DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

10 March 2017 Americas/United States

Equity Research Alternative Energy

Renewable Roundup Research Analysts

Andrew Hughes

212 325 8277

andrew.hughes@credit-suisse.com

Maheep Mandloi

212 325 2345

maheep.mandloi@credit-suisse.com

COMMENT

Things We Learned This Week

Brookfield's announcement that it's buying stakes in the Terraforms was this week's big news. Valuation read-through is supportive of our current YieldCo stock views. Moody's upgraded outlook for the companies noted a reduction in SUNE contagion risk, a factor we think could contribute to a sector rally.

■ Reading the Tea Leaves. The big announcement of the week was

Brookfield's proposal to purchase the Terraform companies. We are most interested in the 51% stake the Canadian company intends to buy in Terraform Power and its implications for sector valuation. The deal values TERP at 14x run-rate EBITDA and 12-14x cash available for distribution (6.9-8.2% CAFD yield). The multiples support upside to NEP shares (above even our recently raised TP), slight upside in PEGI shares, and downside in CAFD shares – all consistent with our views of the respective stocks. We are also watching whether sector valuation yields can compress with the Sunedison saga and associated contagion risk increasingly in the background, particularly following Moody's upgraded outlook for both YieldCos to positive. For context, prior to the announcement that the former developer was buying Vivint Solar (7/20/15 – the beginning of the end, in our view) the YieldCo group traded at a 160bps spread to the US 10 year on an NTM basis. Since then the 10-year spread has averaged 527bps, and is 425bps today. At the midpoint of the pre-Vivint average and today's, yields would compress 130bps on average.

■ China Module Pricing Already Brutal. Channel checks suggest module pricing in China has already hit $0.33/watt, which screens cheap vs JKS' guidance of China ASPs in the low 30s by year end. Multi to mono

switching is also picking up as Neo Solar Power joins the growing list. We

have tracked 2.5 GW of new mono PERC cell capacity announcements so far this earnings season. Global spot module prices were relatively stable this week at $0.35-0.37/Watt (down 0.3-0.6% w/w), likely as a result of demand for March end deliveries. Upstream prices on the other hand have started to show signs of pressure (poly down 1%, wafers down 1.0-1.5%, cell down 1.4-3% w/w) potentially reflecting weak demand for April deliveries.

■ Creating Value and Taking Share. Sunrun's ability to hit its $1/watt NPV target, grow net earning assets 30% Y/Y (16% ex renewal), and monetize an increasing portion of project value while taking market share and reducing cost is impressive. The issue for management is that the market has yet to take notice. We maintain our Outperform rating as we believe that executing its differentiated strategy best suited for the dynamic residential solar market will put cash on the balance ($228m by 4Q17, +$22m from 4Q16) and force investors to recognize a category leader extending its pole position. Feedback thus far has centered on company's need to show more substantial cash build to get investors interested.

Continued inside…

10 March 2017

Renewable Roundup 2

■ New Parent for SunEdison YieldCos. As mentioned in this week's lead, TERP's

existential crisis found its cornerstone this week with the announcement of Brookfield's

sponsorship deal. BAM will own a 51% stake in TERP once the deal closes, and plans

to add 3.5 GW of ROFO portfolio in North America and Europe (1.2 GW operating

wind, and 2.3 GW of development-stage wind and & solar plants). Class A

shareholders get $11.46 ($1.94 in dividend and balance $9.52 in cash or in exchange

of stock). TERP also negotiated a settlement with SunEdison on March 6, wherein

TERP will issue 6.6m shares and in return SunEdison will release TERP from all claims

(subject to bankruptcy court approval though). Not to be left behind, BAM will acquire

GLBL for $5.10/sh or $787m cash (+$455m debt), valuing GLBL's 952 MW of

international wind and solar assets at $1.37/W. SunEdison would get 25% of purchase

price under the settlement, while Class A shareholders get the rest 75%.

■ Selling at Cost. As part of wind down its business, Oneroof sold leases associated

with 747 residential systems to Greenbacker for $8m or proceeds of $1.5-$1.8/W (for a

6-7kW system size). We believe the proceeds, along with potential tax equity

investment in such projects (~$1.7/W), just about covers creation costs. In our view,

pricing is more of a reflection of Oneroof's needs and a small ticket size.

■ Storage Is Cheaper Than You Think. Tesla completed its latest solar+storage facility

in Kaua’i. The new 13 MW solar project has a 52 MWH battery which enables the

project to use solar in evening peak hours (5pm-10pm). Last year Tesla/SolarCity

reduced its 20 year PPA to $0.139/kWh (from $0.145/kWh) for the project. We

calculate that the 5 hour energy storage for the project costs half of the PPA (or

~$0.07/kWh), while the balance is the cost of solar energy. In comparison, imported

fuel alone cost ~$0.13-0.15/kWh on the island and customers pay >$0.30/kWh at the

socket. While Hawaii and California have been at the forefront of storage adoption,

further decline in solar and storage equipment costs could help spread storage to other

regions that have lower peak electricity rates.

■ And Lithium Batteries Lose One More Competitor. Salt water battery manufacturer

Aquion filed for bankruptcy due to a time & capital intensive commercialization path.

The company had targeted a cost of $250/kWh. Lithium batteries seem to be the

preferred commercial choice, as they now account for 58% of global operational

energy storage batteries, 86% of those under construction, and 62% of projects

contracted and yet to start construction (data from DOE-Sandia lab).

■ While CA Plans to Fund More Storage. CPUC has proposed to increase energy

storage incentive funding by $211m by doubling funds for their existing Self Generation

Incentive Program (SGIP).

■ YieldCo Dough. PEGI completed CAD 263m construction-to-term financing for its 147

MW wind project in Canada. HASI raised gross proceeds of $58m through a 3m

primary offer.

