Tracxn - Solar Energy Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Solar Energy - Jun 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on June 4, 2018.
Solar Energy Feed Summary
4
Solar Energy > Feed Summary
Solutions and technologies helping in adoption and promotion of solar energy
• Inclusions: Technology Developers (companies having a core focus on
research and developing upcoming technologies), power generating
companies on a utility and residential scale, companies manufacturing
different components of solar including solar cells, solar panels, racking
system, solar trackers, power electronics (like solar inverters). Includes solar
service providing companies like offering solar installation, financing for solar
projects and customer acquisition for solar companies. Also includes solar
product manufacturing companies like solar chargers, solar wearables, solar
cooker etc. Besides this, product marketplace, software providing and
monitoring companies are also included in the feed.
• Exclusions: Energy auditing companies, advisory and consultancy
companies and other related solar service providing companies are excluded.
Also excludes solar energy technology research organization and research
labs which carry out laboratory research. Also companies providing financing
solutions and crowdfunding platforms for the solar projects are excluded.
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$27.8B
Funding
217
Mega
Companies
10763769
FundedCovered on
Tracxn
10
Unicorns
31
Soonicorns
35
Minicorns
184
IPO’d Cos
458
Late Stage Cos
176
52
Acquisitions
281
DeadPooled
101
Acquihired
Series A+ Cos
SunPower
(1985, Athens, $1.7B)
First Solar
(1999, Tempe, Public)
Canadian Solar
(2001, Guelph, $10M)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Solar Energy
5
$450M - PE
Cypress Creek Renewables (2014, Santa Monica,
$450M)
$200M - PE
ReNew Power Ventures (2011, Gurgaon, $898M)
$250M - PE
GreenWish Partners (2010, Paris)
$130M - PE
Sunlight Financial (1988, New York City, $210M)
$247M - PE
ReNew Power Ventures (2011, Gurgaon, $898M)
$125M - PE
Hero Future Energies (2012, Delhi, $125M)
$220M - Series C
Mosaic (2011, Oakland, $247M)
$108M - PE
CleanMax Solar (2011, Mumbai, $123M)
$217M - PE
Silicon Ranch (2010, Nashville, $276M)
$100M - Series F
Sunnova (2010, Houston, $1.2B)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Solar Energy > Feed Summary > Investment Trend Summary
Seed Acumen (#3), Gaia Impact Fund (#3), Capnova (#2)
Series A/B Acumen (#3), The Ecosystem Integrity Fund (#3), FMO (#3)
Series C+
GE Ventures (#3), Africinvest (#2), Energy Access Ventures
(#2)
Incubators Climate KIC (#19) Startupbootcamp (#6) EDP Starter (#4)
Other Notable
Investors
Department of Energy (#36), IFC (#14), InnoEnergy (#9)
Debt Investors
Hercules Capital (#8), Western Technology Investment (#8),
Silicon Valley Bank (#6)
Most Active InvestorsRecent Investments
265
464
389
184
71
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 107 123 156 141 117 37
$1.2B
$3.3B
$2.5B
$2.B $1.8B
$1.B
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$19B
$3.6B
$3B
$418M
$261M
US
Europe
India
Japan
Israel
$ Funding

Summary of exit outlook in Solar Energy
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Foundation Capital 2
Sunrun (2007, San Francisco, $297M)
Azure Power (2008, Delhi, $31.1M)
Sigma Partners 2
NEXTracker (2013, Fremont, $42.6M)
Solaria (2002, Madrid, $22M)
Credit Suisse 2
SolarCity (2006, San Mateo, $1.3B)
Moser Baer Solar (1983, Delhi, $92.5M)
DBL Partners 2
KPCB 2
Enphase Energy (2006, Petaluma, $127M)
Solel Solar Systems (1992, Beit Shemesh, $40M)
Jan 2018
Equis Energy Acq by Global Infrastructure Partners
for $5B
Jul 2017 sPower Acq by AES for $1.6B
Mar 2017 TerraForm Power Acq by Brookfield for $1.3B
Oct 2016 SolarCity Acq by Tesla for $2.6B
Jun 2016 Welspun Renewables Acq by Tata Power for $1.4B
Oct 2015
Renovalia Acq by Cerberus Capital Management for
$1.1B
Solar Energy > Feed Summary > Exit Outlook Summary
SunPower 3
SunRay Renewable Energy (Feb 2010, $277M), Tenesol (Dec
2011, $165M), SolarBridge (Nov 2014)
SolarCity 2 Silevo (Jun 2014, $200M), Zep Solar (Oct 2013, $158M)
Hanergy 2 MiaSole (Sep 2012, $30M), Alta Devices (Dec 2013)
Siemens 1 Solel Solar Systems (Oct 2009, $418M)
Recent IPOs Top Acquisitions
Renova Feb 2017
Utility scale renewable energy plant deve…
IPO MCap: $116M Current MCap: $116M
VivoPower Jan 2017
Installs solar systems for commercial pur…
IPO MCap: - Current MCap: $46.5M
Azure Power Oct 2016
Solar power producer
IPO MCap: $466M Current MCap: $396M
JSPV Aug 2016
Manufacturer of solar cells and modules
IPO MCap: - Current MCap: -
Solarhybrid Mar 2018
Solar Project developer
IPO MCap: - Current MCap: $34.5B
ContourGlobal Nov 2017
Independent Power Producer
IPO MCap: - Current MCap: -
Spectur Jul 2017
Designs and manufactures solar powered pr…
IPO MCap: $6.6M Current MCap: $6.6M
Urja global Mar 2017
Installs solar plants and offers solar co…
IPO MCap: - Current MCap: $33.8M

Feed Report - Solar Energy - Jun 20187 Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Marketmap: Solar Energy
Overview
Companies 3769
Funded 1076 Series A+ 458
Funding $27.8B Last 2 yrs $4.1B
Most Active Investors
Seed Acumen (3)
Series A/B Acumen (3)
Series C+ GE Ventures (3)
Others Department of Energy (36)
Incubators Climate KIC (19)
FACTSHEET
Top Cities
Bay Area 220 Cos $9.3B
Delhi NCR 165 Cos $2.3B
Feed in Numbers
Unicorns 10 Soonicorns 31
Minicorns 35 Editor Picks 39
Acquihired 101 Deadpooled 281
Top Companies
Canadian
Solar
(2001, Guelph, $10M)
SunPower (1985, Athens, $1.7B)
First Solar (1999, Tempe, Public)
Exits
IPOs 184 Solarhybrid
Acquisitions 52 Equis Energy, sPower
Top Acquirers SunPower, SolarCity,
Hanergy
HARDWARE DEVELOPER
* Denotes Upcoming Business Models in Solar Energy market
SOLAR PRODUCTS
PROJECT DEVELOPMENT & MONITORING
GENERATION EQUIPMENT
PV
THERMAL
BALANCE OF SYSTEMS
INDEPENDENT POWER PRODUCER
MULTI-SCALE
UTILITY
DISTRIBUTED
SOLAR-AS-A-SERVICE
FULL-END SERVICES
INSTALLATION
FINANCING
POWER SHARING
POWER SHARING*
EPC
ENERGY MANAGEMENT
SOFTWARE
PROJECT DEVELOPERS
Solar Energy > Feed Summary > BlueBox
For any Feedback and Query reach out to MyAnalyst@tracxn.com
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies.

Key Sub Sectors in Solar Energy Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Independent Power Producer >
Utility 191 $1.6B 17
Independent Power Producer >
Distributed 102 $206M 13
Independent Power Producer > Distributed
>
Rural
36 $163M 13
Project Developers > EPC >
Multi-Scale 188 $364M 9
Project Developers > EPC >
Distributed 487 $91.6M 10
Hardware Developer > Generation
Equipment > PV > Modules >
Silicon
226 $50.8M 12
Project Developers > Turnkey Developers >
Multi-Scale 142 $194M 7
Hardware Developer > Generation
Equipment > PV >
Cells
68 $62.9M 9
Solar Products > Lighting >
Residential 31 $107M 7
Solar-as-a-service > Financing >
Residential 12 $457M 5
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Hardware Developer
Companies developing energy generation hardware
and other associated Balance of System...
863 360 $11.7B
Companies that own, operate and generate solar
power from its solar plants
363 200 $7.8B
Solar-as-a-service
Companies that provide solar solutions to its
customers on lease basis
108 48 $3.9B
Project Developers
Companies that develop solar projects and offer
operation and maintenance services
1590 246 $3.7B
Solar Products
Companies developing consumer products which use
solar energy to provide lighting, heating/cooling...
553 138 $626M
Software Solutions
Companies developing software applications for solar
projects
215 73 $128M
Retail
Companies offering an online portal for selling solar
products
58 6 $18.9M
Solar Energy > Feed Summary > Summary of Key Markets

List of Notable Companies in Solar Energy
Notable Companies in the Sector (1/5)
9
Note: *(Founded Year, Location, Total Funding)
Solar Energy > Feed Summary > Notable Companies in the Sector
Public
Solarhybrid
(2008, Brilon)*
SPIE
(1998, Cergy)
SMA Solar Technology
(1981, Nieste)
Atlantica Yield
(2014, Seville)
Vivint Solar
(2011, Lehi)
First Solar
(1999, Tempe)
Lanco Infratech
(1993, Gurgaon)
Pattern Energy Group
(2013, San Francisco)
Centrotherm
(1948, Blaubeuren)
SolarEdge
(2006, Hod Hasharon, $96.8M)
Public
Hanwha Q-Cells
(1999, Seoul)
Azure Power
(2008, Delhi, $31.1M)
Capital Power
(2009, Edmonton)
Voltalia
(2005, Paris)
Ameresco
(2008, Framingham)
Sky Solar Group
(2008, Madrid)
Nanoco Group
(2001, Manchester)
Enbridge
(1949, Calgary)
Scatec Solar
(2007, Oslo)
Innergex
(1990, Longueuil)
Public
Enphase Energy
(2006, Petaluma, $127M)
Indosolar
(2008, Noida)
Evergreen Solar
(1994, Washington D.C.)
Ecolutions
(2007, Frankfurt)
TES
(2002, Cheongju-si)
Renova
(2000, Tokyo)
Tera Semicon
(2002, Suwon-si)
SDN Company
(1994, Seongnam-si)
Natcore
(2007, Red Bank)
Solartron
(1986, Bangkok)
Public
EAM Solar
(2010, Oslo)
Genex Power
(2014, Sydney)
BluGlass
(2005, Silverwater)
DayStar Technologies
(1997, Santa Clara)
Good Energy
(1999, Chippenham, $4.6M)
Dyesol
(2004, Queanbeyan)
ReNu Energy
(2002, Brisbane)
PARU
(1993, Seoul)
Spectur
(2009, Perth)
EnviroMission
(2000, South Melbourne,
$110M)
Public
UGE
(2008, New York City)
Solar Alliance
(2003, San Diego, $97.5k)
Inter Far East
Engineering
(1982, Bangkok)
Sunrun
(2007, San Francisco, $297M)
Moser Baer Solar
(1983, Delhi, $92.5M)
Energix
(2009, Ramat Gan, $91.3M)
GT Advanced
Technologies
(1994, Merrimack, $83.6M)
NextEra Energy
Resources
(1985, Juno Beach, $38.8M)
Vergnet
(1989, Ormes, $26M)

