Industry News Why Power Markets Tilt Toward Renewables Even With Cheap Oil Bloomberg Business 24th March 2016 If you re a power plant developer, chanc

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1 蓝衬衣集团 ( 亚洲区 ) Solar Stock Performance. Guggenheim Solar ETF (TAN) underperformed the broader market and was down 8.44% week over week (vs. the S&P 500 Index decrease of 0.67%, Russell 2000 decrease of 2.01% and the Nasdaq Composite decrease of 0.46%). Notable advancers in the sector for the week include Hanwha Q Cells Co. Ltd. (12.96%), Scatec Solar ASA (3.99%), Ideal Power Inc. (3.00%), NextEra Energy Partners LP (2.65%) and Advanced Energy Industries Inc. (2.13%). Solar incentives sunset as states grapple with tight budgets. Thousands of homeowners and small businesses in New Mexico the second sunniest state in the nation have invested nearly a quarter billion dollars in roof-top solar and related labor thanks to a program fueled by tax credits. Supporters say the investment has paid off. A record number of solar panels went up in 2015 and job growth within the industry jumped by more than 18%, signaling new economic opportunities for the struggling state. But the plug will be pulled this year since lawmakers concerned about a state budget crisis did not approve a measure that would have extended the popular incentive through With the 10-percent tax credit now expiring at the end of the year, New Mexico joins other states where credits and other incentives have started to disappear. While states have adopted hundreds of different policies and incentives related to various sources of renewable energy and energy efficiency, 16 states had specific programs that offered personal tax credits for solar. Half of those states already have had their credits expire, including North Carolina, which once boasted the nation's most generous tax credit for solar installation. According to a report released last month by the Clean Energy Technology Center, state policies and regulations that substantially affect the financial viability of roof-top business and residential solar are experiencing considerable uncertainty and volatility despite the industry's growth, falling prices and the federal government's extension of its 30 percent tax break. (PHYS.org, 23, March 2016) IHS sees polysilicon price jumping on PV demand from China. Polysilicon prices are expected to rise to USD 19 (EUR 17) per kg by April because of an expected rush to complete solar photovoltaic (PV) projects in China before a cut to feed-in tariffs (FiTs), IHS projects. Korean producers now account for nearly half of polysilicon imports in China and players from other Asian countries have also managed to increase their market share at the expense of US polysilicon producers. The latter have been hit hard by trade disputes and have even been forced to close factories. In February, before the Chinese New Year celebrations, polysilicon prices were at about USD 12 per kg, on average. IHS expects them to rise by nearly 60% by April. Karl Melkonyan, solar supply-chain analyst for IHS Technology, said that it is highly unlikely that polysilicon prices will continue increasing in the second half of the year, but a flat pricing outlook is certainly a possibility, if demand remains as high as previously forecast. Overall, consolidation within the polysilicon industry continues around the globe, shows IHS supply-chain analysis. Just a few producers have plans to boost their capacity this year. (SeeNews Renewables, 22 March 2016) China to More Than Triple Solar Power Capacity in Five Years. China plans to more than triple solar power capacity by 2020 to as much as 143 gigawatts to help reduce carbon emissions. The country will add 15 to 20 gigawatts of photovoltaic power annually in the next five years, Nur Bekri, head of the National Energy Administration, said