The document discusses the investment case for solar energy. It notes the following key points:
1) Solar has impressive growth potential with forecasts of $4.2 trillion in spending on solar equipment through 2050. Solar costs have plunged 85% since 2010 and will drop another 71% by 2050, making it the lowest cost electricity solution.
2) Government policies still support solar, but it has become a self-sustaining industry due to lower costs. Solar-plus-storage provides a robust 24/7 energy solution.
3) Solar has high growth potential and is becoming the cheapest form of electricity globally due to technology advances and economies of scale. It provides energy security and is a climate-
TOO4TO Module 4 / Sustainable Energy Solutions: Part 1TOO4TO
This presentation is part of the Sustainable Management: Tools for Tomorrow (TOO4TO) learning materials. It covers the following topic:Sustainable Energy Solutions (Module 4). The material consists of 3 parts. This presentation covers Part 1.
You can find all TOO4TO Modules and their presentations here: https://too4to.eu/e-learning-course/
TOO4TO was a 35-month EU-funded Erasmus+ project, running until August 2023 in co-operation with European strategic partner institutions of the Gdańsk University of Technology (Poland), the Kaunas University of Technology (Lithuania), Turku University of Applied Sciences (Finland) and Global Impact Grid (Germany).
TOO4TO aims to increase the skills, competencies and awareness of future managers and employees with available tools and methods that can provide sustainable management and, as a result, support sustainable development in the EU and beyond.
Read more about the project here: https://too4to.eu/
While a majority of the worlds current electricity supply is gener.pdfapleathers
While a majority of the world\'s current electricity supply is generated from fossil fuels such as
coal, oil and natural gas, these traditional energy sources face a number of challenges including
rising prices, security concerns over dependence on imports from a limited number of countries
which have significant fossil fuel supplies, and growing environmental concerns over the climate
change risks associated with power generation using fossil fuels. As a result of these and other
challenges facing traditional energy sources, governments, businesses and consumers are
increasingly supporting the development of alternative energy sources and new technologies for
electricity generation. Renewable energy sources such as solar, biomass, geothermal,
hydroelectric and windpower generation have emerged as potential alternatives which address
some of these concerns. As opposed to fossil fuels, which draw on finite resources that may
eventually become too expensive to retrieve, renewable energy sources are generally unlimited
in availability.
Solar power generation has emerged as one of the most rapidly growing renewable sources of
electricity. Solar power generation has several advantages over other forms of electricity
generation:
Reduced Dependence on Fossil Fuels. Solar energy production does not require fossil fuels and
is therefore less dependent on this limited and expensive natural resource. Although there is
variability in the amount and timing of sunlight over the day, season and year, a properly sized
and configured system can be designed to be highly reliable while providing long-term, fixed
price electricity supply.
Environmental Advantages. Solar power production generates electricity with a limited impact
on the environment as compared to other forms of electricity production.
Matching Peak Time Output with Peak Time Demand. Solar energy can effectively supplement
electricity supply from an electricity transmission grid, such as when electricity demand peaks in
the summer
Modularity and Scalability. As the size and generating capacity of a solar system are a function
of the number of solar modules installed, applications of solar technology are readily scalable
and versatile.
Flexible Locations. Solar power production facilities can be installed at the customer site
which reduces required investments in production and transportation infrastructure.
Government Incentives. A growing number of countries have established incentive programs
for the development of solar and other renewable energy sources, such as (i) net metering laws
that allow on-grid end users to sell electricity back to the grid at retail prices, (ii) direct subsidies
to end users to offset costs of photovoltaic equipment and installation charges, (iii) low interest
loans for financing solar power systems and tax incentives; and (iv) government standards that
mandate minimum usage levels of renewable energy sources.
Despite the cost, an advantage of photovoltaic systems is.
Renewable Energy Technology Overview and Market Trends Mirzo Ibragimov
On 5-6 December, Tashkent hosted a workshop on renewable energy (RE) policy development jointly organized by the Government of Uzbekistan and the World Bank Group (WBG) in partnership with the International Renewable Energy Agency (IRENA). The presentation was delivered during the above-mentioned event.
