LONGi - GTM - Webinar - Slides - vFINAL 2018

Exploring the Value Proposition of High Efficiency Mono PERC
and Bifacial PERC Modules
Presented By:
2/20/2018
Speakers:
Hongbin Fang, Ph.D., Director of Technical Marketing, LONGi Solar
Tom Thompson, Vice President, Sales, LONGi Solar
Moderator:
Jade Jones, Senior Analyst, Solar, GTM Research

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Today’s Speakers
Hongbin Fang, Ph.D. Tom Thompson Jade Jones

Director of Technical Marketing, Vice President, Sales Senior Analyst, Solar
LONGi Solar LONGi Solar GTM Research
Upcoming GTM Events: 15% off with code WEBINAR
Major Suppliers Invest in Scaling Higher Efficiency Technology
PERC
P-type
mono
P-multi N-type mono
IB
C
HJ
T
Insert Footer text with “Update Footer” from GTM Tools 5

Availability of Higher Powered Modules Higher than Ever Before
Total Capacity by Technology Type, 2015-2017E PERC Cell Capacity, 2015-2017E
100% 40 35.1
8% 6% 6%
90%
30
80% 25%
GW
31%
38%
70% 20 14.5
60%
10 5.5
50%
%
40% -
68% Source: GTM Research 2015 2016 2017E
30% 63%
56% • Thin film market share will continue to decline, reaching ~4%
20% in 5 years
10%
• Mono c-Si market share expected to exceed multi between
0% 2020-2022
2015 2016 2017E
Source: GTM Research Multi Mono Thin Film • Switch to PERC is a major driver, ~65% of PERC capacity today
is mono c-Si
Current Price Premiums for p-type Mono and PERC Products Accessible to More Buyers
Average Power Advantage - Multi Module vs High Efficiency Modules, Q4

Global Blended Module Price by Cell Technology, Q1 2017-Q4 2017
2017
$0.50 320
+10 MW + 15 MW +30 MW
240
$0.40
MW
160
$0.30 80
$/W
0
$0.20 Multi Multi PERC Mono Mono PERC
Source: GTM Research Average Module Power Additive
• Quarterly prices are globally blended, regional prices will vary
$0.10
depending on regional tariffs, taxes, product quality
preferences, and supply-demand
$-
Q1 2017 Q2 2017 Q3 2017 Q4 2017 • In 2017, the premium on mono and PERC products typically
Multi Multi PERC Mono Mono PERC ranged between 1-2c/W per 5 W premium
Source: GTM Research

Solar
Value Proposition of High Efficiency

Mono PERC (and Bifacial PERC) Modules
February 2018 Longi Solar Confidential www.longi-solar.com

US PV System and Module Cost Reduction History
Solar
Module
42%
BOS
58%
9.0
Module
33%
Module BOS p PV system total cost
8.0
BOS
67%
continue to decrease
7.0
aggressively for all
Module
17%
PV Project Cost ($/W)
6.0
BOS
83%
Module
14% applications: utility,
5.0
BOS
commercial and residential
4.0 86%
3.0
p Module cost drop at faster
2.0 Utility PV cost ($/W)
pace resulting in smaller
1.0
Commercial PV cost ($/W) and smaller portion of
0.0
Residential PV cost ($/W)
overall project cost
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
It is important to identify an approach that not only reduces module cost, but also
can leverage to reduce BOS cost
Page 9 LONGi Solar Confidential www.longi-solar.com
Value Proposition of High Efficiency Mono Modules
Solar

Mono vs. Multi Solar
MONO MULTI
晶界
晶粒
• Wafer • Wafer
- Cz (Czochralski) growth, high quality mono crystal, - DSS (Direct Solidification System) growth, lower quality
dislocation density low (<103/cm2), and no grain multi crystalline structure, higher dislocation density (103-
boundary 109/cm2), and plenty grain boundary
- Lower impurity, high MCLT - Higher impurity, low MCLT
- Relatively higher Oi concentration - Lower Oi concentration (<8ppma)
• Cell • Cell
- Higher cell efficiency (>19.6%), larger improvement - Lower cell efficiency (<18.5%), improvement potential
potential limited
Mono wafer is better quality material

