SOLAR MARKETS UPDATE

4-5 JULY 2017 | SINGAPORE

financeasia.solarenergyevents.com
CONTENTS
Asia Pacific
Why 2016’s drop in renewables investment was good news in disguise 3
2017 global PV demand forecasts as high as 85GW 4
Thailand and Vietnam become lead countries for OEM solar module supply 5

Australia
Lyon Group to build world’s largest solar-plus-storage project in South Australia 7
Australian rooftop solar financier issues another AU$50 million climate bond 8
First Solar closes financing for 48.5MW solar project in New South Wales 9
Enel to acquire 137MW phase of Bungala Solar project in Australia 10

China
Price of Chinese module imports to India dropped 8% in Q1 2017 11

India
India added 5.5GW solar in FY2016/17 12
UK-India trade ties deepen with £240 million energy investment 13
Fortum proves low solar tariffs viable in India 14
India’s Greenko raises US$155 million equity from GIC and Abu Dhabi investors 15
ADB approves US$175 million to Powergrid for solar park transmission 16

Indonesia
Engie partnerships to invest US$1.25 billion in Indonesian renewables, agreements in Singapore 17
Indonesia’s new rural electrification regulation 18

Japan
Canadian Solar secures US$35 million credit facility with Sumitomo Mitsui Finance 19
Streamlined: Japan’s PV market future 20
GSSG Solar to acquire 350MW portfolio of solar in Japan 21
International PV players ready for Japan’s large-scale tenders 22
Japan’s big PV names targeting self-consumption and rooftop market 23
Japan to lower tariffs, cancel projects after paying ¥2.3tr last year for FiTs 24

Philippines
Philippines hits 903MW of solar PV under RE law, ground-breaking on 150MW plant 26

Malaysia
Edra plans to develop 50MW solar project in Malaysia 27
Malaysia to auction 460MW of large-scale solar PV 27
ENGIE enters partnership to develop solar in Malaysia 28

Pakistan
Pakistan to adopt competitive bidding for new solar PV projects 29
Canada MoU with Pakistani province for 1GW of solar 30

Sri Lanka
Sri Lanka to tender 100MW floating solar plant, funds module R&D 31

Thailand
Thai solar slated to rejuvenate from mid-2017 but long dry spells expected 32

2

Why 2016’s drop in renewables investment
was good news in disguise
Despite a significant drop in global
renewable energy investment last year,
a corresponding rise in renewables
deployment spelled encouraging news
for the sector, according to a new UN
Environment Programme (UNEP) report
entitled ‘More Bang for the Buck’.
The drop in investment did not dem-
onstrate a lowering of interest in the
technologies, but instead came as an
indicator that the costs of renewables
are coming down. Indeed, during 2016
there was a 10% drop in average cost
per megawatt for setting up solar PV and
wind projects. Moreover, investment in re-
newables was roughly double the amount
invested in fossil fuel generation – its
highest proportion to date.
The report did however acknowledge
a slowdown in China, Japan and some
emerging markets as part of the reason
for reduced investment.
Notably, the report which does not
include large hydro capacity in its figures,
was also delivered in partnership with
Bloomberg New Energy Finance (BNEF)
and the Frankfurt School-UNEP Collabo-
rating Centre.
Worldwide renewables investment
dropped 23% to US$241.6 billion in 2016,
its lowest levels since 2013, yet installa-
tions grew 8% from 127.5GW in 2015 to a
record 138.5GW in 2016. This trend was
made possible predominantly by the drop
ASIA PACIFIC
2016 saw a 10% drop in average cost per megawatt for setting up solar PV and wind projects - UNEP, BNEF,
Frankfurt School report.
in renewable energy install costs.
Solar investment was down 34% to
US$113.7 billion last year, at the same
time as PV installations grew to a record
75GW.
The regions with the most noteworthy
tail off in clean energy investments were
China (down 32%), Japan (down 56%) and
Mexico, Chile, Uruguay, South Africa and
Morocco (down 60% or more). This was
blamed on lower than expected electric-
ity demand growth as well as auction and
financing delays. The US only dropped
10%, while Europe grew 3% and Jordan
saw a 148% rise.
There was also record acquisition activity
in renewables rising 17% to US$110.2
billion.
Michael Liebreich, chairman of the
advisory board at BNEF, said: “After
4-5 JULY 2017
Singapore
Credit: UNEP
the dramatic cost reductions of the past
few years, unsubsidised wind and solar
can provide the lowest cost new electri-
cal power in an increasing number of
countries, even in the developing world
- sometimes by a factor of two.
“Instead of having to subsidise renew-
ables, now authorities may have to
subsidise natural gas plants to help them
provide grid reliability.”
Erik Solheim, executive director of UN
Environment, added: “Ever-cheaper clean
tech provides a real opportunity for inves-
tors to get more for less.”
UNEP also praised the continued raduc-
tion in solar tariffs driven by aucitons
round the world. Yesterday PV Tech re-
ported that GTM Research was expecting
the upcoming tender in Saudi Arabia to
potentially drop below two US cents per
kWh for the first time.
financeasia.solarenergyevents.com
3
 ASIA PACIFIC

2017 global PV demand forecasts as high as

85GW
Global PV demand for 2017 could be
as high as 85GW according to market
research firm GTM.

The figures published on Tuesday coincid-

ed with that of rival firm IHS Markit, which
has predicted a lower tally of 79GW.

The latter’s prediction of negligible

growth on its 2016 figure of 78GW is at-
tributed to poor performance in the three
largest markets of China, the US and
Japan.

Credit: Welspun Renewables.

GTM Research has forecast that by the
end of 2017, India will have overtaken
Japan to become the third-largest PV
end-market demonstrating that India
can hardly be considered an emerging
market. India is expected to overtake Japan as the third-largest market globally.

“In some senses, characterizing what

we expect to be a nearly 10 GW market
with a refined national tender program,
domestic content capacity, and a consoli-
dated base of large players as ‘emerg-
ing’ seems pretty crude. On the whole,
I would disagree with that characteriza-
tion,” Ben Attia, research associate at
GTM Research and lead author of the
report told PV Tech.
untapped segments including residential
rooftop and rural mini-grids, problems
that mature markets typically do not
face,” he added.
Great unknown
China has proven to be a difficult market
to forecast with state-level proclamations
capable of shifting the industry on its axis.
last year was partly attributed to a large
volume of projects completed prior to
2016 finally being recognised in Beijing’s
official register.
Bloomberg New Energy Finance told PV
Tech that its rolling forecast for 2017 is
currently at a range of 76-81GW with the
mid-point figure 79GW.

“But in another sense, India is still an
emerging market because the market
potential is still significantly limited by
capital squeezes, effective rooftop policy,
grid balancing and utility bankability
risks, component quality risks, and huge,
Both firms expect recent deployment
growth in China to tail off with IHS going
further and betting on a fall in installa-
tions during 2017.
The bumper +34GW witnessed in China
Figures released last month by Taiwan-
based firm EnergyTrend predicted just
73.9GW. It echoed the expectation of
reduced rollout in China and also expects
to see India leapfrog Japan into the num-
ber three spot.

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4
 ASIA PACIFIC

Thailand and Vietnam become lead

countries for OEM solar module supply
While third-party outsourcing of solar
PV module assembly has been a con-
stant feature of the PV industry for
many years, the landscape of suppliers
and the country of manufacturing has
changed radically in the past two years,
and will continue to do so out to the
end of 2018.

This article shows clearly how third-party

module supply by original equipment
manufacturers (OEMs) has moved firmly
to Thailand and Vietnam, with continued
market-share gains expected from these
countries going forward.

Image: Celestrica
We explain why these changes have oc-
curred and what the implications of this
shift are expected to be.

The analysis is taken from the January
2017 release of our PV Manufacturing &
Technology Quarterly report. The themes
are set to be discussed at the forthcom-
ing PV CellTech 2017 event in Penang,
Malaysia, 14-15 March 2017.
What is the role of OEM suppliers in
solar?
Firstly, it is worth reviewing what we mean
by OEM supply, and why many suppliers
and OEMs themselves choose to stay
off the radar in terms of promoting this
supply-to-market tactic.
In contrast to the semiconductor industry
that has different definitions of contract
manufacturing and roles for OEMs in the
supply-chain, solar module manufacturing
is relatively simple and simply assembling
cells into a module ranks is a one-stop
shop with virtually no technical barriers-
to-entry.
Therefore, the role of the dedicated OEM
for solar module production is somewhat
synonymous with module contract sup-
ply, and the terms are used in this article
interchangeably. The main term that is
Contract manufacturing is prevalent across almost every adjacent technology market, not simply the solar
industry.
different in outsourcing for solar cells and
modules comes from tolling, something
that is different from the role of dedicated
OEMs and is touched on below when we
talk about the China issue.
Contract manufacturing is prevalent
across almost every adjacent technology
market, not simply the solar industry. The
drivers tend to be somewhat industry-
specific, but are mainly stimulated by cost
and route-to-market. It is a theme that
has reshaped global manufacturing in
the whole for the past four decades, has
often been characterized by chasing the
next cheap labour region, and could not
be a more pertinent topic to consider in
global economics, with President Trump
and Mexico forming the lead case-study.
Again, China forms a unique case for
third-party sourcing
Before we dive into the discussion and
analysis of global OEM module supply
for solar, the first thing we need to do is
remove mainland China from the picture.
This is done because third-party outsourc-
ing in China is rather the norm for solar,
all across ingot, wafer, cell and module
production.
In fact, tolling is rife in China, where com-
panies effectively sublet time on under-
utilized factories to produce product for
other competitors. Even polysilicon plants
are used on a tolling basis in China.
Tolling is radically different from OEM
supply. OEM suppliers’ model is to oper-
ate as a dedicated third-party assembly
route, with a brand, such as Flextronics,
Celestica and Jabil Circuits. Often OEM
suppliers shift to a dual OEM/direct-mar-
ket approach, generally driven by lack of
business or a hunger to increase margins.
There are likely hundreds of companies in
China today that operate in a quasi-OEM,
partial-tolling, and on/off direct-sell-to-
market approach. There is no parallel
in the solar industry, and nor should 

