Photon Consulting's Solar Updates

Sola

r P

ow

er

Solar Updates sample

information

Solar Updates sample

information

PRELIMINARY

Example deckExample deck

PHOTON Consulting, LLCPHOTON Consulting, LLC

THIS DOCUMENT IS CONFIDENTIAL – DO NOT FORWARD OR SHARETHIS DOCUMENT IS CONFIDENTIAL – DO NOT FORWARD OR SHARE

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© PHOTON Consulting, LLC 2010.Neither this publication nor any portion hereof may be reprinted, sold or redistributed without written consent. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject PHOTON Consulting, LLC (“PHOTON Consulting”) to any additional registration or licensing requirement within such jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable. Such information has not been independently verified and we make no representations or warranty as to its accuracy, completeness or correctness. Any opinions or estimates herein reflect the judgment of PHOTON Consulting at the date of publication and are subject to change at any time without notice. This is not a solicitation or any offer to buy or sell. This publication is for information purposes only and is not intended to provide professional, investment or any other type of advice or recommendation. PHOTON Consulting does not accept any responsibility and cannot be held liable for any person’s use of or reliance on the information and opinions contained herein.

This sample information file is designed to demonstrate the sample data in the Solar Updates product. Data in

Solar Updates may be different from this sample information file. Some data and Y-axes in this file were

intentionally removed. This is a subset of the Solar Updates product for marketing purposes only.

This document is confidential.Please do not forward or share it in any form.

CONFIDENTIAL

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Solar UpdatesSolar Updates(Overview)(Overview) PRELIMINARY

Solar Updates: Critical PV information at your fingertips Source: PHOTON Consulting, LLC. Note: All data are rough estimates.

Delivered online via PHOTON Consulting’s The Wall research and data platform, Solar Updates is the source for the most accurate and timely information and analysis on solar PV prices, project announcements, demand and company/supply updates. PHOTON Consulting, the leader in solar research, continually monitors and analyzes these key leading indicators for the sector and delivers this critical information via Solar Updates.

• Pricing information includes weekly updates of spot prices for silicon, wafers, cells, c-Si modules and thin film modules and inverters.

• PV installation announcement information provides weekly updates of global system installation announcements.

• Demand information includes quarterly installation volume and system/module price forecasts for key and emerging solar markets.

• Company/supply information includes monthly company by company production at each step in the supply chain.

This suite of timely, relevant data and analysis provides solar decision makers with key insight into leading indicators for the sector.

CONFIDENTIAL

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Solar UpdatesSolar UpdatesPrice

PV system installation announcements

Demand/market updates

Company/supply updates

Subscribe to Solar Updates

CONFIDENTIAL

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Price collection definitions/parametersPrice collection definitions/parameters(Overview)(Overview)

PRELIMINARY

Consistent monthly methodology for collecting / reporting on price points across the PV value chain

Source: PHOTON Consulting, LLC. Note: All data are rough estimates.

• Geography: • Price points are collected from Asian, European and US producers based on transactions into Asian, European and

US markets.• Period average prices are reported as the simple average of all collected price points over that time period, though

an effort is made to match the geographic share of data points to global market share

• Currency:• Price points are collected/captured in whatever currency they are offered by survey respondents. Conversions to

USD are based on real-time exchange rate on the day the transaction is reported.

• Data sources:• The significant majority of reported price points come from primary research/interviews with market participants.• These price points are routinely verified against/augmented by pricing information reported in

trade/business/popular press, company presentations and earnings transcripts, and other public data sources.• Prices are taken from both actual transaction price points as well as from current offers.

• What’s included in prices:• VAT / sales tax: Prices are typically reported exclusive of VAT/sales tax. Exceptions to this are reported as such.• Shipping: Prices are typically reported FOB end-customer port of entry. Exceptions to this are reported as such.

• Definition of “factory-gate”:• The module price received by the producer whether a module is sold to a distributor or directly to a large installer

(i.e. the price Trina receives from IBC).

• Definition of “wholesale”:• The module price received by the distributor when a module is sold to an installer (i.e. the price IBC receives when

selling a Trina module to a small installer in Germany).

2

CONFIDENTIAL

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$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

01/0

9/20

0901

/16/

2009

01/2

3/20

0901

/30/

2009

02/0

6/20

0902

/13/

2009

02/2

0/20

0902

/27/

2009

03/0

6/20

0903

/13/

2009

03/2

0/20

0903

/27/

2009

04/0

3/20

0904

/10/

2009

04/1

7/20

0904

/24/

2009

05/0

1/20

0905

/08/

2009

05/1

5/20

0905

/22/

2009

05/2

9/20

0906

/05/

2009

06/1

2/20

0906

/19/

2009

06/2

6/20

0907

/03/

2009

07/1

0/20

0907

/17/

2009

07/2

4/20

0907

/31/

2009

08/0

7/20

0908

/14/

2009

08/2

1/20

0908

/28/

2009

09/0

4/20

0909

/11/

2009

09/1

8/20

0909

/25/

2009

10/0

2/20

0910

/09/

2009

10/1

6/20

0910

/23/

2009

10/3

0/20

0911

/06/

2009

11/1

3/20

0911

/20/

2009

11/2

7/20

0912

/04/

2009

12/1

1/20

0912

/18/

2009

01/0

8/20

10

Module wholesale price

Module factory gate price

Cell price

Wafer price

Silicon contract price

Silicon spot price

Pri

ce in

US

$/W

c-Si value chain pricingc-Si value chain pricing($/W)($/W) PRELIMINARY

Module WS price down and module FG gate price down, cell price flat and wafer price upSilicon contract price flat and spot price down

Data updated 01/__/2010 Next update by 01/__/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Note: $/W pricing for wafer and Si based on standard conversion factors.

Weekly reporting of price at each step of the supply chain

Illustr

ative data

Axes,

dates and data

removed

Module wholesale price index rebased as of 05/29/2009

CONFIDENTIAL

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c-Si value chain pricingc-Si value chain pricing($/W)($/W) PRELIMINARY

Data and graphics available for export

Data updated 01/__/2010 Next update by 01/__/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Note: $/W pricing for wafer and Si based on standard conversion factors.

CONFIDENTIAL

Illustr

ative data

Axes,

dates and data

removed

[email protected] 8CONFIDENTIAL

Weekly price movementsWeekly price movements($/W)($/W) PRELIMINARY

c-Si module German WS price up and c-Si module FG gate price up, cell price down and wafer price up

Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.