in a conference in Beijing on Monday. China accounted for more than a quarter of global solar additions with a record 15.1 gigawatts of installations last year, according to data from the NEA. China s total solar capacity was 43.2 gigawatts at the end of 2015, surpassing Germany as the country with the most installed solar capacity. The world s biggest emitter of global-warming emissions is seeking to use solar energy as a means to help meet its pledge of cutting greenhouse gases. Domestic demand is helping China, the world s biggest supplier of solar panels, reduce its dependence on exports. China s installed solar capacity has surged almost 13-fold since 2011, according to Bloomberg New Energy Finance. Solar energy accounted for 3 percent of the nation s electricity mix at the end of (Bloomberg Business, 21 March 2016) Beijing Gary T. Dvorchak, CFA Managing Director +86 (138) (323) gary@blueshirtgroup.com Skype: gdvorchak : dvorchak New York Soohwan Kim, CFA Managing Director +1 (212) soohwan@blueshirtgroup.com San Francisco Shawn M. Severson Managing Director +1 (415) shawn@blueshirtgroup.com Ralph K. Fong Director +1 (415) ralph@blueshirtgroup.com : Scorpi0RF About ENERGY, ENVIRONMENTAL & INDUSTRIAL TECHNOLOGIES PRACTICE The Blueshirt Group provides capital markets expertise and strategic financial communications counsel to growth companies and venture capital firms globally. Founded in 1999, the firm's services include IPO advisory, ongoing investor relations, strategic financial communications, financial media relations and crisis management. Blueshirt is headquartered in San Francisco, California, with offices in New York City and Beijing. Guggenheim Solar ETF (TAN) Price Chart To learn more, visit Blueshirt on or or follow Source : Bloomberg 1

2 Industry News Why Power Markets Tilt Toward Renewables Even With Cheap Oil Bloomberg Business 24th March 2016 If you re a power plant developer, chances are you ll be selling renewables in a developing nation in the decades ahead -- even with fossil fuel prices bumping along historic lows. That s been the conclusion for some time of the International Energy Agency and independent researchers such as Bloomberg New Energy Finance. A report out Thursday from the United Nations Environment Program using BNEF data gives more statistical backing for the trends. Canada s biggest oil sands company eyes 240MW of solar PV PVTech 24th March 2016 Canada s biggest oil sands mining company, Suncor, has put in applications for 240MW of PV projects to regional electric system operator, AESO. The North American country s Alberta province features the world s largest deposits of bitumen in sand, which can be taken either from the surface or, more commonly, mined from underground. After achieving the impossible, Energiewende must make the impossible affordable PVTech 24th March 2016 A key theme of the Berlin Energy Transition Dialogue conference last week was how Germany s Energiewende ( energy transition ) has not only proven how to foster an explosion of renewable generation capacity through support schemes, including 40GW of PV across the country, but also how to integrate those renewables. TASC files lawsuit against Nevada PUC over net metering rates PVTech 23rd March 2016 The Alliance for Solar Choice (TASC) filed a lawsuit against the Nevada Public Utilities Commission (PUC) on Friday in an effort to overturn the group s decision to amend net metering rates and boost charges for consumers within the state, the Las Vegas Sun reports. The lawsuit notes that the PUC s decision puts a stake in the heart of future rooftop solar development, adding: Unless relief is granted by the court rooftop solar power generation may well cease to exist in Nevada. Rooftop Solar Booms in Japan as Market Moves Beyond Rich Nations Bloomberg Business 23rd March 2016 Japan