Global Distributed Solar Power Generation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

REPORT
GLOBAL DISTRIBUTED SOLAR POWER

GENERATION MARKET (2022-2027)
The study offers:
• A detailed understanding of the current market dynamics and growth opportunities
• Information on the recent trends and developments, major hotspots, and key statistics
• An overview of the competitive intelligence and list of market players
Forecast Period: 2022-2027

Domain: Energy and Power Base Year: 2021
Study Period: 2019-2027
Industry Reports | Consulting | Intelligence Center

+1 617 765 2493 | info@mordorintelligence.com | www.mordorintelligence.com
1 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET
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TABLE OF CONTENTS (1/2)
1. INTRODUCTION 4.6.5 Intensity of Competitive Rivalry
1.1 Scope of the Study 5. MARKET SEGMENTATION
1.2 Market Definition 5.1 Geography
1.3 Study Assumptions 5.1.1 North America
2. EXECUTIVE SUMMARY 5.1.2 Europe
3. RESEARCH METHODOLOGY 5.1.3 Asia-Pacific
4. MARKET OVERVIEW 5.1.4 South America
4.1 Introduction 5.1.5 Middle East & Africa
4.2 Market Size and Demand Forecast in USD billion, till 2027 6. COMPETITIVE LANDSCAPE
4.3 Recent Trends and Developments 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and
4.4 Market Dynamics Agreements
4.4.1 Drivers 6.2 Strategies Adopted by Leading Players
4.4.2 Restraints 6.3 Company Profiles (Overview, Business Segments, Projects/Products

and Services, Financials, and Recent Developments)
4.5 Supply Chain Analysis
6.3.1 Suntech Power Holdings Co. Ltd
4.6 Industry Attractiveness - Porter's Five Forces Analysis
6.3.2 First Solar Inc.
4.6.1 Bargaining Power of Suppliers
6.3.3 Activ solar Schweiz Gmbh
4.6.2 Bargaining Power of Consumers
6.3.4 Yingli Solar
4.6.3 Threat of New Entrants
6.3.5 Trina Solar Limited
4.6.4 Threat of Substitutes Products and Services

TABLE OF CONTENTS (2/2)
6.3.6 Sharp Energy Solutions Corporation
6.3.7 Canadian Solar Inc.
6.3.8 Tesla Inc.
6.3.9 JinkoSolar Holding Co. Ltd

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
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1. INTRODUCTION
1.1 SCOPE OF THE STUDY
GEOGRAPHY
◼ North America
◼ Europe
◼ Asia-Pacific
◼ South America
◼ Middle East & Africa

1. INTRODUCTION
1.2 MARKET DEFINITION | 1.3 STUDY ASSUMPTIONS
MARKET DEFINITION STUDY ASSUMPTIONS

◼ The solar energy considered in this report includes ◼ The base currency considered is the US Dollar (USD). Conversion of other currencies to USD is considered
power generation from distributed solar energy on the basis of the average exchange rate for the respective review period years. The exchange rate
(<10 MW). conversion for the forecast period is determined according to the base year’s conversion rates.
◼ The base year was identified based on the availability of annual reports and secondary information. The
◼ The solar energy market considered in this report
base year considered for this study is 2021.
includes the revenues generated through the
◼ The review period considered for this study is from 2019 to 2020. The CAGR considered is for the
capital expenditure for additional installations of
forecast period, 2022-2027.
distributed solar power projects under 10 MW, on
 Distribution of primary interviews conducted was based on the country’s share of the market studied and
a yearly basis, across the world.
the presence of key players in each region.
◼ The decommissioned projects, maintenance,
 As a result of data triangulation through multiple methodologies and approaches, the weighted averages of
repair, retrofitting, sales of spares, and servicing
resulting estimates are considered the final values.
market are out of the research scope.
 It is assumed that the market studied does not take any unexpected turns, positively or negatively.
Changes that may occur in the market studied, owing to any unforeseen calamities, natural or others (like
natural disasters and wars), are not considered. However, the impact of COVID-19 on the market studied
has been taken into consideration while estimating the installed capacity and forecast, as the industry
participants have already steered their plans accordingly, and demand for the same can now be quantified
based on our in-house market engineering model.

2. EXECUTIVE
SUMMARY

2. EXECUTIVE SUMMARY
Solar power is becoming more accessible and prevalent across the world. DISTRIBUTED SOLAR POWER GENERATION MARKET
Size and Demand Forecast in USD billion, Global, 2019-2027
Distributed solar power is the generation of energy in a decentralized
01 183.55
approach in proximity to the end users of the power. According to the 171.38
160.15
149.60
International Energy Agency, approximately 40% of the total solar power 131.04
139.96
122.69
112.11
was generated through distributed generation as of 2021.
84.53
Factors such as favorable government policies and increasing adoption
02 of solar PV for self-consumption, coupled with the declining price of solar
panels and installation costs, are likely to support the global distributed
solar power market growth during the forecast period. 2019 (a) 2020 (a) 2021 (a) 2022 (e) 2023 (f) 2024 (f) 2025 (f) 2026 (f) 2027 (f)
The Asia-Pacific region has been dominating the distributed solar energy
DISTRIBUTED SOLAR POWER GENERATION MARKET
installations, especially with a large number of installations in China and Share (%), by Geography, Global, 2021
03
Australia. The region is likely to dominate the market studied in the
10.53% North America
forecast period. 8.91%
Europe
Distributed solar energy can create tremendous opportunities when
5.39% 23.41%
backed by government policies and support. Solar energy coupled with Asia-Pacific
04
storage systems can act as a game-changer for residential users in the South America
51.76%
future. Middle East & Africa
Source: Mordor Intelligence

3. RESEARCH
METHODOLOGY

3. RESEARCH METHODOLOGY
■ Mordor Intelligence (MI) advocates an appropriate mix of secondary and primary research to meet client objectives.
■ MI translates market insights (market dynamics, competition, varying consumer demands, and regulations) into actionable business insights.
■ The following phases are practiced at Mordor for efficient delivery of various syndicated and consulting assignments:
STEP 1 STEP 2 STEP 3

SCOPING/ PROJECT INITIATION MARKET ANALYSIS PROJECT DELIVERY
Decipher client requirements/ market to be

Extensive desk research to identify most relevant secondary information available
studied
Tailormade research approach for

Contact Mordor’s empaneled experts and identify industry experts across the market
customized reports
Effective use of Mordor’s knowledge

Conduct primaries and surveys to gather qualitative and quantitative insights
repository to gather relevant insights
Confirm the objectives of the assignment with

Triangulate and analyze data to finalize actionable business insights
the client
Finalize report contents and establish a Report delivery with high quality market insights, competitive landscape, etc.,
deliverable format as per the proposed content

SECONDARY RESEARCH PRIMARY RESEARCH

This phase involves a thorough synthesis of existing publications across the web ◼ At Mordor, we pool in industry experts across the value chain, to gather first-hand
to gather meaningful insights on the current situation of the market, technology insights on the market studied. In addition to these knowledgeable industry
developments, and any other market related information. The sources include, veterans or retired experts, consultants and freelancers are a call away to
collaborate with Mordor on any assignment that requires real-time industry
but are not limited to:
insights.
◼ Scientific papers, journals, and publications
◼ We are also equipped to conduct market surveys to gather qualitative insights and
◼ Trade information to understand imports, exports, and average traded price the opinion of individuals related to the industry.
of the commodity, if available ◼ Primary research is used both to validate the data points obtained from secondary
research and to fill the data gaps after secondary research. Data gathered during
◼ Industry and government websites for blogs, magazines, and other
the primary research phase are useful to arrive at critical insights, both qualitative
publications
and quantitative; these insights can be used to ascertain the following:
◼ Conference proceedings and association publications ◼ Critical market dynamics (drivers, restraints, future, and regulations) and their
◼ Investor presentations, technical brochures, annual reports, press releases, impact
transcripts of key personnel interviews, and other strategic publications by ◼ Market distribution across various segments
several competitors in the market
◼ Market entry for new companies and insights on competitive landscape
◼ Product information including technical specifications, approvals, patents, etc.
◼ Public sources/energy and power reports (Energy Information Agency,
International Energy Agency, Global Solar Council, Solar Energy Industry
MODES OF PRIMARY RESEARCH
Association, BP Statistical Review of World Energy, World Bank, etc.)
◼ Paid sources (Questel Orbit, Statista, D&B Hoovers, TendersInfo, etc.)
•& Others
Telephonic Email Chat Virtual
◼ Other sources, including journals, articles, etc. (for prices and usage patterns) Interviews Interviews Interviews Council
Surveys

DATA TRIANGULATION AND INSIGHT GENERATION

◼ Based on the factors (both endogenous and exogenous in nature) identified and collected during the secondary and primary phases, our in-house subject matter experts
transform the quantitative data extracted and use them to infer critical insights.
◼ The market size estimations are carried out through ‘bottom-up’ and ‘top-down’ approaches.
◼ Our top-down and bottom-up approaches are integrated into our ‘In-house Model Sheets’, which are used to generate the market estimates and growth rates
(depending upon the historical trends of the respective markets, along with various factors, such as drivers, restraints, and recent developments in the market) of the
product segment in the respective country.
It is a process of combining outcomes from different sources to increase the

validity and reliability of the results. This process also helps strengthen
DATA conclusions about findings and reduce the risk of false interpretations. The
TRIANGULATION insights obtained from both secondary and primary research are analyzed
and validated by the process of data triangulation to arrive at closer
estimates.
An econometric model is a simplified representation of a real-world process.

ECONOMETRIC Here, the tools of econometric theory are used to analyze and forecast
MODELING economic phenomenon and to solve unknown quantities, such as forecast
demand, supply, investment, production, consumption, etc.
After the data is curated, analysts populate the report. From data and
REPORT
forecasts, insights are drawn to visualize the entire ecosystem in a single
WRITING report.

4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD
billion, till 2027
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.2 Restraints
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.2 Bargaining Power of Consumers
4.6.4 Threat of Substitutes Products and
Services
4.6.5 Intensity of Competitive Rivalry

4. MARKET OVERVIEW
4.1 INTRODUCTION
 Solar energy has been one of the significant renewable power sources offering clean energy to the world by replacing fossil fuels in electricity generation. Solar power
installations have witnessed a massive rise over the past decade across the world. According to the International Renewable Energy Agency (IRENA), the cumulative
solar energy capacity in 2021 has reached 849.473 GW, an increase of 18.5% from the previous year.
 In 2020, the annual capacity additions in distributed solar power have reached more than 59 GW. China is the largest market for solar energy in terms of installed
capacity, with approximately 15 GW, followed by the United States, which was expected to add around 5 GW in 2020.
 In the residential and the commercial and industrial (C&I) segments, solar power is often generated by the solar photovoltaics (PV) and associated systems deployed
by the end users themselves, known as distributed solar power generation. The system for power generation can be installed on rooftops of houses and commercial
buildings that will make use of the energy. Additionally, the excess energy produced by individual owners can be sold to power companies.
 Distributed solar power generation has been increasing significantly across the world in recent years. Distributed solar PV systems can supply electricity during grid
outages due to extreme weather or other emergencies and save electricity bills by producing their electricity. For instance, in 2020, the distributed solar consumption
in the United States reached about 436 trillion Btu from around 79 trillion Btu in 2010.
 Moreover, in 2010, the energy generated from the distributed solar system exceeded the solar utility installation. However, owing to the economies of scale and
growing traction to solar power with the declining cost, the energy generated through utility-scale buildings exceeds the distributed generation.
 Factors such as the increase in environmental concerns, support from the government in terms of incentives and tax benefits for solar panel installation, and the high
cost of grid expansion are expected to be significant drivers boosting the market studied. For instance, the federal residential solar energy credit, a financial incentive
scheme in the United States, allows homeowners to claim on federal income taxes for a percentage of the cost of a solar photovoltaic (PV) system.

4. MARKET OVERVIEW
4.1 INTRODUCTION
 While Europe and the United States played a key role in the development of PV technologies,
DISTRIBUTED CUMULATIVE PV INSTALLED CAPACITY
Asia-Pacific has been at the forefront in a number of installations and capacities, mainly due to In GW, Top 10 Countries, 2020
government policies and incentives.
 For instance, India has a target to install 40 GW of rooftop solar by the end of 2024. Therefore,
78.94
the government of India rolled out subsidies of up to 40% for residential rooftop installations.
 Driven by China, India, Japan, Korea, and more recently Vietnam, Asia-Pacific represented the
majority share of the total annual distributed solar PV installed capacity in 2021, a significant
increase due to the Chinese market rebound and the spectacular growth of developing countries
like Vietnam. 44.81 44.56
 Residential systems account for two-thirds of the growth in distributed PV capacity, driven by 35.73
net metering schemes, an increase in home renovation projects, and the desire for self-
sufficiency following severe weather-related events recently.
 Policies aimed at improving the permitting process for community solar should boost the 13.31 12.82
9.96
forecast for commercial systems, but interconnection delays remain a challenge. 6.31 5.86
 Overall, the main trend goes in the direction of self-consuming solar PV electricity in most
countries, often with adequate regulations offering a value for the excess electricity.
 Many countries in the west have rolled out subsidies for solar panels. For instance, in April
2019, the Government of the United Kingdom scrapped the feed-in-tariff (FiT) scheme and Source: International Energy Agency- Photovoltaic Power Systems Program
(IEA- PVPS)
increased VAT from 5% to 20% on solar PV components.

4. MARKET OVERVIEW
4.1 INTRODUCTION
 This move from the government negatively impacted the distributed solar market, with just 189 MW
distributed solar capacity addition in 2019.
 The sharp drop in installed capacity was intensified by subsidy removal. This scenario affected
residential rooftop solar panel installation by 75% in May 2019, decreasing to 6 MW. Consequently, as a
counteraction, the government of the United Kingdom introduced Smart Export Guarantee (SEG) in
January 2020, which provides financial support to small low-carbon generators.
 In December 2020, the United States Congress passed an extension to the tax credit scheme, which
provides a 26% tax credit for systems installed in 2020-2022 and 22% for systems installed in 2023.
The tax credit is likely to expire by 2024 until further notice from the government.
 On the other hand, in June 2021, China announced stopping the subsidies for distributed solar projects
by commercial users, which were effective from August of 2021. The government has transferred the
decision-making authority related to renewables from the central to the provincial level. This has made a
positive impact on the Chinese market, as the provincial governments approved nearly 150 GW of
projects in 2021, a five-fold increase from 2020.
 With the phasing out of subsidies, it is expected that there will be a slight slump in the growth rate of
distributed solar generation capacity in western countries. However, with increasing demand for
residential PVs from countries like India, Australia, China, Vietnam, etc., the overall market growth is
expected to increase in the forecast period.
17 REPORT – GLOBAL DISTRIBUTED SOLARDISTRIBUTED

REPORT – GLOBAL POWER GENERATION MARKET
SOLAR POWER GENERATION MARKET
4. MARKET OVERVIEW
4.2 MARKET SIZE AND DEMAND FORECAST IN USD BILLION, TILL 2027

Size and Demand Forecast in USD billion, Global, 2019-2027
183.55
171.38
160.15
149.60
139.96
131.04
122.69
112.11
84.53
2019 (a) 2020 (a) 2021 (a) 2022 (e) 2023 (f) 2024 (f) 2025 (f) 2026 (f) 2027 (f)

4. MARKET OVERVIEW
4.3 RECENT TRENDS AND DEVELOPMENTS
FRANCE SELECTS 306 ROOFTOP SOLAR PROJECTS
In June 2022, the French Ministry of Ecological and Solidarity Transition declared the winners in the tenth round of tenders for commercial and industrial rooftop
photovoltaic systems with generation capacities ranging from 100 kW to 8 MW. A total of 306 rooftop solar projects were selected in the round, with a
combined capacity of around 152 MW.
▪ The final moderate prices reached lower than those recorded in the ninth round of auctions that were held in February 2022.
▪ The projects may have a conclusive moderate price of around EUR 93.98/MWh for generating capacity ranges between 100 kW and 500 kW and EUR
83.06/MWh for capacity range from 500 kW to 8 MW.
▪ In the ninth round of auctions, the final prices were recorded as around EUR 96.49/MWh for projects in the first category between 100-500 kW and EUR
86.17/MWh and for the projects in the second category between 500 kW – 8 MW.
▪ As per the published list by the ministry, most of the 306 projects have an installed capacity of less than 300 kW. The 27 larger size projects have a capacity of
more than 1 MW, with the largest project being a 6.9 MW system.
▪ Technique Solaire Invest, which has also won multiple smaller projects, grabbed the largest project in the Dordogne department.

4. MARKET OVERVIEW
GREENYELLOW TO INSTALL 8 MWP OF DG SOLAR FOR PHARMACIES IN BRAZIL
In May 2022, GreenYellow was awarded a contract to build 8.03 MWp of solar distributed generation (DG) plants to supply power to a pharmacy chain Grupo
DPSP in Brazil. It has signed the agreement with Brazil’s Grupo DPSP to install 25,000 PV at five locations, three in Sao Paulo, one in Rio de Janeiro, and one in
the Federal District. The contract has a term of ten years, during which GreenYellow will supply 15 GWh of power annually to Grupo DPSP. GreenYellow will
provide the entire initial investment and take care of the plant's construction, operation, and maintenance (O&M) for the duration of the contract.
625 KWP ON-SITE ROOFTOP SOLAR PV COMMENCED FOR YACHIYO INDIA MANUFACTURING PRIVATE LIMITED
In April 2022, Cleantech Solar announced the commencement of a 625 kWp rooftop solar PV system at the Yachiyo India Manufacturing Private Limited
manufacturing facility located in Bhiwadi, Rajasthan. The project was executed in 59 days from power purchase agreement (PPA) signing to commissioning,
including securing all regulatory and net metering approvals.
• The long-term partnership between Cleantech Solar and Yachiyo India is expected to generate approximately 11,605 MWh of clean energy, equivalent to
a reduction of over 10,561 tons of CO2 emissions.
• The fully operating PV system has been funded, designed, built, and will be operated and maintained by Cleantech Solar across the agreement term.

4. MARKET OVERVIEW

FRANCE ANNOUNCES 52 WINNERS IN ROOFTOP SOLAR TENDER
In March 2022, France announced 52 winners for the rooftop solar tender for commercial and industrial (C&I) solar systems under the country’s Multi-Year
Energy Program (PPE2). The average price of the proposals amounts to EUR 83.12 (USD 90.38) per MWh. The procurement round was open to projects involving
the installation of photovoltaic (PV) arrays of over 500 kWp.
▪ Among the selected developers are Technique Solaire Invest and Photosol, while the largest project in terms of capacity is for 12.8 MW of panels in Hauts-de-
France.
▪ Through the PPE2 program, France seeks to award 28.9 GW of renewable power generation capacity through 2026, of which 5.1 GW will be from rooftop
solar plants, greenhouses, and solar carports. The target for ground-mounted solar PV installations is 9.95 GW.
SPI, ADANI SOLAR TO PROMOTE SOLAR ENERGY USAGE IN RURAL AREA OF INDIA
In March 2022, Smart Power India (SPI) announced partnering with Adani Solar to promote solar energy usage in rural areas of Uttar Pradesh, Bihar, Jharkhand,
and Odisha. Furthermore, SPI signed a memorandum of understanding (MoU) with Adani Solar to ensure equitable access to last-mile electricity and encourage
energy transition. The MoU aims to boost the usage of solar rooftop panels and achieve five MW of solar deployment through Adani Solar and partners in rural
and peri-urban areas of the Indian states.
EDP RENEWABLES ANNOUNCES COMPLETION OF COMMUNITY SOLAR + STORAGE FACILITY
In December 2021, EDPR NA Distributed Generation LLC, the distributed business unit of EDP Renewables, announced the completion of a community
solar plus storage facility in Westchester County, New York. The 1.2 MW rooftop project, coupled with a 1,000kW battery storage system, is the fourteenth
community solar project for EDPR NA Distributed Generation LLC in New York.

4. MARKET OVERVIEW

ENEL X SUPPORTS KOREA’S ENERGY TRANSITION BY LAUNCHING 6.2 MW OF ROOFTOP SOLAR FACILITIES
In December 2021, Enel X installed ten solar power plants on the rooftops of factories in industrial complexes across South Korea. These power plants will
provide clean energy in the regions of Changnyeong South Gyeongsang, Gyeongsan North Gyeongsang, Nonsan South Chungcheong, and more. The solar
facilities are functioning at full-scale and can deliver up to 6.2 MW of clean power capacity to the electricity grid.
▪ The power generation model, carried out as a joint investment between Enel X and Korea Midland Power (KOMIPO), sells the power generated to the local
electricity grid. At the same time, the participating sites obtain payments in the form of a rental fee for leasing their roof space to Enel X.
ENEL X INSTALLS PV PANELS FOR RETAILER PENNY IN ROMANIA

In April 2021, Enel X announced plans to install state-of-the-art PV panels on two units operated by German retailer Penny in Romania, Turda, and Stefanesti.
The two solar PV systems will have a combined (peak) installed capacity of 1.25 MW. The project in Turda implicates the turnkey delivery of a photovoltaic
system consisting of 1,235 photovoltaic panels on the roof of the Penny warehouse in the city. In Stefanesti, Enel X will implement a photovoltaic system that
involves the placement of 1,573 photovoltaic panels on the top of the local Penny warehouse.
▪ The photovoltaic systems enforced on the roof of the PENNY Romania warehouses ensure an annual electricity production of 445 MWh each. Together,
they cut down carbon dioxide emissions by 771 tons per year. The projects developed jointly with Enel X bring PENNY’s annual electricity-related savings to
EUR 150,000.
ALTERNUS ENERGY GROUP ANNOUNCED THE ACQUISITION OF KKSOL Srl

In March 2021, Tata Power bagged an INR 400 crore contract from the Kerala State Electricity Board Ltd (KSEBL) to develop an 84-megawatt rooftop solar
project in the state. As a part of this agreement, the company will implement projects through KSEBL of 64 MW for individual households with solar
capacity ranging from 3 kW-10kW and 20 MW for residential/housing society projects with solar power ranging from 11kW-100kW.

4.4 MARKET DYNAMICS
4.4.1 Drivers
4.4.2 Restraints

4. MARKET OVERVIEW | 4.4 MARKET DYNAMICS
4.4.1 DRIVERS
FAVORABLE GOVERNMENT POLICIES AND UPCOMING PROJECTS  Additionally, countries like the United States are favored by several financial
 Due to the increasing carbon emission, governments across the world have incentives programs, which are expected to be the primary reason for the growth of
launched various policies regarding the development of renewable energy. The the country’s solar energy sector. Solar and Wind Equipment Sales Tax Exemption is
policies have been providing a significant boost to the growth of the distributed a prominent incentive program in Arizona that provides sales tax exemption for the
solar energy market around the globe. retail sale of solar energy devices and the installation of solar energy devices by
 China is a significant contributor to the global distributed solar PV market. Any contractors.
changes in its policies significantly impact the global solar PV market. With a lack  In July 2020, Saudi Arabia’s Electricity & Cogeneration Regulatory Authority
of clarity on its FiT policy and reduced subsidy for solar projects, China witnessed published new rules for distributed-generation solar installations, which may
a significant drop in investment during 2019. However, with the launch of the encourage electricity consumers to install PV systems under the country’s net billing
revised FiT policy, effective from July 2019, the market has already regained its regime. The new framework will apply to PV systems ranging in size from 1 kW-2
momentum for solar project development during 2021. MW and to all energy consumers.
 Moreover, in 2020, distributed solar energy held a share of around 32% of the  Like any other prominent solar energy market, India is supported by several
total newly installed capacity. This share doubled in the period of Q1 – Q3 2021. government schemes that boost residential-based solar PV projects in the country.
Additionally, in June 2021, the Chinese National Energy Administration (NEA) The Grid Connected Solar Rooftop Program, launched under the Ministry of New
published a notice on the “Pilot Scheme of Province-Wide Distributed Rooftop and Renewable Energy, is set to install 40 GW of rooftop solar projects by 2022.
Project,” under which at least 50% of the government estate, 40% of non- The projects are expected to be supported by the Central Financial Assistance
government public buildings such as schools, hospitals, and village committees, (CFA), which planned to provide funds based on the rooftop solar PV installed
30% of C&I structures, and 20% of residences in rural areas shall have rooftops capacity. Therefore, such supportive policies and schemes are likely to drive the
equipped with solar PV systems. global solar energy market during the forecast period.

4.4.1 DRIVERS
RESIDNTIAL SOLAR PHOTOVOLTAIC (PV) COST
DECLINING PRICE AND INSTALLATION COST OF SOLAR PV SYSTEMS
In USD per kW, Selected Countries, 2013-2021
◼ Since the last decade, the average cost of a solar PV panel has dropped by nearly 90% across
the world. Prices of other components have also fallen significantly since 2011, reducing the 6000
5000
levelized cost of electricity (LCOE) for both distributed and utility-scale solar PV generation. 4000
3000 China
◼ Due to a combination of techno-economic and geopolitical factors, it is estimated that the rate 2000 India
of decline of solar PV panel prices is going to reduce slightly, but solar PV panel prices will 1000
0 California (US)
continue to decline during the forecast period.
◼ According to the United States National Renewable Energy Laboratory (NREL), since 2010,
Source: International Renewable Energy Agency
there has been a 64%, 69%, and 82% reduction in the cost of residential, commercial-rooftop,
and utility-scale PV systems in the United States, respectively. The decline in the prices of solar
◼ Further, till 2020, the prices of solar PV modules witnessed a
panels in Europe and the United States is primarily due to the drop in solar panel prices. This
decline of approx. 90%. However, this changed in 2021, when
scenario is expected to positively impact the market and drive the demand for solar panels in
for the first time in the last decade, the prices went
these regions.
significantly up by 18%. This rise in 2021 was majorly due to
◼ Due to the decline in prices, many residential and commercial consumers are opting for the supply chain constraints of the solar industry caused by
rooftop solar PV systems to reduce energy costs and recovery time. COVID-19. The effect of the pandemic on the prices has
already been declining since the start of 2022 and is likely to
achieve its initial declining rate soon.

