太陽光電產業技術與發展趨勢 ( 風暴過後,陽光普照 )

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太太太太太太太太太太太太太 ( 太太太太 太太太太 ) 太太 太太太太 太太太 (Amigo)

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太陽光電產業技術與發展趨勢 ( 風暴過後,陽光普照 ). 半導體研究中心 劉舜逢 (Amigo). 低碳經濟來臨 , 兩岸能源政策趨勢. 全球太陽能產業現況與未來發展趨勢 全球太陽能發電優勢 ? 各國再生能源比例與減排碳目標 全球太陽產業發展回顧 (1993-2008 年 ) 全球太陽產業應用市場分析 全球太陽能產業供需分析 全球主要國家發展趨勢與太陽能產業趨勢 全球主要國家太陽能發展現況分析 太陽能產業發展趨勢分析 全球 / 台灣太陽能產業與廠商發展動態 全球廠商發展動態分析 台灣廠商發展動態分析. 哥本哈根會議會後焦點. - PowerPoint PPT Presentation

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  • ()(Amigo)

  • , ?(1993-2008)/

  • C(2020$100billion /2010-2012$30billion )2010130

  • Source:Source: ;2009/12GDP

  • ?()(EX:), (10-14)

    Source: GTM Research, Prometheus Institute, Energy Information Administration, Cal-ISO

  • 2000~(2004,FIT,German;2008,FIT,Spanish)USA/Japan/Spain/Germany 80%

  • Source:ITIS

  • Source:IEK

  • Source:ITIS

  • /

  • 2010(R:33%,C:35%,G:31%)2010()

  • 20102010GW3250MW

  • 2007~2011 :

  • : 2015 $3.1/w CdTe CIGS 2009

    ($/w)($/w)CdTe($/w)CIGS($/w)2.11.671.52.4

  • (1)_

  • (2)_

  • (2)_[200kW System]Location: Noyonsoum Umunugobi MongoliaDate: September 2003Installer: SHARP Co. (NEDO)PV1.7 MWpInverter18 97 kW InverterSharpPV

  • (3)_

  • (4)_

  • , ?(1993-2008)/

  • (FIT)

  • Source: Renewable Global Status 2006 Report

  • Source: Greentech Media Report;

  • /

  • /Grid Parity(1MW;Roof)

    Chart1

    0.11208371360.12157642840.0695992511

    0.13277151640.14009270830.0871850843

    0.1496626890.1474118880.0961603671

    0.13758464030.14719477190.0908334343

    0.13996757890.13944903640.0970573059

    1MW

    10KW

    50MW

    2008-2014

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    1MW 11%13%15%14%14%13%13%

    10KW 12%14%15%15%14%14%14%

    50MW 7%9%10%9%10%10%10%

    --(1MW-DC )

    2008200920102011201220132014

    (W)1000000100000010000001000000100000010000001000000

    ($/W)6.24.943.93.53.33.1

    6200000490000040000003900000350000033000003100000

    ( 1.2%)74400588004800046800420003960037200

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    1111111

    1244.651244.651244.651244.651244.651244.651244.65

    1244650124465012446501244650124465012446501244650

    ($/kwh)0.66027786260.594174960.534727440.48660197040.44280779310.40295509170.3666891334

    821814.841622857739539.863964665548.508196605649.14245836551140.719637108501538.054869768456399.629931489

    - 747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    0-6200000-4900000-4000000-3900000-3500000-3300000-3100000

    1747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    2747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    3747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    4747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    5747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    6747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    7747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    8747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    9747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    10747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    11747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    12747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    13747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    14747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    15747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    16747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    17747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    18747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    19747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    20747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    21747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    22747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    23747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    24747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    25747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    IRR11.21%13.28%14.97%13.76%14.00%13.39%12.87%

    --(10KW-DC )

    2008200920102011201220132014

    (W)10000100001000010000100001000010000

    ($/W)6.25.14.54.13.93.53.3

    62000510004500041000390003500033000

    ( 1.2%)744612540492468420396

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    1111111

    1244.651244.651244.651244.651244.651244.651244.65

    12446.512446.512446.512446.512446.512446.512446.5

    ($/kwh)0.70185091320.64570284010.59404661290.54058241770.49193000010.44765630010.4073672331

    8735.58739058378036.7403993377393.801167396728.3590623256122.80674671575571.75413951135070.2962669553

    - 7991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    0-62000-51000-45000-41000-39000-35000-33000

    17991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    27991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    37991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    47991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    57991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    67991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    77991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    87991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    97991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    107991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    117991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    127991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    137991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    147991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    157991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    167991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    177991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    187991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    197991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    207991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    217991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    227991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    237991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    247991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    257991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    IRR12.16%14.01%14.74%14.72%13.94%14.19%13.58%

    --(50MW-DC )

    2008200920102011201220132014

    (W)50000000500000005000000050000000500000005000000050000000

    ($/W)543.43.22.82.452.3

    250000000200000000170000000160000000140000000122500000115000000

    ( 1.2%)3000000240000020400001920000168000014700001380000

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    0.80.80.80.80.80.80.8

    1244.651244.651244.651244.651244.651244.651244.65

    49786000497860004978600049786000497860004978600049786000

    ($/kwh)0.532775880.479483280.4315950.392713920.357435720.325159920.29588652

    26524779.9616823871554.5780821487388.6719551655.2211217795294.7559216188411.7771214731006.28472

    - 23524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    0-250000000-200000000-170000000-160000000-140000000-122500000-115000000

    123524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    223524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    323524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    423524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    523524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    623524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    723524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    823524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    923524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1023524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1123524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1223524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1323524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1423524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1523524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1623524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1723524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1823524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1923524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    2023524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    IRR6.96%8.72%9.62%9.08%9.71%10.33%9.83%

    1MW --LCOE

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    5%5%5%5%5%5%5%

    25252525252525

    3.393.393.393.393.393.393.39

    0.070.070.070.070.070.070.07

    6200000490000040000003900000350000033000003100000

    74400588004800046800420003960037200

    37200294002400023400210001980018600

    1244650124465012446501244650124465012446501244650

    LCOE( $/)0.440.350.290.280.250.240.22

    ( $/)0.660.590.530.490.440.400.37

    ( $/)0.290.260.260.270.280.290.29

    1MW

    10KW

    50MW

    2008-2014

    LCOE( $/)

    ( $/)

    ( $/)

    1MW Grid Parity

    2008200920102011201220132014

    10MW 17.3%14.4%16.7%15.3%17.2%20.3%20.9%

    10MW 22.3%20.3%20.6%18.9%17.1%20.2%21.7%

    --(10MW-DC )