■ Energy Industry Needs to Come Out of Shell. The biggest challenge for Shell

CEOBen van Beurden is public acceptance of the energy industry. He plans to

increase renewable investments to $1B/yr by YE20. The company will also measure

GHG reduction to calculate 10% of executive bonuses, though focus still remains on

free cash flow generation. Meanwhile Canadian energy provider Gaz Métro has

acquired US commercial solar developer Standard Solar as it pushes for more

renewable investments. Standard Solar operates >100 MW of solar capacity and has

80 MW of construction ready projects. Also, Norway's pension fund has excluded 10

coal companies from its list. The fund has so far excluded 69 companies and placed 13

under observation.

■ Fighting PURPA. Duke wants a five year PURPA PPA duration (vs 15 years currently)

in North Carolina as it feels similar rates have been adopted in other states and that

10 March 2017

Renewable Roundup 3

the duration is enough to comply with state and federal laws. Idaho has also reduced

contract duration to 2 years (from 20), Utah to 15 years (from 20), and Oregon lowered

opportunity cost for >3 MW solar projects but maintained the 20 year contract duration

■ One Step Forward, One Step Back: OH republicans have proposed a bill to make

RPS compliance voluntary, while AEP supports "zero emission tax credits" for Nuclear

plants. KY senate bill proposes to lift moratorium over construction of new nuclear

plants. NV Energy has filed a renewable energy supply rate which proposes to charge

at a $0.02/kWh premium over existing bills. NV PUC's backup commissioner has

resigned after news surfaced that he was paid lobbyist for mining companies. IN utility

Vectren has filed a seven year $514m grid modernization plan which would deploy

smart meters in the state.

■ Pruitt Continues to question EPA. Pruitt has appointed climate skeptics at EPA, and

questioned the agency's right to regulate carbon emissions at a public forum.

■ Finally Crossing the Finish Line. Trina Solar jumped 6% on Tuesday following a

March 15 delisting notice. The stock now trades at $11.50, closer to its take private

offer (less ADS cancellation fee). This marks the first closure of a Chinese take private

offer in the solar industry, and despite recent news of stricter control over cash outflow

in China. JASO had also received a $9.69 take private offer, though in June 2015 and

before TSL received its offer in August 2016.

■ YGE's Persistent Debt Problem. YGE's debt repayment issues are haunting it again

as the company has decided to form a special committee to search for strategy

alternatives and financing plans. As of 3Q16, the company was unable to negotiate

payment terms for ~$299m of outstanding medium term notes of which $255m were

due already while $44m were due in May 2017. In the past the company has sold its

land use rights to repay debt, however it has only $60.7m in land use rights on its

balance sheet.

■ French Solar Kiss. Couple of interesting tidbits from the French 500 MW solar bid

results: (i) Utility scale solar sells for $0.07/kWh in the country, which is down 12% vs

last year's $0.08/kWh and is the cheapest in Western Europe (ii) The long list of

winners comprise mostly of local developers and indicates strong competition due to

limited barriers of entry. (iii) the country will issue six more 500 MW tenders every six

months to auction 3 GW by 2019.

■ China to Scale Back Coal Due to Pollution, EVs Due to Optimism. Chinese premier

said that the country will shutdown 50 GW of coal capacity due to growing

environmental concerns, which bodes well for domestic wind/solar capacity. Meanwhile

the country is also scaling back subsidies on electric vehicles after industry feedback.

We do not expect any changes to our solar demand forecast for China which is

dependent on the country's long term solar target, and support for non-polluting

sources of generation.

■ CS on $ appreciation. CS Economist James Sweeney opines on the impact of a

border adjusted tax on USD appreciation (Don’t Be a Border Adjustment Loser). He

believes that a under a border adjusted tax we would see a large dollar rally. As the

dollar rallies, short-dollar balance sheets lose money and long-dollar balance sheets

gain - though both will nullify at a 25% appreciation. Manufacturing firms might

reassess their hedging or FDI or M&A strategies. He also argues that China would

need to consider a one-off large devaluation of the RMBUSD as this would be akin to

the US putting a large bilateral tariff on Chinese exports.

■ String Inverters Prepare for Cost Reductions. SMA announced new Inverter

technology that doubles the energy density and lowers production cost. The

improvements mainly come from innovations in cooling solution, structure and

10 March 2017

Renewable Roundup 4

connections technology. While the company didn't announce the magnitude of savings,

any inverter cost reduction coupled with module cost reductions should help lower

solar LCOE and increase global solar demand. Developers with contracted assets who

haven't yet placed inverter orders might benefit, however price reductions will most

likely be passed down to customers in new contracts.

■ It's a Date:

− Earnings call: VSLR (3/16), JASO (3/16)