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5

one expect to see this change in China
anytime in the near future.
Therefore, in our graphic below, we
remove all China-based third-party activ-
ity, that also happens to be impossible
for anyone to come close to tracking
with accuracy, and look at the main OEM
production trends outside China. This is
shown in the graphic below.
Of all the updated and new analysis of
PV manufacturing done by our in-house
research team, this is one of the most
striking visuals. We have chosen to group
data across certain countries and regions
to show the trend most clearly. This
means putting OEM module production
in Europe, Canada, Korea, Indonesia,
Taiwan, India and some others into the
Rest-of-the-World group. This allows us
to track everything outside Latin America,
Malaysia, and the dual Southeast Asia
countries of Vietnam and Thailand, as
one group that operates differently to the
aforementioned countries.
We make a clear distinction also be-
tween Malaysia and Vietnam/Thailand,
with OEM operations in Malaysia again
differentiated, in a similar way to how the
country as a whole is placed for high-tech
ASIA PACIFIC
manufacturing. Moreover, within Vietnam
and Thailand, it is important to define
clearly who is operating the sites. In this
regard, the separation of Malaysia from
Vietnam and Thailand is again justified,
with Vietnam and Thailand having a
greater number of OEM players whose
business model has more of a sub-
contract element to it, with the custom-
ers often being Chinese companies who
bankroll the efforts.
The OEM landscape post SunEdison
restructuring
The other factor that has come into play
in the past 12 months comes from the
fallout of the SunEdison supply arrange-
ments, with SunEdison just a few years
ago being highly vocal and proud of
running a fab-lite approach. Virtually
overnight – at the end of 2015 – module
and cell suppliers that were reliant on a
constant supply of product being shipped
to SunEdison’s downstream projects had
to quickly find new customers, or even
decide if the timing was right to move
from OEM supply to a branded offering
to the end-market.
It appears most have managed this, albeit
with related impairment and write-off
costs. Ultimately, at the start of 2016,
4-5 JULY 2017
Singapore
there were still many Chinese companies
that needed fully-operational third-party
supply routes to feed the US market.
During 2016 however, this has changed
due to the increased availability of new
cell and module capacity set up across
Southeast Asia by Chinese and Taiwanese
companies, under their own brand.
PV CellTech to address prospects for
OEM suppliers going forward
As we set up the agenda for the PV
CellTech 2017 event in Penang, Malay-
sia, 14-15 March 2017, we specifically
invited some of the companies that were
behind the above market shifts, as OEM
operations had previously been incred-
ibly stealth within the solar industry. The
other driving factor is our continued focus
on really knowing who is making the cells
and modules being shipped to the end-
market today.
To view the latest PV CellTech agenda,
please follow this link. To register for the
event, click here.
We will also be hosting free webinars in
February, discussing PV manufacturing
and technology trends and the impact of
global market drivers. You can register for
these webinars through this link.
financeasia.solarenergyevents.com
6

Lyon Group to build world’s largest solar-
plus-storage project in South Australia
Brisbane-based renewable energy
investor Lyon Group will soon start
building a AU$1 billion (US$767 mil-
lion) solar-plus-storage farm in South
Australia - the world’s largest.
The Riverland project will include 330MW
of solar PV requiring AU$700 million
investment alongside a 100MW/400MWh
lithium-ion battery system costing be-
tween AU$200-300 million. This will also
be Australia’s largest PV farm.
Various news outlets including the Aus-
tralian Broadcasting Corporation have
cited Lyon Group founding partner David
Green speaking to reporters in Adelaide
about the record-breaking project.
Green said the project would include 3.4
million solar panels and 1.1 million bat-
teries. Lyon Group has secured land with
construction set to kick off in June, requir-
ing 270 workers, and commissioning due
in December. It was reported that grid
connection negotiations are at advanced
stages.
The storage element of the project comes
at an auspicious time given the multiple
blackout issues that hit South Australia
over the last few months, causing a fierce
national debate about whether renew-
ables were to blame. Even Tesla chief
Elon Musk weighed in by offering to build
a 100MW battery to solve the crisis, which
he would provide free of cost if not com-
missioned within 100 days of being asked.
Just a few days later the South Australian
government announced plans to tender
for a 100MW battery, emphasizing that
there will be an open, competitive tender
AUSTRALIA
Another solar-plus-storage project from Lyon Solar.
process. Lyon Group has reportedly al-
ready shown interest in participating.
Moreover, as more renewables come
online all over the country, Australia’ s
energy industry faces the impact of im-
minent closures of multiple old, coal-fired
plants. For example, the Clean Energy
Council today called for renewables and
storage to replace the 1.6GW Hazelwood
coal station in Victoria, which was closed
this week.
Now Lyon Group, which is backed by
Japanese giant Mitsubishi and Blackstone
via US hedge fund Magnetar Capital, has
announced its own separate storage plan
for South Australia.
Green told reporters that the solar power
generation will qualify for renewable
energy subsidies of AU$84/MWh, addi-
tional to the wholesale market price. The
project is also 100% equity financed.
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Credit: Lyon Group
Another 100MW battery at Kingfisher
Lyon Group had already announced last
year another major solar-plus-storage
project at Roxby Downs in South Austra-
lia.
The Kingfisher Project will include 120MW
of solar costing AU$250 million and a
100MW/200MWh lithium-ion battery
system requiring between AU$100-150
million investment. This will include 1.3
million PV panels and 1.1 million batteries
again.
The battery will be connected to a grid
that will power nearby mining activity.
The project will also be connected to
Australia’s wholesale market, the National
Electricity Market (NEM). It is due to come
into full operation by mid-2018.
Engineering firm Downer will carry out
EPC, while US-based firm First Solar will
carry out O&M activities.
financeasia.solarenergyevents.com
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 AUSTRALIA

Australian rooftop solar financier issues

another AU$50 million climate bond
Financial services group FlexiGroup,
whose subsidiary Certegy Ezi-Pay
finances rooftop solar, has issued a
AU$50 million (US$38 million) climate
bond, which has been certified by the
global Climate Bonds Initiative (CBI).

The Clean Energy Finance Corporation

(CEFC) made a cornerstone commitment
of AU$20 million to the bond.

Credit: CEFC
This is only the second climate-certified
issue of a bond backed by securitised as-
sets in Australia, with FlexiGroup issuing a The Clean Energy Finance Corporation (CEFC) made a cornerstone commitment of AU$20 million to the
very similar bond back in April 2016. bond.

CEFC debt markets lead Richard Lovell
said: “FlexiGroup achieved tighter pric-
ing on this climate bond, which shows
investors were prepared to pay a ‘green
premium’. This is a strong market signal
which will assist in accelerating the de-
velopment of a more varied and flexible
green bond market in Australia.”
The bond is backed by consumer receiv-
ables originated through FlexiGroup’s
wholly-owned subsidiary Certegy Ezi-Pay,
which has financed more than 120,000
solar PV rooftop installations.
Lovell added: “There is clearly a global
trend toward investment in green
bonds. Our investment support for the
FlexiGroup climate bond is part of our
strategy to ensure that Australia’s clean
energy sector can tap into this burgeon-
ing source of capital, and that investors
with a socially responsible mandate have
the opportunity to participate.”

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 AUSTRALIA

First Solar closes financing for 48.5MW

solar project in New South Wales
US integrated PV firm First Solar
has reached financial close on a
48.5MW(ac) solar project in New South
Wales, Australia.

The Manildra Solar Farm has received

AU$9.8 million (US$7.5 million) of grant
funding from the Australian Renew-
able Energy Agency (ARENA) under its
large-scale solar funding round. A 13-year
power purchase agreement (PPA) has
also been signed with EnergyAustralia,
a major utility that is set to sign PPAs for
500MW of wind and solar projects across
eastern Australia.

The project will use 466,000 First Solar

thin-film modules and single-axis trackers
to produce more than 120GWh per year
for the equivalent of 14,000 households.

Jack Curtis, First Solar regional manager

for Asia Pacific, said: “We have witnessed
unprecedented cost reductions in large-
scale solar in recent years. As the appetite
for this asset class continues to grow,
timely and reliable project delivery will be
the strongest driver of future cost reduc-
tions, cementing solar as a competitive
energy source in Australia.”

First Solar has also appointed local engi-

neering firm O’Donnell Griffin to provide
EPC services for the project. Construction
is scheduled to commence in the first half
of 2017 and once complete in 2018, First
Solar will have more than 400MW(ac) of
solar PV installed in Australia.