    2008200920102011201220132014

    (W)10000000100000001000000010000000100000001000000010000000

    ($/W)86.95.44.83.73.33.1

    80000000690000005400000048000000370000003300000031000000

    ( 1.2%)960000828000648000576000444000396000372000

    ( kwh/m2/day)6.776.776.776.776.776.776.77

    1111111

    2471.052471.052471.052471.052471.052471.052471.05

    24710500247105002471050024710500247105002471050024710500

    ($/kwh)0.610.450.40.330.280.290.28

    150734051111972598842008154465691894071660456918940

    - 141134051029172592362007578465647494067700456546940

    0-80000000-69000000-54000000-48000000-37000000-33000000-31000000

    1141134051029172592362007578465647494067700456546940

    2141134051029172592362007578465647494067700456546940

    3141134051029172592362007578465647494067700456546940

    4141134051029172592362007578465647494067700456546940

    5141134051029172592362007578465647494067700456546940

    6141134051029172592362007578465647494067700456546940

    7141134051029172592362007578465647494067700456546940

    8141134051029172592362007578465647494067700456546940

    9141134051029172592362007578465647494067700456546940

    10141134051029172592362007578465647494067700456546940

    11141134051029172592362007578465647494067700456546940

    12141134051029172592362007578465647494067700456546940

    13141134051029172592362007578465647494067700456546940

    14141134051029172592362007578465647494067700456546940

    15141134051029172592362007578465647494067700456546940

    16141134051029172592362007578465647494067700456546940

    17141134051029172592362007578465647494067700456546940

    18141134051029172592362007578465647494067700456546940

    19141134051029172592362007578465647494067700456546940

    20141134051029172592362007578465647494067700456546940

    21141134051029172592362007578465647494067700456546940

    22141134051029172592362007578465647494067700456546940

    23141134051029172592362007578465647494067700456546940

    24141134051029172592362007578465647494067700456546940

    25141134051029172592362007578465647494067700456546940

    IRR17.32%14.40%16.75%15.34%17.17%20.31%20.94%

    --(10MW-DC )

    2008200920102011201220132014

    (W)10000000100000001000000010000000100000001000000010000000

    ($/W)5.14.13.63.22.972.652.4

    51000000410000003600000032000000297000002650000024000000

    ( 1.2%)612000492000432000384000356400318000288000

    ( kwh/m2/day)6.776.776.776.776.776.776.77

    0.80.80.80.80.80.80.8

    2471.052471.052471.052471.052471.052471.052471.05

    19768400197684001976840019768400197684001976840019768400

    ($/kwh)0.610.450.40.330.280.290.28

    12058724889578079073606523572553515257328365535152

    - 11446724840378074753606139572517875254148365247152

    0-51000000-41000000-36000000-32000000-29700000-26500000-24000000

    111446724840378074753606139572517875254148365247152

    211446724840378074753606139572517875254148365247152

    311446724840378074753606139572517875254148365247152

    411446724840378074753606139572517875254148365247152

    511446724840378074753606139572517875254148365247152

    611446724840378074753606139572517875254148365247152

    711446724840378074753606139572517875254148365247152

    811446724840378074753606139572517875254148365247152

    911446724840378074753606139572517875254148365247152

    1011446724840378074753606139572517875254148365247152

    1111446724840378074753606139572517875254148365247152

    1211446724840378074753606139572517875254148365247152

    1311446724840378074753606139572517875254148365247152

    1411446724840378074753606139572517875254148365247152

    1511446724840378074753606139572517875254148365247152

    1611446724840378074753606139572517875254148365247152

    1711446724840378074753606139572517875254148365247152

    1811446724840378074753606139572517875254148365247152

    1911446724840378074753606139572517875254148365247152

    2011446724840378074753606139572517875254148365247152

    2111446724840378074753606139572517875254148365247152

    2211446724840378074753606139572517875254148365247152

    2311446724840378074753606139572517875254148365247152

    2411446724840378074753606139572517875254148365247152

    2511446724840378074753606139572517875254148365247152

    IRR22.30%20.29%20.57%18.93%17.10%20.23%21.70%

    10MW --LCOE

    2008200920102011201220132014

    5%6%7%6%6%6%6%

    25252525252525

    3.394.294.834.554.294.294.29

    0.070.080.080.080.080.080.08

    80000000690000005400000048000000370000003300000031000000

    960000828000648000576000444000396000372000

    480000414000324000288000222000198000186000

    24710500247105002471050024710500247105002471050024710500

    LCOE( $/)0.290.270.220.190.140.130.12

    ( $/)0.610.450.400.330.280.290.28

    ( $/)0.170.160.160.160.170.170.17

    10MW

    10MW

    2008-2014

    LCOE( $/)

    ( $/)

    ( $/)

    10MW Grid Parity

    2008200920102011201220132014

    4KW -0.9%2.2%19.8%22.7%27.4%31.6%34.3%

    --(4KW-DC )