− EPA carbon - April 17, 2017 - the DC Court of Appeals will hear arguments

against EPA's carbon ruling

− Arizona - June 2017 - APS rate case to be heard by ACC, to be implemented

starting July 1, 2017

10 March 2017

Renewable Roundup 5

Appendix: Sector Reference Tables

Figure 1: Global Solar Demand Forecast, GW

Source: Credit Suisse estimates

Figure 2: Weekly Solar Spot Prices

Source: Company data, Credit Suisse estimates

Solar demand total, MW 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E

China 530 2,900 4,200 11,300 10,590 15,130 30,000 20,000 20,000 20,000 21,000

US 949 1,750 3,313 4,751 6,201 7,342 10,155 7,470 10,335 14,515 18,161

Japan 960 1,200 1,864 6,026 8,564 9,761 7,200 5,500 5,775 6,064 6,367

India 22 590 790 1,020 1,108 2,000 4,500 7,000 10,000 12,000 18,000

Germany 7,400 7,500 7,634 3,304 1,899 1,000 1,100 1,500 1,500 1,500 1,500

France 720 1,500 1,115 654 952 887 700 1,300 1,600 1,600 1,600

UK 77 850 960 1,450 2,249 4,174 1,670 500 525 551 579

Turkey 1 1 5 6 40 191 250 500 500 500 1,000

Rest of Europe 8,473 7,753 4,824 2,523 2,112 2,048 2,500 2,750 3,025 3,328 3,660

Saudi Arabia 25 25 25 24 25 100 130 169 220 286

Chile 2 6.7 493 346 650 600 600 1,000 1,000

Mexico 5 7 18 61 67 100 350 1,200 1,500 2,000 2,500

Brazil 5 17 19 22 400 500 1,700 1,870 2,057 2,263

Thailand 20 120 230 480 384 250 1,000 1,200 1,400 1,600 1,800

Canada 200 300 500 200 810 300 315 331 347 365 383

South Africa 300 300 891 300 300 300 300 300 300

Australia 385 700 700 610 755 942 942 1,083 1,246 1,370 1,507

Taiwan 13 96 105 170 228 500 500 500 500 500 500

S. Korea 127 79 295 531 926 1,011 1,200 1,500 1,600 1,800 2,000

Others 1,226 1,525 2,395 2,981 6,823 5,949 6,842 8,210 9,441 10,385 11,424

Global 21,107 26,900 29,291 36,417 45,138 52,656 70,773 63,274 72,234 81,654 95,830

growth rate 166.7% 27.4% 8.9% 24.3% 23.9% 16.7% 34.4% (10.6)% 14.2% 13.0% 17.4%

Last Updated on 3/8/2017

Spot ASP Price

Poly - spot $/Kg 16.03 ▼ (1.0)% ▼ (1.4)% ▲ 5.3% ▲ 5.3%

Wafer multi 156mm $/wafer 0.61 ▼ (1.1)% ▼ (2.1)% ▼ (2.6)% ▼ (2.6)%

Cell (China) $/watt 0.21 ▼ (1.4)% ▼ (2.8)% ▼ (4.2)% ▼ (4.2)%

Cell (Taiwan) $/watt 0.21 ▼ (1.4)% ▼ (2.8)% ▼ (4.2)% ▼ (4.2)%

Module Price $/watt 0.35 ▼ (0.6)% ▼ (1.7)% ▼ (3.6)% ▼ (3.6)%

Source: pvinsights.com

Last Updated on 3/8/2017

Spot ASP Price

Poly - spot $/Kg 16.80 - 0.0% ▲ 1.3% ▲ 3.8% ▲ 3.8%

Wafer multi 156mm $/wafer 0.64 ▼ (1.5)% ▼ (3.0)% ▲ 1.6% ▲ 1.6%

Cell (China) $/watt 0.20 ▼ (3.0)% ▼ (6.2)% ▼ (6.2)% ▼ (6.2)%

Cell (Taiwan) $/watt 0.19 ▼ (3.0)% ▼ (6.3)% ▼ (6.3)% ▼ (6.3)%

Multi module price $/watt 0.37 ▼ (0.3)% ▼ (1.6)% ▼ (2.9)% ▼ (2.9)%

Source: pv.energytrend.com

1-wk 1-mth

1-mth1-wk YTD

YTD

QTD

QTD

10 March 2017

Renewable Roundup 6

Figure 3: QTD Sector Stock Performance

Source: Credit Suisse, Thomson Reuters Datastream

Solar Upstream: GCL-Poly Energy, JA Solar, Jinko Solar, REC Silicon, Renesola, Trina Solar, Yingli Green Energy, REC Silicon, Meyer Burger; Solar Downstream: First Solar, SolarCity, SunPower, Sunrun, Vivint Solar; Wind: American Superconductor, Broadwind Energy, China Datang Corp Renewable Power, Dong Energy, China Longyuan Power Group, Nordex, Suzlon, Vestas, Xinjiang Goldwind Science & Technology; BioCarbon: Amyris, BioAmber, Gevo, Green Plains Renewable Energy, Pacific Ethanol, Renewable Energy Group, Rex American Resources, Efficiency: Ameresco, Cree, EnerNOC, Esco Technologies, Itron, Osram Licht, Rubicon Technology, Silver Spring Networks, Veeco Instruments, Electrovaya; Alternative Transportation: GS Yuasa, Nippon Denko, Tesla Motors, Clean Energy Fuels Corp, Westport Innovations

Figure 4: YTD Sector Stock Performance Figure 5: Five Year Sector Stock Performance

Source: Credit Suisse estimates, Thomson Reuters Datastream

Note: USD Market-cap weighted indices comprised of stocks from a subset of each sector.

Source: Credit Suisse estimates, Thomson Reuters Datastream

Note: USD Market-cap weighted indices comprised of stocks from a subset of each sector.

Solar-Up (+21.0%), 121

Solar-Down (+0.9%), 101

Wind (+14.6%), 115

BioCarbon (-22.4%), 78

Efficiency (-1.3%), 99

Alternative Transportation (+14.8%), 115

S&P 500 (+5.5%), 106

75

80

85

90

95

100

105

110

115

120

125

130

135

Jan

2

Jan

9

Jan

16

Jan

23

Jan

30

Feb

6

Feb

13

Feb

20

Feb

27

Mar

6

Solar-Up (+21.0%) Solar-Down (+0.9%) Wind (+14.6%)

BioCarbon (-22.4%) Efficiency (-1.3%) Alternative Transportation (+14.8%)