4.4.1 DRIVERS
◼ The industrialization of these highly modular

AVERAGE SELLING PRICE OF SOLAR PV MODULES
technologies has yielded impressive benefits from
In USD/Watt, by Technology, Global, Q1 2015-Q2 2022
economies of scale and greater competition to improved
manufacturing processes and competitive supply chains.
0.581 0.548
The overall decline in the solar PV system costs can also
0.533 be attributed to the effective feed-in tariff programs in
0.508
0.402 countries like Germany.
0.541
0.539 0.347 0.379 0.269
0.349 0.280 0.27 ◼ The decline in cost of solar PV combined with the
0.302 0.240 0.21 0.25
0.431 0.280 0.262 0.22 declining cost of batteries have been major drivers of
0.19 0.26
0.386 0.333 0.330 0.24 the distributed solar energy market in recent years. This
0.22 0.21
0.19
0.321 0.259 trend is expected to continue during the forecast period.
0.313 0.229
0.200 0.19 0.21
0.229 0.220 0.176 0.19 ◼ Prices of lithium-ion batteries have declined by over
0.229 0.19 0.169 0.215
0.176
86%, from 1,000 USD/kWh in 2010 to 132 USD/kWh in
2021.
Q4 2018
Q2 2021
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
◼ Thus, the improved cost-effectiveness of batteries and
solar PV modules are expected to benefit the distributed
Multi C-Si Mono C-Si solar energy market during the forecast period.
Source: NREL

4.4.2 RESTRAINTS
INABILITY OF DISTRIBUTED SOLAR TO SERVE AS A PRIME POWER SOURCE
 One of the biggest problems that solar energy technology poses is that energy is only generated while
the sun is shining. On average, there are around 8,770 hours in a year, out of which the global average
of sunshine is around 2,334 hours per year or 6 hours 24 minutes of sunshine per day. That means
nighttime and overcast days can interrupt the supply.
 This scenario indicates that distributed power generators cannot only rely upon solar energy for their
electricity generation. The generators may always need some other form of energy for power generation
or energy storage.
 The shortage created by this interruption would not be a problem if there were low-cost ways to store
energy, as extremely sunny periods can generate excess capacity. Deploying energy storage options like
batteries requires additional investments, which might make distributed solar power generation not
feasible for a number of entities.
 Though lithium-ion battery prices have witnessed a significant reduction in recent years, deploying
batteries still might not be economically feasible in many parts of the world with very few sunshine
hours. Additionally, in regions with very few sunshine hours, deploying distributed solar energy have a
very long return on investments (ROI), which significantly hampers the growth of the market.
 Overall, the lack of energy security related to electricity generation from solar energy is expected to
hamper the growth of the distributed solar energy market.

4.5 SUPPLY CHAIN
ANALYSIS

4. MARKET OVERVIEW
4.5 SUPPLY CHAIN ANALYSIS

Raw Material and End-user
CORE Component Suppliers Applications
(Silicon Wafers, Silicon, EPC Companies and
SUPPLY Amorphous Silicon,
Panel Manufacturers
Installers (Residential,
Cadmium, Tedlar, and Commercial,
CHAIN Copper) Industrial)
ELEMENTS
OF SUPPLY
CHAIN AND
COMPANIE
S
INVOLVED

4.6 PORTER'S FIVE FORCES
ANALYSIS
4.6.2 Bargaining Power of Buyers
4.6.4 Threat of Substitute Products/Services
4.6.5 Intensity of Competitive Rivalry

4. MARKET OVERVIEW
4.6 INDUSTRY ATTRACTIVENESS - PORTER'S FIVE FORCES ANALYSIS
THREAT OF NEW ENTRANTS  The bargaining power of suppliers is expected

to be moderately low in the market studied.
BARGAINING
 The bargaining power of buyers is expected to
POWER OF
SUPPLIERS be moderately low in the market studied.
INTENSITY OF  The threat of new entrants is expected to be

THREAT OF COMPETITIVE moderately high during the forecast period.
SUBSTITUTE RIVALRY
PRODUCTS
 The threat of substitute products and services
AND SERVICES
is likely to be low during the forecast period.
 The intensity of competitive rivalry in the

BARGAINING
POWER OF market studied is anticipated to be moderate
BUYERS during the forecast period.

4. MARKET OVERVIEW | 4.6 PORTER'S FIVE FORCES ANALYSIS
4.6.1 BARGAINING POWER OF SUPPLIERS
MARKET PARAMETERS DETAILED DESCRIPTION

Unfavorable Favorable ◼ The major raw material suppliers of this market are
FACTORS 0 2 4 6 8 10
PV solar module manufacturers who supply their
products to solar project EPC developers.
Share of firms in suppliers’ sales
◼ The share of firms in the suppliers' sales is
high. Thus, reducing the suppliers' bargaining
Degree of differentiation of inputs power.

◼ The degree of differentiation of inputs
is moderately low, as most of the raw materials
Impact of inputs on cost or
differentiation used, like solar PV panels, are similar in
solar photovoltaic projects. This leads to the
Presence of substitute inputs lower bargaining power of suppliers.

 The impact of inputs, particularly the quality and
efficiency of inputs, is moderately high on the cost,
Backward integration of firms which increases the bargaining power of suppliers.
 There presence of substitute inputs is low for the
Supplier concentration to firm market, which increases the bargaining power of
concentration ratio
the suppliers.

4.6.1 BARGAINING
POWER OF SUPPLIERS
◼ The distributed solar power generation market has
moderate vertical integration. A significant
percentage of project developers, like Canadian Solar
and Sunpower, have in-house solar PV module
capabilities, which makes the suppliers' bargaining
power moderate.
◼ The solar technology manufacturing industry for
the market studied is fragmented with
many producers. Similarly, on the other hand, the
EPC service providers are highly fragmented, with
several EPC players offering services for residential,
commercial, and industrial sectors. Though both the
firms and suppliers are fragmented individually,
however, the number of firms is too high when
compared to suppliers. This makes
the suppliers’ concentration on firms’ concentration
ratios for this market moderately, leading to the
suppliers' moderately high bargaining power.
◼ The bargaining power of the suppliers is moderately
low.

4.6.2 BARGAINING POWER OF BUYERS

Unfavorable Favorable ◼ The market is highly fragmented, with several users in
FACTORS 0 2 4 6 8 10 the residential, commercial, and industrial sectors.
Moreover, the solar EPC industry is fragmented,
Buyer concentration to firm
with many service providers in the selected region
concentration ratio
and countries. Though both buyers and firms are
fragmented, the number of buyers is too high when
Share of Small Number of Buyers compared to firms. Hence, the ratio of buyer
in Firms’ Sales
concentration to firm concentration is moderately low
for this market.
Buyer switching costs relative to ◼ The share of a small number of buyers in firms’ sales is
firm switching costs low, which decreases the bargaining power of
Availability of existing substitute the consumers.

products ◼ The buyers’ switching costs relative to firm
switching costs are moderately low for the market
studied, as the end-user industry can easily switch to
Buyer price sensitivity
any EPC company without any significant issue. Though
there exist agreements in the industrial sectors,
Differential advantage of industry for residential and commercial, usually no such
products/services
agreements exist. Thus, such a situation increases the
bargaining power of the consumer moderately high.

4.6.2 BARGAINING
POWER OF BUYERS
◼ There is low availability of substitutes for the
distributed solar energy installation services in the
market, thus decreasing buyers' bargaining power.
◼ The buyers' price sensitivity is high for this market, as

the EPC cost is one of the dominant deciding factors
of the distributed solar energy generation, which
makes the buyers' bargaining power as high.
◼ The differential advantage of industrial

products/services for the market is moderately low
as most of the EPC developers for distributed solar
usually have similar work and responsibilities, which
increases the bargaining power of the buyers to
moderately high.
◼ The bargaining power of the buyers is moderately

low.

4.6.3 THREAT OF NEW ENTRANTS

Unfavorable Favorable ◼ One of the major drivers in this market is favorable
FACTORS 0 2 4 6 8 10 government policies for the distributed solar power
industry. The favorable policies and relatively less
stringent regulations in the majority of the countries
Government policy for the distributed solar EPC industry increase the
threat of new entrants.
◼ The capital requirements to enter the distributed
solar energy EPC business are moderately high,
Capital requirements which reduces the threat of new entrants to
moderately low.
◼ The economies of scale for the market are
Economies of scale moderately low as the ECP services for distributed
solar energy usually depend on the capacity and time
taken to complete a project, thus leading to the
moderately low threat of new entrants.
Product/Service differentiation ◼ The product/service differentiation for this market is
moderately low, thus increasing the threat of new
entrants to moderately high.
Switching costs
◼ The switching cost of the consumers in this market is
moderately low, which increases the threat of new
entrants to moderately high.
Industry profitability (market CAGR) ◼ The industry profitability and market growth in this
market are very high, further increasing the threat of
new entrants.
◼ The threat of new entrants is moderately high.
4.6.4 THREAT OF SUBSTITUTE PRODUCTS/SERVICES

Unfavorable Favorable ◼ There are no direct substitutes for distributed solar
FACTORS 0 2 4 6 8 10 power generation installation services. All the
installation services at residential, commercial, and
Buyer propensity to substitute industrial sites are done by EPC players or installers.
◼ These players usually include products of different

Relative price performance of companies under their portfolio, which gives
substitute
consumers choices between various products based
Reliability of the substitutes on their price and efficiency.
◼ Hence, the threat of substitutes for this market is

estimated to be low.
Number of substitute products
available in the market
Ease of substitution
Availability of close substitute

4.6.5 INTENSITY OF COMPETITIVE RIVALRY

Unfavorable Favorable ◼ The sustainable advantage through innovation for
FACTORS 0 2 4 6 8 10
distributed solar power generation installation services
is moderately low for this market, which increases the
Sustainable competitive advantage
in future through innovation intensity of competitive rivalry.
◼ The exit barriers for this market are not high, as the
companies involved in the market are only involved in
Geographic presence providing development services and generally procure
the required material from suppliers. As a result, these
companies do not have a significant amount of non-
Exit barriers transferable assets. The low exit barriers further reduce
the intensity of competitive rivalry.
◼ The firms’ concentration in this market is low, which
Firm concentration increases the competitive rivalry.
◼ The EPC services business for distributed solar power
requires a significant pool of skilled and non-skilled
Fixed cost workers. As a result, fixed costs are high for this
business, which further increases the intensity of
competitive rivalry in this market.

4.6.5 INTENSITY OF
COMPETITIVE RIVALRY
◼ The distributed solar EPC market is characterized by
a significant share of domestic players. Therefore, the
geographic presence of the market players in this
market is limited, which reduces the intensity of
competitive rivalry.
◼ The intensity of competitive rivalry in this market is

estimated to be moderate.

5. MARKET SEGMENTATION
5.1 Geography
5.1.1 North America
5.1.2 Europe
5.1.3 Asia-Pacific
5.1.4 South America
5.1.5 Middle East & Africa

5.1.1 NORTH AMERICA

5. MARKET SEGMENTATION | 5.1 GEOGRAPHY
5.1.1 NORTH AMERICA

Size and Demand Forecast, in USD billion, North America, 2019-2027
18.48
17.30
16.24
15.22
14.35
13.57
12.92
11.89
11.31
2019 (a) 2020 (a) 2021 (a) 2022 (e) 2023 (f) 2024 (f) 2025 (f) 2026 (f) 2027 (f)
Source: Mordor Intelligence Note: Excluding utility sector

5.1.1 NORTH AMERICA
 Solar power has become more accessible and prevalent in the United States. In the last decade
SOLAR PV INSTALLED CAPACITY
alone, solar has experienced an average annual growth rate of 42%. Since the last decade, solar In MWdc, United States, 2013-2021
installations in the country have grown 30-fold. Total installed capacity in the United States
reached 121.4 GW in 2021, representing an increase of about 26.2% compared to the previous
year’s value. 121400
 The distributed solar energy markets are maturing rapidly across the country, and solar
electricity is now economically competitive with conventional energy sources in several states,
96188.4
including California, Hawaii, and Minnesota.
 The distributed solar power generation market is mainly driven by strong federal policies, like
the solar investment tax credit (ITC), rapidly declining costs, and increasing demand across the 76365.5
private and public sectors for clean electricity. 62856.5

 In 2021, the country had installed around 23.31 GW of residential solar PV capacity. According
52115.1
to the Solar Energy Industries Association (SEIA), in 2020, solar energy accounted for 43% of all
41034.6
new electricity generating capacity added to the grid. At the end of 2021, there were
approximately 2.7 million distributed residential PV systems in the United States. 25930.4
 The distributed residential solar PV segment is expected to witness significant growth, due to 18421.4
12176.1
emerging state-level markets with strong resource fundamentals, like New Jersey, on account
of favorable incentive programs, like solar renewable energy credits (SREC), introduced by
the government of New Jersey. The shifting trend toward solar PV for self-consumption is 2013 2014 2015 2016 2017 2018 2019 2020 2021
expected to enable homeowners to save money on electricity bills. Source: Solar Energy Industries Association (SEIA) Note: Including utility sector

5.1.1 NORTH AMERICA
SOLAR PHOTOVOLTAIC (PV) INSTALLED CAPACITY

Installed Capacity in (MWdc), By Sector (Excluding Utility-scale), United States, 2013-2021
Residential Commercial Community Solar 4008.5
3051.5
2172.8
15378.2
1534.1
13943.8
892.5 12494.4
10955.2
305.5
9400.8
87.5
7622.1 23313.5
55.5 19113.5
6125.2
34.5 15879.3
5087.6 13010.4
10583.8
4053.4 8344.6
5706.1
2267 3534.7
2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: Solar Energy Industries Association (SEIA)

5.1.1 NORTH AMERICA

 In 2021, the total PV installed capacity in the commercial sector in the United States was 15.37 GW, witnessing a rise of 10.25% in the retail industry compared to
2021. Furthermore, in 2021, the United States installed 25.2 gigawatts (GW) of solar PV capacity, which is enough to power 18.9 million homes, which are
additionally expected to rise further through 2022 and continue to surge significantly during the forecast period, owing to an extensive portfolio of projects and
supportive federal policies.
 In December 2020, the federal government passed an extension of the Investment Tax Credit (ITC), which provides a 26% tax credit for systems installed in 2020-
2022 and 22% for systems installed in 2023. (Systems installed before December 31, 2019, were eligible for a 30% tax credit.) The tax credit expires starting in 2024
unless the government renews it. Thus, such an effort by the government is expected to increase the implementation of distributed solar PV projects in the
residential and C&I sectors during the forecast period.
 Residential solar installations in 2021 continue to demonstrate strong market growth, and the installers completed 2590 MWdc of buildings in 2021, an increase of
8% from 2020. By 2021, California (34,950 MWdc), Texas (13,845 MWdc), and Florida (8,206 MWdc) had the most installed solar PV capacity.
 The residential segment is expected to witness significant growth due to emerging markets with solid resource fundamentals, like Florida and Texas, and other
markets with supportive policies. For instance, Maryland’s current renewable portfolio standard (RPS) increase, the removal of the net metering cap in South Carolina,
and new incentive programs, such as Illinois’ Adjustable Block Program, provide upside potential to residential solar forecasts over the next few years.
 According to the Solar Energy Industries Association (SEIA), the non-residential segment has been categorized into commercial and community solar. The commercial
solar segment recorded a growth of 31% from Q2 2020 with an installed capacity of 354 MWdc. The community solar PV was 177 MWdc installed in Q2 2021,
witnessing a rise of 16% from the previous year’s same quarter (Q2 2020).
 Furthermore, the average price of a solar PV system has witnessed a significant decrease in cost from USD 5.79 per watt in 2010 to USD 1.39 per watt in 2021,
which is a drop of about 78% during 2010-2020. It is mainly due to the tremendous increase in solar PV deployment during these years. The solar PV system cost is
further expected to drop with an increasing PV deployment during the forecast period and creating an opportunity for the distributed solar power generation market.

5.1.1 NORTH AMERICA
AVERAGE PV SYSTEM PRICE

in (USD/Watt) and PV deployment in (MWdc), United States, 2010-2021
25000 23564.63 7
5.79 6
20000 19221.11
4.75 5
15103.94
15000 13484.16
3.63 4
3.01 11080.06 10754.76

3
10000 2.27 2.26
1.71 1.61 2
7509.06 1.63 1.41 1.38
1.29
5000 6244.85
4765.8 1
848.84 3373.86
1940.74
0 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Installed Capacity (MWdc) Average PV System Price ($/Watt)
Source: Solar Energy Industries Association (SEIA)

5.1.1 NORTH AMERICA

 The Energy Information Administration (EIA) projects that electricity produced from solar PV is likely to
grow from 2.2% in 2020 to more than 17% by 2050. Some regions are expected to have higher
penetration levels, with California getting more than 50% of its generation and some parts of the
Southeast getting around 25% from solar PV, creating several opportunities for the distributed solar
power generation market during the forecast period.
 Homeowners and businesses are increasingly adopting solar systems paired with battery storage. The
pairing is still relatively in nascent stages, and the growth over the next five years is expected to be
significant. By 2025, according to the SEIA, more than 25% of all behind-the-meter solar systems will be
paired with storage, compared to under 5% in 2019, further bolstering the distributed solar power
generation market growth.
 Therefore, factors, such as solar PV projects in the pipeline and planning stages, coupled with supportive
policies and incentives from the government, are expected to boost the distributed solar power
generation market during the forecast period.
 The major companies in the market studied include First Solar Inc., JinkoSolar Holding Co. Ltd, JA Solar
Holdings Co. Ltd, and Trina Solar Ltd.

5.1.1 NORTH AMERICA

◼ Canada has substantial solar energy resources due to its vast area. In Canada, solar power generation registered significant growth since 2011, with total installed
capacity increasing from 497 MW in 2011 to 3,630 MW at the end of 2021. According to the National Energy Board’s prediction, solar electricity will account for
1.2% of Canada’s total energy by 2040.
◼ The demand for residential and commercial solar installations is surging across Canada. According to the Canadian Renewable Energy Association, the commercial and
residential solar generation grew from just a few megawatts, which was enough to power a few hundred homes a decade ago, to more than one gigawatt in 2020,
supplying enough electricity for the equivalent of more than 100,000 homes.
◼ Furthermore, according to the Canadian Renewable Energy Association, in 2021, there were more than 43,000 solar (PV) energy installations on residential,
commercial, and industrial rooftops in Canada that provide power directly to those homes and businesses. Thus, the increasing solar PV installations in the residential
and commercial sectors are likely to increase the distributed solar power generation market during the forecast period.
◼ In Canada, most residential and small commercial customers have a smart meter and pay time‐of-use (TOU) rates for electricity. With TOU rates, the customer can
produce according to the time of day and day of the week you use electricity. TOU rates fluctuate to reflect that the cost of providing electricity changes throughout
the day according to local supply and demand.
◼ As of 2021, more than 96% of Canada’s solar power generation capacity is in Ontario, as many of the regulations have historically been limited to only Ontario.
However, several other solar projects are upcoming in other provinces, such as Alberta, Quebec, and British Colombia. For instance, in January 2022, Aura Power
Developments and Subra GP is developing a ground-mounted solar project in Alberta, which is likely to start commercial operation in January 2023.
◼ The growth of solar energy in Ontario is mainly driven by incentives, such as feed-in tariffs (FIT) and net metering, provided to solar power plant operators in the city.
➢ Feed-in tariffs (FIT) program: The program launched in 2009 with the Ontario government's Green Energy and Green Economy Act, procuring hydro, solar,
wind, and biomass generating capacities to replace the coal-fired power.

5.1.1 NORTH AMERICA

◼ The federal government in Canada had announced that by 2025, 100% of the electricity used in their buildings and operations would be from renewable energy sources.
This target supports reducing the Federal Government’s greenhouse gas emissions by 40% as early as 2025. Several provinces have set targets for increased
percentages of renewables, and several cities, such as Edmonton, Victoria, Guelph, and Nelson, have committed to 100% renewable energy in the coming years, which is
expected to create several opportunities for distributed solar power generation market.
◼ In Canada, there is a net metering, net billing, or micro-generation available for property owners. All the provinces credit energy at the retail rate except for:
➢ Yukon Territory: electricity is purchased at USD 0.21-0.30/kWh, nearly double the subsidized retail electricity rate.
➢ Saskatchewan: electricity is purchased at USD 0.075/kWh, about half the retail electricity rate.
➢ Manitoba: electricity is purchased at USD 0.02403/kWh, about 1/3 the retail electricity rate.
◼ According to the Economics of Solar Power in Canada (ESPC), studies by Canada Energy Regulator, current residential and commercial solar breakevens are less than
residential and commercial electricity, respectively, prices in most places in Canada. This means that most homeowners could expect to save money by installing solar.
Many homeowners could expect to save money with residential solar in Ontario, where homes have intelligent meters that capture “time of day” value.
◼ However, the cost to install solar in the territories is likely higher than assumed in the study conducted by Economics of Solar Power in Canada (ESPC), as they are
remote.
◼ Thus, to support solar development in the country, the Government of Canada took two key strategic approaches. The first is to accelerate the deployment of solar
power in Canada. The second aims to exploit solar energy's potential and support both on-grid and off-grid installations, which is driving the distributed solar power
generation market in the country.

5. MARKET SEGMENTATION | 5.1 BY GEOGRAPHY
5.1.1 NORTH AMERICA
◼ As of 2021, Mexico had a solar PV installed capacity of 7.03 GW, an increase from 5.15 GW in 2020. Mexico is currently one of the global hotspots for renewable
energy markets. The country lies within the most favorable sunbelt on the planet and enjoys around 2,190 hours of sunshine annually. The country's primary hotspots
for the solar PV market are the states of Baja California, Coahuila, Chihuahua, and Sonora.
◼ The distributed solar power generation market in Mexico is split into three distinct customer groups: homeowners, small commercial users, and larger industrial
customers. Solar PV installation costs have plunged more than 70% since 2010, which means solar energy has become one of the best options for homes and
businesses. According to the Asociación Mexicana de Energía Solar (Asolmex), in 2020, solar roofs reached 1 GW of generation capacity in Mexico. About 95% of these
facilities belong to the domestic and small business segments.
◼ On-site photovoltaics witnessed significant growth in Mexico. Jalisco, Nuevo León, the State of Mexico, and Mexico City account for a significant share of the
generation under this photovoltaic scheme. As of 2020, the total installed capacity of distributed generation accounted for 1,551.09 MW, in which solar photovoltaics
(PV) accounted for 99% of the total distributed generation at 1539.32 MW. Others are biogas (8.32 MW), cogeneration (1.36 MW), biomass (1.48 MW), hydroelectric
(0.009 MW), diesel (0.072 MW), gas (0.077 MW), and wind (0.45 MW).
◼ According to the Energy Regulatory Commission (CRE), at the end of 2020, photovoltaic solar technology through solar roofs in homes and small and large industries
led the penetration in distributed generation, with 99.2% of contracts. The rest include wind, biomass, biogas, and hydroelectric plants.
◼ Thus, from 0.003 MW installed with a contract in 2007, the capacity multiplied by 223 in three years, reaching 0.67 MW in 2010 installed through 231 contracts. A
decade later, in Mexico, 129,893 contracts were signed for a total capacity of 975 MW of distributed generation. It corresponded to 1.1% of the installed capacity
nationwide, which accounted for 0.001% a decade ago. According to an official at Solis Investors in Latin America, the distributed generation for small businesses,
industrial facilities, and homes in Mexico is expected to triple between 2021 and 2023.

5.1.1 NORTH AMERICA
◼ In June 2020, IDB Invest, an Inter-American Development Bank (IDB) Group member, provided USD 15 million to Bright Mexico Solar Holdings II, a Bright Exchange
SAPI de CV (Bright), to develop a portfolio of residential photovoltaic solar energy projects. The deal is likely to support the growth of the distributed solar generation
market in Mexico with Bright, one of the leading residential solar companies in the country.
◼ The financing is expected to accelerate the deployment of a portfolio of more than 2,500 residential solar rooftop power systems, with a generation capacity of over
8 MW, producing zero emissions. It is expected that 175 GWh of clean energy will be supplied to the power grid and displace roughly 5,700 metric ton of carbon
dioxide each year.
◼ In September 2021, the National Chamber of the Transformation Industry of Mexico (Canacintra) closed an agreement with the Spanish company Ezzing Solar to
design and implement a platform that is likely to enable the promotion of photovoltaic distributed energy installations throughout Mexico. The platform will use
geographic references of solar radiation and electricity consumption data to offer quotes that include an individual financing offer for each project. The objective was
to provide financial formulas in which the costs avoided for acquiring electricity pay for the investment of the photovoltaic distributed generation system.
◼ A new financing system has been introduced to boost the start-up of solar PV installations in Mexico. The companies will no longer have to allocate any resources to
install the systems, which will be financed with the savings generated by the installation. To promote the start-up of photovoltaic installations, Canacintra and Ezzing
Solar have worked with a banking institution that will offer a financial product specially designed for this initiative. Such an initiative is expected to expand the
market studied in Mexico during the forecast period.
◼ In July 2021, the State Energy Agency of Veracruz and the German Cooperation for Sustainable Development, GIZ, joined forces to promote energy transition via the
photovoltaic factor in one of the three symbolic states of the hydrocarbon industry in Mexico.

5.1.1 NORTH AMERICA
DISTRIBUTED SOLAR POWER GENERATION DISTRIBUTED SOLAR POWER GENERATION

Total Installed Capacity in MW, Mexico, 2014-2020 Total Installed Capacity (%), by Source, Mexico, 2020
1,551.09 0.76%
1,083.39
692.80
459.25
99.24%
247.59
117.53
61.87
Solar PV Others (Biogas, cogeneration, biomass, hydroelectric, diesel, gas and wind)
2014 2015 2016 2017 2018 2019 2020
Source: Comisión Reguladora de Energía (CRE) Source: Comisión Reguladora de Energía (CRE)

5.1.1 NORTH AMERICA
Total Installed Capacity, Distributed Generation, by State, Mexico, 2020
State Installed Capacity (MW) State Installed Capacity (MW)

Tlaxcala 2.58 Queretaro 30.82
Campeche 8.25 Puebla 31.81
Chiapas 9.33 Veracruz 34.72
Hidalgo 10.05 Sinaloa 36.1
Zacatecas 10.69 Aguascalientes 45.75
Tabasco 11.13 Baja California 46.79
Oaxaca 11.72 Sonora 58.59
Guerrero 12.5 Coahuila 64.52
Quintana Roo 19.03 Michoacan 66.96
Tamaulipas 22.15 Yucatan 67.5
Baja California Sur 23.12 Guanajuato 72.55
Colima 23.7 Chihuahua 97.15
Durango 24.95 Ciudad de Mexico 98.02
San Luis Potosi 27.74 Estado de Mexico 110.44
Morelos 28.19 Nuevo Leon 175.96
Nayarit 28.28 Jalisco 240.01
Source: Comisión Reguladora de Energía (CRE)
5.1.1 NORTH AMERICA

◼ The State Energy Agency of Veracruz (AEEV) and the Cooperation German for
Sustainable Development, GIZ, organized an online seminar regarding the
distribution generation scheme, the fastest-growing model in Mexico. The
event was attended by around 70 participants, including officials from the
electricity generation area attached to the AEEV and researchers, academics
from various school levels, and students.
◼ The objective of the GIZ to join the realization of the event on energy
transition is a part of its support program for implementing Energy Transition
in Mexico (TrEM), commissioned by the Federal Ministry of Economic
Cooperation and Development (BMZ) from Germany.
◼ The objective was to promote new business models and financing options for
acquiring and installing distributed solar power generation systems in
Veracruz. It is expected to support the residential and C&I segments of the
solar PV market.
◼ Therefore, with substantial growth and the efforts in the country's distributed
generation in the solar PV and the investments from the IDB group, the
residential and C&I segment of solar photovoltaics (PV) is expected to grow
significantly during the forecast period.