    2008200920102011201220132014

    (W)4000400040004000400040004000

    ($/W)5.545.24.984.53.93.53.3

    kw794.85794.85794.85794.85794.85

    221602080016740.614820.612420.610820.610020.6

    ( 1.2%)265.92249.6200.8872177.8472149.0472129.8472120.2472

    ( kwh/m2/day)3.64.514.514.514.514.514.51

    1111111

    13141646.151646.151646.151646.151646.151646.15

    52566584.66584.66584.66584.66584.66584.6

    ($/kwh)0.20.20.540.540.540.540.54

    1051.21316.923555.6843555.6843555.6843555.6843555.684

    - 785.281067.323354.79683377.83683406.63683425.83683435.4368

    0-22160-20400-16740.6-14820.6-12420.6-10820.6-10020.6

    1785.281067.323354.79683377.83683406.63683425.83683435.4368

    2785.281067.323354.79683377.83683406.63683425.83683435.4368

    3785.281067.323354.79683377.83683406.63683425.83683435.4368

    4785.281067.323354.79683377.83683406.63683425.83683435.4368

    5785.281067.323354.79683377.83683406.63683425.83683435.4368

    6785.281067.323354.79683377.83683406.63683425.83683435.4368

    7785.281067.323354.79683377.83683406.63683425.83683435.4368

    8785.281067.323354.79683377.83683406.63683425.83683435.4368

    9785.281067.323354.79683377.83683406.63683425.83683435.4368

    10785.281067.323354.79683377.83683406.63683425.83683435.4368

    11785.281067.323354.79683377.83683406.63683425.83683435.4368

    12785.281067.323354.79683377.83683406.63683425.83683435.4368

    13785.281067.323354.79683377.83683406.63683425.83683435.4368

    14785.281067.323354.79683377.83683406.63683425.83683435.4368

    15785.281067.323354.79683377.83683406.63683425.83683435.4368

    16785.281067.323354.79683377.83683406.63683425.83683435.4368

    17785.281067.323354.79683377.83683406.63683425.83683435.4368

    18785.281067.323354.79683377.83683406.63683425.83683435.4368

    19785.281067.323354.79683377.83683406.63683425.83683435.4368

    20785.281067.323354.79683377.83683406.63683425.83683435.4368

    21785.281067.323354.79683377.83683406.63683425.83683435.4368

    22785.281067.323354.79683377.83683406.63683425.83683435.4368

    23785.281067.323354.79683377.83683406.63683425.83683435.4368

    24785.281067.323354.79683377.83683406.63683425.83683435.4368

    25785.281067.323354.79683377.83683406.63683425.83683435.4368

    IRR-0.91%2.18%19.82%22.65%27.36%31.63%34.26%

    4KW --LCOE

    2008200920102011201220132014

    5%5%5%5%5%5%5%

    25252525252525

    3.393.393.393.393.393.393.39

    0.070.070.070.070.070.070.07

    22160208001674114821124211082110021

    266250201178149130120

    13312510089756560

    5256525652565256525652565256

    LCOE( $/)0.380.350.280.250.210.180.17

    ( $/)0.250.2780.300.310.3230.340.35

    4KW

    2008-2014

    LCOE( $/)

    ( $/)

    4KW Grid Parity

    Chart2

    0.4431006590.66027786260.29

    0.35019245630.594174960.26

    0.28587139290.534727440.26

    0.27872460810.48660197040.27

    0.25013746880.44280779310.28

    LCOE( $/)

    ( $/)

    ( $/)

    1MW Grid Parity

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    1MW 11%13%15%14%14%13%13%

    10KW 12%14%15%15%14%14%14%

    50MW 7%9%10%9%10%10%10%

    --(1MW-DC )

    2008200920102011201220132014

    (W)1000000100000010000001000000100000010000001000000

    ($/W)6.24.943.93.53.33.1

    6200000490000040000003900000350000033000003100000

    ( 1.2%)74400588004800046800420003960037200

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    1111111

    1244.651244.651244.651244.651244.651244.651244.65

    1244650124465012446501244650124465012446501244650

    ($/kwh)0.66027786260.594174960.534727440.48660197040.44280779310.40295509170.3666891334

    821814.841622857739539.863964665548.508196605649.14245836551140.719637108501538.054869768456399.629931489

    - 747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    0-6200000-4900000-4000000-3900000-3500000-3300000-3100000

    1747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    2747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    3747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    4747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    5747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    6747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    7747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    8747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    9747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    10747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    11747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    12747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    13747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    14747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    15747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    16747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    17747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    18747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    19747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    20747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    21747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    22747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    23747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    24747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    25747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    IRR11.21%13.28%14.97%13.76%14.00%13.39%12.87%

    --(10KW-DC )

    2008200920102011201220132014

    (W)10000100001000010000100001000010000

    ($/W)6.25.14.54.13.93.53.3

    62000510004500041000390003500033000

    ( 1.2%)744612540492468420396

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    1111111

    1244.651244.651244.651244.651244.651244.651244.65

    12446.512446.512446.512446.512446.512446.512446.5

    ($/kwh)0.70185091320.64570284010.59404661290.54058241770.49193000010.44765630010.4073672331

    8735.58739058378036.7403993377393.801167396728.3590623256122.80674671575571.75413951135070.2962669553

    - 7991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    0-62000-51000-45000-41000-39000-35000-33000

    17991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    27991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    37991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    47991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    57991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    67991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    77991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    87991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    97991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    107991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    117991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    127991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    137991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    147991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    157991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    167991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    177991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    187991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    197991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    207991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    217991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    227991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    237991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    247991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    257991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    IRR12.16%14.01%14.74%14.72%13.94%14.19%13.58%

    --(50MW-DC )

    2008200920102011201220132014

    (W)50000000500000005000000050000000500000005000000050000000

    ($/W)543.43.22.82.452.3

    250000000200000000170000000160000000140000000122500000115000000

    ( 1.2%)3000000240000020400001920000168000014700001380000

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    0.80.80.80.80.80.80.8

    1244.651244.651244.651244.651244.651244.651244.65

    49786000497860004978600049786000497860004978600049786000

    ($/kwh)0.532775880.479483280.4315950.392713920.357435720.325159920.29588652

    26524779.9616823871554.5780821487388.6719551655.2211217795294.7559216188411.7771214731006.28472

    - 23524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    0-250000000-200000000-170000000-160000000-140000000-122500000-115000000

    123524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    223524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    323524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    423524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    523524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    623524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    723524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    823524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    923524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1023524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1123524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1223524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1323524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1423524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1523524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1623524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1723524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1823524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1923524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    2023524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    IRR6.96%8.72%9.62%9.08%9.71%10.33%9.83%

    1MW --LCOE

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    5%5%5%5%5%5%5%

    25252525252525

    3.393.393.393.393.393.393.39

    0.070.070.070.070.070.070.07

    6200000490000040000003900000350000033000003100000

    74400588004800046800420003960037200

    37200294002400023400210001980018600

    1244650124465012446501244650124465012446501244650

    LCOE( $/)0.440.350.290.280.250.240.22

    ( $/)0.660.590.530.490.440.400.37

    ( $/)0.290.260.260.270.280.290.29

    1MW

    10KW

    50MW

    2008-2014

    LCOE( $/)

    ( $/)

    ( $/)

    1MW Grid Parity

    2008200920102011201220132014

    10MW 17.3%14.4%16.7%15.3%17.2%20.3%20.9%

    10MW 22.3%20.3%20.6%18.9%17.1%20.2%21.7%

    --(10MW-DC )