Solar-Up, 121

Solar-Down, 101

Wind, 115

BioCarbon, 78

Efficiency, 99

Alternative Transportation,

115

S&P 500, 106

75

80

85

90

95

100

105

110

115

120

125

130

135

Jan

2

Jan

9

Jan

16

Jan

23

Jan

30

Feb

6

Feb

13

Feb

20

Feb

27

Mar

6

Solar-Up, 66

Solar-Down, 117

Wind, 231

Biofuels, 263

Efficiency, 55

Alternative Transportation

, 430

S&P 500, 174

0

50

100

150

200

250

300

350

400

450

500

Mar

-12

Aug

-12

Jan-

13

Jun-

13

Nov

-13

Apr

-14

Sep

-14

Feb

-15

Jul-1

5

Dec

-15

May

-16

Oct

-16

Mar

-17

10 March 2017

Renewable Roundup 7

Figure 6: Consensus earnings estimate revision

Source: IBES consensus estimates, Thomson Reuters

Weekly consensus earnings revision 2017 2018 2019

YieldCos

ABY Atlantica Yield PLC -15% -6% 0%

CAFD 8Point3 Energy Partners LP 0% 0% 0%

NEP Nextera Energy Partners LP 0% 0% 0%

NYLD NRG Yield Inc 13% 11% -13%

PEGI Pattern Energy Group Inc -136% 0% 0%

TERP TerraForm Power Inc -40% 0%

GLBL TerraForm Global Inc 8% 14%

Solar developers

AZRE Azure Power Global Ltd 0% 0% 0%

FSLR First Solar Inc 2% 0% 0%

SPWR SunPower Corp 9% 0% 0%

RUN Sunrun Inc 157% 147% 113%

VSLR Vivint Solar Inc 0% 0%

Solar manufacturers

DQ Daqo New Energy Corp 5% -5%

ENPH Enphase Energy Inc 7% 0% 0%

JASO JA Solar Holdings Co Ltd 0% 0%

JKS JinkoSolar Holding Co Ltd -10% 0% 0%

HQCL Hanwha Q Cells Co Ltd 0% 0%

TSL Trina Solar Ltd 0% 0%

SEDG Solaredge Technologies Inc -1% 2%

SOL ReneSola Ltd 0% 0%

YGE Yingli Green Energy Holding Co Ltd 0% 0%

as of 3-9-17

10 M

arc

h 2

017

Ren

ew

ab

le R

ou

nd

up

8

Figure 7: Valuation Comparison Table – Solar & Renewable Exposed YieldCos

Source: Company data, Credit Suisse estimates, Thomson Reuters Datastream, I/B/E/S

Local Pr ice M kt . C ap Price C hange D iv. Earnings Per Share PE M ult ip le EV / EB ITD A N et D eb t /Operat ing M arg in R at ing

A LTER N A TIV E EN ER GY 3 / 9 / 2 0 17 ( U SD m) 3 Y r Y TD 1mo Y ield 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E2 0 18 E EB ITD A 2 0 16 E 2 0 17E2 0 18 E A nalyst & Target

So lar ( PV & Thermal)

AM G Advanced M etallurgical Group NV (AM G NL)24.96 EUR 743.2 247% 69% 40% - 1.13 0.97 1.62 22.0x 25.6x 15.4x 8.9x 8.0x 7.0x 0.0x - - -

Aixtron SE (AIXA DE) 3.39 EUR 402.5 -73% 9% -5% - (0.22) (0.11) 0.00 - - 846.5x nm 91.9x 14.7x -65.9x - - -

Enphase Energy Inc (ENPH US) 1.14 USD 70.6 -87% 13% -27% - (1.04) (0.17) 0.18 - - 6.5x nm nm 4.7x - -2% -1% -1%

E-Ton Solar Tech Co Ltd (3452 TW) 9.80 TWD 247.2 -46% 7% -1% 0.0% - - - - - - - - - - - - -

First Solar Inc (FSLR US) 32.48 USD 3,379.4 -42% 1% 1% - 5.17 0.34 1.09 6.3x 94.2x 29.7x 2.9x 6.5x 4.9x -7.1x -6% 5% - Andrew Hughes U 29.00

GCL-Poly Energy Holdings Ltd (3800 HK) 1.01 HKD 2,417.4 -64% 9% -2% - 0.13 0.13 0.14 7.5x 7.5x 7.1x 6.2x 5.7x 5.3x 4.0x 22% 21% 21%

Gigasolar M aterials Corp (3691 TW) 343.50 TWD 678.0 -43% -10% -3% 5.8% 32.27 29.94 34.57 10.6x 11.5x 9.9x 8.9x 12.5x - 0.8x - - -

Gintech Energy Corp (3514 TW) 18.10 TWD 304.5 -35% -4% -6% 0.0% (4.89) (1.58) (0.96) - - - 27.8x 6.7x 5.7x -1.3x - - -

Green Energy Technology Inc (3519 TW) 17.70 TWD 237.3 -38% 10% -3% 0.0% (0.20) (1.61) - - - - - - - - - - -

JA Solar Holdings Co Ltd (JASO US) 4.72 USD 224.5 -58% -1% 3% - 0.71 (0.34) 0.37 6.6x - 12.7x 3.6x 5.3x 3.8x 2.6x - - -

JinkoSolar Holding Co Ltd (JKS US) 15.08 USD 476.3 -58% -1% 4% - 4.72 2.72 4.06 3.2x 5.5x 3.7x 7.0x 10.3x 7.4x 7.9x - - - M aheep M andloi O 20.00

M anz AG (M 5Z DE) 38.80 EUR 316.7 -42% 17% -1% - (5.76) 1.34 2.29 - 29.1x 16.9x nm 10.8x 7.4x - - - -

M eyer Burger Technology AG (M BTN CH) 0.78 CHF 422.6 -85% 16% 0% - (0.26) (0.04) 0.02 - - 47.1x 40.7x 14.1x 11.3x 10.3x - - - Felix Remmers U 0.98

M otech Industries Inc (6244 TW) 29.10 TWD 461.6 -45% 3% -2% 0.0% (1.86) (1.82) (0.00) - - - 8.7x 13.2x - 1.2x - - -

Neo Solar Power Corp (3576 TW) 15.25 TWD 502.4 -59% 1% -3% 0.0% (3.08) (3.25) - - - - - - - - - - -

ReneSola Ltd (SOL US) 2.26 USD 46.1 -89% -29% -26% - (1.25) (1.86) (1.29) - - - 9.9x 11.5x 11.3x 9.3x - - -

REC Silicon ASA (REC NO) 1.19 NOK 353.3 -75% 4% -9% - (0.50) (0.38) (0.04) - - - nm 6.3x 5.1x 1.4x - - -