ARENA chief executive Ivor Frischknecht

Credit: First Solar

said: “By supporting innovators like

First Solar, ARENA has fast-tracked the
development of substantial new Austra-
lian industries like the large-scale solar
The Manildra Solar Farm has received AU$9.8 million (US$7.5 million) of grant funding from ARENA.
sector, which is now on the cusp of being
commercial.”

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 AUSTRALIA

Enel to acquire 137MW phase of Bungala

Solar project in Australia
Enel announced Monday that it has
closed an agreement to acquire Bunga-
la Solar One — the 137.5MW phase of
the 275 MW Bungala Solar PV project
— from Bungala Solar Holding Pty Ltd.,
a subsidiary of Australian developer
Reach Solar Energy Pty Ltd.

The project is currently tabbed as the

largest ready-to-build solar project in Aus-
tralia. The transaction was conducted by
Enel through a joint venture between Enel
Green Power and the Dutch Infrastructure
Fund (DIF).

The purchase of the phase is expected to

be closed in the third quarter of 2017. The
Bungala Solar project is located near Port
Augusta in South Australia.

Francesco Starace, Enel CEO and gen-
eral manager, said: “The acquisition of
Australia’s largest PV project, which takes
us onto a new continent, is an important
step forward for the Enel Group. The
Australian renewable energy market is
characterised by abundant resources
and growing demand. Enel will work to
harness these resources and contribute
to the Australian economy, generating
shared value for all our stakeholders
through a strategy that delivers industrial
growth built upon a foundation of sustain-
able development.”
The joint venture’s total investment in
the 275MW installation is around US$315
million dollars — which entails project
construction, with Enel providing around
The 275MW project is expected to be completed by the third quarter of 2018.
US$157 million dollars.
The total investment will be financed
through a combination of equity and
project finance with a consortium of local
and international banks. The project is
fully contracted with a long-term power
purchase agreement with Australian utility
Origin Energy.
Construction at Bungala Solar One is
expected to begin by mid-2017, followed
by Bungala Solar Two — with construc-
tion slated to start by the end of 2017.
Image: Enel
The total installation is expected to be
completed and operational by the third
quarter of 2018.
The Bungala Solar project is expected
to produce around 570 GWh annually,
equivalent to the consumption needs of
approximately 82,000 Australian homes.
There are already plans for larger solar
projects to be developed in Australia,
as the Kidston Solar project is expected
to feature a 270MW second phase that
will be paired alongside the initial 50MW
phase.

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 CHINA

Price of Chinese module imports to India

dropped 8% in Q1 2017
The price of Chinese module imports
to India has dropped 8% over the last
quarter and 29% year-on-year, according
to new price indices calculated by consul-
tancy firm Bridge to India.

The consultancy has analysed import

prices for modules and inverters, as well
as costs of utility-scale and rooftop EPC,
by interviewing up to 10 leading project
developers, EPC firms and module sup-
pliers.

Modules
Looking specifically at multi-crystalline PV
module imports from China for orders of
minimum 50MW in size, Bridge to India
calculated cost, insurance and freight
(CIF) to India, not including any further

Credit: Alpex Solar

port or inland transportation costs. Mod-
ule prices have been falling steeply due
to oversupply combined with quarterly
demand fluctuations in China.
Inverters
Inverter prices were shown to have fallen
21% year-on-year and 5% over the last
quarter, mainly due to increasing compe-
tition and new players such as TBEA, Hua-
wei and Sungrow entering the market.
Utility-scale EPC
For utility scale solar projects of 50MW
Bridge to India has analysed import prices for modules and inverters, as well as costs of utility-scale and
rooftop EPC.
in size, EPC prices declined 22% year-on- year-on-year and 6% over the last quarter.
year, and 8% over Q1 2017.
Bridge to India, associate director, con-
Rooftop EPC sulting at Bridge to India, wrote a blog on
Meanwhile, for 500kW rooftop solar proj- PV Tech today discussing the new tender
ects on an industrial pre-fabricated metal process paradigm in India following
structure, EPC prices have declined 21% recent record low solar tariffs.

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 INDIA

India added 5.5GW solar in FY2016/17

India added 5,526MW of solar PV
capacity in the fiscal year 2016/17, up
83% on the previous year, according
to new figures from the Ministry of
New and Renewable Energy (MNRE).

Consultancy firm Bridge to India said the

numbers were “impressive”, but still 50%
below the annual target of 12GW. On
the other hand, wind additions of 5.4GW
in the same period were 35% over the
annual target.

The consultancy noted a downward

trend in renewable energy allocation

Credit: IBC Solar

during the financial year making the
20,450MW target for 2017/18 “impos-
sible” to meet.

India did install a “blockbuster” 5.8GW
of renewables in March in the lead up to
the financial year end, which was more
than the previous 11 months combined.
Bridge to India noted that this rush was
likely to have been driven by a widely
expected phase out of incentives from
this month onwards. Incentives under
India installed a blockbuster 5.8GW or renewables in March in the lead up to the financial year end.
threat include accelerated depreciation to six months. Despite just “modest”
and 10-year tax holidays. renewables growth expected in 2017/18,
Bridge to India forecasts that deploy-
Noting the downward trend in solar ment will still be well ahead of thermal
tenders over the year, the consultancy capacity additions.
expects this trend to continue for up

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 INDIA

UK-India trade ties deepen with £240

million energy investment
A joint investment of £240 million has
been unveiled by the UK and Indian
governments to encourage investment
into India’s rapidly growing energy and
renewables market and deepen trading
ties between the two countries.

UK chancellor Philip Hammond visited

Delhi and Mumbai on Tuesday as part of
the 9th UK-India Economic and Financial
Dialogue (EFD), hosted by Indian Finance
Minister Arun Jaitley. As the UK prepares
to leave the European Union, Hammond
was expected to engage in high level
talks aimed at expanding the UK’s eco-
nomic and trading relationship with India.

As part of these efforts, investment from

the City of London is to be encouraged
into India’s energy sector through a UK-
India sub-fund of India’s National Invest-
ment and Infrastructure Fund. With a core
investment of £120 million from each gov-
ernment, this will aim to raise £500 million
for Indian infrastructure projects.
The fund will focus initial investments
on India’s rapidly growing energy and
renewables market and a fund manager is
expected to be selected by the autumn.
Hammond said: “As we prepare to leave
the European Union, it is more important
than ever that we strengthen our relation-
ship with India, one of the world’s leading
economies and one of our oldest friends
and allies.”
The UK’s secretary of state for business,
energy and industrial strategy (BEIS) has
also landed in India to take part in the
first talks between the two countries dedi-
cated to deepening energy cooperation
between the two countries.
Greg Clark will meet with his ministerial
counterparts over the two day visit (6-7
April) as part of the inaugural India-UK
Energy for Growth Dialogue, which will
Chancellor Philip Hammond visited Delhi and Mumbai earlier this week for the 9th UK-India Economic and
Financial Dialogue.
seek to agree priority areas for bilateral
collaboration and a business delegation
of over 40 companies will explore com-
mercial opportunities.
Representatives from across power,
renewables, oil and gas will discuss future
direction for the energy sector, infra-
structure financing, and opportunities for
wider collaboration.
In addition to energy, Clark will also
engage in discussions on climate change
and wider UK-India ties supporting re-
search and innovation as part of the UK’s
emerging industrial strategy.
Speaking ahead of the visit, the minister
said: “On my second visit to India since
taking office, I look forward to discussing
our shared priorities of providing secure,
affordable and sustainable energy. It is
clear that building greater collaboration
between the UK and India in the energy
sector has the potential to increase pros-
perity and growth in both our nations.
“As we deliver on the shared commit-
ment to provide sustainable, secure and
affordable energy in both our countries,
the India-UK Energy for Growth Dialogue
will enable us to explore the immense
shared economic opportunities lying
ahead.
“India invests more in the UK than in the
rest of the EU combined, while the UK is
the biggest G20 investor in India. I look
forward to discussing how the UK govern-
ment’s Industrial Strategy will increase the
prospects for shared trade, investment
and energy innovation between our two
great countries.”
According to BEIS, the Energy for Growth
Dialogue takes forward a commitment
made by Prime Ministers Narendra Modi
and Theresa May during the latter’s visit
to India in November last year when
plans were unveiled for a £10 million joint
research and development centre to sup-
port solar innovations.

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13
 INDIA

Fortum proves low solar tariffs viable in India

Finnish firm Fortum has commissioned
a 70MW solar PV plant in the Indian
state of Rajasthan, which it won last
year at what was then a record low
tariff of INR4.34/kWh (US$0.067).

Critics had said that even higher tariffs in

other states were unworkable, although
irradiation and solar park costs do vary in
each location.

Prices hovered above this 4.34 rupee level

for some time, but they dropped signifi-
cantly lower in February this year with

Credit: Fortum Corporation

the likes of Acme Solar hitting a levelized
tariff of INR3.29/kWh at the Rewa park in
Madhya Pradesh. Jaws dropped in the
industry, followed by the usual to and fro
between doubters and those convinced
that market conditions genuinely make
such low tariffs feasible. Fortum has commissioned a 70MW solar PV plant in the Indian state of Rajasthan with what was once a
record low tariff.