    2008200920102011201220132014

    (W)10000000100000001000000010000000100000001000000010000000

    ($/W)86.95.44.83.73.33.1

    80000000690000005400000048000000370000003300000031000000

    ( 1.2%)960000828000648000576000444000396000372000

    ( kwh/m2/day)6.776.776.776.776.776.776.77

    1111111

    2471.052471.052471.052471.052471.052471.052471.05

    24710500247105002471050024710500247105002471050024710500

    ($/kwh)0.610.450.40.330.280.290.28

    150734051111972598842008154465691894071660456918940

    - 141134051029172592362007578465647494067700456546940

    0-80000000-69000000-54000000-48000000-37000000-33000000-31000000

    1141134051029172592362007578465647494067700456546940

    2141134051029172592362007578465647494067700456546940

    3141134051029172592362007578465647494067700456546940

    4141134051029172592362007578465647494067700456546940

    5141134051029172592362007578465647494067700456546940

    6141134051029172592362007578465647494067700456546940

    7141134051029172592362007578465647494067700456546940

    8141134051029172592362007578465647494067700456546940

    9141134051029172592362007578465647494067700456546940

    10141134051029172592362007578465647494067700456546940

    11141134051029172592362007578465647494067700456546940

    12141134051029172592362007578465647494067700456546940

    13141134051029172592362007578465647494067700456546940

    14141134051029172592362007578465647494067700456546940

    15141134051029172592362007578465647494067700456546940

    16141134051029172592362007578465647494067700456546940

    17141134051029172592362007578465647494067700456546940

    18141134051029172592362007578465647494067700456546940

    19141134051029172592362007578465647494067700456546940

    20141134051029172592362007578465647494067700456546940

    21141134051029172592362007578465647494067700456546940

    22141134051029172592362007578465647494067700456546940

    23141134051029172592362007578465647494067700456546940

    24141134051029172592362007578465647494067700456546940

    25141134051029172592362007578465647494067700456546940

    IRR17.32%14.40%16.75%15.34%17.17%20.31%20.94%

    --(10MW-DC )

    2008200920102011201220132014

    (W)10000000100000001000000010000000100000001000000010000000

    ($/W)5.14.13.63.22.972.652.4

    51000000410000003600000032000000297000002650000024000000

    ( 1.2%)612000492000432000384000356400318000288000

    ( kwh/m2/day)6.776.776.776.776.776.776.77

    0.80.80.80.80.80.80.8

    2471.052471.052471.052471.052471.052471.052471.05

    19768400197684001976840019768400197684001976840019768400

    ($/kwh)0.610.450.40.330.280.290.28

    12058724889578079073606523572553515257328365535152

    - 11446724840378074753606139572517875254148365247152

    0-51000000-41000000-36000000-32000000-29700000-26500000-24000000

    111446724840378074753606139572517875254148365247152

    211446724840378074753606139572517875254148365247152

    311446724840378074753606139572517875254148365247152

    411446724840378074753606139572517875254148365247152

    511446724840378074753606139572517875254148365247152

    611446724840378074753606139572517875254148365247152

    711446724840378074753606139572517875254148365247152

    811446724840378074753606139572517875254148365247152

    911446724840378074753606139572517875254148365247152

    1011446724840378074753606139572517875254148365247152

    1111446724840378074753606139572517875254148365247152

    1211446724840378074753606139572517875254148365247152

    1311446724840378074753606139572517875254148365247152

    1411446724840378074753606139572517875254148365247152

    1511446724840378074753606139572517875254148365247152

    1611446724840378074753606139572517875254148365247152

    1711446724840378074753606139572517875254148365247152

    1811446724840378074753606139572517875254148365247152

    1911446724840378074753606139572517875254148365247152

    2011446724840378074753606139572517875254148365247152

    2111446724840378074753606139572517875254148365247152

    2211446724840378074753606139572517875254148365247152

    2311446724840378074753606139572517875254148365247152

    2411446724840378074753606139572517875254148365247152

    2511446724840378074753606139572517875254148365247152

    IRR22.30%20.29%20.57%18.93%17.10%20.23%21.70%

    10MW --LCOE

    2008200920102011201220132014

    5%6%7%6%6%6%6%

    25252525252525

    3.394.294.834.554.294.294.29

    0.070.080.080.080.080.080.08

    80000000690000005400000048000000370000003300000031000000

    960000828000648000576000444000396000372000

    480000414000324000288000222000198000186000

    24710500247105002471050024710500247105002471050024710500

    LCOE( $/)0.290.270.220.190.140.130.12

    ( $/)0.610.450.400.330.280.290.28

    ( $/)0.170.160.160.160.170.170.17

    10MW

    10MW

    2008-2014

    LCOE( $/)

    ( $/)

    ( $/)

    10MW Grid Parity

    2008200920102011201220132014

    4KW -0.9%2.2%19.8%22.7%27.4%31.6%34.3%

    --(4KW-DC )

    2008200920102011201220132014

    (W)4000400040004000400040004000

    ($/W)5.545.24.984.53.93.53.3

    kw794.85794.85794.85794.85794.85

    221602080016740.614820.612420.610820.610020.6

    ( 1.2%)265.92249.6200.8872177.8472149.0472129.8472120.2472

    ( kwh/m2/day)3.64.514.514.514.514.514.51

    1111111

    13141646.151646.151646.151646.151646.151646.15

    52566584.66584.66584.66584.66584.66584.6

    ($/kwh)0.20.20.540.540.540.540.54

    1051.21316.923555.6843555.6843555.6843555.6843555.684

    - 785.281067.323354.79683377.83683406.63683425.83683435.4368

    0-22160-20400-16740.6-14820.6-12420.6-10820.6-10020.6

    1785.281067.323354.79683377.83683406.63683425.83683435.4368

    2785.281067.323354.79683377.83683406.63683425.83683435.4368

    3785.281067.323354.79683377.83683406.63683425.83683435.4368

    4785.281067.323354.79683377.83683406.63683425.83683435.4368

    5785.281067.323354.79683377.83683406.63683425.83683435.4368

    6785.281067.323354.79683377.83683406.63683425.83683435.4368

    7785.281067.323354.79683377.83683406.63683425.83683435.4368

    8785.281067.323354.79683377.83683406.63683425.83683435.4368

    9785.281067.323354.79683377.83683406.63683425.83683435.4368

    10785.281067.323354.79683377.83683406.63683425.83683435.4368

    11785.281067.323354.79683377.83683406.63683425.83683435.4368

    12785.281067.323354.79683377.83683406.63683425.83683435.4368

    13785.281067.323354.79683377.83683406.63683425.83683435.4368

    14785.281067.323354.79683377.83683406.63683425.83683435.4368

    15785.281067.323354.79683377.83683406.63683425.83683435.4368

    16785.281067.323354.79683377.83683406.63683425.83683435.4368

    17785.281067.323354.79683377.83683406.63683425.83683435.4368

    18785.281067.323354.79683377.83683406.63683425.83683435.4368

    19785.281067.323354.79683377.83683406.63683425.83683435.4368

    20785.281067.323354.79683377.83683406.63683425.83683435.4368

    21785.281067.323354.79683377.83683406.63683425.83683435.4368

    22785.281067.323354.79683377.83683406.63683425.83683435.4368

    23785.281067.323354.79683377.83683406.63683425.83683435.4368

    24785.281067.323354.79683377.83683406.63683425.83683435.4368

    25785.281067.323354.79683377.83683406.63683425.83683435.4368

    IRR-0.91%2.18%19.82%22.65%27.36%31.63%34.26%

    4KW --LCOE

    2008200920102011201220132014

    5%5%5%5%5%5%5%

    25252525252525

    3.393.393.393.393.393.393.39

    0.070.070.070.070.070.070.07

    22160208001674114821124211082110021

    266250201178149130120

    13312510089756560

    5256525652565256525652565256

    LCOE( $/)0.380.350.280.250.210.180.17

    ( $/)0.250.2780.300.310.3230.340.35

    4KW

    2008-2014

    LCOE( $/)

