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Australia
Lyon Group to build world’s largest solar-plus-storage project in South Australia 7
Australian rooftop solar financier issues another AU$50 million climate bond 8
First Solar closes financing for 48.5MW solar project in New South Wales 9
Enel to acquire 137MW phase of Bungala Solar project in Australia 10
China
Price of Chinese module imports to India dropped 8% in Q1 2017 11
India
India added 5.5GW solar in FY2016/17 12
UK-India trade ties deepen with £240 million energy investment 13
Fortum proves low solar tariffs viable in India 14
India’s Greenko raises US$155 million equity from GIC and Abu Dhabi investors 15
ADB approves US$175 million to Powergrid for solar park transmission 16
Indonesia
Engie partnerships to invest US$1.25 billion in Indonesian renewables, agreements in Singapore 17
Indonesia’s new rural electrification regulation 18
Japan
Canadian Solar secures US$35 million credit facility with Sumitomo Mitsui Finance 19
Streamlined: Japan’s PV market future 20
GSSG Solar to acquire 350MW portfolio of solar in Japan 21
International PV players ready for Japan’s large-scale tenders 22
Japan’s big PV names targeting self-consumption and rooftop market 23
Japan to lower tariffs, cancel projects after paying ¥2.3tr last year for FiTs 24
Philippines
Philippines hits 903MW of solar PV under RE law, ground-breaking on 150MW plant 26
Malaysia
Edra plans to develop 50MW solar project in Malaysia 27
Malaysia to auction 460MW of large-scale solar PV 27
ENGIE enters partnership to develop solar in Malaysia 28
Pakistan
Pakistan to adopt competitive bidding for new solar PV projects 29
Canada MoU with Pakistani province for 1GW of solar 30
Sri Lanka
Sri Lanka to tender 100MW floating solar plant, funds module R&D 31
Thailand
Thai solar slated to rejuvenate from mid-2017 but long dry spells expected 32
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Credit: UNEP
The drop in investment did not dem-
onstrate a lowering of interest in the
technologies, but instead came as an
2016 saw a 10% drop in average cost per megawatt for setting up solar PV and wind projects - UNEP, BNEF,
indicator that the costs of renewables
Frankfurt School report.
are coming down. Indeed, during 2016
there was a 10% drop in average cost
per megawatt for setting up solar PV and in renewable energy install costs. the dramatic cost reductions of the past
wind projects. Moreover, investment in re- few years, unsubsidised wind and solar
newables was roughly double the amount Solar investment was down 34% to can provide the lowest cost new electri-
invested in fossil fuel generation – its US$113.7 billion last year, at the same cal power in an increasing number of
highest proportion to date. time as PV installations grew to a record countries, even in the developing world
75GW. - sometimes by a factor of two.
The report did however acknowledge
a slowdown in China, Japan and some The regions with the most noteworthy “Instead of having to subsidise renew-
emerging markets as part of the reason tail off in clean energy investments were ables, now authorities may have to
for reduced investment. China (down 32%), Japan (down 56%) and subsidise natural gas plants to help them
Mexico, Chile, Uruguay, South Africa and provide grid reliability.”
Notably, the report which does not Morocco (down 60% or more). This was
include large hydro capacity in its figures, blamed on lower than expected electric- Erik Solheim, executive director of UN
was also delivered in partnership with ity demand growth as well as auction and Environment, added: “Ever-cheaper clean
Bloomberg New Energy Finance (BNEF) financing delays. The US only dropped tech provides a real opportunity for inves-
and the Frankfurt School-UNEP Collabo- 10%, while Europe grew 3% and Jordan tors to get more for less.”
rating Centre. saw a 148% rise.