10
Public
Solaria
(2002, Madrid, $22M)
STR Solar
(1944, Enfield, $21.7M)
Entech Solar
(1984, Fort Worth, $12M)
Eguana Technologies
(1999, Calgary, $8.5M)
SolarWindow
Technologies
(2009, Columbia, $8M)
Urban Green Energy
(2008, New York City, $6M)
Envision Solar
(2006, San Diego, $4.6M)
NanoFlex Power
(1994, Phoenix, $3.4M)
Carmanah
(1996, Victoria, $2M)
Sunworks
(1983, California, $420k)
Public
Euro Solar Parks
(2008, Ho-ho-kus, $93.7k)
ClearVue Technologies
(1996, Perth)
International
Automated Systems
(1987, American Fork)
Kyocera
(1959, Horse Shoe)
Mass Megawatts Wind
Power
(1997, Worcester)
MH GoPower
(2008, Kaohsiung City)
Moser Baer
(1983, Delhi)
NextEra Energy
(1925, Juno Beach)
NRG Energy
(1989, Princeton)
Public
Tata Power Solar
(1989, Bangalore)
3Power Energy Group
7C Solar Parking
(2008, Bayreuth)
Abengoa
(1941, Seville)
ACCIONA
(1997, Alcobendas)
Aega
(2013, Oslo)
Andalay Solar
(2001, Campbell)
Anji Technology
(2007, Tainan)
Ascent Solar
(2005, Thornton)
Aspen Group
(1978, Tel Aviv)
Public
Atlantic Wind & Solar
(1977, Toronto)
B Grimm Power
(1878, Bangkok)
BioSolar
(2004, Santa Clarita)
Blockchain Power
(2013, Toronto)
Boralex
(1982, Kingsey Falls)
BTU
(1950, North Billerica)
Clean Energy Pathways
Cypark Resources
Berhad
(2004, Petaling Jaya)
Demeter Corporation
(1978, Bangkok)
Ecosuntek
(2008, Gualdo Tadino)
Public
Edisun Power
(1997, Zurich)
EEMS
(1999, Rieti)
Elverket
(1919, Vallentuna)
ENCAVIS
(2017, Hamburg)
Enerdynamic Hybrid
Technologies
(2012, Welland)
Energy Lab
(2008, Cividale Del Friuli)
Enlight Renewable
Energy
(2008, Rosh Haayin)
Entegra
(1995, Mumbai)
Epic Energy
(1991, Mumbai)

11
Public
E-TON Solar
(2001, Tainan)
Euro Multivision
(2004, Mumbai)
Eversol
(2007, Taipei)
Fintel Energia
(1999, Pollenza)
Giga Solar
(2003, Taipei)
Gigastorage
(1997, Hsinchu)
Gintech Energy
(2005, Miaoli)
Global EcoPower
(2009, Aix-en-provence)
Green Street Energy
(2010, Brooklyn)
Hanwha Energy
Corporation
(1952, Seoul)
Public
JSPV
(2008, Asan)
Konark group
(1979, Mumbai)
Magnolia Solar
(2008, Woburn)
Meere Company
(1984, Hwaseong)
Motech Industries
(1981, Tainan)
MRO-TEK
(1984, Bangalore)
NanoFlex
(1994, Medford)
NEPC India
(1984, Chennai)
Nevo Energy
(2011, Cupertino)
New Sources Energy
(1978, Borculo)
Public
Orvis
(1954, Fukuyama)
Power Solution
Technologies
(2001, Bangkok)
Powercom
(1987, Taipei)
PureRay
(2006, Atlanta)
PV Crystalox
(2008, Erfurt)
PV Crystalox Solar
(1982, Abingdon)
Quantum
(1975, Adelaide)
Quantum Materials
(2007, San Marcos)
Ralos
(2012, Rottweil)
REC Solar
(1996, Sandvika)
Public
Renewable Energy Asia
(1988, Singapore)
RGS Energy
(1978, Louisville)
Samya Tech
(1992, Taoyuan City)
Savosolar
(2009, Mikkeli)
Solar Fabrik
(1996, Freiburg)
SolTech Energy
(2006, Stockholm)
SPCG Public Company
(2011, Bangkok)
Streling Powergensys
(1984, Mumbai)
Sunlux Energy
(2011, Taipei)
Sunsource
(2010, Vadodara)
Public
Surana Ventures
(1978, Hyderabad)
Swelect Energy Systems
(1984, Chennai)
Swissinso
(2016, Geneva)
Terna Energy
(1997, Athens)
TerniEnergia
(2005, Narni)
Tribute Resources
(1997, London)
Tynsolar
(2006, Hsinchu)
Ujaas
(1979, Indore)
Unitech Printed Circuit
Board Corp
(1984, Taipei)
Urja global
(1992, Delhi)

12
Public
Valoe
(1978, Mikkeli)
Websol Energy System
(1994, Kolkata)
West Holdings
(1981, Tokyo)
Win Win Precision
Technology
(2003, Hsinchu)
XL Energy
(1985, Hyderabad)
XsunX
(2003, Aliso Viejo)
ABCO Solar
(2008, Tucson)
Blue Sky Energy
(1993, Vista)
Go Solar USA
(2008, Fremont)
Mercury
(1998, Auckland)
Public
Northland Power
(1987, Toronto)
VivoPower
(2014, Osborne)
Gita Renewable Energy
(2010, Chennai)
Gruppo Green Power
(2012, Mirano)
OPG Power Ventures
(2008, Toronto)
Solar Enertech
(2008, Mountain View)
SolarEnergy.com
(2013, Gilroy)
Solartech Energy
(2005, Taipei)
Sunflower
(1995, Ramat Gan)
Transeastern
(2013, Toronto)
Public
Ultima Networks
(2015, Harlow)
Wafer Works
(1997, Taoyuan City)
Ablytek
(2006, Pingtung)
Carpevigo
(2006, Holzkirch)
ContourGlobal
Etrion
(2008, Geneva)
Falck Renewables
(2010, Sesto San Giovanni)
Neo Solar Power
(2005, Hsinchu)
New Energy Systems
Group
P2 Solar
(2010, Vancouver)
Public
Phoenix Solar
(1999, Sulzemoos)
Phoenix Solar
(2010, Zurich)
PowerFilm
(1988, Ames)
Principal Solar
(2010, Dallas)
RattanIndia Apna Solar
(2007, Gurgaon)
Stone India
(1931, Kolkata)
Sunvalley Solar
(2007, Walnut)
Acquired
Nuon
(1994, Amsterdam)
Equis Energy
(2012, Singapore, $185M)
SolarCity
(2006, San Mateo, $1.3B)
sPower
(2012, Salt Lake City)
Welspun Renewables
(1985, Delhi, $215M)
TerraForm Power
(2014, Beltsville)
Renovalia
(2004, Villarrobledo)
Alterra Power
(2008, Vancouver, $21M)
Power-One
(1973, Camarillo, $60M)
8point3 Energy
Partners
(2015, San Jose)

13
Acquired
Rete Rinnovabile
(2011, Rome)
SunEdison
Semiconductor
(1959, Saint Peter)
Roth and Rau
(1991, Hohenstein-ernstthal)
Solel Solar Systems
(1992, Beit Shemesh, $40M)
ForVEI
(2011, Milano, $22.2M)
NEXTracker
(2013, Fremont, $42.6M)
Orange Renewable
(2008, Delhi)
NextLight Renewable
Power
(2008, San Francisco)
SunRay Renewable
Energy
(2007, Florina)
Acquired
Recurrent Energy
(2006, San Francisco, $85M)
Solairedirect
(2006, Paris, $341M)
Silevo
(2007, Fremont, $47.1M)
Lightsource
(2010, London)
Green Infra
(2008, Delhi)
Tenesol
(2004, La Tour)
Zep Solar
(2009, San Rafael, $10.6M)
Kiran Energy
(2010, Mumbai, $44.4M)
Element Power
(2008, Portland, $183M)
Unicorns
SunPower
(1985, Athens, $1.7B)
Sunnova
(2010, Houston, $1.2B)
ReNew Power Ventures
(2011, Gurgaon, $898M)
Acciona Energy
(1989, Madrid, $567M)
Greenko Group
(2004, Hyderabad)

List of Notable Companies by Market in Solar Energy
Notable Companies by Market (1/20)
15
Solar Energy > Feed Summary > Notable Companies by Market
Hardware Developer
Generation Equipment
Manufactures Si cells
Unicorn. Stage: Series B
Department of Energy, Total, Hannon Armstrong
and 2 Other Investors
MiaSole (2001, Santa Clara, $468M)
CIGS PV module manufacturer
Soonicorn. Stage: Acquired
Passport Capital, Firelake Capital, VantagePoint
Capital Partners and 10 Other Investors
Silicor Materials (2006, San Jose, $357M)
Producer of silicon for the manufacture of solar
photovoltaic (PV) cells
Soonicorn. Stage: Series E
Hudson Clean Energy Partners, Pension Funds
Online, Advanced Technology Ventures and 2 Other
Investors
SoloPower (2005, San Jose, $228M)
Manufactures thin-film photovoltaic cells
Soonicorn. Stage: Series E
Crosslink Capital, Convexa, Firsthand Funds and 10
Other Investors
Solaria (1993, Fremont, $212M)
Manufactures cells and modules
Soonicorn. Stage: Series D
Presidio Partners, Kline Hill Partners LLC US,
Structural Capital and 13 Other Investors
Sivapower (2006, Santa Clara, $125M)
Manufactures thin films solar panels
DBL Partners, Acero Capital, Department of Energy
Heliatek (2006, Dresden, $117M)
Manufactures organic solar films.
Aqton, BASF, BNP Paribas and 14 Other Investors
EnviroMission (2000, South Melbourne, $110M)
Developer of solar tower power station technology
Minicorn. Stage: Public
AGS Capital Group
1366 Technologies (2007, Bedford, $102M)
Kerfless wafer technology based manufacturers of
silicon wafers
Soonicorn. Stage: Series C
Wacker Chemie, Hanwha Investment, Haiyin
Capital and 9 Other Investors
Oxford Photovoltaics (2010, Oxford, $100M)
Develops perovskite solar cells
Statoil, Legal & General Capital, European
Investment Bank and 6 Other Investors
Moser Baer Solar (1983, Delhi, $92.5M)
Integrated solar products manfuacturer
Unicorn. Stage: Public
CDC Group, Morgan Stanley, Credit Suisse and 2
Other Investors