Fortum’s plant completion will be wel-

comed by the Indian government, which
despite aiming to push prices down
will want to see through a sustainable
industry. Nonetheless it is well known that
Fortum has a rock solid balance sheet and
Bridge to India has cited poor risk pricing
in the business plans of Fortum’s Indian
rivals.
The firm’s 70MW commissioning at the
Bhadla Solar Park came on schedule,
having secured a 25-year power purchase
agreement with major Indian utility NTPC.
Fortum entered India by announcing
plans to invest €200-400 million. The
Bhadla project is the company’s third and
largest solar plant to date, with a total
85MW installed across Rajasthan and
Madhya Pradesh. The company is also
building a 100MW solar plant at Pavaga-
da in Karnataka, which is due for comple-
tion in the next few months, with a tariff of
INR 4.79/kWh.

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 INDIA

India’s Greenko raises US$155 million

equity from GIC and Abu Dhabi investors
Indian renewable energy firm Greenko
Energy Holdings has raised US$155
million in equity from an affiliate of
global investment firm GIC and a
wholly-owned subsidiary of the Abu
Dhabi Investment Authority (ADIA).

The funds will be used to build new

renewable energy projects and work on
Greenko’s already acquired PV projects,
with further plans to expand existing wind
farms. Greenko completed its acquisition
of bankrupt SunEdison’s 587MW Indian
solar and wind portfolio for US$392 mil-
lion last November, bringing to an end
several months of the sector fretting over

Flickr: SunEdison
how SunEdison’s demise might impact
downstream progress in India.

GIC is investing US$123.9 million, while

US$31.1 million is to come from the ADIA
entity, which invests on behalf of the Abu
Dhabi government. Greenko had already
raised US$230 million in capital from
ADIA and GIC last June. GIC remains the
majority shareholder in Greenko having
bought a stake last October for US$213
million.
The funds will be used to grow Greenko’s renewable energy portfolio, having recently acquired SunEdison’s
Indian PV assets.
Greenko now has more than 2GW of sustainable platform to take advantage
operational wind, solar and small hydro of evolving energy market dynamics and
projects in India. Anil Kumar Chalamala- strong sector fundamentals accelerated
setty, chief executive Greenko Group, by new government initiatives.”
said: “We have created a strong and

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15
 INDIA

ADB approves US$175 million to Powergrid

for solar park transmission
The Asian Development Bank (ADB)
has approved a US$175 million loan
to India’s major network operator and
utility Power Grid Corporation of India
(Powergrid) relating to solar park trans-
mission.

ADB will also administer a US$50 million

co-financing loan equivalent from the
Clean Technology Fund (CTF) – a US$5.8
billion component of the Climate Invest-
ment Funds.

India recently doubled its solar park

capacity target to 40GW, and Powergrid is

Flickr:ADB
working on projects to improve transmis-
sion.
ADB will also administer a US$50 million co-financing loan equivalent from the Clean Technology Fund (CTF).

Specifically it is working on transmission

infrastructure for 2.5GW of power from
parks in Bhadla in the state of Rajasthan
as well as 700MW from Banaskantha,
Gujarat. Furthermore it is working on
two subprojects aiming to increase solar
power generation by 4.2GW.
In related news, this week Indian state-run
utility NTPC also completed commission-
ing of its 260MW project at the Bhadla
Solar Park.
Transmission is one of a number of issues
affecting solar parks, including retender-
ing of solar park capacity of late due to
various infrastructure delays putting off
potential bidders.
“India, with its mandate of achieving a
more sustainable future, is leading the
lines in achieving energy security while
increasing energy capacity and supply
through renewable sources such as solar
energy,” said Kaoru Ogino, an ADB prin-
cipal Eenergy specialist. “We are looking
forward to the benefits of this partnership
with Powergrid to continue helping India
achieve a more inclusive and sustainable
future.”
An ADB loan agreement of up to US$500
million was announced last month relat-
ing to Green Energy Corridor projects.

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16
 INDONESIA

Engie partnerships to invest US$1.25 billion

in Indonesian renewables, agreements in
Singapore
French power giant Engie Group is
partnering with three firms to develop
various solar-related projects in Indo-
nesia requiring US$1.25 billion invest-
ment.

The largest partnership agreement is with

sugar producer Sugar Group for a joint
US$1 billion investment in 500MW of solar
PV and biomass projects in Sumatra and
Eastern Indonesia over five years. Of this,
300MW will be dedicated to solar parks,
including a 140MW park in Lampung.

The second partnership is with micro-

Flickr: Bart Spielman

grid developer Electric Vine Industries
to invest US$240 million in building and
operating smart PV microgrids for 3,000
villages in the province of Papua over
five years. The projects are set to power
around 2.5 million people during a 20-
year period.
The third is with PT Arya Watala Capital
to invest US$15 million in up to 10MW of
solar plants in East Nusa Tenggara, the
southernmost province, over three years.
The projects will be located in 10 differ-
ent areas in the province on major islands
such as West Timor, Flores and Sumba.
Didier Holleaux, executive vice president
of Engie Group, said: “Our strategy is to
work through an ecosystem of partners to
co-develop and scale renewable energy
and innovative low-carbon technology
solutions to meet the country’s unique
energy challenges.”
The three partnership agreements come
as part of the Terrawatt Initiative, a non-
The largest partnership agreement is with Sugar Group for a joint US$1 billion investment in 500MW of solar
PV and biomass projects.
profit organization that was launched by
Engie during COP21, and were signed
as part of French President Francois
Hollande’s visit to Southeast Asia in late
March.
Singapore and Malaysia partnerships
As part of Hollande’s visit, Engie has also
signed a partnership agreement in Malay-
sia with Sime Darby on renewable energy.
It has also partnered with utility Senoko
Energy and electricity storage group
Bolloré to co-develop smart city solutions
including energy storage in Singapore
and the Asia Pacific region.
Finally, Engie has signed agreements
with its R&D arm Engie lab, Nanyang
Technological University Singapore and
Schneider Electric to work on micro-grid
technologies for the region.
Yeoh Keat Chuan, managing director
of Singapore Economic Development
Board, which will support the projects,
said: “The rapid urbanisation in Asia is
accelerating the need for smart and sus-
tainable urban solutions. We are pleased
that Engie is leveraging Singapore’s
strong ecosystem of industry and research
partners to develop and commercialise
new urban solutions in Singapore to serve
this region. These efforts also build on
the capabilities of the new Engie Lab
Singapore, which was launched last year,
and reflects Engie’s growing presence in
Singapore.”

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17

Indonesia’s new rural electrification
regulation
In an unprecedented move, the Direc-
torate General of Electricity under the
Indonesian Ministry of Energy and Min-
eral Resources has pushed through a
rural electrification regulation recently
signed by the new minister, Ignasius
Jonan. This regulation provides the
framework on how a private business
entity can provide electricity to current-
ly un-electrified regions through busi-
ness area concessions. It also provide
ways to calculate and receive electricity
subsidies from the government.
This regulation opens the flood gates to
businesses currently providing electrifica-
tion technologies and business models
to rural areas. The exact requirements on
how to become an appointed electricity
provider is not defined within the regula-
tion. Today there is an abundance of
technologies and business models avail-
able. Without a complete and responsible
feasibility study, there is a huge risk to the
communities that they will receive elec-
tricity in ways that are neither appropriate
nor adequate. Indonesia’s diversity means
that the energy use needs and growth
potential between the communities vary
widely.
Who will be performing a complete and
responsible energy needs assessment,
geophysical survey of the area, studies
for social behavior, and economic activity
and growth potential compiled as a useful
INDONESIA
feasibility study? Without knowing these
variables, any business model that relies
on household tariff collection can fail
before it even starts. Farming communi-
ties only have cash a few months within
their harvest payments. Fishing communi-
ties and day labourers at nearby mines or
fields typically have daily income. Will the
businesses pay attention to these facts
and apply the right payment scheme? Or
will they assume everyone will pay for all
of the electricity produced for the dura-
tion of the project?
Even more worrying is that there is
no standard of service defined in the
regulation. A solar lantern or an inad-
equate small home system given to each
household may be counted as providing
electricity service to the community. This
means that distributors of these products
will be able to get approval to dissemi-
nate their wares and get paid through
the subsidy fund. What if the community
needs more than lanterns or individual
systems? What about productive use of
energy? What about communities that are
better served with mini-grids?
The reverse can also happen where mini-
grid providers will be able to install their
systems in locations where there is no
need. A huge amount of subsidies will be
required to build the mini grids in these
locations. Unless they are also bringing
additional economic activity, the available
4-5 JULY 2017
Singapore
energy will be wasted.
Rural electrification and its financial
viability is a complex issue. It involves
engaging with the communities and
understanding their needs, both physi-
cally and culturally. Understanding their
requirements, their potential for growth,
and acknowledging their way of living is
required for a sustainable electrification
program.
Our team members and myself are still
learning new things despite having visited
over 300 rural communities and engaging
with them and listening to their stories.
We inspected over 200 solar PV microgrid
systems and continue to find opportuni-
ties to learn more about how to acknowl-
edge each community as unique social
constructs. Only then we can develop and
design an appropriate electrification plan
using the right technologies and payment
schemes that meet their needs.
Despite all of this, the new regulation
provides an opportunity for the private
sector to engage in electrifying Indone-
sia’s 12,000 villages currently without any
access to electricity. If the right compa-
nies can take advantage of the regulation,
this will create mutually beneficial rela-
tionships between them, the Indonesian
government and more importantly the
community members and households.
financeasia.solarenergyevents.com
18
 JAPAN

Canadian Solar secures US$35 million credit

facility with Sumitomo Mitsui Finance
Solar power company Canadian Solar
announced Thursday that its wholly-
owned subsidiary Canadian Solar Proj-
ects K.K. has entered into a three-year
credit agreement with Sumitomo Mitsui
Finance for US$35 million.

