Quarterly Results …………………………………………………………………………………………………………………………32 Funding and M&A Updates SNEC Launches ………………………………………………………………………………………………………………………………35

Vietnam solar PV panel production facilities have all been progressively placed into creation. It is normal that the organization's module manufacturing limit will surpass 40 GW by 2021, and its silicon wafer and cell production limit will keep on being kept up at about 80% of its module manufacturing capacity. FUNDING AND M&A UPDATES

Avaada Energy sells 41.6% with $453 million to Thailand’s PPT Group. Global Power Synergy (GPSC), the listed power subsidiary of Thailand’s state-owned PTT Group, has acquired a major stake in Indian renewable energy provider Avaada Energy for $453 million. Avaada Energy has a Solar portfolio of above 3.74 GW. This deal helps the company (GPSC) to expand its renewable energy portfolio. INDIGRID completed the acquisition of FRV I and FRV II – Operating solar projects. India Grid Trust and FRV Solar Holdings (FRV) had entered into a Securities Purchase Agreement for the acquisition of 100% shareholding and management control, in one or more tranches, in FRV Andhra Pradesh Solar Farm-I Private Limited (FRV I) & FRV India Solar Park II – Private Limited (FRV II) and according to Regulation 23(6)(a) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and other applicable laws and regulations, the India Grid Trust has completed the acquisition of 100% paid-up capital and management control of FRV I & FRV II from FRV on July 13, 2021. Sangam Renewables Divests Its Entire Stake in Its Subsidiary WAACOX Energy to Aditya Birla Renewables. Sangam Renewables had announced the completion of its entire stake sale (51%) in its subsidiary, WAACOX Energy (WEPL) to Aditya Birla Renewables (ABRel), earlier held 49% stake in WEPL, and now shall own 100% stake. The company shall use these proceeds to reduce its short-term debt on a standalone basis. The PPA of these projects in WEPL is held by Mahagenco and Mahadiscom. Azure Power closes $163 million for 300 MW projects in Rajasthan

Mitsubishi UFJ Financial Group (MUFG) has closed syndicated financing for a 300 MW project with Azure Power. The solar Pv projects are being developed in Rajasthan. Colin Chen, Head of ESG. Finance for Asia-Pacific, MUFG, said, having played leadership roles in a string of renewable project financings in India, we are even more convinced of the exciting prospects in the country’s renewables sector. We look forward to further harnessing our project financing and ESG expertise to support India’s sustainability aspirations.

ACME Signs Another Landmark Investment Deal with UNOPS S3i and IFU for a 250 MW Solar Park in Rajasthan, India. The total value of the project is the equivalent of just under $200 million, of which about a quarter are financed through equity contributions by the three co-investors. The assets are well diversified with a presence across 13 states in India and a Central: State mix of 65:35. The company has an asset base of $2 billion. ACME has brought several innovations and introduced the latest technologies for the best solar plant operations. IFU– the Investment Fund for Developing Countries is a Danish impact investor contributing to green, just and inclusive societies as well as supporting the Sustainable Development Goals. IFU provides risk capital to companies operating in developing countries across Africa, Asia, Latin America, and parts of Europe. Investments are made on commercial terms in the form of equity, loans, and guarantees. This partnership is a key milestone towards ACME’s vision for developing a portfolio of 25 GW of Renewable Energy projects which comes in line with India’s plans to achieve 450 GW of RE Power by 2030.” said Manoj Upadhyay, Founder, and Chairman, ACME Group. AGEL Arm Transfers 74 % Stake of MSEL to Adani Tradecom LLP Adani Renewable Energy Holding Four Ltd, a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), has transferred 74% shareholding of Mundra Solar Energy Ltd (MSEL) to Adani Tradecom LLP (ATLLP) on May 21, 2021. The MSEL is a step-down subsidiary of the company and the same has been transferred to ATLLP, which is a wholly-owned LLP of Adani Enterprises Limited, an entity falling under a joint control (Adani Group). The MSEL is incorporated to manufacture crystalline silicon solar PV cells, modules, and ancillary operations, which is in a similar line of business undertaken by Adani Enterprise Limited through its subsidiary namely, Mundra Solar PV Limited. Adani Green to Buy SB Energy’s 5 GW Renewable Portfolio for $3.5 Billion. Adani Green Energy Limited (AGEL), signed definitive