2

Step of value chain Mean (Wk ending X/X/2010)

Median (Wk ending X/X/2010)

WoW change (Mean)

WoW change

(Median)

German wholesale module (c-Si) ($/W)

$2.30 $2.13 +2% -1%

Factory gate module (c-Si) ($/W)

$2.04 $2.02 +14% +14%

Cell ($/W) $1.31 $1.34 -2% 0%

Wafer($/W) $0.91 $0.93 +1% +3%

Illustr

ative data

Dates removed


c-Si value chain price movementc-Si value chain price movement(Month-on-month changes)(Month-on-month changes) PRELIMINARY

c-Si module up 6% MoM, cell prices up 2%, wafer prices up 7%MoM, and polysilicon prices flat MoM

1

Wk ending 4/__ Wk ending 3/__ Absolute change Percent change (%)

c-Si module ($/W)

$2.04 $1.92 $0.12 +6%

Cell ($/W) $1.31 $1.29 $0.02 +2%

Wafer ($/W) $0.91 $0.85 $0.06 +7%

Polysilicon ($/kg)

$55 $55 $0 0%

Illustr

ative data

Dates removed



WS module price movement WS module price movement (Month-on-month changes)(Month-on-month changes) PRELIMINARY

WS module MoM price movements ranged from -13% to +14%

1

German WS (€/W)

Wk ending X/X/2010

Wk ending X/X/2010

Absolute change

Percent change (%)

Region of origin

Western €1.96 €1.73 €0.23 +13%

Japan €1.83 €2.11 -€0.28 -13%

China €1.55 €1.41 €0.14 +10%

Technology

c-Si €1.72 €1.66 €0.06 +4%

TF: a-Si (single

junction)

€1.49 €1.31 €0.18 +14%

TF: CdTe €1.63 €1.59 €0.04 +3%

US WS ($/W)

c-Si $2.78 $2.76 $0.02 +1%

Illustr

ative data

Dates removed


CONFIDENTIAL [email protected] 11

Price spreads along c-Si value chainPrice spreads along c-Si value chain

($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010)PRELIMINARY

Wafer minus Si spread up 2% WoW; cell minus wafer spread down 7%WoW; FG module minus cell spread up 59% WoW; WS module minus FG module spread down 31%

WoW

Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price spread number is in an indication of the difference between mean observed price spreads at each step of the supply chain. For instance, “Spot cell price – spot wafer price” is equal to the weekly observed difference between mean cell price and mean wafer price in each week’s data set.”

1

$0.51

$0.40

$0.73

$0.50

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

05/1

5/09

05/2

2/09

05/2

9/09

06/0

5/09

06/1

2/09

06/1

9/09

06/2

6/09

07/0

3/09

07/1

0/09

07/1

7/09

07/2

4/09

07/3

1/09

08/0

7/09

08/1

4/09

08/2

1/09

08/2

8/09

09/0

4/09

09/1

1/09

09/1

8/09

09/2

5/09

10/0

2/09

10/0

9/09

10/1

6/09

10/2

3/09

10/3

0/09

11/0

6/09

11/1

3/09

11/2

0/09

11/2

7/09

12/0

4/09

12/1

1/09

12/1

8/09

12/2

5/09

01/0

1/10

01/0

8/10

01/1

5/10

01/2

2/10

01/2

9/10

02/0

5/10

02/1

2/10

02/1

9/10

02/2

6/10

03/0

5/10

03/1

2/10

03/1

9/10

03/2

6/10

04/0

2/10

04/0

9/10

Spot wafer price - spot silicon price Spot cell price - spot wafer price

FG module - spot cell price WS module - FG module price

Weekly reporting of price spreads at each step of the c-Si value chain

Pri

ce in

US

$/W Illu

strativ

e data

Axes,

dates and data

removed

[email protected] 12

System price history – California large systemsSystem price history – California large systems($/W, CSI reported data, through X/X/2010)($/W, CSI reported data, through X/X/2010)

PRELIMINARY

20% increase in month to date average of $8.10/W vs. monthly average price in November of $6.77/W

Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Note: California system price data is updated roughly every two weeks in conjunction with release of updated CSI program data.

1

$6.95

$8.31 $8.28

$6.07

$9.95

$8.10

$6.57 $7.06

n/a

$12.77

n/a

n/a

$6.88

n/a

$7.49

$8.59

$5.68 $6.74 $7.49

$4.72

$7.88 $7.76 $7.66

$8.18 $8.00

$7.13 $7.03

$7.12 $7.19

$5.86

$8.39

$6.68 $7.00

$10.34

n/a $0.00

$5.00

$10.00

$15.001-

May

8-M

ay15

-May

22-M

ay29

-May

5-Ju

n12

-Jun

19-Ju

n26

-Jun

3-Ju

l10

-Jul

17-Ju

l24

-Jul

31-Ju

l7-

Aug

14-A

ug21

-Aug

28-A

ug4-

Sep

11-S

ep18

-Sep

25-S

ep2-

Oct

9-O

ct16

-Oct

23-O

ct30

-Oct

6-No

v13

-Nov

20-N

ov27

-Nov

4-De

c11

-Dec

18-D

ec25

-Dec

1-Ja

n8-

Jan

Average Lg commercial system price

Pri

ce in

US

$/W

Weekly reporting of system price for California large systems

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


System price history – California small systemsSystem price history – California small systems($/W, CSI reported data, through X/X/2010)($/W, CSI reported data, through X/X/2010) PRELIMINARY

2% increase WoW in reported California small system prices1% decrease in month to date average of $7.46/W up 1% vs. monthly average price in December of $7.53/W


1

$7.87

$8.01 $7.77

$7.82 $8.04

$7.75 $8.01 $8.06

$7.66

$7.61 $8.32

$8.05

$8.19 $7.99

$7.64 $8.03

$7.83

$7.75 $7.85

$7.96

$7.79 $7.58

$7.68

$7.80

$8.13 $7.63

$7.74

$7.45 $7.58

$7.73

$7.61 $7.47

$7.73 $7.62 $7.31

$7.46

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

$20.001-

May

8-M

ay15

-May

22-M

ay29

-May

5-Ju

n12

-Jun

19-Ju

n26

-Jun

3-Ju

l10

-Jul

17-Ju

l24

-Jul

31-Ju

l7-

Aug

14-A

ug21

-Aug

28-A

ug4-

Sep

11-S

ep18

-Sep

25-S

ep2-

Oct

9-Oc

t16

-Oct

23-O

ct30

-Oct

6-No

v13

-Nov

20-N

ov27

-Nov

4-De

c11

-Dec

18-D

ec25

-Dec

1-Ja

n8-

Jan

Average Sm commercial and residential system price

Pri

ce in

US

$/W

Weekly reporting of system price for California small systems

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


c-Si module spot price history - US wholesalec-Si module spot price history - US wholesale

($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY

Reported c-Si module US WS spot prices flat WoW1% decrease in month to date average of $2.95/W vs. monthly average price in December of $2.99/W


1

$3.18 $3.18 $3.22 $3.20 $3.26 $3.34 $3.27 $3.25 $3.08

$3.28 $3.04 $3.04 $3.03 $2.97 $2.97 $2.95

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$5.5

$6.011

-Sep

18-S

ep

25-S

ep

2-O

ct

9-O

ct

16-O

ct

23-O

ct

30-O

ct

6-N

ov

13-N

ov

20-N

ov

27-N

ov

4-D

ec

11-D

ec

18-D

ec

8-Ja

n

Average c-Si

Pri

ce in

US

$/W

Weekly reporting of c-Si module spot price for US wholesale market

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


c-Si module spot price history - German wholesalec-Si module spot price history - German wholesale

(€/W, spot market, through X/X/2010)(€/W, spot market, through X/X/2010) PRELIMINARY

9% increase WoW in reported c-Si module Germany WS spot prices6% decrease in month to date average of €1.75/W vs. monthly average price in December of €1.86/W


1

€ 1.90 € 1.93 € 1.73 € 1.72

€ 1.94 € 1.72

€ 1.85 € 1.96 € 1.88

€ 1.76

€ 1.99 € 2.02 € 2.00 € 1.83

€ 1.61 € 1.75

€0.0

€0.5

€1.0

€1.5

€2.0

€2.5

€3.0

€3.509

/18/

2009

09/2

5/20

09

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

12/2

5/20

09

01/0

8/20

10

Pri

ce in

€/W

Weekly reporting of c-Si module spot price for German wholesale market

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


c-Si module spot price history - German wholesalec-Si module spot price history - German wholesale


9% increase WoW in reported WS spot c-Si module prices in Germany in USD terms8% decrease in month to date average of $2.52/W vs. monthly average price in December of $2.74/W

Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price point assumes the FX rate that was current as of that week. For current week data, FX rate of 1 EUR=1.44 USD simple average of daily FX rate between X/X/2010 – X/X/2010 was used.