    ( $/)

    4KW Grid Parity

  • : 201040%Source: Greentech Media Report; 200903

  • Royal Decree 661/2007(:2007-2008) 2008Royal Decree 1578/2008(2009-2011)- 500MW

  • /Grid Parity(10MW)

    Chart4

    0.28798270310.610.17

    0.26869725650.450.16

    0.21849011470.40.16

    0.19054821730.330.16

    0.14408403610.280.17

    LCOE( $/)

    ( $/)

    ( $/)

    10MW Grid Parity

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    1MW 11%13%15%14%14%13%13%

    10KW 12%14%15%15%14%14%14%

    50MW 7%9%10%9%10%10%10%

    --(1MW-DC )

    2008200920102011201220132014

    (W)1000000100000010000001000000100000010000001000000

    ($/W)6.24.943.93.53.33.1

    6200000490000040000003900000350000033000003100000

    ( 1.2%)74400588004800046800420003960037200

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    1111111

    1244.651244.651244.651244.651244.651244.651244.65

    1244650124465012446501244650124465012446501244650

    ($/kwh)0.66027786260.594174960.534727440.48660197040.44280779310.40295509170.3666891334

    821814.841622857739539.863964665548.508196605649.14245836551140.719637108501538.054869768456399.629931489

    - 747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    0-6200000-4900000-4000000-3900000-3500000-3300000-3100000

    1747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    2747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    3747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    4747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    5747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    6747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    7747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    8747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    9747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    10747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    11747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    12747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    13747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    14747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    15747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    16747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    17747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    18747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    19747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    20747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    21747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    22747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    23747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    24747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    25747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    IRR11.21%13.28%14.97%13.76%14.00%13.39%12.87%

    --(10KW-DC )

    2008200920102011201220132014

    (W)10000100001000010000100001000010000

    ($/W)6.25.14.54.13.93.53.3

    62000510004500041000390003500033000

    ( 1.2%)744612540492468420396

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    1111111

    1244.651244.651244.651244.651244.651244.651244.65

    12446.512446.512446.512446.512446.512446.512446.5

    ($/kwh)0.70185091320.64570284010.59404661290.54058241770.49193000010.44765630010.4073672331

    8735.58739058378036.7403993377393.801167396728.3590623256122.80674671575571.75413951135070.2962669553

    - 7991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    0-62000-51000-45000-41000-39000-35000-33000

    17991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    27991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    37991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    47991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    57991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    67991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    77991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    87991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    97991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    107991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    117991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    127991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    137991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    147991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    157991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    167991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    177991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    187991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    197991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    207991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    217991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    227991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    237991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    247991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    257991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    IRR12.16%14.01%14.74%14.72%13.94%14.19%13.58%

    --(50MW-DC )

    2008200920102011201220132014

    (W)50000000500000005000000050000000500000005000000050000000

    ($/W)543.43.22.82.452.3

    250000000200000000170000000160000000140000000122500000115000000

    ( 1.2%)3000000240000020400001920000168000014700001380000

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    0.80.80.80.80.80.80.8

    1244.651244.651244.651244.651244.651244.651244.65

    49786000497860004978600049786000497860004978600049786000

    ($/kwh)0.532775880.479483280.4315950.392713920.357435720.325159920.29588652

    26524779.9616823871554.5780821487388.6719551655.2211217795294.7559216188411.7771214731006.28472

    - 23524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    0-250000000-200000000-170000000-160000000-140000000-122500000-115000000

    123524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    223524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    323524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    423524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    523524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    623524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    723524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    823524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    923524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1023524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1123524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1223524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1323524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1423524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1523524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1623524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1723524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1823524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1923524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    2023524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    IRR6.96%8.72%9.62%9.08%9.71%10.33%9.83%

    1MW --LCOE

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    5%5%5%5%5%5%5%

    25252525252525

    3.393.393.393.393.393.393.39

    0.070.070.070.070.070.070.07

    6200000490000040000003900000350000033000003100000

    74400588004800046800420003960037200

    37200294002400023400210001980018600

    1244650124465012446501244650124465012446501244650

    LCOE( $/)0.440.350.290.280.250.240.22

    ( $/)0.660.590.530.490.440.400.37

    ( $/)0.290.260.260.270.280.290.29

    1MW

    10KW

    50MW

    2008-2014

    LCOE( $/)

    ( $/)

    ( $/)

    1MW Grid Parity

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    10MW 17.3%14.4%16.7%15.3%17.2%20.3%20.9%

    10MW 22.3%20.3%20.6%18.9%17.1%20.2%21.7%

    --(10MW-DC )

    2008200920102011201220132014

    (W)10000000100000001000000010000000100000001000000010000000

    ($/W)86.95.44.83.73.33.1

    80000000690000005400000048000000370000003300000031000000

    ( 1.2%)960000828000648000576000444000396000372000

    ( kwh/m2/day)6.776.776.776.776.776.776.77

    1111111

    2471.052471.052471.052471.052471.052471.052471.05

    24710500247105002471050024710500247105002471050024710500

    ($/kwh)0.610.450.40.330.280.290.28

    150734051111972598842008154465691894071660456918940

    - 141134051029172592362007578465647494067700456546940

    0-80000000-69000000-54000000-48000000-37000000-33000000-31000000

    1141134051029172592362007578465647494067700456546940

    2141134051029172592362007578465647494067700456546940

    3141134051029172592362007578465647494067700456546940

    4141134051029172592362007578465647494067700456546940

    5141134051029172592362007578465647494067700456546940

    6141134051029172592362007578465647494067700456546940

    7141134051029172592362007578465647494067700456546940

    8141134051029172592362007578465647494067700456546940

    9141134051029172592362007578465647494067700456546940

    10141134051029172592362007578465647494067700456546940

    11141134051029172592362007578465647494067700456546940

    12141134051029172592362007578465647494067700456546940

    13141134051029172592362007578465647494067700456546940

    14141134051029172592362007578465647494067700456546940

    15141134051029172592362007578465647494067700456546940

    16141134051029172592362007578465647494067700456546940

    17141134051029172592362007578465647494067700456546940

    18141134051029172592362007578465647494067700456546940

    19141134051029172592362007578465647494067700456546940

    20141134051029172592362007578465647494067700456546940

    21141134051029172592362007578465647494067700456546940

    22141134051029172592362007578465647494067700456546940

    23141134051029172592362007578465647494067700456546940

    24141134051029172592362007578465647494067700456546940

    25141134051029172592362007578465647494067700456546940

    IRR17.32%14.40%16.75%15.34%17.17%20.31%20.94%

    --(10MW-DC )

