Study about PV Market in Brazil and show business prospects

1. BRAZILIAN ENERGY SECTOR
PROSPECTS IN SOLAR ENERGY
São Paulo, May 2016

2. A. Brazilian Energy Sector
B. Photovoltaic market
C. Centralized PV generation
D. Distributed PV generation
E. Business opportunities

3. A. Brazilian Energy Sector
B. Photovoltaic market
C. Centralized PV generation
D. Distributed PV generation
E. Business opportunities

4. Brazilian electrical energy production based
on hydropower
Source: CCEE and Eletrobrás
Hydropower
Wind
Solar PV
Thermo
29%
Gas 13,0%
Coal 3,1%
Oil 6,7%
Biomass 3,2%
Nuclear 3,0%
[100%: 550 GWh – Dec2014]

5. Lack of rain impacting on Brazilian storage
energy hydropower capacity
Source: COMERC

6. Lack of rain impacting on decreasing hydro
generation and increasing thermal´s
Source: COMERC

7. Trend of energy demand
Brazilian market – GDP% vs Energy Demand
Source: COMERC

8. Evolution of Brazilian power matrix next years
Incentives for renewable energy sources
Source: PDE 2024
AdditionalInstalledEnergyCapacity(MW)
Hydropower
Additional capacity = 74.099MW
Nuclear Thermal Other renewable sources

9. Institutional Framework Energy Sector Brazil
CNPE
National Council of Energy
Policy
Formulation of national policies
and guidelines
MME
Ministry of Mines and
Energy
Planning, monitoring and
implementing policies
CMSE
Monitoring Committee of the
Electricity Sector
Monitoring the continuity and
security of electricity supply
EPE
Energy Research Company
Studies and researches for
energy planningANEEL
National Energy Agency
Regulating and supervising
activities in the electricity sector
and in charge of promoting
Energy Auctions
ONS
National System Operator
Coordinating the Brazilian
National Interconnected System
(SIN)
CCEE
Electric Energy Trading
Chamber
Conducting Energy Auctions for
buying and selling energy.
Managing the contracts under
Free and Regulated Markets
Sectorial agents
Generation – Transmission – Distribution - Trading
Consumers Free Market (ACL) Consumers Regulated Market (ACR)
Source: FGV, ANEEL, CCEE

10. Value chain of sector
Generation Transmission Distribution Trading
• Public Services
Generators
• Independent
Producers
• Self Producers
• Transmitters • Distributors • Importers
• Exporters
• Traders
• Free consumers
• Special consumers

11. Traditional value chain
Centralized generation
Generation Transmission Distribution Consumers
Unidirectional flow of energy

12. Distributed generation value chain
Path to smart grid
Distributed generation is an expression used to design electrical power generation
processed near to consumer, independent of power, of technology and of energy
source.
Virtual Power Plant
PV Power Plant
Energy Storage
Wind Power Plant
Micro grid
Traditional Power Plant
Control Center
Electrical
Vehicle
Industries
Smart cities

13. Energy Trading Markets
ACR and ACL
Regulated
Energy Market
(ACR)
Free Energy
Market (ACL)
Source: ANEEL
Energy Auctions
Regulated Energy Market
Free Energy Market
Energy Trading Framework
Generator Generator Generator Generator
Incentivized
Generators
DistributorsDistributors Traders
Captive
Consumers
Captive
Consumers
Free Consumers
Free and Special
Consumers
Free Energy PricesRegulated Energy Tariffs

14. Energy Trading Markets
Regulated Energy Market (ACR)
Source: ANEEL
Start energy supply
period
Contract period
Renewable sources
New energy A-5
New energy A-3
Existing energy A-1
Existing energy adjust
Distributed energy
Energy Savings and
Deficits Compensation
Mecanism
EnergyAuctionsPublic
call
Trade
rules
from 1 to 4years
in 5 years
in 3 years
in 1 year
up to 4 months
from 10 to 30 years
from 15 to 30 years
from 15 to 30 years
from 5 to 15 years
up to 2 years
Defined by
distributor
Defined by
distributor
Contractual energy
reduction or addition in
next month
Until end of contract
period of impacted
product