1

$2.78 $2.83 $2.53 $2.53

$2.86 $2.57

$2.76 $2.90 $2.80

$2.62

$3.03 $3.04 $2.96 $2.66

$2.31 $2.52

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.009

/18/

2009

09/2

5/20

09

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

12/2

5/20

09

01/0

8/20

10

Pri

ce in

US

$/W

Weekly reporting of c-Si module spot price for German wholesale market

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


German wholesale c-Si module price by region of originGerman wholesale c-Si module price by region of origin(€/W, spot market, through X/X/2010)(€/W, spot market, through X/X/2010) PRELIMINARY

Chinese pricing flat WoW, Japanese pricing up 24% WoW and Western pricing up 9% WoW


1

€ 1.57

€ 1.98

€ 1.81

€0.00

€0.50

€1.00

€1.50

€2.00

€2.50

China Japan Western

18-Sep 25-Sep 2-Oct 9-Oct

16-Oct 23-Oct 30-Oct 6-Nov

13-Nov 20-Nov 27-Nov 4-Dec

11-Dec 18-Dec 25-Dec 8-Jan

Weekly

pri

ce in

€/W

CONFIDENTIAL

Illustr

ative data

Axes,

dates and data

removed


German wholesale module price by technologyGerman wholesale module price by technology(€/W, spot market, through X/X/2010)(€/W, spot market, through X/X/2010) PRELIMINARY

a-Si (single junction) prices up 8% WoW, and c-Si prices up 9% WoW


1

€ 1.53

€ 1.75

€0.00

€0.50

€1.00

€1.50

€2.00

€2.50

a-Si (single junction) CdTe c-Si

18-Sep 25-Sep 2-Oct 9-Oct

16-Oct 23-Oct 30-Oct 6-Nov

13-Nov 20-Nov 27-Nov 4-Dec

11-Dec 18-Dec 25-Dec 8-Jan

Weekly

pri

ce in

€/W

CONFIDENTIAL

Illustr

ative data

Axes,

dates and data

removed


Chinese Tier 1 module - Germany wholesale Chinese Tier 1 module - Germany wholesale (€/W, spot, through X/X/2010)(€/W, spot, through X/X/2010) PRELIMINARY

6% WoW decrease in reported Chinese Tier 1 module WS prices in Germany 1% increase in April average of € 1.57/W vs. monthly average price in March of € 1.56/W

Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Notes: “Chinese Tier 1” refers to the grouping of Chinese module manufacturers that includes Canadian Solar, Solarfun, Suntech, Trina and Yingli.

1

€ 1.51

€0.00

€0.50

€1.00

€1.50

€2.00

€2.50

06/0

5/09

06/1

2/09

06/1

9/09

06/2

6/09

07/0

3/09

07/1

0/09

07/1

7/09

07/2

4/09

07/3

1/09

08/0

7/09

08/1

4/09

08/2

1/09

08/2

8/09

09/0

4/09

09/1

1/09

09/1

8/09

09/2

5/09

10/0

2/09

10/0

9/09

10/1

6/09

10/2

3/09

10/3

0/09

11/0

6/09

11/1

3/09

11/2

0/09

11/2

7/09

12/0

4/09

12/1

1/09

12/1

8/09

12/2

5/09

01/0

1/10

01/0

8/10

01/1

5/10

01/2

2/10

01/2

9/10

02/0

5/10

02/1

2/10

02/1

9/10

02/2

6/10

03/0

5/10

03/1

2/10

03/1

9/10

03/2

6/10

04/0

2/10

04/0

9/10

04/1

6/10

04/2

3/10

04/3

0/10

Weekly

pri

ce in

€/W

Weekly reporting of Chinese Tier 1 modules in German wholesale market

Illustr

ative data

Axes,

dates and data

removed


Thin film module spot price history - German wholesaleThin film module spot price history - German wholesale


5% increase WoW in reported TF module WS spot prices in Germany down1% decrease in month to date average of €1.53/W vs. monthly average price in December

of € 1.55/W


1

€ 1.55 € 1.60 € 1.56 € 1.62 € 1.65

€ 1.77

€ 1.56 € 1.61

€ 1.56 € 1.47

€ 1.59 € 1.64 € 1.65

€ 1.47 € 1.46 € 1.53

€0.0

€0.2

€0.4

€0.6

€0.8

€1.0

€1.2

€1.4

€1.6

€1.8

€2.009

/18/

2009

09/2

5/20

09

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

12/2

5/20

09

01/0

8/20

10

Pri

ce in

€/W

Weekly reporting of thin film spot price in German wholesale market

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


TF module spot price history - German wholesaleTF module spot price history - German wholesale


5% increase WoW in reported TF module WS spot prices in Germany3% decrease in month to date average of $2.21/W vs. monthly average price in December of $2.28/W


1

$2.35 $2.27$2.38 $2.43

$2.64

$2.33 $2.39 $2.32$2.19

$2.38$2.46 $2.44

$2.14 $2.10$2.21

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.009

/25/

2009

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

12/2

5/20

09

01/0

8/20

10

Pri

ce in

US

$/W

Weekly reporting of thin film spot price in German wholesale market

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


First Solar module - Germany wholesale First Solar module - Germany wholesale (€/W, spot, through X/X/2010)(€/W, spot, through X/X/2010) PRELIMINARY

Month to date average of € 1.65/W flat vs. monthly average price in December of € 1.65/W


1

€0.0

€0.2

€0.4

€0.6

€0.8

€1.0

€1.2

€1.4

€1.6

€1.808

/07/

2009

08/1

4/20

09

08/2

1/20

09

08/2

8/20

09

09/0

4/20

09

09/1

1/20

09

09/1

8/20

09

09/2

5/20

09

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

12/2

5/20

09

1/08

/201

0

Pri

ce in

€/W

Weekly reporting of First Solar module price in the German wholesale market

CONFIDENTIAL

Illustr

ative data

Axes,

dates and data

removed


Inverter price history - German wholesaleInverter price history - German wholesale


Reported inverter WS spot prices in Germany flat WoW5% increase in month to date average of €0.41/W vs. monthly average price in March of €0.39/W

Data updated X/X2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates.