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    (W)10000000100000001000000010000000100000001000000010000000

    ($/W)5.14.13.63.22.972.652.4

    51000000410000003600000032000000297000002650000024000000

    ( 1.2%)612000492000432000384000356400318000288000

    ( kwh/m2/day)6.776.776.776.776.776.776.77

    0.80.80.80.80.80.80.8

    2471.052471.052471.052471.052471.052471.052471.05

    19768400197684001976840019768400197684001976840019768400

    ($/kwh)0.610.450.40.330.280.290.28

    12058724889578079073606523572553515257328365535152

    - 11446724840378074753606139572517875254148365247152

    0-51000000-41000000-36000000-32000000-29700000-26500000-24000000

    111446724840378074753606139572517875254148365247152

    211446724840378074753606139572517875254148365247152

    311446724840378074753606139572517875254148365247152

    411446724840378074753606139572517875254148365247152

    511446724840378074753606139572517875254148365247152

    611446724840378074753606139572517875254148365247152

    711446724840378074753606139572517875254148365247152

    811446724840378074753606139572517875254148365247152

    911446724840378074753606139572517875254148365247152

    1011446724840378074753606139572517875254148365247152

    1111446724840378074753606139572517875254148365247152

    1211446724840378074753606139572517875254148365247152

    1311446724840378074753606139572517875254148365247152

    1411446724840378074753606139572517875254148365247152

    1511446724840378074753606139572517875254148365247152

    1611446724840378074753606139572517875254148365247152

    1711446724840378074753606139572517875254148365247152

    1811446724840378074753606139572517875254148365247152

    1911446724840378074753606139572517875254148365247152

    2011446724840378074753606139572517875254148365247152

    2111446724840378074753606139572517875254148365247152

    2211446724840378074753606139572517875254148365247152

    2311446724840378074753606139572517875254148365247152

    2411446724840378074753606139572517875254148365247152

    2511446724840378074753606139572517875254148365247152

    IRR22.30%20.29%20.57%18.93%17.10%20.23%21.70%

    10MW --LCOE

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    5%6%7%6%6%6%6%

    25252525252525

    3.394.294.834.554.294.294.29

    0.070.080.080.080.080.080.08

    80000000690000005400000048000000370000003300000031000000

    960000828000648000576000444000396000372000

    480000414000324000288000222000198000186000

    24710500247105002471050024710500247105002471050024710500

    LCOE( $/)0.290.270.220.190.140.130.12

    ( $/)0.610.450.400.330.280.290.28

    ( $/)0.170.160.160.160.170.170.17

    10MW

    10MW

    2008-2012

    LCOE( $/)

    ( $/)

    ( $/)

    10MW Grid Parity

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    4KW -0.9%2.2%19.8%22.7%27.4%31.6%34.3%

    --(4KW-DC )

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    (W)4000400040004000400040004000

    ($/W)5.545.24.984.53.93.53.3

    kw794.85794.85794.85794.85794.85

    221602080016740.614820.612420.610820.610020.6

    ( 1.2%)265.92249.6200.8872177.8472149.0472129.8472120.2472

    ( kwh/m2/day)3.64.514.514.514.514.514.51

    1111111

    13141646.151646.151646.151646.151646.151646.15

    52566584.66584.66584.66584.66584.66584.6

    ($/kwh)0.20.20.540.540.540.540.54

    1051.21316.923555.6843555.6843555.6843555.6843555.684

    - 785.281067.323354.79683377.83683406.63683425.83683435.4368

    0-22160-20400-16740.6-14820.6-12420.6-10820.6-10020.6

    1785.281067.323354.79683377.83683406.63683425.83683435.4368

    2785.281067.323354.79683377.83683406.63683425.83683435.4368

    3785.281067.323354.79683377.83683406.63683425.83683435.4368

    4785.281067.323354.79683377.83683406.63683425.83683435.4368

    5785.281067.323354.79683377.83683406.63683425.83683435.4368

    6785.281067.323354.79683377.83683406.63683425.83683435.4368

    7785.281067.323354.79683377.83683406.63683425.83683435.4368

    8785.281067.323354.79683377.83683406.63683425.83683435.4368

    9785.281067.323354.79683377.83683406.63683425.83683435.4368

    10785.281067.323354.79683377.83683406.63683425.83683435.4368

    11785.281067.323354.79683377.83683406.63683425.83683435.4368

    12785.281067.323354.79683377.83683406.63683425.83683435.4368

    13785.281067.323354.79683377.83683406.63683425.83683435.4368

    14785.281067.323354.79683377.83683406.63683425.83683435.4368

    15785.281067.323354.79683377.83683406.63683425.83683435.4368

    16785.281067.323354.79683377.83683406.63683425.83683435.4368

    17785.281067.323354.79683377.83683406.63683425.83683435.4368

    18785.281067.323354.79683377.83683406.63683425.83683435.4368

    19785.281067.323354.79683377.83683406.63683425.83683435.4368

    20785.281067.323354.79683377.83683406.63683425.83683435.4368

    21785.281067.323354.79683377.83683406.63683425.83683435.4368

    22785.281067.323354.79683377.83683406.63683425.83683435.4368

    23785.281067.323354.79683377.83683406.63683425.83683435.4368

    24785.281067.323354.79683377.83683406.63683425.83683435.4368

    25785.281067.323354.79683377.83683406.63683425.83683435.4368

    IRR-0.91%2.18%19.82%22.65%27.36%31.63%34.26%

    4KW --LCOE

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    5%5%5%5%5%5%5%

    25252525252525

    3.393.393.393.393.393.393.39

    0.070.070.070.070.070.070.07

    22160208001674114821124211082110021

    266250201178149130120

    13312510089756560

    5256525652565256525652565256

    LCOE( $/)0.380.350.280.250.210.180.17

    ( $/)0.250.2780.300.310.3230.340.35

    4KW

    2008-2014

    LCOE( $/)

    ( $/)

    4KW Grid Parity

    Chart3

    0.17316227310.2229813178

    0.14399031510.202949526

    0.16747713210.2057160134

    0.15343293160.1893482202

    0.17166447950.1709993567

    10MW

    10MW

    2008-2012

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    1MW 11%13%15%14%14%13%13%

    10KW 12%14%15%15%14%14%14%

    50MW 7%9%10%9%10%10%10%

    --(1MW-DC )