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Photovoltaic Solar Energy Systems: Market Trends In The United StatesIJAPEJOURNAL
The world today uses more energy than ever before. As a global society we must find more renewable and efficient sources to obtain our energy. One of these sources might come in the form of something that we interact with everyday, the sun. Photovoltaic solar cells are a growing market in the renewable energy sector. Basic PV cell materials are discussed and the PV market in the United States is analyzed; are PV solar energy systems the answer to our current and future energy needs?
ISES 2013 - Day 2 - Ole Grimsrud (Vice President Resource and Development, S...Student Energy
How To Maximize The Triple Bottom Line: People, Planet and Profit.
Fossil fuels is a convenient and inexpensive source of energy, which will, if managed well, accelerate development. On the other hand, the use of fossil fuels results in increased emissions of greenhouse gases.
Is it time to rethink the management of fossil resources?
Presentation on management strategy for solar photovoltaic cellshujathshu
History of Solar Cells,Classification of Solar cells,Effect Of Temperature On Efficiency of solar cell,North South Railway Project(KSA),Electrical Connections for Signaling in Railway system,Solar Powered Hybrid Cooling System for Telecommunication
TOO4TO Module 4 / Sustainable Energy Solutions: Part 1TOO4TO
This presentation is part of the Sustainable Management: Tools for Tomorrow (TOO4TO) learning materials. It covers the following topic:Sustainable Energy Solutions (Module 4). The material consists of 3 parts. This presentation covers Part 1.
You can find all TOO4TO Modules and their presentations here: https://too4to.eu/e-learning-course/
TOO4TO was a 35-month EU-funded Erasmus+ project, running until August 2023 in co-operation with European strategic partner institutions of the Gdańsk University of Technology (Poland), the Kaunas University of Technology (Lithuania), Turku University of Applied Sciences (Finland) and Global Impact Grid (Germany).
TOO4TO aims to increase the skills, competencies and awareness of future managers and employees with available tools and methods that can provide sustainable management and, as a result, support sustainable development in the EU and beyond.
Read more about the project here: https://too4to.eu/
While a majority of the worlds current electricity supply is gener.pdfapleathers
While a majority of the world\'s current electricity supply is generated from fossil fuels such as
coal, oil and natural gas, these traditional energy sources face a number of challenges including
rising prices, security concerns over dependence on imports from a limited number of countries
which have significant fossil fuel supplies, and growing environmental concerns over the climate
change risks associated with power generation using fossil fuels. As a result of these and other
challenges facing traditional energy sources, governments, businesses and consumers are
increasingly supporting the development of alternative energy sources and new technologies for
electricity generation. Renewable energy sources such as solar, biomass, geothermal,
hydroelectric and windpower generation have emerged as potential alternatives which address
some of these concerns. As opposed to fossil fuels, which draw on finite resources that may
eventually become too expensive to retrieve, renewable energy sources are generally unlimited
in availability.
Solar power generation has emerged as one of the most rapidly growing renewable sources of
electricity. Solar power generation has several advantages over other forms of electricity
generation:
Reduced Dependence on Fossil Fuels. Solar energy production does not require fossil fuels and
is therefore less dependent on this limited and expensive natural resource. Although there is
variability in the amount and timing of sunlight over the day, season and year, a properly sized
and configured system can be designed to be highly reliable while providing long-term, fixed
price electricity supply.
Environmental Advantages. Solar power production generates electricity with a limited impact
on the environment as compared to other forms of electricity production.
Matching Peak Time Output with Peak Time Demand. Solar energy can effectively supplement
electricity supply from an electricity transmission grid, such as when electricity demand peaks in
the summer
Modularity and Scalability. As the size and generating capacity of a solar system are a function
of the number of solar modules installed, applications of solar technology are readily scalable
and versatile.
Flexible Locations. Solar power production facilities can be installed at the customer site
which reduces required investments in production and transportation infrastructure.
Government Incentives. A growing number of countries have established incentive programs
for the development of solar and other renewable energy sources, such as (i) net metering laws
that allow on-grid end users to sell electricity back to the grid at retail prices, (ii) direct subsidies
to end users to offset costs of photovoltaic equipment and installation charges, (iii) low interest
loans for financing solar power systems and tax incentives; and (iv) government standards that
mandate minimum usage levels of renewable energy sources.
Despite the cost, an advantage of photovoltaic systems is.
