins Construction on 50 MW Solar Projects in China http://bit.ly/mercomybcsp
Announcement
Yingli Green Energy, a vertically integrated manufacturer of silicon ingots, wafers, PV cells and modules, announced that it has begun construction of a 50 MW
solar projects on former mining lands in in Huangshi City, Hubei Province, China. The 50 MW power project occupies over 100 hectares of land in western
Huangshi City, a region known for its rich mineral resources and extensive mining operations.
The project will contain about 170,000 YGE 72 Cell Series multicrystalline solar panels that are expected to generate approximately 55,000 MW of clean
electricity annually, which will offset the consumption of nearly 22,000 tons of coal and the emission of over 50,000 tons of carbon into the atmosphere. The
system is scheduled to interconnect with the local utility grid and begin operations in the fourth quarter of 2015. Source: Yingli Green Energy, Mar 16

Company News SolarCity Launches GridLogic Microgrid Service http://bit.ly/mercomsclmg

SolarCity, a provider of solar power system design, financing, installation and monitoring services for homeowners, businesses and government organizations,
launched GridLogic, a microgrid service that combines distributed energy resources-solar, batteries and controllable load, to enable a cleaner, more resilient
and more affordable way of providing power. SolarCitys microgrid service ensures that any community anywhere in the world vulnerable to power outages and
high energy costs-including remote or island communities, hospitals and military bases-can have dependable, clean power when the grid is down. GridLogic
can operate either in conjunction with or independently of the utility grid. As with all SolarCity products and services, GridLogic comes with affordable financing
options, including payment programs with little to no upfront cost. GridLogic can provide electricity to communities for less than they pay for utility power with
the added benefit of backup power for emergency services. Source: SolarCity, Mar 16

Funding News Hanwha Q CELLS Announces $20 Million Credit Facility with Wells Fargo http://bit.ly/mercomhqcfw

Hanwha Q CELLS, a manufacturer of PV cells and modules, announced that its US entity has signed a $20 million three-year Senior Secured Revolving Credit
Facility with Wells Fargo Capital Finance, a U.S. based financial institution. The credit line will be used for working capital and other general corporate
purposes. Source: Hanwha Q CELLS, Mar 16

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Copyright 2009-2015 Mercom Capital Group, llc, All rights reserved. Strictly no redistribution allowed without prior written permission of Mercom Capital Group. When quoting, please cite Mercom Capital Group,
llc. Although information in this report has been obtained from sources that we believe to be reliable, Mercom Capital Group does not guarantee its accuracy. Published by Mercom Capital Group, llc, 4611 Bee Cave
Rd, Suite 303, Austin, TX 78746 USA.

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