16
Hardware Developer
Silevo (2007, Fremont, $47.1M)
Solar photovoltaic (PV) cell technology innovator
manufacturer
Editor's Pick. Stage: Acquired
Department of Energy, GSR Ventures, DT Capital
Partners
Trina Solar (1997, San Jose, $40M)
Manufactures multicrystalline PV modules
Merrill Lynch, Milestone Capital, Good Energies
Investments and 1 Other Investors
STR Solar (1944, Enfield, $21.7M)
Manufacturing solar panel encapsulators
Stage: Public
Zhenfa New Energy Science&Technology Co., Ltd,
NewStar Financial and 1 Other Investors
Q-Cells (2011, Bitterfeld-wolfen, $14.1M)
Solar cells manufacturer
Apax Partners, IBG Beteiligungsgesellschaft
Sachsen-Anhalt, Global Cleantech Capital
Entech Solar (1984, Fort Worth, $12M)
Designs concentrated PV
Stage: Public
Quercus
Canadian Solar (2001, Guelph, $10M)
Vertically integrated solar product manufacturer
and project developer
Soonicorn. Stage: Funded
Shinsei Bank, The Bank of Tokyo-Mitsubishi UFJ,
Clean Energy Finance Corporation and 9 Other
Investors
SolarWindow Technologies (2009, Columbia,
$8M)
Power generating paint for windows and glass
Stage: Public
NanoFlex Power (1994, Phoenix, $3.4M)
Develops solar organic solar PV
Stage: Public
ClearVue Technologies (1996, Perth)
Technology for energy generation from clear glass
Editor's Pick. Stage: Public
First Solar (1999, Tempe)
Manufactures thin films PV modules
Mitsubishi UFJ Financial Group, Societe Generale,
Mizuho Bank and 1 Other Investors
Hanwha Q-Cells (1999, Seoul)
Solar cell and PV module manufacturer
International Automated Systems (1987,
American Fork)
Developer of solar based power generation systems

17
Hardware Developer
Kyocera (1959, Horse Shoe)
Manufactures ceramics and electronic products
MH GoPower (2008, Kaohsiung City)
Manufacturers of VMJ PV cell
Moser Baer (1983, Delhi)
Manufactures Solar modules and offers solar EPC
services
Epiris, Electra Partners
Natcore (2007, Red Bank)
Thin Film Silicon Dioxide
Tata Power Solar (1989, Bangalore)
Manufacturing of PV modules and solar cells
Abengoa (1941, Seville)
Horizontally integrated company in energy and
water and waste management segment.
Stage: Public
EIG Partners, First Reserve
Anji Technology (2007, Tainan)
Solar panel manufacturer
Stage: Public
Ascent Solar (2005, Thornton)
Produces thin film CIGS solar modules.
Stage: Public
Ironridge Global, Norsk Hydro
BluGlass (2005, Silverwater)
Semiconductor material for LEDs, Power
Electronics and Utility Scale solar plants
Stage: Public
Government of Australia, SPTS Technologies
Dyesol (2004, Queanbeyan)
Provides materials for producing dye solar cell
Stage: Public
EPSRC, Australian Renewable Energy Agency
EEMS (1999, Rieti)
Manufacturer of photovoltaic cells and modules
Stage: Public
E-TON Solar (2001, Tainan)
Manufacturer of mono and poly-crystalline solar
cells
Stage: Public
JAFCO Asia, WK Technology Fund
Euro Multivision (2004, Mumbai)
Manufacturer and trader of solar PV components
Stage: Public
Eversol (2007, Taipei)
Manufacturer of multi-crystalline solar wafers
Stage: Public

18
Hardware Developer
Gigastorage (1997, Hsinchu)
Manufacturer of solar modules and solar cells
Stage: Public
Gintech Energy (2005, Miaoli)
Solar Cell manfuacturer
Stage: Public
GRC SinoGreen
Hanwha Energy Corporation (1952, Seoul)
Business conglomerate in South Korea
Stage: Public
Indosolar (2008, Noida)
Manufacturer of Solar cells
Stage: Public
JSPV (2008, Asan)
Manufacturer of solar cells and modules
Stage: Public
Magnolia Solar (2008, Woburn)
Manufacturing thin film solar cell modules
Stage: Public
U.S. Air Force, NASA
Motech Industries (1981, Tainan)
Manufacturer and developer of solar products and
solutions
Stage: Public
Chang Hwa Bank, Mega International Commercial
Bank, Bank Of Taiwan and 3 Other Investors
Nanoco Group (2001, Manchester)
Provides display technology solutions based on
Cadmium-free Quantum Dots
Stage: Public
Aquarius Equity Partners
NanoFlex (1994, Medford)
Develops organic PV tecchnology
Stage: Public
Avalanche Resources
NEPC India (1984, Chennai)
Wind turbine manufacturer, Solar rooftop solutions
Stage: Public
Powercom (1987, Taipei)
Manufacturer of solar modules and solar UPS
systems
Stage: Public
PV Crystalox (2008, Erfurt)
Manufacturer of polycrstalline silicon wafers
Stage: Public
Vorndran Mannheims Capital
PV Crystalox Solar (1982, Abingdon)
Poly-crystalline ingots and wafers manufacturer
Stage: Public
Quantum Materials (2007, San Marcos)
Low cost group II-VI quantum dot technology
commercialization
Stage: Public
REC Solar (1996, Sandvika)
Manufactures Si wafers, PV panels and offers solar
solutions
Stage: Public
Element Partners, Global Cleantech Capital

19
Hardware Developer
Savosolar (2009, Mikkeli)
Solar thermal systems and collectors
Stage: Public
Sitra, Cleantech Invest
SDN Company (1994, Seongnam-si)
Manufacturing and installation of solar panel
systems
Stage: Public
Stonebridge Capital
Solar Fabrik (1996, Freiburg)
Mono-crystalline and poly-crystalline silicon
module manufacturers
Stage: Public
Solartron (1986, Bangkok)
Manufactures solar cells and solar modules
Stage: Public
SolTech Energy (2006, Stockholm)
Manufacturer of Building Integrated Solar Energy
Panels
Stage: Public
Sunlux Energy (2011, Taipei)
Manufactures silicon solar materials
Stage: Public
JAFCO Asia
Surana Ventures (1978, Hyderabad)
EPC company, that Manufactures & Exports Solar
PV Modules,
Stage: Public
Swissinso (2016, Geneva)
Solar research and development company
Stage: Public
Tynsolar (2006, Hsinchu)
Manufacturer of PV modules
Stage: Public
Unitech Printed Circuit Board Corp (1984,
Taipei)
Manufactures multi-layered and double-sided
printed circuit boards
Stage: Public
CLSA Capital Partners
Websol Energy System (1994, Kolkata)
Manufactures solar cells and solar modules
Stage: Public
Win Win Precision Technology (2003,
Hsinchu)
Manufacturer and distributor of solar PV modules
Stage: Public
XL Energy (1985, Hyderabad)
Solar module manufacturing and project
development
Stage: Public
2i Capital
DayStar Technologies (1997, Santa Clara)
Manufacturers CIGS thin films
Stage: Public
Evergreen Solar (1994, Washington D.C.)
Vertically Integrated solar panel manufacturer
Stage: Public
Perseus, RockPort Capital, CDP Capital-Technology
Ventures and 13 Other Investors

20
Hardware Developer
Solar Enertech (2008, Mountain View)
Photovoltaic solar energy cell manufacturing
company
Stage: Public
Solartech Energy (2005, Taipei)
Manufacturers of solar modules
Stage: Public
Wafer Works (1997, Taoyuan City)
Manufacturer of silicon wafers
Stage: Public
Ablytek (2006, Pingtung)
Makes BIPV, rooftiles, shingles etc
Stage: Public
Neo Solar Power (2005, Hsinchu)
SolarPV cell and module manufacturer
Stage: Public
PowerFilm (1988, Ames)
Thin film solar products
Stage: Public
SunEdison Semiconductor (1959, Saint
Peter)
Solutions for Semiconductor industry
Stage: Acquired
Sunvalley Solar (2007, Walnut)
Solar system integrator and service company
Stage: Public
Tenesol (2004, La Tour)
Solar panel manufacturing company
Stage: Acquired
Balance of Systems
Sonnen (2010, Wildpoldsried, $168M)
Energy storage system providers
Shell Global, Envision Energy, GE Ventures and 4
Other Investors
Tigo (2007, Sebastopol, $132M)
Installations of smart PV modules
Soonicorn. Stage: Series F
SMA Solar Technology, Generation Investment
Management, Clal Industries and 8 Other Investors
Manufactures micro-inverters
John Doerr, KPCB, Bay Partners and 8 Other
Investors
SolarBridge (2004, Austin, $105M)
Manufactures microinverters
Constellation Ventures, J F Shea Company, Rho

21
Hardware Developer
Balance of Systems
SolarEdge (2006, Hod Hasharon, $96.8M)
Solar Photovoltaic Power Electronics
Soonicorn. Stage: Public
Norwest Venture Partners, Walden International,
Genesis Partners and 11 Other Investors
Power-One (1973, Camarillo, $60M)
Manufactures electronic equipments
Silver Lake, NGP Energy Technology Partners, The
Stephens Group
Sunverge Energy (2009, San Francisco, $53.5M)
Offers smart energy storage systems
AGL Energy, Australian Renewable Energy Agency,
SB China Capital and 3 Other Investors
Manufactures PV trackers
Stage: Acquired
SJF Ventures, Tennenbaum Capital Partners, Sigma
Partners and 4 Other Investors
Balance of Systems
Zep Solar (2009, San Rafael, $10.6M)
Offers integrated PV mounting systems
Stage: Acquired
Aquillian Investments, The Ecosystem Integrity
Fund
Eguana Technologies (1999, Calgary, $8.5M)
Manufactures inverters and storage devices
Stage: Public
Western Technology Investment, DH Private Equity
Partners
Andalay Solar (2001, Campbell)
Offers easy to install racking systems
Stage: Public
BioSolar (2004, Santa Clarita)
Lithium Ion battery component developer
Stage: Public
MRO-TEK (1984, Bangalore)
Manufactures solar UPS and inverters
Stage: Public
Balance of Systems
PARU (1993, Seoul)
Manufacturers of solar trackers
Stage: Public
Blue Sky Energy (1993, Vista)
Manufacturers of solar charge controllers
Stage: Public

22
Hardware Developer
Others
GT Advanced Technologies (1994,
Merrimack, $83.6M)
Manufactures equipment for solar, LED, and
consumer electronics.
Angeleno Group, MerchantBanc Growth Partners
BTU (1950, North Billerica)
Manufacturer and seller of thermal processing
equipment
Stage: Public
Centrotherm (1948, Blaubeuren)
Manufacturer of photovoltaics, semiconductor and
microelectronic production equipments
Stage: Public
Giga Solar (2003, Taipei)
Manufacturer of Solar PV conductive paste
Stage: Public
Others
Meere Company (1984, Hwaseong)
Equipment manufacturer
Stage: Public
Korea Investment Partners
Roth and Rau (1991, Hohenstein-ernstthal)
Coating and structuring surfaces for semiconductor
and solar cells
Stage: Acquired
Sud Beteiligungen
Tera Semicon (2002, Suwon-si)
Offers manufacturing equipment for solar cells and
semiconductor
Stage: Public
KTB Ventures, SV Investment, L and S Venture
Others
TES (2002, Cheongju-si)
Semiconductor, display and solar cells, compound
semiconductor equipment market
Stage: Public
L and S Venture Capital, Samsung Venture
Investment
Valoe (1978, Mikkeli)
Supplies solar modules manufacturing equipments
Stage: Public
Tekes