15. Regulated Energy Market (ACR)
Energy Auction Process
Source: CCEE
1
2
3
4
5
6
7
8
9
MME publish decree with
guidelines of technical
qualification in EPE and of
auctions process
ANEEL publish
auction notice
and contracts
minutes
Entrepreneur
present
technical
project to EPE
EPE publish
qualified projects
to participate in
Energy Auctions
MEE Decree with
energy physical
guarantee of
projects
Energy Auction
conducted by
CCEE,
delegated by
ANEEL
Entrepreneur
signs contract
with CCEE in
case of Energy
Reserve
Auction (CER)
Entrepreneur
signs contract
with Distributor
in case of ACR
Auction
(CCEAR)
Entrepreneur with signed
contracts searches for
project financing

16. Regulated Energy Market (ACR)
Step 8 – Guarantees of PPA
Source: CCEE
Distributor issues invoice
for its clients
CAPTIVE CLIENTS
Clients pay invoices in
their preferable bank
DISTRIBUTORGENERATOR
CUSTODIAN BANK
Distributor has 2 bank
accounts in Manager Bank
Current account
Centralizing account
Compensation System
transfers resources to
Current Account of
Distributor Custodian
Bank
Generator issues invoice
against Distributor and
informs Custodian Bank
Custodian Bank transfers
resources from Current
Account to Centralizing
Account until complete total
value of invoice. In the due
date, Custodian Bank
transfers resources to
Generator Bank Account.
Guarantee Contract (CCG) is signed by distributor,
generator and custodian bank after signature of PPA

17. Regulated Energy Market (ACR)
Step 9 – Guarantees of PPA for investors
Guarantee Contract (CCG) is signed by
generator/entrepreneur, custodian bank and investor
after signature of PPA
Source: CCEE
INVESTOR´S
BANK
GENERATOR
DISTRIBUTOR
CUSTODIAN BANK
OF FINANCING
CUSTODIAN BANK
OF CCG
Generator issues invoice
against Distributor and
informs Custodian Bank of
CCG
Investor issues invoice to
Generator/Entrepreneur and
informs Custodian Bank of
Financing
Custodian Bank of Financing
transfers resources
according to invoice value to
Investor´s Bank Resources are transferred to a
bank account of
generator/entrepreneur in
Custodian Bank of Financing
All captive clients payments go to
Distributor bank account in
Custodian Bank of CCG

18. Regulated Energy Market (ACR)
Evolution of Energy Contracted Auctions
HPP
LNG
COAL
FCH
FUEL OIL
SOLAR
BIOMASS
DIESEL
NATURAL GAS
WIND
AVERAGE ENERGY PRICE

19. Energy Trading Markets
Free Energy Market (ACL)
Source: CCEE
Special incentivized
Special conventional
Qualified cogeneration
Conventional
Types of energy in ACL
Free consumer
Special consumer
Contracted demand
above 3MW
Contracted demand
of 500kW or more
Total freedom to
negotiate prices,
terms and contractual
conditions
Must buy only
incentivized energy
(FCH, Wind, Solar,
Biomass)
• Bilateral negotiation between buyers and sellers – prices and contractual
condition are confidential
• Contracts are registered in CCEE with information of period and energy
amount
• Free consumers can negotiate amounts of energy assignments with
others free market agents, including other consumers
Self producers Traders
Generators and
independent producers
Free and special
consumers
Bilateral negotiations
+
Electronic
negotiation platform

20. Free Energy Market (ACL)
Consumers profile
Period of purchasing contracts
Free consumers and
specials
3.122
contracts
with
11,461MW
average
traded
MW
traded
1 month
2 to 5 months
6 months to 1 year
Above 1 year
up to 2 years
Above 2 years
up to 4 years
Above 4 years
Source: CCEE

21. A. Brazilian Energy Sector
B. Photovoltaic market
C. Centralized PV generation
D. Distributed PV generation
E. Business opportunities

22. Worldwide PV market potential

23. Brazil´s Solar Power Potential
Annual average potential of solar energy

24. Brazil´s Solar Power Potential
Annual average potential of solar energy
Source: Brazil Solar Atlas 2006 – INPE – Project Swera
5.6kWh/m2
5.2kWh/m2
5.7
kWh/
m2
5.5
kWh/
m2
5.9kWh/m2

