SolarQuarter May Issue 2020

SOLAR EPC BUSINESS SPECIAL ISSUE

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PERSPECTIVE: POST COVID 19: WILL SOLAR INDUSTRY LOOK TO DOWNSTREAM AND UPSTREAM OF PRODUCTION PROCESS?

IN CONVERSATION

MAYANK BANSAL President – Strategy & Operations ReNew Power

OPINIO N

BENEFITS OF THE AMENDMENTS IN PROPOSED ELECTRICITY ACT 2003

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CONTENTS IN CONVERSATION

NEWS 06 INDIA NEWS 08 ASIA NEWS 09 MONTHLY TENDER OUTLOOK

INSIGHTS 17 BACKSHEET: A GUARD FOR YOUR SOLAR MODULES

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MR. HONEY RAZA

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INDIA BUSINESS LEADER GINLONG SOLIS "Solis string inverter technologies have achieved top-of-range lifespan that have been validated by independent labs"

PERSPECTIVE 18 COVID 19 IMPACT ON INVESTOR SENTIMENTS FOR INDIAN SOLAR PROJECTS

MR. MAYANK BANSAL PRESIDENT – STRATEGY & OPERATIONS RENEW POWER "ReNew will look at adding 1 GW of additional capacity next year."

34 POST COVID 19: WILL SOLAR INDUSTRY LOOK TO DOWNSTREAM AND UPSTREAM OF PRODUCTION PROCESS?

COMPANY FEATURE 21 GOODWE

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22 TBEA 24 LONGI 25 SINENG

MR. SUNIL BADESRA

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MR. PINAKI BHATTACHARYYA

BUSINESS HEAD SUNGROW (INDIA) PRIVATE LIMITED

CEO AMP ENERGY INDIA

"Working together with energy storage system is going to be a prevalent trend."

"Amp Energy India aims to develop 2 GW of clean energy capacity in a span of three years"

26 SOLIS

PRODUCT FEATURE 27 GOODWE

TECH TRENDS 32 WAAREE: DESIGNING BIFACIAL PV POWER PLANTS GETTING THE DETAILS RIGHT! PART 1

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DR. KAUSHIK ROY CHOUDHURY

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MANAGING DIRECTOR, SOUTH ASIA AND CENTRAL ASIA JINKO SOLAR

SENIOR SCIENTIST AND GLOBAL TECHNOLOGY LEADER DUPONT PHOTOVOLTAIC SOLUTIONS "DuPont Photovoltaic Solutions is a leading supplier of specialty materials to the solar energy industry"

PUBLISHING

EDITING

Firstview Media Ventures Pvt. Ltd.

ADVERTISING

MR. DANIEL LIU

"JinkoSolar has been number one Solar Module manufacturer globally for consecutive four years."

CONTENT

DESIGNING

Varun Gulati

Sangita Shetty

Neha Barangali

Smriti Singh

Kunal Verma

Ekta Pujari

Megha Kottapalli

Meghna Sharma

Chandan Gupta

Parleen Kaur Arora

Kishor Shetty

Samah Rumani

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CIRCULATION

PRINTING Vaibhav Enterprises

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I N D I A

N E W S INSIGHTS >

BUZZ >

INDIA POSTPONES ROLL-OUT OF APPROVED MANUFACTURER LIST FOR STATE-BACKED SOLAR India has granted its solar industry the latest lifeline in a series since the COVID-19 outbreak first emerged, acting to delay the introduction of a list of approved PV manufacturers. The country was planning to force government-backed solar projects to source components from a preauthorized registry of providers starting on 1 April 2020 but has now opted to postpone bringing the obligation into force by six months. In a letter dated 7 April, the Ministry of New and Renewable Energy (MNRE) said the procurement obligation will kick in in October 2019, to account for the “temporary disruptions due to the COVID-19 epidemic and the current lockdown and the prevailing situation due to such epidemic”.

MNRE STEP DOWN FROM MULTI-PRONGED APPROACH TO SUPPORT SOLAR SECTOR MNRE is aiming to provide an amount of Rs. 10,000 crore to the renewable energy developers, as well as projectspecific funding for manufacturers. Besides, the ministry said that it aims to provide export incentives of up to 6-8% to support the solar sector. It added that it will introduce a basic customs duty of 15%, when applicable, in a staggered manner to avoid hurting the interests of developers. MNRE Secretary Anand Kumar recently explained that the government wants to maximize the availability of cash for solar developers. Kumar, who spoke as part of a recent online dialogue organized by the Ph.D. Chamber of Commerce and Industry, claimed that India’s renewable energy target of 175 GW by 2022 was still very much within reach, with only 15 GW more left to bid before the close of the year.

LATEST >

TATA POWER SOLAR RECEIVES LOA FROM NTPC FOR 300MW SOLAR PROJECT WORTH INR 1730 CR Tata Power Solar, an integrated solar company and a wholly-owned subsidiary of Tata Power said it has received the Letter of Award (LoA) to build the 300 MW under the CPSU-II scheme for NTPC at an all-inclusive price of Rs 1,730.16 crore. The company had bagged the order in a post reverse auction held on February 21. The Commercial Operation Date (COD) for this grid-connected solar photovoltaic project is set for September 2021 (18 months). It claims that with this order, the order book of Tata Power Solar stands at approximately Rs. 8541 crore including external and internal orders.

INDUSTRY >

3GW OF RENEWABLE ENERGY INSTALLATIONS IN INDIA EXPECTED TO BE IMPACTED BY COVID-19 Modules account for approximately 60% of a solar project’s cost and Chinese companies supply approximately 80% of solar cells and modules. Chinese vendors have informed Indian developers about delays in production, quality checks, and component transportation due to the outbreak.

China has imposed work restrictions in eight affected provinces, most of which are the hub of solar module manufacturers. Canadian Solar, LONGi Group, Trina Solar, Q-CELLS, and JA Solar have their facilities in Jiangsu province. Jinko Solar and JA Solar conduct their manufacturing operations in Zhejiang province. PV inverter companies such as SolarEdge and Enphase Energy had contract manufacturers in affected provinces of Guangdong and Anhui respectively. As a result, Indian developers have started facing a shortfall of raw materials required for solar panels and cells and limited stocks. It is expected that Covid-19 is going to affect the installations in the first half of the year and will likely start showing signs of recovery only by the end of the third quarter.

| MAY ISSUE 2020

INDUSTRY >

NTPC TO RAISE INR 4374.10 CRORE VIA BONDS ON PRIVATE PLACEMENT BASIS NTPC, India’s largest energy conglomerate has decided to raise Rs. 4,374.10 crore on 16 April 2020 through the placement of unsecured non-convertible bonds. As per the press release the funds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans, and other general corporate purposes. The document stated that these bonds are proposed to be listed on both NSE & BSE. Bond Trust Deed for these bonds will be duly executed as per the requirements of and within the period prescribed under, the Companies Act and rules specified therein.

COVID-19 UPDATE: MNRE EXTENDS APPROVED LIST OF MODELS & MANUFACTURERS DEADLINE BY 6 MONTHS The Ministry of New and Renewable Energy (MNRE) has extended the deadlines for the approved list of models and manufacturers (ALMM) by the next 6 months to provide aid to the renewable energy firms from considering disruption of the sector due to the spread of coronavirus pandemic.

The list includes solar photovoltaic (PV) modules and solar PV cells. The last date for enlistment for both ALMM List-I and ALMM List-II is extended from March 31, 2020, to September 30, 2020. On 2nd January 2019, MNRE had issued an order to ensure the reliability of solar PV manufacturers, protect the consumers’ interests, and to ensure larger energy security of the country. The order provides for the enlistment of eligible models and manufacturers of solar PV cells and modules complying with the BIS Standards and publishes the same in a list called the ALMM(Approved List of Models and Manufacturers).

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| MAY ISSUE 2020

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ASIANEWS PROGRAM FOR SUSTAINABILITY IN PALESTINIAN ENERGY GETS US$63 MILLION IN FUNDS The World Bank approved a US$14 mi lli on grant as part of a multi phase Advanci ng Sustai nabi li ty i n Performance, Infrastructure, and Reli abi li ty of Energy Sector (ASPIRE) program to i mprove the operati onal and fi nanci al performance of the Palesti ni an electri ci ty i nsti tuti ons and di versi fi cati on of energy sources.

The program wi ll benefi t from an addi ti onal US$49 mi lli on grant from donor partners*, members of the Partnershi p for Infrastructure Development Multi -Donor Trust Fund (PID MDTF) admi ni stered by the World Bank. “Power demand i n the West Bank i s fast outpaci ng supply and Gaza i s already faci ng severe challenges wi th electri ci ty supply. Thi s multi phase programmati c approach, new to the regi on, i s a model of collaborati on between the World Bank, the Palesti ni an Authori ty and the donor partners to ensure more stable energy suppli es whi le enabli ng the transformati on of the sector. ” sai d Kanthan Shankar, World Bank Country Di rector for West Bank and Gaza. ”

PHILIPPINES’ CENTRAL BANK UNVEILS SUSTAINABLE FINANCE FRAMEWORK The Phi li ppi nes’ Central Bank (Bangko Sentral ng Pi li pi nas) has approved a Sustai nable Fi nance Framework to safeguard the fi nanci al system from the evolvi ng materi al hazards from cli mate change and energy transi ti on ri sk i ncludi ng stranded assets, the Insti tute for Energy Economi cs and Fi nanci al Analysi s (IEEFA) report i n a new bri efi ng note. “COVID-19 has exposed the country’ s i ll-prepared supply chai ns, lack of di gi ti zati on, and i nabi li ty to retai n cri ti cal functi onali ty i n events of low probabi li ty but seri ous consequences, such as the pandemi c, ” says the author of the note IEEFA energy fi nance analyst Sara Ahmed.

POST COVID-19, RISEN ENERGY SHIPS FIRST BATCH OF 500W MODULE Ri sen Energy has overcome the adverse effects of the COVID-19 epi demi c whi ch had hi ndered producti on at most faci li ti es across the country si nce the begi nni ng of thi s year. The company has achi eved a full return to work and resumpti on of producti on wi th the strong support of the local government. To ensure that producti on levels resumed to what i t was before the epi demi c and at the same ti me, prevent and control potenti al resurgence of COVID-19, the company had to undertake stri ngent measures. Furthermore, to overcome producti on and logi sti cs i ssues, i t conducted a sci ence-based analysi s to come up wi th a reasonable arrangement and methodology for managi ng the workforce based on the company’ s uni que challenges, ensuri ng the smooth di spatch of every outstandi ng batch of orders. Thi s batch of 500W modules was shi pped to Malaysi an-based Tokai Engi neeri ng, whi ch had ordered a 20MW batch of 500W modules from Ri sen Energy i n March. As a pi oneer i n launchi ng the world’ s fi rst 500W hi gh-effi ci ency modules, the company provi ded the modules usi ng the G12 monocrystalli ne si li con wafer wi th module effi ci ency up to 20. 8% to Tokai . The modules can reduce the leveli zed cost of energy (LCOE) by 6% and the balance-of-system (BOS) cost by 9. 6% whi le i ncreasi ng the si ngle li ne output by 30%.

Seraphi m bags 183 MW order from ERS Energy i n the Phi li ppi nesJi angsu Seraphi m Solar System Co. , Ltd. (Seraphi m) recently announced that i t has si gned an agreement wi th ERS Energy Sdn Bhd (“ERS”) to deli ver 183 Megawatts of hi gh-effi ci ency solar modules for proj ects i n the Phi li ppi nes.

Co-developed by AC Energy Inc. , the energy platform of Ayala Corporati on, ERS Energy Sdn Bhd as the EPC contractor, and Seraphi m as the module provi der, the solar farm proj ects are set to be located i n Alami nos, Laguna, and Gi gasol, Zambales.

| MAY ISSUE 2020

IRENA, ESCAP RAMP UP EFFORTS TO IMPROVE CLEAN ENERGY IN ASIA-PACIFIC REGIONS The Uni ted Nati ons Economi c and Soci al Commi ssi on for Asi a and the Paci fi c (ESCAP) and the Internati onal Renewable Energy Agency (IRENA) wi ll work together to i mprove access to sustai nable energy, bolsteri ng the Asi a-Paci fi c regi on’ s response to the COVID-19 pandemi c. The two organi zati ons wi ll offer recommendati ons to governments i n the regi on posi ti oni ng the energy transi ti on as an i ntegral part of the i mmedi ate response to the cri si s and medi um to long-term recovery efforts. Asi a-Paci fi c, home to half of the world’ s populati on, i s largely dependent on fossi l fuels. Di esel, for i nstance, fuels the maj ori ty of the regi on’ s off-gri d electri ci ty needs. Accordi ng to ESCAP, 200 mi lli on people i n the Asi a Paci fi c regi on li ve wi thout electri ci ty and 1. 2 bi lli on people wi thout access to clean cooki ng fuel. Joi nt efforts wi ll focus on developi ng sustai nable energy poli ci es that are closely i ntegrated wi th health and i ndustri al development poli ci es to bolster recovery efforts and rebui ld economi es.