1

€ 0.42 € 0.42 € 0.42 € 0.42 € 0.40 € 0.42 € 0.45

€ 0.35 € 0.41 € 0.41 € 0.41 € 0.41 € 0.41

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

$0.7

$0.8

$0.9

$1.0

01/15/10 01/22/10 01/29/10 02/05/10 02/12/10 02/19/10 02/26/10 03/05/10 03/12/10 03/19/10 03/26/10 04/02/10 04/09/10

Pri

ce in

€/W

Weekly reporting of inverter prices in the German wholesale market

Illustr

ative data

Axes a

nd dates removed


German wholesale inverter prices by sizeGerman wholesale inverter prices by size


<5 kW inverter prices flat WoW, and 10-100 kW inverter prices flat WoW


1

€ 0.42

€ 0.23

0.00

0.10

0.20

0.30

0.40

0.50

0.60

<5 kW 5 - 10 kW 10 - 100 kW

01/15/10 01/22/10 01/29/10 02/05/10

02/12/10 02/19/10 02/26/10 03/05/10

03/12/10 03/19/10 03/26/10 04/02/10

04/09/10

N/A

Pri

ce in

€/W

Illustr

ative data

Axes,

dates and data

removed

H H H H


c-Si module price history – factory gatec-Si module price history – factory gate($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY

4% WoW decrease in reported c-Si module FG price11% WoW decrease in month to date average of $1.89/W vs. monthly average price in December of

$2.12/W


1

$2.09 $2.03 $2.12 $2.19

$2.41 $2.29

$2.11 $1.99 $2.04

$2.29

$2.01 $1.98

$2.27 $2.11

$1.97 1.89

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.509

/11/

2009

09/1

8/20

09

09/2

5/20

09

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

01/0

8/20

10

Pri

ce in

US

$/W

Weekly reporting of c-Si factory gate module spot price

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


Cell price historyCell price history($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY

1% decrease WoW in reported cell pricesMonth to date average of $1.30/W flat vs. monthly average price in December of $1.30/W

Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Assumes current daily FX rate.

1

$1.33 $1.30 $1.32 $1.27

$1.37

$1.26 $1.36

$1.25 $1.34 $1.30

$1.25 $1.31 $1.28 $1.31 $1.31 $1.30

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.609

/11/

2009

09/1

8/20

09

09/2

5/20

09

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

01/0

8/20

10

Pri

ce in

US

$/W

Weekly reporting of cell spot price

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


Wafer price historyWafer price history($/Piece, spot market, through X/X/2010)($/Piece, spot market, through X/X/2010)PRELIMINARY

4% increase WoW in reported wafer prices1% increase in month to date average of $3.11/piece flat vs. monthly average price in

December of $3.08/piece

Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price point assumes the FX rate that was current as of that week. For current week data, wafer data points include 156 mm mono, 156mm multi.

1

$3.40 $3.17

$3.32 $3.32 $3.32 $3.28 $3.28

$3.66

$3.16 $3.28 $3.32 $3.43 $3.25

$3.00 $3.00 $3.11

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.009

/11/

2009

09/1

8/20

09

09/2

5/20

09

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

01/0

8/20

10

Pri

ce in

US

$/P

iece

Weekly reporting of wafer spot price

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


Wafer price historyWafer price history($/W, spot market, through X/X/2010)($/W, spot market, through X/X/2010) PRELIMINARY

4% increase WoW in reported wafer prices1% increase in month to date average of $0.83/W vs. monthly average price in December of $0.82/W

Data updated X/X/2010 Next update by X/X/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Each weekly price point assumes the FX rate that was current as of that week Assume 5 inch wafer price is converted to $/W based on 2.42 Watt per wafer, and 6 inch wafer price is converted to $/W based on 3.77 Watt per wafer. Wafer data points include 156 mm mono, 156mm multi, 125 mono, 125 multi and majority of the data is 156 mm multi.

1

$0.90 $0.84

$0.88 $0.88 $0.88 $0.88 $0.88

$0.97

$0.84 $0.87 $0.88 $0.91 $0.86

$0.80 $0.80 $0.83

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.409

/11/

2009

09/1

8/20

09

09/2

5/20

09

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

01/0

8/20

10

Pri

ce in

US

$/W

Weekly reporting of wafer spot price

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed


Silicon price historySilicon price history($/kg, spot market, through X/X/2010)($/kg, spot market, through X/X/2010) PRELIMINARY

8% decrease WoW in reported silicon spot prices 7% decrease in month to date average of $59/kg vs. monthly average price in December of

$59/kg


1

$75 $75 $75 $75 $75$70 $70

$65$60 $60 $60 $58 $58 $60 $60

$55

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$10009

/11/

2009

09/1

8/20

09

09/2

5/20

09

10/0

2/20

09

10/0

9/20

09

10/1

6/20

09

10/2

3/20

09

10/3

0/20

09

11/0

6/20

09

11/1

3/20

09

11/2

0/20

09

11/2

7/20

09

12/0

4/20

09

12/1

1/20

09

12/1

8/20

09

01/0

8/20

10

Pri

ce in

US

$/k

g

Weekly reporting of silicon spot price

CONFIDENTIAL

Illustr

ative data

Axes a

nd dates removed







CONFIDENTIAL


Project announcement tracking methodologyProject announcement tracking methodology(Overview)(Overview) PRELIMINARY

Consistent methodology for collecting/reporting PV project announcements


• Technology• Only flat-panel and flexible film photovoltaic announcements are reported• CSP or CPV not included

• Data sources• All reported projects come from either primary public sources such as company presentations and earnings transcripts or

secondary public sources such as trade/business/popular press• Public announcements frequently do not contain specific information regarding module manufacturer or system installer.

When explicit, we provide these details• To avoid potential confusion: Private/confidential data are not included in these estimates

• Volume• Project sizes are captured either explicitly from an announcement or implicitly from secondary information provided in the

announcement, such as aggregate project investment or expected output (kWh/year) of the system (labeled as “Estimate”)

• Project announcement classifications• Photovoltaic installations and supply agreements• Company guidance, specific to installation volume or revenue from installations• Utility and government RFP’s (if the technology is determined to be PV)• Various government subsidy programs

• Caveats• Many announced projects may not come to completion as they have not necessarily received financing, PUC approval or

zoning approval• Private/confidential sources typically add significantly to the overall volume of projects that we track but are not reported• Rigorous tracking process began in mid-2008. By late-2009, refined data and historical tracking of completions are planned.• Weekly installation volumes tend to be “noisy.” We recommend looking at trend at monthly intervals

• Value• Aggregated announcement volumes are not proportional to true installation volumes. Rather trends in announcement

volumes – especially monthly averages – are a more reliable lead indicator of module demand and end customer appetite for downstream PV projects

• Update schedule• The next version of this deck will be posted on Friday, May 7, 2010 by 8pm EST.

2

Example

Illustr

ative data


Trailing 7-day project announcementsTrailing 7-day project announcements

(MW - 04/21/10 - 04/27/10)(MW - 04/21/10 - 04/27/10) PRELIMINARY

Announced volumes down 74% WoWEquates to 425MW monthly run rate

1

Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Dark blue = estimated. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined.

Data as of 04/27/2010 Next update by 05/07/2010

37

18

18

5 4 4

3 3 2 1 1 1 1 1 0 0 0 0 0 0 98

0

20

40

60

80

100

120Ita

ly

Fiel

d -R

OU

S

Fiel

d -R

OU

S

SA -

Ger

man

y

Com

m. R

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ly

Fiel

d -C

zech

Rep

ublic

Com

m. R

. -Ita

ly

Com

m. R

. -O

ntar

io

Com

m. R

. -RO

US

Fiel

d -R

OU

S

Com

m. R

. -Ita

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Mun

i. R.