UNEP also praised the continued raduc-
Worldwide renewables investment There was also record acquisition activity tion in solar tariffs driven by aucitons
dropped 23% to US$241.6 billion in 2016, in renewables rising 17% to US$110.2 round the world. Yesterday PV Tech re-
its lowest levels since 2013, yet installa- billion. ported that GTM Research was expecting
tions grew 8% from 127.5GW in 2015 to a the upcoming tender in Saudi Arabia to
record 138.5GW in 2016. This trend was Michael Liebreich, chairman of the potentially drop below two US cents per
made possible predominantly by the drop advisory board at BNEF, said: “After kWh for the first time.
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“But in another sense, India is still an Both firms expect recent deployment Figures released last month by Taiwan-
emerging market because the market growth in China to tail off with IHS going based firm EnergyTrend predicted just
potential is still significantly limited by further and betting on a fall in installa- 73.9GW. It echoed the expectation of
capital squeezes, effective rooftop policy, tions during 2017. reduced rollout in China and also expects
grid balancing and utility bankability to see India leapfrog Japan into the num-
risks, component quality risks, and huge, The bumper +34GW witnessed in China ber three spot.
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Image: Celestrica
We explain why these changes have oc-
curred and what the implications of this
shift are expected to be.
Contract manufacturing is prevalent across almost every adjacent technology market, not simply the solar
The analysis is taken from the January
industry.
2017 release of our PV Manufacturing &
Technology Quarterly report. The themes
are set to be discussed at the forthcom- different in outsourcing for solar cells and remove mainland China from the picture.
ing PV CellTech 2017 event in Penang, modules comes from tolling, something This is done because third-party outsourc-
Malaysia, 14-15 March 2017. that is different from the role of dedicated ing in China is rather the norm for solar,
OEMs and is touched on below when we all across ingot, wafer, cell and module
What is the role of OEM suppliers in talk about the China issue. production.
solar?
Firstly, it is worth reviewing what we mean Contract manufacturing is prevalent In fact, tolling is rife in China, where com-
by OEM supply, and why many suppliers across almost every adjacent technology panies effectively sublet time on under-
and OEMs themselves choose to stay market, not simply the solar industry. The utilized factories to produce product for
off the radar in terms of promoting this drivers tend to be somewhat industry- other competitors. Even polysilicon plants
supply-to-market tactic. specific, but are mainly stimulated by cost are used on a tolling basis in China.
and route-to-market. It is a theme that
In contrast to the semiconductor industry has reshaped global manufacturing in Tolling is radically different from OEM
that has different definitions of contract the whole for the past four decades, has supply. OEM suppliers’ model is to oper-
manufacturing and roles for OEMs in the often been characterized by chasing the ate as a dedicated third-party assembly
supply-chain, solar module manufacturing next cheap labour region, and could not route, with a brand, such as Flextronics,
is relatively simple and simply assembling be a more pertinent topic to consider in Celestica and Jabil Circuits. Often OEM
cells into a module ranks is a one-stop global economics, with President Trump suppliers shift to a dual OEM/direct-mar-
shop with virtually no technical barriers- and Mexico forming the lead case-study. ket approach, generally driven by lack of
to-entry. business or a hunger to increase margins.
Again, China forms a unique case for
Therefore, the role of the dedicated OEM third-party sourcing There are likely hundreds of companies in
for solar module production is somewhat China today that operate in a quasi-OEM,
synonymous with module contract sup- Before we dive into the discussion and partial-tolling, and on/off direct-sell-to-
ply, and the terms are used in this article analysis of global OEM module supply market approach. There is no parallel
interchangeably. The main term that is for solar, the first thing we need to do is in the solar industry, and nor should
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one expect to see this change in China manufacturing. Moreover, within Vietnam there were still many Chinese companies
anytime in the near future. and Thailand, it is important to define that needed fully-operational third-party
clearly who is operating the sites. In this supply routes to feed the US market.