25. Brazilian PV market segments
Type of PV system
Market potential - year 2023
(MWp) – Conservative
Residential
Corporate
(Industrial e
Commercial)
Grid connected
Stand alone
800
Grid connected/ Stand alone
Hybrid
PV appliances
500
PV power plant
Hybrid power plant
10.000
Generators
(Public and
Free/Special
consumers)
Grid connected/Stand alone
PV appliances for agriculture
naRural
Source: EPE Decenal and Ekon Consultoria Corporativa Analysis
Distributed
generation
Distributed
generation
Centralized
generation

26. Centralized generation capacity
Brazilian market planning
Source: MME
Source
Thermal
Biomass
Wind
Installed capacity
(MW)
Participation
(%)
Installed
capacity
(MW)
Additional
capacity
(MW)
Participation
(%)
Dec 2014 Dec 2023

27. Source: EPE DEA 19/2014
Distributed generation capacity
Brazilian market projectionInstalledcapacity(MWp)
With Tax
incentive
(ICMS)
Without
Tax
incentive
(ICMS)
Conservative scenario

28. Distributed generation
Solar energy prices projection
Source: EPE e Análise Ekon Consultoria Corporativa
3,35 3,16 2,96 2,77 2,62 2,48 2,33 2,19 2,04 1,99 1,89 1,85
3,74
3,50
3,25
3,06
2,87
2,67
2,48
2,33
2,19 2,14 2,04 1,99
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Commercial Residential
Projection of PV System Installed Cost [USD/Wp]

29. Installed PV system – Brazilian market
Price references
Capacity PV system (kWp) Price range (USD)
Residential
(Distributed)
1,5 4.000 – 6.000
2,0 5.300 – 7.950
3,0 8.300 – 11.600
4,0 10.600 – 14.900
5,0 15.500 – 18.200
10,0 24.800 – 33.100
100,0 215.400 – 298.250
500,0 994.200 – 1.160.000
1.000,0 1.650.000 – 2.000.000
5.000,0 5.500.000 - 7.000.000
10.000,0 9.000.000 - 12.000.000
Corporative
(Distributed)
Centralized
Source: Portal Solar and Ekon Consultoria Corporativa Analysis
30.000,0 35.000.000 - 55.000.000

30. Product portfolio – Market research
12
23
19
29
19
4 3
11
15
8
3
0 a 200 200 a 240 241 a 250 251 a 260 261 a 270 271 a 280 281 a 290 291 a 300 301 a 310 311 a 320 320 a 335
PV Module Power (Wp)
Número de produtos
Residential
Commercial
Industrial
Centralized
Research of product portfolio in Brazilian Market:
Canadian Solar, DyaSolar, Jinko Solar, Kyocera, Minasol, Pure Energy, Ferrrania Solis, S4 Solar, SunEdison, Yingle Solar
Source: Ekon Consultoria Corporativa Analysis

31. Product portfolio – Market research
PV Module Efficiency (%)
15,52%
9,47%
13,37%
14,88%
13,47%
14,75%
17,00%
14,75% 15,14%
17,10%
14,66% 14,70%
16,63%
12,78%
15,18%
16,50%
14,80%
14,75%
17,00%
15,93%
16,83%
17,10%
16,14% 17,10%
CANADIANSOLAR
DYASOLAR
FERRANIASOLIS
JINKOSOLAR
KYOCERA
MINASOL
NETGREEN
PUREENERGY
S4SOLAR
SUNEDISON
TAYNERGY
YINGLESOLAR
19,24
11,60
22,00 20,36
13,64 11,90 10,90
20,00 22,14 20,09 20,88 18,13
Max efficiency
Min efficiency
Averageweightof
eachmodule(kg)
Source: Ekon Consultoria Corporativa Analysis