-RO

US

Com

m. R

. -RO

US

Com

m. R

. -RO

US

Com

m. R

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Mun

i. R.

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ntar

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Mun

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Fiel

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ROU

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Tota

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Example

Illustr

ative data



Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Dark blue = estimated. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘RONA’=Rest of North America. ‘TBD’ = To Be Determined.


(MW - 04/21/10 - 04/27/10)(MW - 04/21/10 - 04/27/10) PRELIMINARY

CONFIDENTIAL


Example

Illustr

ative data


Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Dark blue = estimated. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined.

CONFIDENTIAL


(MW - by market - since 03/27/10)(MW - by market - since 03/27/10) PRELIMINARY

2,400MW announced volume, 2,436MW total volume (incl. estimated volume)Equates to 29,229MW annual run rate

1


1,13

5

456

36 492

356 11

8 116 51 50 47 27 17 10 8 4 2 1 0 2,

436

0

500

1,000

1,500

2,000

2,500

3,000In

dia

ROU

S

ROU

S Es

t

ROU

S To

tal

Ont

ario

Ital

y

Ger

man

y

Chin

a

Fran

ce

Spai

n

Bulg

aria

Calif

orni

a

Tibe

t

Gre

ece

Czec

h Re

publ

ic

Thai

land

Sri L

anka

Aus

tral

ia E

st

Tota

l

Example

Illustr

ative data



(MW - by market - since 03/27/10)(MW - by market - since 03/27/10) PRELIMINARY

India 46% of total project announcements since 03/27/10

1


Source: PHOTON Consulting, LLC. Note: All data are rough estimates. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined. ‘Other’ includes ‘TBD’ projects.

India1,135MW

46%

ROUS492MW

20%

Ontario356MW

15%

Italy118MW

5%

Germany116MW

5%

Other219MW

9%

Example

Illustr

ative data



(MW - chronological - since 03/27/10)(MW - chronological - since 03/27/10) PRELIMINARY

104 project announcements since 03/27/10

1

Data as of 04/27/2010 Next update by 05/07/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Light blue = announced. Dark blue = estimated. Dotted blue divisions indicate new week. ‘Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined.

20 1 26 0 0 0 0 2 5 20 21 10 0 0 151

15 4 370 17 10 0 1 1 8 0

43 501 0 1 0 0 0 1 0 0 25

100

1,00

011 10 20 30 2

177

9050

4 080

10 360 8 0 1 0 20 5 5 2 0 0 0 0 0 1 1 1 0 1 9 0

240

20 10 2 150

0 1 2 0 2 3 4 0 1 0 1 1 18 18 1 0 3 437

0 1 0 5

0

200

400

600

800

1,000

1,200Fi

eld

-RO

US

Fiel

d -S

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Mun

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Italy

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Example

Illustr

ative data


Recent system price examplesRecent system price examples($/W)($/W) PRELIMINARY

1.3X range in system prices across markets and segments

1


Source: PHOTON Consulting, LLC. Note: All data are rough estimates. ‘ROUS’= Rest of US

Country Location SegmentMeter

designation StatusSize

(MW)Price

($mln) $/W Method of Calc InstallerModule

providers TechUpdate

date

ROUS North CarolinaCommercial

rooftopCustomer Completed 0.012 $0.07 $5.83

Reported Price/Estimated

WattageVolt Energy c-Si 23-Apr

Italy Utility Announced 37.1 $167.0 $4.50Reported

Price/Reported Wattage

BP Solar 26-Apr

Example

Illustr

ative data


Recent system price examplesRecent system price examples($/W)($/W) PRELIMINARY

1.3X range in system prices across markets and segments

1


Source: PHOTON Consulting, LLC. Note: All data are rough estimates. ‘ROUS’= Rest of US. Light blue = announced. Dark blue = estimated.

$5.83

$4.50

$0

$1

$2

$3

$4

$5

$6

$7

12kW c-SiComm.R.

ROUS23 Apr

37.1MWItaly

26 Apr

Example

Illustr

ative data


Weekly totalsWeekly totals(MW - since 11/01/2008)(MW - since 11/01/2008) PRELIMINARY

382MW of announcements last weekWeekly average of 634MW since 11/01/2008

1

Data as of 04/27/2010 Next update by 05/07/2010Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.

166 54

220

798 18

521

218

91,

022

1,12

737

715

921

920

623

319

771

51,

247

6848

624

8 606

1,04

415

798

712

6 437

194

264

376 79

059

256

971

1,06

864

5 938

452 63

813

611

71,

121

1,17

51,

117

2,62

425

334

91,

442

4038

626

0 561

200

2,96

032

321

312

275

060

314

855

384

287

2,46

675

629

898

854

841

935

132

95,

317

1,33

430

81,

519

176 38

250

0

1,000

2,000

3,000

4,000

5,000

6,000

11/0

8/08

-11/

14/0

8

11/2

2/08

-11/

28/0

8

12/0

6/08

-12/

12/0

8

12/2

0/08

-12/

26/0

8

01/0

3/09

-01/

09/0

9

01/1

7/09

-01/

23/0

9

01/3

1/09

-02/

06/0

9

02/1

4/09

-02/

20/0

9

02/2

8/09

-03/

06/0

9

03/1

4/09

-03/

20/0

9

03/2

8/09

-04/

03/0

9

04/1

1/09

-04/

17/0

9

04/2

5/09

-05/

01/0

9

05/0

9/09

-05/

15/0

9

05/2

3/09

-05/

29/0

9

06/0

6/09

-06/

12/0

9

06/2

0/09

-06/

26/0

9

07/0

4/09

-07/

10/0

9

07/1

8/09

-07/

24/0

9

08/0

1/09

-08/

07/0

9

08/1

5/09

-08/

21/0

9

08/2

9/09

-09/

04/0

9

09/1

2/09

-09/

18/0

9

09/2

6/09

-10/

02/0

9

10/1

0/09

-10/

16/0

9

10/2

4/09

-10/

30/0

9

11/0

7/09

-11/

13/0

9

11/2

1/09

-11/

27/0

9

12/0

5/09

-12/

11/0

9

12/1

9/09

-12/

25/0

9

01/0

2/10

-01/

08/1

0

01/1

6/10

-01/

22/1

0

01/3

0/10

-02/

05/1

0

02/1

3/10

-02/

19/1

0

02/2

7/10

-03/

05/1

0

03/1

3/10

-03/

19/1

0

03/2

7/10

-04/

02/1

0

04/1

0/10

-04/

16/1

0

04/2

4/10

-04/

27/1

0

Example

Illustr

ative data


Monthly totalsMonthly totals(MW - since 09/01/2008)(MW - since 09/01/2008) PRELIMINARY

2,222MW of announcements month-to-date in April

1


264

930 1,040

1,707 1,884

1,320

2,055

2,860

1,409

2,482

3,1973,414

3,669

2,498

3,750

1,624

3,892

2,254

7,545

2,222

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000Se

p-08

Oct

-08

Nov

-08

Dec-

08

Jan-

09

Feb-

09

Mar

-09

Apr-

09

May

-09

Jun-

09

Jul-0

9

Aug-

09

Sep-

09

Oct

-09

Nov

-09

Dec-

09

Jan-

10

Feb-

10

Mar

-10

Apr-

10 th

ru

04/2

7

Example

Illustr

ative data


Project announcements - 2009-2010Project announcements - 2009-2010

(MW)(MW) PRELIMINARY

30.2GW of announcements in 2009; 15.9GW YTD2010

1


30,161

15,912

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2009 2010 thru 04/27

Example

Illustr

ative data


Project announcements - 2009-2010Project announcements - 2009-2010


15.9GW of announcements YTD2010 compared to 8.0GW in 2009 thru 04/27

1


2,8602,222

8,048

15,912

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Apr-09 Apr-10 thru 04/27 2009 thru 04/27 2010 thru 04/27

Example

Illustr

ative data


Announcements by market - 2010Announcements by market - 2010(MW)(MW) PRELIMINARY

California, ROUS and India lead project announcements in 2010YTD

1


Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined.