Therefore, in our graphic below, we regard, the separation of Malaysia from During 2016 however, this has changed
remove all China-based third-party activ- Vietnam and Thailand is again justified, due to the increased availability of new
ity, that also happens to be impossible with Vietnam and Thailand having a cell and module capacity set up across
for anyone to come close to tracking greater number of OEM players whose Southeast Asia by Chinese and Taiwanese
with accuracy, and look at the main OEM business model has more of a sub- companies, under their own brand.
production trends outside China. This is contract element to it, with the custom-
shown in the graphic below. ers often being Chinese companies who PV CellTech to address prospects for
bankroll the efforts. OEM suppliers going forward
Of all the updated and new analysis of As we set up the agenda for the PV
PV manufacturing done by our in-house The OEM landscape post SunEdison CellTech 2017 event in Penang, Malay-
research team, this is one of the most restructuring sia, 14-15 March 2017, we specifically
striking visuals. We have chosen to group The other factor that has come into play invited some of the companies that were
data across certain countries and regions in the past 12 months comes from the behind the above market shifts, as OEM
to show the trend most clearly. This fallout of the SunEdison supply arrange- operations had previously been incred-
means putting OEM module production ments, with SunEdison just a few years ibly stealth within the solar industry. The
in Europe, Canada, Korea, Indonesia, ago being highly vocal and proud of other driving factor is our continued focus
Taiwan, India and some others into the running a fab-lite approach. Virtually on really knowing who is making the cells
Rest-of-the-World group. This allows us overnight – at the end of 2015 – module and modules being shipped to the end-
to track everything outside Latin America, and cell suppliers that were reliant on a market today.
Malaysia, and the dual Southeast Asia constant supply of product being shipped
countries of Vietnam and Thailand, as to SunEdison’s downstream projects had To view the latest PV CellTech agenda,
one group that operates differently to the to quickly find new customers, or even please follow this link. To register for the
aforementioned countries. decide if the timing was right to move event, click here.
from OEM supply to a branded offering
We make a clear distinction also be- to the end-market. We will also be hosting free webinars in
tween Malaysia and Vietnam/Thailand, February, discussing PV manufacturing
with OEM operations in Malaysia again It appears most have managed this, albeit and technology trends and the impact of
differentiated, in a similar way to how the with related impairment and write-off global market drivers. You can register for
country as a whole is placed for high-tech costs. Ultimately, at the start of 2016, these webinars through this link.
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AUSTRALIA
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AUSTRALIA
Credit: CEFC
This is only the second climate-certified
issue of a bond backed by securitised as-
sets in Australia, with FlexiGroup issuing a The Clean Energy Finance Corporation (CEFC) made a cornerstone commitment of AU$20 million to the
very similar bond back in April 2016. bond.
CEFC debt markets lead Richard Lovell The bond is backed by consumer receiv- bonds. Our investment support for the
said: “FlexiGroup achieved tighter pric- ables originated through FlexiGroup’s FlexiGroup climate bond is part of our
ing on this climate bond, which shows wholly-owned subsidiary Certegy Ezi-Pay, strategy to ensure that Australia’s clean
investors were prepared to pay a ‘green which has financed more than 120,000 energy sector can tap into this burgeon-
premium’. This is a strong market signal solar PV rooftop installations. ing source of capital, and that investors
which will assist in accelerating the de- with a socially responsible mandate have
velopment of a more varied and flexible Lovell added: “There is clearly a global the opportunity to participate.”
green bond market in Australia.” trend toward investment in green
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AUSTRALIA
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AUSTRALIA
Image: Enel
Francesco Starace, Enel CEO and gen-
eral manager, said: “The acquisition of
Australia’s largest PV project, which takes The 275MW project is expected to be completed by the third quarter of 2018.
us onto a new continent, is an important
step forward for the Enel Group. The
Australian renewable energy market is US$157 million dollars. The total installation is expected to be
characterised by abundant resources completed and operational by the third
and growing demand. Enel will work to The total investment will be financed quarter of 2018.
harness these resources and contribute through a combination of equity and
to the Australian economy, generating project finance with a consortium of local The Bungala Solar project is expected
shared value for all our stakeholders and international banks. The project is to produce around 570 GWh annually,
through a strategy that delivers industrial fully contracted with a long-term power equivalent to the consumption needs of
growth built upon a foundation of sustain- purchase agreement with Australian utility approximately 82,000 Australian homes.