REC Solar ASA (RECSOL NO) 107.50 NOK 525.3 -5% 0% 0% - - - - - - - - - - - - - -

Shunfeng Internat ional Clean Energy Ltd (1165 HK)0.71 HKD 394.4 -90% 46% 39% - - - - - - - - - - - - - -

Solaredge Technologies Inc (SEDG US) 13.85 USD 571.5 - 12% 6% - - 1.23 1.19 - 11.2x 11.6x - 5.6x 5.7x -2.5x - - -

Sunrun Inc (RUN US) 5.24 USD 544.0 - -1% -9% - 0.87 0.32 1.12 6.0x 16.5x 4.7x nm nm nm - - - - Andrew Hughes O 12.00

SunPower Corp (SPWR US) 7.23 USD 1,002.5 -79% 9% 4% - (0.19) (0.88) 0.16 - - 45.4x 16.1x 27.4x 9.8x 15.0x - -7% - Andrew Hughes N 8.00

Trina Solar Ltd (TSL US) 11.53 USD 1,066.1 -37% 24% 14% - 1.09 0.46 0.57 10.6x 25.2x 20.3x 6.6x 8.2x 6.5x 3.3x - - -

United Photovoltaics Group Ltd (686 HK) 0.77 HKD 490.2 -44% 5% 8% - - - - - - - - - - - - - -

Vivint Solar Inc (VSLR US) 2.90 USD 319.4 - 14% -5% - (2.11) (1.78) (1.71) - - - nm nm nm - - - - Andrew Hughes N 4.00

Wacker Chemie AG (WCH DE) 103.80 EUR 5,705.2 3% 5% -7% - 3.26 5.30 6.49 31.8x 19.6x 16.0x 5.9x 5.5x 5.2x 0.0x - 8% 9%

Wafer Works Corp (6182 TW) 15.05 TWD 201.2 -13% 5% -14% 0.0% - - - - - - - - - - - - -

Yingli Green Energy Holding Co Ltd (YGE US) 2.27 USD 41.3 -97% -13% -17% - (4.37) (10.01) (5.09) - - - 12.6x 67.9x 15.9x 11.4x - -1% - M aheep M andloi U 2.50

Sector M edian 461.6 -58% 6% -2% 0.0% 7.5x 18.1x 15.4x 8.8x 8.2x 7.0x 2.6x -2% 2% 9%

R enewab le Exposed Y ieldC o

8Point3 Energy Partners LP (CAFD US) 12.56 USD 993.2 - -3% -7% - 1.22 0.75 1.32 10.3x 16.7x 9.5x 39.6x 18.8x 14.6x 3.6x - - - Andrew Hughes U 12.00

Atlant ica Yield PLC (ABY US) 20.65 USD 2,069.5 - 7% -1% - (0.05) 0.76 1.03 - 27.2x 20.0x 9.5x 9.3x 8.7x 6.5x 45% - -

Huaneng Renewables Corp Ltd (958 HK) 2.78 HKD 3,482.3 -23% 10% 12% 1.3% 0.31 0.36 0.41 9.0x 7.7x 6.7x 8.8x 7.7x 6.8x 6.0x 56% 58% 24% Dave Dai O 3.21

Nextera Energy Partners LP (NEP US) 30.59 USD 1,659.1 - 20% -1% - (1.57) 1.47 1.95 - 20.8x 15.7x 11.2x 6.6x 5.6x 4.1x - - - Andrew Hughes O 33.00

NRG Yield Inc (NYLD US) 16.70 USD 3,006.4 - 6% -4% - 1.82 0.97 1.14 9.2x 17.2x 14.7x 12.8x 10.0x 9.3x 6.1x - - -

Pattern Energy Group Inc (PEGI US) 19.85 USD 1,735.1 -29% 5% 0% - (0.22) (0.04) 0.42 - - 47.5x 13.5x 10.9x 9.4x 3.9x - - - Andrew Hughes O 22.00

TerraForm Global Inc (GLBL US) 4.90 USD 855.4 - 24% 7% - (0.16) (0.14) (0.11) - - - 12.3x 11.1x 11.3x 2.8x - - -

TerraForm Power Inc (TERP US) 12.63 USD 1,759.4 - -1% 11% - (0.66) 0.07 0.52 - 189.7x 24.2x 13.2x 13.7x 13.4x 6.6x - - -

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Figure 8: Valuation Comparison Table – Wind & Biofuels

Source: Company data, Credit Suisse estimates, Thomson Reuters Datastream, I/B/E/S

Local Pr ice M kt . C ap Price C hange D iv. Earnings Per Share PE M ult ip le EV / EB ITD A N et D eb t /Operat ing M arg in R at ing

3 / 9 / 2 0 17 ( U SD m) 3 Y r Y TD 1mo Y ield 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E2 0 18 E EB ITD A 2 0 16 E 2 0 17E2 0 18 E A nalyst & Target

W ind

Acciona SA (ANA ES) 73.05 EUR 4,408.2 27% 4% 0% - 2.58 4.32 4.80 28.3x 16.9x 15.2x 8.1x 7.8x 7.4x 4.1x 10% - -

American Superconductor Corp (AM SC US) 5.94 USD 84.5 -73% -19% -10% - (1.85) (1.31) (0.79) - - - nm nm nm - - - -

Broadwind Energy Inc (BWEN US) 6.15 USD 93.3 -43% 52% 29% - 0.02 0.30 0.50 307.5x 20.3x 12.4x 8.6x 4.9x 4.1x -1.2x - - -

China M ing Yang Wind Power Group Ltd (M Y US)An ar gument is miss ing after unar y oper ator '- '. - - -40% 0% 0% - An ar gument is miss ing after unar y oper ator '- '. An ar gument is miss ing after unar y oper ator '- '. An ar gument is miss ing after unar y oper ator '- '. - - - - - - - - - -

China Datang Corp Renewable Power Co Ltd (1798 HK)0.80 HKD 749.3 -51% 13% 13% - 0.04 0.08 0.10 20.5x 9.5x 8.2x 9.6x 7.8x 6.9x 8.3x - - - Dave Dai O 1.06