32. PV factories
Brazilian market
ID COMPANY NAME PARTNERS LOCATION
INSTALLED CAPACITY
(MWp/year]
FACTORY OR IMPORTER
YEAR OF OPERATION
FACTORY
COUNTRY EMPLOYEES
CAPEX
(USD)
1 Conergy do Brasil
RWE
Kawa Capital
Management
São Paulo - SP 50 IMPORTER NA GER/BRL NA 45
2 Pure Energy Energia Renovável
Cerutti Engenharia
BMS
Regran
Marechal Deodoro - Alagoas 40 FACTORY 2016 ITA/BRL 54 13,3
3 EBES - Empresa Brasileira de Energia Solar
TPG - Texas Pacific
Group
Ecosolar
Mov Investimentos
(from Natura
partners)
Diadema - São Paulo NA IMPORTER 1992 USA/BRL NA NA
4 SunEdison
BTG Pactual
SunEdison Inc
Local a definir 140 FACTORY AND IMPORTER 2016 USA 400 30
5 S4 Solar
Confirm Ware
Jinchen Machinery
Linuo Solar
Meyer Burger
Brasília - DF 100 FACTORY AND IMPORTER 2o sem 2015 CHI/BRL NA 10
6 Dya Energia Solar Tecnometal Campinas - SP 25 FACTORY 2010 BRL NA 20
7 Globo Brasil Indústria Painéis Solares NA Valinhos - SP 140 FACTORY Fev.2015 BRL 230 20
8 Intéling Soluções Inteligentes NA Bento Gonçalvez - RS NA FACTORY PV AND LED 2016 ESP NA 30
9 Soliker Brasil Sandylon InvestimentsLuziânia - DF 130 FACTORY AND IMPORTER 2016 ESP 98 67
10 Asolar Energy NA Montes Claros - MG 30 FACTORY 2016 ESP NA 6,7
11 Solar Par NA Campo Grande - MS 95 FACTORY 2o sem 2015 USA 185 73
12 Minasol Painéis Fotovoltaicos Claiton Abrão Araguari - MG NA FACTORY jun/14 BRL 12 NA
13 Ren Energy NA Mossoró-RN or Maracanaú-CE NA FACTORY 2016 GER 100 6,66666667
14 BYD NA Campinas - SP 400 FACTORY 2016 CHI NA 50
Source: Ekon Consultoria Corporativa Analysis

33. Regulatory framework
Brazilian market
ANEEL Resolution
482/2012
ANEEL Resolution
720/2014
Convênio ICMS
Confaz
• Establish general procedures for connecting mini and micro generators to
the grid
• Create net metering, ie, energy compensation system:
If a small plant does not need to consume all energy produced at the time of
generation, it can be released into the grid
• Establish the mandatory use of Visible Sectioning Device (DSV) in
distributed microgeneration systems
• Establish inverters are enough to ensure safe connection of PV
microgenerators to the grid
• Establish the exemption of ICMS (Tax on Circulation of Merchandise and
Services) for energy tariff supplied to the grid from power generated through
microgeneration and minigeneration (up to 1MW)
• Some Brazilian States establish exemption of ICMS for PV panels supply
PLS 167/2013
(Still in discussion
for approval in
Federal Senate)
• Exemption of taxes including IPI (Industrial Product Tax), PIS (Social
Integration Tax) and COFINS (Contribution to the Social Security Financing
Tax) for domestically produced of photovoltaic panels and other solar
industry components
• Exemption of import duty for internationally manufactured components until
such time as domestically produced products are available
Source: Ekon Consultoria Corporativa Analysis

34. Brazilian PV Market
ATTRACTIVENESS
OF PV BRAZILAN
MARKET
Main Regulatory Trends: Measures to incentive use of micro and mini
generators and exemption of federal axes in discussion in Congress:
• ANEEL Resolution 482/2012: Net metering
• ANEEL Resolution 720/2014: Vision Sectioning Device and Inverters procedures
• Agreement ICMS/CONFAZ: Exemption of ICMS for energy supplied by photo
micro and mini generators
• PLS 167/2013:Discussion in Congress exemption of IPI, PIS, COFINS
Other trends of the market:
• Projection of energy tariff increase in 2016
• Brazilian energy capacity plan until 2024 with significant participation of
renewable energy sources
• Trend of PV system installation costs decrease in next years
• Public banks offering competitive interest rates for financing of PV projects
Establishment of new PV
industries and suppliers:
Entering competitors
• 2 Brazilian companies
start production
operations in 2015
• Many PV factories plan
start production in
2016
• Some components of
PV panel already
produced in some
Brazilian suppliers
Main trends of PV
products and services:
• Significant growth of
market demand projected
for next years
• More than 3 GW of PV
projects contracted in
regulated market
• Demand from corporate
segment in energy savings
solution provider

35. A. Brazilian Energy Sector
B. Photovoltaic market
C. Centralized PV generation
D. Distributed PV generation
E. Business opportunities