able development.” Origin Energy. There are already plans for larger solar
projects to be developed in Australia,
The joint venture’s total investment in Construction at Bungala Solar One is as the Kidston Solar project is expected
the 275MW installation is around US$315 expected to begin by mid-2017, followed to feature a 270MW second phase that
million dollars — which entails project by Bungala Solar Two — with construc- will be paired alongside the initial 50MW
construction, with Enel providing around tion slated to start by the end of 2017. phase.
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CHINA
Modules
Looking specifically at multi-crystalline PV
module imports from China for orders of
minimum 50MW in size, Bridge to India
calculated cost, insurance and freight
(CIF) to India, not including any further
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INDIA
India did install a “blockbuster” 5.8GW India installed a blockbuster 5.8GW or renewables in March in the lead up to the financial year end.
of renewables in March in the lead up to
the financial year end, which was more threat include accelerated depreciation to six months. Despite just “modest”
than the previous 11 months combined. and 10-year tax holidays. renewables growth expected in 2017/18,
Bridge to India noted that this rush was Bridge to India forecasts that deploy-
likely to have been driven by a widely Noting the downward trend in solar ment will still be well ahead of thermal
expected phase out of incentives from tenders over the year, the consultancy capacity additions.
this month onwards. Incentives under expects this trend to continue for up
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INDIA
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INDIA
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INDIA
Flickr: SunEdison
how SunEdison’s demise might impact
downstream progress in India.
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INDIA
Flickr:ADB
working on projects to improve transmis-
sion.
ADB will also administer a US$50 million co-financing loan equivalent from the Clean Technology Fund (CTF).
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INDONESIA
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INDONESIA
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JAPAN
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JAPAN
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JAPAN
solar (projects over 2MW) could be a last week, Japan’s move towards a self- veloper Eiwat, says batteries are another
‘wait-and-see’ process for many develop- consumption based solar market has next logical step, for large-scale as well
ers, who may choose not to get involved lead to the likes of Toshiba, Sharp and as rooftop solar. His company is involved
just yet, nonetheless an existing backlog Panasonic focusing firmly on the Zero with deploying US-made Aquion non-tox-
of higher FiT projects will sustain the Energy House (ZEH) concept, with higher ic, non-flammable ‘saltwater electrolyte’
market for some time to come, Kaizuka efficiency modules taking pride of place. batteries into Japan and according to Shi-
says. Furthermore, while the FiT drops Foreign players like LG and SunPower bata, if Aquion’s initial tranche of 10 proj-
this year to ¥21, this is still much higher who also make high efficiency modules ects in Japan this year go well, regional
than in comparable markets like Germany will continue to aggressively target this power companies, which also govern
(US$0.06/kWh). According to Looop sales market too, Izumi Kaizuka says, while Japan’s grid network, could give the ok
representative Rihan Kimura, system it will be “harder to sell high volumes for a further wave of batteries. As well as
prices have fallen so much in Japan that of cheap modules into the megasolar allowing for greater self-consumption, the
the IRR’s for projects have actually slightly (2MW+) market”. batteries could also remove the curtail-
risen from around 5%-6% to 6%-8%. ment risk from PV plant output, which has
Masaaki Shibata, a 20-year veteran of been seen as a barrier to investment in
Self-consumption future and batteries the Japanese renewables industry and some of the more saturated grid areas.