s home rooftops are emerging as the next hot spot in what for years has been one of the biggest solar markets in the world, marking a move beyond the utility-scale projects in rich industrial nations that have fueled most of the industry s growth. Cash-Hungry U.S. Power Producers Lured by Mexico Energy Reforms Bloomberg Business 23rd March 2016 U.S. electricity producers seeking a salve for low prices at home and growing competition from solar and wind power are exploring whether to make a bet on Mexico s sputtering energy revolution. This year, for the first time, Mexico will allow independent companies, including those from outside the country, to compete in selling wholesale power. In anticipation, at least three top U.S. producers have held talks on entering the new market, according to Alfredo Alvarez, Ernst & Young LLP s energy sector leader in Mexico City. He declined to identify the companies, but said the talks were spurred by the tough conditions they face at home. 2

3 中国光伏公司海外扩张不易供应与双反压力并行 SOLARZOOM 光伏太阳能网 23rd March 2016 高歌猛进的中国光伏产量, 在去年已跃升至全球首位供应相对过剩的局面下, 加速将产能向海外转移, 成为中国光伏行业的现实选择尽管面临的海外双反 ( 反倾销反补贴 ) 阻力始终未减, 中国光伏企业仍决定以亚洲地区为突破口, 抱团向外走亚洲完全可以在太阳能领域形成国际区域竞争优势 3 月 21 日, 国家发展改革委副主任国家能源局局长努尔白克力在第九届亚洲太阳能论坛上称, 中国与亚洲其他国家具有很强的互补性, 因此亚洲各国应加强区域合作, 抓住全球新一轮能源转型的机遇, 实现本区域能源转型的跨越式发展在全球光伏供应链各个环节, 亚洲均处于统治地位近三年, 亚洲光伏发电新增装机占全球一半以上多晶硅硅片电池和组件产量分别占比 72.2% 99% 95% 和 92.3% 协鑫集成 ( SZ) 董事长舒桦解释称, 中国的优势在于市场全产业链和技术, 日本在于技术和市场应用, 韩国的优势是材料, 台湾地区技术水平较强, 南亚和东南亚具有成本优势, 而中东的市场越来越大努尔白克力表示, 在一带一路战略的推进中, 中国将把能源基础设施建设作为重点内容, 在太阳能领域展开全面合作这包括分享太阳能产业发展经验, 拓展多元化应用市场, 特别是加快解决本地区无电人口用电问题 ; 同时促进光伏制造产业合作, 在更多地区建立光伏制造产业体系 2015 年, 中国光伏新增装机量约 15GW, 同比增长 40% 以上, 连续三年全球第一, 累计装机量约 43GW, 约占全球总量的 1/5, 首次超越德国, 跃居全球第一中国的光伏产品产量也迎来大幅增长中国光伏行业协会统计数据显示,2015 年多晶硅产量超过 16.5 万吨, 同比增长 25%, 比 2013 年增加一倍 ; 组件产量达到 43GW 以上, 同比增长 20.8%; 硅片和电池片产量分别超过 100 亿片和 41GW 在中国经济逐步进入新常态的背景下, 光伏产品产量暴增, 不可避免地带来了供应相对过剩的局面未来几年, 光伏等产业的国际化将逐步成为新热点伴随着各国政府对可再生能源替代化石能源的呼吁, 国外对光伏产品的需求亦在大幅增加许多国家已制定可再生能源发展目标中国计划到 2020 年将可再生能源比重提升至 15%, 到 2030 年提高到 20%, 德国日本美国亦分别计划到 2020 年将该比重提至到 35% 20% 20% 泰国则计划到 2021 年该比重达到 25% 东非和南部非洲, 到 2030 年该比重达到 40% 巴基斯坦信德省新能源处处长 Mehfooz Ahmed Qazi 称, 该国目前尚有 7% 的无电人口, 存在 500MW 供应缺口, 有较大的光伏产品市场类似的情况在印度印尼乌兹别克斯坦等多个亚洲国家存在这对中国企业极具吸引力但中国面对的光伏产品出口环境并未改善, 海外针对中国光伏产品发起的双反调查日趋频繁, 海外投资各种政策性壁垒明显增加 China Is on an Epic Solar Power Binge MIT Technology Review 22nd March 2016 It s worth taking a minute to appreciate the sheer scale of what China is doing in solar right now. In 2015, the country added more than 15 gigawatts of new solar capacity, surpassing Germany as the world s largest solar power market. China now has 43.2 gigawatts of solar capacity, compared with38.4 gigawatts in Germany and 27.8 in the United States. 10MW PV solar farm being developed in Belize PVMagazine 22nd March 2016 With an already burgeoning renewable energy sector, Belize is setting a good example of how small economies can be powered using predominantly clean energy. Solar PV has almost no say in the country s energy mix, which is dominated by hydro and biomass resources, so this project is an exciting development for PV in the region. Giant Solar Farm Seeks Backers to Deliver 24-Hour Power in Chile Bloomberg Business 22nd March 2016 Valhalla Energia is seeking partners to build a 600-megawatt solar project in Chile that will incorporate hydropower to deliver energy 24 hours a day. The company is in talks with investors to raise as much as 40 percent of the estimated $1.3 billion needed for the project -- $900 million for the solar component and $400 million for a 300-megawatt hydropower system -- according to Juan Andres Camus, Santiago-based Valhalla s co-founder and chief executive officer. The rest will come from bank loans. 3

