1. Australian Wind and Solar
WEEKLY Ed. 1 | 4 September 2015 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to
be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty,
guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or
recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This
report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for
actions made.
Page 1 / 2
M&A Rumour and Activity
The Australian market finished the week 4.2% lower with the S&P / ASX100 ending at 4207 points amid ongoing concerns about the Chinese
economy and speculation of a rate hike by the US Federal Reserve. Weaker domestic data, including slower GDP growth and contraction in retail
sales, also contributed to the slump. The Australian dollar weakened 3.42% for the week to end at US69.14 cents, after solid US employment
figures raised bets that the US Fed will raise interest rates in September.
It has been reported by Business Spectator that Canada’s TransAlta Corp (TSX:TA) had emerged as a potential bidder for IFM Australian
Infrastructure Fund’s $2 billion Pacific Hydro business. TransAlta Corp joins Origin Energy Limited (ASX:ORG), AGL Energy Limited (ASX:AGL),
SunEdison (NYSE:SUNE), AES Corporation (NYSE:AES), Morrison & Co, Acciona, S.A. (CATS:ANA) and TerraForm Power, Inc. (NasdaqGS:TERP) as
potential bidders for the Pacific Hydro portfolio, which is split almost evenly between Australia and South America. It is noted that IFM may seek to
sell the assets in the two regions separately.
The Business Spectator has also reported that HRL Morrison & Co is strongly positioned to buy AGL’s 50% owned Macarthur Wind Farm in Victoria,
which is Australia’s largest windfarm with an installed capacity of 420MW. Other parties speculated to be interested in the stake includes China
Huaneng Group and Infrastructure Capital’s Energy Infrastructure Trust. AGL’s 50% stake is said to be worth $500 million, while the remaining 50%
stake is owned by Malakoff Corporation Berhad (KLSE:MALAKOF), which bought the stake from Meridian Energy for $130 million (including project
debt of $529 million) in June 2013 at an implied enterprise value of $659 million.
Following the sale of its business in the United States, Infigen Energy (ASX:IFN) is now seeking to pursue growth opportunities in Australia. An
undisclosed turbine supplier had also acquired options to purchase a 50% equity interest in the Bodangora and Forsayth wind farm developments,
which will provide Infigen with certain fees should the option be exercised. Infigen also said that it has equity interest in c.1,200MW of wind and
solar sites with development approval, and may sell or jointly develop these projects with third parties (with Infigen undertaking an operator role).
Global news
Toll-road developer Huabei Expressway Co., Ltd. (SZSE:000916) is rumoured to be interested to acquire 100% of Zhongli Talesun Solar Co., Ltd, a
subsidiary of Zhongli Science and Technology Group Co., Ltd. (SZSE:002309), for an undisclosed value. Zhongli Talesun Solar Co., Ltd. manufactures
grid-connected photovoltaic (PV) modules in China, with a global sales network in Germany, America, Singapore, Switzerland and Japan.
Suzlon Energy Limited (BSE:532667), a manufacturer of wind turbine generators, is looking at various options to raise money to retire its debt,
including capitalizing on its German subsidiary, Senvion SE. Plans include raising money through private equity, private placement, or a stake sale
through the stock market. Senvion SE is engaged in developing, constructing, and distributing onshore and offshore wind turbines in Germany and
internationally.
Listed Philippines conglomerate, Ayala Corp. (PSE:AC) sold its ownership in Luzon Wind Energy Holdings BV to DGA NLREC BV Luzon Wind, a unit
of Mitsubishi Corp, for an undisclosed value on 3 September 2015. Luzon Wind has ownership interests in an 81MW wind farm in the Philippines.
News Headlines and Key Sector Developments
Brisbane Times had reported that Alinta Energy plans to sell solar and battery systems to households in Western Australia from November 2015.
Meanwhile, the Queensland Productivity Commission had been tasked to determine a fair price for solar energy, with a report due by mid-2016.
Ticker News/Event Ticker News/Event
ASX:IFN Announced FY15 results of $133.8m in revenue (8% decrease from the
previous corresponding period), EBITDA of $83.5m (10% decrease) and
NLAT of $303.6m (vs NLAT of $8.9m) primarily due to the impairment of
$284.5m of its US assets
LSE:JLG Reported 6M15 results of £32.6m NPAT
Had committed a further £12.1m to the Hornsdale Wind Farm Project
in South Australia and has been shortlisted for a PPP project for an
energy-from-waste plant in Australia
Source: Capital IQ, Company Announcements, LCC research

2. Australian Wind and Solar
WEEKLY Ed. 1 | 4 September 2015 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to
be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty,
guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or
recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This
report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for
actions made.