China Longyuan Power Group Corp Ltd (916 HK)6.80 HKD 7,036.8 -29% 12% 3% 1.2% 0.51 0.61 0.72 13.4x 11.1x 9.4x 9.0x 7.9x 7.1x 5.3x 39% 43% 53% Dave Dai O 7.12

EDP Renovaveis SA (EDPR PT) 6.19 EUR 5,686.9 36% 2% 1% - 0.06 0.21 0.23 103.1x 29.7x 26.8x 8.9x 8.0x 7.5x 2.6x 34% 5% 7%

Energiekontor AG (EKT DE) 16.05 EUR 247.9 263% 6% 4% - 1.55 1.57 1.65 10.4x 10.2x 9.7x 5.9x 6.1x 5.6x 2.9x - - -

Fersa Energias Renovables SA (FRS ES) 0.62 EUR 90.7 -10% 23% -2% - - - - - - - - - - - - - -

Greentech Energy Systems A/S (GES DK) 6.95 DKK 105.1 -46% 5% 7% - - - - - - - - - - - - - -

Xinjiang Goldwind Science & Technology Co Ltd (002202 CN)16.38 CNY 6,127.5 58% -4% 0% 2.9% 1.08 1.32 1.41 15.1x 12.4x 11.6x 12.7x 10.8x 9.5x 3.2x 12% 14% 15%

Hexcel Corp (HXL US) 53.99 USD 4,940.6 20% 5% 6% - 2.58 2.72 3.14 20.9x 19.8x 17.2x 12.3x 11.2x 10.0x 1.3x 18% 19% 20% Robert Spingarn N 52.00

Inf igen Energy Ltd (IFN AU) 0.96 AUD 561.0 355% 6% -7% - 0 0 0 39.0x 25.5x 24.5x 9.7x 9.1x 9.5x 3.6x - - -

Japan Wind Development Co Ltd (2766 JP) 577.00 JPY 80.7 -20% 0% 0% - - - - - - - - - - - - - -

NextEra Energy Inc (NEE US) 128.75 USD 60,201.2 40% 8% 3% - 6.19 6.63 7.10 20.8x 19.4x 18.1x 9.9x 10.6x 10.0x 3.4x - 29% 30%

Nordex SE (NDX1 DE) 13.50 EUR 1,379.8 15% -34% -31% - 1.11 0.84 0.91 12.2x 16.0x 14.9x 5.2x 5.6x 5.3x -2.5x - - -

Pne Wind AG (PNE3 DE) 2.56 EUR 206.5 3% 17% 13% - 0.93 0.15 0.22 2.8x 16.8x 11.8x 3.9x 12.2x 11.6x 2.3x - - -

Suzlon Energy Ltd (SUZLON IN) 17.45 INR 1,313.4 65% 26% 2% - 0.23 0.95 1.38 74.4x 18.3x 12.6x 12.1x 10.2x 9.3x 5.3x - 14% -

Futuren SA (TEONR FR) 0.58 EUR 205.7 -9% 0% 0% - - - - - - - - - - - - - -

Vestas Wind Systems A/S (VWS DK) 519.50 DKK 16,323.3 155% 13% 3% - 32.63 31.85 34.67 15.9x 16.3x 15.0x 6.9x 7.6x 7.3x -1.8x 2% 9% 13% M ark Freshney U 51.10

Sector M edian 1,031.3 15% 6% 2% 2.1% 20.5x 16.9x 14.9x 8.9x 7.9x 7.4x 2.9x 15% 14% 17%

Local Pr ice M kt . C ap Price C hange D iv. Earnings Per Share PE M ult ip le EV / EB ITD A N et D eb t /Operat ing M arg in R at ing

3 / 9 / 2 0 17 ( U SD m) 3 Y r Y TD 1mo Y ield 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E2 0 18 E EB ITD A 2 0 16 E 2 0 17E2 0 18 E A nalyst & Target

B io f uels

Abengoa SA (ABG ES) 0.40 EUR 208.5 -91% -1% -7% - (4.15) (0.02) (0.00) - - - - - - - - - -

AGCO Corp (AGCO US) 59.19 USD 4,702.6 9% 2% -8% - 2.47 2.50 3.16 24.0x 23.7x 18.8x 10.5x 9.7x 9.1x 2.0x 6% 7% 10% Jamie Cook N 60.00

Amyris Inc (AM RS US) 0.51 USD 138.5 -89% -31% 0% - (0.37) (0.25) (0.27) - - - nm nm nm - - - -

BioAmber Inc (BIOA US) 3.28 USD 112.5 -78% -40% -8% - (0.71) (0.43) (0.26) - - - nm nm 23.4x - - - -

Ceres Inc () 0.40 USD 11.0 -95% 0% 0% - - - - - - - - - - - - - -

CropEnergies AG (CE2 DE) 8.89 EUR 817.5 69% 74% 26% - 0.73 0.57 0.62 12.2x 15.5x 14.4x 6.0x 6.7x 6.2x 0.3x - - -

Gevo Inc (GEVO US) 0.97 USD 14.5 -100% -72% -64% - (14.88) (1.80) (1.28) - - - nm nm nm - - - -

Green Plains Inc (GPRE US) 22.20 USD 847.6 -20% -20% -14% - 0.28 1.60 1.89 79.3x 13.9x 11.7x 10.1x 6.1x 5.6x 2.8x 3% 5% 4% Edward West lake O 31.00

Novozymes A/S (NZYM B DK) 268.20 DKK 9,747.5 9% 10% -4% - 10.06 10.68 11.44 26.7x 25.1x 23.4x 14.0x 13.5x 12.9x 0.2x 28% 28% 28% Mathew Hampshire-Waugh O 300.00

REX American Resources Corp (REX US) 77.25 USD 508.5 50% -22% -11% - - - - - - - - - - - - - -

Sampoerna Agro Tbk PT (SGRO ID) 2040.00 IDR 288.9 1% 7% 1% 1.2% 133.62 161.21 194.31 15.3x 12.7x 10.5x 9.7x 7.6x 6.8x 4.1x 0% 17% 18%