23
Multi-Scale
NuPower Renewables (2008, Mumbai,
$117M)
Renewable Energy IPP
Punjab National Bank, Accion Capital Management
Euro Solar Parks (2008, Ho-ho-kus, $93.7k)
Commercial solar plants developer
Stage: Public
Greenko Group (2004, Hyderabad)
Clean energy developer and producer
Unicorn. Stage: Funded
Goldman Sachs, BlackRock, Fidelity Investments
7C Solar Parking (2008, Bayreuth)
Independent power producer
Stage: Public
Energy Lab (2008, Cividale Del Friuli)
Independent power producer in solar energy and
biomass sector
Stage: Public
Multi-Scale
TerniEnergia (2005, Narni)
Independent power producer in cleantech domain
Stage: Public
Gita Renewable Energy (2010, Chennai)
Renewable energy project developer
Stage: Public
Utility
ReNew Power Ventures (2011, Gurgaon,
$898M)
Renewable energy developer
CPP Investment Board, HSBC Group, YES BANK and
13 Other Investors
SolarReserve (2007, Los Angeles, $797M)
Independent solar power producer
Department of Energy, Kensani Capital, Good
Energies Foundation and 5 Other Investors
Acciona Energy (1989, Madrid, $567M)
Kohlberg Kravis Roberts

24
Utility
Hindustan Powerprojects (2008, Delhi,
$300M)
Conventional and clean energy generating company
Farallon Capital Management, Bank of America
Merrill Lynch, The Blackstone Group
Independent powe producers
Soonicorn. Stage: Series B
Shell Global, Partners Group, Mountain Group
Partners
Welspun Renewables (1985, Delhi, $215M)
Solar and wind power generation
Asian Development Bank, GE Energy Financial
Services, General Electric
Equis Energy (2012, Singapore, $185M)
Independent Power Producer of renewable energy
Minicorn. Stage: Acquired
Utility
Element Power (2008, Portland, $183M)
IPP in wind and solar space
Hudson Clean Energy Partners
NSL Renewable Power (1985, Hyderabad,
$150M)
Thermal, wind, solar, biomass and hydel energy
generation
IFC, Asian Development Bank, Proparco and 4
Other Investors
Energix (2009, Ramat Gan, $91.3M)
Renewable energy Independent Power Producer
Recurrent Energy (2006, San Francisco, $85M)
Utility-Scale Solar Project Developer
Prudential Capital Group, Hudson Clean Energy
Partners, Mohr Davidow Ventures and 2 Other
Investors
Utility
NextEra Energy Resources (1985, Juno
Beach, $38.8M)
IPP ccompany
Proparco, IFC, Export-Import Bank of the United
States and 5 Other Investors
ForVEI (2011, Milano, $22.2M)
Solar power infrastructure project investor and
operator
Stage: Acquired
CDC Infrastructure, Quercus Investment Partners
Rivage Investment, CMEA Capital, DBL Partners and
6 Other Investors

25
Utility
Alterra Power (2008, Vancouver, $21M)
Renewable energy project developer using multiple
sources of energy
NGEN Partners
Good Energy (1999, Chippenham, $4.6M)
Wind and solar energy supplier
Stage: Public
Ecotricity, Berti Investments
Genex Power (2014, Sydney)
NextEra Energy (1925, Juno Beach)
Large Utility with focus on clean energy
U.S. Capital Advisors LLC
NRG Energy (1989, Princeton)
Energy generation and storage
Elliott Management, TPG, Chatham Capital
Utility
3Power Energy Group (2002, New York City)
Solar, wind and hydro IPP
Stage: Public
Aega (2013, Oslo)
Independant power producer
Stage: Public
Atlantic Wind & Solar (1977, Toronto)
Renewable Energy developer
Stage: Public
Atlantica Yield (2014, Seville)
Energy YieldCo comprising of multiple generation
sources
Stage: Public
Algonquin Power, HSBC Group, Bank of America
Merrill Lynch and 2 Other Investors
B Grimm Power (1878, Bangkok)
IPP in renewable energy sector
Stage: Public
Asian Development Bank
Utility
Blockchain Power (2013, Toronto)
Producer and distributor of renewable energy
Stage: Public
Boralex (1982, Kingsey Falls)
Independent Power Producer dedicated to the
development and operation of renewable energy
projects
Stage: Public
Caisse de depot et placement du Quebec, Fonds de
solidarite FTQ, CIC and 2 Other Investors
Edisun Power (1997, Zurich)
Stage: Public
Enbridge (1949, Calgary)
Transportation and distribution of energy
Stage: Public
PSP Investments

26
Utility
ENCAVIS (2017, Hamburg)
Independent power producer from renewable
energy resources
Stage: Public
Inter Far East Engineering (1982, Bangkok)
Investor in renewable energy power projects
Stage: Public
Konark group (1979, Mumbai)
Solar and Wind power generation
Stage: Public
New Sources Energy (1978, Borculo)
Renewable Energy development and investment
company
Stage: Public
NextLight Renewable Power (2008, San
Francisco)
Stage: Acquired
Energy Capital Partners
Utility
Orange Renewable (2008, Delhi)
Develops and operates renewable energy projects
Stage: Acquired
AT Capital Group
Pattern Energy Group (2013, San Francisco)
Renewable Energy focused IPP
Stage: Public
Ralos (2012, Rottweil)
Solar Power plant developers
Stage: Public
Jadeberg Partners, Mountain Partners
Rete Rinnovabile (2011, Rome)
Generates solar power on a grid-scale
Stage: Acquired
Scatec Solar (2007, Oslo)
Independent solar producers
Stage: Public
IFC, Emerging Africa Infrastructure Fund, PIDG and
3 Other Investors
Utility
Sky Solar Group (2008, Madrid)
Stage: Public
IDG Capital
sPower (2012, Salt Lake City)
Owns and develops solar assets
Stage: Acquired
KeyBank, CIT Bank, CoBank and 5 Other Investors
SunRay Renewable Energy (2007, Florina)
Stage: Acquired
Denham Capital
Terna Energy (1997, Athens)
Vertically Integrated Renewable Energy developer
Stage: Public
Copenhagen Infrastructure Partners, EBRD, Piraeus
Bank
TerraForm Power (2014, Beltsville)
Owns and operates clean energy assets
Stage: Acquired

27
Utility
Urja global (1992, Delhi)
Installs solar plants and offers solar consumer
products
Stage: Public
8point3 Energy Partners (2015, San Jose)
Stage: Acquired
Northland Power (1987, Toronto)
Designs, constructs and operates renewable energy
projects
Stage: Public
OPG Power Ventures (2008, Toronto)
Developers and operators of power plants
Stage: Public
Sunflower (1995, Ramat Gan)
Operator and developer of renewable energy plants
Stage: Public
Transeastern (2013, Toronto)
Renewable energy based IPP
Stage: Public
Utility
Capital Power (2009, Edmonton)
Power generator through different sources
Stage: Public
ContourGlobal (2005, New York City)
Stage: Public
EAM Solar (2010, Oslo)
Acquires and operates solar power plants for long-
term ownership.
Stage: Public
Etrion (2008, Geneva)
Independent Solar power producer
Stage: Public
Falck Renewables (2010, Sesto San Giovanni)
Designs, constructs and manages energy production
facilities
Stage: Public
Green Infra (2008, Delhi)
Wind and Solar energy producer in India
Stage: Acquired
Utility
Principal Solar (2010, Dallas)
Solar IPP company
Stage: Public
Patterson Thoma Family Office

28
Distributed
Off Grid Electric (2011, Arusha, $113M)
Offers solar services for rural residences
Helios Investment Partners, GE Ventures,
Developing World Markets and 17 Other Investors
M Kopa (2011, Nairobi, $99.1M)
Offers solar systems on pay-as-you-go basis
CDC Group, Generation Investment Management,
LGT Venture Philanthropy and 15 Other Investors
Innergex (1990, Longueuil)
Birch Hill Equity Partners
SMA Solar Technology (1981, Nieste)
Offers solar services to homes and industries
Distributed
Aspen Group (1978, Tel Aviv)
Real estate and solar project developer
Stage: Public
The Challenge Fund-Etgar
Fintel Energia (1999, Pollenza)
Utility involved in power generation and energy
distribution
Stage: Public
Green Street Energy (2010, Brooklyn)
Distributed solar power producers
Stage: Public
Power Solution Technologies (2001,
Bangkok)
Independant power Producers using renewable
sources
Stage: Public
ReNu Energy (2002, Brisbane)
Cleantech solutions developer
Stage: Public
Australian Renewable Energy Agency
Distributed
Tribute Resources (1997, London)
Offers construction and development services for
cleantech projects
Stage: Public
PACE Credit Union
UGE (2008, New York City)
Offers solar and wind systems
Stage: Public
Voltalia (2005, Paris)
Independent Renewable energy producer
Stage: Public
Korys, Creadev, Creadev China
P2 Solar (2010, Vancouver)
Develops solar and hydro projects
Stage: Public

29
Project Developers
Turnkey Developers
Urban Green Energy (2008, New York City,
$6M)
Distributed solar and wind energy producers
Stage: Public
Tamra-Tacoma Capital
Sunworks (1983, California, $420k)
Solar power project developers
Stage: Public
Lightsource (2010, London)
Project development and assets management of
solar power plants
AMP Capital, M&G Investments, Octopus
Investments
ACCIONA (1997, Alcobendas)
Infrastructure and renewable energy solution
provider
Stage: Public
European Investment Bank
Turnkey Developers
Ameresco (2008, Framingham)
Cleantech energy and energy efficiency project
developer
Stage: Public
Demeter Corporation (1978, Bangkok)
Renewable energy power developer
Stage: Public
Ecosuntek (2008, Gualdo Tadino)
Solar PV installer for commercial buildings and
industries
Stage: Public
Enlight Renewable Energy (2008, Rosh
Haayin)
Renewable Energy based project developer and
Stage: Public
Global EcoPower (2009, Aix-en-provence)
Wind energy project developer
Stage: Public
Turnkey Developers
Nevo Energy (2011, Cupertino)
Stage: Public
Orvis (1954, Fukuyama)
Real Estate and distributed solar project developer
Stage: Public
SBIC West Japan
Renewable Energy Asia (1988, Singapore)
Renewable Energy project development company
Stage: Public
Renova (2000, Tokyo)
Utility scale renewable energy plant developer
Stage: Public
Energy and Environment Investment, SMBC
Venture Capital, DBJ Capital and 1 Other Investors
SPCG Public Company (2011, Bangkok)
Solar farm and solar roof developer
Stage: Public