    2008200920102011201220132014

    (W)1000000100000010000001000000100000010000001000000

    ($/W)6.24.943.93.53.33.1

    6200000490000040000003900000350000033000003100000

    ( 1.2%)74400588004800046800420003960037200

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    1111111

    1244.651244.651244.651244.651244.651244.651244.65

    1244650124465012446501244650124465012446501244650

    ($/kwh)0.66027786260.594174960.534727440.48660197040.44280779310.40295509170.3666891334

    821814.841622857739539.863964665548.508196605649.14245836551140.719637108501538.054869768456399.629931489

    - 747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    0-6200000-4900000-4000000-3900000-3500000-3300000-3100000

    1747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    2747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    3747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    4747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    5747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    6747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    7747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    8747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    9747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    10747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    11747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    12747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    13747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    14747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    15747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    16747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    17747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    18747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    19747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    20747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    21747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    22747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    23747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    24747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    25747414.841622857680739.863964617548.508196558849.14245836509140.719637108461938.054869768419199.629931489

    IRR11.21%13.28%14.97%13.76%14.00%13.39%12.87%

    --(10KW-DC )

    2008200920102011201220132014

    (W)10000100001000010000100001000010000

    ($/W)6.25.14.54.13.93.53.3

    62000510004500041000390003500033000

    ( 1.2%)744612540492468420396

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    1111111

    1244.651244.651244.651244.651244.651244.651244.65

    12446.512446.512446.512446.512446.512446.512446.5

    ($/kwh)0.70185091320.64570284010.59404661290.54058241770.49193000010.44765630010.4073672331

    8735.58739058378036.7403993377393.801167396728.3590623256122.80674671575571.75413951135070.2962669553

    - 7991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    0-62000-51000-45000-41000-39000-35000-33000

    17991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    27991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    37991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    47991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    57991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    67991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    77991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    87991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    97991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    107991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    117991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    127991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    137991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    147991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    157991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    167991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    177991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    187991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    197991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    207991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    217991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    227991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    237991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    247991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    257991.58739058377424.7403993376853.801167396236.3590623255654.80674671575151.75413951134674.2962669553

    IRR12.16%14.01%14.74%14.72%13.94%14.19%13.58%

    --(50MW-DC )

    2008200920102011201220132014

    (W)50000000500000005000000050000000500000005000000050000000

    ($/W)543.43.22.82.452.3

    250000000200000000170000000160000000140000000122500000115000000

    ( 1.2%)3000000240000020400001920000168000014700001380000

    ( kwh/m2/day)3.413.413.413.413.413.413.41

    0.80.80.80.80.80.80.8

    1244.651244.651244.651244.651244.651244.651244.65

    49786000497860004978600049786000497860004978600049786000

    ($/kwh)0.532775880.479483280.4315950.392713920.357435720.325159920.29588652

    26524779.9616823871554.5780821487388.6719551655.2211217795294.7559216188411.7771214731006.28472

    - 23524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    0-250000000-200000000-170000000-160000000-140000000-122500000-115000000

    123524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    223524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    323524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    423524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    523524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    623524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    723524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    823524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    923524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1023524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1123524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1223524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1323524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1423524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1523524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1623524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1723524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1823524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    1923524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    2023524779.9616821471554.5780819447388.6717631655.2211216115294.7559214718411.7771213351006.28472

    IRR6.96%8.72%9.62%9.08%9.71%10.33%9.83%

    1MW --LCOE

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    5%5%5%5%5%5%5%

    25252525252525

    3.393.393.393.393.393.393.39

    0.070.070.070.070.070.070.07

    6200000490000040000003900000350000033000003100000

    74400588004800046800420003960037200

    37200294002400023400210001980018600

    1244650124465012446501244650124465012446501244650

    LCOE( $/)0.440.350.290.280.250.240.22

    ( $/)0.660.590.530.490.440.400.37

    ( $/)0.290.260.260.270.280.290.29

    1MW

    10KW

    50MW

    2008-2014

    LCOE( $/)

    ( $/)

    ( $/)

    1MW Grid Parity

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    10MW 17.3%14.4%16.7%15.3%17.2%20.3%20.9%

    10MW 22.3%20.3%20.6%18.9%17.1%20.2%21.7%

    --(10MW-DC )

    2008200920102011201220132014

    (W)10000000100000001000000010000000100000001000000010000000

    ($/W)86.95.44.83.73.33.1

    80000000690000005400000048000000370000003300000031000000

    ( 1.2%)960000828000648000576000444000396000372000

    ( kwh/m2/day)6.776.776.776.776.776.776.77

    1111111

    2471.052471.052471.052471.052471.052471.052471.05

    24710500247105002471050024710500247105002471050024710500

    ($/kwh)0.610.450.40.330.280.290.28

    150734051111972598842008154465691894071660456918940

    - 141134051029172592362007578465647494067700456546940

    0-80000000-69000000-54000000-48000000-37000000-33000000-31000000

    1141134051029172592362007578465647494067700456546940

    2141134051029172592362007578465647494067700456546940

    3141134051029172592362007578465647494067700456546940

    4141134051029172592362007578465647494067700456546940

    5141134051029172592362007578465647494067700456546940

    6141134051029172592362007578465647494067700456546940

    7141134051029172592362007578465647494067700456546940

    8141134051029172592362007578465647494067700456546940

    9141134051029172592362007578465647494067700456546940

    10141134051029172592362007578465647494067700456546940

    11141134051029172592362007578465647494067700456546940

    12141134051029172592362007578465647494067700456546940

    13141134051029172592362007578465647494067700456546940

    14141134051029172592362007578465647494067700456546940

    15141134051029172592362007578465647494067700456546940

    16141134051029172592362007578465647494067700456546940

    17141134051029172592362007578465647494067700456546940

    18141134051029172592362007578465647494067700456546940

    19141134051029172592362007578465647494067700456546940

    20141134051029172592362007578465647494067700456546940

    21141134051029172592362007578465647494067700456546940

    22141134051029172592362007578465647494067700456546940

    23141134051029172592362007578465647494067700456546940

    24141134051029172592362007578465647494067700456546940

    25141134051029172592362007578465647494067700456546940

    IRR17.32%14.40%16.75%15.34%17.17%20.31%20.94%

    --(10MW-DC )

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    (W)10000000100000001000000010000000100000001000000010000000