5.1.2 EUROPE

Size and Demand Forecast in USD billion, Europe, 2019-2027
40.99
38.46
36.17
34.07
32.15
30.39
28.73
26.42
19.07
2019 (a) 2020 (a) 2021 (a) 2022 (e) 2023 (f) 2024 (f) 2025 (f) 2026 (f) 2027 (f)

5.1.2 EUROPE
◼ Germany is one of the largest solar photovoltaic (PV) markets in Europe in terms of installed capacity, which makes it a leader in energy and climate security globally.
A combination of growing self-consumption with attractive feed-in premiums is expected to drive the solar market in India in the coming years, especially for
commercial solar PV systems ranging from 40 kW to 750 kW.
◼ National and regional policies have been one of the country's most prominent contributors to the growth of solar PV. In 2020, Berlin adopted the Solarcity Master
Plan to expand the deployment of solar panels across the city’s rooftops, with the target of supplying around 25% of the city’s electricity needs with solar power by
2050. It included various recommendations to kick start the solar expansion in Berlin, including incentives and education for property owners and removing regulatory
barriers for photovoltaic systems.
◼ In addition, mandatory solar PV installations on new buildings in several German cities have aided the market’s growth. In June 2021, the Berlin House of
Representatives passed the Berlin Solar Act, which requires the installation of solar photovoltaic systems on all new buildings in Berlin from 2023. In July 2020, the
southwestern German state of Baden-Württemberg made solar photovoltaic panels obligatory for all newly-built non-residential buildings as part of the climate
protection law approved by the governing state coalition between the Greens and the conservative Christian Democratic Party. This regulation is likely to come into
effect in 2022.
◼ In Germany, the coalition agreement of March 2018 provides an interim goal to increase the share of renewable energies (RE) to 65% of gross electricity consumption
by 2030. For this, an average annual PV addition of at least 5-10 GW is necessary, depending on the development of electricity demand and the expansion of wind
power. The federal government's draft climate protection program of October 9, 2019, provides a total expansion target of 98 GW of photovoltaics by 2030. This
would require an average of 4.5 GW/annum additional PV systems. Thus, such agreements will likely improve the distributed solar power generation market during
the forecast period.
◼ At the end of 2021, the country had a total cumulative photovoltaic capacity of 58.7 GW. According to Bundesnetzagentur, Germany had 1.95 million solar power
systems across the country, which provided around 10.4% of net electricity generation.

5.1.2 EUROPE
 In February 2020, Germany’s Federal Network Agency, Bundesnetzagentur, announced 18 solar projects with a combined generation capacity of 100.6 MW
allocated in the latest tender for PV projects ranging from 750 kW to 10 MW. The lowest winning bid accepted for the solar power generated by the new facilities
accounted for EUR 0.0355/kWh, a German record. The highest successful bid was for EUR 0.052/kWh.
 Furthermore, in March 2021, the Federal Network Agency conducted a solar auction for 1.5 GW and received approximately 288 bids. The agency awarded 620
MW for 103 bids in the round, and the winning bids ranged between EUR 0.0469 and EUR 0.0518 (USD 0.056 to USD 0.062) per kWh, while the average winning
tariff was determined as EUR 0.0503 (USD 0.061) per kWh. Such an overwhelming response to solar installation is likely to drive the market studied in the country.
 The major driver for the country's solar energy market has been the feed-in tariff scheme, which has made it lucrative for homeowners and small businesses to opt
for solar power. However, since January 1, 2021, the pioneers of Germany’s energy transition stopped receiving the feed-in tariff that had guaranteed homeowners
and small businesses a fixed price for generating electricity through wind, solar, or biomass.
 According to the German Solar Association (BSW), an estimated 128,000 small PV installations will fall out of the feed-in tariff arrangement between 2020 and
2025.
 In terms of financial incentives, the government of Germany offers low-interest loans under the Standard KfW Renewable Energy Program for solar energy
installations. Additionally, tenants can receive support through the tenant electricity surcharge in residential buildings for small PV plants up to 100 kW if the
electricity is consumed and supplied within the residential building.
 According to the German Solar Association estimates, in 2020, around 88,000 new home storage systems were installed in Germany in the private home sector.
Overall, the stock of solar electricity storage units increased to around 270,000. This is expected to increase seven-fold by 2030, likely aiding the growing demand
for solar PV.
 Overall, the German distributed solar power generation market is expected to witness significant demand during the forecast period, owing to the favorable
government incentives and high acceptance from the residential and commercial sectors.
5.1.2 EUROPE
◼ Solar power generation has witnessed significant growth in the United Kingdom in recent
SOLAR POWER INSTALLED CAPACITY
years, especially in different segments, such as the residential, commercial, and industrial. This
Share (%), by System Size, United Kingdom, March 2022
growth has been mainly supported by favorable government policies, like the Smart Export
Guarantee (SEG), rising economic viability, and increased awareness of its usage for electricity
generation and self-consumption.
◼ As of March 2022, the UK solar PV installed capacity reached more than 13.37 GW across
0 to ≤ 4 kW
more than 1,048,321 installations. In March 2021-2022, the United Kingdom installed 194.7 2.55%
11.39%
MW of new solar photovoltaic capacity, a 1.9% Y-o-Y increase compared to 2021. 21.46% 4 to ≤ 10 kW
◼ Till March 2022, solar PV with a capacity of 0-4kW saw the highest growth of around 29%
10 to ≤ 50 kW
during November 2020-2021. Over the same period, solar systems with 4-10 kW power grew
by around 14%. 31.45% 7.01% 50 kW to ≤ 5 MW
◼ The primary factor driving the growth of the UK distributed solar power generation market is
5 to ≤ 25 MW
the burgeoning energy prices in the domestic market. Due to the recent energy crisis, energy
26.15%
prices have nearly tripled since 2001, with domestic gas prices rising by 221% and electricity > 25 MW
prices rising by 193% as of 2020. Due to this tremendous rise in energy prices, many
homeowners are turning toward solar to reduce home energy costs, and due to this, solar
module orders increased in 2020 and 2021.
Source: Digest of UK Energy Statistics (DUKES)

5.1.2 EUROPE
SOLAR PHOTOVOLTAICS (PV) INSTALLED COUNT

In Units, by Capacity, United Kingdom, 2014-2021
12,00,000
10,00,000
8,00,000
6,00,000
4,00,000
2,00,000
-
2014 2015 2016 2017 2018 2019 2020 2021
50 kW to ≤ 5 MW 1,718 3,199 3,818 4,038 4,138 4,139 4,140 4,109
10 to ≤ 50 kW 14,997 21,832 24,555 26,208 27,975 30,637 32,033 32,157
4 to ≤ 10 kW 18,281 23,504 26,364 28,971 32,415 37,863 42,698 47,191
0 to ≤ 4 kW 6,16,473 7,91,958 8,46,349 8,77,886 9,11,269 9,51,944 9,81,145 10,12,572
Source: Digest of United Kingdom’s Energy Statistics *Note: Data till Nov 2021

5.1.2 EUROPE
◼ In the United Kingdom, an average home consumes between 3 kWh and 6 kWh of energy daily so system sizes may vary accordingly. One of the most common
system capacities installed is a 4-kW system, suited to satisfy the energy needs of a household of three to four people. However, a 5-kW solar system is typical for a
home with four to five people, while a 6-kW solar panel system is suggested for a home with over five residents. Due to this, most residential PV systems have a
capacity below 10 kW.
◼ Further, the Climate Change Act 2008 set a target for carbon emissions by 2050. As per the act, the government committed to reducing carbon emissions by 80%
relative to 1990 levels. Electricity generation, residential heating, and transportation contribute to the highest carbon emission. The government focused on
renewable energy, such as distributed solar, to power residential and commercial areas, which has supported the growth of distributed solar power in the United
Kingdom.
◼ In April 2019, the government scrapped the FiT scheme and increased VAT from 5% to 20% on solar PV components. This move from the government impacted the
distributed solar market in 2019 negatively. With the discontinuation of the feed-in tariff, the government introduced Smart Export Guarantee (SEG) in January 2020,
which provides financial support to small low-carbon generators. The SEG requires few electricity suppliers (SEG licensees) to pay small-scale generators (SEG
generators) for low-carbon electricity, which they export to the National Grid, providing that specific existing criterion are met. However, the downside is that SEG
payments are lower than FiT payments, making the UK distributed solar power generation market less appealing to the end consumers.
◼ With technological advancements and the increasing adoption of smart home technologies, the demand for solar PV is expected to rise in the residential sector.
However, this factor is expected to take effect in the latter part of the forecast period, owing to several restraints, such as the high upfront cost of the smart home
technology, limited accessibility, consumer understanding, and lack of incentives.
◼ Some of the major companies involved in the UK distributed solar power generation are Jinko Solar Holding Co. Ltd, Canadian Solar Inc., Trina Solar Ltd, Solarsense
UK Limited, Eco2solar Ltd, Uksol Ltd, EvoEnergy Ltd, and Custom Solar, among others.

5.1.2 EUROPE
◼ Italy is one of the rapidly growing economies in the European region, which witnessed an annual GDP growth of 0.3% in 2019. The country's population also increased to
60.32 million in 2020, from 59.71 million in 2010, witnessing an increase of 1.02%. However, in 2020, due to the pandemic, the country's real GDP fell by 8.8%, and it is
expected to return to its pre-pandemic level by 2022. With the increasing population and rising urbanization, the electricity demand is increasing. Most of the country's
electricity is produced through oil and gas, which supply around 80% of electricity.
◼ The conventional power generating systems, such as coal and gas-based power generation, hardly offer any business opportunities for investors due to the lack of
development of such plants. The government of Italy has planned to curtail coal-based power generation in the country by 2025. The majority of coal available in Italy
(90%) is imported from other countries, such as Russia, Australia, the United States, and South Africa.
◼ The policy to phase-out coal-based power generation is likely to create a huge demand-supply gap in electricity, which may require the augmentation of power
infrastructure with contemporary technologies, i.e., solar and wind. The declining cost of renewables is expected to aid its adoption in the coming years.
◼ The country has set a National Energy Strategy plan to phase out coal-based energy generation capacity, which is set to end by 2025. The phase-out translates to a
forecast reduction of 2 GW in coal capacity by 2024 and a further 6 GW in the following year, creating market opportunities for renewable sources of energy generation,
such as distributed solar.
◼ In a bid to supplement this increasing demand and diversify its energy mix, the country is desperately moving toward integrating more solar and wind-based power
generation. In November 2017, the Italian government adopted the new national energy strategy, with a target of 28% renewables in the final energy consumption by
2030.
◼ After witnessing a decrease in oil and gas production, rising domestic consumption, and increasing environmental awareness, solar energy has become a prominent role in
developing the country’s energy mix in recent years.
◼ Italy is endowed with abundant solar energy resource potential, boasting irradiation of approximately 3.6 kWh per sq. m in the Po river plain area, 4.7 Wh per sq. m in
Central-Southern Italy, and 5.4 Wh per sq. m in Sicily. The technological advancements in solar cell technology have resulted in huge price reduction of solar modules, and
the economic viability of solar energy has improved remarkably. Italy is poised to witness growth in the solar energy market in the coming years, driven by technological
advancements and policy-level support from the government.

5.1.2 EUROPE
SOLAR PHOTOVOLTAICS (PV) INSTALLED CAPACITY

In GW, Italy, 2014-2022*
22.57 22.94
21.63
20.98
20.12
19.3 19.68
18.59 18.89
2014 2015 2016 2017 2018 2019 2020 2021 2022*
Source: Terna SpA *Data till March 2022

5.1.2 EUROPE
REST OF EUROPE
◼ As of March 2022, the installed solar photovoltaic capacity amounted to around 22.94 GW. The INSTALLED CAPACITY AND NUMBER OF SOLAR
PHOTOVOLTAIC SYSTEMS, ITALY, 2019-2020
government plans to triple the installed solar PV capacity, up to about 60 GW, for more than 72
TWh to 74 TWh of electricity by the end of 2030. 2019 2020
Power classes
◼ The distributed solar power generation market in Italy is expected to be dominated by rooftop (kW) Capacity Capacity
Number Number
(MW) (MW)
solar. The most industrialized areas in Northern Italy are expected to have the country's highest
rooftop solar PV development volumes. PV systems with up to 12 kW accounted for the 1<=P<=3 297,410 803,6 312,196 838.7
majority of installed solar capacity in 2021, which amounted to approximately 371 MW, while
20 to 200 kW solar systems amounted to approximately 208 MW. Furthermore, solar arrays 3<P<=20 514,162 3,675.5 552,571 3,911.6
with an output of 12 to 20kW equaled only 56 MW.
◼ In September 2021, the Italian household electricity bills rose to 29.8% for a typical family, 20<P<=200 56,302 4,403.3 58,542 4,585.5
according to the Italian Regulatory Authority for Energy, Networks, and Environment (ARERA).
The increase came amid surging energy costs across Europe and beyond. This, in turn, is 200<P<=1000 11,066 7,504.4 11,361 7,651.6
expected to support the growth of independent power generation, mainly dominated by solar
PV, owing to various factors, such as financial incentives and zero fuel costs.
1000<P<=5000 953 2,347.1 963 2,371.2
◼ Additionally, in December 2020, Italy extended a 110% fiscal break for rooftop PV linked to
building renovations to the end of 2022. The government of Italy has established a maximum
P>5000 197 2,131.5 205 2,291.5
price of EUR 2,400 per kilowatt installed for PV systems and EUR 1,000/kWh for storage
systems. Thus, such initiatives will likely boost the distributed solar power generation market
Source: Gestore dei Servizi Energetici GSE S.p.A
during the forecast period.

5.1.2 EUROPE
◼ France had a solar installed capacity of 13.06 GW in 2021. Solar power constituted 2.9% of the country’s total electricity generation as of 2021. As of the fourth
quarter of 2021, France had 120,769 installations for self-consumption, usually residential and commercial.
◼ In 2015, the French government passed a law to gradually reduce its use of nuclear energy to 50% by 2020 and increase the use of renewable energy to 23%, which
was accomplished in 2019. The country has set a target to achieve 32% energy from renewable sources by 2030. To achieve the target related to photovoltaic energy,
France has established a regulatory framework in the form of a feed-in tariff to increase the solar installed capacity.
◼ In February 2020, the government fostered the deployment of solar and widened access to the fixed tariffs available for self-consumption solar installations. With self-
consumption PV systems with a generation capacity of 5 kW to 100 kW previously qualifying for fixed payments, the upper size limit has been raised to 300 kW.
◼ In April 2020, the French government published the official decree for National Energy Plan - the Programmation pluriannuelles de l’énergie (PPE). The PPE targets 20.1
GW of renewables generation capacity in 2023 and 44 GW by 2028. For rooftop solar, three tenders are expected to be launched annually for up to 300 MW per
tender.
◼ In June 2021, the French government announced the results of the 12th round of tenders that included commercial rooftop PV systems of capacity between 100 kW
and 500 kW. The authorities selected 292 projects in the category wherein Technique Solaire won 84 projects, followed by Apex with 65 and Arkolia with 20. In terms
of location, Nouvelle Aquitaine will host 123 power plants, followed by Occitanie with 59 and Auvergne-Rhône-Alpes with 40. Projects under this category will sell
electricity at an average price of EUR 87.23/MWh, which is lower than the previous round’s EUR 91.20/MWh rate.
◼ Additionally, in May 2019, the distributed generation unit of French electric utility EDF completed the largest solar project for collective self-consumption. The
company installed 300 PV panels on the roof of the Rochebelle 100-dwelling building in the Gard region of Southern France. The 100 kW, 600 sq. m installations are
intended to power all homes at the site and common areas as part of a project supported by the Occitanie regional government and France’s Environment and Energy
Management Agency.

5.1.2 EUROPE
INSTALLED SOLAR PHOTOVOLTAIC POWER CAPACITY INSTALLED SOLAR PHOTOVOLTAIC POWER CAPACITY
In MW, France, 2010-2021 In MW, Residential, France, Q4 2010-Q4 2021
1800
13067
1600
1400
10380
9504 1200
8576
1000
7656
6773 800
6196
5297 600
4366
3727 400
2584
200
878 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: France Territoire Solaire Source: France Territoire Solaire

5.1.2 EUROPE
SOLAR PHOTOVOLTAIC ENERGY FEED-IN TARIFFS FOR RESIDENTIAL CONSUMERS

In EUR cent per kWh, France, Q2 2011-Q4 2021
50
46
45
40
35
31.6
30
24.3
25
20
15.9
15.21
15
10
Source: France Territoire Solaire

5.1.2 EUROPE
◼ Solar power is monitored and distributed equitably using a control system. Excess power cannot be exported back to the grid; therefore, it is used to heat water
tanks on the building, essentially acting as an energy storage system. The pilot project in the distributed power generation will likely provide an action plan for the
future and help the government and companies increase the installation of the distributed energy generation in the country.
◼ The residential market accounts for a relatively small share of the country's total solar photovoltaic capacity. However, it witnessed a CAGR of 14.9% between Q4
2010 and Q4 2021, indicating a prospective market for residential solar PV. However, the decreasing feed-in-tariffs for residential prosumers have been
particularly discouraging for the adoption of solar PV among the residential segment.
◼ In August 2021, the European Union approved a EUR 5.7 billion scheme in France, which may be dedicated to rooftop solar. Under the EU state aid rules, the
scheme will help France add approximately 3,700 MW of additional capacity in the solar energy segment. Furthermore, this will likely help France achieve its 2030
target of producing 33% of its energy needs from renewable sources beyond nuclear power.
◼ The share of solar photovoltaics in the total electricity generation mix indicates the seasonal dependency on solar power generation. However, the trend suggests
that the overall capacity share of solar is increasing since the annual peaks in the trend have witnessed a slight increase Y-o-Y.
◼ Furthermore, increasing electricity prices for residential consumers is expected to promote the concept of self-production and consumption of electricity, aiding
the increasing demand in the distributed solar power generation market.
◼ Overall, France is expected to witness modest growth in the solar photovoltaics market, which may be due to the support of the government and the European
Union. However, few measures, such as decreased fit, may lead to subdued market growth during the forecast period.

5.1.2 EUROPE
◼ Spain is one of the European countries witnessing maximum hours of sunshine. The country primarily had an essential role in the development of solar power. Several
grants like an investment of EUR 6 million were sanctioned for grid-connected solar power by the Spanish government in 2020 to encourage the solar industry. In
2020, photovoltaic power generation accounted for around 6.1% of the electricity mix, 2.6% more than the previous year.
◼ As of 2021, Spain’s installed solar photovoltaic (PV) capacity amounted to 15.04 GW after adding 3.49 GW in 2021, which was higher than the capacity addition of
2.64 GW in 2020.
◼ The new capacity was introduced without any aid or regulatory remuneration scheme. On the other side, for self-consumption, according to the Spanish photovoltaic
association UNEF, solar power capacity increased by 1,203 MW in 2021, a growth of 101.84% compared to the previous year.
◼ The government scrapped a controversial "sun tax" that halted the growth of the Spanish renewables sector in 2019 and introduced the National Integrated Energy
and Climate Plan (PNIEC) objectives for 2030. The PNIEC was approved with a target for 2030 of 74% of renewable electricity generation and 39.2 GW of PV
capacity. An addition of around 2.8 GW of PV capacity was mandated annually from 2020 over the next decade.
◼ The new law also mandated a 35% electricity share from green energy by 2030. The costs for grid-connected solar power were not excluded, leading to a rapid
increase in installations.
◼ As of 2021, the Spanish PV sector did not have public aid or regulated remuneration systems. New power installations were built leveraging the PPAs or exposure to
the market (merchant).
◼ Spain was the leading European market in PPAs in 2020. However, according to SolarPower Europe, Spain is expected to have a total installed solar PV capacity of
29.0 GW by 2024 in the medium scenario, thus, making it the second-largest solar market in Europe. Corporate sourcing, power purchase agreements (PPAs), RES
auctions, grid access regulatory framework, and self-consumption will play critical roles in the development.
◼ Spain uses an active energy billing system wherein the regulated costs associated with the new periods are applied to the energy consumed and contracted power
capacity of the electricity bill of consumers signed up to the PVPC scheme nationwide.

5.1.2 EUROPE
ELECTRICITY GENERATION FROM SOLAR

INSTALLED SOLAR PV CAPACITY
In GWh, by Autonomous Community, Spain, 2020
In GW, Spain, 2009-2021
15.05
3,474
3,081
11.55
2,389
8.91
1,852
1,506
1,115
4.53 4.64 4.65 4.68 4.68 4.69 4.71

526 4.23
379 3.83
279 258 3.39
143 118 82
62 21 2 1
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Red Eléctrica de España Source: Red Eléctrica de España

5.1.2 EUROPE
◼ In September 2020, the government of Spain announced its plan to incorporate EUR 181 million of state
funds into renewable energy projects in seven regions, aiming to boost employment and cut carbon
emissions. The EUR 316 million Madrid subsidies will invest in innovative projects, an amount that could
be topped up with the EU's recovery funds.
◼ In May 2021, new Spanish government grants were announced to support the deployment of self-
consumption solar projects, which are expected to result in 3.5 GW of additional capacity, according to
the Unión Española Fotovoltaica (UNEF). The policy will allocate EUR 200 million (USD 243 million) to
support the residential sector and public administrations, EUR 150 million for industry and the
agricultural segment, and EUR 100 million for the services sector.
◼ A single-family household with average electricity consumption requires about 8 to 12 solar panels,
which produce about 4 kW to 5 kW. The price of an installation for systems between 2 kW to 7 kW
ranges from EUR 4,000 to 9,000, including VAT, whereas communities tend to reach EUR 30,000
depending on the buildings.
◼ Spain has witnessed massive growth since 2018. With the upcoming initiatives by the government, the
country is expected to continue to increase its solar power capacity, thus, aiding the development of the
distributed solar power generation market.

5.1.2 EUROPE
◼ Poland is one the largest countries in terms of coal usage for electricity production in Europe. The country relies heavily on coal-fired generation to meet the increasing
electricity demand. However, Poland’s coal plants are old and costly to maintain and operate. With the decommissioning of coal plants in upcoming years, renewable
energy sources (such as solar and wind energy) are expected to increase their respective share in the country’s energy mix.
◼ Currently, solar PV is the fastest-growing energy source among all renewable energy sectors in Poland, and it is expected to outperform all rival sectors in the Polish
energy industry. According to the Ministry of Energy Poland, the installed solar photovoltaic installations reached a record 9.4 GW in March 2022, witnessing an increase
of approximately 168% Y-o-Y. According to the Polish grid operator Polskie Sieci Elektroenergetyczne (PSE), in 2021 alone, 4,211 MW of fresh solar PV capacity
additions were made, and Poland’s installed capacity in solar power doubled to 8.2 GW in January 2022 from 3.9 GW in January 2021.
◼ The considerable growth of the installed solar PV capacity in the country has been a result of supportive government policies and renewable energy auctions for small-
scale solar PV (less than 1 MW) and large-scale solar farms (greater than 1 MW). There has been explosive growth in the small-scale solar segment, including commercial
and industrial facilities. According to PSE, the country added almost 4,211 MW of new capacity throughout 2021, a majority of which came from micro-installations of up
to 50 kW, of which approximately 4000 MW of systems came online. Large-scale facilities of above 500 kW brought approximately 200 MW of new capacity.
◼ Under the “Energy Policy of Poland until 2040,” the government is aiming at 20 GW of solar capacity by 2040, overtaking wind as the largest renewable energy source.
Although the government had set a target of 7.8 GW of solar capacity by 2030 under the National Plan for Energy and Climate, Poland’s Institute for Renewable Energy
(IEO) predicts to achieve the target by 2025. The IEO indicated that Poland will have 6 GW of solar installations in operation by 2022 and 8 GW in 2023. In 2025, the
capacity may hit 15 GW. The growth in solar PV capacity is expected to continue the same trend as registered in 2019 and 2020, with an even higher annual installed
capacity in upcoming years.
◼ Furthermore, the country has been historically supporting rooftop installations with programs such as "My Current.“ The VAT applied on residential PV in Poland was
slashed from 23% to 8% in September 2019. In July 2019, the Polish government introduced a renewable energy act extending net metering access to businesses and
energy communities apart from residential customers.

5.1.2 EUROPE
◼ In March 2021, IBC Solar, a solar PV developer in Poland, installed 496 photovoltaic panels with a capacity of 164 kWp on four 17-story buildings in Poznan, the capital of
the Wielkopolska region. Each of the four systems is expected to generate approximately 35,000 kWh of electricity annually.
◼ Furthermore, the increasing awareness among the Polish population and a decrease in solar module prices have been driving the country's rooftop segment. According to
the Polish Society for Photovoltaics (PV Poland), by the end of 2020, the number of registered small-scale systems (below 50 kW) with an average capacity of 6.5 kW in
the country grew from 155,000 (992 MW) in 2019 to 457,400 (3 GW).
◼ Furthermore, in August 2021, the Parliament of Poland amended the Renewable Energy Act and extended feed-in tariff (FiT) schemes for renewable energy installations.
According to the act, the renewable energy installations up to 10 kW (micro-installations) will be supported with the FiTs (feed-in tariffs) of 0.75 PLN/kWh (approx. 0.173
EUR/kWh) for solar energy micro-installations up to 3 kW, and FiTs of 0.65 PLN/kWh (approx. 0.15 EUR/kWh) for micro-installations between 3 and 10 kW. The FiTs will
apply for 15 years from the date of installing the service till December 31, 2035, for solar energy installations. The support is to be granted for the new installations only.
◼ Similarly, in July 2019, the government of Poland introduced a renewable energy act that extended net metering access to energy communities and businesses. Net
metering incentives were previously granted only to the public sector, residential, and housing community users. Under net metering, owners of PV installations up to 10
kW in size are refunded 80% of the wholesale price for each kilowatt injected into the grid. The owners of 10-40 kW systems receive an estimated 70% of the market
value of the energy exported. With Poland continuing to support the aging coal power generation facilities, the power prices are expected to rise, thus, making net
metering for solar PV an attractive option.
◼ Hence, increasing awareness among industrial, commercial, and residential users to cut down their electricity bills and use the ground-mounted and rooftop solar PV
systems to electrify their business and operations is likely to drive the distributed solar power generation market during the forecast period.