150 GW OF RENEWABLES PROJECTS AT RISK IN A CORONAVIRUS-LED RECESSION Wood Mackenzi e’ s latest research shows that up to 150 gi gawatts (GW) of wi nd and solar proj ects across the Asi a Paci fi c could be delayed or canceled over the next fi ve years (2020 – 2024) i f the coronavi rus-led recessi on extends beyond 2020. Thi s i s equi valent to pushi ng back the Asi a Paci fi c renewables constructi on pi peli ne by nearly two years. Wood Mackenzi e proj ects that a two- to threemonth power demand di srupti on wi th strong recovery would lead to 380 Terawatt hour (TWh) of power demand lost i n the Asi a Paci fi c thi s year. However, i f the coronavi rus i s not brought under control and markets go i nto a maj or recessi on, approxi mately 1, 000 TWh of demand could be lost by 2023. Thi s i s equi valent to about two years of growth i n the regi on. Before the vi rus outbreak, global i nvestors had been acti ve i n Asi a Paci fi c renewables proj ects, offeri ng developers access to cash at competi ti ve rates of i nterest. However, i f the coronavi rus outbreak evolves i nto a fi nanci al cri si s, fundi ng may be harder to secure, leadi ng to reduced competi ti veness of renewables.

TRENDING TNB SUBSIDIARY PARTNERS WITH ENVISION DIGITAL TO DIGITIALISE OPERATIONS OF ITS LARGEST SOLAR POWER PROJECT IN MALAYSIA TNB Renewables Sdn. Bhd. , a wholly-owned subsi di ary of Tenaga Nasi onal Berhad (TNB), the nati onal electri ci ty uti li ty company, i s partneri ng Envi si on Di gi tal Internati onal Pte Ltd (Envi si on Di gi tal) to deploy bi g data analyti cs appli cati ons i n i ts large scale solar (LSS) farm i n Sepang, Selangor i n Malaysi a to i mprove energy producti vi ty and operati onal effi ci ency. The 50 megawatts (MW) solar farm i s one of the largest i n Malaysi a wi th 238, 140 solar panels generati ng more than 110, 000 megawatt-hours (MWh) of energy i n i ts fi rst year of operati on i n 2019. The proj ect wi th Envi si on Di gi tal wi ll i nvolve the deployment of i ts cloud-based di gi tal analyti cs appli cati ons. Powered by Envi si on Di gi tal’ s AIoT (Arti fi ci al Intelli gence of Thi ngs) operati ng system, EnOSTM, the appli cati ons wi ll strengthen TRe’ s abi li ty to acti vely contri bute to the growth and use of renewable energy sources across the company’ s portfoli o of energy assets.

KSTAR PV HUNGARY PROJECT COMMENCED TO GENERATE ELECTRICITY KSTAR announces the i nverter KSG-50K seri es as one of the opti mal soluti ons for di stri buted commerci al PV systems wi th Max. DC voltage 1000V. Thi s soluti on i s smart, safe, and reli able. KSG50K i nverter i s most appli cable for di stri buted commerci al PV systems. It i s a hi gh effi ci ency, hi gh reli abi li ty, and easy i nstallati on, li ke 3 MPPT, IP65, DC fuse opti onal, and Reacti ve power controller.

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MONTHLY TENDER OUTLOOK

NTPC TO RAISE INR 4374.10 CRORE VIA BONDS ON PRIVATE PLACEMENT BASIS NTPC, India’ s largest energy conglomerate has decided to raise Rs. 4, 374. 10 crore on 16 April 2020 through the placement of unsecured nonconvertible bonds. As per the press release the funds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans, and other general corporate purposes. The document stated that these bonds are proposed to be listed on both NSE & BSE. Bond Trust Deed for these bonds will be duly executed as per the requirements of and within the period prescribed under, the Companies Act and rules specified therein.

INDIA POSTPONES ROLL-OUT OF APPROVED MANUFACTURER LIST FOR STATE-BACKED SOLAR India has granted its solar industry the latest lifeline in a series since the COVID-19 outbreak first emerged, acting to delay the introduction of a list of approved PV manufacturers. The country was planning to force government-backed solar projects to source components from a preauthorized registry of providers starting on 1 April 2020 but has now opted to postpone bringing the obligation into force by six months. In a letter dated 7 April, the Ministry of New and Renewable Energy (MNRE) said the procurement obligation will kick in in October 2019, to account for the “temporary disruptions due to the COVID-19 epidemic and the current lockdown and the prevailing situation due to such epidemic”.

TATA POWER SOLAR RECEIVES LOA FROM NTPC FOR 300MW SOLAR PROJECT WORTH INR 1730 CR Tata Power Solar, an integrated solar company and a wholly-owned subsidiary of Tata Power said it has received the Letter of Award (LoA) to build the 300 MW under the CPSU-II scheme for NTPC at an all-inclusive price of Rs 1, 730. 16 crore. The company had bagged the order in a post reverse auction held on February 21. The Commercial Operation Date (COD) for this grid-connected solar photovoltaic project is set for September 2021 (18 months). It claims that with this order, the order book of Tata Power Solar stands at approximately Rs. 8541 crore including external and internal orders.

3GW OF RENEWABLE ENERGY INSTALLATIONS IN INDIA EXPECTED TO BE IMPACTED BY COVID-19 Modules account for approximately 60% of a solar project’ s cost and Chinese companies supply approximately 80% of solar cells and modules.

Chinese vendors have informed Indian developers about delays in production, quality checks, and component transportation due to the outbreak. China has imposed work restrictions in eight affected provinces, most of which are the hub of solar module manufacturers. Canadian Solar, LONGi Group, Trina Solar, Q-CELLS, and JA Solar have their facilities in Jiangsu province. Jinko Solar and JA Solar conduct their manufacturing operations in Zhejiang province. PV inverter companies such as SolarEdge and Enphase Energy had contract manufacturers in affected provinces of Guangdong and Anhui respectively. As a result, Indian developers have started facing a shortfall of raw materials required for solar panels and cells and limited stocks. It is expected that Covid-19 is going to affect the installations in the first half of the year and will likely start showing signs of recovery only by the end of the third quarter.

SOLARSQUARE ENERGY BUILDS ONE OF THE LARGEST INDUSTRIAL SOLAR ROOFTOP IN INDIA SolarSquare is known to have worked with the most marquee businesses in the country. The founders of the company are ex-IITians and have an experienced engineering team working for them. To date, SolarSquare is known to have completed about 53 Mwp with an approximate of 75 projects. SolarSquare engineered projects have yielded a few % higher generation over conventional projects. Recently, the company completed one of their largest projects near India’ s commercial capital Mumbai, built for a leading home furnishing brand. This 6, 500 KWp plant produces over 8 Million units of electricity and saves close to a million dollars per year in electricity bills for their client! In addition to it, this project was acquired as a CAPEX project. Moreover, SolarSquare Energy will also be providing long-term O&M services to this project.

| MAY ISSUE 2020

COVID-19 UPDATE: MNRE EXTENDS APPROVED LIST OF MODELS & MANUFACTURERS DEADLINE BY 6 MONTHS The Ministry of New and Renewable Energy (MNRE) has extended the deadlines for the approved list of models and manufacturers (ALMM) by the next 6 months to provide aid to the renewable energy firms from considering disruption of the sector due to the spread of coronavirus pandemic. The list includes solar photovoltaic (PV) modules and solar PV cells. The last date for enlistment for both ALMM List-I and ALMM List-II is extended from March 31, 2020, to September 30, 2020. On 2nd January 2019, MNRE had issued an order to ensure the reliability of solar PV manufacturers, protect the consumers’ interests, and to ensure larger energy security of the country. The order provides for the enlistment of eligible models and manufacturers of solar PV cells and modules complying with the BIS Standards and publishes the same in a list called the ALMM(Approved List of Models and Manufacturers).

SOLAR ENERGY PLANS OF INDIA BOGGED DOWN DUE TO SUPPLY CHAIN ISSUES Due to the amid lockdown in India, the delivery of almost 2. 3GW projects has been impacted according to GlobalData, a data analytics firm. The plants were supposed to be delivered modules by the end of March 2020 before the pandemic. But the ongoing situation has impacted capacity addition plans and is expected to delay future bids. To overcome this situation, the All India Solar Industries Association has asked the government to consider subsidizing the cost differential and urge domestic manufacturers to ramp up their production, ” said Somik Das, Senior Power Analyst at GlobalData.

MNRE GRANTS EXTENSION FOR RE PROJECTS DUE TO COVID-19 FOR A PERIOD OF 30 DAYS Ministry of New and Renewable Energy (MNRE) has said that the Renewable Energy implementing agencies may grant an extension of time for RE projects, on account of lockdown due to COVID-19, equivalent to the period of lockdown and additional 30 (thirty) days for normalization after the end of such lockdown. In an order issued on 17-4-2020, the Ministry noted that, thus, the extension will be for the period of lockdown plus 30 (thirty) days. This will be a blanket extension – there will be no requirement of the case to case examination. There will be no need to ask for any evidence for an extension due to lockdown. The Ministry has also said that all Renewable Energy implementing agencies of the Ministry of New & Renewable Energy (MNRE) will treat lockdown due to COVID-19, as Force Majeure

MNRE STEP DOWN FROM MULTI-PRONGED APPROACH TO SUPPORT SOLAR SECTOR MNRE is aiming to provide an amount of Rs. 10, 000 crore to the renewable energy developers, as well as project-specific funding for manufacturers.

Besides, the ministry said that it aims to provide export incentives of up to 6-8% to support the solar sector. It added that it will introduce a basic customs duty of 15%, when applicable, in a staggered manner to avoid hurting the interests of developers. MNRE Secretary Anand Kumar recently explained that the government wants to maximize the availability of cash for solar developers. Kumar, who spoke as part of a recent online dialogue organized by the Ph. D. Chamber of Commerce and Industry, claimed that India’ s renewable energy target of 175 GW by 2022 was still very much within reach, with only 15 GW more left to bid before the close of the year.

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INCONVERSATION

HONEY RAZA INDIA BUSINESS LEADER GINLONG SOLIS

Please tell us about our products and services.

Ginlong Solis has been committed to technological innovation. From the 4G technology platform to the current 5G technology platform, our products are more abundant and the technology has also made great progress. The Indian market is one of the most active solar markets in the world.

For the Indian market, we have also developed and applied many new technologies, such as technology for improving grid harmonics, active surge suppression technology and Class II SPD technology. Intelligent system diagnosis and String level monitoring technology, on Solis cloud platform. The application of these technologies is to better match the Indian power grid, installation environment and system management.

Ginlong Solis' after-sales service is comprehensive, including 24-hour technical support, online Q & A and technical training response, as well as on-site technical problem assistance, warranty service, customer claim service, etc. We also have Well trained technical team and warehouse in India, which are very convenient for us to help customers solve field problems in a timely manner.

Are you planning to bring some new models to India in 2020?

Yes, no doubt. India's solar market has huge potential, both the government and the public are actively developing clean energy.

Aiming at India's fast-growing industrial and commercial and ground power stations, we will bring new 5G products to the Indian market in 2020, including high-power 400VAC inverters such as 100kW, 110kW, and also 255kW such as 1500Vdc, 800VAC products for large power stations. In addition, we also planned off-grid systems for Industrial and Residential application where have more power cuts, off-grid system is independent power generator to cater such requirement.

| MAY ISSUE 2020

"SOLIS STRING INVERTER TECHNOLOGIES HAVE ACHIEVED TOP-OF-RANGE LIFESPAN THAT HAVE BEEN VALIDATED

BY INDEPENDENT LABS" Please tell us about the Solis 110kw String Inverter. What makes it different from the other inverters?

Solis 110kW is designed to achieve low LCOE in commercial installations, increasing system returns through a more intelligent, reliable, efficient and secure string inverter technology solution.

Industry-Leading Efficiency Delivers Lower LCOE Over The Life of The Project

Designed for Flexibility & Higher Energy Yield

The Solis 110kW has a flexible design that allows for shorter strings where needed and multi-orientation designs. Our multiple MPPTs are 100% fully independent, offering a wide DC operating voltage range. This means we have a higher production yield for greater roof utility and energy density.

Furthermore, the operating mode of Solis 110kW allows the inverter to ride through grid disturbances to increase the overall system yield. Its operation-through-voltage fluctuations provide grid stability and reliability.

Solis 110kW boasts a staggering efficiency of 98.7%, making it one of the most efficient on the market. thanks to the Solis 110kW uses advanced insulated-gate bipolar transistors (IGBTs), and new technologies such as adaptive parallel technology and wave-by-wave current limiting protection, Making it achieves low “on resistance�, resulting in the highest efficiency and the lowest minimal losses.

Higher System Returns

Moreover, Solis 110kW also combines 90 MPPTs / MW, resulting in high power tracking density. With a 150% DC/AC ratio, Solis 110kW boosts energy density to ensure higher earnings and lower LCOE design. The system can produce more stable power output under irradiation, these characteristics bring nearly 3.5% power generation increase during the whole life cycle of the project.

Solis 110kW gives contractors more for less: less manpower; less hassle; less cost. Our swap-out replacement process is fast and efficient for simple better O&M.