agreements for the acquisition of 100% interest in SB Energy India on May 19, 2021. the transaction is for a fully completed enterprise valuation of approximately $3.5 billion (Rs. 26,000 Cr). This transaction marks the largest acquisition in the RE sector in India. The total renewable portfolio of SB Energy India is about 4,954 MW spread across four states of the country. The target portfolio comprises large-scale utility assets with 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW), and 7% wind capacity (324 MW). The portfolio contains a total of 1,400 MW operational solar power capacity. Further, 3,554 MW of solar power capacity is under construction. These projects have a 25-year power purchase agreement (PPA) with sovereign-rated counterparties such as Solar Energy Corporation of India, NTPC Limited, and NHPC Limited. Solar Park-based projects form a primary part of the operating assets of the portfolio.

KKR-Backed Renewables Platform Buys 76 MW of Solar Portfolio from Singapore Firm Sindicatum. Virescent Infrastructure, a renew-

able energy platform backed by global asset manager KKR & Co, has acquired the 76 MW India solar asset portfolio of Singapore-based Sindicatum Renewable Energy Company Pte Ltd. The assets have a mix of central government and Tier-I state government off-takers. The acquisition is in line with Virescent’s strategy to acquire operational renewable energy assets that have stable long-term cashflows with government counterparties across India. The Singaporean company has made several acquisitions in the country in the past. In 2019, it bought solar energy assets of Delhi-based Sukhbir Agro Energy having a total capacity of 50-60 MW.

SHV Energy Acquires Majority Stake in SunSource Energy. SHV Energy’s acquired majority stake is part of the companies’ renewable solutions strategy and ensures a further expansion of SunSource’s solar portfolio to 550 MWp plus by 2023. This new partnership will directly benefit SunSource’s ability to expand its portfolio of projects for C&I customers, with an overall ambition to grow to over a 1 GW solar portfolio. As part of this transaction, the original investor Neev fund, which is promoted by India’s largest commercial lender State Bank of India (SBI) and the UK Government, has obtained a successful exit. With this investment, SHV Energy enters India’s fast-growing renewable energy market focussing on solutions for C&I customers, capitalizing on the experience of SunSource Energy in decentralized energy projects. SHV Energy already operates in India through its SUPERGAS brand, a leading local LPG player founded in 1996.

Azure Power Sells Solar Rooftop Portfolio to Radiance Renewables. Azure Power has signed a binding agreement to sell its non-core

solar rooftop portfolio to Radiance Renewables Pvt. Ltd. (Radiance), one of India’s leading providers of competitive renewable energy solutions for commercial, industrial, and residential customers and a 100% subsidiary of the Green Growth Equity Fund (GGEF), India’s leading Climate fund, managed by EverSource Capital, for a total consideration of ₹5,365 million ($73.5 million) subject to purchase price adjustments. The rooftop portfolio generated ₹331 million ($4.5 million) in EBITDA for the 12 months ending December 30, 2020. After excluding rooftop revenues, our new FY’22 revenue guidance is ₹17,200 – 18,200 million ($236–$249 million). This transaction allows Radiance to bring its high-quality asset management skills to improve asset performance given its focus on enhancing and delivering value to its stakeholders. We plan to introduce cutting-edge asset management tools such as real-time monitoring with analytics and aim to make Radiance a leading Renewable Energy as a Service player in India.

Edelweiss Infrastructure Fund Snaps up 74% stake in Engie Group’s India Solar Assets for $550 million. The Engie Group has 813

MW of operational solar assets in the country, and it plans to add up to 2 GW more over the next couple of years, which once commissioned will be acquired by the Edelweiss. Infrastructure Yield Plus (EIYP). The investment has been carried out through Sekura Energy, which is the renewables-focused platform of EIYP that invests, acquires, and operates assets in the domestic energy sector.