Cell Efficiency Roadmap
Solar
Mono
Multi
Mono wafers show higher cell efficiency than multi wafers

Mono/Multi Wafer Historical Price Trend Solar
1.8
1.7 Ø Solar wafer price tracking (2012 –

1.6
2017) by PV Insight
1.5
1.4 >$0.4/wf Ø In 2012, mono wafer price is

>$0.40/pcs higher than multi
Wafer Price ($/wafer)
1.3 Mono Wafer
1.2 Ø By 2017, price difference b/w

1.1 mono and multi wafers narrowed
1.0 down to $0.1-0.15/pcs
0.9
0.8
0.7 Multi Wafer ~$0.15/wf

0.6
0.5
Mono wafer suppliers have drastically reduced mono wafer manufacturing cost in last few years
China PV Market Development and Mono Share Solar
60 40%
LONGi shipment
Mono installation (rest of China)
China PV installation (GW)

50
Multi installation
30%
Mono share in China

Mono share in China
40
30 20%
20
10%
10
0 0%
2014 2015 2016 2017E

Benefit #1: Higher Power Density
Solar
Multi Mono Mono-PERC
Cell Efficiency 18.8% 20.0% 21.2%
Pmax (cell) 4.6W 4.9W 5.2W
Pmax (72C) 320W 340W 360W
Example #1: Utility 294,100 277,800

312,500
# of module (100MWDC) (-6%) (-11%)
Pmax (60C) 270W 285W 300W

Example #2: Rooftop
5.4kw 5.7kw 6.0kw
(20 panels)
Higher power density with mono module means fewer modules required for each
project or more power/kwh can be achieved with limited space

High Power – BOS Savings
Solar
Use of high efficiency mono/PERC
module, BOS cost savings can
be realized with reduced use of
• Land
• Racking
• Cables
• Earth/concrete work
• Labor
Page 16 www.longigroup.com
System Cost Savings with Mono/PERC Modules
Solar
Utility Commercial Residential
Multi Mono PERC Multi Mono PERC Multi Mono PERC
Module Power (W) 320 340 360 320 340 360 270 285 300
BOS cost ($/W) for US solar project 0.65 0.63 0.61 1.30 1.27 1.24 2.03 2.00 1.97
Hardware cost ($/W) 0.24 0.23 0.22 0.40 0.38 0.36 0.51 0.48 0.46
Labor ($/W) 0.15 0.14 0.13 0.20 0.19 0.18 0.32 0.30 0.29
Other soft cost ($/W) 0.26 0.26 0.26 0.70 0.70 0.70 1.20 1.20 1.20
Savings on system cost ($/W) 0.02 0.04 0.03 0.06 0.05 0.08
Using high efficiency Mono/PERC modules, significantly cost savings can be realized at
system level; savings on commercial and residential projects are higher than utility projects

Benefit #2: Better Energy Yield with PERC Modules
Solar
AVG increase
Energy Yield Comparison (Oct ’16 – Aug ‘17)_Sanya
+3.93%
Daily energy yield (kwh/kw)
6 6
Energy yield delta (%)

5 5
4 4
3 3
2 2
1 1
0 0
10 11 12 1 2 3 4 5 6 7 8 AVG South China, hot and humid
PERC Multi Energy yield increase
Contributions:
1. Better performance at low irradiance System setup: 8pcs 290W Hi-MO1 module
2. Lower operation temp and 260W Multi modules (Tier1 supplier),
3kw inverter
3. Better TempCo with PERC
Data source: China Electric Institute
Hi-MO1 (PERC) module power generation is >3% higher than Multi module
Benefit #2: Better Energy Yield with PERC Modules
Solar
Module power output of different irradiance in Sanya Comparison of module temperature
Module Temperature Monitoring in Sanya
PERC Multi Increased ratio 55
Power output（kWh/kW）
30.00 Mono27.71
35 8.00% Average ~3C
PERC
6.94%7.00% 50
27.13
Multi
30
Module surface temp（oC）