Superior Reliability with Top-of-Range Lifespan Results Mean Better Bankability Solis string inverter technologies have achieved top-of-range lifespan that have been validated by independent labs. This means solid returns you can bank on:

At 13 amps per string, the Solis 110kW offers one of the highest input current ratings on the market. This design allows the use of higher current bi-facial modules and can be combined with a whole column of tracking motors, which delivers more yield than current inverter designs based on lower input current.

AIMING AT INDIA'S FASTGROWING INDUSTRIAL AND COMMERCIAL AND GROUND POWER STATIONS, WE WILL BRING NEW 5G PRODUCTS TO THE INDIAN MARKET IN 2020"

PG 10

How has the lockdown affected the production process for Ginlong Solis?

How are you coping with the same?

Every sudden crisis will bring new challenges, it also will bring opportunities to companies that have outstanding product competitiveness and can quickly respond to emergencies, which allows Ginlong Solis to the market share in the world has been further improved rapidly, making greater preparations for the future.

ROOFTOP SOLAR PLANT IS VERY SUITABLE FOR THE CHARACTERISTICS OF NEAR-SITE PRODUCTION AND CONSUMPTION OF PHOTOVOLTAIC POWER. WITH THE ADVANCEMENT OF TECHNOLOGY, THE COST OF ELECTRICITY IS ALSO VERY LOW. PLANT IS OF GREAT SIGNIFICANCE FOR ADJUSTING THE ENERGY STRUCTURE, ADVANCING THE REVOLUTION IN ENERGY PRODUCTION AND CONSUMPTION, AND PROMOTING THE CONSTRUCTION OF ECOLOGICAL CIVILIZATION."

The process of photovoltaic enterprises' transformation to intelligent manufacturing will be greatly accelerated, standing at the blast of the times. we believe that photovoltaic will have more wonderful in 2020.

Opportunities are left to those who are prepared.

Ginlong Solis has responded to market changes and needs, and applied our innovative technology to the latest fifth-generation inverter. In 2019, we have a comprehensive upgrade and The change has also allowed our sales to grow further, and technology has led string inverters into the 100kW + era.

What do you feel about the prospects for the rooftop solar market for your firm?

Rooftop solar plant is very suitable for the characteristics of near-site production and consumption of photovoltaic power. With the advancement of technology, the cost of electricity is also very low. Plant is of great significance for adjusting the energy structure, advancing the revolution in energy production and consumption, and promoting the construction of ecological civilization.

Rooftop solar plant we explain from two aspects: Market development, the United States, China, Southeast Asia, Europe, Australia, etc. will all grow steadily. The Indian market is different from these regions and will flourish even more.

In the future, emerging markets such as the Middle East and the Mediterranean (including Saudi Arabia, Iran, Egypt and Italy) will be the fastest growing regions for rooftop solar market. Distributed rooftop solar in Brazil, Argentina, Colombia and other South American countries have great potential.

Off-grid systems such as PV + energy storage and PV + generators will be another technology and solution demand point for rooftop solar market.

Do you have any future plans to set up manufacturing base in India?

Yes, this is one of our future plans. India is a large country with growing photovoltaic product consumption and has huge potential.

As Indian government is encouraging the Make in India concept. We also hope to deeper cooperation with India by setting up factories in India in the future and provide photovoltaic product, produce and construction as Make in India.

| MAY ISSUE 2020

PG 11

INCONVERSATION

MAYANK BANSAL

PRESIDENT – STRATEGY & OPERATIONS RENEW POWER

How much additional capacity did ReNew add in renewables? What are your targets set for the current year?

In the Financial year 2019-20 ReNew Power added 600-700 MW additional capacity and achieved a total installed capacity of 5.5 GW in India. ReNew Power is the first Indian renewable energy company to cross the 5 GW milestone and now stands as the 11th largest renewable energy company in the world (Except-China).

Ranked as India’s largest utility scale developer for 2019-2020, ReNew will look at adding 1 GW of additional capacity next year.

However, the capacity addition will be contingent upon lockdown restrictions and the easing formula that the government adopts. An extended lockdown is likely to push the commissioning dates a little further than what we have planned for.

Which are the key market segments that you are to target this year?

ReNew power will continue to strengthen its presence in utility scale and wind projects both of which have been historically strong areas for the company. However, as the sector matures we are also looking to develop in house competencies in new areas such as storage, RTC and transmission and engaging more frequently with commercial & industrial customers.

What do you believe is the strength of your organisation and how do you stand apart from your competitors?

If there were two qualities that could define ReNew, they would be the ability to execute projects and raise finances for growth and expansion. Both of these capabilities have enabled us to become India’s largest renewable energy company. The company has raised more than ₹ 10,000 Cr till date in equity from some of the marquee investors like Goldman Sachs, CPPIB, ADIA and JERA.

| MAY ISSUE 2020

"RENEW WILL LOOK AT ADDING 1 GW OF ADDITIONAL CAPACITY NEXT YEAR." Does India have a robust technology infrastructure?

Is an organised system needed for greater solar energy production?

India’s renewable energy market continues to develop and mature. As the market grows India must now pursue technology infrastructure more aggressively. In wind, India has already put in place the complete value chain for manufacturing locally. In Solar, we still have to look overseas for technology support.

Covid-19 and related supply chain disruptions may hasten domestic manufacturing of solar modules in the country. We may also see many global manufacturers tying up with Indian players to set up large manufacturing units to supply the Indian as well as the global market. In this the government has to play a key role by ensuring an enabling environment for investment in manufacturing, both domestic and foreign.

What is your outlook for the Indian market by 2020?

By all yardstick 2020 has been a challenging year and it will be like that for the next two quarters. Government has been supportive to the renewable energy industry, ensuring that the must run status of plants continues unabated. We anticipate that the work at construction sites will resume soon, however the activities will gather steam only once the labour movements pick up. We anticipate a lot of tendering activity to happen in the second half of the year as the capacity auctioned this year is expected to come on stream by 2022, the year by which the industry is committed to achieve 175 GW.

How do you ensure that the safety and quality parameters are met at your project sites?

Safety and Quality are two critical components of ReNew’s management philosophy. We as a company have enshrined these in our vision, mission, values and work principles. Safety and Quality is integrated in planning of all our construction and operation activities which enables us to achieve the best result throughout. This concept has been thoroughly tested during the lockdown where we were not required to put any additional efforts while running our plants or carrying out maintenance work.

Even before Covid-19 became a problem in India necessitating social distancing measures, ReNew power had put in place stringent guidelines to ensure employee safety. We proactively implemented Work from Home, separated O&M teams at site, created separate infrastructure to support site teams by ensuring they stayed in separate accommodation, vehicles and had PPE’s to protect them from Covid risk. The disinfection arrangements were in place at our sites much before they became commonplace in the country.

The safety operation across 140 sites is directly supported by our digital capabilities.

We plan to augment our capabilities in this direction and expand focus in other areas to drive efficiency in the coming year as this seems to be a new way of life.

RENEW POWER WILL CONTINUE TO STRENGTHEN ITS PRESENCE IN UTILITY SCALE AND WIND PROJECTS BOTH OF WHICH HAVE BEEN HISTORICALLY STRONG AREAS FOR THE COMPANY." PG 12

INCONVERSATION

SUNIL BADESRA BUSINESS HEAD SUNGROW (INDIA) PRIVATE LIMITED

Tell us about the product which is the most preferred choice of your customers. What are the features which makes it the most preferred?

Solar projects in India have increased from 12 MW to 200-300 MW capacity in the utility segment over last 7-8 years. When Sungrow entered Indian market in 2014-15, the average block size were in the range of 2-4 MW with indoor inverters. During that time, we introduced our 2.5 MW containerized central inverter (SG2500) which helped customers to go for a plug and play solution without any need for building an indoor room. With that inverter, they were able to design a 5MW block size and hence got significant cost benefit on BoS. This product being an innovative solution for Indian market, it got rapid success in a short span.

SG2500 is now running in various projects for a cumulative capacity of more than 1.5 GW across India. Subsequently, as project sizes became bigger, Sungrow offered another new product of 3.125 MW Central Inverter at 1500Vdc for its customers. This product gradually shifted the industry trend from 1000Vdc to 1500Vdc design. It also allowed the customers to go for a 12.5 MW block, which was the largest block and first of its kind in the Indian solar industry. As the project sizes were of large capacities, such bigger block size had considerable impact on total BoS savings with better yield. Due to its advantages, this product became much sought after in the Indian Solar market. This product is now generating clean power in all the large solar parks in India (Bhadla, Pavagada, Ananathapuramu). More than 4 GW orders have been secured for this product only in India which shows its growing acceptance among all major developers. In the rooftop segment, all our products are being sold in good numbers while 50kW and 100kW products are having the maximum shares.

Continuing the trend of leading the industry, last year, we launched the highest rated Central Inverter SG5000UD-20 (5 MW, IP 65) and the most powerful string inverter SG250HX-IN (250 kW, 1500V) for utility market. Both, these products with latest product innovation, design upgradation while meeting the complex grid requirements, are also garnering huge interest from our esteemed customers. This has helped us to close 2 GW+ orders recently with some of the largest IPPs and EPCs in India.

| MAY ISSUE 2020

"WORKING TOGETHER WITH ENERGY STORAGE SYSTEM IS GOING TO BE A PREVALENT TREND." What kind of inverters are mostly used by the Indian markets and why? What are the factors which influence this choice?

Indian utility solar market is primarily dominated by Central Inverters, so far, having almost more than 85% share. For utility scale projects, various factors such as project size, terrain, site location, customer’s preference etc. determine the product selection.

Sungrow believes in “Design meets Demand” and hence we help our customers to get the most optimized design and maximize their ROI with either of our central or string inverter. Indian rooftop market is mainly dominated by C&I segment and hence 3 phase string inverters are commonly used for all these projects.

SUNGROW’S PRODUCTS AND SOLUTIONS ARE INSTALLED IN OVER 60 COUNTRIES ACROSS THE GLOBE, WHICH CAN CREATE MORE THAN 129,000 GWH OF CLEAN POWER PER YEAR."

How has Covid-19 affected the production process for Indian markets?

Due to lockdown across India, Sungrow India Factory was also shut down as per Government’s guidelines till 3rd May, 2020.

Now we have started operating in line with the advisories issued by both Central and State governments, while strictly maintaining the necessary precautions and safety measures at factory premise. The COVID-19 has had minimal impact on Sungrow’s ability to deliver inverters, so far.

Tell us about your latest three phase inverter SG25CX-SA, will it be launched in India?

The SG25CX-SA is a new three-phase commercial inverter for Brazilian 220V market. It’s not available in India. For India C&I installations, we supply commercial inverters such SG33/50/110CX, which have high efficiency, multiple MPPTs, PID Recovery, optimal protection level of IP66 and C5, and are compatible with bifacial modules and tracking system.

How much Solar energy is being produced by Sungrow all over the world? What according to you is the future of the solar inverter?

Sungrow’s products and solutions are installed in over 60 countries across the globe, which can create more than 129,000 GWh of clean power per year.

We are expecting upward growth for solar inverter market as solar has become the most desired source of generation in power mix. Solar inverter is going to be more diverse and tech-innovative for complicated demand and installations. As the global energy storage market is scaling up, working together with energy storage system is going to be a prevalent trend. Sungrow can supply both PV and energy storage product portfolio considering the industry’s largest R&D team, localized sales and after-sale service, trusted production and delivery network.

PG 13

INCONVERSATION

PINAKI BHATTACHARYYA CEO AMP ENERGY INDIA

Amp Energy entered the Indian renewable energy market in 2016, How has the experience been so far?

We initially focused only on C&I and government projects, as it is a B2B business that requires relationship building, which takes more time. In contrast, the utility-scale business is dependent on bidding and does not require too much time to build.

As of today, the company sells solar power to more than 40 C&I and government clients. It has a total portfolio of around 650+MW spread across 15 states, comprising commissioned as well as underimplementation projects. Its customers include leading players from sectors such as pharmaceuticals, automobiles, cement, steel, FMCG, infrastructure, heavy industry, educational institutions, hospitals, utilities, IT and telecom. Its diversified client portfolio includes players like Tata Hitachi, Hero Cycles, Hewlett-Packard, AB InBev, Britannia, L&T Metro Hyderabad Rail, Kochi Metro Rail Limited and Skoda Auto Volkswagen India Private Limited (SAVIPL).

In January 2020, AMP Energy India commissioned an 8 MW solar project to supply power to L&T Metro Rail Hyderabad on an opex basis under a 25-year power purchase agreement. In December 2019, Amp Energy set up an 8.5 MW rooftop solar project at SAVIPL’s Chakan-based facility.

This project will help meet up to 15 per cent of the site’s annual electricity requirements.

Apart from developing rooftop solar projects, Amp Energy India has increased the scale and size of its open access projects. In fact, about 80 per cent of the company’s portfolio in India comprises open access projects while only 20 per cent share is contributed by behind-the-meter projects.

The company also has a large solar capacity under implementation. In 2019, it commenced the construction of a 120 MWp open access solar power project in Uttar Pradesh at an estimated investment of Rs 5 billion. Post commissioning, it will be one of the largest open access solar energy projects in the state. The company is constructing another 120 MWp open access solar project in Haryana at an estimated investment of Rs 4 billion. The project will supply power to high creditworthy C&I consumers.

| MAY ISSUE 2020

"AMP ENERGY INDIA AIMS TO DEVELOP 2 GW OF CLEAN ENERGY CAPACITY IN A SPAN OF THREE YEARS" What are the future plans of Amp Energy India?