5.1.2 EUROPE
◼ Austria relies heavily on hydropower to meet the increasing electricity demand. According to SOLAR PV ELECTRICITY GENERATION
the International Energy Agency (IEA), in 2020, hydropower accounted for an estimated 62% of In GWh, Austria, 2010-2020
electricity generation in the country. Furthermore, in 2020, the Austrian government

announced the closure of its last coal-fired plant in Mellach. Thus, renewable energy sources,
such as solar and wind energy, are expected to increase their respective share in the country’s 2043
energy mix.
1702
◼ According to the IEA, in 2020, approximately 2043 MW of electricity was generated from
1455
renewable energy, witnessing an estimated increase of 20.03% compared to 2019. According
1269
to EurObserv’ER, in 2021, the total installed solar PV capacity was approximately 2692 MW, 1096
witnessing an increase of 32.28% compared to 2021. 937
785
◼ In August 2021, the Austrian government announced to provide an additional EUR 20 million 626
(USD 23.5 million) to the Climate and Energy Fund to support the installation of solar PV
337
systems of up to 50 kW. The additional funding is likely to help more small and mid-sized
174
companies and individuals to switch to solar power. The Climate and Energy Fund provides 89
one-off subsidies ranging between EUR 150 and EUR 250 per kWp for the installation of solar
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
PV systems of up to 50 kW. Such initiatives by the Austrian government are likely to boost the
distributed solar power generation market during the forecast period. Source: International Energy Agency (IEA)

5.1.2 EUROPE
◼ Furthermore, in February 2021, the Austrian energy agency, OeMAG,
allocated 322 MW of PV capacity across 15,957 rooftop solar projects under
the country's residential solar subsidy program. According to the Austrian
authorities, the funding rounds gained around EUR 332.4 million in
investments. These investments are expected to create opportunities for the
distributed solar power generation market to grow in the near future.
◼ According to the Austrian National Energy and Climate Plan (NECP), the
Austrian government is committed to installing 1 million PV systems by 2030,
which is a substantial increase from the target of 100,000 roof-mounted PV
systems under the Mission 2030.
◼ Furthermore, according to the National Energy and Climate Plan, Austria's
power production target from solar photovoltaic (PV) is expected to be 2 TWh
in 2030, 3 TWh in 2040, and 5 TWh in 2050. These targets are likely to
proliferate the solar PV installed capacity in the coming years.
◼ As the country is thriving hard to meet the target of producing 100% of its
electricity from renewable sources by 2030, Austria's last operational coal-
fired power plant shut down in April 2020. This, in turn, is likely to boost the
share of distributed solar power generation in the country in the coming years.

5.1.2 EUROPE
FEED-IN TARIFF RATES AND SUBSIDIES FOR SOLAR PHOTOVOLTAIC, AUSTRIA, AS OF 2020
◼ The feed-in tariff scheme in Austria applies to all renewable energy technologies. However, all installations are required to be registered in a registry for green
electricity plants kept by the Austrian Energy Agency, OeMAG. Solar PV installations are eligible under the condition that the installation shall exceed 5 kW. The
amount of tariff is determined for each source of energy by the Minister of Science, Research, and Economy. The tariff is represented in the following table:
ROOFTOP BIPV
Size Incentive Term Year Size Incentive Term Year
5-200kWp EUR 0.115/kWh 13 Years 2015 5-200kWp EUR 0.115/kWh 13 Years 2015
Source: OeMAG
◼ In addition to the feed-in tariff, an investment subsidy of a maximum of 30% of the investment costs, which is up to EUR 250 per kWp, is granted for PV installations
on buildings. The feed-in tariff amounts up to EUR 0.0791/kWh. Since 2017, investment grants for battery storage systems have been available.
◼ Solar PV installations that are under 5 kWp in private households and commercial buildings are eligible for investment subsidies from the Austrian Climate and Energy
Fund. The subsidies support PV systems up to 5 kWp, whereas double funding is not possible. For single installations, an amount of EUR 275 per kWp on roof-top or
ground-mounted installations and EUR 375 per kWp on building integrated installations for up to 5 kWp are provided as subsidies.
◼ Similarly, for joint PV installations, an amount of EUR 200 per kWp on roof-top or ground-mounted installations for up to 5 kWp per applicant (but not more than 30
kWp in total) and EUR 300 per kWp for building integrated installations for up to 5 kWp per applicant are provided as subsidies.

5.1.2 EUROPE
◼ The solar power market in Hungary has been growing at a healthy pace for the past five years. The same trend is expected to continue during the forecast period on
account of favorable regulatory policies and targets related to solar PV set by the government in the country. The total installed capacity of solar PV plants in Hungary
has added a capacity of 1.53 GW at the end of 2021, bolstered by both household solar power plants (rooftop) and industrial-scale solar power plant installations.
◼ In March 2021, the Development of Circular Economy, Energy, and Climate Policy announced that the country would bring forward its phase-out coal plan by five years,
from 2025 to 2030, by closing the last remaining coal-fired power plants in the country. The country’s new plan is to reach 90% carbon neutral electricity generation by
expanding its nuclear capacity and expanding the solar power capacity to 6 GW by 2030, and the partial replacement of its last coal generator with a solar farm.
◼ In June 2020, the Hungarian Climate and Nature Protection Plan and related energy policy strategies were approved. The resolution aims to mitigate and adapt to
climate change, upgrade the Hungarian energy system, enhance energy efficiency, and decarbonize electricity generation. The document includes several climate-related
targets, such as increasing the capacity of solar plans by 6% until 2030 and making 90% of the electricity supply carbon-neutral until 2030.
◼ The increase in solar PV installed capacity in Hungary translates into higher electricity production and diversification in the domestic electricity generation by source. In
October 2020, industrial-scale solar PV set a new production record when it supported more than a quarter of electricity production, about 26%, in the country. The
figure is projected to be even higher as the data excludes electricity production from household solar power plants. Therefore, distributed solar power generation is
expected to play an important role during the forecast period in the country.
◼ Furthermore, in January 2020, Hungary’s government rolled out the new National Energy Strategy 2030 and the National Energy and Climate Plan, under which the
installed solar energy capacity is slated to expand to 6500 MW by 2030 and further to almost 12000 MW by 2040.
◼ The majority of the target is projected to be met by large-scale solar power plants, whereas for small-scale household solar power plants, according to the National
Energy Strategy, the target is to install at least 200,000 households with an average of 4 kW of roof-mounted solar panels by 2030. Such government initiatives are likely
to boost the distributed solar power generation market in Hungary during the forecast period.

5.1.2 EUROPE
SOLAR PV INSTALLED CAPACITY

In MV, Hungary, 2012-2021
3,661
2,131
1,400
728
344
172 235
35 89
12
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Hungarian Energy and Public Utility Regulatory Authority (HEPURA)

5.1.2 EUROPE
◼ Hungary's government has taken several steps to realize the true potential of solar energy in the country and meet the ambitious targets set for solar PV in the country.
Schemes, such as feed-in-tariff (FiT), HMKE scheme for household-size small power plants, Renewable Energy Support Scheme METAR, KAT, and the Hungarian system
of supporting green energy from renewable energy, are all expected to promulgate the number of solar PV installations in the country, leading to the growth of the solar
energy market in Hungary.
◼ According to Hungarian regulations, for plants with capacities ranging from 50 kW to 0.5 MW or for demonstration projects, electricity production from renewable
sources of energy, including solar PV, is supported by FiT. However, the FiT scheme is only applicable to projects approved before December 2016, of which the
maximum number of projects is expected to have come online by the end-2021, as the construction deadline approaches by the same time.
◼ Hence, as the FiT scheme has expired, the main driver for the country's solar energy market is expected to be the METAR scheme through renewable energy auctions.
Under the METAR scheme, two renewable auctions out of the expected five have been held in March 2020 and July 2020 by the Hungarian Energy and Utilities
Regulatory Authority (HEPURA). The HEPURA will award feed-in premium payments during 15-year contracts for two types of projects, with a capacity of 300 kW-1
MW and 1-20 MW installations. The government increased the maximum size of eligible projects from 20 MW to 50 MW in June 2020, which is expected to drive the
investments and, subsequently, solar PV installed capacity.
◼ The enterprises, municipalities, and institutions are increasingly installing solar PV systems on the rooftop to decrease their electricity bills and contribute to decreasing
carbon emissions. In October 2020, Europe’s largest rooftop PV system on Audi’s premises started operation in Hungary. The Audi’s factory in Hungary fitted a 160,000
m2 rooftop PV with 35,000 panels and a peak output of 12 MW, which is expected to supply over 9.5 GWh of renewable energy annually.
◼ Furthermore, the number of small-sized rooftop solar power plants (HMKE) in Hungary continued to grow exponentially in 2019 and 2020. A total of 18,322 systems
were newly connected to the network in 2019, with a total installed capacity of around 150 MW. The total small-scale household solar PV capacity increased by about
160 MW in the first nine months of 2020.

5.1.2 EUROPE
◼ A scheme known as HMKE (Hungarian abbreviation for household-size small power plant) has been designed and has been in effect to favor local governments,
corporate clients, and residential customers with PV systems with capacities below 50 kW. The aim of the scheme is to increase the adoption of solar PV systems and
further feed the generated energy into the grid besides purchasing energy. With HMKE in place and the government’s target to increase the number of households fitted
with solar PV to 200,000 by 2030, the distributed solar power generation market in Hungary is likely to present several opportunities for the market players.
◼ According to Hungarian regulations, for plants with capacities ranging from 50 kW to 0.5 MW or for demonstration projects, electricity production from renewable
sources of energy, including solar PV, is supported by FiT. However, the FiT scheme is applicable to projects approved before December 2016, of which the maximum
number of projects have come online by the end of 2021.
◼ Hungary’s government plans to drive the market post FiT period with HMKE. In addition, an auction-based system is expected to be a crucial factor in the growth of the
distributed solar power generation market during the forecast period.
SIZE INCENTIVE TERM
<50 kW Individuals – Sold energy (net price) HUF 14.34/kWh Adjusted yearly
<50 kW Individuals – Self-consumed energy (gross price) HUF 35.33/kWh Adjusted yearly
<50 kW Business – Sold energy (net price) HUF 22.02/kWh Adjusted yearly
<50 kW Business – Self-consumed energy (gross price) HUF 37.76/kWh Adjusted yearly
50 kW – 20 MW HUF 31.77/kWh Adjusted yearly
20 – 50 MW HUF 28.39/kWh Adjusted yearly
Source: E.ON Individuals

5.1.3 ASIA-PACIFIC

5.1.3 ASIA-PACIFIC

Size and Demand Forecast in USD billion, Asia-Pacific, 2019-2027
99.72
92.65
86.03
79.75
73.99
68.6
63.51
57.48
42.08
2019 (a) 2020 (a) 2021 (a) 2022 (e) 2023 (f) 2024 (f) 2025 (f) 2026 (f) 2027 (f)

5.1.3 ASIA-PACIFIC
◼ The electricity demand in China has been increasing due to economic growth and urbanization.
CUMULATIVE INSTALLED SOLAR PV CAPACITY
Since 2015, the country's power demand has risen by 7% per year. The power demand rose by In GW, China, 2011-2021
11% in 2021, reaching 8,312.80 TWh.
◼ China had a total installed solar PV capacity of about 306.4 GW in 2021, witnessing an increase of
306.40
21% compared to 2020. According to China's National Energy Administration (NEA), China's newly
installed solar PV capacity reached 53 GW in 2021. Of this capacity, 29 GW came from distributed
253.41
solar power generation projects, and the remaining share came from the large-scale solar plants
accounting for the remaining share.
◼ The National Energy Administration (NEA) of China revealed that residential solar arrays represent 204.57
21.5 GW of the total capacity. Of the country's 306 GW of cumulative solar capacity in 2021, 175.01
107.5 GW of installed power was from solar.
◼ China has been focusing on increasing the distributed solar power generation by encouraging the 130.80
residential and commercial end-users to install rooftop solar panels for quite some time. For
instance, in August 2021, the NEA approved a pilot program to encourage the deployment of 77.78
distributed solar PV installations in the country.
43.53
◼ Moreover, by 2023, the existing residential or commercial buildings will be required to install a 28.38
17.74
rooftop solar PV system. Under the government's mandate, a minimum percentage of buildings will 3.10 6.71
be essential for installing a solar PV system. The government buildings (no fewer than 50%), public
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
structures (40%), commercial buildings (30%), and rural buildings (20%) across about 676 counties
will need to have solar PV rooftop systems. Source: International Renewable Energy Agency (IRENA), China Energy Portal

5.1.3 ASIA-PACIFIC
◼ Assuming 200-250 MW per county, the total demand deriving from the program could be
RESIDENTIAL ELECTRICITY CONSUMPTION
between 130 and 170 GW by the end of 2023. Nearly 12 cities are offering various forms of
In TWh, China, 2015-2021
subsidies designed to facilitate the growth of distributed solar.
◼ In March 2021, the National Development and Reform Commission recommended that China
should accelerate the rooftop solar project and ensure half of the newly developed public
1,174.30
institutions will be covered by rooftop solar panels by 2025. These are the recent efforts from 1,094.60
the government to promote distributed solar power generation after China carried out a pilot 1,024.50
969.20
program to develop rooftop solar PV across the country in 2021.
878.80
◼ The Ministry of Housing and Urban Development stated that renewables should make up 8% of 807.70
the power consumed by buildings from April 2022, pushing the use of distributed solar power 728.52
generation. Such policy developments and targets are anticipated to increase the deployments of
distributed solar PV in China during the forecast period.
◼ The electricity demand trends in the residential sector are also increasing annually in China.
According to the China Energy Portal, the electricity demand in the residential sector reached
1174.30 TWh in 2021, a rise of 7% compared to 2020 and more than 60% from 2015. This is
expected to increase the need for a reliable and efficient distributed solar power system among
residential users. The same situation was seen in the commercial and industrial sectors.
◼ The rooftop solar installations play a crucial role in cutting carbon emissions in China. The
2015 2016 2017 2018 2019 2020 2021
government has been ramping up its push for distributed solar facilities nationwide as part of the
vision to make renewable energy a vital foundation of the country's path to a green economy. Source: China Energy Portal

5.1.3 ASIA-PACIFIC
◼ In December 2020, China set ambitious goals for 2030, including the non-fossil energy sources to account for 25% of all primary energy consumption and targeting
the solar and wind power generation to reach over 1,200 GW. According to China's New Energy Investment and Financing Alliance, the country needs more than
double its wind and solar power capacity in 2030 to meet its 2030 goals. These factors are anticipated to increase the focus on the distributed solar power generation
market.
◼ The solar PV installation in the residential and commercial solar sectors is also increasing steadily, with the reductions in capital costs for the solar projects and rising
competition among the competitors as the sector matures. According to the International Renewable Energy Agency (IRENA), the average cost of solar PV installation
in the residential sector in China declined from USD 2856/kW in 2012 to USD 746/kW in 2020, recording a cost drop of 74%. The commercial solar PV installation
cost declined from USD 2524/kW in 2012 to USD 691/kW in 2020. This cost decline trend increased the adoption of distributed solar PV systems in China.
◼ In March 2022, Alibaba Group's logistics arm Cainiao Network started using distributed solar power generated by rooftop solar panels installed on its bonded
warehouses in China to power its operations. The company installed the PV power generation systems on 100,000 sq. m of warehouse rooftop, which can store 7.862
MW of energy, with an annual power output of over 8 million kilowatts hour, which is enough to power more than 3,000 homes. The power generated by the solar
power system will be sufficient to power Cainiao's warehouse operations. Excess electricity will be diverted to the grid. By 2023, Cainiao and its partners expect to
install rooftop PV generation systems on Cainiao's bonded warehouses, spanning 500,000 sq. m.
◼ In early 2022, solar energy company Solar East won the EPC contract for Huaneng Jiangsu Company’s Rooftop Distributed PV Power Generation Project (Phase I) in
Guannan county. The project’s first phase is about 202 MW, out of which 150 MW is for household roof installation, while the rest will be for the government,
industrial, and commercial roof installations. Such projects are expected to supplement the growth of the distributed solar power generation market.
◼ Some of China’s key distributed solar power players operating in the country are Wuxi Suntech Power, United Renewable Energy, Hanwha Q CELLS, and JA Solar,
among others.

5.1.3 ASIA-PACIFIC
SOLAR PV INSTALLATION COST

In USD/kW, by Sector, China, 2012-2020
Residential Solar Commercial Solar
2524
2142
1680
2856
1419
2460.00 1299
2356.00 1240
1692.00 947
1609.00
1453.00 769
691
1091.00
850.00 746.00
2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: International Renewable Energy Agency (IRENA)

5.1.3 ASIA-PACIFIC
◼ The electricity generation in Singapore is dominated by fossil fuels, especially natural gas, which
RESIDENTIAL SOLAR PV CAPACITY
accounted for about 95% in 2021. The country has limited renewable energy options as there are
In MWp, Singapore, 2012-2021
no hydro resources. The wind speeds and mean tidal range are low, and geothermal energy is not
economically viable. However, solar power remains a viable renewable energy option.
◼ The solar power capacity in Singapore has risen over the past several years. According to the
Energy Market Authority, Singapore's total installed solar PV capacity reached 632.4 MW in
2021, recording a 46% growth compared to 2020. Furthermore, the country aims to generate at
least 2 GWp of solar energy by 2030.
◼ The majority of solar PV capacity in 2021 came from the non-residential private sector (61.16%
of the total installed capacity or 386.8 MWp), town councils, and grassroots (29% or 185.5
MWp), while the installations from public service agencies (6% or 41 MWp) and residential
installations (3% or 19.1 MWp) added to the remaining PV capacity. Singapore's residential solar
19.10
PV capacity recorded a decent development from 0.6 MW in 2012 to about 19 MW in 2021.
14.90
This indicates a growing trend in distributed solar power.
12.20
◼ In April 2021, TotalEnergies Distributed Generation (a wholly-owned affiliate of TotalEnergies SE)
9.30
developed the solar PV system to supply clean energy to the Singapore LNG Terminal. The solar 1.10 6.90
0.6 5.20
PV system is mounted on the roofs of the Terminal’s buildings, and it is expected to produce 800 3.60
2.00
megawatt-hours (MWh) of clean energy, which is equivalent to providing electricity to
approximately 200 average households in Singapore for an entire year. This system is expected 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
to have the potential to avoid 300 tons of CO2 emissions annually. Source: Energy Market Authority (Singapore)

5.1.3 ASIA-PACIFIC
◼ In November 2021, Sunseap, a Singapore-based solar developer, secured USD 63.6 million in terms of green loans from two domestic banks for a PV rooftop program.
According to the company, the fourth phase of the government-tendered SolarNova program involves the installation of solar panels on more than 1,200 public
housing blocks and 49 government sites. Sunseap described that the fourth phase of SolarNova would have a total capacity of 70 MWp, which could go up to 102
MWp.
◼ Moreover, in May 2021, NS BlueScope Lysaght Singapore Pte Ltd, a subsidiary of NS BlueScope, signed a long-term power purchase agreement (PPA) with URBAN
RENEWABLES to provide clean energy sourced from a solar PV rooftop installation at the company’s industrial facility in Singapore. BlueScope has committed itself to
a 12% reduction in greenhouse gas (GHG) emissions by 2030, along with increased use of renewable energy across its facilities. Hence, NS BlueScope Lysaght aims to
dedicate its rooftop to installing a 500-kWp solar project as part of the commitment.
◼ In March 2022, Terrenus Energy Pte Ltd and Digo Corporation Pte Ltd were jointly awarded a 70-MWp solar contract by the Housing Development Board (HDB) and
Singapore Economic Development Board (EDB). This project is the sixth solar leasing tender under HDB’s SolarNova program, which is likely to deploy solar panels
across 1,198 HDB blocks and 57 government sites. According to the company, it is expected to be Singapore’s largest collection of distributed solar PV systems. Once
completed, it can generate at least 90 GWh of solar energy annually. According to Terrenus Energy, the energy generated would be enough to power around 20,000
four-room flats annually and provide support in offsetting carbon emissions by about 38,000 tons per year.
◼ Therefore, with the upcoming solar PV projects and the country’s aim to meet the required solar target, Singapore’s distributed solar power generation market is
expected to witness noticeable developments during the forecast period. Some of the major distributed solar power players operating in the country include
TotalEnergies Distributed Generation, Eco Roof Power Pte Ltd, and JA Solar, among others.

5.1.3 ASIA-PACIFIC
 Electricity generation in Malaysia has been witnessing growth over the recent years, owing to urbanization, increasing industrial activities, and the increasing demand
for electricity. The country's power generation relies heavily on fossil fuels, mainly coal and natural gas. This scenario will likely continue during the forecast period
because the country is expected to depend primarily on fossil fuels for power generation.
 Malaysia has one of the highest potentials for solar uptake in Southeast Asia, as it is strategically located near the equator. In Malaysia, the monthly solar irradiation is
estimated to be 400–600 MJ/m2, creating a good environment for solar energy. According to the International Renewable Energy Agency (IRENA), Malaysia's
cumulative installed solar capacity reached 1.78 GW in 2021, recording a rise of 20% from 1.48 GW in 2020.
 The country is also a major international hub for manufacturing solar PV cells, wafers, and modules. The United States-based market leaders, such as First Solar,
SunPower, and South Korea's Hanwha Q Cells, manufacture the bulk of their solar PV cells and modules in Malaysia. The other leading manufacturers, including China's
JA Solar, Canadian Solar, and Jinko Solar, have major manufacturing operations in Malaysia.
 Despite a significant solar potential and a vast domestic solar PV manufacturing capability, Malaysia is slow in solar energy deployment compared to the major
countries in the Asia-Pacific region. However, the government is trying to implement new schemes and initiatives to increase the share of renewable energy in the
country's power generation mix.
 According to the Sustainable Energy Development Authority (SEDA), solar power generation in the rooftop solar sector of Malaysia witnessed growth under the Net
Energy Metering (NEM) regime since its introduction in 2016. Furthermore, in February 2021, Malaysia's Sustainable Energy Development Authority started accepting
applications for the Net Energy Metering 3.0 program (NEM 3.0). The new scheme replaced the NEM 2.0 program introduced in January 2019 and expired in 2020.
The NEM 3.0 program will likely be in force until the end of 2023, and it aims to allocate 500 MW of rooftop PV capacity. This program will encourage locals and
businesses to install solar systems on their properties. It will likely support and push the distributed solar power generation market during the forecast period.
 Moreover, in early 2019, the Ministry for Energy, Science, Technology, Environment, and Climate Change stated that the solar rooftop potential in Malaysia was about
34,194 MW. This capacity is anticipated to be utilized in the future.

5.1.3 ASIA-PACIFIC

In USD/kW, by Sector, Malaysia, 2014-2020
Residential Solar Commercial Solar
2680
1906
1838
2893
1285
2451
2252 1065
1813 932
881
1483
1205 1083
2014 2015 2016 2017 2018 2019 2020


5.1.3 ASIA-PACIFIC
◼ In October 2021, Keysight Technologies Inc., a leading technology company,
announced the installation of a rooftop solar PV at the company's largest site,
located in Penang, Malaysia. The completion is expected in 2022. Covering the
rooftops of all the eight buildings at the Bayan Lepas site in Penang, Malaysia,
this is the most extensive solar power generation system built by Keysight. It is
also the largest industry rooftop PV system in Penang.
◼ The project consists of a 5.8-MW peak solar installation, creating about 7.9
million kWh of energy annually, which is more than 16% of the site's current
energy demand. The project is expected to reduce about 5,000 metric ton of
CO2 emissions in the first year and more than 95,000 metric ton over the next
20 years.
◼ Likewise, in April 2021, Intel Malaysia revealed that it was using solar energy
to power six buildings across its Kulim and Penang campus with a new 3.2-
megawatt (MW) solar installation. The new solar farm panels at Intel Malaysia
cover an area equivalent to 900 car parking spaces and 50,208 square feet on
rooftops. They are expected to generate about 6,000 megawatt-hours of
electricity annually. The solar sources partially replace the campus' electricity
during peak hours.
◼ Owing to the supporting government initiatives and the increasing adoption of

rooftop solar PV in Malaysia, the country is anticipated to witness noticeable
growth during the forecast period.
5.1.3 ASIA-PACIFIC
 In 2021, coal (59%) contributed to the major part of the annual electricity generation in
Australia, followed by renewables (32.5%) and the remaining others. The country's state RENEWABLE GENERATION MIX
governments have been focusing aggressively on increasing the rate of renewable energy Share (%), by Source, Australia, 2021
adoption.
4.3%
 According to Australia's Clean Energy Council, the renewable power generation in the country is
dominated by solar energy. Of this, small-scale solar PV (up to 100 kW) accounted for 24.9%,
generating around 18.606 TWh of electricity, large-scale solar PV (larger than 5 MW) (12.3%) 12.3%
generated 9.167 TWh, and medium-scale solar PV (between 100 kW and 5 MW) (1.1%) 1.1%
35.9%
generated 0.787 TWh in 2021.
 The country has excellent solar radiation per square meter, as compared to any other continent, 21.6%
and consequently, one of the best solar energy resources in the world. The regions with the
highest solar radiation are the desert areas in the northwest and central parts of the continent.
Australia receives an average of 58 million PJ of solar radiation each year, approximately 10,000 24.9%
times larger than its total energy consumption.
 The solar potential is also being actively utilized in the country, which was witnessed in the Wind Small-scale Solar PV
recent solar PV installations in the country. The small-scale rooftop solar PV accounted for Hydro Large-scale Solar PV
Bioenergy Medium-scale Solar PV
24.9% of Australia's renewable energy generation and 8.1% of the total global generation in
2021. Source: Clean Energy Council, Australia

5.1.3 ASIA-PACIFIC
SMALL-SCALE SOLAR PV ANNUAL INSTALLATION

In GW, Australia, 2010-2021
3.31
2.96
2.19
1.61
1.11
1.03
0.87
0.79 0.80 0.74
0.70
0.38
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Clean Energy Council, Australia

5.1.3 ASIA-PACIFIC
◼ The distributed energy resources (DER) landscape in Australia is changing rapidly. Rather than being generated by large centralized power stations, the electricity comes
from many places, including millions of homes and businesses. According to the Australian Renewable Energy Agency (ARENA), the demand for DER in Australia is
anticipated to grow further. The Electricity Network Transformation Roadmap estimates that by 2050, the DER may contribute to about 45% of Australia's electricity
generation capacity.
◼ The government has supported distributed solar power generation in Australia through continuous initiatives. In 2018, the ARENA established the Distributed Energy
Integration Program (DEIP), collaborating with government agencies, market authorities, and industrial and consumer associations to enhance the DER. Furthermore, in
2019, the government, through the ARENA, awarded AUD 9.6 million in funding to 12 projects and studies to integrate the distributed energy resources (DER) into the
electricity system.
◼ Similarly, in April 2021, the ARENA announced a funding amount of about AUD 981,000 to the University of New South Wales (UNSW) to develop several tools to
understand the behavior of the rooftop PV and distributed energy resources (DER) in response to a variety of contingency events across the National Electricity Market
(NEM). The project will try to identify how the assets respond to incidents such as the sudden loss of a large generator or transmission line while also assessing
opportunities for DER and rooftop solar PV to protect the NEM from such events in the future.
◼ The study is expected to improve data capture, assess inverter behavior, and inform the development of new standards and frameworks for the long-term monitoring of
solar and DER asset behavior. It will likely improve the distributed solar power generation during the forecast period. The Australian Energy Market Operator (AEMO)
and the solar monitoring company, Solar Analytics, have partnered to conduct the UNSW project.
◼ The country is also witnessing the adoption of distributed solar power generation in various shopping malls and shopping centers. For instance, in May 2022, Energy
Queensland's energy services business, Yurika, announced a 4.93-MW solar PV system to be installed on the roofs of the Hyperdome Shopping Centre at Loganholme,
generating enough renewable energy to power more than 1,000 homes.