28.00 Ambient Temp
6.00% 45
TEMP（oC）
25 5.02%
3.62% 5.00% 26.00
20 4.59% 40
2.46% 4.00%
15 35
2.09% 3.00% 24.00
10 2.00% 30 23.80
0.45%
5 1.00% 22.00
25
0 0.00%
20.00
20
18:30aver…
2
10
13
13:30 18
14:30 21
15:30 24
29
1
3
4
8
9
11:00 11
11:30 12
12:00 14
12:30 15
16
17
19
20
15:00 22
23
16:00 25
26
27
17:00 28
30
18:00 31
15
Mono PERC Conventional multi Environment temperature
07:00
07:30
08:00
08:30
09:00
09:30
10:00
10:30
13:00
14:00
16:30
17:30
19:00
Irradiance(W/m2)
Percentage with different irradiance in Sanya
0-200 ＞1000 18:45:00
Invert closed time

9% 18:40:00
200-400 3% 18:35:00
14% 18:30:00
800-1000 18:25:00
400-500 33% 18:20:00
8% 18:15:00
18:10:00
18:05:00 Invert starting time
18:00:00
500-600 17:55:00 Mono PERC Multi
10% 600-800 17:50:00
23%

Benefit #3: Slower Power Degradation
Solar
NREL analysis shows mono modules

demonstrated lower long-term degradation
rate than multi modules
More electricity is generated in the long term with mono modules (w/ same Pmax)
Value Proposition of Using High Efficiency PERC Modules
Solar
p Benefits of using high efficiency mono PERC modules
– Higher efficiency/power density resulted in BOS cost savings (lower system cost)
– PERC modules demonstrated higher energy yield
– Mono/PERC modules showed slower long term degradation rate
p With above benefit, lower LCOE can be realized using mono PERC modules

LONGi Solar Milestone Solar
LERRI acquired;
expanding into
Ningxia 1000 ton ingot fab IPO on Shanghai solar cell and
completed Stock Exchange
module business
Feb. 2000 Oct. 2013

2017
Nov. 2009
Sept. 2007 Apr. 2012 Nov. 2014

LONGi founded Xi’an LONGi 350MW Delivered 1GW mono wafer;
Ingot 15GW
wafer fab established Became the largest mono
wafer supplier globally Wafer 15GW
Cell 5.5GW
Module 6.5GW

LONGi Green Energy Technology Company
Solar
Silicon
Solar
Mono Ingot Mono Wafer
Mono Module
Mono Cell
Energy
Mono Power Plants
Founded in 2000, Xi'an LONGi Silicon Materials Corp. is

the largest mono crystal manufacturer in the world. It
provides high-quality products and services for PV and
semiconductor industry; It was renamed LONGi Green
Energy Technology Co. Ltd. in 2017
Since established in 2007, LERRI devotes itself to R&D
and manufacturing of high efficiency mono solar cells and
modules. LERRI Solar was renamed LONGi Solar in 2017

Financial Strength
Solar
Market Cap Net Profit (Million USD)
Total assets (Million USD)
>US$11B Gross Profit (Million USD) 459
2,779 as of 12/31/2017
1,570
992
224
186
96 80
+77% +180% 46
2014 2015 2016

2014 2015 2016
Revenue (Million USD) 2016

Debt Ratio
+83% 47%
1,671
50%
915 47.4%
566
44.6%
2014 2015 2016

2014 2015 2016

Strong Financial Performance
Solar
Financial Health No. 1 among all PV Manufacturers
Strong financial performance
recognized by industry:
– Financial health No.1
3rd Quartile 4th Quartile
– Profitability and cost leadership top 3
1st Quartile 2nd Quartile
– Overall score top 5
Major PV module manufacturers PHOTON Consulting, LLC