5,70

0

3,60

6 1,16

11,

107

680 47

8

433

405

292

212

211

207

111

100

92 80 77 66 60 51 50 36 29 25 16 10 8 5 2 1 1 1 0 0 0 0 600

15,9

12

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Calif

orni

aRO

US

Indi

aO

ntar

ioIta

lyFr

ance

Ger

man

yEu

rope

-U

nspe

c.Is

rael

Spai

nCh

ina

Afri

ca -

Uns

pec.

Bulg

aria

Dom

inic

an R

.Ja

pan

Peru

Belg

ium

Czec

h Re

publ

icM

alay

sia

Mex

ico

Paki

stan

Sout

h Ko

rea

Gre

ece

Aust

ralia

Thai

land

Tibe

tCa

pe V

erde

Taiw

anSi

ngap

ore

Vene

zuel

aM

oroc

coSr

i Lan

kaCo

sta

Rica

Hai

tiBu

rkin

a Fa

soSl

oven

iaTB

DTo

tal

Example

Illustr

ative data


Announcements by market - 2010Announcements by market - 2010(MW)(MW) PRELIMINARY

California represents 36% of total project announcements in 2010YTD

1


Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Europe - Unspec’ reflects European announcements with no country specified. ‘US - Unspec’ reflects US announcements with no state specified. ‘ROUS’= Rest of US. ‘TBD’ = To Be Determined. ‘Other’ includes ‘TBD’ projects.

California5,700MW

36%

ROUS3,606MW

23%

India1,161MW

7%

Ontario1,107MW

7%

Italy680MW

4%

Other3,659MW

23%

Example

Illustr

ative data


Number of announcementsNumber of announcements(# - since 01/09)(# - since 01/09) PRELIMINARY

78 announcements month-to-date in April

1

Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Current database numbers reflect 500MW adjustment to July 2009 announcement volumes, reflecting prior double-counting of project associated with partnership between Suntech and CECIC.


57 57 5865

8678

103 105

89

128138 133

118

97

218

78

0

50

100

150

200

250

Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 thru

04/27

Example

Illustr

ative data


Trailing 7-day announcements by completion dateTrailing 7-day announcements by completion date(MW)(MW) PRELIMINARY

49% of announced volumes for completion in 2010, 4% in 2011, 47% undisclosed

1



48

4

0 0 0 0 0

45

0

10

20

30

40

50

60

2010 2011 2012 2013 2014 2015 2016+ Undisclosed

Example

Illustr

ative data


Trailing 30-day announcements by completion dateTrailing 30-day announcements by completion date(MW)(MW) PRELIMINARY


1



212

130

232

0 0

100

1,000

762

0

200

400

600

800

1,000

1,200

2010 2011 2012 2013 2014 2015 2016+ Undisclosed

Example

Illustr

ative data


2010 announcements by completion date2010 announcements by completion date(MW)(MW) PRELIMINARY


1



2,043

6451,354

4303 127

1,480

9,830

0

2,000

4,000

6,000

8,000

10,000

12,000

2010 2011 2012 2013 2014 2015 2016+ Undisclosed

Example

Illustr

ative data


2010 announcements by completion date2010 announcements by completion date(MW - YTD)(MW - YTD) PRELIMINARY


1

15.9GW of projects in 2010YTD with 2.0GW (13%) of projects to be completed in 2010


2,043645

1,354430 3 127

1,480

9,830 15,912

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2010 2011 2012 2013 2014 2015 2016+ Undisclosed Total

Example

Illustr

ative data


2010 announcements by completion date2010 announcements by completion date(% - YTD)(% - YTD) PRELIMINARY


1

15.9GW of projects in 2010YTD with 2.0GW (13%) of projects to be completed in 2010


13%4%

9%3% 0% 1%

9%

62% 100%

0%

20%

40%

60%

80%

100%

2010 2011 2012 2013 2014 2015 2016+ Undisclosed Total

Example

Illustr

ative data


2009 announcements by completion date2009 announcements by completion date(MW - 01/01/09-12/31/09)(MW - 01/01/09-12/31/09) PRELIMINARY


1

In 2009, wide distribution of project installation year with no information available for nearly half of announced project volume

1,443

3,1791,315

3,213 563

2,810

3,0801,302

13,256 30,161

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2009 2010 2011 2012 2013 2014 2015 2016+ Undisclosed Total


Example

Illustr

ative data


PRELIMINARY


1


Apr 10 announcements by completion dateApr 10 announcements by completion date

(MW)(MW)


144

28

232

0 0

100

1,000

718

0

200

400

600

800

1,000

1,200

2010 2011 2012 2013 2014 2015 2016+ Undisclosed

Example

Illustr

ative data


Monthly announcements by completion dateMonthly announcements by completion date


Monthly comparison of MW of announcements by completion date

1



182

48 1

800

0 0 0 0

1,82

9

109 25

6

58 144

58 0 0 0

784

69 83 27 2 0

538

11 0

1,75

4

269 57

0

342 54

7

0 0

500

302

667

82 89 201 55

6

0 0

1,61

0

0

875

239 35

1

1 25 0

970

67

1,00

0

1,01

6

81 191

35

241

0

291

0 0

1,66

0

75

573

102

40

380

1,01

2

0 0

1,56

7

22

670

287 44

0

6 0 0 0

199

0

529

134

60

235

3 2

480

2,44

9

0

405

315

747

194

0 0 0

593

0

966

168 31

5

1 0 25 0

6,07

0

0

144

28

232

0 0 100

1,00

0

718

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009 2010 2011 2012 2013 2014 2015 2016+ Undisclosed

Apr 09 May 09

Jun 09 Jul 09

Aug 09 Sep 09

Oct 09 Nov 09

Dec 09 Jan 10

Feb 10 Mar 10

Apr 10

Example

Illustr

ative data


Monthly announcements by completion dateMonthly announcements by completion date

(% of MWs)(% of MWs) PRELIMINARY

Monthly comparison of % of announcements by completion date

1



6%

2%

0%

28%

0% 0% 0% 0%

64%

8%

18%

4%

10%

4%

0% 0% 0%

56%

3% 3%

1% 0% 0%

22%

0% 0%

71%

8%

18%

11%

17%

0% 0%

16%

9%

21%

2% 3%

6%

16%

0% 0%

47%

0%

26%

7%

10%

0% 1% 0%

26%

2%

27%

28%

3%

8%

1%

10%

0%

12%

0% 0%

66%

2%

15%

3%

1%

10%

27%

0% 0%

42%

1%

41%

18%

27%

0% 0% 0% 0%

12%

0%

14%

3%

2%

6%

0% 0%

12%

63%

0%

18%

14%

33%

9%

0% 0% 0%

26%

0%

13%

2%

4%

0% 0% 0% 0%

80%

0%

6%

1%

10%

0% 0%

5%

45%

32%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2009 2010 2011 2012 2013 2014 2015 2016+ Undisclosed