5.1.3 ASIA-PACIFIC
◼ Yurika delivered the project through a partnership between Yurika and the Queensland
Investment Corporation (QIC). The solar PV system has more than 12,000 panels that generate
In USD/kW, by Sector, Australia, 2015-2020
4.93 MW of energy. The solar PV technology is expected to reduce Hyperdome's carbon
emissions by 6,050 ton annually, equivalent to removing 2,800 passenger vehicles from the roads Residential Solar Commercial Solar
each year.
◼ Similarly, in May 2021, Vicinity Centers powered up two new rooftop solar PV systems with a
combined 3.6-MW capacity, including a 2.3-MW system atop the Karratha City Shopping Center
in Western Australia and a 1.3-MW system on Queensland's Gold Coast. The Karratha Project 2247
comprises more than 6,100 panels and is one of the largest installed systems across Vicinity 1979
Centers' retail property portfolio. It can generate more than 3,900 MWh per year. Such projects 1694
1580
are witnessing massive developments in terms of distributed solar power generation.
2223 1384
2011 1282
◼ The solar PV installation cost is also declining considerably. According to the IRENA, the solar PV
1758
installation cost within the residential sector declined steadily from USD 2223/kW in 2015 to 1575
1307 1219
USD 1219/kW in 2020. Similarly, the PV installation cost within the commercial sector fell to
USD 1282/kW in 2020 from USD 2247/kW in 2015. These declining costs are anticipated to
push the end users to go ahead with distributed solar power generation in Australia.
2015 2016 2017 2018 2019 2020
◼ Overall, Australia's distributed solar power generation is expected to develop during the forecast
period significantly. It is likely to become one of the largest markets in the Asia-Pacific region. Source: International Renewable Energy Agency (IRENA)

5.1.3 ASIA-PACIFIC
 Japan had a cumulative installed solar power capacity of 74.19 GW in 2021. Furthermore, the
country seeks to add more solar power to achieve its ambitious 2030 Emissions Reduction goal. CUMULATIVE INSTALLED SOLAR POWER CAPACITY
According to the country's environment and trade ministries, Japan aims to have 108 GW of solar In GW, Japan, 2011-2021
capacity by 2030, about 1.7 times higher than its previous target and 20 GW more than its current
74.19
pace of addition. This is likely to encourage and push the deployment of distributed solar power
69.76
among residential, commercial, and industrial (C&I) end users.
63.19
 In March 2021, Toshiba Corp. announced that it had completed (together with its partners) a 6.4-
MW rooftop solar installation at the Tahara Plant of Tokyo Steel Manufacturing Co. in Aichi 56.16
Prefecture. The solar PV system consists of 21,120 panels that can generate enough power to 49.5
meet the annual demand of 2,000 households. The Tahara Plant will consume the power generated
42.04
by the solar power system, and it is one of the largest distributed solar plants in Japan.
 In February 2022, the Ministry of Economy, Trade, and Industry (METI) published the feed-in 34.15
tariffs (FITs) that it proposes to apply to solar installations with a capacity of 10 to 250 kW, as well
as the feed-in premiums (FIPs) to solar projects over 250 kW selected through the auction scheme 23.33
in 2022. The ministry set a fixed FIT of USD 0.096/kWh for PV systems with capacities between
13.59
10 kW and 50 kW and a FIT of USD 0.087/kWh for installations between 50 kW and 250 kW.
 According to the Korea Energy Agency (KEA), the cumulative installed solar PV capacity of South 6.6
4.9
Korea will hit 22 GW by the end of 2021. The country has also set a target to install 30.8 GW of
solar by 2030, which is expected to increase solar power generation in the coming years. In 2020,
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
the solar power generation in the country had reached 19.29 TWh, recording a steady rise since
2010.

5.1.3 ASIA-PACIFIC
 South Korea supports rooftop and large-scale PV systems through various tenders. In the latest
two procurement exercises held in 2021, the government allocated 4.2 GW of PV capacity. SOLAR POWER GENERATION
In GWh, South Korea, 2010-2020
Furthermore, to meet its electricity demand through renewable sources, the country will likely
witness developments in the distributed solar power sector.
19,297.85
 For instance, in June 2021, Youngone Corporation, the South Korean multinational conglomerate,
launched one of the country's largest rooftop solar power plants in the Korean Export Processing
Zone (KEPZ). The company is likely to deploy 40 MW of solar power on the rooftops of the
14,163.04
factory buildings, backed by an investment amount of USD 40 million. The project's first phase has
commenced, with 16 MW of capacity.
10,154.96
 According to KEPZ officials, separate solar PV units to generate the remaining 24 MW of solar
power will be established by the end of 2022. As of 2021, 34 factories were operating in the
7,737.85
economic zone, of which solar panels were installed on the roofs of 16 factories to generate
electricity in the first phase. Such projects are expected to see developments in the South Korean
5,515.82
distributed solar power market during the forecast period.
4,229.72
2,693.99
 India is another country in Asia-Pacific where distributed solar power generation has a noticeable
1,667.33
1,126.91
development. India's cumulative installed solar power capacity reached about 49 GW in 2021,
922.70
773.38
adding around 10 GW in 2021.
 The Ministry of New and Renewable Energy is implementing the Rooftop Solar Programme Phase-
II for the country's accelerated deployment of solar rooftop systems. The scheme provides for
financial assistance of up to 4 GW of solar rooftop capacity to the residential sector. There is a 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
provision to incentivize the companies for incremental achievement over the previous year. Source: Korea Energy Agency (KEA)

5.1.3 ASIA-PACIFIC
 Under the Rooftop Solar program Phase-II, allocation of 3.4 GW has already been made to CUMULATIVE INSTALLED SOLAR POWER CAPACITY
various states, and 1.07 GW has already been installed against the country's target of 4GW for in GW, India, 2016-2021
the residential sector. As of November 2021, about 5.7 GW of rooftop solar projects were set up
in India.
 In March 2022, Panasonic Life Solutions India announced the commissioning of a 6MWp rooftop
solar plant for automaker Fiat India Automobiles Limited at its Ranjangaon passenger vehicles
factory in the Pune. FIAT's facility uses the energy produced from the rooftop solar plant for in-
house captive consumption. The solar rooftop project was installed on multiple roofs within the
factory premises using efficient 445Wp half-cut mono PERC solar modules and high-efficiency
110kW string inverters. It is expected to generate about 91 lakhs kWh of solar energy annually
40.1
34.60
and help in removing almost 8,500 ton of CO2 emissions.
28.2
 Furthermore, in March 2022, Smart Power India (SPI), the Indian subsidiary of Rockefeller
21.7
Foundation, signed a non-financial and non-commercial memorandum of understanding (MOU)
with Adani Solar to ensure electricity access and support the energy transition in the rural areas in
12.3
6.8
India. The MoU aims to promote the solar rooftop panels usage and achieve 5 MW of solar
deployment in the future through Adani Solar's channel partners in rural and peri-urban areas of
2016 2017 2018 2019 2020 2021
Uttar Pradesh (UP), Bihar, Jharkhand, and Odisha.
Source: Ministry of New and Renewable Energy (MNRE) India

5.1.3 ASIA-PACIFIC
 Indonesia is another major country where efforts are being made for distributed solar power generation. In September 2021, Indonesia's Ministry of Energy and Mineral
Resources (MEMR) enacted the law MEMR 26/2021, which could improve the net metering legislation for rooftop PV. This was the third time the government
amended the rules since they came into force in 2018, as the country failed to deliver the expected growth volume in terms of new PV installations.
 The new net metering rules increased the net metering factor from 0.65 to 100, where the solar PV system owners would be given credits for the surplus power
injected into the grid at the same tariff paid for buying electricity from the network. Likewise, the time frame to accumulate these credits has been increased from three
to six months.
 According to the Institute for Essential Services Reform (IESR), based on the solar resource mapping of NREL Re Explore, Indonesia has the potential to deploy up to
655 GWp of rooftop solar capacity. Furthermore, as a sign of an increase in the distributed solar power generation in recent times, from the end of 2018 to November
2021, the private rooftop solar panel users increased more than sevenfold to about 4,500, with an installed capacity of 44 MW up from just 1.5 MW, according to
state-owned power utility Perusahaan Listrik Negara (PLN).
 Furthermore, in March 2022, Beiersdorf AG, the German skin care product maker of the Nivea brand, entered a long-term solar power deal with a French multi-energy
group, TotalEnergies SE, involving a rooftop project in Indonesia. TotalEnergies plans to install a 540-kWp solar PV array on a Beiersdorf manufacturing site to generate
some 830 MWh of electricity per year. The project is expected to be completed by June 2022. Thus, the country is expected to witness moderate development during
the forecast period.
 Overall, due to the increasing deployments of the rooftop solar power systems and supporting government initiatives, the Asia-Pacific region is anticipated to witness a
decent development in distributed solar power generation market during the forecast period.

5.1.4 SOUTH
AMERICA

5.1.4 SOUTH AMERICA

Size and Demand Forecast in USD billion, South America, 2019-2027
15.29
14.41
13.6
12.85
12.16
11.53
10.93
10.16
2019 (a) 2020 (a) 2021 (a) 2022 (e) 2023 (f) 2024 (f) 2025 (f) 2026 (f) 2027 (f)

5.1.4 SOUTH AMERICA

◼ Brazil is one of the largest economies in South America. Until 2015, the country heavily relied on fossil fuel and hydroelectricity for its energy needs; however, this
changed recently. Since 2015, the country has started diversifying its energy sources and has focused on increasing the deployment of other renewable energy
sources such as solar and wind.
◼ Brazil is a newly industrialized country featuring a large population and considerable economic growth. The country’s primary energy consumption has significantly
increased, mainly due to its growing industrial sector and population. The country meets most of its energy demand from hydroelectricity and conventional energy
sources, like coal, oil, and gas.
◼ As of 2021, the country produced over 22% of its primary energy needs from renewable energy resources (excluding hydroelectric), increasing from approximately
19% share in 2020 and 16.2% share in 2019. The country has vast potential for energy generation from solar power due to its tropical location and high solar
radiation.
◼ The country’s solar power sector experienced unprecedented growth in recent years, mainly supported by government policies and rising environmental concerns
about energy generation from conventional energy resources, like oil, natural gas, and coal. As of February 2022, the country had a total installed solar power
capacity of 14.02 GW, which has doubled since 2020.
◼ Of Brazil's total 14.02 GW of solar power capacity, 9.28 GW or 66% of the capacity comes from distributed solar power generation. Furthermore, according to
Brazil's state-run Empresa de Pesquisa Energetica (EPE), the country is expected to reach an installed PV capacity of 26 GW for distributed solar PV generation
systems by 2030, including installations not exceeding 5 MW in size under the net metering regime.
◼ Furthermore, in January 2022, the Brazilian authorities introduced a new regulatory framework for distributed solar power generation to ensure that PV systems
below 5 MW would be eligible for net metering tariffs until 2045. This is expected to encourage and increase solar power distributed systems adoption over the
forecast period.
◼ In June 2021, London-based investment company, VH Global Sustainable Energy Opportunities, announced a USD 63 million commitment to construct 18 remote
distributed solar generation projects across ten Brazilian states with a total capacity of 75MW.
5.1.4 SOUTH AMERICA
◼ VH Global may partner with developer Energea Global LLC to develop and operate the distributed
DISTRIBUTED SOLAR POWER GENERATION CAPACITY
solar PV projects. The solar PV system will supply energy via 20-year contracts to commercial and In MW, Brazil, 2017-2022
industrial energy users and large multinational corporations operating in Brazil. According to VH
Global, the investment is expected to support the growth of a sustainable energy system in Brazil 9288
8846
by improving and securing localized access to clean energy and helping to lower Brazilian energy
prices.
◼ Furthermore, in January 2022, the Brazilian solar energy association, ABSolar, stated that by the
end of 2022, the newly installed solar power capacity is expected to reach 12 GW, including 8.9
GW from distributed generation and 3.2 GW from utility-scale solar.
◼ Of the BRL 50.8 billion (USD 9.1 billion) in investments expected for this year, distributed 4898
generation accounts for around BRL 40.6 billion. Hence, with the new solar installations in Brazil,
the distributed solar PV sector is likely to witness significant development during the forecast
period.
◼ Argentina is rich with renewable sources, such as constant sunshine in the remote northwest, 2131
steady winds in southern Patagonia, and hydropower and biomass fed by rivers and extensive
farmlands. 590
◼ In 2020, the electricity generation in Argentina was dominated by 68% of fossil fuels, 8% by solar 190
and wind, 7% nuclear, and 17% by hydro and other renewables. Despite its potential for
2017 2018 2019 2020 2021 2022 (till
renewable energy, Argentina fell behind many of its smaller neighbors in turning these resources February)
into reliable power sources. Source: Brazilian Photovoltaic Solar Energy Association (ABSOLAR)

5.1.4 SOUTH AMERICA
◼ Argentina has a vast potential for solar power with high solar radiation levels in the country's northwest parts, which witnesses solar radiation ranging from 1800
kWh/m2 to 2200 kWh/m2. Despite the abundance of solar irradiation, the development of solar power projects in Argentina remained low till 2017 compared to its
neighbors Chile, Brazil, and Uruguay. However, Argentina's RenovAr tenders helped pick up the pace in the renewable energy sector. In 2021, the cumulative solar
power capacity reached about 1.07 GW, recording a growth of more than 40% compared to around 0.76 GW in 2020.
◼ In June 2021, Argentina's Ministry of Environment and Sustainable Development signed an agreement with the Ministry of Energy to implement 53 distributed solar
power systems in the country's national parks.
◼ According to the Ministry, the solar PV arrays are planned to be installed in the buildings inside nine protected areas in Argentina's Centre, Northeast, and Patagonia
regions. The government invests a total of ARS 375 million (USD 3.9 million) as part of the initiative. It is a part of the country's project for renewable energies in
rural markets project (PERMER).
◼ Furthermore, in March 2022, the Secretariat of Electric Power in Argentina launched a call for interested bidders for solar PV installation and power supply for 281
public, national and provincial buildings in 19 provinces.
◼ Under the program for renewable energies in rural markets (PERMER), the Ministry of Energy plans to install solar systems for national highway camps, border posts
of the Argentine Army, national gendarmerie posts, national parks shelters, rural schools, health centers in rural regions and police buildings with an investment of
USD 22 million. The solar facilities installed are expected to supply power, benefiting the public institutions located far off from the main power distribution network
of the country.
◼ Thus, factors such as the country's huge potential for solar power, supported by government initiatives and investments, are expected to increase the growth of
distributed solar power generation in Argentina over the forecast period.

5.1.4 SOUTH AMERICA
◼ Chile has been focusing on the renewable energy sector, especially solar PV, in the last few years, CUMULATIVE INSTALLED SOLAR POWER CAPACITY
owing to the country's economic and political stability and the industry's potential. According to in MW, Chile, 2013-2022
the Chilean Association for Renewable Energy (ACERA), in April 2022, Chile's cumulative installed
solar power capacity reached about 6.74 GW, up from 6.16 GW in 2021 and 3.48 GW in 2020.
6,747
◼ The Chilean government emphasized the need for diversification, adopting an energy policy-2050 6,165
in 2015 to set renewables at 60% of the energy mix by 2035 and at least 70% by 2050.
◼ In Chile, the distributed generation is known as small generation means or PMG and small means
of distributed generation or PMGD. PMGs are projects with installed capacities of 9,000 kW and
are connected to the main transmission, sub-transmission, or additional transmission grid. On the 3,484
other hand, PMGDs are means of the generation whose capacity surplus is lower than or equal to 2,694
2,406
9,000 kW and connected to a distribution company's facilities or to the facilities that own
1,837
electrical energy distribution lines used public domestic goods.
1,125
◼ According to ACERA, as of April 2022, the distributed solar power generation capacity from 576
221
PMGD was about 1361 MW and 87 MW from PMG in Chile. 15
◼ Furthermore, in February 2022, the Chilean Energy Regulator (CNE) launched an auction to 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
(till
provide 5.25 GWh of electricity to the national grid, likely to take place over 15 years. The April)
addition of electricity is expected to begin in 2027. Source: Chilean Association for Renewable Energy (ACERA)

5.1.4 SOUTH AMERICA

◼ Earlier, the last energy auction happened in Chile in August 2021, in which the Chilean Energy Regulator assigned more than 2.3 TWh of renewable energy to the
national power system. In the said auction, the lowest price submitted was USD 0.01332/kWh. According to the Chilean Association for Renewable Energy (ACERA),
the utility-scale PV plants accounted for most of the country's current installed solar capacity against the rooftop PV.
◼ Overall, the country is expected to see a moderate development in distributed solar power generation during the forecast period due to the country's focus on large-
scale solar projects.
◼ Colombia faces several challenges securing a reliable, affordable, and climate-friendly energy supply. Persistently low reserve-to-production ratios in oil and gas and
advancing climate change put the country's energy system at risk. Heavily relying on hydro-power, Colombia's electricity system is expected to become more vulnerable
to extreme weather patterns like El Niño and La Nina. Thus, Colombia is looking to increase solar energy to reduce this dependency, especially photovoltaic solar
energy.
◼ However, Colombia's National Energy Plan for 2050 expects to increase the share of coal-fired generation to 12.5% by 2028 from about 9.4% in 2020. Furthermore,
the transmission expansion plan expects coal to deliver over 18.5% of power in 2031. These additions are expected to trump efforts to decarbonize Colombia's energy
system and reduce greenhouse gas (GHG) emissions.
◼ In the case of solar PV, the country has a smaller footprint than its neighboring countries, Brazil and Argentina. However, increasing research highlights that solar PV is
expected to play a definitive role due to its versatility, scalability, and complementarity with large hydro generation in the country.
◼ Furthermore, geographical and weather conditions are vital for variable energy sources like solar PV systems. The countries near the equator, such as Colombia, have a
higher average solar radiation than most countries in Europe or the United States. For instance, the Guajira Peninsula in the northeast and the Orinoco flatlands in the
east of Colombia reached the highest national values of around 6.0 kWh/m2. The country's geographic positioning is one of the primary reasons for considering it an
essential solar energy generator in the future.
◼ Despite the potential, Colombia's solar power capacity is still lower than other South American countries. According to the International Renewable Energy Agency
(IRENA), the total installed solar power capacity was only about 184 MW in 2021; however, it recorded a growth of more than 100% in 2020.

5.1.4 SOUTH AMERICA

◼ In April 2021, Colombian power company Celsia SA announced that it had
completed installing a 2.2 MW rooftop solar PV system on the roofs of the
International Logistics Distribution Centre of Colombia's Port of Cartagena.
◼ The project, consisting of 6,000 solar panels, the solar PV park will be able to
meet 10% of the port's electrical demand. Celsia expects the new solar array to
produce 2.98 GWh of clean electricity annually, enough to offset 1,101 tons of
carbon dioxide (CO2) emissions during its life cycle.
◼ Though Colombia has a smaller presence in the distributed solar power market,
it provides a vast opportunity due to its favorable geographical conditions for
solar PV, optional usage with the country's hydroelectric plants, and competitive
edge over other renewable energy sources.
◼ Overall, South America is expected to have a noticeable development in

distributed solar power generation during the forecast period. Some key
distributed solar power players operating in South America include Canadian
Solar, First Solar, JinkoSolar, and Trina Solar.

5.1.5 MIDDLE EAST &
AFRICA

5.1.5 MIDDLE EAST & AFRICA

Size and Demand Forecast in USD billion, Middle East & Africa, 2019-2027
9.06
8.57
8.08 8.12
7.7
7.32
6.96
6.61
6.16
2019 (a) 2020 (a) 2021 (a) 2022 (e) 2023 (f) 2024 (f) 2025 (f) 2026 (f) 2027 (f)

◼ More than 95% of primary energy needs in the Middle East & Africa are fulfilled by fossil fuels.
Fossil fuels like crude oil are abundantly available in Saudi Arabia, United Arab Emirates, and other
In MW, Saudi Arabia, 2010-2021
Gulf countries.
◼ Electricity generation in Saudi Arabia is dominated by fossil fuels, with oil accounting for around
40%. The country has been focusing on reducing the dependency on oil for power generation by 389.4
developing alternate energy infrastructure, including solar power generation.

◼ The yearly rise in electricity demand affects the country’s oil export volume and earnings. Saudi
Arabia is restructuring its power sector to reduce oil consumption in power generation.
◼ The electricity generation from renewable sources in the past was negligible. However, it is
expected to play a significant role in meeting the growing demand and diversification of electricity
generation in the country as the government established the Renewable Energy Project
Development Office (REPDO) to deliver the 9.5 GW clean energy target set out in Vision 2030.
◼ Furthermore, in 2019, Saudi Arabia set a new renewable energy target of developing and installing
58.7 GW of clean power sources by 2030, of which solar PV includes 40GW of the target. This is
expected to make way for distributed solar power generation in the country. 59.4 59.4
◼ Saudi Arabia is naturally endowed with renewable energy sources, particularly solar. The solar 34.4 34.4
22.5 24.3 24.3 24.3
13.6
2.4 2.9
irradiation in the country is 250 w/m2, which is above the average irradiation of high potential
solar areas globally of 100-200 w/m2. Despite having excellent potential for solar power 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
generation, the distributed solar power generation in the country is still developing. Source: International Renewable Energy Agency (IRENA)


◼ In 2017, the Electricity and Cogeneration Regulatory Authority (ECRA) in Saudi Arabia introduced a net metering scheme for small-scale solar power producers who
consume the power generated and export unused power to the national grid. Under the net metering framework, which was enacted in July 2018, consumers have their
excess electricity offset against their future consumption and receive payments at a regulated tariff after a year.
◼ Furthermore, in July 2020, the ECRA published new rules for distributed solar PV systems ranging from 1 kW to 2 MW for all energy consumers to install PV systems
under the national net metering scheme. These may likely encourage electricity consumers to install PV systems and increase the growth of distributed solar power
generation in Saudi Arabia.
◼ Overall, with the primary focus on the large-scale solar PV projects in the country and the limited investments and utilization of small solar PV, the distributed solar power
market is likely to have a minimal growth during the forecast period.
◼ The other parts of the Middle East & Africa include the United Arab Emirates, South Africa, Egypt, and others. The United Arab Emirates has undertaken significant steps
toward renewable energy, particularly in the solar sector. To meet the rising demand, the United Arab Emirates started on a challenging mission to raise energy security,
diversify energy sources, and increase the share of solar in its power mix.
◼ According to the International Renewable Energy Agency (IRENA), the cumulative solar PV capacity in the United Arab Emirates reached about 2.6 GW in 2021 from 2.20
GW in 2020. The country has proven that it holds some of the best solar resources globally while supporting economic and regulatory policies, helping its clean energy
program to excel.
◼ The Dubai Electricity and Water Authority (DEWA) developed the Shams Dubai solar program in early 2015. It allows DEWA customers to install solar panels on rooftops
and use the produced solar energy to reduce their monthly electricity bills. According to DEWA, Dubai installed nearly 299 megawatts (MW) of rooftop solar photovoltaic
(PV) capacity at the end of March 2021 under the Shams Dubai initiative. The goal is to reach 5,000 megawatts by 2030, which may likely boost distributed solar power
generation in the future.
◼ In June 2021, Amazon MENA launched its first solar rooftop in the United Arab Emirates, its largest fulfillment center, DXB3. The solar project has more than 5,500
panels on the roof and generates 2.8 MW of onsite solar energy to provide 60% of the center's needs. It is expected to reduce CO2 emissions, equivalent to planting
40,000 tree seedlings.
◼ Furthermore, in August 2021, Emerson partnered with SirajPower to implement a solar rooftop plant at the Middle East & Africa Head Office in Dubai. SirajPower is
expected to finance, design, and construct rooftop power plants across all four of Emerson's warehouses and office buildings in Jebel Ali South. The rooftop consists of
5,489 solar panels, covering an area of 19,340 m2. The solar system will have a 2.6 MWp capacity, and it is expected to produce 3.923 GWh of clean energy annually.
◼ In March 2022, Maersk Kanoo UAE, an integrator of container logistics, inaugurated its first integrated logistics center with rooftop solar panels in Dubai. The facility is
expected to get solar panels on its rooftop to cater to entire electricity requirements for facility operations. Each year, 434 MWh of clean energy is anticipated to be
produced, and carbon emission worth more than 1,700 tons is expected to be reduced over ten years. These projects are the signs of developments in distributed solar
power generation.
◼ Thus, the United Arab Emirates is expected to have a considerable solar power distribution market due to the increasing developments in rooftop solar installations,
supportive government initiatives, and excellent solar exposure rates, thereby giving the country tremendous market potential.
◼ South Africa has great potential for renewable energy resources, especially solar and wind, the most prominent technologies in the current renewable procurement
windows. The country has an average of more than 2,500 hours of sunshine per year, and the radiation levels range between 4.5 and 6.5 kWh/m2 per day. South
Africa is one of the most attractive solar resource areas globally.
◼ South Africa's energy model has been evolving rapidly in recent years, fueled by frequent power cuts and the pressure to reduce dependency on energy generation
from fossil fuels. The country has taken several initiatives recently to support renewable-sourced power and the development of medium-scale distributed generation.
◼ In 2019, new carbon taxes came into effect in the region. It is planned to be implemented in two phases. The first phase may likely run until December 2022 and tax
carbon at a rate of about USD 8.34 per metric ton of CO2equivalent. These carbon taxes are expected to push the country toward renewable power generation, of
which solar power is a big part.