30
Project Developers
Turnkey Developers
SPIE (1998, Cergy)
Designs, constructs, operates and maintains
renewable energy and energy efficiency projects
Stage: Public
Ardian, PAI Partners, Starling International
Management
Sunsource (2010, Vadodara)
Wind and Solar power based generation plant
developer
Stage: Public
West Holdings (1981, Tokyo)
Solar power project developers
Stage: Public
Gruppo Green Power (2012, Mirano)
Turnkey energy solutions developer
Stage: Public
Carpevigo (2006, Holzkirch)
Solar PV project developer
Stage: Public
EPC
BrightSource Energy (2006, Oakland, $805M)
Designs, develops and constructs solar thermal
power plants
Soonicorn. Stage: Series G
Alstom, VantagePoint Capital Partners, DFJ and 19
Other Investors
Solairedirect (2006, Paris, $341M)
Solar IPP and EPC company
IDFC Bank, Inter-American Development Bank,
Capital Stage and 14 Other Investors
Sunseap (2011, Singapore, $138M)
Solar rooftop installation
Banpu, Shell Global, ISOTeam and 2 Other Investors
Kiran Energy (2010, Mumbai, $44.4M)
Develops and operates solar farms
Stage: Acquired
InnoVen Capital, Bessemer Venture Partners, NSR
Partners and 1 Other Investors
EPC
Solel Solar Systems (1992, Beit Shemesh,
$40M)
Solar EPC services provider
Stage: Acquired
Khosla Ventures, KPCB
Vergnet (1989, Ormes, $26M)
Renewable Energy developers
Stage: Public
Compagnie Financiere du Lion, Demeter Partners
Carmanah (1996, Victoria, $2M)
Offers LED lighting and solar solutions
Stage: Public
Varshney Capital
Solar Alliance (2003, San Diego, $97.5k)
Solar project developer
Stage: Public
Mass Megawatts Wind Power (1997,
Worcester)
Developers of renewable energy solutions

31
Project Developers
EPC
Clean Energy Pathways (2006, New York City)
Energy Efficient products and solution installer
Stage: Public
Cypark Resources Berhad (2004, Petaling
Jaya)
Turnkey solutions for renewable energy generation
and waste & water treatment
Stage: Public
Elverket (1919, Vallentuna)
Offers solar installation for residential rooftop and
other services
Stage: Public
Enerdynamic Hybrid Technologies (2012,
Welland)
Offers solar solutions
Stage: Public
Entegra (1995, Mumbai)
Stage: Public
EPC
Nuon (1994, Amsterdam)
Stage: Acquired
Ventures Plus
RGS Energy (1978, Louisville)
Offers solar installation services
Stage: Public
Silicon Valley Bank
Streling Powergensys (1984, Mumbai)
EPC services for Solar PV Power Projects
Stage: Public
Swelect Energy Systems (1984, Chennai)
EPC services for installation of solar farms
Stage: Public
Ujaas (1979, Indore)
Installer of utility-scale solar PV systems
Stage: Public
XsunX (2003, Aliso Viejo)
Solar canopies and solar financing
Stage: Public
EPC
ABCO Solar (2008, Tucson)
Residential solar power project installer
Stage: Public
Go Solar USA (2008, Fremont)
Distributed solar power project installer
Stage: Public
Mercury (1998, Auckland)
Energy retailer and solar power plant installer
Stage: Public
VivoPower (2014, Osborne)
Installs solar systems for commercial purpose
Stage: Public
Solarhybrid (2008, Brilon)
Solar Project developer
Stage: Public
Ultima Networks (2015, Harlow)
Renewable energy project developers
Stage: Public

32
Project Developers
EPC
Lanco Infratech (1993, Gurgaon)
EPC for power and soalr projects
Stage: Public
Phoenix Solar (1999, Sulzemoos)
Commercial and Utility system integrator.
Stage: Public
Phoenix Solar (2010, Zurich)
Solar EPC service company
Stage: Public
RattanIndia Apna Solar (2007, Gurgaon)
Rooftops solar services
Stage: Public
Renovalia (2004, Villarrobledo)
Renewable Energy developers
Stage: Acquired
Stone India (1931, Kolkata)
Offers solar, sanitation products along with other
interests
Stage: Public
Planning and Designing
SolarEnergy.com (2013, Gilroy)
Solar yield calculator and identification of installers
Stage: Public
Solar-as-a-service
Full-end Services
Solar Panel Installation and Financing
Unicorn. Stage: Acquired
Bank of America, Merrill Lynch, Credit Suisse and
23 Other Investors
Sunrun (2007, San Francisco, $297M)
Solar services for residents
Caisse de depot et placement du Quebec, Investec,
Accel Partners and 7 Other Investors
Sungevity (2007, Oakland, $204M)
Offers solar design services, solar lease, home solar
Apollo Global Management, GE Ventures, E.on and
10 Other Investors

33
Solar-as-a-service
Financing
Offers solar services to residential purpose
Unicorn. Stage: Series F
Quantum Partners, CIT, Credit Suisse and 5 Other
Investors
Residential solar financing provider
Deutsche Bank, Warburg Pincus, Core Innovation
Renew Financial (2008, Oakland, $125M)
Financing solutions for renewable energy projects
Morgan Stanley, Barclays, Angeleno Group and 5
Other Investors
Financing
PosiGen (2011, New York City, $80M)
Offers financing solutions for solar installation
Stonehenge Capital, NewWorld Capital Group,
Constellation Technology Ventures and 2 Other
Investors
Ecolutions (2007, Frankfurt)
Offers financing solutions for project developers
Stage: Public
Mountain Partners
Installation
Vivint Solar (2011, Lehi)
Residential solar power providers
Stage: Public
Summit Partners, US Bank, Bregal Sagemount and 1
Other Investors

34
Solar Products
Lighting
PureRay (2006, Atlanta)
Solar based LED lighting system
Stage: Public
Charging
Envision Solar (2006, San Diego, $4.6M)
Offers solar trees for parking lots and solar EV
charging solutions
Stage: Public
Silicon Valley Bank
Samya Tech (1992, Taoyuan City)
Manufacturer of chargers for consumer electronic
products
Stage: Public
Japan Asia Investment
Spectur (2009, Perth)
Designs and manufactures solar powered products
Stage: Public
Lateral Capital Ventures
New Energy Systems Group (2001, New York
City)
Solar and energy storage based solution and
product developers
Stage: Public
Thermal
Epic Energy (1991, Mumbai)
Manufacturer and supplier of renewable energy and
energy efficiency products
Stage: Public
Quantum (1975, Adelaide)
Manufacturer of solar heat pumps
Stage: Public

List of Notable Companies in Solar Energy in China
Notable Companies in the Sector in China
35
Solar Energy > Feed Summary > Notable Companies in the Sector in China
Public
Trony Solar
(1993, Hong Kong, $20M)
Jiangsu Akcome
(2006, Foshan)
Beijing Jingneng Clean
Energy
(2009, Chaoyang)
Changzhou Almaden
(2006, Changzhou)
China Solar Energy
(2006, Hong Kong)
China Technology Solar
Power
(2011, Hong Kong)
Comtec Solar Systems
(1999, Shanghai)
CSun Solar
(2004, Nanjing)
Deli Solar
(1983, Beijing)
Public
EGing PV
(2003, Jintan)
Hareon Solar
(2004, Jiangyin)
Jiangsu Sunrain Solar
Energy
(1999, Lianyungang)
Shunfeng International
Clean Energy
(2014, Hong Kong)
Topray Solar
(1992, Shenzhen)
Hina Film Power
(2009, Hong Kong)
Sungrow
(1997, Hefei, $400M)
LDK Solar
(2005, Xinyu)
Suntech Power
(2001, Wuxi)
Public
Changelight
(2006, Xiamen)
Jinko Solar
(2006, Shanghai, $35M)
Daqo New Energy
(2007, Chongqing)
JA Solar
(2005, Shanghai)
Renesola
(2005, Shanghai)
Sky Solar Holdings
(2009, Hong Kong)
Yingli Solar
(1998, Baoding)

Recent News in Solar Energy Sector
Recent News
36
Solar Energy > Feed Summary > Recent News
Jun 2018
Israel's Enlight in talks to buy 300 MW wind farm in Europe,
Indiatimes
Jun 2018
Enphase Energy adds former Tesla exec Branderiz as new CFO,
Seeking Alpha
Jun 2018
Greenko Group buys Orange Renewable at billion-dollar valuation,
Livemint
Jun 2018
Moody’s upgrades Atlantica Yield’s Credit Rating to Ba3 with
Positive Outlook, Financial IT
Jun 2018 Scatec wants to double size of project pipeline, PV Magazine
Jun 2018
Etrion Corporation Closes Books on Corporate Bond Refinancing,
GlobeNewswire
Jun 2018
8minutenergy and NV Energy to build 300MW Nevada solar project
on tribal land, PV-Tech
Jun 2018 Soltec to supply 90MW of solar trackers to Mexico, PV-Tech
Jun 2018
Sympa Solar Power Signs PPA for 8MWac Solar PV Power Plant in
Bangladesh, AsiaBizNews
Jun 2018
New Research Coverage Highlights JA Solar Holdings, Co., California
Water Service Group Holding, Lazard, KNOT Offshore Partners LP,
Essent Group, and Toyota Motor — Consolidated Revenues,
Company Growth, and Expectations for 2018, GlobeNewswire
May 2018 Imec and Arm develop ultra-low-power radio, Electronics Weekly
May 2018
PowerOptions, SunPower Offer Cutting-Edge Solar-Plus-Storage
Program Bringing Savings and Opportunity to Nonprofits, Public
Entities, PR Newswire
Key Recent News Key Recent News
May 2018
NextEra Energy recognized by U.S. Department of Defense for its
commitment to supporting National Guard and Reserve employees,
PR Newswire
May 2018
Vikram Solar commissions 10 MW solar project in Itarsi,
Moneycontrol
May 2018
Greenskies Energizes 1.1 MW Solar Array On Top Of Amazon
Facility In North Las Vegas, NV, PR Newswire
May 2018
Max Keiser and Stacy Herbert join blockchain startup Sun Exchange
as advisors, EconoTimes
May 2018
Entergy, NextEra Energy commission Stuttgart Solar Energy Centre
in US, Power Technology
May 2018 Rooftop solar firm Sunshot to raise $8 mn, The Hindu
May 2018
Suntech supplying 1500V solar modules to a 116MW power plant
project in Egypt, PV-Tech
May 2018
Azure bags US$135 million financing for 200MW of Indian rooftop
solar projects, PV-Tech
May 2018 Sun Exchange starts powering SA’s plastics industry, Disrupt Africa
May 2018
Blockchain Power Trust Reports First Quarter 2018 Results,
GlobeNewswire
May 2018
OPG Power Ventures Non-Executive Director Ravi Gupta Steps
Down, London South East
May 2018 Tigo introduces Masterpass service in Tanzania, Verdict
May 2018 XsunX Marketing Efforts Delivering Sales Results, NewMediaWire