Apr 09 May 09

Jun 09 Jul 09

Aug 09 Sep 09

Oct 09 Nov 09

Dec 09 Jan 10

Feb 10 Mar 10

Apr 10

Example

Illustr

ative data






Other updates

Subscribe to Solar UpdatesCONFIDENTIAL


(Summary data)(Summary data)

__GW supply, __GW shipments, __GW installs, $__/W FG ASP, $__/W system ASP

Market price and volume data - 2009Market price and volume data - 2009ROUGH

ESTIMATES

Source: PHOTON Consulting, LLC as of January __, 2010. Note: All data are rough estimates. Demand curve components sum to a number larger than total annual installations due to work-in-progress installations. These are conservative estimates

FG module ASP System ASP Global total

Market ($/W - trailing exchange rate) (Local currency/W) ($/W - current

exchange rate)($/W - trailing exchange rate) (Local currency/W) ($/W - current

exchange rate) Installations (MW)

Belgium $4.00 € 3.05 $4.15 $7.75 € 5.90 $8.05 48Bulgaria $4.10 6.10 лв $4.25 $6.60 9.85 лв $6.85 5California (Non-Residential) $3.50 $3.50 $3.50 $6.50 $6.50 $6.50 167California (Residential) $3.70 $3.70 $3.70 $7.20 $7.20 $7.20 43China (Field) $3.60 ￥ 24.65 $3.60 $6.90 ￥ 47.25 $6.90 27China (Rooftop) N/A N/A N/A N/A N/A N/A 0Czech Republic $4.15 84.00 Kč $4.25 $7.30 147.80 Kč $7.50 51France (Field) $4.25 € 3.25 $4.45 $8.00 € 6.10 $8.35 40France (Rooftop) $4.45 € 3.40 $4.65 $9.90 € 7.55 $10.30 80Germany (Field- c-Si) $3.75 € 2.85 $3.90 $5.50 € 4.20 $5.75 10Germany (Field - non c-Si) $2.45 € 1.85 $2.50 $5.00 € 3.80 $5.20 410Germany (Rooftop) $3.90 € 2.95 $4.05 $6.45 € 4.90 $6.70 1,180Greece (Field) $4.25 € 3.25 $4.45 $9.25 € 7.05 $9.60 10Greece (Rooftop) N/A N/A N/A N/A N/A N/A 0India (Field) $3.90 INR 196 $3.95 $5.15 INR 259 $5.20 25Italy (Field) $4.20 € 3.20 $4.35 $7.40 € 5.65 $7.70 75Italy (Rooftop) $4.35 € 3.30 $4.50 $8.90 € 6.80 $9.30 200Japan $3.25 ¥308 $3.20 $6.40 ¥607 $6.30 230RONA $3.80 $3.80 $3.80 $7.60 $7.60 $7.60 160Slovakia N/A N/A N/A N/A N/A N/A 0South Korea (Large) $3.10 ₩4,311 $3.45 $5.95 ₩8,273 $6.65 260South Korea (Small) $3.75 ₩5,214 $4.20 $6.95 ₩9,664 $7.80 15Spain (Field) $4.35 € 3.30 $4.50 $7.80 € 5.95 $8.10 2,461Spain (Rooftop) $4.45 € 3.40 $4.65 $8.70 € 6.65 $9.10 50Unallocated $3.85 N/A $3.85 $8.30 N/A $8.30 446Integrated products $4.45 N/A $4.45 $10.85 N/A $10.85 150Net inventory builds N/A N/A N/A N/A N/A N/A 885GLOBAL $3.94 $4.08 $7.31 $7.57 7,028

Data are intentionally removed

CONFIDENTIAL

Illustr

ative data

Axes a

nd data removed




Market price and volume data - 2009Market price and volume data - 2009ROUGH

ESTIMATES


CONFIDENTIAL


Illustr

ative data

Axes a

nd data removed

[email protected]

($/W and MW/yr)($/W and MW/yr)


Global demand curve - 2009Global demand curve - 2009ROUGH ESTIMATES

Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Demand curve components sum to a number larger than total annual installations due to work-in-process installations. Demand curves reflect trailing six-month average exchange rates.

Data as of: __/__/2009 Next update by: 01/__/2010

Quarterly reporting of price and volume by market segment

US

$/W

CONFIDENTIAL 58

Illustr

ative data

Axes a

nd data removed


(MW/yr)(MW/yr)

3 largest markets in 2009: Germany (46%), Italy (8%) and Japan (6%)

Global installation volume by market - 2009Global installation volume by market - 2009

ROUGH ESTIMATES


Data as of: 4/__/2009 Next update by: 04/2010

CONFIDENTIAL

Ger

man

y

Italy

Japa

n

Czec

h Re

publ

ic

RON

A

Inte

grat

ed P

rodu

cts

Fran

ce

Belg

ium

Calif

orni

a

Chin

a

Spai

n

Sout

h Ko

rea

Aust

ralia

Ont

ario

Indi

a

Bulg

aria

Gre

ece

Slov

akia

Una

lloca

ted

Tota

l

Illustr

ative data

Axes a

nd data removed




Market price and volume data – 2010Market price and volume data – 2010ROUGH

ESTIMATES


FG module ASP System ASP Global total

($/W - trailing exchange rate) (Local currency/W) ($/W - current

exchange rate)($/W - trailing exchange rate) (Local currency/W) ($/W - current

exchange rate) Installations (MW)

Belgium $4.00 € 3.05 $4.15 $7.75 € 5.90 $8.05 48Bulgaria $4.10 6.10 лв $4.25 $6.60 9.85 лв $6.85 5California (Non-Residential) $3.50 $3.50 $3.50 $6.50 $6.50 $6.50 167California (Residential) $3.70 $3.70 $3.70 $7.20 $7.20 $7.20 43China (Field) $3.60 ￥ 24.65 $3.60 $6.90 ￥ 47.25 $6.90 27China (Rooftop) N/A N/A N/A N/A N/A N/A 0Czech Republic $4.15 84.00 Kč $4.25 $7.30 147.80 Kč $7.50 51France (Field) $4.25 € 3.25 $4.45 $8.00 € 6.10 $8.35 40France (Rooftop) $4.45 € 3.40 $4.65 $9.90 € 7.55 $10.30 80Germany (Field- c-Si) $3.75 € 2.85 $3.90 $5.50 € 4.20 $5.75 10Germany (Field - non c-Si) $2.45 € 1.85 $2.50 $5.00 € 3.80 $5.20 410Germany (Rooftop) $3.90 € 2.95 $4.05 $6.45 € 4.90 $6.70 1,180Greece (Field) $4.25 € 3.25 $4.45 $9.25 € 7.05 $9.60 10Greece (Rooftop) N/A N/A N/A N/A N/A N/A 0India (Field) $3.90 INR 196 $3.95 $5.15 INR 259 $5.20 25Italy (Field) $4.20 € 3.20 $4.35 $7.40 € 5.65 $7.70 75Italy (Rooftop) $4.35 € 3.30 $4.50 $8.90 € 6.80 $9.30 200Japan $3.25 ¥308 $3.20 $6.40 ¥607 $6.30 230RONA $3.80 $3.80 $3.80 $7.60 $7.60 $7.60 160Slovakia N/A N/A N/A N/A N/A N/A 0South Korea (Large) $3.10 ₩4,311 $3.45 $5.95 ₩8,273 $6.65 260South Korea (Small) $3.75 ₩5,214 $4.20 $6.95 ₩9,664 $7.80 15Spain (Field) $4.35 € 3.30 $4.50 $7.80 € 5.95 $8.10 2,461Spain (Rooftop) $4.45 € 3.40 $4.65 $8.70 € 6.65 $9.10 50Unallocated $3.85 N/A $3.85 $8.30 N/A $8.30 446Integrated products $4.45 N/A $4.45 $10.85 N/A $10.85 150Net inventory builds N/A N/A N/A N/A N/A N/A 885GLOBAL $3.94 $4.08 $7.31 $7.57 7,028