PV Triathlon Report in Nov, 2017

Solar
LONGi Solar Technology

********
A Bloomberg-Listed, Tier 1 PV
Module Maker Since Q1’17!

Technology Strength Solar
5-7% 190 700

R&D Investment Patents Technical Team
5-7% of LONGi ‘s total revenue is Has developed 190 patents on More than 700 technical staff
invested in R&D ingot, wafer, cell and module working on ingot, wafer, cell, and
technology module development
27
Green Manufacturing Solar

Product Offering Solar
Hi-MO1 Hi-MO2
Bifacial
Mono PERC
PERC
l Focus on MONO Products only

Solar
Hi-MO1: Mono PERC

LONGi Solar’s Low LID PERC: Hi-MO1 Solar
u 21%+ average cell efficiency, 60C module
power at 300W+ and 72C module at 360W+
u Outstanding low-light performance, which

produces more energy than normal AlBSF
mono module at system level
u Outstanding temperature coefficient

Relative Power to Initial Pmax
100%
99%
98%
u Excellent LID performance validated by TUV
97% - LID <2% after 300kWh exposure, enabling
96% low 1st year degradation
95%
60 120 180 240 300kwh/m2
u Suitable for utility, as well as commercial and
residential rooftop applications

PERC Cell Efficiency Performance
Solar
PERC Cell Production Efficiency Distribution
21.3% 74.7%
22.17% 2017.4
22.43%
Cell efficiency
21.2% 21.4% 2017.8
21.1% 3.8% 22.71% 2017.10
21.0% 0.1%
23.26% 2017.10
PERC Cell efficiency record
PERC production cell efficiency average >21.2%;

Record 23.26% PERC cell efficiency demonstrated through next Gen development
PERC Module Performance
Solar
Module Power Record
60C PERC Module Power Distribution 316.6W Dec. 2016
310W 2.8%
325.6W Apr. 2017
333.7W (20.41%) Jan. 2018
305W 30.6%
300W 59.7%
295W 6.9%
60C module production Pmax >90% at 300W or above;

Record 333.7W (60C) module power demonstrated through next Gen development
High Reliability: 2017 DNV-GL Reliability Scorecard
Solar
TC600
DH2000 HF30
LONGi Solar modules are
among Top Performers (to
the left of each green line) for
All extended reliability
tests
DML+TC50+HF10 PID96 (85C/85RH)

PERC Module Linear Power Performance Warranty Solar
Low LID and slower power degradation enabled better warranty term
10Y MATERIAL& 10Y 93.05% 25Y 84.80%

CRAFTWORK POWER-OUTPUT POWER-OUTPUT
WARRANTY WARRANTY WARRANTY

Solar
Bifacial PERC

Solar
Bifacial Technology
Mono-facial to Bifacial power generation
• LONGi Solar Bifacial PERC Hi-MO2

cell and module bifaciality >75%
• Significant increase on energy yield
• Double glass lamination, 30 year
power degradation warranty
Page 37 www.longi-solar.com
Mono PERC and Bifacial PERC Solar
Electrode
ARC SiNx
PERC
N+ emitter
Rear passivation
Rear AlBSF
Electrode
Bifacial PERC
ARC SiNx
N+ emitter
Rear passivation
Al fingers

LONGi New Product — Bifacial PERC
Solar
1. Product features
1.1 Product performance and cost 1.2 Application

l Front side efficiency equivalent to conventional PERC l Commercial rooftop and carport
l Manufacturing cost comparable to conventional PERC l BIPV and BAPV
l Water floating PV systems
l Bifacial light harvesting, 8%-25% power gain from rear side
l Utility
l Symmetric design to reduce mechanical stress
Conventional PERC cell structure Bifacial PERC cell structure

Page 39 LONGi Confidential www.longi-solar.com
LONGi New Product — Bifacial PERC
Solar
Mono facial module Bifacial module
Direct sunlight Direct sunlight + Reflection + Scattered light
Page 40 LONGi Confidential www.longi-solar.com

Bifacial PERC Module Field Monitoring Data Solar
+11.27%
• Bifacial PERC Capacity 18.9kw, std. mono capacity 18.25kw, project located in Pucheng, Shaanxi, China
• Fixed tilt configuration (15 degree), distance to ground 1.6m
• Three month monitoring data showed 11.27% energy yield from backside