36. Regulated energy market
Energy auctions prices
Source: CCEE e EPE and Ekon Consultoria Corporativa analysis
2 energy auctions in 2016:
• 10º New Energy Auction – 29/07/2016 (A-2)
• 11º Reserve Energy Auction – 28/10/2016 (A-3)
Energy Auction 10/2014 Energy Auction 8/2015
Energy Auction 11/2015
• 31 projects contracted
• Installed capacity: 890 MWp
• Average price: BRL 215,56/MWp
(USD 87,41/MWp)
• 30 projects contracted
• Installed capacity: 1.044 MWp
• Average price: BRL 301,79/MWp
(USD 83,90/MWp)
• 33 projects contracted
• Installed capacity: 1.115 MWp
• Reference price: BRL 297,75/MWp
(USD 80,44/MWp)

37. PV Power Plant
Critical success factors
Low cost of
maintenance and
operation of power
plant
PV panel efficiency
and quality
Maximization of capacity
factor in project phase
High quality in
cables and
connection points
Critical success factors
Inversor efficiency
and quality
Proximity to grid
connection

38. Value chain – Regulated Energy Market (ACR)
PV Power Plant Project Business
Site prospection and
technical studies
Feasibility study
to participate in
energy auction
Energy auction
participation
Implementation
Maintenance
and operation
•Land assessment
•Negotiation and rental
of site
•Basic project
development
- Topography
- Solar radiation
- Layout
- Access roads
- Grid connection
- PV arrangement
•ANEEL register
•Solarimetric tower
•Solarimetric
certification
•Energy production
certification
•Previous
environmental license
•Provisory grid
connection report
•Technical feasibility
analysis
•Financial and
economic feasibility
analysis
•Preparation of
descriptive memorial:
- General specifications
of project
- Technical design of
power plant
- Social and
environmental impacts
- Unavailability energy
supply index
- Fixed annual costs of
operation and
maintenance
- Project design
•Registering and
technical qualification
of projects
•Sensitive analysis of
financial and economic
feasibility for energy
auction
•Formalization of power
purchase agreement in
regulated market
(CCEAR)
•Formalization of
guarantee contract
(CCG)
•Executive project
•Installation and
operation
environmental licenses
•Definitive grid
connection report
•Approved project
finance
•Construction
•Commissioning
•Training
•Maintenance and
operation plans
•Control and monitoring
•Operation

39. PV Power Plant Project Business
Project value evolution - ACR
0 to 15 15 to 30 30 to 60 n.d. n.d.
• Example – FV Power Plant: 30MWp
• Capacity factor: 25%
• CAPEX: USD 1.4 millions/MWp
• OPEX: USD 20,000/MWp/year
• Payback between 8 and 12 years
Project value [USD thousand/MWp]
• Projects of PV Power Plants usually
multiples of 30MWp
Site prospection and
technical studies
Feasibility study
to participate in
energy auction
Energy auction
participation
Implementation
Maintenance
and operation

40. Value chain – Free Energy Market (ACL)
PV Power Plant Project Business
Project feasibility study
•Executive project
•Installation and
operation
environmental licenses
•Definitive grid
connection report
•Approved project
finance
•Construction
•Commissioning
•Training
•Maintenance and
operation plans
•Control and monitoring
•Operation
•Technical feasibility
analysis
•Financial and
economic feasibility
analysis
•Preparation of
descriptive memorial:
- General specifications
of project
- Technical design of
power plant
- Social and
environmental impacts
- Unavailability energy
supply index
- Fixed annual costs of
operation and
maintenance
- Project design
•Land assessment
•Negotiation and rental
of site
•Basic project
development
- Topography
- Solar radiation
- Layout
- Access roads
- Grid connection
- PV arrangement
•ANEEL/CCEE register
•Solarimetric tower
•Solarimetric
certification
•Energy production
certification
•Previous
environmental license
•Provisory grid
connection report
Site prospection and
technical studies
Implementation
Maintenance
and operation
•Project finance
•Sensitive analysis of
financial and economic
feasibility for business
attractiveness
•Formalization of power
purchase agreement in
free market (self
producer, independent
producer)
•Guarantees and
covenants analysis for
project feasibility

41. Value chain – Free Energy Market (ACL)
PV Power Plant Project Business
• Price offering to consumers or for self
consumption should be a energy tariff
between 10% and 15% cheaper than
tariff of captive consumer
• Most of power purchase contracts have
a supply period above 5 years
Project feasibility study
Site prospection and
technical studies
Implementation
Maintenance
and operation
• Projects of PV Power Plants usually
multiples of 30MWp