Sumitomo Mitsui Finance stands as one

of Japan’s largest leasing companies in
the world — boasting a presence across
the globe. The facility earned commit-

Image: Canadian Solar

ments from five finance leasing institu-
tions.

Canadian Solar intends to use the pro-

ceeds from the facility in order to spur the
development of PV projects in Japan. This
stands as Canadian Solar’s second financ-
ing with the Sumitomo Mitsui Finance
group.
Dr. Shawn Qu, chairman and chief execu-
tive officer of Canadian Solar, said: “We
are pleased to secure strong support
Canadian Solar intends to use the proceeds from the facility in order to spur the development of PV projects
in Japan.
from a leading group of finance leasing excess of JPY13 billion of credit lines with
institutions. We value our partnership with them. We look forward to expanding our
SMFL. This is our second financing with banking relationship in Japan and other
the broader Sumitomo Mitsui Financial important markets.”
Group. We have successfully raised in

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19
 JAPAN

Streamlined: Japan’s PV market future

In every maturing market for solar
PV, thoughts start to turn away from
generating raw kilowatt-hours and be-
ing paid handsomely through feed-in
tariffs (FiTs) for them. Instead, sensible
thinking focuses on generating power
where and when it is actually needed,
whether that be through on-site self-
consumption or injecting it into the
grid at the times of day when it is most
needed, using batteries. In Japan how-
ever, this trajectory has been transpar-
ent and accelerated over the past five
years that the FiT has been in existence
(since July 2012).

“When we had ¥42 (US$0.37) /kWh FiT,

Image: Andy Colthorpe.

the business was so easy, people who
knew nothing about PV could run PV busi-
nesses, but now those amateurs are not
able to control the situation. Those who
can manage the situation correctly can
run business. Others have already left the
PV industry,” Yoshio Sekiguchi, a technical
expert at local, vertically integrated PV
company Looop, says.
Over and over again, at last week’s PV
Expo trade show in Tokyo, PV Tech heard
that those that will survive in Japan’s PV
market will be the ones in it for the long
haul.
On a product level, you could see this in
the fact that the domestic likes of Looop
and China’s Trina Solar were offering
glass-glass modules, boasting ever-
tougher materials and longer lifespans.
In Looop’s case they were offering the in-
dustry’s longest warranties – 30 years – for
their ‘Nextough’ modules, while Trina So-
lar was promoting the maximum yield fac-
tor of their bifacial modules at the show.
Indeed, there were several domestic and
international makers showcasing bifacial
modules, showing that squeezing out
every drop of power from limited space is
getting more and more important.
Overall trends
Market analysis expert Izumi Kaizuka of
research firm RTS PV says this year’s PV
Trina Solar Japan director Ye Chen with the company's latest bifacial modules, at the PV Expo show in Tokyo.
market in Japan is likely to total around
8.6GW. Although figures released of
module shipments by the Japan Photo-
voltaic Energy Association (JPEA) only
come up to around 6.4GW, Kaizuka says
the JPEA statistics do not include Tier 3,
Tier 4 makers, or many instances of large
conglomerates like Marubeni buying
directly from Chinese makers.
Kaizuka says that despite the absence of
precise data, some trends become appar-
ent from looking at the market: market
volumes are down from the 10GW+
early years of the FiT, and manufacturing
volumes are down for Japanese module
makers.
In all, the mass market for PV in Japan
could have peaked in 2015, especially
where ‘megasolar’ was concerned,
on which RTS’ Kaizuka and Trina Solar
Japan’s director Ye Chen were in agree-
ment.
Two of Japan’s largest module manufac-
turers, Kyocera – with around 1.4GW of
capacity - and thin-film stalwarts Solar
Frontier, were this year not even repre-
sented with stands at the show, although
their products were on display on the
booths of distributors. The pair have
elected to focus on their overseas activi-
ties for the time being, Kaizuka explained.
“In Japan, based on historical records,
the peak of the solar industry was 2015
and 2016. Everybody says the same thing,
it’s going to slow down a little bit until
2020 to absorb all those projects that
have already registered and keep stable
market size after that,” Trina Solar’s Ye
Chen says.
“[The] market majority after that will come
from commercial and residential roof-
tops.”
RTS PV’s Kaizuka believes that going
forward, Japan’s market will streamline
down to around 5GW of new demand per
year, even if as much as half of a 50GW+
pipeline of already-approved projects is
cancelled, as has been widely reported.
This year’s first tenders for large-scale

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20
 JAPAN

solar (projects over 2MW) could be a
‘wait-and-see’ process for many develop-
ers, who may choose not to get involved
just yet, nonetheless an existing backlog
of higher FiT projects will sustain the
market for some time to come, Kaizuka
says. Furthermore, while the FiT drops
this year to ¥21, this is still much higher
than in comparable markets like Germany
(US$0.06/kWh). According to Looop sales
representative Rihan Kimura, system
prices have fallen so much in Japan that
the IRR’s for projects have actually slightly
risen from around 5%-6% to 6%-8%.
Self-consumption future and batteries
As we already explored in a news item
last week, Japan’s move towards a self-
consumption based solar market has
lead to the likes of Toshiba, Sharp and
Panasonic focusing firmly on the Zero
Energy House (ZEH) concept, with higher
efficiency modules taking pride of place.
Foreign players like LG and SunPower
who also make high efficiency modules
will continue to aggressively target this
market too, Izumi Kaizuka says, while
it will be “harder to sell high volumes
of cheap modules into the megasolar
(2MW+) market”.
Masaaki Shibata, a 20-year veteran of
the Japanese renewables industry and
president of consulting group and de-
veloper Eiwat, says batteries are another
next logical step, for large-scale as well
as rooftop solar. His company is involved
with deploying US-made Aquion non-tox-
ic, non-flammable ‘saltwater electrolyte’
batteries into Japan and according to Shi-
bata, if Aquion’s initial tranche of 10 proj-
ects in Japan this year go well, regional
power companies, which also govern
Japan’s grid network, could give the ok
for a further wave of batteries. As well as
allowing for greater self-consumption, the
batteries could also remove the curtail-
ment risk from PV plant output, which has
been seen as a barrier to investment in
some of the more saturated grid areas.

GSSG Solar to acquire 350MW portfolio of

solar in Japan
Solar investment firm GSSG Solar an-
nounced Monday that it will provide
over US$120 million in additional com-
mitments to the firm’s investments in
Japanese solar projects.

As a result of this increased capacity,

GSSG will invest in the acquisition and
financing of an incremental US$1 billion
of Japanese mega-solar plants over a
three-year investment period.

Image: Martin Abegglen / Flickr

GSSG raised its first fund in 2014, which
focused primarily on Japanese solar with
select exposure to the US utility solar mar-
ket. This new commitment is exclusively
tabbed for the Japanese market and will
allow the firm to acquire another 350MW
of solar projects within the country.

GSSG is an investment manager that

overviews the technical, financial, and ex-
ecution risk of each potential solar project
investment. It focuses on aligned and col-
GSSG will invest in the acquisition and financing of
laborative structures with its development
an incremental US$1 billion of Japanese mega-solar
partners and stakeholders. plants over a three-year investment period.