Renewable Energy Technology Overview and Market Trends Mirzo Ibragimov
On 5-6 December, Tashkent hosted a workshop on renewable energy (RE) policy development jointly organized by the Government of Uzbekistan and the World Bank Group (WBG) in partnership with the International Renewable Energy Agency (IRENA). The presentation was delivered during the above-mentioned event.
Design a Highly Efficient Push-Pull converter for Photovoltaic ApplicationsEklavya Sharma
Design a schematic to extract maximum obtainable solar power from a PV module and use the energy for a DC application. This project investigates in detail the concept of Maximum Power Point Tracking (MPPT) which significantly increases the efficiency of the solar photovoltaic system.
Photovoltaic Solar Energy Systems: Market Trends In The United StatesIJAPEJOURNAL
The world today uses more energy than ever before. As a global society we must find more renewable and efficient sources to obtain our energy. One of these sources might come in the form of something that we interact with everyday, the sun. Photovoltaic solar cells are a growing market in the renewable energy sector. Basic PV cell materials are discussed and the PV market in the United States is analyzed; are PV solar energy systems the answer to our current and future energy needs?
ISES 2013 - Day 2 - Ole Grimsrud (Vice President Resource and Development, S...Student Energy
How To Maximize The Triple Bottom Line: People, Planet and Profit.
Fossil fuels is a convenient and inexpensive source of energy, which will, if managed well, accelerate development. On the other hand, the use of fossil fuels results in increased emissions of greenhouse gases.
Is it time to rethink the management of fossil resources?
Presentation on management strategy for solar photovoltaic cellshujathshu
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There is no set date for when Pi coins will enter the market.
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But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
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Here is the telegram contact of my vendor:
@Pi_vendor_247
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Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
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Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
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Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
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I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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1. The Investment Case for Solar
Tracking index for: U.S.-based “Invesco Solar ETF” (NYSE ARCA: TAN) and European-based
“Invesco Solar UCITS ETF” (London: ISUN LN & RAYS LN) (Xetra: SOLR GY) (Borsa Italiana: SOLR IM) (Swiss: SOLR SW)
www.MACsolarindex.com
2. Long-term bullish factors for solar sector
• Impressive growth potential -- Solar has impressive growth potential with forecasts for $4.2
trillion of spending on solar equipment through 2050 (Source: Bloomberg New Energy Finance).
Solar PV will generate 38% of all electricity globally by 2050, up from 11% today (BNEF).
• Low-cost electricity solution – Solar’s levelized electricity cost has already plunged by 85%
since 2010 (Lazard) due to dramatic technology advances and economies of scale. Solar’s cost
will plunge by another 71% by 2050 (BNEF). New solar plants have already become significantly
cheaper to build than new coal, nuclear, or natural gas plants, and building a new solar plant is
even cheaper than the marginal-cost of running an existing coal plant (Lazard).
• Government support is icing on the cake -- Solar has become a self-sustaining industry due to
sharply lower solar costs and no longer needs government subsidies, although the industry still
benefits from strong policy support across the globe.
• Solar-plus-storage provides robust 24/7 energy solution -- Solar-plus-storage systems
provide a 24/7 source of electricity and solve solar’s intermittency problem. Solar-plus-storage
systems are already cost competitive and will become even more so as battery costs plunge by
another 50% through 2030 (BNEF). 1
3. Solar – Low-Cost and Sustainable Electricity Solution
Advantages
• Low Cost – Solar has become the cheapest utility-scale electricity generation source (unsubsidized basis) to
build across much of the world due to the technology learning curve and economies of scale. Also, solar has a
near-zero marginal operating cost, unlike coal and natural gas where electricity generation costs depend on
unknown future fuel input costs.
• Energy Security - Solar is a purely domestic energy resource, unlike the risk of being dependent on unstable
foreign sources of natural gas, oil, and coal.
• Climate solution - Solar is the fastest and most economical way to slash global carbon emissions to prevent
catastrophic global warning trends. Solar is a clean & safe electricity solution, unlike nuclear, coal, natural gas.
• Utility Grid Independence with Distributed Generation - Solar insulates electricity users from grid failures and
protects against future utility electricity price increases.
• Scalable - Solar can be large scale (utility) or smaller scale (residential, commercial, community).