Amp Energy India aims to develop 2 GW of clean energy capacity in a span of three years. Instead of focusing on one particular segment, it intends to be an independent power producer with a balanced portfolio of C&I and utility-scale renewable projects. For now, Amp Energy India is focused on greenfield development in the renewable energy segment. In addition, the company is planning to develop wind and energy storage solutions for a diverse range of projects. Amp Energy India already has experience of installing energy storage projects in North America and intends to use this benefit of knowledge sharing among different geographies. We intend to develop both small behind-the-meter projects as well as large utility-scale energy storage projects.

However, we feel it will take another year for energy storage to become commercially viable in the country.

Amp Energy India does not have any wind power capacity in India, but it will start developing wind assets this year. It has already identified various wind sites in the country and plans to supply wind power to both C&I and utility-scale customers.

To implement the huge planned capacity in India, Amp Energy India is backed by a group of institutional investors from Japan, Canada, India and Europe. In fact, in January 2020, LGT LightstoneAspada announced its plans to invest up to $50 million in Amp Energy’s India unit for a long duration. Its lenders include a host of private and public banks, NBFCs and foreign institutions.

IN JANUARY 2020, AMP ENERGY INDIA COMMISSIONED AN 8 MW SOLAR PROJECT TO SUPPLY POWER TO L&T METRO RAIL HYDERABAD ON AN OPEX BASIS UNDER A 25-YEAR POWER PURCHASE AGREEMENT."

Will the current COVID-9 outbreak impact the solar sector in the long run?

In the long-term, we do not see any impact because our cycle of business is such that when we develop a project and by the time it is commissioned, in the utility sector it is almost two years and in the industrial sector also the timeline is atleast a year.

On the demand for power, we see a lot of uptake in the business development activity and on the government side also the bidding is continuing.

The government is also trying to iron out a lot of things for the sector. So, demand is going to be there for power. In the short-term there are some delays for quarter to two quarter but commercially we are covering ourselves.

ON THE DEMAND FOR POWER, WE SEE A LOT OF UPTAKE IN THE BUSINESS DEVELOPMENT ACTIVITY AND ON THE GOVERNMENT SIDE ALSO THE BIDDING IS CONTINUING.

What are the other initiatives taken by Amp Energy India?

We are creating an accelerator for cleantech start-ups where we back them with capital and help them in building their own business or maybe become a customer of their products also to give them volumes. We are also working on a number of initiatives to extend our offering to be a one stop-shop for corporates for green power. Globally, through AmpX we are creating the next generation of clean energy such as dispatchable clean energy and smart transformers.

PG 14

INCONVERSATION

DR. KAUSHIK ROY CHOUDHURY SENIOR SCIENTIST AND GLOBAL TECHNOLOGY LEADER DUPONT PHOTOVOLTAIC SOLUTIONS

Please elaborate about your products and services.

DuPont Photovoltaic Solutions is a leading supplier of specialty materials to the solar energy industry and represents a portfolio of product solutions with over 40 years of service that delivers proven power and lasting value for the fast-growing photovoltaics sector, including: DuPont™ Solamet®, DuPont™ Tedlar® DuPont™ Fortasun™ We also work with industry stakeholders to advise on PV quality standards and educate on the importance and correlation of materials to power generation, system lifetimes and safety, and overall levelized cost of energy (LCOE).

BIFACIAL MODULES ARE IMPLEMENTING INNOVATIONS IN MODULE COMPONENTS THROUGH THE ADOPTION OF POLYOLEFIN BASED ENCAPSULANTS..."

"DUPONT PHOTOVOLTAIC SOLUTIONS IS A LEADING SUPPLIER OF SPECIALTY MATERIALS TO THE SOLAR ENERGY INDUSTRY" How do you maintain the quality of your products and what are the standard tests that your products undergo?

Solar plant operators around the globe expect to run their plants as efficiently as possible for longer periods to ensure that power output meets financial expectations. This period is also witnessing an increase in the frequency and extent of module and system failures in the field, precipitated by poor choice of materials and processes. To ensure that DuPont™ Tedlar®-based backsheets (white and transparent) meet the highest standards of performance and maintain it in the field for the expected lifetime, we employ strict testing of the Tedlar® PVF film and the backsheets that go well beyond extended IEC testing. We work very closely with backsheet laminators and employ extensive testing at all stages of the development. DuPont PV backsheet products are qualified through rigorous accelerated sequential tests that combine the stresses of UV, humidity, cycles of temperature and mechanical stresses that simulate real life field situations. Internally the products undergo the module accelerated sequential test (MAST), in addition to extended single stress tests. They are also tested through PV Evolution Lab’s Backsheet Durability Sequence (BDS) which is part of the module Product Qualification Protocol (PQP).

What are the technical advancements happening in this industry, can you please brief our readers?

The global PV industry is working on technological advancements across the solar value chain, from solar cell developments to module components to BOS components to O&M innovations.

There is rapid adoption of the passivated emitter and rear contact (PERC) technology in bifacial cell production. Bifacial modules are implementing innovations in module components through the adoption of polyolefin based encapsulants which help to prevent Potential Induced Degradation (PID), thinner and semi-tempered glass as frontand back-planes for modules, transparent polymeric backsheets with 30+ years of warranty, and thinner and lighter frames. This is being supported by innovations in tracker systems to ensure the promise of increased energy yields.

| MAY ISSUE 2020

DUPONT RECENTLY RELEASED ITS LATEST GLOBAL PHOTOVOLTAIC RELIABILITY REPORT, WITH RESULTS FROM ITS HIGHLY DEVELOPED FIELD INSPECTION AND ANALYSIS PROGRAM THAT MONITORS MATERIAL DEGRADATION AND ITS IMPACT ON MODULE PERFORMANCE. THE 2020 FIELD REPORT WAS COMPILED FROM INSPECTION AND ANALYSIS OF NEARLY 3 GIGAWATTS (GW) OF PHOTOVOLTAIC (PV) INSTALLATIONS AROUND THE GLOBE, SPANNING 9 MILLION PANELS."

PG 15

INCONVERSATION

DANIEL LIU MANAGING DIRECTOR, SOUTH ASIA AND CENTRAL ASIA JINKO SOLAR

How has Covid-19 Pandemic affected the Solar module manufacturing in China?

How is Jinko solar planning to cope up with this?

The impact on Solar module manufacturing in China was similar to any manufacturing industry in India. Insufficient labor force & unavailability of raw materials. This situation was aggravated by restrictions on transportation. Under the different levels of lockdown, materials were not able to move.

The line workers were not permitted to travel back to factory after Spring festival. The transport system was stagnant to a large extent.

The impact on any Solar module manufacturer was also varied depending on geographical presence of its manufacturing plants and its raw material suppliers, size of its manufacturing capacities, financial strength, control over supply chain, an ability & resources to procure large quantum of raw materials before festival season. Many Solar module manufacturers had to shut their plants, halting their output to almost zero. Manufacturers which were in financial turmoil, were most affected.

JinkoSolar was able to contain the impact to a large extent. The reduced production was mainly due to external factors. Restrictions on movement of manpower and raw materials. During this time, JinkoSolar kept certain capacity in operation and attained 100% operational capacity by mid-March.

This achievement was a result of the top capacity makers bandwidth, such as nonstop lines for global demand, negotiation power with Government and an availability of preventive medical processes & resources. This universal bandwidth is not found with every player, even not with many Tier 1 players, nothing to mention about Tier 2 suppliers. During that period, we were able to produce and ship to all continents including India.

Other factors that also worked in favor of JinkoSolar, are Strong order book & record shipment in previous quarters. These helped in sustainable cashflow in.

| MAY ISSUE 2020

"JINKOSOLAR HAS BEEN NUMBER ONE SOLAR MODULE MANUFACTURER GLOBALLY FOR CONSECUTIVE FOUR YEARS." How much capacity(approx.) of modules are generally provided to the customers every year?

JinkoSolar has been number one Solar Module manufacturer globally for consecutive four years.

In 2019, we delivered 14.3 GW Solar PV modules to more than 100 countries. We are able to achieve this milestone due to many reasons, especially an ability to produce high efficiency Solar modules on mass scale, in existing manufacturing set-up. In 2020, we plan to beat our records of 2019, with mass production of higher efficiency Solar Modules like Tiger & Tiger Pro. An interesting development is that we have upgraded all poly capacity to high efficiency mono perc technology. In India as well, ongoing technological trend is in favor of Mono PERC. 460 Wp+ & 515 Wp+ modules will enjoy most of market attention and share.

Recently, You launched Tiger Pro series, could you please tell us more about it?

Tiger Pro is a result of our continuous efforts to anticipate market trends in advance of 1-2 years.

Its advanced wafer size, high efficiency Mono PERC half cells and encapsulating module technology like tilling ribbon help investors in lowering BOS, labor and land acquisition cost. This would in turn lead to a more competitive Solar LCOE against not only other RE technologies but also thermal. It has three variants Tiger Pro: 72 HC, 72TR and 78TR. All are available with monofacial and bifacial types. 72TR can deliver 530 Wp & 21.4% efficiency. While 78TR can attain power up to 580 Wp (40% more than ongoing mainstream products) with 21.6% efficiency. Its mass production will be achieved in Q3 2020. We are getting excellent response from our Indian customers, for Tiger Pro. We are ready to take orders.

Which is your highest selling product? What are the factors which has derived the popularity of this product?

Cheetah series is our highest selling product. It was one of most advanced Mono PERC Technology modules during its launch in 2018. In an era dominated by Polycrystalline technology, its ability to offer high power output, reduce BOS & land cost and minimize efforts on logistics, installation and operations & maintenance not only garnered interest of our client in it but also resulted into never-seen-before adaption of any module, in terms of shipment (more than 13.3 GW) in less than two years of launch. Globally, it led by example for technological transition from Poly to Mono PERC. In India also, it helped JinkoSolar in coming out as top module supplier in Q1 2020, with its 100% shipment. Going forward, we are confident that our next module series Tiger & Tiger Pro will bring fortunes to our customers and investors, like the magic done by Cheetah modules.

PG 16

INTRODUCING

First Dedicated Publication For The Middle East Solar Energy Sector"

‫ﺗﻘﻮﻳﺔ ﺛﻮرة اﻟﻄﺎﻗﺔ اﻟﺸﻤﺴﻴﺔ‬

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SOLARQUARTER | APRIL ISSUE 2020 | MAY ISSUE 2020

U P D A T E D

PG 16 PG 17

PERSPECTIVE

COVID 19 IMPACT

ON INVESTOR SENTIMENTS FOR INDIAN SOLAR PROJECTS

T h e r e n e w a b l e i n d u s t r y i s f a c i n g n u m e ro u s c h a lle n g e s a n d li m i ta ti o ns , d u e to t h e C O V I D - 1 9 o u t b r e a k . A l l t h e s o la r p ro je c ts i n th e c o u n try h a ve be e n ha lte d a n d i n d u s t r y i s c o n c e r n e d a b o u t th e d e la y s i n c o m p le ti o n o f th e i r s o la r pro j e c ts T h e C o r o n a v i r u s o u t b r e a k t h a t h a s h a lte d e c o n o m i c a c ti v i ty i n C hi na , a m a j o r g l o b a l s u p p l i e r o f s o l a r c e l l s a n d m o d u le s a n d a ls o h a s i m p a c te d the s o la r p o w e r i n d u s t r y h a r d t h r o u g h s u p p ly c h a i n d i s ru p ti o n s . T h e o th e r m a j o r c h a l l e n g e s t h a t t h e i n d u s t r y i s f a c i n g i s ra i s i n g c a p i ta l a n d m o b ili zi ng m a npo w e r t o m a n a g e a s s e t s t o m a i n t a i n t h e g u a ra n te e d g e n e ra ti o n le v e ls . Fo rtu na te ly, the I n d i a n g o v e r n m e n t h a s p r o v i d e d re li e f b y i n f u s i n g m u c h n e e d e d li q u i d i ty i n the m a r k e t a n d a d d r e s s i n g o t h e r d e v e lo p m e n t re la te d c h a lle n g e s . L o o k i ng a t the p o s i t i v e s , t h e g o v e r n m e n t i s a g g re s s i v e ly e n c o u ra g i n g lo c a l m a nu f a c tu re s o f t h e s o l a r p r o d u c t s s o a s t o b e s e lf re li a n t. H o p e f u lly th e c o m p a n i e s w i ll d e c i d e t o g o f o r m o r e l o c a l l y m a n u f a c t u re d M o d u le s , i n v e rte rs a n d o th e r c o m po ne nts a n d t h i s w i l l a l s o c r e a t e a d d i t i o n a l d e m a n d f ro m th e e x i s ti n g m a rk e t i ts e lf .