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21

International PV players ready for Japan’s
large-scale tenders
The prospect of Japan introducing a ten-
der system for large-scale solar project
rights from this year does not phase in-
ternational companies doing PV business
in Japan, who have said they are ready
for the new policy.
Dr Shawn Qu, CEO of Canadian Solar, and
Terry Zhao, CEO of Chinese inverter com-
pany Sungrow’s Japanese subsidiary both
told PV Tech that the prospect of annual
500MW auctions for PV projects over 2MW
is not an obstacle to their ambitions in the
region. “We are prepared. We are ready to
participate in the tenders under the new
rules,” Qu said. “Competition is always
there,” he added when asked if the new
auction system would lead to aggressive
price competition across the industry.
“Even with the FiT, it has already dropped
several times and now the tenders will allow
some market elements into this process.
But there have been tendering mechanisms
in many other countries where Canadian
Solar participates, so we are not surprised
at all, we will be fully prepared and will par-
ticipate.” Ontario-headquartered Canadian
Solar recently connected a 24MWp PV plant
in Yamaguchi Prefecture, bringing its total
portfolio in operation in Japan to 46MWp.
That project was awarded the feed-in tariff
(FiT) rate of ¥40 (US$0.35)/kWh, applicable
in 2013, the second year of Japan’s large-
scale FiT scheme.
Although the FiT rate has since fallen drasti-
cally, this year dropping to just ¥21/kWh for
projects to be awarded under the tender,
Canadian Solar has a further pipeline in Ja-
pan of 167MWp of projects under construc-
tion and 66MWp of projects ready to go, all
at higher FiT rates than this year’s reduced
rate. “We still have a good inventory of high
FiT projects that will take a few more years
to build out. [Furthermore], we’ve been in
this business for 16 years. We know that
grid parity is the ultimate goal and we think
we can beat conventional energy sources
JAPAN
Canadian Solar's stand at PV Expo, Tokyo. The company was showcasing its vertically integrated strengths from
high-efficiency modules to EPC services and everything inbetween including residential energy storage solutions.
on price, so [the lowering of the FiT rate]
was not a surprise to us at all,” Qu said.
Inverter maker welcomes increased
competition through tenders
Meanwhile, Sungrow Japan, which has a
target to supply 200MW of inverters in the
country this year, wants to be in the country
long-term, CEO Terry Zhao said. “Unlike
some other Chinese companies, we want to
be in business in Japan for 20, 30 years from
now,” Zhao said.
The company has introduced two inverters
to the Japanese market, including a central
inverter solution specifically for 2MW+
PV plants, meaning it has a lot at stake in
Japan’s megasolar (local term for large-
scale) market. Zhao said that Japan’s falling
FiT would not deter the company. “The
FiT will drop to ¥21 next month, but even
that is dearer than in other countries. In the
Japanese market, costs are very high so
we and panel makers need to bring whole
system costs down. The FiT could still drop
to ¥20 or ¥18 and we would still be ok [as an
industry],” Zhao said.
4-5 JULY 2017
Singapore
Image: Andy Colthorpe.
Sungrow welcomes the introduction of
tenders, according to Zhao. “It is good
news for us, because [to be successful]
in auctions, you have to lower costs. For
lower costs, if the inverter is cheaper, it’s not
enough. But we can make the whole system
cheaper, with 10% payback [in Japan]. For
our inverters, the transformer will be cheap-
er in some cases. With some other inverter
makers you need two transformers for just
1MW of PV. With ours, for a 2MW system
you can use just one transformer instead of
two. These technical aspects will make our
customers win the auctions [we hope]. We
see it as a positive step,” Zhao said.
What may make the process more com-
plex and difficult for some are new rules
governing the right to connect to Japan’s
regional grid network, Izumi Kaizuka, a mar-
ket research expert at Tokyo-based RTS PV,
told PV Tech. In addition to securing rights
through auctions, project developers must
also enter what could be lengthy discus-
sions with whichever of Japan’s 10 regional
utilities – which are also the country’s grid
operators – to get their PV plants grid-tied,
which is a necessity to receive the FiT.
financeasia.solarenergyevents.com
22

Japan’s big PV names targeting self-
consumption and rooftop market
The Japanese PV market’s switch from
a feed-in tariff (FiT) driven, mostly
utility-scale phenomenon to one
based on rooftops and self-consump-
tion was in evidence at the PV Expo
trade show in Tokyo this week.
PV Tech visited the booths of major
manufacturers and international house-
hold names Panasonic, Toshiba and
Sharp during the exhibition. It was clear
that while utility-scale PV (known as
‘mega solar’) in Japan is set to dimin-
ish in market size, with the government
now confirming the introduction of an-
nual 500MW tenders, each of the three
big names was preparing to see the
already strong residential market take
off further and commercial PV continue
to grow. The Japanese government
has confirmed that FiT prices will fall to
¥21 (US$0.18)/kW this year with further
drops expected next year, meaning that
from then it will be as economical to
self-consume onsite generated power
as to sell it back to power companies.
Panasonic’s booth included its latest
high-efficiency ‘HIT’ branded modules
for the residential market boasting
conversion efficiencies as high as 19.3%.
They are also branded ‘P&S’, or ‘push
and slide’, which means the modules
can be easily snapped into place on
rooftop installations. Streamlining
labour costs and installation times have
been a key area where improvements
have been cited as needed in Japan’s
market.
While residential rooftop PV is still be-
ing installed on a feed-in tariff basis for
the most part in Japan, Panasonic was
marketing inverter solutions for house-
holds that are ‘battery-ready’, so that
when economics dictate, system owners
will be able to simply add lithium-ion
batteries to their existing PV systems.
Panasonic as well as Sharp was also sell-
JAPAN
ing so-called ‘hybrid’ inverters, which
incorporate solar PV inverters and bat-
tery inverters into one package.
Also of interest on the Panasonic stand
was a new set of square modules for
the commercial market, specifically
designed to be placed in narrow spaces
on flat roofs at high altitude, including
Image: Andy Colthorpe.
the many skyscrapers that dominate the
skylines of Tokyo and other major Japa-
nese cities. The modules are capable
of withstanding strong winds and are
considered suitable even for buildings
more than 200 metres tall.
Zero Energy Houses and Zero Energy
Buildings
Japan has introduced new Zero Energy
House (ZEH) and Zero Energy Building
(ZEB) standards. While last year industry
sources at the show had expressed a
belief that ZEH would be mandatory for
all new houses built by 2020, it appears
the government has scaled back its
ambitions on receiving feedback from
housebuilders. Instead there is a target
that by that year 50% of new dwellings
and new commercial buildings will be
net zero energy, which still represents a
sizeable opportunity in a country which
builds close to one million new houses
a year.
In addition to the big three profiled,
many companies were presenting kits
and solutions for ZEH, incorporating
heating and insulation, PV and energy
storage. Perhaps the most sophisti-
cated looking was Sharp’s (pictured).
Companies like Panasonic, Sharp and
Toshiba, which are involved in a number
of different business areas related to
electronics already have many of the
necessary technologies within their
production and marketing capabilities
and the focus on ZEH and ZEB seemed
a natural fit.
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Singapore
Sharp's Zero Energy House solution, utilising the
company's own-brand 'Blacksolar' high-efficiency
modules.
Sharp business strategy manager Hideo
Miki said that from his company’s point
of view it was important to make ZEH
kits that were not just capable of gener-
ating more power than they consumed
in nominal terms, but also by using bat-
teries making practical good use of that
generated power.
Miki said that while there are some
incentives available from the govern-
ment for ZEH, the support scheme
seems somewhat complex and requires
homeowners to present evidence of
the house being net zero energy before
funds can be received. Sharp has also
launched its own range of batteries for
houses in several configurations with up
to 6.5kWh of storage available in the
basic models.
Toshiba’s latest ranges of products for
the rooftop market included a pro-
totype solar roofing tile, which while
more conspicuous than Tesla-SolarCity’s
much-hyped solar shingles, still ap-
peared to fit neatly into rows of normal
roofing tiles. Unfortunately as the tiles
were not yet available to buy, Toshiba
representatives also demanded that PV
Tech refrain from photographing them,
so we cannot show them to you.
financeasia.solarenergyevents.com
23
 JAPAN

Japan to lower tariffs, cancel projects after

paying ¥2.3tr last year for FiTs
Japan is set to lower its levels of
feed-in tariff (FiT) payments once
again, while a multi-gigawatt pipeline
of unbuilt large-scale PV projects will
be “cancelled” at the beginning of
April.

On the opening day of World Smart

Energy Week, incorporating the PV
Expo show in Tokyo, Toshimitsu Fujiki, a
director at Japan’s government Ministry
of Economy, Trade and Industry (METI),
confirmed that a “new FiT system” will
be in effect from the beginning of the
new financial year, 1 April.

Image: Andy Colthorpe.

While Fujiki did not allude to how much
would now be payable for the power
generated at various scales, drops of
10% and 11% have not been uncommon
in the past couple of years, with the
average FiT payment currently standing
at around ¥21 (US$0.19)/kWh. Japan’s
renewable energy FiT has primarily
fostered solar development rather than
other forms of generation such as wind
and biomass and Fujiki said that in 2016,
the Japanese government paid out ¥2.3
trillion in tariffs.
“There are great possibilities [for renew-
able energy] but we must reduce costs,”
Fujiki said, referencing recent tenders
in Abu Dhabi that secured project
development at just US$0.03/kWh as an
example of what might be achieved.
METI will hold briefing seminars around
Japan in order to educate and discuss
with stakeholders how to introduce
more renewables into the energy mix
while reducing the taxpayer burden.
The METI official said repeatedly that
one important aspect of this was the
concept of “local production and lo-
cal consumption”. This could refer to
self-consumption of PV, particularly in
non-grid connected systems, as well as
local consumption of PV. Fujiki ruled out
The opening ceremony for PV Expo in Tokyo this morning. An estimated 70,000 people attend the whole
World Smart Energy Week event, which also includes expos on fuel cells, batteries and other technologies.
the prospect of widespread build-out
of more transmission lines to carry the
power, emphasising the “local” dimen-
sion of the idea.
“We have to think of better ways to
utilise existing [transmission] lines. We
have to study this,” Fujiki said, add-
ing that METI was likely to create new
agencies to support self-consumption
policies and sector coupling.
Confirmation of tenders and
cancellation of unbuilt projects
Some 57GW of large-scale PV projects
were registered for the FiT in the first
two or three years of the scheme’s
introduction after 2012, with would-be
developers taking advantage of rela-
tively relaxed rules on what constituted
a project’s planning documents.
PV-Tech has reported extensively on
this ‘pipeline’, with many non-PV firms
jumping into the industry and putting
forward plans to build facilities. In some
cases it has been suspected that after
taking the rights to build solar farms at
FiT rates of as much as ¥42 per kilowatt,
developers have intentionally waited for
equipment prices to keep dropping to
maximise their profits.
Following much speculation on the
fate of these several dozen gigawatts
of projects, Fujiki of METI confirmed
today in a keynote address at the expo’s
conference that as of 1 April, projects
unbuilt or without concrete plans to
go ahead in place will lose their rights
to the FiT and will be cancelled. In the
most recent edition of PV Tech Power,
Solar Media’s technical journal for the
downstream solar industry, Japanese
industry analyst Dr Hiroshi Matsukawa
of research group RTS PV estimated
that as much as half to two-thirds of that
57GW pipeline is likely to be axed.
Fujiki also confirmed that as part of the