Disadvantages
• Day-Use Only – but matches peak electricity usage times and is increasingly paired with battery storage for
24/7 electricity solution.
• Variable solar intensity – but still economical in northern climes. 2
4. Greenhouse gas emissions are clearly driving global
warming
3
Source: Fourth National Climate Assessment (p 79)
5. U.S. Climate Change Indicators
4
Source: Fourth National Climate Assessment (p 38)
6. Current fossil-fuel-based energy system is massively
inefficient with two-thirds of energy wasted by heat loss
• Burning fossil fuels
wastes two-thirds of
potential energy to
heat loss
• Solar and wind, by
contrast, deliver 100%
of electricity
generated with no
heat loss and no
pollution or CO2
emissions, producing
a cleaner and much
more efficient world
energy system
For details, see “Universal Energy” by Benham at
www.dollarsperbbl.com/2018/07/22/universal-energy/
5
7. High Growth Industry: 19% Annual Solar Growth Last 5 Years
6
• Global solar installations have
grown sharply by an average annual
19% over the last 5 years
• Pandemic caused only minor
disruptions, with solar growth of
23% in 2020 and +26% in 2021.
• For 2022, BNEF is forecasting 38%
global solar growth to 251 GW
10. Solar the largest source of electricity by 2032 with long-
term annual growth of 12%
9
• IEA says solar will become
the “king of electricity,” with
the more cumulative capacity
than any other power
generation technology
• IEA forecasts that solar
could become the largest
producer of electricity as
soon as 2026 (Sustainable
Development Scenario)
Source:International Energy Agency (IEA)
World Energy Outlook 2020
11. Solar sees rapid growth as total global electricity demand
doubles by 2040
• Global electricity demand
doubles by 2040 to satisfy
larger global population and
electrification of transportation
• Doubling of electricity demand
drives even stronger solar
growth
(IEA Sustainable
Development Scenario)
Source:International Energy Agency (IEA)
World Energy Outlook 2020
10
12. Climate change can be mitigated if zero-carbon power
generation rises to 78% of total generation by 2040
• IEA says UN sustainable
development goals can be met,
with net-zero emissions by 2070
and maximum 1.65oC temp rise if
renewable and nuclear electricity
rises to 78% of total by 2040
(Sustainable Development
Scenario)
Source:International Energy Agency (IEA)
World Energy Outlook 2020
11
• Energy system changes
(electrification-plus-hydrogen):
▪ Zero-emission electricity
generation
▪ Electrify transportation
▪ Hydrogen for high-temp
industry needs
▪ Phase out fossil fuels
13. Solar shows double-digit annual growth over next 10 years
in all three IEA scenarios
12
IEA Forecasts double-digit annual
solar growth in all three of its
forecasts:
• Stated Policies Scenario (STEPS) –
current policy ambitions and targets
are met
• Sustainable Development Scenario
(SDS) – achieves UN sustainable
development goals; net-zero
emissions by 2070; limit temp rise
to 1.65oC
• Net Zero by 2050 Case (NZE2050) –
achieves net zero emissions by
2050; limit temp rise to 1.5oC
Source: International Energy Agency (2020), World Energy
Outlook 2020, IEA, Paris, Figure 4.8, p. 133
14. Solar cell costs have plummeted by 99% since 1970s
Solar costs have
plummeted due to:
• Technology innovation
• Manufacturing
economies of scale
Solar is a high-tech
product that follows a
technology learning curve
-- costs fall sharply as
production rises
13
15. Solar is a high-technology product where costs will
continue to fall due to the technology learning curve
Solar cell and module costs
follow a technology learning
curve similar to that of other
technology products such as
semiconductor chips, DRAM
circuits, etc.
Solar PV learning curve is
known as “Swanson’s Law” and
follows the more general
“Wright’s Law”
Swanson’s Law states that solar
module prices fall 20% for every
doubling of cumulative shipped
volume (double log scale)
Chart source:
https://en.wikipedia.org/wiki/Swanson%27s_law#/med
ia/File:Solar-pv-prices-vs-cumulative-capacity.png
14
17. Solar electricity costs have dropped dramatically
by -85% since 2010
16
▪ Levelized cost of electricity
(LCOE) of utility-scale solar
PV plants has plunged by
85% since 2010 and by an
average of 8% per year over
last 5 years.