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
37
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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$2.7B
$3.0B
$1.2B
$3.3B
$2.5B
$2.0B
$1.8B
$1.0B
0
20
40
60
80
100
120
140
160
180
$0k
$500M
$1.B
$1.5B
$2.B
$2.5B
$3.B
$3.5B
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
Investments ($M) and number of rounds in Solar Energy; 2011-2018
Global Funding Trends
39
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Solar Energy > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 2% # of Rounds6% $ Funding
0% # of Rounds
18% $ Funding

20 27 37 28 38 48 31 5
52 37
45
49 64
50 63
17
48 48 25 46 54 43 23 15
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
120
37
Total # of Rounds
$8M $9M $10M $18M $16M $39M $16M $8M
$404M $179M $233M
$526M $270M $306M $444M $35M
$2.3B $2.8B $917M
$2.8B
$2.2B $1.6B $1.4B $981M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
$2.3B
$2.6B
$878M
$3.B
$2.1B
$1.6B
$1.5B
$948M
0
5
10
15
20
25
30
35
40
0
500000000
1E+09
1.5E+09
2E+09
2.5E+09
3E+09
3.5E+09
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
40
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Solar Energy; 2011-2018
Solar Energy > Investment Trends > Global Funding Trends
69
50
44
58
57
46 324
$3.1M
$2.6M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
$7.0M
0
50
100
150
200
250
300
350
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
35 19 13 23 19 21 14 10 $3.1M $1.7M $6M $2.2M $3.2M $2.1M - $2.6M
$2.7B
$1.0B
Total $ Invested

Solar Energy > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Solar Energy
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 9.3B 323
Delhi NCR 2.3B 41
Athens 1.7B 14
Houston 1.2B 10
Los Angeles 811M 11
Paris 598M 8
Madrid 589M 2
New York City 548M 23
Santa Monica 496M 2
Montpellier 476M 3
Total Funding
821
274
102
9
26
28
8
13
# Rounds
$19B
$3.6B
$3B
$418M
$261M
$259M
$180M
$173M
US
Europe
India
Japan
Israel
Canada
South Africa
SEA
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.6 $0.4 $0.4
$0.9 $1.0 $1.1
$0.7
2011 2012 2013 2014 2015 2016 2017
$5.6
$3.9 $4.1
$9.8
$3.9
$6.0
$3.3
$16.1
$10.1 $10.0
$22.4
$7.1
$12.5
$18.7
$49.1
$63.4
$36.7
$72.5
$48.7 $43.0
$68.3
Solar Energy > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Solar Energy; 2011-2018
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$600* $8.5M
$100K $81M
$350K $145M
$1.5K $586M
$19M
$9.4M
$3M
$400K
Series C+
Series B
Series A
Seed
Stage

Note: 615 companies with undisclosed funding amount are not included
43
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
75
188
133
42
70
No. of Companies
Solar Energy > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Solar Energy; as of Jun 2018
Distribution of companies by Funding Range
$24M
$695M
$2.9B
$3.1B
$21.1B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
29%
12%
7%
5%
44
Note: Numbers in the brackets show the count of companies
Time to raise
next round
176
251
458
1076
3769
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
29% 6%
(240)
6%
(212)
3%
(125)
7%
(277)
61%
(2291)
43% 17%
(179)
14%
(151)
8%
(91)
9%
(93)
40%
(434)
55% 13%
(60)
7%
(34)
11%
(51)
12%
(57)
22%
(99)
70% 21%
(52)
10%
(26)
13%
(32)
11%
(27)
6%
(16)
- 26%
(45)
11%
(20)
14%
(24)
9%
(16)
-5%
(-8)
Solar Energy > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Solar Energy
Funding Funnel
18 Months
17 Months
23 Months
Investment backedBootstrapped
31
10
47
128
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Solar Energy > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Solar Energy; Jun 2016-Jun 2018
Notable Investments in last 24 months (1/5)
LATE STAGE
$450M - PE Jul 2017
Cypress Creek Renewables (2014, Santa
Monica, $450M)
Owns and develops solar farms
Temasek
$250M - PE Jun 2016
GreenWish Partners (2010, Paris)
Developers of renewable energy projects
Denham Capital
$247M - PE Apr 2018
$898M)
CPP Investment Board
$220M - Series C Aug 2016
Residential solar financing provider
Warburg Pincus, Core Innovation Capital, Obvious
Ventures
LATE STAGE
$217M - PE Jan 2018
Shell Global
$200M - PE Feb 2017
$898M)
JERA
$130M - PE Feb 2017
Sunlight Financial (1988, New York City,
$210M)
Residential solar finance
Route 66 Ventures
$125M - PE Jan 2017
Independent power producer in renewable energy
sector
IFC
LATE STAGE
$108M - PE Jul 2017
Solar power project developer in India
Warburg Pincus, IFC
$100M - PE Nov 2016
Origis Energy (2008, Miami, $149M)
Utility Scale and commercial solar project developer
Baltisse
$100M - Series F Apr 2018
Quantum Partners
$85M - Series D Oct 2016
Envision Energy
$79M - PE May 2018
Onyx Renewable Partners (2014, New York
City, $132M)
Renewable Energy development company

LATE STAGE
$72.8M - PE Nov 2016
ACME Cleantech Solutions (2003, Gurgaon,
$162M)
Energy Management solutions developer
Piramal Group
$70.7M - Series D May 2018
Shell Global
$70M - Series C Nov 2016
Soltage (2005, Jersey City, $82M)
Develops and owns solar power plants and sell solar
power
Basalt Infrastructure Partners
$61M - PE Apr 2018
NuPower Renewables (2008, Mumbai, $117M)
Renewable Energy IPP
$55.7M - Series D Sep 2017
Banpu
LATE STAGE
$55M - Series D Jan 2018
Helios Investment Partners, GE Ventures
$53M - PE Jun 2017
Onyx Renewable Partners (2014, New York
City, $132M)
Renewable Energy development company
CIT
$51.3M - Series D Nov 2017
$50M - PE Dec 2017
Mainstream Renewable Power (2008,
Dublin, $88.4M)
Develops wind and solar plants
Apollo Global Management
$49M - PE Mar 2018
Origis Energy (2008, Miami, $149M)
Utility Scale and commercial solar project developer
Wells Fargo
LATE STAGE
$46.8M - Series D Sep 2016
innogy, Engie, CEE Group, ECapital, High-Tech
Grunderfonds, Innogy Venture Capital, TUDAG,
Wellington Partners Venture Capital, BASF, BNP
Paribas
$46.5M - PE Feb 2018
Monica, $450M)
$25M - Series D May 2017
Sivapower (2006, Santa Clara, $125M)
Manufactures thin films solar panels
Presidio Partners, Kline Hill Partners LLC US,
Structural Capital

LATE STAGE
$21.3M - Series D Jul 2017
Sol Voltaics (2007, Lund, $49.5M)
Develops solar films made up of GsAs nanowires
Watrium, Industrifonden, FAM, Teknoinvest
$21M - PE Oct 2016
Ezon Energy Solutions (2015, Coimbatore,
$21M)
Independent Solar Power producer
Bboxx (2010, London, $39.9M)
Sells plug and play solar systems and compatible
consumer products
Engie, Khosla Impact, Stichting DOEN, MacKinnon,
Bennett & Company, Bamboo Capital Partners
$19.9M - Series D Oct 2017
Aqton, BASF, BNP Paribas, eCapital, Engie, innogy,
Wellington Partners Venture Capital
LATE STAGE
$17.8M - Series D Dec 2017
European Investment Bank
$15M - Series D Sep 2016
D.light Design (2007, San Francisco, $43.1M)
Manufactures and distributes solar products in
villages
Omidyar Network, Energy Access Ventures,
Newquest Capital Partners
$15M - Series C Jun 2016
silicon wafers
Wacker Chemie
$11.2M - Series D Apr 2018
Statoil, Legal & General Capital
LATE STAGE
$10.7M - Series C Oct 2016
$10.3M - Series C Dec 2016
Statoil, Legal & General Capital
$10M - PE Jan 2017
Manufactures micro-inverters
John Doerr
$10M - Series D Mar 2018
CDC Group, Generation Investment Management,
LGT Venture Philanthropy
Helios Investment Partners

LATE STAGE
$8.2M - Series C Oct 2017
silicon wafers
$6.9M - Series F Jan 2018
$6.3M - Series C Sep 2016
D.light Design (2007, San Francisco, $43.1M)
Manufactures and distributes solar products in
villages
Norfund
$4.8M - Series C May 2017
ISOTeam
LATE STAGE
$3.4M - Series C Nov 2016
Legal & General Capital
$774k - Series D May 2017
$35k - Series D Aug 2016
Series C Jun 2016
GE Ventures
Series C Aug 2017
Shell Global
EARLY STAGE
$79.9M - Series B Jul 2017
Building Energy (2010, Milano, $94.9M)
Independent power producer in wind and solar
segment
ZZ Capital International, Three Hills Capital
Partners, Synergo, Zhongzhi Capital
$60M - Series B Dec 2017
Greenlight Planet (2007, Chicago, $79M)
Manufacturer of solar lights
Apis Partners, Eight Roads Ventures, Bamboo
Capital Partners, Deutsche Bank, Global
Partnerships, SunFunder, PG Impact Investments,
SIMA Funds, responsAbility
$55M - Series B Jan 2017
Partners Group
$40M - Series A Dec 2016
Lumos (2013, Amsterdam, $40M)
Distributed solar power for off-grid regions
VLTCM, Pembani Remgro Infrastructure Managers

EARLY STAGE
$30.3M - Series B Aug 2016
Nexamp (2007, North Andover, $51.4M)
Offers services related to solar
$13.5M - Series B Oct 2017
PEG Africa (2013, Accra, $21M)
Offgrid solar solutions provider for rural areas
Blue Haven Initiative, Investisseurs & Partenaires,
Engie, PCG Investments, Acumen
$8M - Series B Aug 2017
Kingo (2013, Guatemala City, $19M)
Prepaid solar energy provider
Engie, FMO, Proparco, FCP Innovation, Honduras
Renewable Energy Financing Facility
$6M - Series B Jun 2016
$5M - Series B Aug 2017
Stonehenge Capital
EARLY STAGE
$4.3M - Series A Jun 2016
PEG Africa (2013, Accra, $21M)
Offgrid solar solutions provider for rural areas
Energy Access Ventures, Blue Haven Initiative,
Investisseurs & Partenaires, Engie
$3.7M - Series A Aug 2016
Evergen (2016, Sydney, $3.7M)
Solar based home energy management system
AMP Capital, CSIRO
Series B Apr 2018
Kingo (2013, Guatemala City, $19M)
Prepaid solar energy provider
Leonardo DiCaprio
SEED STAGE
Angel Jun 2016
Thinkphi (2015, Mumbai)
Rainwater and solar energy harvesting products