◼ South Africa has one of the highest installed solar PV capacities in the Middle East & African
region. In 2021, the cumulative installed solar PV capacity reached 5.72 GW, recording an In MW, South Africa, 2010-2021
increase of 4% from 5.49 GW in 2020. Furthermore, in South Africa, there has been an increasing
customer interest in rooftop PV installations, even without specific policies or standards for
promoting this technology.
5,721
◼ For instance, as of March 2022, Investec Property is gearing to install the continent’s largest solar 5,490
PV rooftop plant at Cornubia Mall in Kwa-Zulu Natal, South Africa. It is anticipated to have a DC
capacity of 5.25MWp and an AC capacity of 4.29MW, becoming one of the largest rooftop-only 4,401 4,405
solar plants globally.
◼ In partnership with Terra Firma Solutions, Investec Property aims to implement a low-carbon
emission technology to decrease its carbon footprint and environmental impact on society. Terra 3,147
Firma Solutions plans to install the plant over the next five months, which may likely see
considerable development in the country’s distributed solar power generation.
1,974
◼ During the forecast period, the share of the rooftop segment is expected to increase on account
of the decreasing solar PV installation costs. For instance, according to the International 1,252
1,063
Renewable Energy Agency (IRENA), the solar PV installation cost in the residential sector in South
Africa reached USD 1575/kW in 2020 from USD 4,187/kW in 2013. 262
◼ Hence, with the declining cost of solar PV installation and rising adoption of solar PV rooftop 2 6 11
projects, the distributed solar generation in the country is expected to grow over the forecast 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
period. Source: International Renewable Energy Agency (IRENA)

◼ Egypt has high solar energy potential, and its exploitation is critical for national sustainable development through efficient energy planning and gradual independence
from fossil fuels. The country has an average level of solar radiation between 2,000 to 3,200 kWh per square meter a year. Thus, the country is expected to offer
enormous growth potential.
◼ Egypt is poised to witness growth in the distributed solar power generation market in the future, driven by the government's push to promote solar installations,
increasing investments, and technological advancements. The country aims to reach 42% renewables in its energy mix by 2030, of which solar power is expected to play
a vital role during the forecast period.
◼ As of March 2022, the Egyptian Electric Utility and Consumer Protection Regulatory Agency (EgyptERA) issued Decree 6/2022, announcing new incentives to
encourage more solar plants under the net-metering system and the self-consumption system connected to the grid. The government plans to expand the use of rooftop
solar panels on all residential, governmental, industrial, and commercial buildings.
◼ The incentives have relaxed the restrictions and limitations imposed by the net metering rules issued in EgyptERA in May 2020. In the new rules, the maximum capacity
of all net-metering projects owned by a customer was increased to 25 MW instead of 20 MW. The total capacity of all net-metering projects was increased from 25
MW to 30MW. This is likely to encourage and increase the adoption of distributed solar power generation among end-users.
◼ In December 2020, the European Bank for Reconstruction and Development (EBRD) announced the installation of Egypt's first private power purchase agreement
(PPA)-driven solar rooftop. The solar PV installer Solarizegypt has connected a 1 MW rooftop array in Sadat City for Coca-Cola and sells the electricity generated to the
company under Egypt's net-metering rules, which guarantee payments for 25 years. The EBRD announced the installation to publicize its role in helping Solarizegypt
raise finance for the project. The EBRD indicated the installation was supported by the Green Economy Finance Facility Egypt, developed with the backing of the EU
lender, the European Investment Bank, and the French development agency, Agence Française de Développement.

◼ Furthermore, in March 2022, Smart Paper, an Egyptian paper industry, partnered with Empower, a Norwegian company, to develop a 4.5MW rooftop solar plant in Egypt
as part of the government's renewable energy program. Empower announced the start of the first phase of a 4.5 MW rooftop solar plant project for Smart Paper,
collaborating with its partner EPC Gree Solar. Such projects are expected to witness noticeable growth in Egypt's distributed solar power generation.
◼ The country is anticipated to have decent developments in distributed solar power generation due to the government's ambitious renewable target and future
investments in rooftop solar projects in the coming years.
◼ The other countries in the rest of the Middle East & Africa are either much smaller markets for distributed solar power generation or are focused majorly on large-scale
solar power projects in the region.
◼ In March 2022, the Energy Ministry in Iran announced that the government expects the number of rooftop solar units in the country to reach over 100,000 by March
2023. The country aims to install 550,000 rooftop solar units as part of its push to expand its renewable capacity. Such plans are anticipated to increase the adoption of
distributed solar power generation in Iran.
◼ According to the energy ministry, the rooftop panels planned for installation across Iran is likely to have a maximum electricity generation capacity of 5 kilowatts per hour.
More than 6,000 units have already been installed through a government program that grants applicants 10-year loans and other incentives. The focus of the rooftop
solar project in Iran is expected to be on poor households to help them receive a monthly income from supplying their electricity to the national power grid.
◼ In November 2020, Jordan's Ministry of Energy and Mineral Resources signed an agreement with the Housing Bank for Trade and Finance (HBTF) to support a rebate
program for residential PV systems and solar thermal collectors. According to the government, the bank is expected to finance 70% of residential PV projects through soft
loans. Customers may receive rebates of around 30% on the initial investment costs of residential PV systems. The country's Renewable Energy & Energy Efficiency Fund
(JREEEF) provides funds for the rebates, and the subsidies are granted to projects below 3.6 kW in size under the net metering regime. This may likely support the
adoption of distributed power generation market in Jordan.

5.1.5 MIDDLE EAST &

AFRICA
◼ In Algeria, the Ministry of Energy Transition and
Renewable Energy and the Ministry of Religious
Affairs and Endowments signed an agreement in
March 2022 to support installing solar photovoltaic
(PV) systems on the roofs of mosques, Quranic
schools, and institutions across the country. It is part
of the government's strategy for developing
renewable energy and solar power.
◼ Overall, the rest of the Middle East & Africa is

expected to have decent growth in the distributed
solar power generation market over the forecast
period due to the government's focus on increasing
renewable energy and rising investments in rooftop
solar projects, and the vast solar potential in the
region.

6. COMPETITIVE
LANDSCAPE
6.1 Mergers And Acquisitions, Joint Ventures,
Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles (Overview, Products and
Services, Financials, and Recent Developments)

6. COMPETITIVE LANDSCAPE
6.1 MERGERS AND ACQUISITIONS, JOINT VENTURES, COLLABORATIONS, AND

AGREEMENTS
Year Development
BESCOM (Bangalore Electricity Supply Company Limited) invited bids to set up 50 MW of grid-connected residential rooftop solar projects in Karnataka,
JAN 2022
India. This project is a part of the Phase-II grid-connected rooftop solar program implemented by the Ministry of New and Renewable Energy (MNRE).
ALLETE Inc. announced its acquisition of New Energy Equity, one of the leading distributed solar developers, for approximately USD 165.5 million. The
APR 2022
acquired company completed more than 250 distributed solar projects across the United States, totaling more than 330 megawatts.
Fourth Partner Energy acquired the onsite distributed solar generation portfolio of ReNew Power for INR 650 crores, The assets totaling 140 MW were
JAN 2022
spread over 100 pan-India projects.
Fourth Partner Energy announced the acquisition of an 8.9-MW distributed solar portfolio from Statkraft India, marking its first acquisition this fiscal. This is
JUL 2021
in line with the firm’s capacity expansion plans post securing USD 125 million in funding from Norfund and TPG.
Goldman Sachs Asset Management, an investment manager, entered into a definitive agreement with Dynamic Energy Solutions, a solar project developer, for
DEC 2021 the acquisition of approximately 70 MW of distributed solar generation project portfolio in the state of Maine in the United States. The portfolio comprises 11
projects located throughout Maine, including projects in Corinth, Madison, Norridgewock, Enfield, Exeter, Glenburn, Gray, Guilford, Leeds, and Wales.

6.1 MERGERS AND ACQUISITIONS, JOINT VENTURES, COLLABORATIONS, AND

AGREEMENTS
Year Development
MAR The World Bank planned to introduce a USD 100 million credit guarantee scheme to boost India’s rooftop solar program. The scheme allows micro, small, and
2021 medium enterprises (MSMEs) to get concessional debt financing for setting up rooftop solar units across India.
DEC Clean energy solutions provider Vikram Solar has announced the commissioning of a 919.73-kilowatt rooftop solar plant at its Falta facility in West Bengal,
2020 India. The photovoltaic plant consists of 2574 modules ranging from 325 wp to 400 wp covering an area of 6500 square meters.
The federal government of the United States passed an extension of the Investment Tax Credit (ITC) for commercial and industrial rooftop installers which
DEC
2020 provides a 26% tax credit for systems installed in 2020-2022 and 22% for systems installed in 2023. (Systems installed before December 31, 2019, were
eligible for a 30% tax credit.).
Maruti Suzuki India Limited has announced that it has commissioned a 5 MW carport-style rooftop photovoltaic solar power plant in Gurugram, India, with an
JUN 2020 investment of more than INR 200 million. This solar power project will offset 5,390 ton of carbon dioxide emissions annually for the next 25 years. The power
plant is able to generate 7,010 MWh of power annually.

6.2 STRATEGIES ADOPTED BY LEADING PLAYERS
• Suntech Power Holdings Co. Ltd manufactures and distributes solar energy equipment products. The company produces polycrystalline cells,
polycrystalline solar modules, monocrystalline solar modules, monocrystalline cells, and other products. As of 2021, the company has its sales areas
spread all over more than 100 countries and regions across the globe, and the cumulative historical shipments exceeded 30 GW.
• The company offers complete distributed solar power generation solutions for residential and commercial PV solar panels, including Standard
Modules, Half-cell Modules, Bifacial Double Glass Modules, High Power Modules, Smart Modules, and Lightweight Modules.
• In August 2020, Suntech announced that it had expanded its Wuxi manufacturing facility by adding a 1.5GW high-efficiency module production
plant to improve its global footprints. This, in turn, supports the company in supplying solar modules for distributed solar power generation plants.
• In September 2020, the company signed strategic cooperation agreements with China Development Bank Energy and Run Sunshine Technology
(Runergy). The cooperation is expected to focus on the increasing investments in the construction and operation of solar energy projects across the
country. It culminates in the growth of producing solar modules for commercial and residential customers.
• Moreover, as of 2021, the company supplied its solar modules to various commercial and industrial customers, which include, i.e. Asian
development commercial rooftop project (571 kW) in the Philippines, the IKEA MFLU rooftop project (384 kW) in Australia, Rifeng rooftop project
(3.1 MW) in China. Therefore, by supplying solar modules for various types of rooftop projects, the company is, in turn, supporting the growth of
the distributed solar power generation market globally.
• Furthermore, Suntech, through its recent expansions and strategic agreements, is likely the company will perform competitively in distributed solar
power generation market in the future.

6.2 STRATEGIES ADOPTED BY LEADING PLAYERS
• JinkoSolar designs and manufactures solar PV modules with advanced thin-film semiconductor technology and provides reliable and
cost-effective solar PV solutions. The company has manufacturing facilities in multiple locations, such as in the United States, Germany,
Switzerland, and Italy, and sales offices in various parts globally.
• As of December 2021, the company had an integrated annual capacity of 32.5 GW for mono wafers, 24 GW for solar cells, and 45 GW
for solar modules. The company also supplies solar panels in different European countries, covering residential, industrial, and
commercial segments.
• To enhance its competitive edge in the distributed solar power generation market, the company focuses primarily on R&D activities to
develop highly efficient technologies. As a part of this, In June 2020, one of its module series – Tiger Pro – received the global first IEC
61701 Ed. 3 (FDIS) Certification as per the Salt Mist Corrosion Standards. Also, Jinko Solar integrates advanced crystalline silicon solar
PV technologies to optimize its solar modules. This increases the supply of more efficient, reliable, durable, and cost-effective PV
solutions for distributed solar power plants.
• Furthermore, in March 2021, it launched a new series of ultra-efficient Tiger Pro modules with higher power capacity targeted at the
distributed solar generation market. The new module is based on the Tiger Pro 182 mm, 54-cell design that delivers a maximum power of
415 W and an ultra-high efficiency of 21.3%. These news series of modules are widely used in distributed solar power generation in the
United States and European countries.
• Hence, Jinko Solar, through its recent innovations, will positively support the growth of the global distributed solar power generation
market in the future.

6.3 COMPANY PROFILES (OVERVIEW,
BUSINESS SEGMENTS, FINANCIALS,
KEY PROJECTS/PRODUCTS AND
SERVICES, AND RECENT
DEVELOPMENTS)
6.3.1 Suntech Power Holdings Co., Ltd
6.3.2 First Solar Inc.
6.3.3 Activ solar Schweiz Gmbh
6.3.4 Yingli Solar
6.3.5 Trina Solar Limited
6.3.6 Sharp Energy Solutions Corporation
6.3.7 Canadian Solar Inc.
6.3.8 Tesla Inc.
6.3.9 JinkoSolar Holding Co. Ltd

6. COMPETITIVE LANDSCAPE | 6.3 COMPANY PROFILES
6.3.1 SUNTECH POWER HOLDINGS CO., LTD. – COMPANY OVERVIEW
◼ Suntech Power Co. Ltd manufactures and distributes solar energy equipment products. The
company produces polycrystalline cells, polycrystalline solar modules, monocrystalline solar
modules, and other products.
Founded in 2001
◼ The company specializes in the research and production of crystalline silicon solar cells and
modules. It caters to the residential, commercial, industrial, and power-plant sectors.
Wuxi, China
◼ The company supplied over 30GW photovoltaic modules to more than 100 countries. It has
offices in China, Australia, the United States, Switzerland, Spain, Italy, Germany, Japan, and
www.suntech-power.com/
Dubai, and production facilities in Wuxi, Luoyang, Qinghai, Shanghai, Germany, Japan, and
Goodyear, Arizona.
+86 510 8531 8888
◼ The company has branches in the United States, Germany, Japan, Australia, and South Africa,
and offices in more than 25 countries, such as India, China, Hapna, the United States, and the SUNTECH POWER CO. LTD
United Kingdom. Revenue in USD billion, Global, 2019-2021
11.61
7.80
4.98
~4,000
USD 11.62 billion Employees (2021)
Net Sales (2021) 2019 2020 2021
Source: Annual Report

6.3.1 SUNTECH POWER HOLDINGS CO., LTD. – RELEVANT PRODUCTS
ULTRA V SERIES
◼ Large format 182mm silicon wafers with module efficiency up to 21.3%
◼ High-density cell interconnect technology
◼ Decrease non-silicon costs during the production
Product Type POWER OUTPUT MAX EFFICIENCY Solar cells
Ultra V plus Half cell bifacial module STPXXXS - C78/Pmh+ 570-590W 21.1% Monocrystalline silicon 182 mm
Ultra V Half cell monofacial module STPXXXS - C72/Vmh 530-550W 21.3% Monocrystalline silicon 182 mm
Ultra V Half cell bifacial module STPXXXS - C72/Pmh+ 530-550W 21.3% Monocrystalline silicon 182 mm
Ultra V mini Half cell monofacial STPXXXS -

390-410W 21.0% Monocrystalline silicon 182 mm
module C54/Umhm
Ultra V mini Half cell monofacial
STPXXXS - C54/Umhb 390-410W 21.0% Monocrystalline silicon 182 mm
module

ULTRA V PRO SERIES
◼ Large format 182mm silicon wafers with module efficiency up to 24.5%
◼ Module power temperature coefficient as low as -0.30%/°C, module power generation 3-4% higher than PERC
◼ 85% bifacial rate, 15% higher than PERC. High compatibility to tracking systems of power stations due to the framed design. It can increase output power
effectively.
Ultra V pro mini half cell N-TOPCon

STPXXXS - C54/Umhm 410-430W 22.0% N-type Monocrystalline silicon 182 mm
monofacial module
Ultra V pro mini half cell N-TOPCon bifacial
STPXXXS - C54/Umhb 410-430W 22.0% N-type Monocrystalline silicon 182 mm
module
Ultra V pro mini half cell N-TOPCon bifacial 22.0%
STPXXXS - C54/Nmhb+ 410-430W N-type Monocrystalline silicon 182 mm
module
Ultra V pro mini half cell N-TOPCon 22.0%
STPXXXS - C54/Umhb 410-430W N-type Monocrystalline silicon 182 mm
monofacial module
Ultra V pro half cell N-TOPCon bifacial
STPXXXS - C72/Nmh+ 550-570W 22.1% N-type Monocrystalline silicon 182 mm
module
Ultra V pro half cell N-TOPCon monofacial
STPXXXS - C72/Vmh 555-575W 22.2% N-type Monocrystalline silicon 182 mm
module
Ultra V pro plus half cell N-TOPCon bifacial

STPXXXS - C78/Nmh+ 600-620W 22.4% N-type Monocrystalline silicon 182 mm
module

ULTRA X SERIES
Name Capacity (MW) Location
ALDI Commercial Rooftop Project 4.6 Australia
Rifeng Commercial Rooftop Project 3.1 China Hubei Huangshi
World-Expo-Shanghai-China-Pavilion-BIPV 3.14 World-Expo-Shanghai-China-Pavilion-BIPV
Suntech Headquarter BIPV Project 1 China Wuxi
Commercial and Industrial
Ultra X half cell monofacial module STPXXXS - D60/Wmh 580-600W 21.2% Monocrystalline silicon 210 mm
Ultra X half cell BIfacial module STPXXXS - D60/Pmh+ 580-600W 21.2% Monocrystalline silicon 210 mm
Ultra X Plus half cell monofacial module STPXXXS - D66/Wmh 650-670W 21.6% Monocrystalline silicon 210 mm
Ultra X Plus half cell BIfacial module STPXXXS - D66/Pmh+ 650-670W 21.6% Monocrystalline silicon 210 mm

6.3.2 FIRST SOLAR, INC. – COMPANY OVERVIEW
◼ First Solar is a global provider of comprehensive photovoltaic (PV) solar systems using
advanced modules and system technologies. The company designs, manufactures, and sells
PV solar modules with advanced thin-film semiconductor technology and develops, designs, Founded in 1999
constructs, and sells PV solar power systems that primarily use the modules manufactured by
the company. Arizona, United States
◼ The company photovoltaic (PV) modules are used in the distributed generation (DG) market in
the United States through module distribution partners: Graybar, Kinect Solar, and WESCO www.firstsolar.com
Distribution.
+1 419 662 6899
◼ The company operates its manufacturing facilities in the United States, Malaysia, Vietnam, and
Germany.
FIRST SOLAR, INC.
Revenue in USD billion, Global, 2019-2021
3.06
2.92
2.71
~4,800
USD 2.92 billion Employees (2021)
Net Sales (2021) 2019 2020 2021

6.3.2 FIRST SOLAR, INC. – BUSINESS OVERVIEW
FIRST SOLAR, INC. FIRST SOLAR, INC,

Revenue Share (%), by Geography, 2021 Revenue Share (%), by Operating Segment, 2021
0.40%
1.29%
United States 20.25%
4.16%
2.84%
Modules
Japan
7.10%
Systems
79.75%
France
0.18% India ◼ Modules: This segment engages in the designing, manufacturing, and sales of
CdTe solar modules, which convert sunlight into electricity. Third-party customers
Australia of this segment include integrators and operators of PV solar power systems. The
company also undertakes solar panel recycling under this segment.
84.03% ◼ Systems: Through this segment, the company provides power plant solutions,
Canada .
including project development, engineering, procurement, and construction (EPC)
All Other Foreign Countries services, along with O&M services. Customers of the Systems segment include
utilities, independent power producers, commercial and industrial companies, and
other system owners.

6.3.2 FIRST SOLAR, INC. – RELEVANT PRODUCTS AND SERVICES
◼ First Solar is one of the leading providers of comprehensive solar photovoltaic (PV) systems. The
company’s integrated power plant solutions deliver an economically attractive alternative to fossil
SOLUTION fuel-based electricity generation. Most power plants are in the United States.
◼ First Solar developed, financed, engineered, constructed, and operated some of the largest PV
◼ Utility-scale plants, of over 17 gigawatts, worldwide. Moreover, multiple markets within the United States,
which accounted for 87% of the net sales in 2019, exemplify favorable characteristics, including
◼ Project Development
sizeable electricity demand, particularly around growing population centers and industrial areas,
strong demand for renewable energy generation, and abundant solar resources.
◼ Developers and EPC
◼ First Solar, in partnership with CASIO and NREL, demonstrated how utility-scale solar power
◼ Energy and Services plants, equipped with advanced plant controls can provide essential services that increase grid
flexibility and reliability.
◼ Post-sales Services ◼ Modules and leading-edge CdTe technology manufactured by the company demonstrate proven
advantages over most crystalline silicon solar modules. The grid-connected PV solar power
◼ Components
system diversifies the energy portfolio, reduces fossil fuel consumption, and reduces the risk of
fuel price volatility in the United States and other parts of the world.

6.3.2 FIRST SOLAR, INC. – RELEVANT PRODUCTS

Solar Modules: First Solar Series 4
5,6
MODEL NUMBERS AND RATINGS AT (STANDARD TEST CONDITIONS) STC
FS-492 FS- FS-495 FS- FS-497 FS- FS-4100 FS- FS-4102 FS-
NOMINAL VALUES FS-4105A
492A 495A 497A 4100A 4102A
Nominal Power (± 5%) PMPP (W) 92.5 95.0 97.5 100.0 102.5 105.0
Voltage at PMAX VMPP (V) 67.0 67.9 68.7 69.4 70.0 70.4
Current at PMAX IMPP (A) 1.38 1.40 1.42 1.44 1.47 1.49
Open Circuit Voltage VOC (V) 86.0 86.5 87.0 87.6 88.0 88.2
Short Circuit Current ISC (A) 1.54 1.55 1.55 1.57 1.57 1.58
7
Maximum System Voltage VSYS (V) 1500
Limiting Reverse Current IR (A) 4.0
Maximum Series Fuse ICF (A) 4.0
2 8 6
MODULE NUMBERS AND RATINGS AT 800W/m , NOCT 45°C, AM 1.5

MECHANICAL DESCRIPTION
TEMPERATURE CHARACTERISTICS
Length 1200mm
Width 600mm
Module
Weight 12kg Operating
(°C) -40 to +85
Temperature
Thickness 6.8mm
Range
2
Area 0.72m
2
Individual Leadwire 2.5mm , 610mm
4
Connectors MC4 Temperature
-0.29%/°C [Temperature
Coefficient of TK (PMPP)
Bypass Diode None Range: 25°C to 75°C]
PMPP
Thin-film CdTe semiconductor, up to 216 active
Cell Type
cells
Frame Material None Temperature
TK (VOC) -0.28%/°C
3.2mm heat strengthened Coefficient of VOC
Front Glass TM
Series 4A includes anti-reflective coating
Back Glass 3.2mm tempered Temperature
TK (ISC) +0.04%/°C
Coefficient of ISC
Encapsulation Series 3 Black Laminate material with edge seal


Solar Modules: First Solar Series 4V2
5,6
MODEL NUMBERS AND RATINGS AT (STANDARD TEST CONDITIONS) STC
FS-4105-2 FS- FS-4107-2 FS- FS-4110-2 FS- FS-4112-2 FS- FS-4115-2 FS-
NOMINAL VALUES FS-4117-2 FS-4117A-2
4105A-2 4107A-2 4110A-2 4112A-2 4115A-2
Module Efficiency % 14.6 14.9 15.3 15.6 16.0 16.3
7
2 8 6
MODULE NUMBERS AND RATINGS AT 800W/m , NOCT 45°C, AM 1.5

MECHANICAL DESCRIPTION TEMPERATURE CHARACTERISTICS
Length 1200mm
Width 600mm Module
Operating
Weight 12kg (°C) -40 to +85
Temperature
Thickness 6.8mm Range
2
Area 0.72m
2
Individual Leadwire 2.5mm , 610mm
9
Connectors MC4 Temperature
Bypass Diode None Coefficient of TK (PMPP)
Range: 25°C to 75°C]
PMPP
Thin-film CdTe semiconductor, up to 216 active
Cell Type
cells
Frame Material None
3.2mm heat strengthened Temperature
Front Glass TK (VOC) -0.29%/°C
TM
Series 4A includes anti-reflective coating Coefficient of VOC
Back Glass 3.2mm tempered
Temperature
Encapsulation Series 3 Black Laminate material with edge seal TK (ISC) +0.04%/°C
Coefficient of ISC
10
Load Rating 2400Pa


2 5
MODEL NUMBERS AND RATINGS AT STANDARD TEST CONDITIONS (1000W/m , AM 1.5, 25°C)
FS-4110-3 FS- FS-4112-3 FS- FS-4115-3 FS- FS-4117-3 FS- FS-4120-3 FS-
NOMINAL VALUES FS-4122-3 FS-4122A-3
4110A-3 4112A-3 4115A-3 4117A-3 4120A-3
Nominal Power (-0/+5%) PMPP (W) 110.0 112.5 115.0 117.5 120.0 122.5
Module Efficiency % 15.3 15.6 16.0 16.3 16.7 17.0
7,8
2 5
RATINGS AT NORMAL OPERATING CELL TEMPERATURE OF 45°C (800W/m , 20°C air temperature, AM 1.5, 1m/s wind speed)
Nominal Power PMPP (W) 83.2 85.1 87.0 89.0 90.8 92.7

Length 1200mm
Width 600mm
Module
Weight 12kg Operating
(°C) -40 to +85
Thickness 6.8mm Temperature
2
Range
Area 0.72m
2
2.5mm , 657mm (minimum from strain relief to
Individual Leadwire
connector mating surface)
9
Connectors MC4 or MC4-EVO 2 Temperature
Bypass Diode None Coefficient of TK (PMPP)
Range: 25°C to 75°C]
PMPP
Cell Type Thin-film CdTe semiconductor, up to 216 cells
Frame Material None
3.2mm heat strengthened Temperature
Front Glass TM TK (VOC) -0.28%/°C
Series 4A includes anti-reflective coating Coefficient of VOC
Back Glass 3.2mm tempered
Encapsulation Laminate material with edge seal Temperature
TK (ISC) +0.04%/°C
10 Coefficient of ISC
Load Rating 2400Pa


2 2
MODEL TYPES AND RATINGS AT STANDARD TEST CONDITIONS (1000W/m , AM 1.5, 25°C)
FS-6420 FS- FS-6425 FS- FS-6430 FS- FS-6435 FS- FS-6440 FS- FS-6445 FS- FS-6450 FS-
NOMINAL VALUES
6420A 6425A 6430A 6435A 6440A 6445A 6450A
3
Nominal Power (-0/+5%) PMAX (W) 420 425 430 435 440 445 450
Efficiency (%) % 17.0 17.2 17.4 17.6 17.8 18.0 18.2
Voltage at PMAX VMAX (V) 180.4 181.5 182.6 183.6 184.7 185.7 186.8
Current at PMAX IMAX (A) 2.33 2.34 2.36 2.37 2.38 2.40 2.41
Open Circuit Voltage VOC (V) 218.5 218.9 219.2 219.6 220.0 220.4 221.1
Short Circuit Current ISC (A) 2.54 2.54 2.54 2.55 2.55 2.56 2.57
5
2 2
RATINGS AT NOMINAL OPERATING CELL TEMPERATURE OF 45°C (800W/m , 20°C air temperature, AM 1.5, 1m/s wind speed)
Nominal Power PMAX (W) 317.2 320.9 324.7 328.5 332.4 336.0 339.9