▪ Solar PV will continue getting
cheaper in coming years,
making it an even more
formidable competitor
against other electricity
sources.
18. New Utility-Scale Solar PV plants are already
cheaper to build on average than nuclear and fossil fuel plants
17
▪ Utility-Scale Solar PV plants
in the U.S. are now cheaper
to build than any other
technology (unsubsidized
basis)
▪ Solar PV is winning as the
cheapest electricity source,
even aside from being a
climate-change solution
▪ Solar is potentially the most
attractive sub-sector within
the clean energy revolution
19. Utility-Scale Solar LCOE beats fossil fuels and nuclear
U.S. Levelized Cost of Electricity (unsubsidized) – Lazard LCOE 15.0, Nov 2021
18
20. Solar Pricing – Polysilicon prices have recently risen
but should fall back as new capacity comes online
19
• Polysilicon prices dropped
sharply through 2019,
reducing the cost of the main
material input for solar cells
• Polysilicon prices increased in
2020-21 due to strong demand
and various supply
disruptions, but prices should
fall back since many new
polysilicon plants are in the
process of being built
21. Solar Pricing – Module prices down -87% since 2010
20
• Solar module prices have
plunged by -87% since 2010
• Solar module prices have
fallen due to technology
learning curve and
manufacturing economies of
scale
• Decline in solar module prices
is likely to resume in coming
years
22. Solar-plus-storage is taking off as a 24/7 solution
• Energy storage expected to
surge in coming years and aid
solar in becoming a 24/7
electricity generation system.
• Storage expected to surge 122-
times and 24% CAGR through
2040 with $662 billion of sales
(BNEF).
• Battery costs expected to drop
by another 50% through 2030,
adding to 85% drop 2010-18.
• BP-backed Lightsource says all
of its utility-solar proposals in
western U.S. now include
battery storage.
• U.S. Solar-plus-storage at 5.8
GW installed now, with 28 GW
pipeline (4-times). 21
23. Renewable energy plus storage is the world’s long-term future;
Technology ultimately wins against burning fossil fuels
• Burning fossil fuels needs to be
phased out to preserve
sustainable human habitation on
earth
• Renewables-plus-storage
provide the long-term solution
• Technology learning curves for
renewables and storage will
continue to drive costs lower to
easily provide the lowest-cost
electricity
• Technology ultimately wins
against burning fossil fuels
• Solar and storage are only in the
second inning, with decades of
strong growth ahead
Technology road-map to
2050 by International
Renewable Energy Agency:
• Renewable share to
increases to 85% from 24%
• Solar PV grows by 32-
times from 2015 to 7,122
GW
• CO2 emissions drop by
85%
• Spending of $24.6 trillion
on power generation and
$18 trillion on storage and
grid
Source: IRENA Global Energy
Transformation: A Roadmap to 2050 22
24. MAC Global Solar Energy Stock Index – Methodology*
Methodology key items:
• Tracks the global solar stock sector. Constituent stocks must be listed on a primary exchange
in one of 26 countries/markets. Rules-based passive index (no stock picking). Quarterly index
review takes effect after the close on the third Friday of March, June, Sep, Dec. Liquidity
minimums to add a stock: $250 million of float-adjusted market cap and $750,000 in 3-month
average daily trading value. Index is calculated in USD. Ticker symbol is SUNIDX. Index has 14-
year history with inception on 31-March-2008.
Index Governance
• S&P Dow Jones Indices (SPDJI) is the benchmark administrator of the MAC Solar Index.* A 5-
Member SPDJI committee governs the MAC Solar Index, making all decisions in its sole
discretion regarding Index constituent selection, weights, corporate actions, methodology, etc.
• *See complete and official Methodology Document on S&P DJI website at:
https://www.spglobal.com/spdji/en/custom-indices/mac-indexing-llc/mac-global-solar-energy-
index-net-total-return/#overview 23
*See disclaimers on last two pages.
25. Methodology – Solar Focus & Environmental Exclusions
Solar Stock focus
• “80% Solar Investment Policy” – At least 80% of the Index weight is required to be in
stocks with over 50% solar revenue (actual amount is higher). Other stock selection
policies apply (see official Methodology document).