CONFIDENTIAL

Illustr

ative data

Axes a

nd data removed


($/W and MW/yr)($/W and MW/yr)


Global demand curve - 2010Global demand curve - 2010ROUGH ESTIMATES

Source: PHOTON Consulting, LLC. Note: All data are rough estimates. Demand curve components sum to a number larger than total annual installations due to work-in-process installations. Demand curves reflect trailing six-month average exchange rates.


Quarterly reporting of price and volume by market segment

US

$/W

CONFIDENTIAL

Illustr

ative data

Axes a

nd data removed


(MW/yr)(MW/yr)

3 largest markets in 2010: Germany ( %), Italy ( %) and Japan ( %)

Global installation volume by market - 2010Global installation volume by market - 2010

ROUGH ESTIMATES



CONFIDENTIAL

Ger

man

y

Italy

Japa

n

Chin

a

Calif

orni

a

Czec

h Re

publ

ic

Fran

ce

RON

A

Belg

ium

Spai

n

Inte

grat

ed P

rodu

cts

Ont

ario

Indi

a

Uni

ted

King

dom

Bulg

aria

Gre

ece

Sout

h Ko

rea

Taiw

an

Slov

akia

Isra

el

Aust

ralia

Una

lloca

ted

Tota

l

Illustr

ative data

Axes a

nd data removed







CONFIDENTIAL


(Thousand tons - Bottom up)(Thousand tons - Bottom up)

2010 silicon production bottom-up estimate for top 10 companies: __ thousand tons

Silicon production (2010)Silicon production (2010)ROUGH ESTIMATE

Source: PHOTON Consulting, LLC. Note: All data are rough estimates. This slide reflects PHOTON Consulting’s most up-to-date company by company supply projections for 2010 and may not match supply data in other sections because of differing slide update frequencies (monthly vs. quarterly).


Hemlock Wacker OCI GCL REC Tokuyama MEMC M.Setek Mitsubishi Daqo Total 10 largest

producers

20

40

60

80

100

120

140

Pro

du

cti

on

in

th

ou

san

d t

on

s

CONFIDENTIAL

Illustr

ative data

Axes a

nd data removed


(MW - Bottom-up)(MW - Bottom-up)

2010 wafer production bottom-up estimate for top 20 companies: __GW

Wafer production (2010)Wafer production (2010)ROUGH ESTIMATE



LDK

Sola

r

REC

Sola

rWor

ld

Ying

li

Rene

Sola

MEM

C

GCL

M.S

etek

Trin

a

JingL

ong

PV C

ryst

alox

Jinko

Sol

ar

Nex

olon

Sola

rgig

a

Ever

sol (

Gin

tech

)

Chan

gzho

u Eg

ing

Gre

en E

nerg

y Te

chno

logy

SAS

Spac

e En

ergy

Long

i Sili

con

Tota

l - to

p 20

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Pro

du

cti

on

in

MW

CONFIDENTIAL

Illustr

ative data

Axes a

nd data removed



2010 c-Si cell production bottom-up estimate for top 20 companies: __GW

Cell production (2010)Cell production (2010)ROUGH ESTIMATE



Sunt

ech

Ying

li

Q-C

ells

JA S

olar

Mot

ech

Shar

p

Trin

a

SunP

ower

Gin

tech

Sola

rfun

Sola

rWor

ld

Cana

dian

Sol

ar

Kyoc

era

Chin

a Su

nerg

y

E-To

n

Nin

gBo

Sola

rEle

ctric RE

C

Sany

o

Chan

gzho

u Eg

ing

Neo

Sol

ar

Tota

l - to

p 20

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Pro

du

cti

on

in

MW

CONFIDENTIAL

Illustr

ative data

Axes a

nd data removed



2010 c-Si module production bottom-up estimate for top 20 companies: __GW

c-Si module production (2010)c-Si module production (2010)PRELIMINARY



Sunt

ech

Ying

li

Shar

p

Trin

a

SunP

ower

Cana

dian

Sol

ar

Sola

rfun

Sola

rWor

ld

Kyoc

era

LDK

Sola

r

REC

Sany

o

Nin

gbo

Sola

rEle

c-tr

ic

Solo

n

Chan

gzho

u Eg

ing

Aleo

Ever

gree

n

Mits

ubis

hi E

lect

ric

Erso

l

Hyun

dai H

eavy

In

dust

ries

Tota

l - to

p 20

2,000

4,000

6,000

8,000

10,000

12,000

Pro

du

cti

on

in

MW

CONFIDENTIAL

Illustr

ative data

Axes a

nd data removed



2010 thin film module production bottom-up estimate for top 20 companies: __GW

Thin film module production (2010)Thin film module production (2010)ROUGH ESTIMATE



Firs

t Sol

ar

Shar

p

ECD

Sunfi

lm

Tron

y

Kane

ka

Nex

Pow

er

Sign

et

Soly

ndra

Mas

dar P

V

Mits

ubis

hi H

eavy

Indu

strie

s

Auria

ENN

Sol

ar

Sun

Wel

l

Mos

er B

aer

Erso

l

Best

Sol

ar

Scho

tt

Astr

oner

gy

Solib

ro

Tota

l - T

op 2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Pro

du

cti

on

in

MW

CONFIDENTIAL

Illustr

ative data

Axes a

nd data removed







CONFIDENTIAL


Solar Updates:Solar Updates:Critical PV information at your fingertipsCritical PV information at your fingertips

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Solar Updates: Critical PV information at your fingertips


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© PHOTON Consulting, LLC 2010.Neither this publication nor any portion hereof may be reprinted, sold or redistributed without written consent. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject PHOTON Consulting, LLC (“PHOTON Consulting”) to any additional registration or licensing requirement within such jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable. Such information has not been independently verified and we make no representations or warranty as to its accuracy, completeness or correctness. Any opinions or estimates herein reflect the judgment of PHOTON Consulting at the date of publication and are subject to change at any time without notice. This is not a solicitation or any offer to buy or sell. This publication is for information purposes only and is not intended to provide professional, investment or any other type of advice or recommendation. PHOTON Consulting does not accept any responsibility and cannot be held liable for any person’s use of or reliance on the information and opinions contained herein.

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This sample information file is designed to demonstrate the sample data in the Solar Updates product. Data in

Solar Updates may be different from this sample information file. Some data and Y-axes in this file were

intentionally removed. This is a subset of the Solar Updates product for marketing purposes only.

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