    ($/W)5.14.13.63.22.972.652.4

    51000000410000003600000032000000297000002650000024000000

    ( 1.2%)612000492000432000384000356400318000288000

    ( kwh/m2/day)6.776.776.776.776.776.776.77

    0.80.80.80.80.80.80.8

    2471.052471.052471.052471.052471.052471.052471.05

    19768400197684001976840019768400197684001976840019768400

    ($/kwh)0.610.450.40.330.280.290.28

    12058724889578079073606523572553515257328365535152

    - 11446724840378074753606139572517875254148365247152

    0-51000000-41000000-36000000-32000000-29700000-26500000-24000000

    111446724840378074753606139572517875254148365247152

    211446724840378074753606139572517875254148365247152

    311446724840378074753606139572517875254148365247152

    411446724840378074753606139572517875254148365247152

    511446724840378074753606139572517875254148365247152

    611446724840378074753606139572517875254148365247152

    711446724840378074753606139572517875254148365247152

    811446724840378074753606139572517875254148365247152

    911446724840378074753606139572517875254148365247152

    1011446724840378074753606139572517875254148365247152

    1111446724840378074753606139572517875254148365247152

    1211446724840378074753606139572517875254148365247152

    1311446724840378074753606139572517875254148365247152

    1411446724840378074753606139572517875254148365247152

    1511446724840378074753606139572517875254148365247152

    1611446724840378074753606139572517875254148365247152

    1711446724840378074753606139572517875254148365247152

    1811446724840378074753606139572517875254148365247152

    1911446724840378074753606139572517875254148365247152

    2011446724840378074753606139572517875254148365247152

    2111446724840378074753606139572517875254148365247152

    2211446724840378074753606139572517875254148365247152

    2311446724840378074753606139572517875254148365247152

    2411446724840378074753606139572517875254148365247152

    2511446724840378074753606139572517875254148365247152

    IRR22.30%20.29%20.57%18.93%17.10%20.23%21.70%

    10MW --LCOE

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    5%6%7%6%6%6%6%

    25252525252525

    3.394.294.834.554.294.294.29

    0.070.080.080.080.080.080.08

    80000000690000005400000048000000370000003300000031000000

    960000828000648000576000444000396000372000

    480000414000324000288000222000198000186000

    24710500247105002471050024710500247105002471050024710500

    LCOE( $/)0.290.270.220.190.140.130.12

    ( $/)0.610.450.400.330.280.290.28

    ( $/)0.170.160.160.160.170.170.17

    10MW

    10MW

    2008-2012

    LCOE( $/)

    ( $/)

    ( $/)

    10MW Grid Parity

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    4KW -0.9%2.2%19.8%22.7%27.4%31.6%34.3%

    --(4KW-DC )

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    (W)4000400040004000400040004000

    ($/W)5.545.24.984.53.93.53.3

    kw794.85794.85794.85794.85794.85

    221602080016740.614820.612420.610820.610020.6

    ( 1.2%)265.92249.6200.8872177.8472149.0472129.8472120.2472

    ( kwh/m2/day)3.64.514.514.514.514.514.51

    1111111

    13141646.151646.151646.151646.151646.151646.15

    52566584.66584.66584.66584.66584.66584.6

    ($/kwh)0.20.20.540.540.540.540.54

    1051.21316.923555.6843555.6843555.6843555.6843555.684

    - 785.281067.323354.79683377.83683406.63683425.83683435.4368

    0-22160-20400-16740.6-14820.6-12420.6-10820.6-10020.6

    1785.281067.323354.79683377.83683406.63683425.83683435.4368

    2785.281067.323354.79683377.83683406.63683425.83683435.4368

    3785.281067.323354.79683377.83683406.63683425.83683435.4368

    4785.281067.323354.79683377.83683406.63683425.83683435.4368

    5785.281067.323354.79683377.83683406.63683425.83683435.4368

    6785.281067.323354.79683377.83683406.63683425.83683435.4368

    7785.281067.323354.79683377.83683406.63683425.83683435.4368

    8785.281067.323354.79683377.83683406.63683425.83683435.4368

    9785.281067.323354.79683377.83683406.63683425.83683435.4368

    10785.281067.323354.79683377.83683406.63683425.83683435.4368

    11785.281067.323354.79683377.83683406.63683425.83683435.4368

    12785.281067.323354.79683377.83683406.63683425.83683435.4368

    13785.281067.323354.79683377.83683406.63683425.83683435.4368

    14785.281067.323354.79683377.83683406.63683425.83683435.4368

    15785.281067.323354.79683377.83683406.63683425.83683435.4368

    16785.281067.323354.79683377.83683406.63683425.83683435.4368

    17785.281067.323354.79683377.83683406.63683425.83683435.4368

    18785.281067.323354.79683377.83683406.63683425.83683435.4368

    19785.281067.323354.79683377.83683406.63683425.83683435.4368

    20785.281067.323354.79683377.83683406.63683425.83683435.4368

    21785.281067.323354.79683377.83683406.63683425.83683435.4368

    22785.281067.323354.79683377.83683406.63683425.83683435.4368

    23785.281067.323354.79683377.83683406.63683425.83683435.4368

    24785.281067.323354.79683377.83683406.63683425.83683435.4368

    25785.281067.323354.79683377.83683406.63683425.83683435.4368

    IRR-0.91%2.18%19.82%22.65%27.36%31.63%34.26%

    4KW --LCOE

    20082009(e)2010(F)2011(F)2012(F)2013(F)2014(F)

    5%5%5%5%5%5%5%

    25252525252525

    3.393.393.393.393.393.393.39

    0.070.070.070.070.070.070.07

    22160208001674114821124211082110021

    266250201178149130120

    13312510089756560

    5256525652565256525652565256

    LCOE( $/)0.380.350.280.250.210.180.17

    ( $/)0.250.2780.300.310.3230.340.35

    4KW

    2008-2014

    LCOE( $/)

    ( $/)

    4KW Grid Parity

  • Source: Greentech Media Report; 200903

  • ()2001-2005 1003MW200880%

  • ()(Fukuda Vision) (2008/7): 1. 40% 7 2.202010203040 3. 205060~80%20097201048

  • /Grid Parity(4KW;Roof)

  • 2009

  • 23 500MW

  • , ?(1993-2008)/

  • 10

  • First Solar TextTurner Renewable Energy

    Southern California Edison550MW20122015Pacific Gas and Electric550MW20102013Sempra48MW2010Tri-State30MW2010

  • 50%11.1%0.83/2009 First Solar

  • /

  • 201022%303;20107,175MW34%20102:12010

    TRIICTRIIC1970 1994 2004 2005

    USAJapanSpainGermany80%;2005(83%),2006(86%),2007(82%),2008(84%)20082008 2007 HemlockWackerMEMCRECTokuyama66%Hemlock 2008 2007 81%WackerMEMCREC 15%Tokuyama M.SetekDC Chemical 200819%9%39.7%94.2%2009 8.1GWLDKRECMEMCSolarWorldReneSolar()(CR5)43.5%LDK()ReneSolar()Yingli()Trina()Jinglong()5%

    TRIIC/1014 ;20105 (BundesverbandErneuerbareEnergieBEE)

    Royal Decree 1578/2008 (