• Exposure Score 1.0 for pure-play solar stocks (solar revenue above 2/3); Exposure
Score of 0.5 for medium-play stocks (1/3 to 2/3 solar revenue) reduces stock’s weight in
the index. No stocks below 1/3 solar revenue
• Index constituents are selected each quarter based on an annually-reconstituted Solar
Stock Universe List (see official Methodology document for details).
Environmental exclusions – Stocks are excluded from Index consideration if S&P Trucost
data shows the company has any involvement with: (1) fossil fuel extraction, or (2)
electricity generation with coal, petroleum (oil), or nuclear.
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26. Methodology – Index Weighting
Modified Market Cap Weighting:
• Stock weights are reassigned quarterly at Index rebalance by calculating the regular
float-adjusted market-cap weighting and then using a weighting-gap process to pull
weights together proportionally until stocks with a weight over 4.5% do not exceed a
total of 45%. The result is that weights are as close to regular market-cap weighting as
possible while still meeting various diversification requirements.
• Also, weight is capped at 10% for individual stocks at rebalance, although weight can
drift above 10% post-rebalance due to an individual stock’s relative strength. Other
liquidity and weighting policies apply (see official Methodology document).
• See current MAC Solar Index constituent weights at www.macsolarindex.com/stocks-in-
the-index/
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27. Advantages of Index/ETF Over Individual Solar Stocks
• Diversification – across geography, technology, value chain
• Own the global solar sector in one trade – reduced transaction
costs
• Long track record – 14 year history (launched in April 2008)
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28. Index Diversification Across Geography
By Company Headquarters:
• Asia: 19 companies
• EMEA: 13 companies
• North America: 11 companies
By Stock Listing:
•North America: 17 companies
•Asia: 14 companies
•EMEA: 12 companies
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As of Sep 2022
29. Index Diversification Across Solar Industry Value Chain
Solar Manufacturing & Integrated
• First Solar Inc (FSLR US)
• Hanwha Solutions (009830 KS)
• Sunpower (SPWR US)
• Canadian Solar (CSIQ US)
• JinkoSolar (JKS US)
• United Renewable Energy (3576 TT)
• Meyer Burger (MBTN SW)
• TSEC Corp (6443 TT)
• Motech Industries (6422 TT)
• Maxeon Solar Technologies (MAXN US)
• Giga Solar Materials (3691 TT)
• Hyundai Energy Solutions (322000 KS)
• Heliogen Inc (HLGN US)
Solar Polysilicon/Wafer Manufacturers
• Daqo New Energy (DQ US)
• GCL Technology Holdings (3800 HK)
• Xinte Energy (1799 HK)
Solar Panel Glass Manufacturers
• Xinyi Solar Holdings (968 HK)
• Flat Glass Group (6865 HK)
• Luoyang Glass (1108 HK)
Solar Power DC-AC Electrical Inverters
• Enphase Energy (ENPH US)
• SolarEdge Technologies (SEDG US)
• SMA Solar Technology (S92 GY)
Solar Panel Support Structures/Trackers
• Array Technologies (ARRY US)
• Shoals Technology (SHLS US)
• Soltec Power Holdings (SOL SM)
Residential Solar Power Installers
• SunRun (RUN US)
• Sunnova Energy Intl (NOVA US)
Solar Project Finance
• Hannon Armstrong Sustainable
Infrastructure (HASI US)
Solar Power Project Developers/Operators
• Scatec Solar (SSO NO)
• Atlantica Sustainable Infrastructure (AY US)
• Encavis (CAP GR)
• Solaria Energia (SLR SM)
• Xinyi Energy (3868 HK)
• Neoen SA (NEOEN FP)
• Enlight Renewable Energy (ENLT IT)
• Renova Inc (9519 JT)
• Energix-Renewable Energies (ENRG IT)
• West Holdings (1407 JT)
• Doral Group Renewable Energy (DORL IT)
• O.Y. Nofar Energy (NOFR IT)
• ReneSola (SOL US)
• Grenergy Renovables (GRE SM)
• Altus Power (AMPS US)
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As of Sep 2022
31. Disclaimer Information
*The MAC Global Solar Energy Index (SUNIDX) is licensed as the tracking index for the U.S.-based Invesco Solar ETF (NYSE ARCA: TAN) and the European-based Invesco Solar
UCITS ETF (London: ISUN LN & RAYS LN) (Xetra: SOLR GY) (Borsa Italiana: SOLR IM) (Swiss: SOLR SW). Index performance does not reflect transaction costs, fees or expenses of
the ETF. This material is provided solely by MAC Global Solar Energy Index, not by Invesco nor S&P Dow Jones Indices, neither of which bear any responsibility for the content or use
of this material.