AGEL Acquires Spinel Energy & Infrastructure. Adani Green Energy has acquired a 100% equity stake in Spinel Energy and Infrastructure from Hindustan Clean energy and Peridot Power Ventures. “Adani Green Energy Ltd (AGEL) has completed the acquisition of 100% of the share capital and all the securities of Spinel Energy & Infrastructure Ltd from Hindustan Clean energy Limited and Peridot Power Ventures Ltd. This particular acquisition will help it add 20 MW additionally in its existing capacity and help in expanding its network and meet the targeted decarbonization plan for a greener environment. AGEL’s present capacity includes power plants worth 15,240 MW in 86 locations, spread over 11 states in the country. The company also recently announced the acquisition of a 75 MW solar power project from Sterling & Wilson at the cost of ₹446 crore in Telangana.

Amplus Solar Buys Rooftop Solar Assets of Sterling & Wilson Totaling 7.2 MW. Amplus Solar, a member of the Petronas group of Ma-

laysia, has acquired 17 solar rooftop assets of Sterling & Wilson totaling 7.2 MW. Amplus Solar already has projects in the distributed solar segment and this deal will increase their portfolio in several states including Haryana, Punjab, Madhya Pradesh, Rajasthan, Maharashtra, Telangana, and Karnataka. Sterling & Wilson has been offloading its assets to repay loans. They have sold a 75 MW solar power project in Telangana to Adani Green Energy for ₹446 crore.

Leading Telecom Giant Bharti Airtel Acquires 8.53% Stake in Avaada MHBhuldhana. Bharti Airtel joined hands with Avaada Energy

and acquired 8.53% stake in Avaada MHbuldhana to source 21.32 MWp of Solar Power from Avaada MH Buldhana under the group-captive arrangement and thereby reduce its carbon footprints. Avaada is targeting to have an operational capacity of more than 5 GW capacity by the end of 2021. With a portfolio of over 500 MW of signed contracts under open access arrangement, Avaada is helping eminent corporates and leading data centres optimize their operating costs and meet their green energy needs. Bharti Enterprises, one of India’s leading corporates, is pioneering in its commitment towards sustainable development and playing the role of torchbearers in the combat against climate change. Bharti’s initiative to increase the share of renewable energy in their power sourcing mix is commendable and must inspire other corporates to emulate.

Solar Analytics Startup Prescinto Raises $3.5 Million in Seed Round Led by Venture Catalysts. Prescinto, a leading tech start-up

reinventing the renewable energy industry through its AI-powered platform has raised $3.5 million in a Seed round, participated by Inflection Point Ventures (IPV). The round has been led by Venture Catalysts and saw participation from Mumbai Angels and Lets Venture.

It is the 7th deal announcement by IPV since Jan 2021. IPV is likely to invest ₹155 crore ($20.91 million) this year across 60 plus startups. Prescinto is an IoT and AI-powered clean energy SaaS platform that increases solar power plant generation by 5%. The platform increases solar power plant generation by ~7% at a cost of 0.1% of revenue resulting in 20X-50X return on investment. Supported by a proven founding team, Prescinto has already demonstrated itself with customers like Macquarie (Stride Climate Investments), Essel Infrastructure, GMR, etc, to achieve traction of 3X annual growth reaching ~9 GW Solar Plants across 14 countries.