As we already explored in a news item president of consulting group and de-
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JAPAN
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JAPAN
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JAPAN
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JAPAN
ongoing streamlining of renewable en- Of immediate interest to the PV industry sponse and the aggregation of distrib-
ergy policy, Japan will introduce tenders is the increasing focus on residential uted energy resources into virtual power
and auctions for PV projects over 2MW energy efficiency, most notably in the plants (VPPs), which Fujiki said detailed
in size as of this year. RTS’ Matsukawa creation of Zero Energy Home (ZEH) regulations have been in the process of
also said in that PV Tech Power article standards. These net-zero energy drafting at METI since last October.
that he believed these would be annual houses would as a matter of course in-
auctions of 500MW at a time. clude PV and energy storage as well as Finally, Japan is also betting big on
double-glazed windows and other forms hydrogen fuel cells, with the country’s
Energy efficiency, Zero Energy of insulation. car manufacturers being the world’s
Homes, hydrogen and negawatts first to produce commercial hydrogen
Fujiki’s keynote address focused also Fujiki said many housebuilders had de- vehicles including Toyota’s Mirai, with
on energy efficiency measures in Japan, scribed ZEH as a difficult goal to attain, several hundred miles’ fuel range. Only
stating that huge strides have been but he said it was “critical” that such 92 hydrogen refuelling stations so far
taken in improving energy efficiency in steps were taken, with the government are in operation in Japan, but they have
factories and service industries, with expected to make all new homes net- already become commercialised, Fujiki
Japan’s economy still reliant on heavy zero energy dwellings by 2020. said. In addition, over 170,000 hydrogen
industries such as chemical processing fuel cells for households were installed
and steel. Also being put forward are “negawatt last year at private residences in Japan,
trading schemes”, including demand re- Fujiki said.
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PHILIPPINES
Credit: Conergy
Nearly 95MW PV due to start
operation in Philippines in March
The Philippines is also expected to bring
94.2MW of solar PV projects into com- The Philippines is also expected to bring 94.2MW of solar PV projects into commercial operation this month.
Visayas has 465MW of projects under Solar Philippines breaks ground on Cusi added: “Solar power plants with
consideration or at various stages of 150MW PV plant in Talac reliable storage capability can be most
development. In related news, Filipino renewable useful in island countries like the Philip-
energy firm Solar Philippines has started pines.”
Meanwhile, expected additions at the construction on a 150MW PV plant in at
division of Luzon include: Concepcion, Tarlac, in the Philippines, ac- In an interview with PV Tech, Pete
• Next Generation Power Technology - cording to another release from the DOE. Maniego, senior policy adviser of the
18MW Institute for Climate & Sustainable Cities
• CW Marketing & Development - The project will use locally sourced mod- and of Counsel of Dime & Eviota Law,
1.675MW ules and is set to power the equivalent of has discussed the need for price-based
• SPARC Solar Powered Agri-Rural Com- 300,000 households once completed by competition in the Philippines.
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MALAYSIA
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MALAYSIA
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PAKISTAN
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PAKISTAN
Flickr: Manalahmadkhan
projects, a source at the trade depart-
ment at the High Commission of Canada
in Pakistan told PV Tech.
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SRI LANKA
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THAILAND
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THAILAND
ing the game right now is moving away view that fossil-based power is probably ened by several delays and uncertainties
from the subsidy. The feed-in tariff (FiT) of at a low right now and likely to increase in in 2016.
THB4.12/kWh (US$0.1157) that has been the coming years.”
announced is basically the same as the Yesterday in Bangkok, Wandee Khun-
peak, and solar generates roughly 70% of In support of both Constant and Ben- chornyakong Juljarern, chairwoman and
the time during the peak. nhold’s expectations for next year, a chief executive, SPCG, the largest solar
recent report from Bangkok-based law installer in Thailand, called for a focus on
“We are very close at least to the whole- firm Pugnatorius, forecast that 2017 will quality to keep solar sustainable across
sale rate and moving closer to the gen- be Thailand’s “second solar gold rush” Southeast Asia at an early stage.
eration rate, especially if you have some after a successful year in 2015 was damp-
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This report was created with articles from the
following Solar Media journalists
Conor Ryan
David Pratt
Finlay Colville
John Parnell
Tom Kenning
And
Andre E. Susanto, PT Inovasi Dinamika Pratama
financeasia.solarenergyevents.com