A d v a n t a g e s o f t h e s a v i n g s h i g h c o s t o f p o w e r g e n e ra ti o n b i lls w i ll a ls o be r e a l i s e d , h e n c e a c c e r a r a t e l t i n g th e g ro w th o f th e s o la r i n d u s try s pe c i a lly C &I a n d r o o f t o p s o l a r . L e t u s u n d e r s ta n d w h a t o u r e x p e rts f e e l a b o u t the C O V ID - 1 9 i m p a c t o n t h e i n v e s t m e n t s i n t h e s o la r i n d u s try .

SOLARQUARTER | APRIL ISSUE 2020 | MAY ISSUE 2020

PG 16 PG 18

VAMSI KRISHNA GADDAM

Joint Managing Director, Visaka Industries Limited

COVID-19 has pushed the world economy into unprecedented times, the impact of which has been and will be highly unpredictable and unquantifiable. However, the past few months have brought about some clear patterns in which the consumer will be expected to behave in the coming few quarters. This behaviour will mainly be characterized by a knee j erk reaction to the loss of incomes, exponential rise in overheads, fear of uncertainty, and lack of cash flows. The impact of these in the short term is going to halt or deferment plans by MSMEs, Individuals, and Proprietary firms to go solar, impacting widely the CAPEX segment of the C&I business.

SANDEEP REDDY CHILLAKURI

Co-founder and Director Sunworks Energy

The nearly two-month-long lockdown and continuing uncertainty brought on by CoVID 19 has been challenging. While the general effects and sentiments of the economy at large will broadly apply to the Solar Industry, we are cautiously optimistic that any slowdown in solar will be resolved in the medium term.

Firstly, large utility-scale proj ects have seen delays in implementation. Extension of deadlines, relaxation of lockdown limitations and the government’ s support to DISCOMs should alleviate any stress. Any effects will be short term. Overall demand and investment largely unaffected.

Second, It is a mixed bag for IPPs selling to private consumers.

Most are facing a reduced demand/ off-take and uncertainty from commercial establishments. Commercial off-takers like office complexes and shopping complexes face an uncertain future demand and occupancy rates. However, we should see demand growth from industries that are now forced to look at reducing operating expenses.

Third, Capital expenditure proj ects including rooftop and groundmount proj ects across Residential, C & I segments will be dampened as individuals and companies look to conserve cash flows. We expect demand recovery in this area to be the slowest.

Overall, significant effect in the short-term, resolution in the medium term and in the longer term, a demand increase thanks to investments in infrastructure and rise in manufacturing. The caveat remains that much depends on how quickly economic activity gets back to normal.

WHILE THE GENERAL EFFECTS AND SENTIMENTS OF THE ECONOMY AT LARGE WILL BROADLY APPLY TO THE SOLAR INDUSTRY, WE ARE CAUTIOUSLY OPTIMISTIC THAT ANY SLOWDOWN IN SOLAR WILL BE RESOLVED IN THE MEDIUM TERM."

SOLARQUARTER | APRIL ISSUE 2020 | MAY ISSUE 2020

However, this is j ust the short term impact, and the medium and long term looks very optimistic for Rooftop solar; this is propelled by the flux of success stories that are flowing in from clients who were saved by their rooftop solar plants from the fury of this economic stagnation in no small extent. Those who invested in solar found themselves saving a large portion of their overheads in the form of electricity bills during the lockdown when they had no cash flows. As an example, ATUM has been installed in many Pharma companies, textile, and food processing units which had to operate to cater to the upcoming surge in demand after lockdown ends, but having to function under zero incoming cash flows found ATUM roof as a boon, saving their entire overheads on power bills.

COVID-19 HAS PUSHED THE WORLD ECONOMY INTO UNPRECEDENTED TIMES, THE IMPACT OF WHICH HAS BEEN AND WILL BE HIGHLY UNPREDICTABLE AND UNQUANTIFIABLE." With ATUM, many hospitals and educational campuses that extended their terraces with ATUM solar roofs had the unique benefit of having usable real estate, proving to be an absolute game-changer during social distancing and lockdown. Today, numerous hospitals, hotels, and other forms of business that have a dual need for extra space and solar power are preferring using leakproof, and UL certified, 25-year warrantied ATUM roofs instead of conventional solar panels. Visaka, having a unique advantage of being the largest manufacturer of building materials product and an extensive network of installers capable of doing end-to-end Turnkey services, is finding the post lockdown phase to be highly optimistic in catering to the roof extension and space creation with a unique combo of Vnext Prefab products and ATUM Solar roofing.

COVID-19 has pushed the world out of its comfort zone and brought innovation and value addition to the limelight. Now, conventional is not the way forward. Businesses are looking for investments that are sustainable, recession-proof, and will be giving solar power great prominence in their financial planning.

Still, they would look for products that are warranted for a lifetime, proven over the years, and especially have multiple advantages like ATUM—of being a Roof and Panel. ATUM is also proving to be a great addition to the portfolio of pre-engineered building providers, architects, green consultants, building material dealers, and even solar EPC companies, giving them a competitive edge, especially in these tough times. ATUM is proud to be associated with providing sustainable energy products towards a greener world and making businesses and investors sustainable during a pandemic never witnessed before.

PG 16 PG 19

VIBHUTI GARG

Energy Economist Institute for Energy Economics and Financial Analysis

With India under lockdown due to Covid 19 and economic activities coming to a complete halt, power demand reduced drastically. This resulted in lower dispatch of electricity from the power plants. Further, the billing and collection of distribution companies were badly hit, thereby reducing their ability to make timely payment to power generators.

Few states like Punjab issued a ‘force majeure’ notice curtailing power due to lockdown. However, amid the COVID-19 lockdown, renewable power generation remained unaffected due to their ‘mustrun’ status. Government announcement of Rs. 900 billion financial package to Discoms to clear their outstanding dues, has helped in bringing some respite to power generators and investors.

While the operational plants are being protected, the solar industry will be hit for projects which are under development and in the pipeline. The solar installation depends on a global supply chain for components. The Indian government has been trying to increase the domestic manufacturing base by imposing safeguard duty and now basic custom duty. Despite these measures, the domestic manufacturing of solar components hasn’t picked up. This provides an opportunity to players and investors to increase deployment of solar installation along with manufacturing of components like modules, cells etc.

With the opening up of economic activities in the last few days, demand has started picking up. The government has also come up with tenders to build more renewable energy capacity during Lockdown. However, the rate of economic growth and power demand growth will remain low during the next few months. This will impact the rate of growth of solar deployment in the country. The sun will continue to shine, thus attracting more investment into the sector, but the light may dim a little on account of reduced power demand.

"FEW STATES LIKE PUNJAB ISSUED A ‘FORCE MAJEURE’ NOTICE CURTAILING POWER DUE TO LOCKDOWN. HOWEVER, AMID THE COVID-19 LOCKDOWN, RENEWABLE POWER GENERATION REMAINED UNAFFECTED DUE TO THEIR ‘MUST-RUN’ STATUS" | MAY ISSUE 2020

ANIMESH DAMANI

Partner Artha Energy Resources

The pandemic COVID-19 will have a significant impact on the investor’s sentiments for Indian solar projects. When we analyze this impact, we need to look at it from different perspectives.

On utility-scale projects, COVID-19 is unlikely to have a major impact.

As most of the investors in these projects are long term ones, COVID-19 won’t be able to shake their confidence. The fact that the project off-takers are backed by Solar Energy Corporation of India (SECI) and the Central government, it is highly unlikely that a pandemic like COVID-19 can impact the sentiments. The investors for these projects are platforms backed by large pension funds, large private equity funds, and green development funds. They have already raised the capital and have committed capital for these projects. Additionally, banks would continue to lend to these projects as they belong to the priority sector.

In terms of investments of roof-top solar projects, I believe many industries and commercial establishments that are planning to devote CAPEX for their captive consumption will delay these expenses now.

The aim of every company today is to conserve cash at all cost and solar, though a great cost-saving instrument, burns a hole in the pocket due to high initial CAPEX. We should see these projects delayed by at least eight to twelve months.

Many open access projects that are looking at getting funded or even OPEX projects are going to be more stringent now. Developers will only want to invest in A-rated and above companies. The riskier investments that used to involve BBB, BBB- sort of credit ratings will not find much favor with investors now. The investors will expect an increased return. Thus, we might see some changes in this space.

Investors would vary project timelines, execution timelines, and the health of the consumer industry. This, in turn, would impact decision making.

As far as M&A in concerned, I would say that many of the high-flying valuations that are unable to strike any deals would hopefully start seeing some rationality coming in there. Investors will raise their return criteria now, and only deals that would come at a good bargain are likely to be funded or acquired. On the other hand, anyone looking to extract full value for their assets, I believe the next 12 months is not the right to exit for them.

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COMPANY FEATURE

GOODWE RANKED AS GLOBAL NO. 1 HYBRID INVERTER SUPPLIER BY WOOD MACKENZIE

GoodWe reached No. 1 rank among hybrid inverter suppliers on a global scale and now stands proudly at the very top of this exclusive list with more than 15% global market share. The figures have been confirmed by none other than Wood Mackenzie in their report titled Global PV Inverter Market Shares Full-Year 2019.

This extraordinary achievement gives us enormous pride and it is a pleasure to share this huge milestone with our customers. It is because of great R&D capabilities, enhanced by more than 200 solar researchers, that GoodWe has attained this position of leadership in the complex and expanding energy storage segment. As early as 2014, GoodWe began to enter the field of solar energy storage. After years of continuous research and strategic deployment, GoodWe now boasts the industry’ s most comprehensive storage portfolio from 3kW to 100kW, covering singlephase and three-phase, high voltage and low voltage, DC-coupled and AC-coupled retrofit solutions.

At present GoodWe’ s hybrid inverter portfolio consists of Series ES, EM, ET, EH, BT, BH, SBP, ETC, BTC, SEA, for different application scenarios and offer massive potential in the storage sector.S Thanks O L A R to Q these U A R T E R advanced, outstanding products, GoodWe has signed strategic cooperation agreements with Krannich Solar, Voltalia, IBC Solar, Memodo, and other leading global distributors. GoodWe occupies the top spot in energy storage especially in Europe, South Africa and Australia. In markets where electricity prices are high such as Italy, Germany and Australia, an increasing number of residents have shown a preference for hybrid inverters due to FIT and high electricity bills, with the intention to maximize self-consumption. GoodWe’ s backup function ensures steady 24-hour power supply in extreme weather conditions. While in countries where grids are unreliable or in poor condition, hybrid systems provide the best alternative for self-sufficiency. The market is hungry for storage and GoodWe has the ingredients.

GoodWe has now won the TÜV Rheinland’ s “All Quality Matters” award for four consecutive years since 2015. It is worth mentioning that the awardwinning products range from the single-phase ES series in 2015, the SBP series in 2017 to the three-phase ET series in 2018, which proves GoodWe' s comprehensive and excellent ability in the Storage segment. All GoodWe storage products are equipped with a unique UPS function (Uninterruptible Power Supply). Compared to existing EPS functions (Emergency Power Supply) on the market, UPS is much better suited to inductive loads such as air conditioners or refrigerators with an automatic switchover time of less than 10 milliseconds, which guarantees 24/7 nonstop power supply.

Commenting on this incredible achievement, CEO Daniel Huang stated: “being the No. 1 Hybrid Inverter Supplier on the planet is a recognition that motivates GoodWe to keep improving. GoodWe has always seen delivering high-quality inverters as its most important competitive advantage and its main contribution to the ongoing energy transformation. We would like to express our appreciation to our customers and partners for their continuous support and for sharing all the valuable feedback that has helped us deliver outstanding products. ”

Photo 1: 80kW solar storage system in Spain with 8 pcs of GoodWe ET hybrid inverters Photo 2: 100kW solar storage system in Ghana with 10 pcs of GoodWe ET hybrid inverters

| MAY ISSUE 2020

GoodWe is committed to continue working with leading global partners to enhance energy efficiency and manufacture more cost-effective energy storage systems for consumers worldwide, managing the intermittent nature of solar systems and helping customers reach their goal of energy self-consumption and energy-independence, ultimately bringing sustainability to people' s daily lives.

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COMPANY FEATURE

TBEA IS LEADING A NEW ERA IN PV INDUSTRY

Established in 2000, TBEA Xinjiang Sunoasis Co. , Ltd. is specialized in photovoltaic, wind power, power electronics, energy internet, and other fields. It has more than 10 permanent offices around the world, with business in over 20 countries and regions, such as Pakistan, Chile, Turkey and Thailand, to provide customers with integrated solutions for clean energy projects from development, investment (financing), design, construction, commissioning, operation and maintenance.

TBEA has successively won the titles of “National New Energy Power Equipment High-tech Industrial Base”, “National New Industrialized Demonstration Base” and “National Patent and Innovation Pilot Enterprise” and such awards as the UN Special Award for Technology Innovation and the Outstanding Contribution Award of China’ s Photovoltaic Industry. It has undertaken a number of major national science and technology programs, national 863 programs and science and technology support plans in the field of new energy in China, making major breakthroughs in key equipment and technologies such as grid-connected inverters, static reactive power generators and flexible DC products, and successively developing the first ±800kV UHV DC converter valve in the world. So far, it has filed 492 patent applications, of which 160 are inventions, 299 are utility models and 33 are designs, and participated in the preparation of nearly 50 national and industrial standards. TBEA once ranked first in the world for three consecutive years in terms of the total installed capacity of PV EPC and ranked 89th among top 500 new energy companies in 2019.