Page 2 / 2
Market Cap Week High Week Low Weekly Volume EV/ EV/
Ticker Company Name Australian Activities (AUD Million) (AUD) (AUD) % Change Trend EBITDA EBIT
ASX:AGL AGL Energy Limited Wind PD, O, OP; Solar R, C, PD, O, OP 10,816 16.93 15.88 ▼ -4.2% 11.6x 16.7x
ASX:APA APA Group Wind O, OP 9,394 8.79 8.06 ▼ -3.0% 21.4x 28.2x
ASX:CSR CSR Limited Solar R, C 1,513 3.22 2.95 ▼ -5.7% 5.5x 7.7x
ASX:IFN Infigen Energy Wind PD, O, OP; Solar PD 189 0.26 0.22 — 0.0% 12.3x 35.5x
ASX:ORG Origin Energy Limited Wind O, OP; Solar R, C 8,522 8.72 7.61 ▼ -8.7% 15.8x 25.5x
ASX:RFX RedFlow Limited Battery OEM 67 0.25 0.20 ▼ -16.7% NM NM
ASX:TSE Transfield Services Limited Wind OP, I 502 1.21 0.95 ▼ -17.6% 4.0x 5.9x
BSE:500530 Bosch Ltd Battery OEM 14,855 504.91 468.30 ▼ -5.2% 38.8x 52.9x
BSE:532667 Suzlon Energy Limited Wind OEM, DB 2,203 0.48 0.45 ▼ -3.7% 31.8x 81.5x
BVC:GASNATURAL Gas Natural S.A. ESP Wind D 2,041 NM NM ▲ 4.0% 10.8x 12.0x
CATS:ABG Abengoa SA CST OEM, PD, DB 1,361 2.78 2.40 ▼ -5.5% 7.8x 11.3x
CATS:ANA Acciona, S.A. Wind OEM, PD, DB, O, OP 5,912 106.40 101.79 ▼ -2.1% 7.6x 13.3x
CATS:ENO Elecnor SA Wind PD, DB; Solar PD, DB 1,193 14.46 13.76 ▲ 0.1% 11.7x 17.9x
CATS:GAM Gamesa Corporación Wind OEM 5,576 21.58 19.96 ▼ -5.5% 11.5x 14.6x
CATS:SAN Banco Santander, S.A. Wind PD 119,115 8.73 8.20 ▼ -4.6% NM NM
CPSE:VWS Vestas Wind Systems A/S Wind OEM, DB 16,710 77.40 74.07 ▲ 1.0% 10.5x 13.2x
DB:SIE Siemens Aktiengesellschaft Wind OEM, DB 115,566 140.85 137.83 ▼ -0.6% 9.5x 12.5x
ENXTPA:ALO Alstom SA Wind OEM, DB 13,756 45.63 43.10 ▲ 2.9% 35.8x 51.0x
ENXTPA:AREVA AREVA SA CST OEM, PD, DB 4,717 13.58 12.24 ▼ -7.9% NM NM
ENXTPA:ENGI ENGIE SA Wind O, OP 57,755 25.38 24.06 ▼ -4.8% 6.2x 11.0x
KLSE:MALAKOF Malakoff Corporation Berhad Wind I 2,565 0.52 0.47 ▲ 7.7% 8.4x 15.0x
KOSE:A005930 Samsung Electronics Co. Ltd. Battery OEM 197,934 1382.94 1251.15 ▲ 7.1% 2.9x 5.3x
KOSE:A051910 LG Chem, Ltd. Battery OEM 17,649 292.90 265.95 ▼ -6.6% 6.1x 10.9x
LSE:JLG John Laing Group plc Wind I 1,675 4.73 4.49 ▼ -1.8% 11.3x 11.4x
NasdaqGM:ENPH Enphase Energy, Inc. Solar Inverter OEM 289 6.88 6.14 ▲ 1.0% 24.6x NM
NasdaqGS:CSIQ Canadian Solar Inc. Solar Panel OEM, R, C, PD 1,481 27.42 25.24 ▲ 1.7% 4.4x 5.4x
NasdaqGS:CSUN China Sunergy Co. Ltd. Solar Panel OEM 29 2.11 1.92 ▼ -4.9% NM NM