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24

ongoing streamlining of renewable en-
ergy policy, Japan will introduce tenders
and auctions for PV projects over 2MW
in size as of this year. RTS’ Matsukawa
also said in that PV Tech Power article
that he believed these would be annual
auctions of 500MW at a time.
Energy efficiency, Zero Energy
Homes, hydrogen and negawatts
Fujiki’s keynote address focused also
on energy efficiency measures in Japan,
stating that huge strides have been
taken in improving energy efficiency in
factories and service industries, with
Japan’s economy still reliant on heavy
industries such as chemical processing
and steel.
JAPAN
Of immediate interest to the PV industry
is the increasing focus on residential
energy efficiency, most notably in the
creation of Zero Energy Home (ZEH)
standards. These net-zero energy
houses would as a matter of course in-
clude PV and energy storage as well as
double-glazed windows and other forms
of insulation.
Fujiki said many housebuilders had de-
scribed ZEH as a difficult goal to attain,
but he said it was “critical” that such
steps were taken, with the government
expected to make all new homes net-
zero energy dwellings by 2020.
Also being put forward are “negawatt
trading schemes”, including demand re-
4-5 JULY 2017
Singapore
sponse and the aggregation of distrib-
uted energy resources into virtual power
plants (VPPs), which Fujiki said detailed
regulations have been in the process of
drafting at METI since last October.
Finally, Japan is also betting big on
hydrogen fuel cells, with the country’s
car manufacturers being the world’s
first to produce commercial hydrogen
vehicles including Toyota’s Mirai, with
several hundred miles’ fuel range. Only
92 hydrogen refuelling stations so far
are in operation in Japan, but they have
already become commercialised, Fujiki
said. In addition, over 170,000 hydrogen
fuel cells for households were installed
last year at private residences in Japan,
Fujiki said.
financeasia.solarenergyevents.com
25
 PHILIPPINES

Philippines hits 903MW of solar PV under

RE law, ground-breaking on 150MW plant
The Philippines had 903MW of installed
solar PV capacity under its Renewable
Energy Law at the end of 2016, accord-
ing to Department of Energy (DOE)
figures.

The majority of this (900MW) was grid-

connected, with the rest (3.2MW) in the
self-consumption category. The figures do
not include 55 renewable energy-based
projects installed under different laws.

Overall a total of 150 grid-connected

projects and 16 self-consumption projects
have been awarded, with a total potential
capacity of nearly 4,082MW.

Credit: Conergy
Nearly 95MW PV due to start
operation in Philippines in March
The Philippines is also expected to bring
94.2MW of solar PV projects into com- The Philippines is also expected to bring 94.2MW of solar PV projects into commercial operation this month.

mercial operation this month, according

to more DOE figures.
Of the three principal geographical divi-
sions of the Philippines, Mindanao will not
see any projects commissioned although
it does have 338MW of projects going
through feasibility studies or at various
stages of development.
Project developers with capacities ex-
pected to reach commercial operation in
the division of Visayas include:
• Cosmo Solar Energy - 5.67MW
• SunAsia Energy - 60MW
munities - 3.82MW
• SPARC Solar Power Agri-Rural Commu-
nities - 5.02MW
Luzon has 1,179MW of projects under
consideration or at various stages of
development.
The DOE has also released figures show-
ing that as of 31 December 2016, there
were 201 solar energy projects, totalling
nearly 2,131MW, which have pending ap-
plications across the three divisions.
the end of 2017.
At the ground-breaking ceremony,
energy secretary Alfonso Cusi said:
“Currently, the country’s power demand
is at 13,000MW and our supply is barely
14,000MW, hence we need more power
as well as reserve power.”
The release suggests that energy storage
will be installed alongside the plant, but
no further details were given and the firm
has not responded to requests.

Visayas has 465MW of projects under
consideration or at various stages of
development.
Meanwhile, expected additions at the
division of Luzon include:
• Next Generation Power Technology -
18MW
• CW Marketing & Development -
1.675MW
• SPARC Solar Powered Agri-Rural Com-
Solar Philippines breaks ground on
150MW PV plant in Talac
In related news, Filipino renewable
energy firm Solar Philippines has started
construction on a 150MW PV plant in at
Concepcion, Tarlac, in the Philippines, ac-
cording to another release from the DOE.
The project will use locally sourced mod-
ules and is set to power the equivalent of
300,000 households once completed by
Cusi added: “Solar power plants with
reliable storage capability can be most
useful in island countries like the Philip-
pines.”
In an interview with PV Tech, Pete
Maniego, senior policy adviser of the
Institute for Climate & Sustainable Cities
and of Counsel of Dime & Eviota Law,
has discussed the need for price-based
competition in the Philippines.

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26
 MALAYSIA

Edra plans to develop 50MW solar project

in Malaysia
Independent power producer Edra is
planning to develop a new 50MW solar
project in the Malaysian state of Kedah,
according to the Malaysian state news
agency, Bernama.

The project, which Edra plans to develop

by early 2018, would be led by Edra’s
wholly-owned unit, Edra Solar.

Datuk Mark Ling, president and executive

director of Edra Power, said: “The Kedah
solar plant is expected to generate ap-
proximately 80,000 MWh of electricity per
year and would be developed over 104
hectares at Bandar Kuala Ketil in Baling,

Image: Robert Scoble / Flickr

Kedah.”

Project Kedah Solar would stand as the

first of many utility-scale solar PV power
plants with an aggregate capacity of
up to 500MW to be developed by Edra
pursuant to the conditional award from
the Ministry of Energy, Green Technology
and Water.
Edra Solar Entered into a land sales and
purchase (SPA) agreement in August
2015 with BDB Land Sdn Bhd, a subsid-
iary of Bina Darulaman Bhd (BDB) for the
The 50MW PV project would generate 80,000 MWh of electricity per year.
acquisition of the land that the project will and management team comprised mostly
be developed on. Edra plans to create of a local staff.
skilled jobs for Malaysians through Project
Kedah Solar during the construction, Once completed, the PV project is ex-
operations and maintenance phases of pected to cut down on 36,000 tonnes of
the project — with engineers, operational carbon emissions per year.

Malaysia to auction 460MW of large-scale

solar PV
The Energy Commission of Malaysia
(EC) has issued a Request for Proposla
(RfP) document hoping to auction up to
460MWac of large-scale solar capacity.
Under EC’s second competitive bidding
programme, it hopes to awards projects
of 1-30MW capacity to make up a total
of 360MW in Peninsular Malaysia and
100MW in Sabah and Labuan in the East.
All solar plants will be connected to the
grid, with power purchase agreements to
be signed with the main utilities Tenaga
Nasional Berhad (TNB) or Sabah Electric-
ity Sdn. Bhd. (SESB).
The RfP document was made available
last week and the deadline for submis-
sions is 1 August 2017.
Last November PV Tech caught up with
Catherine Ridu, chief executive officer of
the Malaysia Sustainable Development
Authority (SEDA) to discuss the policies
needed to drive solar in the Southeast
Asian country.

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27
 MALAYSIA

ENGIE enters partnership to develop solar

in Malaysia
French energy group ENGIE has
signed a partnership agreement with
Sime Darby, a Malaysian multinational
for the co-development of solar and
integrated facilities management
services.

Malaysia is one of France’s major eco-

nomic partners in Southeast Asia.

Source: ENGIE Group

“We are pleased to form this strategic
partnership with Sime Darby, a most
respected and successful multinational
corporation with a strong local foothold.
Our aligned vision on sustainability and
performance offers many opportunities
to combine our strengths to positively
impact the lives of our many stakehold-
ers,” said Didier Holleaux, executive
vice president of ENGIE.
ENGIE and Sime Darby will be provid-
ing low-cost solar PV, aiding Malaysia in
its renewable energy goals. The country
has a target to procure 2GW of clean
energy by 2020 – 10% of its overall
(From left to right) Sime Darby’s Tan Sri Samsudin Osman, Scott Cameron, Malaysia’s Minister of Internation-
al Trade and Industry Dato’ Sri Mustapa Mohamed, President of France Francois Hollande, Executive Vice
President of ENGIE Didier Holleaux, Chairman of ENGIE Gérard Mestrallet.
energy mix, 3.5GW by 2030 (13%) and nership will enable us to significantly
11.5GW by 2050 (34%). expand into these sectors,” said Tan Sri
Data Mohd Bakke Salleh, president and
“Our partnership will pave the way for group chief executive of Sime Darby.
greater collaboration in the solar and
integrated facilities management space. In other ENGIE news, the company an-
With a combination of technical exper- nounced earlier this month that it has
tise and a deep understanding of the issued its second green bond, worth
Malaysian market, we believe this part- approximately US$1.6 billion

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28
 PAKISTAN

Pakistan to adopt competitive bidding for

new solar PV projects
Pakistan is set to adopt competitive
bidding for new solar PV projects, ac-
cording to an order published by the
National Electric Power Regulatory
Authority (NEPRA).