In recent years, TBEA focused on building a new energy system of “Energy IoT + Integration of Wind and Solar Energy Storage and Transportation + Hybrid Energy Resources + Smart Energy Platform” to promote the application of “TBEA Green Energy Full Ecological Chain Application Solution” in multiple application scenarios, multiple technology scenarios and multiple operation scenarios, taking the lead in a new era of PV grid parity under the business model of “solar storage +”. TBEA focuses on smart products such as inverter, SVG, power router and also provides such services as TB-eCloud platform and smart microgrid solutions, to strive to build itself into “a global outstanding provider of green smart energy services”.

| MAY ISSUE 2020

Intelligent Manufacturing Driving Improvement in Clean Energy Technology

In the fields of PV power generation, its full range of 208kW-6250kW gridconnected inverters have the characteristics of high capacity ratio, high efficiency, and high reliability. They serve more than 1, 000 PV power stations of various types such as centralized and distributed power stations in more than 20 countries on four continents. Its products have been approved and tested by multiple domestic and foreign authorized certification and test such as CQC new energy standards, TUV, VDE, CE, G59, BDEW, SAA, UL and SGCC Zero Voltage Ride Through, and are among the first batch of accredited top runners in China’ s PV field and China’ s efficiency A+ certification. Its global steady operation capacity has exceeded 30GW. In the field of power quality, because of the reliable quality of 3kV-35kV/1120Mvar HV TSVGs, the online operation rate of the parallel system is greater than 99% under severe conditions. Now, the global capacity of TSVG products in total exceeds 6 GVar.

TBEA has successively won the titles of “National New Energy Power Equipment High-tech Industrial Base”, “National New Industrialized Demonstration Base” and “National Patent and Innovation Pilot Enterprise” and such awards as the UN Special Award for Technology Innovation and the Outstanding Contribution Award of China’s Photovoltaic Industry."

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In the fields of intelligent microgrid, under the leadership of high-end technologies such as power router and supported by key products such as energy management system, central controller and energy storage system, TBEA provides customized intelligent microgrid solutions featuring “one core, two drivers and X scenarios” for industrial parks, data centers, islands and no-electricity areas. Its power router, the first in the world, reaches international advanced level in the aspect of its major performance indicators. It can highly integrate the primary and secondary equipment of microgrid and realize the flexible access and scheduling of “grid-source-load-storage”. The power router can be widely applied in new energy grid-connected power generation, EV charging stations, energy storage power stations and microgrids.

As for smart energy management, TBEA, based on Big Data, Cloud Computing, AI and other advanced technologies, builds TB-eCloud platform, realizing the targeted, collectivized and full life cycle operation and maintenance management of PV power stations in an efficient, intelligent and convenient manner. At present, the platform has accessed more than 30 power stations, with the capacity exceeding 5GW, increasing the generating capacity by 3% at least.

In the field of flexible DC transmission, TBEA flexible DC transmission converter valve assembly of Wudongde UHV Multi-terminal DC Project has completed the type test successfully. The world-leading flexible DC power transmission products are applied in the long-distance HV power transmission, asynchronous interconnection of power grids, DC distribution of power distribution network, offshore wind power delivery, etc. .

By far, the Company has undertaken the construction of more than 5,000 wind power and photovoltaic off-grid power stations, with the capacity of nearly 16 GW, including 5 GW of wind power and 11 GW of photovoltaic power (including off-grid).

| MAY ISSUE 2020

Innovative Power Station System Solutions for Higher Yield

TBEA has Class A qualification for power engineering commissioning, Class II power facility license for contracting (installation and maintenance), Class B qualification for engineering design and engineering survey, Class A qualification for wind power generation, and Class B qualification for power industry (new energy generation, wind power generation, transformer engineering, and power transmission engineering), Class C qualification for construction industry (construction engineering) , Class B qualification for engineering surveying, Class B qualification for geotechnical engineering (geotechnical survey, and geotechnical engineering), Class A qualification for engineering consulting entity credit. Its design capacity of projects in the new energy industry is nearly 13GW in total.

The Company has rich experience in building large-scale wind and photovoltaic power stations in desert, mountain, fishery-solar, agriculturalsolar, low wind speed, commercial roof, residential roof and other areas.

With Class A qualification for power construction general contracting, TBEA has successively built the largest individual mountain photovoltaic power station in Asia, the largest individual fishery-solar power station in Asia, the first largest wind-solar desert grid-connected demonstration power station project in China, the largest individual grid-connected project in China, the first largest commercial PV energy storage power station project in China, and others new energy projects that have reached new heights in the industry. By far, the Company has undertaken the construction of more than 5, 000 wind power and photovoltaic off-grid power stations, with the capacity of nearly 16 GW, including 5 GW of wind power and 11 GW of photovoltaic power (including off-grid).

During the “14th Five-Year Plan” period, the Company, based on the national energy strategy, the core development philosophy of “continuously providing the optimal cost per kWh” and the “one body and two wings” strategic planning layout, will make full use of AI, energy internet, Big Data, Cloud Computing, IoT and other advanced technologies in the fields of PV, wind power, microgrid, energy storage, and multi-energy complementation and other clean energy fields, to continuously deepen exchanges and cooperation with the entire industry chain. In addition, relied on the advanced technology, quality products and reliable services, the Company will provide customers with the lifecycle green and smart solutions ranging from development, investment and financing, design, consulting, engineering services, operation, electricity sales and green smart products.

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COMPANY FEATURE

LONGI RETAINS STATUS AS ONLY AAA-RATED SOLAR MODULE SUPPLIER

LONGi has been confirmed again as the only AAA-Rated solar photovoltaic (PV) module supplier globally, according to the secondquarter (Q2) 2020 release of the PV ModuleTech Bankability Ratings, compiled by the third-party research division at PV-Tech. org.

The PV ModuleTech Bankability Ratings report is the only independentlyconducted analysis that ranks global PV module suppliers, by combining both financial and manufacturing strength. The ratings system was developed by the PV-Tech research team in 2019, and is considered the most accurate tool to assess the relative strengths and weaknesses of module suppliers in the PV industry.

According to the Q2 2020 report by PV-Tech, “Until the end of 2019, and through preliminary Q1’ 20 results, LONGi continues to make huge margins on wafer sales while adding more multi-GW of capacity each year. This has created a strong financial position that now differentiates the company from all other module suppliers globally. ”

Q2'20 Financial Health Score (0-10) AAA; AA&A Module Suplliers

LONGi recently reported Q1 2020 and full-year 2019 company results, highlighting strong revenue growth coupled with an expansion of global business activities. These new reports provide a strong and clear statement of LONGi’ s ability to maintain sustainable business development and reliable operational performance.

“For many years, LONGi has demonstrated an ability to manage risk and cope with market changes, prioritizing its financial health and operational strengths at all times”, according to Dennis She, Senior Vice President of LONGi Solar. “During previous market cycles, LONGi’ s asset-liability ratio has remained at low levels, compared to other global photovoltaic manufacturers. This strong financial health, as confirmed within the company’ s latest Annual Report, translates directly to strong bankability, and is a key factor in LONGi obtaining AAA-Rated status by PV-Tech for a second consecutive quarter. ” In recent years, LONGi has successfully enhanced its overseas presence and global brand value, routinely achieving significant breakthroughs. In 2019, shipments of solar cells and modules reached 9. 1 gigawatts (GW), an increase of 28% compared to 2018. Shipment volumes outside China reached 5. 0 GW in 2019, accounting for 67% of total sales, an increase of 155% compared to 2018.

LONGi’ s attention and focus on the importance of strong research and development (R&D) investments is illustrated by the company having over 600 R&D personnel, while accumulating more than 700 patents. During 2019, LONGi invested 1. 7 billion yuan into R&D, accounting for 5. 1% of revenue from operations. These sustained R&D investment levels have been pivotal to the company driving key technology changes each year within the industry, in particular through module power increases and lower manufacturing costs.

For many years, LONGi has demonstrated an ability to manage risk and cope with market changes, prioritizing its financial health and operational strengths at all times”, according to Dennis She, Senior Vice President of LONGi Solar. | MAY ISSUE 2020

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COMPANY FEATURE

SINENG

OFFERS

SOLUTIONS FROM

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RANGE

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INSTALLATION

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Sineng Electric is a leading global high-tech enterprise specialized in power electronics products covering its business in power generation, power supply, distribution and power utilization. With advanced R&D, manufacturing, marketi ng, maintenance and service departments. , it provides customers a full range of solar inverter, energy storage systems and power quality control solutions. Acquiri ng the inverter business of Fortune 500 company in 2014, Sineng Electric has obtained the world-class power electronics technology platform.

R&D division is considered as the backbone of its leadership in market, which indicates a huge amount of its turnover is invested annually in product development. Sineng Electric has in-house testing and two R&D centers located i n Shenzhen, China and Wuxi, China. It has successively established an Enterpri se Technology Center, an Enterprise Academician Workstation, a Post-Doctoral Innovation Practice Base and an advanced PV Inverter Engineering Technology Research Center.

Sineng offers a broad range of solutions and services spanning from commissi on, installation and maintenance across the world. Sineng Electric has established a modern PV inverter production base in Wuxi, China. It has been awarded "Green Factory" by the Ministry of Industry and Information Technology of China and has been contracted as the core supplier of inverter solutions for the “Chinese Photovoltaic Top Runner Program” for four consecutive years. To meet exponentially increased local demands and provide on-time delivery and servi ce, i t has established a factory in Bangalore, India in 2018.

Adhering to the company' s philosophy of “Sincerity, Unity and Progress”, Sineng Electric has been working relentlessly to ensure state-of-the-art power electroni cs products and solutions. Sineng Electric is always committed to provide the world with green energy and advanced power electronics products, thus lead the market of power electronics and renewable energy products.

| MAY ISSUE 2020

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COMPANY FEATURE

SOLIS TO RAISE $100M AND DOUBLE PRODUCTION CAPACITY String inverter leader builds new factory to meet global demand for solar

Ginlong Technologies, a global leader in photovoltaic string inverter manufacturing, announced plans to raise over $100M USD (≈ 700M Chinese Yuan), through a non-public offering to finance the expansion of its manufacturing capacity. Facing a rise in the global string inverter market, Ginlong will use these funds to double its production capacity of Solis products to 20GW per year. This expansion will enable Solis to boost its supply to grid-connected and solar-plus-storage projects for customers world-wide.

“The demand for our ultra-reliable Solis inverters has driven this push to double our capacity, ” says Yiming Wang, Ginlong President. “We are seeing a boost in demand for string inverters over other technologies due to its cost-competitiveness and reliability. This doubling of our production represents an exciting milestone for Solis. ” The expanded factory will add 1, 000, 000 square feet to its existing facility in the Binhai Industrial park, bringing the company’ s total capacity to 20GW. Construction plans include a new state-of-the-art R&D center, high-volume production lines equipped with advanced automation machinery, increased warehousing capacity and new offices. A new corporate campus includes state-of-the-art offices, a multi-functional conference center and apartments for dedicated personnel.

“Our new corporate campus will add more than 500 new jobs to the Solis team, bringing in fresh talent and new ideas to boost innovation and drive growth, ” adds Wang.

Ginlong raised 533 million yuan during its IPO on the Shenzhen Stock Exchange in March of 2019, making it the only publicly-traded company focused exclusively on PV string inverters. Solis has since experienced strong demand fueled by residential, commercial and utility solar markets across Asia, the Americas and Europe. In Q1of this year the company reported its strongest quarter ever with first quarter profits up 766% from 2019.

| MAY ISSUE 2020

The demand for our ultra-reliable Solis inverters has driven this push to double our capacity,” says Yiming Wang, Ginlong President. “We are seeing a boost in demand for string inverters over other technologies due to its cost-competitiveness and reliability.

This doubling of our production represents an exciting milestone for Solis.”

A b o u t G in l o n g T e c h n o l o g i e s Established in 2005, Ginlong Technologies (Stock Code: 300763. SZ) is one of the most experienced and largest manufacturers of solar inverters.

Presented under the Solis brand, the company’ s portfolio uses innovative string inverter technology to deliver first-class reliability that has been validated under the most stringent international certifications. Armed with a global supply chain, world-class R&D and manufacturing capabilities, Ginlong optimizes its Solis inverters for each regional market, servicing and supporting its customers with its team of local experts. For more information on how cost-effective Solis delivers value while maximizing reliability for residential, commercial, and utility customers, go to ginlong. com.

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PRODUCT FEATURE

MAXIMIZE YOUR POWER AND SAVING WITH GOODWE SDT G2 SERIES INVERTERS

GoodWe launches SDT G2 series inverter solution 17-25kW, the best option available on the market for residential and small commercial projects. SDT G2 series is highly efficient, easy to install and integrates the most advanced safety features. It comes with life-long free monitoring solution Smart Energy Management System (SEMS), which is an allin-one monitoring solution enabling the user to visualize live data from the PV power plant.