Most Active Investors (VC, PE) by Stage in Solar Energy; Last 5 years (Jun 2013-Jun 2018)
Most Active VC & PE Investors
50
Solar Energy > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Acumen (3 Investments)
Solar Now, Devergy, Easy Solar
1
Gaia Impact Fund (3 Investments)
Solaris Offgrid, UpOwa, Easy Solar
2
Infuse Ventures (2 Investments)
Ezysolare, Aspiration Energy
3
Right Side Capital Management(2
Investments)
Solstice, Off Grid Box
4
Northstar Ventures(2 Investments)
Hadrian Electrical Engineering, Solar Capture Technologies
5
Capnova(2 Investments)
ReMoni, AC Sun
6
FactorEVentures(2 Investments)
Redavia, ColdHubs
7
High-Tech Grunderfonds
Solandeo
8
Felicis Ventures
Bright
9
Energy and Environment Investment
Renova
10
EARLY STAGE
Acumen (3 Investments)
PEG Africa, Nizam Energy, Frontier Markets
1
FMO (3 Investments)
Mobisol, Orb Energy, Kingo
2
The Ecosystem Integrity Fund (3
Investments)
Complete Solar, OneEnergy Renewables, Pegasus Solar
3
New Enterprise Associates(2 Investments)
Terrajoule, Astrowatt
4
Bamboo Capital Partners (2 Investments)
Greenlight Planet, Bboxx
5
Prelude Ventures(2 Investments)
Renew Financial, Powerhive
6
Starquest Capital(2 Investments)
Sunpartner Technologies, Aqylon
7
Investors Circle (2 Investments)
EnergySage, ConnectDer
8
Clean Energy Venture Group (2
Investments)
EnergySage, Pika Energy
9
PG Impact Investments (2 Investments)
Greenlight Planet, SunCulture
10
LATE STAGE
GE Ventures(3 Investments)
Sungevity, Off Grid Electric, Sonnen
1
Hudson Clean Energy Partners(2
Investments)
Sunlight Financial, Direct Energy Solar
2
Warburg Pincus (2 Investments)
Mosaic, CleanMax Solar
3
Energy Access Ventures (2 Investments)
Off Grid Electric, D.light Design
4
Africinvest(2 Investments)
Platinum Power
5
Riyadh Valley Company (2 Investments)
Sol Voltaics, BeamReach Solar
6
DBL Partners
Off Grid Electric
7
VantagePoint Capital Partners
1366 Technologies
8
Braemar Energy Ventures
Renew Financial
9
Triangle Peak Partners
Sunnova
10

Solar Energy > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Solar Energy; Last 5 years (Jun 2013-Jun 2018)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Climate KIC(19 Investments)
Powervault, Zolar, Physee
1
Startupbootcamp(6 Investments)
Tespack, Watly, Sensus Energy
2
EDP Starter(4 Investments)
Green Eagle Solutions, Beon Energy, RatedPower
3
Techstars(4 Investments)
The Sun Exchange, Lucy (Solenica), Solstice
4
Venture Kick(4 Investments)
Insolight, Younergy, SAMA SUSTAINABILITY & RENEWABLE
ENERGY
5
Village Capital(4 Investments)
Solar Site Design, ARED, One Earth Designs
6
Villgro Innovations Foundation(4
Investments)
Simpa Networks, Ecozen Solutions, Frontier Markets
7
Y Combinator(4 Investments)
Bright, Oolu, Sunfolding
8
E.ON :agile(3 Investments)
Solifi, Rafiki Power, Prosumergy
9
LRM(3 Investments)
Mind4Energy, Group Machiels, Ducatt
10
OTHER NOTABLE INVESTORS
Department of Energy(36 Investments)
SunPower, Suniva, Stion
1
IFC(14 Investments)
Off Grid Electric, Simpa Networks, CleanMax Solar
2
InnoEnergy(9 Investments)
Nines Photovoltaic, NexWafe, Solaris Offgrid
3
Engie(8 Investments)
Heliatek, Bboxx, Simpa Networks
4
Goldman Sachs(6 Investments)
Sunnova, PosiGen, tenKsolar
5
OPIC(6 Investments)
Greenlight Planet, Simpa Networks, Lumos
6
Australian Renewable Energy Agency
(5 Investments)
Sunverge Energy, Canadian Solar, Solar Analytics
7
European Commission(5 Investments)
Sol Voltaics, Watly, Akuo Energy
8
European Investment Bank(5
Investments)
Oxford Photovoltaics, Heliatek, D.light Design
9
Rabobank(5 Investments)
Nautilus Solar, sPower, Banks Group
10
DEBT INVESTORS
Hercules Capital(8 Investments)
BrightSource Energy, Nanosolar, Sungevity
1
Western Technology Investment(8
Investments)
Nanosolar, Off Grid Electric, Soliant Energy
2
Silicon Valley Bank(6 Investments)
SolarCity, Innovalight, Sunlight Financial
3
Finnfund(2 Investments)
Mobisol, UpEnergy
4
Advantage Capital
HESP Solar
5
Farallon Capital Management
Hindustan Powerprojects
6

Solar Energy > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/7)

Solar Energy > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
60
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
Waste & Water Management
May 2018
Geothermal Energy
Apr 2018
Wind Energy
Apr 2018

Key Sub Sectors
63
Key Sub Sectors in Solar Energy
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Hardware Developer
Companies developing energy generation hardware and other associated Balance of System
equipment
MiaSole (2001, Santa Clara, Acquired)
863 360 $11.7B
Companies that own, operate and generate solar power from its solar plants
Welspun Renewables (1985, Delhi,
Acquired)
$898M)
363 200 $7.8B
Solar-as-a-service
Companies that provide solar solutions to its customers on lease basis
SolarCity (2006, San Mateo, Acquired)
108 48 $3.9B
Project Developers
Companies that develop solar projects and offer operation and maintenance services
Compagnie du Vent (1989, Montpellier,
Acquired)
BrightSource Energy (2006, Oakland,
$805M)
1590 246 $3.7B
Solar Products
Companies developing consumer products which use solar energy to provide lighting,
heating/cooling o....
Standard Renewable (2006, San Antonio,
Acquired)
Greenlight Planet (2007, Chicago, $79M)
553 138 $626M
Software Solutions
Companies developing software applications for solar projects
Fat Spaniel (2003, San Jose, Acquired)
Powerhive (2011, Berkeley, $20M)
215 73 $128M
Retail
Companies offering an online portal for selling solar products
PVPower (2009, Chicago, Acquired)
King Solarman (2008, Fremont, $10M)
58 6 $18.9M
Power Sharing
Companies developing Peer-to-Peer power sharing systems for sharing solar energy
Enova Community Energy (2016, Byron
Bay, $3.8M)
DC Power Co (2017, Melbourne, $2.5M)
18 5 $6.3M
Solar Energy > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/7)
64
Solar Energy > Market Details > Detailed Sector Taxonomy

65

66

67

68

69

70

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Independent Power Producer > Utility
Companies that own and operate large-scale solar power plants
(Companies covered 191 | Funded 114 | Total Funding $6.7B)
$1.6B
(-$3.3B)
17
(-77)
Cypress Creek
Renewables
(2014, Santa Monica, $450M)
2
(+6)
Independent Power Producer > Distributed
Companies that own and operate small-scale distributed solar power plants
(Companies covered 102 | Funded 51 | Total Funding $581M)
$206M
(-$170M)
13
(-23)
CleanMax Solar
(2011, Mumbai, $123M)
3
(+8)
Independent Power Producer > Distributed > Rural
Companies that own and operate small-scale distributed solar power plants for rural areas
$163M
(+$79.4M)
13
(-2)
Off Grid Electric
(2011, Arusha, $113M)
4
(+2)
Project Developers > EPC > Multi-Scale
Companies which provide EPC services for Utility Scale as well as Distributed power plants
$364M
(-$426M)
9
(-52)
GreenWish Partners
(2010, Paris, 0)
5
(+1)
Project Developers > EPC > Distributed
Companies providing EPC services to develop distributed solar power plants
$91.6M
(-$439M)
10
(-23)
Sunseap
(2011, Singapore, $138M)
6
(-4)
Hardware Developer > Generation Equipment > PV > Cells
Companies developing solar cells which can convert light into electricity using the photovoltaic effect
(Companies covered 68 | Funded 40 | Total Funding $1.8B)
$62.9M
(-$1.6B)
9
(-54)
Oxford Photovoltaics
(2010, Oxford, $100M)
7
(+5)
Project Developers > Turnkey Developers > Multi-Scale
Companies that develop solar projects of multiple sizes
$194M
(-$323M)
7
(-1)
Origis Energy
(2008, Miami, $149M)
71
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/3)
Top Markets by Funding in Solar Energy in last 2 years (June 2016 - May 2018)
Solar Energy > Market Details > Top Markets of Investment Activity

Incubators
Seed Jadeberg Partners (#2), Northwest Energy Angels (#1)
Series A/B IFC (#2), Barclays (#1)
Series C+
Asian Development Bank (#3), Prudential Capital Group
(#2)
Orange Renewable Jun - 2018
Acq by Greenko Group for $300M
8point3 Energy Partners
Feb - 2018
Acq by Capital Dynamics for $977M
Equis Energy Jan - 2018
Acq by Global Infrastructure Partners
for $5B
ForVEI Nov - 2017
Acq by ERG for $396M
$79M - PE
Onyx Renewable Partners (2014,
New York City, $132M)
$247M - PE
ReNew Power Ventures (2011,
Gurgaon, $898M)
Series A
SunSource Energy (2010, Delhi)
$46.5M - PE
Cypress Creek Renewables (2014,
Santa Monica, $450M)
$217M - PE
Silicon Ranch (2010, Nashville,
$276M)
$50M - PE
Mainstream Renewable Power
(2008, Dublin, $88.4M)
Jul 2017
328-MW California Solar Facility Announced, Power
Engineering
Oct 2017
Greenwood Energy Appoints John Pfersching as Director of
Accounting, PR Newswire
Apr 2017
HECO and NRG sign PPA for Oahu’s largest solar project, PV-
Tech
Jan 2017
PSEG Solar Source Acquires Two Solar Projects from BayWa
r.e., Citybizlist
Jan 2017 OPG Power to raise Rs1,000 crore via Indian IPO, Livemint
Jun 2017 NextEra lines up GE in Nebraska, ReNEWS
Aug 2017
BlueNRGY to Acquire Green States Energy for USD60 Million,
Research Views
Jun 2017
Pomerantz Law Firm Reminds Shareholders with Losses on
their Investment in Sky Solar Holdings, Ltd. of Class Action
Lawsuit and Upcoming Deadline , GlobeNewswire
Jul 2017
Capital Power's (CPXWF) CEO Brian Vaasjo on Q2 2017
Results , Seeking Alpha
Sep 2017
Former Vestas, GE Senior Exec Joins Northland Power As
COO, North American Windpower
Jul 2015
French Renewable IPP Akuo Energy Grabs €34 Million In
Green Bond Issue, CleanTechnica
Sep 2017
Azure Power Commissions a 50 MW NTPC Solar Project in
Uttar Pradesh, Business Wire
Apr 2017
NextEra in Talks to Revive $18.4 Billion Deal for Energy
Future’s Oncor, The Wall Street Journal
News
0
2
4
6
8
10
12
14
16
$0k
$200M
$400M
$600M
$800M
$1.B
$1.2B
$1.4B
2014 2015 2016 2017 2018
YoY Funding Rounds
51
36
53
114
191
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Independent Power Producer > Utility: Market Factsheet
74
Exits
Recent Investments
YoY Funding and Rounds
Companies that own and operate
large-scale solar power plants
ReNew Power Ventures
(2011, Gurgaon, $898M)
SolarReserve
(2007, Los Angeles, $797M)
Acciona Energy
(1989, Madrid, $567M)
Arlington Valley Solar Energy
(2009, Pleasanton, $550M)
Cypress Creek Renewables
(2014, Santa Monica, $450M)
Top Companies
#1 Top Markets of Investment Activity
Solar Energy > Market Details > Market: Utility
Companies Created 191 | Funded 114 | Total Funding $6.7B
Market: Utility