4 多晶仍主导日本光伏市场, 单晶占比下滑到 29% SOLARZOOM 光伏太阳能网 22nd March 2016 从日本 PVExpo 展会回来, 作为这一全球光伏业最重要的展会之一, 本届展会依然盛大而热闹, 国际上的重要光伏企业纷纷使出全力, 展出最新研发的高效新产品作为全球范围内起步较早发展较为完善的光伏市场, 日本光伏市场一向被认为是单晶产品占主导, 且市占率逐年提高然而事实并非如此, 最新数据显示, 近年来日本市场的单晶产品安装量逐年下滑, 并在 2015 年第四季度下降到 29% 的历史低点来自日本光伏产业协会 (JPEA) 的数据显示,2015 年, 多晶产品继续成为日本光伏市场的主导 2015 年, 日本市场单晶需求量为 2288 兆瓦, 多晶需求量为 4988 兆瓦, 单晶占总体的比例仅为 31.4%, 比 2014 年又下滑了 8 个百分点按季度来看, 单晶需求量占比总体上呈现下滑的态势, 并在去年四季度创下 29% 的新低实际上, 近年来, 日本市场的单晶产品需求量一直处于下滑的趋势, 而且都是多晶占主导 2014 年, 全年多晶需求量占比为 60.6%, 单晶也是逐季下滑日本光伏产业协会的这组数据, 包含了日本本土企业以及海外发往日本市场的组件量, 体现了日本市场的整体需求情况虽然在日本本土企业生产的产品中, 单晶组件占据多数, 但是本土企业的产量对于市场的整体需求而言十分有限从年的数据来看, 日本本土企业及来自海外的单晶组件占比都在减少, 唯一大幅度增加的是来自海外产的多晶组件这反映出日本市场对于单晶组件的相对需求在降低, 也说明中国以及东南亚国家和地区的组件厂商对日本市场形成了有利渗透, 这其中就包括了中国的阿特斯晶澳等深耕日本光伏市场的光伏组件巨头多晶产品主导了日本光伏市场, 而且比例正在逐渐加大, 这与我们传统上对日本市场的认知不同此前的观点认为, 日本因为国土面积原因, 将会重点发展分布式光伏, 而分布式光伏又将以单晶产品为主从上述数据看来, 以上看法并不成立根据 EnergyTrend 做的统计研究,2015 年日本新增光伏装机有可能低于 2014 年 9.7 吉瓦的水平, 处于 9 吉瓦左右, 而其中, 单晶的装机需求约为 1.5 吉瓦, 市场占比为 16.7% 同样是 EnergyTrend 的统计数据,2015 年全球太阳能需求量为 53 吉瓦, 其中单晶总产出约为 9.5 吉瓦, 占比为 17.9% 日本市场的单晶产品市占率与全球市场的市占率情况较为一致 Cameron Avoids Rebellion by Accepting Solar Amendment on Budget Bloomberg Business 21st March 2016 The U.K. government plans to support an amendment to its own budget that will prevent ministers from raising value-added tax on solar panels and insulation, averting a backbench rebellion by Euro-skeptic Tories that threatened to add to Prime Minister David Cameron s woes. EnBW Returns to Profit in '15 on Renewables, Securities Sale Bloomberg Business 21st March 2016 Energie Baden-Wuerttemberg AG, Germany s third-largest utility, returned to profit in 2015 on earnings from renewables and a capital gain from the sale of stocks and bonds. Net income for 2015 rose to million euros ($141 million) compared with a net loss of million euros a year earlier, the Karlsruhe-based company said Monday in a statement. EnBW proposed cutting its dividend by 20 percent to 55 euro cents a share, less than the 69-cent estimate by Bloomberg Dividend Forecasting. Mongolia has huge potential to export renewable electricity across northeast Asia - IRENA PVTech 21st March 2016 Mongolia s mostly untapped renewable resources could be used to kick-start a major cross border power corridor between Russia, Mongolia, China, South Korea and Japan, according to a new study. Excellent solar and wind resources in the Gobi Desert, some of which is in Mongolia and the rest in China, mean that the country has a vast renewable energy potential of 2.6TW, claimed the report Renewables Readiness Assessment: Mongolia from the International Renewable Energy Agency (IRENA) and Mongolia s Ministry of Energy. 4

5 India s Kerala launching first large-scale solar tender of 200MW PVTech 21st March 2016 The Kerala State Electricity Board (KSEB) has issued a request for selection (RfS) for 200MW of grid-connected solar PV in what is the South Indian state s first utility-scale solar tender for consumer use. Kerala made headlines last year by installing 12MW of solar at the Kochi International Airport, yet the state has a total installed capacity of just 13MW. Emirates Insolaire opens new markets for Kromatix colored solar glass PVMagazine 21st March 2016 The PV solar system installed at the Copenhagen International school, once finished, will be not only one of the largest in Denmark, but certainly, one of the most beautiful. 12,000 colored solar glass panels, produced by Emirates Insolaire, a joint venture established in November 2013 by Dubai Investments PJSC and SwissINSO Holding Inc., will be integrated into the façade of the building. 5