NasdaqGS:FSLR First Solar, Inc. Solar Panel OEM, DB 6,850 70.34 65.89 ▲ 1.6% 6.3x 12.2x
NasdaqGS:HQCL Hanwha Q CELLS Co., Ltd. Solar Panel OEM 1,489 19.13 17.20 ▼ -2.1% 18.3x 149.8x
NasdaqGS:SPWR SunPower Corporation Solar Panel OEM, R, C, DB 4,514 34.90 31.77 ▼ -2.4% 11.4x 18.2x
NasdaqGS:TSLA Tesla Motors, Inc. Battery OEM 45,418 359.10 336.58 ▲ 1.2% NM NM
NYSE:DQ Daqo New Energy Corp. Solar Panel OEM 211 20.54 17.95 ▲ 2.5% 7.0x 15.2x
NYSE:GE General Electric Company Wind OEM, DB, I 350,471 35.54 33.63 ▼ -1.3% 19.6x 32.3x
NYSE:JKS JinkoSolar Holding Co., Ltd. Solar Panel OEM 886 29.24 26.64 ▲ 3.0% 9.8x 14.7x
NYSE:SOL ReneSola Ltd. Solar Panel OEM 185 1.85 1.69 ▲ 2.8% 8.6x 104.5x
NYSE:SUNE SunEdison, Inc. Solar R, C, PD 5,464 18.09 14.18 ▲ 15.1% NM NM
NYSE:TSL Trina Solar Limited Solar Panel OEM 1,134 12.83 12.00 ▼ -1.1% 6.5x 10.7x
NYSE:YGE Yingli Green Energy Co. Ltd. Solar Panel OEM 191 1.14 1.00 ▼ -4.2% 12.0x NM
NZSE:MEL Meridian Energy Limited Wind PD, O, OP 5,000 2.06 1.95 ▼ -0.6% 10.9x 17.2x
NZSE:TPW TrustPower Limited Wind PD, O, OP 2,137 6.83 6.69 ▲ 1.2% 11.1x 15.4x
SEHK:1088 China Shenhua Energy Co Wind I 70,129 2.48 2.27 ▼ -6.4% 5.7x 8.0x
SEHK:1165 Shunfeng International Limited Solar Panel OEM 1,362 0.38 0.34 ▲ 1.2% 24.3x NM
SEHK:1211 BYD Company Ltd. Battery OEM 14,117 6.05 5.46 ▼ -5.1% 18.3x 88.5x
SEHK:2 CLP Holdings Ltd. Wind PD, O, OP 29,422 11.81 11.43 ▼ 0.0% 9.8x 14.1x
SET:RATCH Ratchaburi Electricity PCL Wind PD, I; Solar PD, I 3,021 2.14 2.03 ▼ -0.4% 28.9x 50.2x
SWX:ABBN ABB Ltd. Solar Inverter OEM, DB 59,047 27.43 26.38 ▼ -0.8% 8.4x 10.9x
SZSE:002202 Xinjiang GoldWind S&T Co Wind OEM, DB, OP, I 9,001 3.51 3.17 ▲ 4.3% 13.9x 16.4x
SZSE:300118 Risen Energy Co.,Ltd. Solar Panel OEM 1,279 2.36 1.93 ▼ -16.6% 10.9x 13.2x
TSE:6758 Sony Corporation Battery OEM 45,423 37.65 34.95 ▼ -0.8% 5.3x 10.4x
TSE:8002 Marubeni Corporation Wind I 13,295 7.93 7.56 ▼ -1.4% 10.5x 15.7x
TSE:8015 Toyota Tsusho Corp. Wind I 11,253 33.24 31.52 ▼ -1.1% 8.1x 13.7x
TSE:8031 Mitsui & Co. Ltd. Wind PD, O, OP 32,891 18.84 17.80 ▼ -0.5% 9.7x 16.5x
XTRA:S92 SMA Solar Technology AG Solar Inverter OEM 1,845 55.07 51.14 ▲ 2.2% NM NM
C o des
PD Project Development DB Design & Build
O Owner OEM Original Equipment M anufacturer
OP Operator R Residential Solutions
I Investor C Commercial Solutions
Source: Capital IQ, LCC research