Independent Power Producer > Utility: Top Companies
Market: Utility (1/3)
Analyst’s Pick
$898M)
CPP Investment Board, HSBC Group, YES BANK and
13 Other Investors
SolarReserve (2007, Los Angeles, $797M)
Department of Energy, Kensani Capital, Good
Energies Foundation and 5 Other Investors
Acciona Energy (1989, Madrid, $567M)
Kohlberg Kravis Roberts
Monica, $450M)
Editor's Pick. Stage: Funded
Temasek
Analyst’s Pick
Hindustan Powerprojects (2008, Delhi,
$300M)
Conventional and clean energy generating company
Farallon Capital Management, Bank of America
Merrill Lynch, The Blackstone Group
Shell Global, Partners Group, Mountain Group
Partners
Welspun Renewables (1985, Delhi, $215M)
Solar and wind power generation
Asian Development Bank, GE Energy Financial
Services, General Electric
Equis Energy (2012, Singapore, $185M)
Independent Power Producer of renewable energy
Analyst’s Pick
Element Power (2008, Portland, $183M)
IPP in wind and solar space
Hudson Clean Energy Partners
ACME Cleantech Solutions (2003, Gurgaon,
$162M)
Energy Management solutions developer
Minicorn. Stage: Funded
Piramal Group, EDF Energies Nouvelles, Eren
Groupe, Brand Capital
NSL Renewable Power (1985, Hyderabad,
$150M)
Thermal, wind, solar, biomass and hydel energy
generation
IFC, Asian Development Bank, Proparco and 4
Other Investors
BioTherm Energy (2003, Fourways, $150M)
Denham Capital

Analyst’s Pick
Independent power producer in renewable energy
sector
IFC
Energix (2009, Ramat Gan, $91.3M)
Renewable energy Independent Power Producer
Mainstream Renewable Power (2008,
Dublin, $88.4M)
Develops wind and solar plants
Editor's Pick. Stage: Series A
Apollo Global Management, Barclays, Bloom Equity
Recurrent Energy (2006, San Francisco, $85M)
Utility-Scale Solar Project Developer
Prudential Capital Group, Hudson Clean Energy
Partners, Mohr Davidow Ventures and 2 Other
Investors
Analyst’s Pick
Terra-Gen (2007, New York City, $55M)
Independent renewable energy power producer
GV, MUFG Union Bank, Credit Agricole and 4 Other
Investors
NextEra Energy Resources (1985, Juno
Beach, $38.8M)
IPP ccompany
Proparco, IFC, Export-Import Bank of the United
States and 5 Other Investors
Alcazar Energy (2014, Dubai, $25M)
Independent Power producer
IFC, DASH Ventures
Analyst’s Pick
Rivage Investment, CMEA Capital, DBL Partners and
6 Other Investors
Alterra Power (2008, Vancouver, $21M)
Renewable energy project developer using multiple
sources of energy
NGEN Partners
Atlantica Yield (2013, London)
Owns contracted renewable energy projects
Editor's Pick. Stage: Unfunded
EDF Renewable Energy (1987, San Diego)
Independent solar and wind power producer
Allianz Capital Partners, Bank of America
Genex Power (2014, Sydney)

Analyst’s Pick
Neoen (2008, Paris)
Independent power producer in solar wind and
biomass
Government of South Australia, Bpifrance, Omnes
Capital
NextEra Energy (1925, Juno Beach)
Large Utility with focus on clean energy
U.S. Capital Advisors LLC
NextGen Solar (2009, Washington D.C.)
Batterson Venture Capital
NRG Energy (1989, Princeton)
Energy generation and storage
Elliott Management, TPG, Chatham Capital
RenewGeo (2017, Reno)
Developer of solar augmented geothermal energy
technology
Editor's Pick. Stage: Unfunded

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
78
Independent Power Producer > Utility: Leaderboard
Better than Market Average
Market: Utility
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Good Energy 1999
Chippenha
m
Public $4.6M - 3 - - 9 369k 77 30k 61 55k 18% 4 7% 1 -
5.0
Bharat Light &
Power
2010 Delhi Series C $70.4M - 5 - - 1 6.2M - 300 12 3M 81% - - - -
4.9 Solaria 2002 Madrid Public $22M - - - 4 3 2.4M 112 - - -2.9M -65% - - 13 13%
4.9
Windkraft
Simonsfeld
1996 Ernstbrunn Funded - - 4 4 4 - 6.7M - 300 7 2M 24% - - - -
4.9 Silicon Ranch 2010 Nashville Series B $276M - - - 3 - 6.3M 263 - - 158k 3% - - 95 56%
4.9
Hero Future
Energies
2012 Delhi Funded $125M - - - 3 9 2.4M 3k - - -388k -14% - - 814 38%
4.8
AES El
Salvador
2016
San
Salvador
Funded - - - - 4 1 1.5M 12k - - 769k 85% - - 728 6%
4.8 Access Power 2012 Dubai Funded - - - - 4 2 1.8M 7.1k - - -2M -50% - - 200 3%
4.8 ENCAVIS 2017 Hamburg Public - - - - 4 - 2.8M 196 - -
-
427.3
M
-99% - - 92 88%
4.7
OPG Power
Ventures
2008 Toronto Public - - - - 3 11 4.9M 44 - - 3M 78% - - 15 50%
4.7
Alten Energias
Renovables
2006 Madrid Funded - - - - 4 2 8M 361 - - 8M
14692
93%
- - 286 525%
4.7
West Solent
Solar
2013
Southampt
on
Unfunded - - - - 4 - - 286 - - - - - - 5 2%

Incubators Techstars (#1), Venture Kick (#1)
Seed Bessemer Venture Partners (#1), Tenaska (#1)
Series A/B NewWorld Capital Group (#1), Dry Creek Ventures (#1)
Series C+ US Bank (#1), Warburg Pincus (#1)
BluEarth Renewables Jun - 2015
Acq by Ontario Teachers' Pension Plan
Tioga Energy Jul - 2013
Acq by sPower
UGE Dec - 2011
IPO'd on CVE
NRG Solar Nov - 2011
Acq by NRG Energy
Fintel Energia Mar - 2010
IPO'd on BIT
SMA Solar Technology Jun - 2008
IPO'd on FRA
$15M - PE
CleanMax Solar (2011, Mumbai,
$123M)
Seed
Solarity (2014, Las Condes)
$108M - PE
CleanMax Solar (2011, Mumbai,
$123M)
$1M - Seed
Solstice (2014, Boston, $1M)
$30k - Seed
Simusolar (2014, Mwanza, $30k)
$2.1M - Series A
NewHeat (2015, Begles, $2.1M)
Dec 2016
Innergex acquires two wind projects in France, Private Equity
Wire
Jun 2017
UGE Announces $1,800,000 Bought Deal Private Placement,
CNW
Jul 2017 Warburg Pincus invests ₹650 crore in CleanMax, Business Line
Aug 2017 Scl Energía Activa Invests In Chile’s Solarity Energía, LAVCA
Dec 2017
Standard Solar to Finance 15 Additional Solar Rooftops for
DC Department of General Services, Citybizlist
Nov 2017 SMA Solar Technology reports Q3 results, Seeking Alpha
Oct 2017
AES Distributed Energy Selects SunPower® Oasis® Power
Plant Platform to Power Innovative Solar Plus Storage Plant
in Kaua i, Global Renewable News
May 2017 Innergex revenue rises 19%, ReNEWS
Aug 2015 Kohli Ventures Invests in Renewable Energy, Business Wire
Aug 2017 Innergex closes buy 43 MW of French wind, Renewables Now
Jul 2017
Tribute Resources Announces the Engagement of a Financial
Advisory Services Firm to Raise Financing, FSCWire
May 2017
Innergex starts commercial operation of two wind farms in
France, Clean Technology Business Review
Oct 2017
Innergex Renewable Energy to buy Alterra Power in C$1.1
billion deal, Reuters
Sep 2017
BluEarth Renewables Acquires Ontario Wind Facility, North
American Windpower
Nov 2017
IFC bets on green power, invests $15 million in CleanMax
Solar, Indiatimes
News
0
2
4
6
8
10
12
$0k
$20M
$40M
$60M
$80M
$100M
$120M
$140M
2014 2015 2016 2017 2018
YoY Funding Rounds
14
7
22
51
102
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Independent Power Producer > Distributed: Market Factsheet
79
Exits
Recent Investments
YoY Funding and Rounds
Companies that own and operate
small-scale distributed solar
power plants
NRG Solar
(2006, Mill Valley, $153M)
CleanMax Solar
(2011, Mumbai, $123M)
Soltage
(2005, Jersey City, $82M)
BluEarth Renewables
(2010, Calgary, $81M)
Focal Energy
(2008, Delhi, $35M)
Top Companies
Solar Energy > Market Details > Market: Distributed
Companies Created 102 | Funded 51 | Total Funding $581M
Market: Distributed

Independent Power Producer > Distributed: Top Companies
Solar Energy > Market Details > Market: Distributed
Market: Distributed
Analyst’s Pick
NRG Solar (2006, Mill Valley, $153M)
US Bank, Globespan Capital Partners, Dry Creek
Solar power project developer in India
Editor's Pick. Stage: Seed
IFC, Warburg Pincus, Bessemer Venture Partners,
The GWB Group
NewHeat (2015, Begles, $2.1M)
Solar powered process heat providers for industrial
use
Editor's Pick. Stage: Series A
Ponticelli, Noria, Etchart, Aquiti Gestion
Solstice (2014, Boston, $1M)
Community solar solutions
Editor's Pick. Stage: Seed
Right Side Capital Management, Techstars, Dorm
Room Fund
Analyst’s Pick
Innergex (1990, Longueuil)
Birch Hill Equity Partners
SMA Solar Technology (1981, Nieste)
Offers solar services to homes and industries

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