Bifacial PERC Module Field Monitoring Data Solar
+14.3%
Daily energy yield (kwh/kw)
Bifacial gain (%)

• Hi-MO2 Bifacial PERC Demo project (336kw on single axis tracker) in Kubuchi, Inner Mongolia, China
• Power generation in July- Nov by bifacial module + tracker is 27.3% higher than Multi module + fixed tilt and 14.3% higher than Multi + tracker

Solar
Thank You for Your Attention

LONGi Solar Technology (US) Inc.
2603 Camino Ramon, Suite 423
San Ramon, CA 94583 Hongbin Fang, PhD Tom Thompson
Director of Technical Marketing Vice President, Sales
HBFang@LONGi-Silicon.com Tom@LONGi-Silicon.com
408-580-6985 917-886-4793

LONGi - GTM - Webinar - Slides - vFINAL 2018

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Exploring the Value Proposition of High Efficiency Mono PERC

and Bifacial PERC Modules

Tom Thompson, Vice President, Sales, LONGi Solar

Jade Jones, Senior Analyst, Solar, GTM Research

Enlarge Slide Area

Hongbin Fang, Ph.D. Tom Thompson Jade Jones

P-multi N-type mono

Insert Footer text with “Update Footer” from GTM Tools 5

Total Capacity by Technology Type, 2015-2017E PERC Cell Capacity, 2015-2017E

Average Power Advantage - Multi Module vs High Efficiency Modules, Q4

Insert Footer text with “Update Footer” from GTM Tools 7

Value Proposition of High Efficiency

February 2018 Longi Solar Confidential www.longi-solar.com

Page 10 LONGi Solar Confidential www.longi-solar.com

Mono wafer is better quality material

Mono wafers show higher cell efficiency than multi wafers

1.7 Ø Solar wafer price tracking (2012 –

1.4 >$0.4/wf Ø In 2012, mono wafer price is

1.3 Mono Wafer

1.2 Ø By 2017, price difference b/w

0.7 Multi Wafer ~$0.15/wf

China PV installation (GW)

Mono share in China

Page 14 LONGi Solar Confidential www.longi-solar.com

Pmax (72C) 320W 340W 360W

Example #1: Utility 294,100 277,800

Pmax (60C) 270W 285W 300W

Page 15 LONGi Solar Confidential www.longi-solar.com

Page 17 LONGi Solar Confidential www.longi-solar.com

Energy yield delta (%)

Module surface temp（oC）

Invert closed time

Page 19 LONGi Solar Confidential www.longi-solar.com

NREL analysis shows mono modules

Page 21 LONGi Solar Confidential www.longi-solar.com

Feb. 2000 Oct. 2013

Sept. 2007 Apr. 2012 Nov. 2014

Page 22 LONGi Solar Confidential www.longi-solar.com

Founded in 2000, Xi'an LONGi Silicon Materials Corp. is

Page 23 LONGi Solar Confidential www.longi-solar.com

2014 2015 2016

Revenue (Million USD) 2016

2014 2015 2016

Page 24 LONGi Solar Confidential www.longi-solar.com

Major PV module manufacturers PHOTON Consulting, LLC

Page 25 LONGi Solar Confidential www.longi-solar.com

LONGi Solar Technology

Page 26 LONGi Solar Confidential www.longi-solar.com

5-7% 190 700

Page 28 LONGi Solar Confidential www.longi-solar.com

l Focus on MONO Products only

Page 29 LONGi Solar Confidential www.longi-solar.com

Hi-MO1: Mono PERC

Page 30 LONGi Solar Confidential www.longi-solar.com

u Outstanding low-light performance, which

u Outstanding temperature coefficient

Page 31 LONGi Solar Confidential www.longi-solar.com

PERC Cell Production Efficiency Distribution

21.2% 21.4% 2017.8

21.1% 3.8% 22.71% 2017.10

PERC production cell efficiency average >21.2%;

60C module production Pmax >90% at 300W or above;