Length 2009mm
Width 1232mm Module Operating Temperature
(°C) -40 to +85
Thickness 49mm Range
2
Area 2.47m
-0.32%/°C
Module Weight 34.5kg [Temperature
Temperature Coefficient of PMAX TK (PMAX)
Leadwire
6 2
2.5mm , 720mm (+) & Bulkhead (-) Range: 25°C to
75°C]
Connectors MC4-EVO 2 or TE Connectivity PV4-S
Temperature Coefficient of VOC TK (VOC) -0.28%/°C
Bypass Diode N/A
Cell Type Thin film CdTe semiconductor, up to 264 cells Temperature Coefficient of ISC TK (ISC) +0.04%/°C
Frame Material Anodized Aluminium
PACKAGING INFORMATION
Front Glass Heat strengthened
Back Glass Heat strengthened 2200 x 1300 x
Modules Per Pallet Dimensions
27 1164mm
Encapsulation Laminate material with edge seal Pallet (L x W x H)
(86 x 51 x 45.8in)
Frame to Glass Adhesive Silicone Pallets per 40’
18 Pallet Weight 1032kg
7 Container
Load Rating 2400Pa


Solar Modules: First Solar Series 6 PLUS
2 2
MODEL TYPES AND RATINGS AT STANDARD TEST CONDITIONS (1000W/m , AM 1.5, 25°C)
NOMINAL VALUES FS-6XXX-P/FS-6XXXA-P/FS-6XXX-P-I/FS-6XXXA-P-I (XXX=Nominal Power)
Nominal Power (-0/+5%) PMAX (W) 430 435 440 445 450 455 460
Efficiency (%) % 17.1 17.3 17.5 17.7 17.9 18.1 18.3
5
2 2
RATINGS AT NOMINAL OPERATING CELL TEMPERATURE OF 45°C (800W/m , 20°C air temperature, AM 1.5, 1m/s wind speed)
Nominal Power PMAX (W) 324.7 328.5 332.4 336.0 339.9 343.6 347.3

Solar Modules: First Solar Series 6 PLUS
MECHANICAL DESCRIPTION TEMPERATURE CHARACTERISTICS
Length 2024mm
Module Operating Temperature
Width 1245mm (°C) -40 to +85
Range
2
Area 2.52m
34.9kg (FS-6XXX-P/FS-6XXXA-P) -0.32%/°C
Module Weight
34.2kg (FS-6XXX-P-I/FS-6XXXA-P-I) [Temperature
Temperature Coefficient of PMAX TK (PMAX)
Leadwire
6 2
2.5mm , 733mm (+) & Bulkhead (-) Range: 25°C to
75°C]
Connectors TE Connectivity PV4, MC4-EVO 2 or alternate
Temperature Coefficient of VOC TK (VOC) -0.28%/°C
Junction Box IP68 Rated
Bypass Diode N/A Temperature Coefficient of ISC TK (ISC) +0.04%/°C
Cell Type Thin film CdTe semiconductor, up to 264 cells
PACKAGING INFORMATION
Frame Material Anodized Aluminium
Front Glass Heat strengthened Modules Per Pack Modules Per Pack Packs per 40’ Container
Back Glass Heat strengthened
FS-6XXX-P/FS-
Encapsulation Laminate material with edge seal 27 18
6XXX-A-P
Frame to Glass Adhesive Silicone FS-6XXX-P-I/FS-
29 18
Load Rating
7
2400Pa 6XXXA-P-I

6.3.2 FIRST SOLAR, INC. – RELEVANT PROJECTS
SOLAR PARKS
Date Of
S.No Project Name Capacity No. of Modules EPC Owner Location
Commission
Dhanwada Village of
10 MW Marikal Solar Parks
1 Marikal Solar Parks 126,270 Mahindra Susten Mahabubnagar, June 2015
(AC) Pvt. Ltd
Telangana
10 MW Mahabubnagar District,
2. Kodangal Solar Park 432,564 NA NA March 2016
(AC) Telangana

6.3.2 FIRST SOLAR, INC. – RECENT DEVELOPMENTS
C Contract O Order A Agreement
First Solar, Inc. secured a contract from Intersect First Solar Inc. signed an agreement with silicon
Power to supply 2.4GW DC of solar modules. The ranch to supply 4 gigawatts (GW) DC of advanced,
company provides Series 6 photovoltaic solar responsibly-produced thin-film photovoltaic (PV)
modules through this contract. APR 2022 solar modules. MAY 2022
C O A A
MAR 2021 Origis Energy ordered 750 megawatts (MW)DC APR 2022 First Solar Inc. signed an agreement with Scout
of responsibly-produced thin-film photovoltaic Clean Energy to supply 378 megawatts (MW)
(PV) solar modules from First solar Inc. DC of advanced, responsibly-produced thin-film
photovoltaic (PV) solar modules.

6.3.3 ACTIV SOLAR SCHWEIZ GMBH – COMPANY OVERVIEW
◼ Activ Solar GmbH is a privately held company that designs,

develops, and deploys solar assets and works in renewable
energy photovoltaics to create an integrated solar energy
platform. The company provides solar systems and battery
storage solutions to residents and commercials.
◼ The company portfolio includes the construction of turnkey

PV systems, which includes consulting, planning,
Established in 2012 implementation, servicing, and monitoring.
◼ Activ solar is "Premier Partner" of the company Sunpower,
Gossau, Switzerland which manufactures the most efficient solar modules in the
world.
◼ The company manufactures and provides solar systems and

+41 44 548 07 00
battery storage solutions to residents and commercials.
◼ The company provides services like advisory, planning,

https://activ-solar.ch/
bidding phases, and execution.

6.3.3 ACTIV SOLAR SCHWEIZ GMBH – SERVICES
INDIVIDUAL ADVICE PLANNING PHASE BIDDING PHASE

◼ The company provides and ◼ The team plans to create and ◼ After the planning phase, offer
arranges an onsite appointment design the system. They aim to will be provided on the
for the roof dimensions and achieve the highest cost information provided. The
orientations of the property for benefits for the scheduled complete system includes
solar panels. procedure. modules and inverters, supplied
by manufacturers who are the
market leaders.

6.3.3 ACTIV SOLAR SCHWEIZ GMBH – SERVICES
EXECUTION PHASE COMPLETION

◼ The phase requires turnkey ◼ After completion of the project,
construction of solar systems, all data is handled by
including installation and customers, and if customers are
assembly work, registration not satisfied, the company will
with the local energy company, rework the project.
all technical approvals with
authorities, and commissioning.

6.3.3 ACTIV SOLAR SCHWEIZ GMBH – RELEVANT PRODUCTS
SOLARWATT GLASS-GLASS SOLAR SUNPOWER MODULES
◼ Super lightweight due to 2mm thin glass

◼ Generate the most energy of all solar modules. Deliver up to 50% more
◼ Highest yield reliability power than conventional modules and between two and four times
more power than thin-film modules.
◼ Highest mechanical resilience
◼ 4 module series from 18%, 19%, 20% or new 21% module efficiency
◼ 100% protection against PID range.
◼ Maximum fire safety

6.3.3 ACTIV SOLAR SCHWEIZ GMBH – RELEVANT PROJECTS
Private preferences
Number of solar
Location Commissioning Date Operator Solar module Annual production
modules
approx.
Pfäffikon ZH December 2018 P. Leumann LG Neon2 335Wp 44 pieces
15700kWhlemented
Grabs SG April 2013 Family Oswald Sunpower SPR245NE 37 pieces approx. 10000kWh
Kaltbrunn SG March 2013 Family Jud Sunpower SPR245NE 28 pieces approx. 7000kWh
Megasol M305-60-w
Zumikon October 2018 A.Fischer 134 pieces approx. 23000kWh
U40
September/October
Wolfhausen Fam.Brettlecker Sunpower E20-327 - -
2016
November/December AxSun AX M-60
Rapperswil/Jona SG Urech family 56 pieces approx. 16500kWh
2016 premium sol (Solrif

6.3.3 ACTIV SOLAR SCHWEIZ GMBH – RELEVANT PROJECTS
Commercial preferences
Number of solar
Location Commissioning Date Operator Solar module Annual production
modules
Industrie Metall Sunpower SPR327NE-

Gossau ZH March 2015 91 units approx. 30000kWh
R.&P.Angst WHT-D
November/December
Amazonas, Brazil TDC NA NA NA
2018
Auwiesen Immobilien / Hanwha Q-Cells Q-
Winterthur January 2019 448 pcs approx 23000kWh
AZW Peak G4.1 305
Steiner
October/December CanadianSolar CS6K-
Dietlikon ZH Generalunternehmung 369 pieces NA
2016 275 mono
en AG Zurich
September/November Electricity supply Solarwatt blue 60P
Berikon AG 356 pieces approx. 92MWh
2015 Berikon (265)
Electricity supply for
August/September AxSun AX M-60
Niederbipp BE the municipality of 629 pieces approx 160MWh
2015 premium sol (Solrif)
Nbipp

6.3.4 YINGLI SOLAR – COMPANY OVERVIEW
◼ Yingli Solar is one of the leading companies in the world in

solar PV manufacturing. The company has global
manufacturing and logistics expertise to address local solar
energy needs.
◼ It shipped more than 26 gigawatts of solar PV to more than

90 countries, including the United States, Mexico, Spain,
Germany, Greece, France, Italy, China, Japan, South Korea,
Established in 1987 Australia, Brazil, and South Africa.
◼ The company has manufacturing facilities throughout China,

Baoding, China
including Baoding, Hainan, Tianjin, and Hengshui. The
company has the largest R&D and after-sales service center in
+86 312 8631 900
China and Spain. The company has its product evaluation,
testing, and service facility in Europe.
www.yinglisolar.com
◼ As one of the world's largest solar panel manufacturers, the
company delivered more than 85 million solar panels for
residential, commercial, industrial, and power plant
applications worldwide.

6.3.4 YINGLI SOLAR – BUSINESS OVERVIEW
TECHNOLOGY
PV MODULE MANUFACTURING INNOVATION
◼ The company has

◼ The company is one of the ◼ Yingli Solar is involved in the
manufacturing facilities in
world's largest solar panel research and development and
China, including Baoding,
manufacturers. innovation of zero-carbon
Hainan, Tianjin, and Hengshui.
technology.
◼ The company offers solar
◼ Furthermore, the company has
panels to residential, ◼ The company has five
manufacturing facilities, such as
businesses, and power plants laboratories in China and has a
Yingli Energy (Zhenjiang)
worldwide. team of more than 2,500
Company Ltd, Yingli Energy
technicians.
◼ The company offers solar (Yantai) Company Ltd, Yingli
panels for diverse climates and Energy (Jiangxi) Company Ltd, ◼ Furthermore, the company has
environmental conditions. Yingli Energy (Haining) more than 13 registered
Company Ltd, and Hebei Lantai international patents and 2,260
Yingli Energy Company Ltd. Chinese patents

6.3.4 YINGLI SOLAR - RELEVANT PRODUCTS
POWER OUTPUT RANGE

S.NO PRODUCT NAME MAXIMUM EFFICIENCY POSITIVE POWER TOLERANCE
(W)
1 YLM 120 CELL 365, 370, 375, 380 22.3% 0~5W
2 YLM 144 CELL 435, 440, 445, 450 22.3% 0~5W
3 YLM-J 108 Cell (M10) 400, 405, 410, 415 22.5% 0~5W
4 YLM-J 132 CELL (M10) 475, 480, 485, 490, 495 22.5% 0~5W
5 YLM-J 144 CELL (M10) 530, 535, 540, 545, 550 22.5% 0~5W
6 YLM 120 Cell (G12) 585, 590, 595, 600, 605 22.8% 0~5W
7 YLM 132 Cell (G12) 645, 650, 655, 660, 665, 670 22.8% 0~5W
8 YLM GG 120CELL 380, 375, 370, 365, 360, 355 22.5% 0~+5W

6.3.4 YINGLI SOLAR - RELEVANT PRODUCTS
POWER OUTPUT RANGE

S.NO PRODUCT NAME MAXIMUM EFFICIENCY POSITIVE POWER TOLERANCE
(W)
9 YLM GG 120CELL 380, 375, 370, 365, 360, 355 22.5% 0~+5W
10 YLM GG 144CELL 455, 450, 445, 440, 435, 430 22.5% 0~+5W
11 YLM-J GG 108CELL 390, 395, 400, 405, 410, 415 22.8% 0~+5W
12 YLM-J GG 132CELL 480, 485, 490, 495, 500, 505 22.8% 0~+5W
13 YLM-J GG 144CELL 530, 535, 540, 545, 550, 555 22.8% 0~+5W
14 YLM GG 120CELL 580, 585, 590, 595, 600, 605 22.8% 0~+5W
15 PANDA BIFACIAL 120CELL 345, 340, 335, 330, 325, 320 22.5% 0~+5W
16 PANDA BIFACIAL 144CELL 415, 410, 405, 400, 395, 390 22.5% 0~+5W

6.3.4 YINGLI SOLAR – RELEVANT PROJECTS
RESIDENTIAL SOLAR ROOFTOP PROJECTS
S.No Project Name Location Year Completed Capacity
1. 5x4 Hayes Lane Project Victoria, Australia 2015 4.05Wp
2. Jalan Kelawar Tanglin, Singapore 2014 18.6kWp
3. Sennet Road Singapore 2013 15.4 kWp
4. Pappalardo’s Family House Viagrande (CT), Italy 2009 8.58 kW
5. Götz Family Home Wetzlar-Hermannstein, Germany 2007 8.5kWp

BUSINESSES SOLAR ROOFTOP PROJECTS
S.No Project Name Location Year Completed Output
1. Fc Bayern München Ag Munich, Germany 2014 29.2 kW
Jaguar Land Rover’s Engine Manufacturing

2. West Midlands, United Kingdom 2014 5.8 MWp
Centre
3. Antalya International Airport Antalya –Turkey 2013 250 kWp
4. Estadio Maracaná Río de Janeiro,Brazil 2013 12,5 kW
Lake Geneva Steamboat Company’s Naval

5. Lake Geneva, Switzerland 2013 360 kWp
Shipyard
LÍDIA DOS SANTOS COMMUNITY
6. Rio de Janeiro, Brazil 2013 4.6 kW
CENTER
7. ARENA PERNAMBUCO Recife, Brazil 2013 1 MW
8. Kaiser Permanente’s Medical Facilities California, United State 2011 15 MW

BUSINESSES SOLAR ROOFTOP PROJECTS
1. Yingli Polycrystalline Shah Alam, Malaysia 2011 5.405 kW
2. Denver International Airport Colorado, United States 2011 4.4 MW
3. NY Jets Training Facility New Jersey, United State 2010 690 kWp
BIRKHOF HORSE STABLES AND RIDING

4. Waldsolms, Germany 2008 34.68kWp
SCHOOL
5. FIRE STATION Gifhorn, Germany 2007 60,86 kWp

6.3.4 YINGLI SOLAR – RELEVANT PRODUCT
YINGLI SOLAR SUPPLIES 1.6 YINGLI SOLAR SUPPLIES 2

MW OF SOLAR MODULES MW OF BIFACIAL SOLAR
TO SOLARPARK MODULES TO SEB BIFACIAL
ALTENTREPTOW SOLAR PROJECT
◼ In January 2022, the company ◼ In December 2021, the
announced supplying 1.6MW of company announced supplying
solar PV modules to a ground- 2MW of solar PV modules in
mounted project in Riesa, Germany, for a ground-
Altentreptow, Germany. mounted project.
◼ The project will be constructed ◼ SEB GmbH & Co. KGiswill
by Nawes GmbH & Co. KG. develop the project, which will
◼ Yingli Solar supplied the 370w be constructed by Solwave
modules for the project. After Power Plants GmbH.
completion, the project will
◼ Yingli Solar supplied 450w
provide solar energy for more
modules for the project. After
than 800 households locally.
completion, the project aims
provide renewable energy for
more than 1,000 households
and will be the largest bifacial
project in Riesa.

6.3.5 TRINA SOLAR LIMITED – COMPANY OVERVIEW

◼ Trina Solar is one of the leading solar energy solution providers in the global solar industry.
The company is responsible for delivering solar PV products and services. It is one of the
largest solar module suppliers in the world. The downstream business of the company
provides solar PV project development, operations and management, financing, design,
Founded in 1997
construction, and integration solutions to end-user customers, along with utility-scale,
commercial, and residential solutions.
Jiangsu, China
◼ The company has suppliers and distributors in over 100 countries and offices in Beijing,
Madrid, Shanghai, Singapore, Sydney, and Tokyo, among other major cities. Under its brand,
www.trinasolar.com
Trinahome, the company offers residential solar power solutions to a few countries in Asia-
Pacific, such as India, Australia, Malaysia, the Philippines, and other Southeast countries.
+86 519 8517 6109
◼ As of April 2022, the company’s cumulative shipments of PV modules exceeded 100GW,
which is close to the installed capacity of 4.4 Three Gorges Dam power stations and
TRINA SOLAR CO., LTD.
equivalent to planting 7.29 billion trees worldwide. Revenue in CNY billion, 2019-2021
4.48
~17,000
2.94
CNY 4.48 billion Employees ( 2.33
Revenue (2021) as of Q1
2022) 2019 2020 2021


6.3.5 TRINA SOLAR LIMITED – BUSINESS OVERVIEW

Revenue Share (%), by Operating Segment, 2020
◼ Photovoltaic Products: The photovoltaic products business includes
research and development, manufacture, and sales of monocrystalline
3.02% silicon-based photovoltaic modules.
6.92%
◼ Photovoltaic systems business: Under this segment, the company offers
13.14% services related to photovoltaic power stations.
◼ Photovoltaic Power Station Construction and Management: Through this

segment, the company offers services related to solar plant construction and
management.
76.92%
◼ Smart Energy business: This segment includes business related to
photovoltaic power generation, operation and maintenance services of
Photovoltaic Photovoltaic Photovoltaic Smart energy photovoltaic power stations, development and sales of intelligent micro grid
products systems power station
construction and and multi-energy systems, and operation of energy cloud platforms.
management
Note: Including eliminations revenue of worth 97.1998 million
Note: Financial report is only available for 2020

6.3.5 TRINA SOLAR LIMITED – BUSINESS OVERVIEW

Revenue Share (%), by Geography, 2020
24.83%
29.70% China Europe Japan
20.30% America Others
21.17%
4.00%
Source: Annual Report Note: Financial report is only available till 2020

6.3.5 TRINA SOLAR LIMITED - RELEVANT PRODUCTS
MODULE FOR RESIDENTIAL APPLICATION

S.NO PRODUCT NAME POWER OUTPUT RANGE MAXIMUM EFFICIENCY POSITIVE POWER TOLERANCE
1 DE09R.05 450-425W 21.3% 0~+5W
2 DE09R.08 415-435W 21.8% 0~+5W
Vertex 500W
3 480-505W 21.1% 0~+5W
TSM-DE18M(II) 1/3-cut
Vertex 500W
4 TSM-DEG18MC.20(II) 485-505W 21% 0~+5W
Bifacial, 1/3-cut
Vertex S
5 380-395W 20.5% 0~+5W
DE09.05
Vertex S
6 390-410W 21.3% 0~+5W
DE09.08
Honey M
7 DE08M(II) 360-380W 20.7% 0~+5W
Half-cut

MODULE FOR COMMERCIAL APPLICATION

Vertex 580W
8 TSM-DE19R 575-580W 21.5% 0~+5W
Half cut
Vertex S
9 405-425W 21.3% 0~+5W
DE09R.05
Vertex S
10 415-435W 21.8% 0~+5W
DE09R.08
Vertex 500W
11 TSM-DE18M(II) 480-505W 21.1% 0~+5W
1/3-cut
Vertex 500W
12 TSM-DEG18MC.20(II) 485-505W 21% 0~+5W
Bifacial, 1/3-cut
Vertex 550W
13 535 - 555W 21.2% 0~+5W
TSM-DE19
Vertex 550W 21%

14 530 - 550W 0~+5W
TSM-DEG19C.20

MODULE FOR COMMERCIAL APPLICATION

Vertex 600W
15 585 - 605W 21.4% 0~+5W
TSM-DE20
Vertex 600W
16 580 - 600W 21.2% 0~+5W
TSM-DEG20C.20
Vertex S
17 390-410W 21.3% 0~+5W
DE09
Honey M
18 DE08M(II) 360-380W 20.7% 0~+5W
Half-cut,
DUOMAX TWIN
19 DEG17MC.20(II) 430-445W 20.2% 0~+5W
Half-cut
TALLMAX M
20 DE17M(II) 430-450W 20.6% 0~+5W
Half-cut

6.3.5 TRINA SOLAR LIMITED – RECENT DEVELOPMENTS
PL Product Launch PL Product Launch
Trina Solar Co., Ltd launched a new product, the

Vertex S+ module series for residential and
commercial rooftops. The product features a dual-
glass design, 210mm n-type Vertex cells, and is
designed for maximum compatibility and easy
MAR 2022
installation.
PL PL
APR 2022 Trina Solar Co., Ltd launched the second-
generation Vertex S rooftop module. With a
maximum power output of 430W. The
product is designed for commercial and
industrial projects. This solution has a dual-
glass design and 210mm n-type Vertex cells.

6.3.6 SHARP ENERGY SOLUTIONS CORPORATION – COMPANY OVERVIEW
◼ Sharp Energy Solutions Corporation is a wholly owned subsidiary of Sharp Corporation. In

2018, Sharp Corporation transferred a part of its energy solution business to Sharp Energy
Solutions Corporation.
Founded in 1968
◼ The company focuses on constructing rooftop solar installations for residential and
commercial applications. The company also provides solar panels for the varying
Osaka, Japan
environmental conditions, such as the solar cell module NU-310SB, which may be installed on
rooftops in snowy areas. www.sharp-sesj.co.jp
◼ The company also offers other services and products, including planning, development,
marketing, and servicing of residential solar power equipment, storage batteries, home energy 0745-65-1161
management systems, etc. It is also involved in the designing, installation, and maintenance of
SHARP CORPORATION (PARENT COMPANY)
commercial solar power equipment.
Net Sales in JPY trillion, FY2019-FY2021
2.452
2.394
JPY 2.452 trillion ~50,478
Net Sales Employees 2.262
(Parent Company (Parent Company

FY2021) FY2021)
FY2019 FY2020 FY2021
Source: Annual Report Note: Fiscal year ended on March 31, 2022 Source: Annual Report

6.3.6 SHARP ENERGY SOLUTIONS CORPORATION – BUSINESS OVERVIEW
SHARP CORPORATION (PARENT COMPANY) SHARP CORPORATION (PARENT COMPANY)

Net Sales Share (%), by Geography, FY2021 Net Sales Share (%), by Business Segment, FY2021
14.23%
Smart Life
22.61%
34.89%
35.58% Japan China
8K Ecosystem
ICT
Other
50.87%
41.81%
Note*: Including Adjustments sales of worth JPY 95,861 million

Note: Fiscal year ended on March 31, 2022 Source: Annual Report
Note: Fiscal year ended on March 31, 2022 Source: Annual Report

6.3.6 SHARP ENERGY SOLUTIONS CORPORATION - RELEVANT PRODUCTS
Solar cell module (NU-330KC) Solar cell module (NU-310YC)
◼ Cell Type:- Single crystal ◼ Cell Type:- Single crystal
◼ Nominal Maximum Output:- 330W ◼ Nominal Maximum Output:- 310W
◼ Module Conversion Efficiency:- 19.60% ◼ Module Conversion Efficiency:- 18.90%
◼ Nominal Maximum Output Operating Voltage:- 34.27V ◼ Nominal Maximum Output Operating Voltage:- 33.18V
◼ Nominal Maximum Output Operating Current:- 9.63A ◼ Nominal Maximum Output Operating Current:- 9.35A
◼ Nominal Open Circuit Voltage:- 41.32V ◼ Nominal Open Circuit Voltage:- 40.82V
◼ Nominal Short Circuit Current:- 10.35A ◼ Nominal Short Circuit Current:- 9.89A

6.3.6 SHARP ENERGY SOLUTIONS CORPORATION - RELEVANT PRODUCTS
Solar cell module (ND-275YC) Solar cell module (NU-310SB) for Snowy Areas
◼ Cell Type:- Polycrystal ◼ Cell Type:- Single crystal
◼ Nominal Maximum Output:- 275W ◼ Nominal Maximum Output:- 310W
◼ Module Conversion Efficiency:- 16.70% ◼ Module Conversion Efficiency:- 18.90%
◼ Nominal Maximum Output Operating Voltage:- 31.37V ◼ Nominal Maximum Output Operating Voltage:- 33.18V
◼ Nominal Maximum Output Operating Current:- 8.77A ◼ Nominal Maximum Output Operating Current:- 9.35A
◼ Nominal Open Circuit Voltage:- 39.08V ◼ Nominal Open Circuit Voltage:- 40.82V
◼ Nominal Short Circuit Current:- 9.31A ◼ Nominal Short Circuit Current:- 9.89A

6.3.6 SHARP ENERGY SOLUTIONS CORPORATION– RELEVANT PROJECTS
LARGE SCALE SOLAR PROJECTS
1 Nihonkucho Hokuriku Co., Ltd Toyama, Japan 2014 1.78 MW
2 Palm Royal Co., Ltd Naha, Japan 2014 1.512MW
3 Bio Energy Co., Ltd Showa, Japan 2014 2.2MW
4 Mr. Yoshinaga Electric Co., Ltd Kagoshima, Japan 2014 1.16MW
5 Seravi Co., Ltd shinagawa-ku, Japan 2013 1.48MW
6 Nikkan Co., Ltd Sakai, Japan 2013 722.4kW
7 Rengo Co., Ltd Osaka, Japan 2010 1.5MW

6.3.6 SHARP ENERGY SOLUTIONS CORPORATION – RELEVANT PROJECTS
SMALL SCALE SOLAR PROJECTS
8 Okinawa Kyodo Gas Co., Ltd Yaese, Japan 2014 308.7Kw
9 Mr. Ishii, sole proprietor Kizugawa, Japan 2013 49.66kW
10 Nissin Kensho Co., Ltd Shirosato, Japan 2010 495.18kW
11 Okinawa Ham General Foods Co., Ltd Yomitan, Japan 2010 50kW

6.3.7 CANADIAN SOLAR INC.- COMPANY OVERVIEW
◼ Canadian Solar Inc. is a vertically integrated provider of solar power products, services, and
system solutions with operations in North America, South America, Europe, Africa, the Middle
East, Australia, and Asia. The company designs, develops, and manufactures solar ingots,
Founded in 2001
wafers, cells, modules, and other solar power products.
◼ With manufacturing facilities in Canada, China, Brazil, and Southeast Asian countries, the
Ontario, Canada
company delivered more than 55 GW of solar modules to customers in over 150 countries. It
primarily designs and manufactures a diverse portfolio of industrial and commercial products
www.canadiansolar.com/
and is engaged in the sales and services of these products.
◼ The company is a major provider of products related to distributed solar power, including +(1-519) 837-1881
bifacial and dual cell modules.
CANADIAN SOLAR INC.
Revenue in USD billion, 2019-2021
5.28
3.20 3.48
USD 5.28 billion 13,535

Revenue (2021) Employees (2021)
2019 2020 2021
Source: Annual Report Source: Annual Report Note: Financial Year Ends on 31st December

6.3.7 CANADIAN SOLAR INC. – BUSINESS OVERVIEW
CANADIAN SOLAR INC. CANADIAN SOLAR INC.

Revenue Share (%), by Geography, 2021 Revenue Share (%), by Operating Segments, 2021
20.45%
CSI Solar
16.27% Global Energy

Asia
79.55%
40.53% Note: Including eliminations worth USD 218,517 million
◼ CSI Solar: This segment of the company deals with solar modules, solar system
Americas
kits, battery energy storage solutions, energy (including solar projects, EPC
services and electricity revenue in China), and other materials, components and
43.20% services exclusively in China. In July 2020, the company listed its subsidiary,
Europe and Others CSI Solar Co Ltd in China, and aggregated all its Chinese operations under this
segment.
◼ Global Energy: This segment includes global solar and energy storage power
projects, O&M and asset management services, global electricity revenue, and
other development services for clients worldwide except from China.