Sao M art inho SA (SM TO3 BR) 18.81 BRL 2,165.1 97% -4% -3% - 1.17 1.84 2.29 16.1x 10.2x 8.2x 6.5x 5.0x 4.6x 1.6x - - - Victor Saragiotto R -

Sime Darby Bhd (SIM E M Y) 9.10 MYR 13,901.1 -2% 12% 1% 3.0% 0.36 0.37 0.41 25.0x 24.6x 22.1x 14.5x 14.1x 12.8x 2.3x 7% 7% 8% Tingmin Tan R -

TerraVia Holdings Inc (TVIA US) 0.86 USD 77.2 -94% -26% -5% - (0.94) (0.86) (0.67) - - - - - - - - - -

UPM -Kymmene Oyj (UPM FI) 22.87 EUR 12,864.4 78% -2% 3% - 1.65 1.62 1.62 13.9x 14.1x 14.2x 8.4x 8.3x 8.3x 0.8x 12% 11% 10% Lars Kjellberg N 21.25

Verbio Vereinigte Bioenergie AG (VBK DE) 13.25 EUR 879.7 663% 83% 25% - 0.81 0.72 - 16.4x 18.5x - 8.5x 8.6x - -0.8x - - -

Sector M edian 663.0 0% -2% -4% 2.1% 16.4x 15.5x 14.3x 9.7x 8.3x 8.3x 1.6x 7% 9% 10%

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Figure 9: Valuation Comparison Table - Other

Source: Company data, Credit Suisse estimates, Thomson Reuters Datastream, I/B/E/S

Local Pr ice M kt . C ap Price C hange D iv. Earnings Per Share PE M ult ip le EV / EB ITD A N et D eb t /Operat ing M arg in R at ing

3 / 9 / 2 0 17 ( U SD m) 3 Y r Y TD 1mo Y ield 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E2 0 18 E EB ITD A 2 0 16 E 2 0 17E2 0 18 E A nalyst & Target

Hydrogen, Fuel C ells and N at ural Gas V ehicles

Ballard Power Systems Inc (BLDP US) 2.00 USD 349.7 -62% 21% 6% - (0.13) (0.05) (0.01) - - - nm nm 48.1x - - - -

Ceres Power Holdings PLC (CWR GB) 0.09 GBP 109.4 37% 27% 2% - (0.01) (0.01) - - - - nm nm - - - - -

Clean Energy Fuels Corp (CLNE US) 2.57 USD 384.4 -73% -10% 1% - (0.10) (0.45) (0.43) - - - 7.2x 61.2x 20.7x 20.3x - - -

Fuel Systems Solut ions Inc (FSYS US) An ar gument is miss ing after unar y oper ator '- '. - - -58% 0% 0% - An ar gument is miss ing after unar y oper ator '- '. An ar gument is miss ing after unar y oper ator '- '. An ar gument is miss ing after unar y oper ator '- '. - - - - - - - - - -

ITM Power PLC (ITM GB) 0.17 GBP 52.6 -49% -24% -3% - (0.02) (0.01) - - - - nm nm - - - - -

Landi Renzo SpA (LR IT) 0.48 EUR 56.9 -66% 39% -4% - (0.12) (0.06) (0.02) - - - 69.6x 17.2x 10.2x 30.1x - - -

Plug Power Inc (PLUG US) 0.95 USD 181.3 -89% -21% 12% - (0.29) (0.22) (0.11) - - - nm nm 204.2x - - - -

Sector M edian 109.4 -64% -5% 0% # NUM ! 38.4x 39.2x 21.5x 25.2x # # # # # # # # #

Ef f iciency, D emand R esponse, and Smart Grid

Ameresco Inc (AM RC US) 5.80 USD 263.3 -43% 5% 17% - 0.26 0.35 0.47 22.3x 16.7x 12.3x 8.4x 7.3x 6.0x 2.5x - - -

Badger M eter Inc (BM I US) 34.60 USD 1,007.3 27% -6% -4% - 1.11 1.23 1.38 31.2x 28.1x 25.0x 15.5x 14.7x 12.8x 0.4x - - -

Cree Inc (CREE US) 26.74 USD 2,604.6 -55% 1% 4% - 0.73 0.65 0.80 36.7x 40.9x 33.3x 10.0x 9.7x 8.0x -2.1x - - -

EnerNOC Inc (ENOC US) 5.30 USD 163.8 -75% -12% -12% - (1.83) (2.50) (1.55) - - - nm nm nm - - - -

ESCO Technologies Inc (ESE US) 53.60 USD 1,378.8 47% -5% -1% - 2.06 2.32 2.57 26.0x 23.1x 20.9x 14.1x 11.9x - 1.0x - - -

It ron Inc (ITRI US) 59.60 USD 2,284.3 68% -5% -6% - 2.54 2.97 3.61 23.5x 20.1x 16.5x 11.9x 10.3x 8.8x 0.7x - - -

Rubicon Technology Inc (RBCN US) 0.56 USD 14.9 -96% -8% 5% - - - - - - - - - - - - - -

Schneider Electric SE (SU FR) 64.51 EUR 40,229.5 0% -2% -4% - 3.77 3.90 4.29 17.1x 16.6x 15.0x 11.0x 10.4x 9.7x 1.1x 13% 14% 15% Andre Kukhnin O 73.00

Silver Spring Networks Inc (SSNI US) 11.24 USD 583.3 -34% -16% -14% - 0.24 0.19 0.36 46.8x 60.4x 31.1x 22.2x 22.1x 13.3x -5.6x - - -

Veeco Instruments Inc (VECO US) 28.55 USD 1,159.0 -30% -2% 15% - (0.29) 0.75 1.00 - 37.9x 28.6x 193.0x 14.2x 11.0x -6.0x - - -