Copyright. All rights reserved. MAC Solar Index. www.macsolarindex.com. The information contained herein is not guaranteed as to its accuracy or completeness. No express or
implied warranties nor guarantees are made. No responsibility is assumed for the use of this material and those individuals acting on this information are responsible for their own
actions. Any opinions expressed herein are subject to change without notice. Nothing contained herein should be construed as an offer to buy or sell, or as a solicitation to buy or sell,
any securities or derivative instruments. Security and derivatives trading may not be suitable for all recipients of this information. Please consult with your investment advisor before
investing.
The MAC Global Solar Energy Index (the “Index”) is the property of MAC Indexing, LLC. MAC Indexing LLC will not be liable for any errors or omissions in administering, calculating, or
maintaining the Index. MAC INDEXING and MAC GLOBAL SOLAR ENERGY INDEX are trademarks of MAC Indexing, LLC. Any product based on the Index is not sponsored,
endorsed, sold or promoted by MAC Indexing, LLC. MAC Indexing, LLC does not make any representation or warranty, express or implied, to the owners of any Product based on the
Index, or any member of the public, regarding the advisability of investing in securities generally or in the Product particularly or the ability of the Index to track general market
performance. MAC Indexing LLC’s only relationship to a Product owner is the licensing of the Index, which is determined, composed and calculated by MAC Indexing LLC without
regard to the Product owner or the Product. MAC Indexing, LLC has no obligation or liability in connection with the administration, marketing or trading of any Product based on the
Index. MAC Indexing, LLC is not an investment advisor. Inclusion of a security within the Index is not a recommendation by MAC Indexing, LLC to buy, sell, or hold such security, nor
is it investment advice.
MAC INDEXING, LLC DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED
THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS. MAC INDEXING, LLC SHALL NOT
BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MAC INDEXING, LLC MAKES NO EXPRESS OR IMPLIED
WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE
OBTAINED BY OWNERS OF ANY PRODUCTS BASED ON THE INDEX, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY
DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MAC INDEXING, LLC BE LIABLE FOR ANY INDIRECT,
SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL,
EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.
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32. Disclaimer Information
S&P Dow Jones Indices Trademark and Disclaimer Notice
The "MAC Global Solar Energy Index" (the "Index") is the property of MAC Indexing, LLC, which has contracted with S&P DJI Netherlands B.V (a subsidiary of S&P Dow Jones Indices
LLC) to calculate and administer the Index. The Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors, including Standard & Poor’s Financial
Services LLC and Dow Jones Trademark Holdings LLC (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the
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S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow
Jones”).
Products based on the Index are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices. S&P Dow Jones Indices does not make any representation or warranty,
express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of
the Index to track general market performance. S&P Dow Jones Indices’ only relationship to MAC Indexing LLC with respect to the Index is the licensing of the certain S&P data,
certain trademarks, service marks and trade names of S&P Dow Jones Indices, and the provision of the calculation services related to the Index. S&P Dow Jones Indices is not
responsible for and has not participated in the determination of the prices and amount of the Product or the timing of the issuance or sale of the Product or in the determination or
calculation of the equation by which the Product may be converted into cash or other redemption mechanics. S&P Dow Jones has no obligation or liability in connection with the
administration, marketing or trading of the Product. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within the Index is not a recommendation by S&P
Dow Jones Indices to buy, sell, or hold such security, nor is it investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED
THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS. S&P DOW JONES INDICES SHALL
NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED
WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE
OBTAINED BY MAC INDEXING, LLC, THE OWNERS OF ANY PRODUCTS TRACKING THE INDEX, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR
WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE
LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING
LOSSES, LOST TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY,
OR OTHERWISE.
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