DESIGN & TECHNICAL STRENGTHS GoodWe SDT G2 series inverter is especially designed for three-phase residential and small commercial projects. One of the benefits of the SDT G2 series is its user-friendly compact design. The SDT G2 inverter is 45% smaller than the first generation and much smarter than other competing products available on the market. Its light weight and reduced size make it easily transportable and extremely convenient to install and maintain. It also offers 50% DC oversizing capacity and 10% AC overloading, which makes it powerful and smart. The maximum efficiency of the inverter is as high as 98. 4%. In addition, SDT G2 series inverters can be customized with an integrated shiny LCD screen, which makes the user interface more practical and intuitive.

ADVANCED SAFETY, PROTECTION AND FAULT DETECTION GoodWe SDT G2 series inverter is especially designed for three-phase residential and small commercial projects. One of the benefits of the SDT G2 series is its user-friendly compact design. The SDT G2 inverter is 45% smaller than the first generation and much smarter than other competing products available on the market. Its light weight and reduced size make it easily transportable and extremely convenient to install and maintain. It also offers 50% DC oversizing capacity and 10% AC overloading, which makes it powerful and smart. The maximum efficiency of the inverter is as high as 98. 4%. In addition, SDT G2 series inverters can be customized with an integrated shiny LCD screen, which makes the user interface more practical and intuitive.

ADVANCED VENTILATION SYSTEM SDT G2 inverters are designed to perform under extreme conditions.

Excessive heat and component operation heat reduce the life and efficiency of the inverter. GoodWe’ s SDT G2 series inverters are integrated with the best solution to this issue. The inverters are made tough and ready for extreme environments; with an advanced ventilation system, SDT G2 series inverter is able to dissipate heat efficiently and keep inverter operations efficient even in hot environments.

DATA SECURITY The inverter has data breakpoint resuming function, which means it can re-upload data to the monitoring system when it reconnects to the server after going off-line. The data is encrypted during the transmission process and data on the server has backup. All these features ensure 100% data security.

SDT G2 Series | 17kW – 25kW | Dual MPPT | Three Phase

GoodWe SDT G2 series inverter is especially designed for three-phase residential and small commercial projects. One of the benefits of the SDT G2 series is its user-friendly compact design. The SDT G2 inverter is 45% smaller than the first generation and much smarter than other competing products available on the market. Its light weight and reduced size make it easily transportable and extremely convenient to install and maintain.

MOST RELIABLE INVERTER COMPANY GoodWe inverters offer reliable operation and excellent performance and are well recognized by customers worldwide. GoodWe’ s philosophy is to always create win-win partnerships with customers by identifying and integrating the most advanced components and techniques available while offering an unparalleled after-sales service. Technological innovation is GoodWe’ s main core competence. With a large in-house R&D team in two R&D centers, GoodWe can offer a comprehensive portfolio of products and solutions for residential, commercial and utility scale PV systems, ensuring that performance and quality go hand-in-hand across the entire range.

| MAY ISSUE 2020

About GoodWe GoodWe is a leading, strategically thinking enterprise which focuses on research and manufacturing of PV inverters and energy storage solutions.

With an accumulative installation of 16 GW installed in more than 80 countries, GoodWe solar inverters have been largely used in residential and commercial rooftops, industrial and utility scale systems, ranging from 0. 7kW to 136kW.

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OPNION

CHALLENGES INTEGRATING CONVENTIONAL & NON CONVENTIONAL ENERGY

OPERATIONAL CHALLENGES FOR ROOFTOP SOLAR PROJECTS

SOLARQUARTER | APRIL ISSUE 2020 | MAY ISSUE 2020

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AYUSH MAHAJAN

WHAT ARE THE CURRENT CHALLENGES ON OPERATIONAL ROOFTOP SOLAR PROJECTS?

CTO PV Diagnostics

Integrating conventional i. e. grid and distributed energy resources (DERs) has challenges for both the consumer and the grid. From the consumer point of view, the maj ority of these challenges can be addressed during the design stage. Some challenges can arise in the future due to various grid parameters. These challenges are expected to increase as the integration of distributed energy resources increases.

There are some common issues that are faced by consumers in the case of solar power plants.

Voltage and frequency challenges: If the reference frequency and voltage from the grid goes beyond the operating range of the inverter, inverter tripping can occur Operating a solar power plant with DG set in case of grid downtime can be a challenge as improper sizing can lead to a tripping loop of DG set and solar power plant. Right-sizing and use of the switching mechanism are very important to address this challenge.

Power factor: Solar power plant generates at power factor very close to 1. In some cases, the solar power plant can change the power factor of electricity consumption from the grid. It can cause a decrease in active power consumption while reactive power consumption remains the same.

State-wise net metering policies are in place in India but the ground level implementation is still lacking. Due to this, various organizations like educational institutions that do not operate on holidays lose generation, as they have to shut down the solar power plant because they cannot export electricity.

These challenges at the consumer level have been addressed by the developers and EPCs. Compared to consumer-level issues, DERs pose multiple challenges for the grid technically as well as financially. Some of the issues at the grid level Due to the intermittent nature of solar energy, higher penetration of solar in the grid can lead to demand-supply management issues in the evening hours when the generation reduces and demand increases. The steep increase in demand from the grid can increase the load on the distribution transformer and cause sudden fluctuations in frequency and voltage. Therefore, as solar grows, it will become imperative to look at storage solutions.

It’ s a well-known fact that distributed energy resources pose a challenge to the already ailing power distribution companies due to captive consumption by higher payers. Increased demand from electric vehicles will come as a relief to the dis-coms in easing liquidity constraints As the cost of storage achieves grid parity and electric vehicles become more prevalent, it will invite a host of new challenges as a result of increased penetration of solar, energy storage, and electric vehicles in a conventional grid. This will also call for better demand-side management due to the change in consumption pattern and intermittent nature of these loads and generators The increase in distributed energy sources will continue to challenge the dis-coms to achieve higher efficiency and modernize faster, creating new investment opportunities in energy efficiency, energy trading, and smart grids.

SOLARQUARTER | APRIL ISSUE 2020 | MAY ISSUE 2020

There are many challenges encountered in operational rooftop solar proj ects. These are listed below: These plants are often difficult to access and as a result, immediate technical support, availability of sufficient workforce for maintenance, and operations become a challenge at the time of need.

Few installations are also done on tin-roofs and no space is left for circulation of heat. This creates a possibility of damaging the modules and giving rise to severe hotspots.

Due to the restricted space for the movement of the workforce, technicians find it difficult to repair faults and clean modules.

Many times, additional parts of the plants are disassembled to make space to clear the fault. This increases the work and complexity of the fault itself. Since the cleaning is not done properly, there is uneven soiling which further gives rise to severe hotspots on the modules.

Due to the unavailability of space, technicians walk over the modules which further damages the modules due to micro cracks.

These damages are identifiable by EL Imaging.

In the case of flush-mounted systems, the operating temperatures are high which results in the lower generation and higher degradation in the long run.

Near and far shading on the modules is another maj or inhibitor in power generation. In some cases, the shading might appear after the installation due to the growth of a tree or a new construction near the plant. This affects the generation capacity of the plant.

Since these plants are situated at heights, the availability of water comes at an incremental cost of large pumping systems, and to avoid this, cleaning activities are compromised at few rooftop plants.

If a plant is of small capacity, it becomes difficult to arrange a dedicated and experienced team for the maintenance of the plant.

An understaffed and under-experienced team may not be able to tackle any complex situation like system breakdown.

There is a specific regulatory approval process related to rooftop proj ects like net metering approval from the Distribution company, No obj ection approval from Electricity board, approval from DISCOM if the plant has a capacity more than the threshold capacity which varies from state to state. All these approvals take 1-2 months which can also extend to 5 months depending on the situation.

Electrical infrastructure at a few locations may not be strong enough because of fluctuations in power. In this case, power needs to be inj ected or withdrawn depending on the power level.

Therefore, grid stability becomes a challenge leading to issues with grid voltage and frequency, reducing plant uptime.

Owning to the high cost of SCADA and WMS (on a per Wp basis) compared to utility-scale plants, monitoring critical plant parameters is often ignored for rooftop plants

In the case of flush-mounted systems, the operating temperatures are high which results in the lower generation and higher degradation in the long run.

PG 16 PG 29

OPINION Supply of quality power at affordable prices is essential for sustained growth of the economy of the country. For further development of the power sector, the Ministry of Power has issued a draft proposal for amendment of Electricity Act, 2003 in the form of draft Electricity Act (Amendment) Bill, 2020.

The solar industry's developers faced many challenges, which led to the slow growth rate of the solar industry. The proposed Amendments of electricity act has led to some relief for the solar sector, specifically from the National Renewable Energy Policy, which proposes a minimum percentage of purchase of electricity from hydro sources of energy.

Let us understand from our industry experts, the amendments and what benefits will the amendment bring to the solar industry.

RAJESH K MEDIRATTA

Director (Strategy) Indian Energy Exchange Limited

One of the many key focus areas of the proposed amendment is promotion of renewables. The preparation and notification of National Renewable Energy Policy is a welcome and a much-needed step in this direction. Fixation of national level unified RPO traj ectory through this policy and also other directives for renewable growth and market development will certainly boost the investor’ s confidence.

BENE

OF THE AMENDME ELECTRICIT

Penal clause for non-compliance of direction/order of appropriate commission existed earlier too, however, increasing the magnitude of penalty by 100 times will certainly enforce the discipline. The penal provision in case of RPO shortage (kWh) @ Rs 0. 5 in first year, Rs 1 in second year and Rs 1. 5 in third year will further strengthen the RPO compliance.

The proposed amendment also addresses the facilitatory steps needed to meet the ambitious target to set up 175 GW of installed generation capacity from Renewable Energy Sources (RES) by 2022 and to further scale it up to 450 GW. In order to achieve this, the provisions mentioned in the draft bill needs to be implemented in its true spirit.

Solar power has witnessed tremendous growth in the last 3-4 years. Lot of innovative products like RTC power, Solar+ Evening Peak (storage) etc were floated to create a viable option for both generators and buyers. It is important to mention that IEX, in its endeavour to build competitive markets, has already submitted proposals for the green power market. It will offer market-based instruments for trading of renewable energy. We are closely working with all stakeholders and policy makers to create a vibrant and robust power market for renewables in the country. We have seen globally also that high levels of RE integration was made possible with market-based interventions and products.

Proposed amendments of Renewable promotion and stringent RPO enforcement will provide the much-needed visibility to the investors.

Providing multiple options including market-based products will facilitate developers to set up capacity and manage their portfolio in the most efficient manner and it will result in creating a sustainable business model for Renewables.

| MAY ISSUE 2020

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SRISHTI AHUJA, PARTNER

Transaction Advisory Services Ernst & Young LLP

Solar power generation capacity in India has grown at an impressive CAGR of 54% over last six years - to 34. 6 GW at the end of FY20 from 2. 6 GW at the end of FY14.

Technological advancements coupled with declining panel prices has made solar energy competitive and hence favored option for incremental demand procurement. Thi s along with conducive government policies has helped garner investments in the solar power sector.

However, despite the same, the sector has lagged in achieving the Government of Indi a’ s target of 100 GW of solar power capacity by 2022. The pace of capacity addi ti on has also slowed in the last couple of years. This can be attributed to specific issues faced by developers like delay in receipt of dues and non- fulfilment of PPA obligations from discoms, deficiencies in bid processes like tariff caps, annulment of tenders and uncertainty around material regulatory changes like safeguard duty and GST and backdown of renewable energy projects by some states. These factors have i mpacted the ability of many solar power producers to attract capital from investors (as evi denced by the fact there have been fewer growth capital deals in the last couple of years) and consequently set up additional capacity.

The proposed amendments in the Electricity Act (EA) seek to address several of these impediments faced by Solar power developers. Although, there have been previ ous attempts in 2014 and 2018 to amend the EA, these could not materialize due to a lack of political consensus and will. However, the latest round of amendments to the EA could have a different fate including the potential to be passed through as an ordinance gi ven the exceptional COVID situation.

FITS

Following are some of the interesting amendments in the EA that are expected to improve the investment case for Indian solar projects for global investors.

Cost-reflective tariffs with direct subsidy to consumers

ENTS IN PROPOSED TY ACT 2003

One of the key amendments proposed is that subsidy would be provided to consumers directly rather than being provided via distribution utilities. Further, amendments ai m to seek that retail tariffs would be increased to ensure that such retail tariff fully reflects the cost of power which is supplied. This move is expected to improve the financi al health of distribution companies. This in turn is expected to reduce the revenue receivable cycle for solar power producers directly improving the credit rating of projects and consequently optimizing the cost of borrowing of the projects.

Robust contract enforcement

The amendments include a proposal to establish an independent Electricity Contract Enforcement Authority (ECEA) to deal with PPA disputes. Composition of ECEA is expected to be neutral in order to prevent bias, which a state ERC typically has i n favor of state discoms. This move is expected to uphold the sanctity of Power Purchase Agreements (PPAs), which forms the bedrock of investor faith in the renewable concessions. With the fall in solar power tariffs to under INR 2. 50 per unit, the PPAs entered in to by distribution companies at higher tariffs in the initial years of solar sector development have faced the risk of renegotiation. However, with the formation of ECEA, such a risk is expected to be contained, keeping the investor confidence in the sector high.