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9 . POLYSILICON, WAFERS AND OTHER RAW MATERIALS Poly/Wafers/Material Source: Bloomberg, The Blueshirt Group Definition of PV Grade: Poly silicon chunk with high purity can be directly produced to Solar PV Ingots / Bricks Definition of 2nd Grade: Poly silicon chunk must be mixed with high purity polysilicon, when producing Solar PV Ingots / Bricks Source : PVInsights Symbol Price Market Cap ($M) Enterprise Value ($M) NTM EPS P/E (local currency) Yield % Daqo New Energy DQ $ $ 184 $ 433 $ N.A Danen Technology 3686-TW $ 0.29 $ 101 $ 77 N.A N.A N.A GCL Poly 3800-HK $ 0.16 $ 3042 $ 9275 $ N.A Green Energy Technology 3519-TW $ 0.61 $ 254 $ 493 $ 0.03 N.A N.A KCC Corporation KS $ $ 3712 $ 1999 $ N.A OCI Materials KQ $ $ 971 $ 1067 $ REC Silicon ASA REC-OL $ 0.18 $ 449 $ 493 N.A N.A N.A Sino-American Silicon Products 5483-TW $ 1.13 $ 655 $ 737 $ N.A Wacker Chemie WCH-XE $ $ 4303 $ 5717 $ N.A Wafer Works 6182-TW $ 0.35 $ 143 $ 358 N.A N.A N.A PV Poly Silicon Weekly Spot Price Mean $ 1381 $ Item High Low Average AvgChg AvgChg% PV Grade Poly Silicon Price (9N / 9N+) % 2nd Grade Poly Silicon Price (6N - 8N) % PV Poly Silicon Price in China Visit here for more Poly-Si price 0.95% PV Poly Silicon Price Outside China Visit here for more Poly-Si price 0.72% Solar PV Wafer Weekly Spot Price Unit: USD/Kg more Last Update: Item High Low Average AvgChg AvgChg% 156 mm Multi Solar Wafer % 156 mm High Eff Multi Solar Wafer % 156 mm Mono Solar Wafer % 125 mm Mono Solar Wafer % 156 mm Non (TW or CN) Multi Wafer Visit here for more detail wafer price information Unit: USD/Kg more Last Update:

10 News Daqo New Energy Announces Unaudited Fourth Quarter and Fiscal Year 2015 Results Daqo New Energy 24th March 2016 Reports Q4 Adj EPS per ADS of $1.14 vs $0.54 dual estimate; revs rose 27% YoY to $59.3 mln vs $55.7mln dual est. Polysilicon production volume of 3,547 MT in Q4 2015, an increase of 31.9% from 2,689 MT in Q Polysilicon external sales volume of 3,092 MT in Q4 2015, an increase of 35.8% from 2,277 MT in Q Q1 guidance: o For the first quarter of 2016, the Company expects to sell ~2,800 MT to 3,000 MT of polysilicon to external customers. o Wafer sales volume is expected to be ~ mln pieces for the quarter. GCL-Poly raises polysilicon and wafer production in 2015 PVTech 24th March 2016 Leading polysilicon and wafer producer GCL-Poly Energy Holdings was able to increase production in 2015 resulting in slightly higher total revenue and improved gross margin on further production cost reductions. GCL-Poly was able to operate its polysilicon facilities at full-capacity in 2015, improving yield and productivity to achieve production of approximately 74,358MT, an increase of 11.2%, compared to 66,876MT in Daqo hits record polysilicon shipments and lowest production costs PVTech 24th March 2016 China-based polysilicon and wafer producer Daqo New Energy reported that external sales volume and cost structure exceeded prior guidance as demand remained strong in the fourth quarter and full year Daqo said that it had reached a recordhigh quarterly polysilicon production volume of 3,547MT, an increase of 31.9% from 2,689MT in the third quarter of 2015 and 12% above its name plate capacity, which had been expanded in GCL Poly reports flat growth & healthy profit, appoints new CEO PV Magazine 23rd March 2016 GCL Poly has released financial results for the full year 2015, which show a 1% increase in revenues to RMB 21.8 billion (US$3.35 billion), and US$420 million in profit, nearly double 2014 levels. Accompanying this, the company has announced that Executive Director and President Zhu Zhanjun has been appointed CEO, to replace Zhu Gongshan, who will remain chair and an executive director. GCL System Eyes Australia's Solar Market Amid Output Expansion Bloomberg Business 23rd March 2016 GCL System Integration Technology Co., the Chinese solar-panel maker whose production rose fivefold in 2015, is targeting growth in Australia s solar market as it pushes to expand overseas. Australia will install more than a gigawatt of solar power this year, compared with about 950 megawatts last year, President Shu Hua said in an interview in Beijing on Tuesday. 10

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