6.3.7 CANADIAN SOLAR INC. – RELEVANT PRODUCTS
BiHiKu7/Bifacial High-Power Dual Cell PERC Module BiHiKu6/Bifacial High-Power Dual Cell PERC Module BiHiKu/Bifacial High-Power Dual Cell PERC Module
(Mono) (Mono) (Poly & Mono)
Product Features: Product Features: Product Features:
▪ 210mm wafer + 132 / 120 dual cell ▪ 182mm wafer + 144 dual cell ▪ 144 dual cell + poly & mono
▪ PERC technology ▪ PERC technology ▪ PERC technology
▪ Front side power up to 665W ▪ Front side power up to 550W ▪ Power range 390 ~ 445W
▪ 25.7% more energy yield in the lifetime ▪ 29.5% more energy yield in the lifetime ▪ Low power loss in cell connection
▪ 8.9% LCOE reduction because of higher energy yield ▪ 12.3% LCOE reduction because of higher energy yield ▪ Up to 30% more energy from backside
and lower system cost and lower system cost ▪ Bifaciality is as high as 75%
▪ Compatible with mainstream trackers and inverters ▪ Compatible with mainstream trackers and inverters ▪ Low NMOT: 41 ± 3 °C
▪ Up to 50% lower degradation LID/LeTID mitigation ▪ Up to 50% lower degradation LID/LeTID mitigation ▪ LID + LeTID less than 2.0%
▪ Excellent hot spot performance ▪ Lower hot spot performance ▪ Lower hot spot temperature
▪ Better shading tolerance ▪ Better shading tolerance ▪ Better shading tolerance

High-Power Dual Cell PERC Module (Mono) High-Power Dual Cell PERC Module (Mono) High-Power Dual Cell PERC Module (Poly & Mono)
Product Features: Product Features: Product Features:
▪ 210mm wafer + 132/120 dual cell + PERC ▪ 182mm wafer + dual cell ▪ 144/132 /120 dual cell poly & mono
technology ▪ PERC technology ▪ PERC technology
▪ Module power up to 670W ▪ Module Power up to 555W ▪ Power range 330~460W
▪ 0.4% more energy yield in module lifetime ▪ 2.7% more energy yield in module lifetime ▪ Low power loss in cell connection
▪ Reduce 5.7% BOS cost ▪ Reduce 5.6% BOS cost ▪ Low NMOT: 42 ± 3 °C
▪ 3.5% lower LCOE ▪ 4.5% lower LCOE ▪ LID + LeTID less than 2.0%
▪ Compatible with mainstream inverters ▪ Compatible with mainstream trackers ▪ Lower hot spot temperature
▪ Comprehensive LID/LeTID mitigation technology, ▪ Comprehensive LID/LeTID mitigation technology, up ▪ Better shading tolerance
up to 50% lower degradation to 50% lower degradation
▪ Excellent hot spot performance ▪ Lower hot spot temperature
▪ Better shading tolerance ▪ Better shading tolerance

Hihero/High Efficiency Heterojunction (HJT) Cell KuPower/High Efficiency Modules for Replacement All-Black/Black Backsheet & Frame (Mono)
Module (Poly & Mono) Product Features:
Product Features: Product Features: ▪ With black backsheet and black frame
▪ Module efficiency up to 22.5% ▪ Wide power ranges from 200W to 355W ▪ Power range 345~405W
▪ High energy yield ▪ Various sizes for 6 inch, 72, 60, and 48 full cell ▪ Low power loss in cell connection
▪ Leading temperature coefficient (Pmax): -0.26%/°C, modules; and 5 inch 96 and 72 full cell modules ▪ Low temperature coefficient (Pmax): -0.34 % / °C · LID +
increases energy yield in a hot climate ▪ One-to-one module replacement possible thanks to LeTID less than 2.0%
▪ Low power degradation perfect module size matching ▪ Lower hot spot temperature
▪ Enhanced reliability ▪ Can be used to replace the other brand modules ▪ Better shading tolerance
▪ No BO-LID, excellent anti-LeTID and anti-PID ▪ Minimize BOS cost for module replacement
performance. ▪ Low power loss in cell connection
▪ Double glass module with 30-year performance ▪ Better shading tolerance
warranty ▪ Minimizes micro-crack impacts
▪ Snow load up to 5400Pa; wind load up to 2400Pa

SYSTEM KITS
Distributed Solar Power System MAPLE 3

Product Features: Product Features:
▪ Application: Residential, Commercial, and Industrial ▪ 3 W solar module
▪ Residential System: 700W, 3kW, 5kW, and 10kW ▪ 4400mAh lithium battery
▪ Commercial and Industrial System: 20kW, 50kW, and ▪ LED lamps with adjustable brightness
1000kW ▪ 8 hours to fully charge the battery
▪ High efficiency modules (up to 395W) ▪ Lighting up to 360 hours
▪ Power for mobile, MP3, etc.

6.3.8 TESLA INC.– COMPANY OVERVIEW
◼ Tesla Inc., formerly known as Tesla Motors Inc., develops, manufactures, and sells electric
Founded in 2003
vehicles, electricity backup systems, and energy storage systems. The firm also installs,
operates, and maintains solar and energy storage products.
California, United States
◼ The company provides energy storage solutions through Tesla Powerwall, a rechargeable
lithium-ion battery stationary home energy storage product manufactured by Tesla Energy. As www.tesla.com
of May 2021, Tesla installed 200,000 Powerwalls worldwide.

(650) 681-5000
◼ The company provides a combination of rooftop solar tiles and energy storage systems for
residential and commercial customers worldwide. TESLA INC.
Revenue in USD billion, 2019-2021
53.82
USD 53.82 31.54
99,290 24.58
billion
Employees
Revenue
2019 2020 2021
Source: Annual Report Source: Annual Report Source: Annual Report

6.3.8 TESLA INC.– BUSINESS OVERVIEW
TESLA INC.
Revenue Share (%), by Operating Segment, 2020
◼ Automotive & Services and Other Segment: This segment includes the
5%
design, development, manufacturing, sales, and leasing of electric vehicles,
as well as sales of automotive regulatory credits. Additionally, the
Automotive & Services automotive segment also comprises other services related to the
and Other Segment automotive industry.
Energy generation and
storage
◼ Energy generation and Storage: This segment includes the design,
manufacture, installation, and sale or leasing of stationary energy storage
95% products and solar energy systems, and sales of electricity generated by
solar energy systems to customers. This segment includes revenue from the
Solar generation segment.

6.3.8 TESLA INC.– BUSINESS OVERVIEW
TESLA INC.
Geography Share (%), by Geography, 2020
29.7%
44.5% United States
China
Others
25.7%

6.3.8 TESLA INC.– RELEVANT PRODUCTS
TESLA POWERWALL 2 ENERGY STORAGE SYSTEM

PERFORMANCE SPECIFICATIONS PERFORMANCE SPECIFICATIONS
AC Voltage (Nominal) 120/240V

Maximum Supply Fault Current 10kA
Feed-In Type Split Phase
Maximum Output Fault
Grid Frequency 60Hz 32A
Current
Total Energy 14kWh

Overcurrent Protection Device 30A
Usable Energy 13.5kWh
Imbalance for Split-Phase
Real Power, max 5kW (charge and 100%
Loads
continuous discharge)
Power Factor Output Range +/– 1.0 adjustable
Real Power, peak (10s, of- 7kW (charge and
grid/backup) discharge) Power Factor Range (full-rated
+/– 0.85
power)
Apparent Power, max 5.8kVA (charge and
continuous discharge) Internal Battery DC Voltage 50V
Apparent Power, peak 7.2kVA (charge and Round Trip Efciency1,3 90%
(10s, of-grid/backup) discharge)
Warranty 10 years

TESLA POWERWALL + ENERGY STORAGE SYSTEM
TECHNICAL SPECIFICATIONS
Energy Capacity 13.5kWh
On-Grid Power 7.6kW/5.8kW continuous*
9.6kW/7kW continuous*
Backup Power 22kW/10kW peak*
118A max LRA start
LxWxD
Size and Weight 62.8x29.7x6.3 in
343.9lbs
Inverter Efficiency 97.5%
Integrated inverter and system

controller
Installation
-4°F to 122°F
Water and dust resistance
Meets North American safety and
Certifications
EMI standards
Warranty 10 years

TESLA POWERWALL ENERGY STORAGE SYSTEM

Energy Capacity 13.5kWh
On-Grid Power 5.8kW continuous
10kW peak
Backup Power 106A LRA start
Seamless backup transition
LxWxD
Size and Weight 45.3x29.6x5.75 in
251.3lbs
Floor or wall mounted

Indoor or outdoor
Installation
Up to 10 Powerwalls
-4°F to 122°F
Meets US and International safety

Certifications
and EMI standards
Warranty 10 years

SOLAR ROOF SPECS
Tile and Power Warranty 25 years
Wind Rating ASTM D3161 Class F
Hail Rating ANSI FM 4473 Class 3
Roof Pitch 2:12 to 24:12
Fire Rating Class A (highest rating)
3.8kW/7.6kW
Inverter Power
97.5% efficiency

6.3.9 JINKOSOLAR HOLDING CO. LTD. - COMPANY OVERVIEW
◼ JinkoSolar is a solar module manufacturer, which has global presence. The company has 9
production facilities and 23 overseas subsidiaries in Japan, South Korea, Vietnam, India,
Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia,
Portugal, Canada, Malaysia, the United Arab Emirates, Kenya, and Denmark. JinkoSolar
Founded in 2006
distributes its solar products and sells its solutions and services to a diversified international
utility, commercial, and residential customer base in more than 100 countries and regions.
Jiangxi, China
◼ The company sells most of its products under its own JinkoSolar brand, with a small portion of
solar modules on an OEM basis. It also sells silicon wafers and solar cells that it does not use
www.jinkosolar.com
in its own solar module production.
◼ Jinko Solar provides its Cheetah series, Tiger Neo Series, Tiger Series, and Tiger Pro series for +(86-793) 846-9699
distributed solar power.
JINKO SOLAR HOLDING CO., LTD.

Revenue in CNY billion, 2019-2021
40.83
35.13
29.75
CNY 40.83 billion 31,030

Revenue (2021) Employees (2021)
2019 2020 2021
Source: Annual Report Source: Annual Report Note: Financial Year Ends on 31st December

6.3.9 JINKOSOLAR HOLDING CO. LTD.– BUSINESS OVERVIEW
JINKOSOLAR HOLDING CO., LTD.

Revenue Share (%), by Products and Services, 2021*
◼ Silicon Wafers: This segment deals with the production of monocrystalline
silicon wafers and multi-crystalline silicon wafers (contains both P-type and N-
0.25% type monocrystalline silicon wafers) in Jiangxi, Xinjiang, and Sichuan.
1.53%
Silicon Wafers ◼ Solar Cells: This segment deals with the production of solar cells (contains
2.91%
both P-type monocrystalline solar cells and N-type monocrystalline solar cells) in
Zhejiang.
Solar Cells ◼ Solar Modules: Under this segment, the company sells its solar modules under
the JinkoSolar brand, with production in Jiangxi and Zhejiang.
◼ Revenue from Generated Electricity: The company recognizes electricity

Solar Modules
95.30% generation revenue on project/assets constructed with a plan to operate plants
when persuasive evidence of a power purchase arrangement with the power
grid company exists, electricity is generated and transmitted to the grid,
Revenue from generated electricity
electricity generation records are reconciled with grid companies, the price of
electricity is fixed or determinable, and the collectability of the resulting
Note*: Excluding Sales of Other Solar Materials and Processing service fees revenue of worth CNY 1.229 receivable is reasonably assured.
billion

6.3.9 JINKOSOLAR HOLDING CO. LTD.– BUSINESS OVERVIEW
JINKOSOLAR HOLDING CO., LTD.

Revenue Share (%), by Geography, 2021
Inside China (including Hong Kong and Taiwan)

15.55%
24.82%
North America
Europe
25.08%
16.22%
Asia-Pacific (except China which includes Hong Kong and
Taiwan)
18.33%
Rest of the World
Source: Annual report

6.3.9 JINKOSOLAR HOLDING CO. LTD.– RELEVANT PRODUCTS
SOLAR MODULES
Cheetah Series Tiger Neo Series Tiger Series Tiger Pro Series
Product Features: Product Features: Product Features: Product Features:
▪ Five busbar solar cells with improved ▪ Ultra-high-power ▪ TR technology with half cell to ▪ Ultra-high power for lowest
efficiency and better aesthetic look. generation/Ultra-high efficiency eliminate the cell gap, in order to levelized cost of energy (LCOE).
▪ Perfect for rooftop installation. ▪ Higher bifacial gain increase module efficiency. ▪ High efficiency of up to 21.6%.
▪ High efficiency of up to 20.45% ▪ Enhanced Reliability ▪ 9BB technology to provide high ▪ Reliable tiling ribbon technology
▪ Advanced glass and cell surface ▪ Lower LID/LETID power output and resist modules eliminates inter-cell gap.
textured designs to perform under ▪ High Compatibility from cracks. ▪ Lightweight feature helps in
low light. ▪ Optimized Temperature coefficient ▪ Can withstand wind load of 2.400 installation in multiple locations,
▪ Can withstand wind load of 2.400 ▪ Lower Operating Temperature pascals and snow load of 5.400 such as rooftop, or any other
pascals and snow load of 5.400 ▪ Optimized Degradation pascals. industrial locations.
pascals. ▪ Outstanding lowlight performance ▪ 0.6% linear degradation.


Cheetah 72M-V 380-400-Watt MONO PERC MODULE
JKM380M-72 JKM385M-72 JKM390M-72 JKM395M-72 JKM400M-72
Model No.
JKM380-72-V JKM385M-72-V JKM390M-72-V JKM395M-72-V JKM400M-72-V
STC NOCT STC NOCT STC NOCT STC NOCT STC NOCT
Maximum Power (Pmax) 380Wp 286Wp 385Wp 290Wp 390Wp 294Wp 395Wp 298Wp 400Wp 302Wp
Maximum Power Voltage (Vmp 40.5V 38.6V 40.8V 38.8V 41.1V 39.1V 41.4V 39.3V 41.7V 39.6V
Maximum Power Current (Imp) 9.39A 7.42A 9.44A 7.48A 9.49A 7.54A 9.55A 7.60A 9.60A 7.66A
Open-circuit Voltage (Voc) 48.9V 47.5V 49.1V 47.7V 49.3V 48.0V 49.5V 48.2V 49.8V 48.5V
Short-circuit Current (Isc) 9.75A 7.88A 9.92A 7.95A 10.12A 8.02A 10.23A 8.09A 10.36A 8.16A
Module Efficiency STC (%) 19.16% 19.42% 19.67% 19.92% 20.17%
Operating Temperature (℃) -40℃~+85℃
Maximum System Voltage 1000/1500VDC (IEC)
Maximum Series Fuse Rating 20A
Power Tolerance 0~+3%
Temperature Coefficients of Pmax -0.37%/℃
Temperature Coefficients of Voc -0.29%/℃
Temperature Coefficients of Isc 0.048%/℃

Nominal Operating Cell Temperature
45±2℃
(NOCT)


CHEETAH PLUS HC 66MB 345–365-Watt MONO PERC HALF CELL MODULE
Module Type JKM345M-66HB JKM350M-66HB JKM355M-66HB JKM360M-66HB JKM365M-66HB
Maximum Power Voltage (Vmp) 36.63V 7.66A 36.69V 7.75A 36.76V 7.84A 36.81V 7.93A 36.87V 8.03A
Maximum Power Current (Imp) 9.42A 33.51V 9.54A 33.60V 9.66A 33.69V 9.78A 33.78V 9.90A 33.82V
Module Efficiency STC (%) 18.70% 18.97 19.24 19.52 19.79
Operating Temperature(℃) -40 ~+85 °C
Maximum System Voltage 1000VDC (IEC)
Power Tolerance 0+3%
Temperature Coefficients of Pmax -0.35%/°C
Temperature Coefficients of Voc -0.29%/°C
Temperature Coefficients of Isc 0.048%/°C
Nominal Operating Cell
45±2
Temperature (NOCT)


SWAN BIFACIAL HC 72M385-405-WATT MONOCRYSTALLINE MODULE
Module Type JKM385M-72H-TV JKM390M-72H-TV JKM395M-72H-TV JKM400M-72H-TV JKM405M-72H-TV

Maximum Power Voltage (Vmp) 39.50V 36.88V 39.62V 37.22V 39.83V 37.55V 40.01V 37.64V 40.19V 37.77V
Maximum Power Current (Imp) 9.76A 7.75A 9.84A 7.78A 9.92A 7.81A 10.00A 7.89A 10.08A 7.96A
Operating Temperature(℃) -40℃~+85℃
45±2℃
Temperature (NOCT)
Refer. Bifacial Factor 70±5%


TIGER BIFACIAL 450–470-WATT TILING RIBBON (TR) TECHNOLOGY
Module Type JKM450N-7RL3-TV JKM455N-7RL3-TV JKM460N-7RL3-TV JKM465N-7RL3-TV JKM470N-7RL3-TV

Maximum Power Voltage (Vmp) 43.48V 8.38A 43.54V 8.45A 43.60V 8.52A 43.66V 8.59A 43.72V 8.66A
Maximum Power Current (Imp) 10.35A 40.04V 10.45A 40.15V 10.55A 40.26V 10.65A 40.36V 10.75A 40.47V
Operating Temperature(℃) 40℃~+85℃
45±2℃
Temperature (NOCT)
Refer. Bifacial Factor 85±5%

7. MARKET
OPPORTUNITIES AND
FUTURE TRENDS

TECHNOLOGICAL ADVANCEMENTS IN SOLAR PV MANUFACTURING

◼ The solar PV market is currently dominated by silicon-based technology, as silicon-based solar panels achieved high levels of popularity, as well as cost parity with
traditional energy sources worldwide.
◼ However, silicon-based solar cell manufacturing requires high energy payback time (time required to produce energy equal to the amount of energy consumed in
production) and is a time-consuming process. These factors might result in its decline due to inability to keep up with the demand anticipated for solar PV in the
coming years.
◼ Although there are other alternatives to silicon-based solar cells, like thin film-based PV cells, they are not comparable to silicon-based cells in terms of cost, as they
are manufactured by depositing expensive light-harvesting materials on a substrate. However, the recent years saw the development of a new type of solar PV,
called emerging PV. This new technology involves manufacturing solar PV using nanostructured or carbon-structured materials (dye or perovskite) or organic-based
solar cells.
◼ Among the materials, perovskite-based PV cells attracted the most attention in the recent years. Perovskite-based PV cells offer high ease of manufacture, high
efficiency, and excellent semiconductor behavior. Hence, they are comparable to silicon-based solar PVs in terms of solar-to-electric efficiency.
◼ The National Renewable Energy Laboratory’s (NREL) applied perovskite program seeks to make perovskite solar cells a viable technology by removing barriers to
commercialization, increasing efficiency, controlling stability, and enabling scaling.
◼ Moreover, in July 2020, Cornell's engineers found that photovoltaic wafers in solar panels with all-perovskite structures outperform photovoltaic cells made from
crystalline silicon, as well as perovskite-silicon tandem cells. Additionally, perovskite cells offer faster return on the initial energy investment than silicon-based solar
panels, and all-perovskite solar cells mitigate climate change as they consume lesser energy during manufacturing.

◼ Furthermore, in March 2021, the US Department of Energy (DOE) funded USD 40 million to 22 projects related to the research and development (R&D), manufacturing,
and performance validation of advance perovskite photovoltaic (PV) devices. Through the Solar Energy Technologies Office (SETO), the DOE is expected to invest in
two major areas: advancing the efficiency and stability of the perovskite solar technology and addressing the challenges of manufacturing perovskite PV modules. Such
investments are expected to create immense opportunities for the global solar energy market in the coming years.
◼ Moreover, perovskite-based cells are also cost-competitive with solar PV cells, as they use an extremely thin layer of material for manufacturing. They can also be
formed into threads and woven into bags, fabrics, and building materials.
◼ Overall, the opportunities for perovskites as a solar technology are great. It has the potential to develop into a high-efficiency, low-cost module technology, with
throughput rates and energy payback times superior to state-of-the-art PV technologies.
FIRMS INVOLVED IN COMMERCIALIZING PEROVSKITE SOLAR CELLS
Company Location Founded Manufacturing Aims Performance Claims
Rochester, New Roll-to-roll coated perovskite-only
Energy Materials Corp. 2010 Undisclosed
York cells.
Frontier Energy Flexible and rigid (glass-backed)
Ulsan, South Korea 2016 Undisclosed; aiming for 20%-efficient 225 cm2 modules.
Solution tandem cells.
Microquanta World record 17.3%-efficient ‘mini-module’ (17.3 cm2). Field
Hangzhou, China 2015 Rigid glass-backed perovskite cells.
Semiconductor tests in progress. Aims at large (>1,000 cm2) modules.
Rigid tandem (perovskite–silicon) cells. Verified 28%-efficient tandem cells (1 cm2). Claims it will reach
Oxford PV Oxford, UK 2010 Partnering with silicon manufacturers 27% at commercial scale (243 cm2 cells) this year. Field tests
and making own cells. in progress. Aims at larger modules.
Printed flexible, lightweight,
17%-efficient small cells, 10%-efficient modules (100 cm2).
Saule Technologies Warsaw, Poland 2014 perovskite-only cells with commercial
Field tests in progress.
production in 2021.
Company Location Founded Manufacturing Aims Performance Claims
Printed flexible, lightweight, perovskite-only cells 17%-efficient small cells, 10%-efficient modules (100
Saule Technologies Warsaw, Poland 2014
with commercial production by 2021. cm2). Field tests in progress.
Part of government consortium. Sekisui: flexible

Long- Sekisui: 8–10%-efficient 900 cm2 modules in field
Sekisui/Panasonic/Toshi Osaka and Tokyo, cells, to sell in 2020. Panasonic: rigid perovskite
standing tests. Panasonic: 21.6%-efficient 6.25 cm2 cells and
ba Japan cells. Toshiba: lightweight modules for rooftops,
firms 12.6%-efficient 412 cm2 modules.
to sell in 2025.
Aubonne, Perovskite solar modules, initially integrated into 14.9%-efficient cell (1 cm2), 12%-efficient 100
Solaronix SA 1993
Switzerland buildings. cm2 module.
Eindhoven, Knowledge/tech provider partners with firms to 19.6% efficient for 0.1 cm2 perovskite-on-glass, 27%
Solliance 2010
Netherlands develop perovskite-only and tandem cells. for tandem with silicon cell.
Swift Solar Golden, Colorado 2017 Flexible perovskite and perovskite tandems. Undisclosed.
Palo Alto, Undisclosed. Developing an approximately 225

Tandem PV 2016 Tandem perovskite–silicon cells.
California cm2 cell.
12.5%-efficient 100 cm2 module. It has offered

WonderSolar Ezhou, China 2016 Low-cost perovskites on rigid glass. demonstration 3,600 cm2 modules. Field tests in
progress.
Source: NREL
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REPORT

GLOBAL DISTRIBUTED SOLAR POWER

• An overview of the competitive intelligence and list of market players

Forecast Period: 2022-2027

Industry Reports | Consulting | Intelligence Center

2 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

4.4.1 Drivers 6.2 Strategies Adopted by Leading Players

4.4.2 Restraints 6.3 Company Profiles (Overview, Business Segments, Projects/Products

3 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

6.3.7 Canadian Solar Inc.

6.3.8 Tesla Inc.

6.3.9 JinkoSolar Holding Co. Ltd

4 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

1.2 Market Definition

1.3 Study Assumptions

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1.1 SCOPE OF THE STUDY

◼ Middle East & Africa

6 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

1.2 MARKET DEFINITION | 1.3 STUDY ASSUMPTIONS

MARKET DEFINITION STUDY ASSUMPTIONS

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Source: Mordor Intelligence

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STEP 1 STEP 2 STEP 3

Decipher client requirements/ market to be

Tailormade research approach for

Effective use of Mordor’s knowledge

Confirm the objectives of the assignment with

11 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

SECONDARY RESEARCH PRIMARY RESEARCH

12 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

DATA TRIANGULATION AND INSIGHT GENERATION

It is a process of combining outcomes from different sources to increase the

An econometric model is a simplified representation of a real-world process.

13 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

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15 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

16 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

17 REPORT – GLOBAL DISTRIBUTED SOLARDISTRIBUTED

DISTRIBUTED SOLAR POWER GENERATION MARKET

18 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

4.3 RECENT TRENDS AND DEVELOPMENTS

FRANCE SELECTS 306 ROOFTOP SOLAR PROJECTS

19 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

4.3 RECENT TRENDS AND DEVELOPMENTS

GREENYELLOW TO INSTALL 8 MWP OF DG SOLAR FOR PHARMACIES IN BRAZIL

20 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

4.3 RECENT TRENDS AND DEVELOPMENTS

EDP RENEWABLES ANNOUNCES COMPLETION OF COMMUNITY SOLAR + STORAGE FACILITY

21 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

4.3 RECENT TRENDS AND DEVELOPMENTS

ENEL X INSTALLS PV PANELS FOR RETAILER PENNY IN ROMANIA

ALTERNUS ENERGY GROUP ANNOUNCED THE ACQUISITION OF KKSOL Srl

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24 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

25 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

◼ The industrialization of these highly modular

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27 REPORT – GLOBAL DISTRIBUTED SOLAR POWER GENERATION MARKET

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