Additionally, with a central authority now deciding on contract enforcement, i t i s expected that adequate payment security mechanisms such upfront LC creati on would disincentivize delay in payments. Further, discoms are more likely to pay late payment surcharge (LPSC) in case of delay in payments beyond due dates. Also, recovery of Safeguard duty and GST claims for certain PPAs (covering these under Change i n Law clause) could be expedited, since discoms could be enforced to fulfil obligati ons under the PPAs. Another key amendment is setting an outside time limit of 60 days for the appropri ate commission to adopt the tariff determined by a bidding process. This would help mi ti gate cost escalation faced by solar power developers due to delay in tariff adoption by the appropriate commission. Further, this move is also expected to release locked equi ty capital commitments associated with annulment of tenders very quickly.

National Renewable Energy Policy expected to ensure stricter enforcement of RPOs A dedicated National Renewable Energy (NRE) Policy is being proposed under the amendments for the development and promotion of electricity generated from renewable sources. This is expected to further reinforce the must run status of solar power plants and reducing curtailments by off-takers, as in the past there have been instances of states backing out of their renewable purchase obligations (RPO). The proposed amendments to EA make it mandatory for state commissions to follow RPO obli gati ons specified by NRE and stricter penalties are proposed to be imposed for non- compli ance of RPO obligations.

There have been a host of silver linings for the renewables sector during the COVID period — MNRE has upheld the must run status of solar projects, the government continues to focus on the power sector as one of the engines of growth through posi ti ve moves like liquidity injection into discoms, initiating privatization of discoms and reducing tax rates for new projects. Further, the attempt to consummate the long overdue amendment to the EA is a step in the right direction. However, it remains to be seen on how these moves re-invigorate investor confidence. With the changing milieu of contracting (peak power, round-the-clock, hybrid), the sector is standing at an i mportant milestone of transforming into the primary source of energy for the country.

| MAY ISSUE 2020

PG 31

TECH TRENDS

DESIGNING PLANTS PART

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BIFACIAL

GETTING

PV

THE

POWER

DETAILS

RIGHT!

1

Solar PV technologies has been continuously upgrading; thanks to the immense research and the need to reduce the LCOE of the solar power plant. While there are quite a few technologies available now, bifacial modules have now started gaining traction in the market. We in one of our first few blog titled “Is bifacial the new face of PV?” informed you on how bifacial is poised to be a game changer in the PV market. And now with the prominent underlying facts being discovered about the technology, it is clear that the share of the bifacial modules shall rise to as high as 60% in the next decade. Further for any technology to flourish in the market, it is important that it also is bankable. By a survey carried out by BloombergNEF, more than 80% of the PV community considers the technology to be bankable and by coupling both bifacial & half cut technology, this number touches as high as 90% (Figure 1). With the technology being set to dominate the market, it is important for all of us to understand how we design a bifacial plant & further what are the gains once can expect when we install a bifacial plant in India. In this part of the blog, we would look into what are the factors affecting the output of a bifacial plant. Further we would also give our readers an idea on what our suggestions are on each of those factors.

Albedo

A Solar module works on the principle of photovoltaics i. e. it generates electricity when the light falls on it. While the front side of the module has adequate exposure of light (mostly directly) falling onto it right from the sun. The rear side of the module however receives the light which reflects off the ground. Thus it is important that the land (or base surface) over which the power plant is erected has maximum light reflection. The ratio of the light falling on to the ground to the amount the ground is able to reflect back is known as its albedo. However due to different inherent properties of the surface, they have different albedo’ s. Surfaces with glaze, white coatings, metal tops are known to have higher albedo compared to a blunt/ matt finished material. The bifacial gain has a direct dependence on the ground albedo and with the enhancement in the ground albedo, the bifacial gain from the power plant increases. A plant utilizing sand (albedo 15%) as ground can have a bifacial gain of 5. 50% and these number can go close to 25% bifacial gain if the ground is changed to white membrane/ white paint (albedo of ~85%) (Figure 3).

Figure 1: (At top) Market outlook of bifacial technology (Source: ITRPV), (at bottom) Bankability of different module technologies (Source: BloombergNEF) Parameters affecting the output of bifacial module

With the bifacial module generating power output from both the ends, it is important that both the faces of the module have maximum amount of light falling on them. It is hence important understand all such factors and how do the variation in energy output looks like. The factors which needs to be considered while designing a power plant are: Albedo Bifaciality Ground Coverage Ratio (GCR) Height or Clearance Tilt Angle While tilt angle is very well understood and the solar module are kept at the tilt angle equal to latitude, the other 4 factors need detailed understanding.

Figure 2: Comparison of various lithium battery technologies (Source: Battery University)

| MAY ISSUE 2020

Figure 3: (From top) a typical setup of a bifacial plant, albedo of different surfaces and (at bottom) expected bifacial gain on different ground surfaces (Source: Míriam Guari Borrull, Performance Optimization of Bifacial Module PV Power Plants Based on Simulations and Measurements) Bifaciality

While the first point of the contact of light is the ground, the next comes the rear side of the bifacial module. While it is known that all the PV modules comes with conversion efficiency, a bifacial module additionally comes with a factor which is known as bifaciality. Under the same testing conditions, the ratio of the power output produced by the rear side to that of the front side is known as the bifaciality. This means that the rear side of the module does not always generate the same power exactly equal to front side. This property is not a limitation of the bifacial module but is an inherent property of bifacial cell itself. Different bifacial cells, depending on the type of wafer and the technology utilized have different bifaciality. The highest amongst these is HJT cells which have a bifaciality of around 93% (refer Figure 4).

PG 32

TECH TRENDS

Figure 4: Bifaciality of different wafer technologies

Figure 5: Bifacial gain v/s GCR for a bifacial power plant Height

Apart from GCR, height also has a significant effect on the bifacial gains once can expect from the power plant. Height may be defined the distance from the ground to the lowest point of the PV module (Figure 2). The light (direct reflected off from the ground and/or the diffused) need to be incident perfectly at the rear surface of the bifacial module. Keeping the modules at a fair height maximizes the light incident on the module. While it is known that increasing the structure height increases the bifacial power gain, the curve flattens at a height of 2 m. Further it should also noted that increasing the height would lead to increased wind loads on module which would require sturdy under structure. Hence it is recommended that a height of 1. 2 to 1. 3 meter is maintained for optimized results.

Figure 4: Annual Lithium Ion battery demand (Source: BloombergNEF, Avicenne) While this part covered the basics to bifacial PV and the necessary parameters which needs understanding while designing and/or installing a power plant, the further parts would detail discussion on the simulation study we carried out. This study covered different climatic zones of India and an analysis of gains (both technical & commercial) one can expect from bifacial module. Keep looking onto this space for out next article. Let us all pledge to make solar energy the primary source of energy in the near future. RAHE ROSHAN HAMARA NATION

Mr. Sunil Rathi Director Sales & Marketing Waaree Energies

| MAY ISSUE 2020

PG 33

POST COVID PERSPECTIVE

WILL SOLAR INDUSTRY LOOK TO DOWN UPSTREAM OF PRODUCTION PROCESS? SUNIL BADESRA

DANIEL LIU

Business Head,

Managing Director- South Asia and Central Asia

Sungrow (India) Pvt. Ltd.

Jinko Solar

Like any other industry, solar industry is also getting impacted by COVID-19 pandemic and creating a bit of uncertainty in the mind of people. After any such unprecedented event with the magnitude of impact never seen before, many organizations will redefine their strategies. Business across industries will realign their processes, redesign supply chain to recover quickly from such difficult situation, yet staying agile in the coming times. However, vertical integration in either way of upstream or downstream always needs to be evaluated by individual organization to find the best alignment between their existing core businesses and market demand. Also, it is not necessary that upstream or downstream integration will always help as it comes at a significant cost and specific risks (for solar industry). Further, it seems that proj ect execution and order closures in solar industry are going to get delayed by 2-3 months due to this virus outbreak. At the same time, it is expected that Solar Industry will be more focused and put their finest effort to minimize the potential effect of COVID-19 on the proj ects and their organizations.

Hence, Solar sector being the leading source of power generation at the cheapest tariff will likely to emerge stronger in long term, after few months of challenges. As a leader of innovation in the industry, Sungrow has already taken necessary measures to have proper supply of raw materials and components for Inverter manufacturing to ensure timely order execution of our customers.

IT IS NOT NECESSARY THAT UPSTREAM OR DOWNSTREAM INTEGRATION WILL ALWAYS HELP AS IT COMES AT A SIGNIFICANT COST AND SPECIFIC RISKS (FOR SOLAR INDUSTRY)."

IN THE SPOTLIGHT

| MAY ISSUE 2020

Solar Industry across the World is going through never-seen-before tough situation. Cashflow has been negatively impacted across Solar value chain in India. Operational Solar PV Proj ects are expected to get delayed revenues or no revenues in case of Open Access proj ects.

Construction of Proj ects is halted, resulting into stoppage of cashflows to EPCs & Equipment suppliers. Lenders whose existing EMIs are deferred, are preferring to wait for certainty before approving new loan or disbursing next installment of approved proj ect loan.

Cash is going to be king now & in near future, especially when whole world is experiencing a historical recession. Post-Covid 19, all stakeholders across the value chain will be more sensible in safeguarding their own interests. Solar companies will put their efforts & resources to rebuild its own business operations. Their utmost priority will be to fence its cash & cashflows. It will help them in surviving the after-effects of Covid-19.

In this situation, Solar Industry will not prefer to look for domain diversification (whether upstream or downstream of solar value chain), in search of new business avenues, at least not in near future. Instead, it will divert & utilize its existing resources including cash, in strengthening its core business. With this approach, it will have more chances to succeed due to known territory and familiar business nitty- gritties.

Post-Covid 19, Solar companies will surely adapt new business strategies from geographical diversification, digitalization, robotic cleaning, usage of advanced solar module technologies to upgradation of solar manufacturing lines. Another key development, that occurs when any sector goes through tough situation, is expected to happen. That is Sectoral Consolidation. Cash-rich Solar companies & wealthy new entrants into Solar sector, will prefer to overtake under-valued existing solar companies facing cash crunch, NOMADIC | 24 who had been overvalued during good times.

PG 34

D 19

STREAM AND

if specific case of Solar manufacturing value chain is to be considered in India, this Covid-19 situation has put us in the strategic position to rethink our upstream to downstream strategy.

When it comes to setting up solar manufacturing in India, Jinko Solar is always doing some research & keep an eye over Indian policies for Solar Manufacturing. Jinko Solar is in continuous process of evaluating partner for local manufacturing. However, in such economic environment under pandemic, every manufacturer is becoming conservative than ever, especially regarding setting up new manufacturing facility. Because multi hundred million capital investment is required. Government needs to play key & big role in developing manufacturing environment in any country. The certainty on timeline, scale of importing duty, clarity over tax benefits & exporting incentives are much more critical for new investment decision in manufacturing. Other factor which is most important that government needs to be convinced to trade- off between lower PPA tariff and local employment-&-technology set-up. Because it takes more than five years to recover the investment in Solar PV manufacturing, if that plant runs at 100% efficiency.

BRIJESH PRAJAPATI

Managing Director SOFAR SOLAR

The entire world is on edge with the Coronavirus epidemic, it' s a very bad impact on global economy. COVID-19 crisis has already wreaked maj or havoc across the world, and the solar industry has not been immune & the COVID-19 pandemic will have a significant impact on the global solar PV market.

We have revised down our 2020 growth forecasts for several maj or industries, including Renewable, Consumer & Retail, Autos, Construction, Power, Oil & Gas (upstream and downstream), Infrastructure and Mining. We have made upward revisions to our forecasts for Household Food Spending Healthcare, Cloud Computing & on some essential products.

| MAY ISSUE 2020

Raw materials for manufacturers to component delays for developers, both upstream and downstream PV players have already felt the weight of the pandemic as it continues its global trek, infecting hundreds of thousands and sparking talk of a worldwide recession.

The impact of the coronavirus will mostly hit in our first-quarter growth. It could extend to the second quarter as well if the outbreak lasts longer. The disturbance to industrial production and global trade flows and global logistic networks could be more severe due to a drag caused by the prolonged production shutdowns.

Our first-quarter & as per current situation on second quarter reported Upstream production is expected to be lower than fourthquarter 2019.

Our First and second quarter reported Downstream in solar inverter demand lesser is expected to be in a some reduction to develop Solar proj ect demand due to COVID-19.

During to COVID-19 some proj ection going on very delaying stages & also it will be going on negative profitable marginal impact business on entrepreneur , small scale EPC segment & Dealer so it will take some time for stable situation India. Besides some inverter companies have long vision work & ready to invest (assets & certification) in Indian market with very small profitable marginal business. “Factories do have spare capacity and may cover up for lost exports by ramping up production. However, the India demand will be lesser or similar as compared to our previous numbers and this will have an impact on total production, �

The Covid-19 outbreak has made it more difficult to achieve the targets due to the challenges of land acquisition, grid unavailability, supply chain bottlenecks and a lack of proj ect financing.

In a Manufacturing sector also every product depend on raw materials or third party vendor . in this epidemic cycles it' s very difficult get material on time & execution on time also.

Hopefully we will stable soon in renewable segment & also other verticals in india.

PG 35

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