Since June last year the Authority has

been gathering views from stakeholders
on whether to shift towards a competitive
bidding methodology, hoping to move
on from the previous policy of upfront
tariffs for solar, of which there have been
three to date.

A total of eight organisations intervened

Flickr: Nicolas Raymon

on the proposals. Most believed a sudden
change in policy to reverse bidding would
hinder investment in the sector, given
that the country is in the midst of a PV
development cycle. Such bidding should
only be brought in once the current cycle
is over, they said. Another argument was
that creating the framework for competi-
tive auctions would take substantial time,
while interveners also pointed to several
global examples of countries reverting
back from auctions after they damaged
the market.
NEPRA has now rejected these argu-
ments, citing central government support
for the adoption of competitive auctions
for renewable energy in general.
In its order, NEPRA stated: “The Author-
ity feels that the procurement of power
under transparent competitive process is
most appropriate as it can fetch realistic
Eight organisations intervened on the proposals but NEPRA has gone ahead with competitive bidding for
solar.
prices based on the prevailing conditions
of the market. It has also been observed
that competitive bidding mode has been
the most successful and preferred mode
for arriving at fair and judicious prices and
after announcing three upfront tariffs for
solar PV technology, this is the appropri-
ate time for a logical shift towards [a]
competitive regime.”
The authority also noted consistently im-
proving efficiencies and declining prices
for PV equipment over recent years, a
trend expected to continue for some
time. For this reason, it has also decided
to adopt the auction model without a
benchmark levelized tariff.
To carry out tenders, relevant agencies
will prepare Request for Proposal docu-
ments for approval by NEPRA. State-
run utility National Transmission and
Despatch Company (NTDC) will offtake
power from auctioned projects.
NEPRA has recommended the Federal
Government to notify its decision in the
official Gazette.

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29
 PAKISTAN

Canada MoU with Pakistani province for

1GW of solar
A Canadian government entity has
signed a memorandum of understand-
ing (MoU) with the government of
Pakistani province Khyber Pakhtunkh-
wa (KP) to cooperate on up to 1GW of
solar energy projects in the region.

The Canadian Commercial Corporation

(CCC) will help facilitate private compa-
nies to come in and contract with the KP
government to set up renewable energy

Flickr: Manalahmadkhan
projects, a source at the trade depart-
ment at the High Commission of Canada
in Pakistan told PV Tech.

Location, project numbers and sizes have

not been specified in the three-year MoU.
Foreign companies are interested by attractive upfront tariffs for solar in Pakistan.

Discussing the purpose of the agreement,

the source said: “The primary reason
is that Pakistan is an energy deficient
country. Because of that, they introduced
policies which are attractive to foreign in-
vestors and foreign companies that want
to invest in renewable energy.”
He also cited “attractive” upfront tariffs
as a reason for various companies from
Canada and other regions showing high
interest in investing in both the wind and
solar sectors in the South Asian country.
As the CCC is a government agency
which facilitates government-to-govern-
ment contracts, it helps private compa-
nies enter countries such as Pakistan and
provides them with a form of cover if
problems arise, added the source.
Last year Pakistan altered its solar feed-
in tariff (FiT) rates for projects between
1-100MW capacity. The country also cur-
rently has 300MW under construction at
the second phase of the project Quaid-e-
Azam Solar Park (QASP) in Punjab.

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30
 SRI LANKA

Sri Lanka to tender 100MW floating solar

plant, funds module R&D
Sri Lanka will go ahead with an inter-
national tender to set up a 100MW
floating solar plant on the Maduru Oya
Reservoir in the eastern part on the
island.

The Cabinet of Ministers approved the

programme for solar to cover around 4%
of the reservoir, the equivalent of 202
hectares.

This is the first step in a previously ap-

proved wider plan to set up floating PV
plants on various dams and reservoirs,

Credit: Twitter Maithripala Sirisena

which are governed by the Mahaweli
Authority, across Sri Lanka.

The proposal was put forward jointly

by president Maithripala Sirisena, in his
capacity as the minister of Mahaweli
development and environment, as well as
Susil Premajayantha, minister of science,
technology and research, and Ranjith
Siyambalapitiya, minister of power and
renewable energy.
In related news, as part of goals to gen-
erate 20% of the island’s electricity via
renewables by 2020, the Cabinet had ap-
proved the implementation of a training
programme for prototype manufacturing
of solar panels last April - to be run by
Sri Lanka president Maithripala Sirisena and the Cabinet are pushing forward with solar energy plans.
four university professors. The Cabinet strong interest at a high level to carry
has now also appoved an extra LKR80 mil- out large-scale solar auctions - not just
lion (US$530,000) allocation to obtain the on reservoirs - with discussions ongoing.
necessary equipment, chemicals and con- Meanwhile, Spanish firm Grupo Clavijo
sumer goods for the training programme. recently supplied trackers to the 12.56MW
Solar One Ceylon solar PV plant on the
PV progress has been muted in Sri Lanka, island.
although PV Tech understands there is

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31

Thai solar slated to rejuvenate from mid-
2017 but long dry spells expected
Political changes over the last four
years and the recent death of King
Bhumibol has brought some inertia
to the Thailand market, but industry
members expect the market will return
to strong growth in the second half of
2017.
Speaking at Solar & Off-Grid Renewables
Southeast Asia in Bangkok, Franck Con-
stant, co-founder Sonnedix Group, said
it has not been easy to develop policy in
the current climate following a constitu-
tional referendum in August, which has
made foreign investors hesitate. Far less
capacity has come online compared to
the 2010/11 period.
Constant added: “The country is mourn-
ing the late King and there will be a natu-
ral slow down situation for a few months. I
think that will extend into early next year.”
Despite a level of “inertia”, Constant
noted that Thailand is still leading the
pack in Southeast Asia with more than
3GW of operating solar PV installations;
far more than Malaysia, Indonesia, Laos
and Myanmar, although the Philippines
is catching up quickly. Regulations in the
Philippines and Thailand have been more
stable than other countries and they have
a more level playing field in their regula-
tory frameworks.
Referring to Thailand, Constant added:
“I believe the new ministry of finance,
the new leadership in the government,
is going to very aggressively push for
infrastructure implementation from the
second half of next year. They want to do
green bonds and other interesting things
so watch this space on Thailand.”
Florian Bennhold, managing director,
Symbior Energy, said that the last year
has actually seen an easing of inertia with
1GW installed, although this has been
mainly from postponed PPAs that were
THAILAND
The country is mourning the late king and there will be a natural slow down situation for a few months.
applied for in 2010/11. He said the really
dry spot for the country was between
2011 and 2015.
Bennhold said there has a been a steady
supply of quotas being allocated al-
though often with breaks of six months
to one year at a time, and therefore it is
“quite likely there will be long dry spells
again”.
Nevertheless given the number of Thai
and foreign companies in joint ventures
invested in the supply chain and the
market reaching maturity, Bennhold was
confident that the market will continue to
progress.
Athough the Energy Regulatory Com-
mission (ERC) has been successful in
streamlining the development process,
Bennhold pointed to complications in
Thailand’s policy making. This includes
the only capacity being worked on at
present, which is a total of 800MW specifi-
cally to be developed jointly by agricul-
tural co-operatives and government
agencies. Bennhold said this specification
4-5 JULY 2017
Singapore
Credit: Tom Kenning
had “little value” and is likely to add to
costs.
The next allocation out of these 800MW,
which is widely expected to come in the
first quarter 2017, is also slated for around
500MW. However, the Electricity Generat-
ing Authority of Thailand (EGAT) has not
said in what locations that capacity can be
added, which will make it difficult to find
suitable sites and conduct the required
grid studies in the short time periods
available. EGAT has also historically ex-
cluded large parts of the country, such as
the entire northeast in the previous round.
Bennhold added: “This is very un-trans-
parent and unpredictable process. […]
That remains one of the key challenges.”
Quotas and tariffs are also being adjusted
on a “relatively arbitrary” basis and fre-
quency, making it difficult to invest in the
long-term, he said.
End of subsidy
On a positive note, Bennhold said: “In
the end, what I think is really chang- 
financeasia.solarenergyevents.com
32

ing the game right now is moving away
from the subsidy. The feed-in tariff (FiT) of
THB4.12/kWh (US$0.1157) that has been
announced is basically the same as the
peak, and solar generates roughly 70% of
the time during the peak.
“We are very close at least to the whole-
sale rate and moving closer to the gen-
eration rate, especially if you have some
THAILAND
view that fossil-based power is probably
at a low right now and likely to increase in
the coming years.”
In support of both Constant and Ben-
nhold’s expectations for next year, a
recent report from Bangkok-based law
firm Pugnatorius, forecast that 2017 will
be Thailand’s “second solar gold rush”
after a successful year in 2015 was damp-
4-5 JULY 2017
Singapore
ened by several delays and uncertainties
in 2016.
Yesterday in Bangkok, Wandee Khun-
chornyakong Juljarern, chairwoman and
chief executive, SPCG, the largest solar
installer in Thailand, called for a focus on
quality to keep solar sustainable across
Southeast Asia at an early stage.
financeasia.solarenergyevents.com
33
 This report was created with articles from the
following Solar Media journalists

Conor Ryan
David Pratt
Finlay Colville
John Parnell
Tom Kenning

And
Andre E. Susanto, PT Inovasi Dinamika Pratama

4-5 JULY 2017

Singapore

financeasia.solarenergyevents.com