Adani Green raises $1.35 billion Debt from 12 Banks. Adani Green Energy Ltd (AGEL) has raised $1.35 billion in debt for its under-construction renewable energy projects via definitive agreements signed with a group of 12 international lenders. The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be set up in four SPVs (special purpose vehicles) in Rajasthan. The company claimed this will be the first certified green hybrid project loan in India. The 12 international banks that will provide loans are Standard Chartered Bank, Intesa Sanpaolo S.p.A, MUFG Bank, Sumitomo Mitsui Banking Corporation, Co-operative Rabobank U.A., DBS Bank, Mizuho Bank, BNP Paribas, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank N.V. AGEL raised a $1.35 billion debt package for its under-construction renewable asset portfolio through definitive agreements signed with a group of leading international lenders. Fourth Partner Energy Ties Up with Indonesia’s Indika Energy to Expand its International Footprint. Fourth Partner Energy, India’s

leading solar solutions firm today announced a partnership with Indonesia’s energy major, Indika Energy. The joint venture company Empat Mitra Indika Tenaga Surya (EMITS) is aimed at accelerating Indonesia’s renewable energy transition. Like Fourth Partner Energy’s India portfolio, EMITS will offer integrated solar, storage, and EV charging solutions to Indonesia’s businesses. Indika Energy will hold 51% and Fourth Partner Energy's 49% stake in EMITS. The Joint Venture Company EMITS will provide on-site & off-site solar, battery storage, and EV charging infrastructure solutions to Indonesia’s corporate sector.

Scatec Enters the Indian Market by Signing Agreement for a 900 MW Solar Power Plant. Scatec has entered into a partnership with

ACME, a leading solar developer in India, to realize a 900 MW solar power plant in the state of Rajasthan, India. The project holds a 25-year PPA with Solar Energy Corporation of India secured in a tender in 2018. The project has an estimated total Capex of USD 400 million, with 75% debt financing from an Indian state-owned lender. Scatec will hold a 50% economic interest in the project, while ACME will retain 50%. ACME will be the turn-key EPC (Engineering, Procurement, and Construction) provider for the project. Scatec will ensure delivery according to international standards, HSSE and E&S, as well as optimization of engineering, procurement, and operations of the plants. The annual production from the plant is expected to be 1,600 GWh. “Scatec targets 15 GW capacity by the end of 2025 and expects India to be a key market in the years to come. This transaction is an important milestone to position Scatec for future growth in the Indian market. SNEC 2021 LAUNCHES

LONGi Solar unveiled its Hi-MO N – the first bifacial module with N-type TOPCon cells – and once again leads the PV industry with high-efficiency technology. Hi-MO N maintains the optimal 182mm cell and 72c module size and adopts LONGi’s proprietary HPC technique based on N-type TOPCon (High-Performance Cell with Hybrid Passivated Contact). The conversion efficiency is up to 22.3% and power reaches 570W in mass production. Designed to deliver ultra-high value and lower LCOE to utility-scale PV power plants, Hi-MO N is expected to be the flagship product leading an industrial breakthrough in module efficiency and energy yield. From its commitment to monocrystalline silicon technology to broad applications of monocrystalline silicon-based PERC technology spanning P-type bifacial technology to M6 and M10 wafer standards, each of LONGi’s breakthroughs is based on the maximization of industry value and reduction of LCOE. LONGi’s technologies have accelerated the PV industry. The 182mm-size module can minimize costs associated with racking, cable, inverter, and labor. Its high conversion efficiency of 22.3% can enhance installed capacity by over 3.5% in areas of limited space and reduce balance of system BOS costs as well as costs of AC equipment and operations and maintenance throughout the life cycle of the power plants.

TOPCon refers to a PERC cell architecture, which passivates the cell contacts – Tunnel-Oxide Passivated Contacts. Jinko Solar’s PERC capacity could reach 37 GW by the end of this year, plus or minus 1 GW depending on TOPCon which is an upgrade of this existing capacity to the next efficiency level of up to 24.5%. Jinko Solar’s SWAN high efficiency, half-cut, monocrystalline bifacial module at SNEC has a 555 Watt power rating, a 30-year lifespan, and is available in transparent backsheet or dual-glass bifacial options.