42. A. Brazilian Energy Sector
B. Photovoltaic market
C. Centralized PV generation
D. Distributed PV generation
E. Business opportunities

43. Concept
Mini and microgeneration
According to rules established by ANEEL Resolution nº 482/2012, modified by Normative Resolution
ANEEL nº 687/2015, it is permitted to consumers install small PV generators in their consumer units
and use electric system grid of energy distributor company to inject surplus energy power, that will be
convert in energy credit valid for 60 months. These credits can be used to reduce self energy
consumption of consumer unit in following months or of other consumer units, those need to be
previously registered and served by same energy distributor company, whose owner is the same of
consumer unit with energy compensation system (net metering). Other form to add consumer units is
through enterprise with multiples consumer units or share generation.
Microgeneration Minigeneration
• Install power capacity below 75kWp
• Install power capacity above 75kWp
• And below 3MW for hydraulic source
• Or below 5MW for qualified cogeneration
• Or below 5MW for other renewable sources
Must not trade surplus of energy generated in free energy.
Energy credits are not transferable to another owner.

44. Government incentives
Development of Distributed Generation of Electric
Energy Program (ProgGD)
Tax
incentives
• Exemption of ICMS (Tax on Circulation of Merchandise and Services) under
energy added by consumer to the grid of distributor and not compensate all
consumption. The consumer will be billed ICMS tax only on net energy use from
distributor and will no be able to compensate with energy generated. This
exemption was regulated by Agreement ICMS no 16, April 22nd,2015 - CONFAZ;
• Exemption of PIS/PASEP and COFINS under energy added by consumer to the
grid of distributor and not compensate all consumption. The exemption was
formalized by Federal Law no 13.169, October 6th ,2015;
• Until December 31st ,2016, Importation Tax reduced from 14% to 2% over capital
goods for PV generation equipment's (Resolution CAMEX no 64, July 22nd ,2015,
for ex-tariffs classified in code 8428.20.90).
Financing
• Distributed generation in schools and hospitals: BNDES was authorized by
Federal Law nº 13.203, December 8th ,2015, to provide credit with different fixed
interest rates for energy efficiency projects and for distributed generation from
renewable sources in schools and public hospitals.

45. Mini e microgeneration ACL
Project on going by CCEE
• Trading of excess energy generated in ACL by traders, specially
retail traders:
- Alternative for energy compensation system, i.e., consumer can
choose by trade all energy injected to the grid (net after
consumption), without compensate in next period consumption
• The project open path to create new business models
• World trend, it has been considered an important way to expand and
diversify energy supply
• Technical report sent to Ministry of Minesand Energy – MME,
National Energy Agency – ANEEL, Energy Research Company and
Associations of sector
• Presentation to all sector agents and associations during interaction
meetings on end of July/2015

46. A. Brazilian Energy Sector
B. Photovoltaic market
C. Centralized PV generation
D. Distributed PV generation
E. Business opportunities

47. Business opportunities
Centralized and distributed generation
Centralized generation Distributed generation
• Sell energy in regulated market
• Sell energy in free market
• Sell qualified projects in energy
auctions in regulated market
• Sell energy quotes
• Leasing PV system
• Rent PV system
• Acquisition/Sell of energy quotes
• Rent PV rooftops
• Solar condominium (“solar energy
shares”)

48. Business opportunities
Centralized generation Distributed generation
• Inharé PV Power Plant Complex – 30MWp
with PPA
• PV power plant business project
Complex Assu 450 MWp
• Hélius I&II (2x30 MW)
• Áton I (30 MW)
• Sólius I&II (30 + 20 MW)
• Uberaba (5x30 MW)
• Esperança Solar (4x30 MW)
• St Joana Solar (5x30 MW)
• Deserto (8x30 MW)
• PV Factory – Netgreen Solar
 North American Technology
 Certified by US Army, UK Army and
NATO
 Factory in Brazil
 License for Latin America
 Characteristics of panel:
o Lightweight
o Shatterproof
o Strong and durable
o High transparence
o Low glare
o High efficiency

49. Contacts:
Edgar Nakano – edgarnakano@ekonconsultoria.com.br
Fabiano Nagashima – nagashima@ekonconsultoria.com.br