Huawei Fusion Solar All-scenario PV & Storage Solution, which was unveiled at SNEC. It covers “4+1” scenarios: Smart PV Genera-

tor Fusion Solar 8.0, Green Residential Power 2.0, Green C&I Power 1.0, and Off-grid (fuel removal) Power Supply Solutions + Energy Cloud, aiming to accelerate the shift to zero-carbon generation and bridge the energy divide. Fusion 8.0 offers customers two benefits: First, the smart PV generator promises improved grid stability; second, the world’s first “Gemini” ±1500V design can help to support larger subarrays, higher voltages, thus could reduce LCOE by 7%. Specifically, with the ±1500V bipolar string + smart string energy storage solution, the Smart PV Generator features the industry-leading DC-coupled architecture and adopts Grid Forming 1.0, an intelligent PV + storage collaborative control algorithm, to enable the PV power generation to be grid-connected synchronously and to allow solar power to be stored and controllable. The upgraded Green Residential Power 2.0 solution highlights the innovative “1+3+X” structure. With the Smart Energy Controller at the core, it is equipped with three key components— the optimizer, the smart string ESS, and the Green Power Cloud to build the intelligent power ecosystem. Huawei launched its new C&I solution this year, which fits for different application scenarios: solar only, storage only, solar + storage + charging, and off-grid. With the application of optimizers and the smart string energy storage system, the solution can improve the energy yield by 30% and energy storage power by up to 15%. Huawei inverters support intelligent AFCI arc protection and automatically shut down within 0.5s, ensuring the active safety of systems. The full series of off-grid (fuel removal) comprehensive power supply solutions, called iPowerCube, include a full series of M\S\P and can be applied to industrial production and livelihood scenarios. Energy Cloud, customers will have access to all-scenario PV and storage power plants. Adhering to the concept of all-scenario refined management, Huawei enables module-level monitoring on the PV side while allowing the pack-level 3D visual management on the storage side. zero-carbon power generation, Huawei also displays the digital power zero-carbon all-scenario solution for the first time at SNEC. In the era of carbon neutrality, Huawei Digital Power business unit gives full play to its strengths in digital technology and power electronics and integrates the watt, thermal, energy storage, cloud, and AI technology, to accelerate the digitization of the energy industry and contribute to a zero-carbon smart society. Zero-carbon Data Centre: Simplified DC allows reshaping architecture through fully prefabricated and modular construction, shortening TTM from 20 months to 6 months. Zero-carbon Sites: Huawei provides simplified sites and server rooms and uses all-scenario PV stacking to help 5G operators avoid the increased energy-related OPEX, resulting in zero-carbon sites.

Sungrow has the latest flagship products on display including the world’s most powerful string inverter SG320HX and a brand-new modular solution. Both solutions have been available so far in China and soon to be released in overseas markets in 2H 2021. SG320HX enables lower LCOE and is compatible with the growing preference for high wattage bifacial modules. The newly-launched “1+X” modular inverter is designed with a minimum unit of 1.1 MW and features a flexible capacity ranging from 1.1 MW to 8.8 MW. The modular design featuring “individual” units, ensures rest units in normal operation without any impact from one failing unit. Moreover, the failed device can be easily replaced with the new one in a plug-and-play manner, streamlining the O&M. Sungrow presented the zero-carbon industrial park and zerocarbon household concepts depicting commercial and residential applications – with power generated by PV plants, and stored in the energy storage system, then charging the EV. The commercial PV inverters are loaded with cutting-edge technologies such as Arc Fault Circuit Interrupter (AFCI) which substantially reduces the risk of electrical fires. In addition, the three-phase hybrid residential inverter works with the SBR high-voltage battery, thus, maximizing self-consumption.

ReneSola unveiled TWIN 3.0 Series of modules in SNEC, 2021. The unveiled series TWIN 3.0 having a power rating up to 550 Wp with an efficiency of 21.5% was a centre of attraction between the visitors. The series is being offered with 12 years of product warranty and 30 years of linear power warranty. Twin 3.0 has been highly recognized by the market since its launch. The module power can reach 555 Wp, and the efficiency of 21.5%. ReneSola also offers a 12-year material warranty and a 30-year linear power warranty. Twin 3.0 was certified by DEKRA, a famous authoritative organization, marking that ReneSola 182 cell module meet IEC 61215 and IEC 61730 standards in design, materials, and production process.