Sector M edian 1,007.3 -34% -5% -1% # NUM ! 24.7x 23.1x 20.9x 11.9x 10.4x 9.7x 0.7x 12% 12% 15%

Energy St o rage & Elect r ic V ehicles

AeroVironment Inc (AVAV US) 27.11 USD 634.1 -25% 1% 4% - 0.27 0.40 0.61 99.7x 68.5x 44.6x 31.2x 21.8x 15.7x -14.7x - - -

BYD Co Ltd (1211 HK) 44.75 HKD 18,434.3 -18% 10% -2% 0.7% 2.11 2.22 2.71 21.2x 20.1x 16.5x 11.9x 11.1x 9.7x 2.7x 5% 8% 8% Bin Wang O 68.11

Electrovaya Inc (EFL CA) 2.20 CAD 143.0 91% 3% -21% - (0.12) (0.02) - - - - nm 512.6x - - - - -

EnerSys (ENS US) 76.00 USD 3,297.3 3% -3% -3% - 4.49 4.95 5.33 16.9x 15.3x 14.2x 10.1x 9.2x 8.6x 0.5x - - -

GS Yuasa Corp (6674 JP) 540.00 JPY 1,953.6 -7% 11% 15% 1.9% 27.65 32.75 37.30 19.5x 16.5x 14.5x 7.3x 6.9x 6.5x 1.4x 6% 6% 7% Koji Takahashi N 450.00

M axwell Technologies Inc (M XWL US) 5.13 USD 165.5 -66% 0% 4% - (1) (1) (0) - - - nm nm 45.3x - - - -

NGK Insulators Ltd (5333 JP) 2448.00 JPY 7,014.2 11% 8% 3% 1.6% 127.48 147.43 175.36 19.2x 16.6x 14.0x 8.1x 7.8x 7.1x -0.2x 17% 17% 18%

Nippon Denko Co Ltd (5563 JP) 343.00 JPY 440.3 17% 43% 8% 1.5% (0.80) - - - - - - - - - 3% - -

SM A Solar Technology AG (S92 DE) 27.49 EUR 1,005.3 -41% 9% 20% - 1.01 0.22 0.81 27.3x 124.8x 33.8x 4.4x 7.2x 5.4x -2.7x - - -

Tesla Inc (TSLA US) 244.90 USD 39,593.1 -1% 15% -9% - (2.87) (0.99) 2.45 - - 99.8x 70.6x 40.7x 21.7x 3.4x -1% 0% 0%

UQM Technologies Inc (UQM US) 0.47 USD 22.8 -78% 9% 2% - (0.16) (0.12) (0.03) - - - nm nm nm - - - -

Sector M edian 1,479.4 -4% 9% 3% 1.6% 19.5x 16.6x 15.5x 9.1x 9.2x 8.6x 0.3x 6% 7% 7%

Geot hermal, T idal, W at er & Hydro

Brookf ield Renewable Partners LP (BEP.UN CA)38.50 CAD 4,752.7 21% -3% 0% - 0.64 0.31 0.74 60.3x 123.7x 51.7x 16.2x 13.9x 13.3x 5.8x - - - Andrew M . Kuske N 33.77

Contact Energy Ltd (CEN NZ) 4.89 NZD 2,418.8 2% 5% 2% 6.0% 0.22 0.24 0.25 21.9x 20.4x 19.2x 9.4x 9.3x 9.2x 3.0x - - - Nevill Gluyas O 5.88

Energy Recovery Inc (ERII US) 8.10 USD 424.1 35% -22% -17% - 0.02 0.68 0.20 405.0x 11.9x 41.3x 81.3x 6.5x 16.8x -2.0x - - -

Ormat Technologies Inc (ORA US) 56.78 USD 2,820.1 97% 6% 4% - 2.19 2.33 2.63 25.9x 24.4x 21.6x 11.2x 10.6x 9.7x 2.1x - - -

US Geothermal Inc (GTH CA) 0.87 CAD 79.7 64% 0% 0% - 0.08 0.08 - 11.0x 11.0x - - - - 5.5x - - -

Sector M edian 2,418.8 35% 0% 0% 6.0% 25.9x 20.4x 31.4x 13.7x 9.9x 11.5x 3.0x # NUM! # NUM!

10 March 2017

Renewable Roundup 11

Companies Mentioned (Price as of 09-Mar-2017) 8Point3 Energy Partners (CAFD.OQ, $12.56) AGCO Corp (AGCO.N, $59.19) AIXTRON (AIXGn.DE, €3.386) AMG Metal (AMG.AS, €24.96) Abengoa (ABG.MC, €0.397) Acciona SA (ANA.MC, €73.05) AeroVironment (AVAV.OQ, $27.11) Amer Superconduc (AMSC.OQ, $5.94) Ameresco (AMRC.N, $5.8) Amyris (AMRS.OQ, $0.5057) Atlantica Yield (ABY.OQ, $20.65) BYD Co Ltd (1211.HK, HK$44.75) Badger Meter (BMI.N, $34.6) Ballard Power (BLDP.OQ, $1.995) BioAmber Inc. (BIOA.N, $3.28) Broadwind Energy (BWEN.OQ, $6.15) Brookfield Renewable Partners (BEP_u.TO, C$38.5) Canadian Solar Inc (CSIQ.OQ, $13.28) Ceres Power Hldg (CWR.L, 8.915p) China Datang Renewables Power (1798.HK, HK$0.8) Clean Enrgy Fuel (CLNE.OQ, $2.57) Contact Energy (CEN.NZ, NZ$4.89) Cree (CREE.OQ, $26.74) CropEnergies (CE2G.DE, €8.89) E-Ton Solar (3452.TWO, NT$9.8) EDP Renováveis (EDPR.LS, €6.186) Echelon (ELON.OQ, $5.82) Electrovaya (EFL.TO, C$2.2) EnerNOC (ENOC.OQ, $5.3) EnerSys (ENS.N, $76.0) Energiekontor (EKTG.F, €16.13) Energy Recovery Inc. (ERII.OQ, $8.1) Enphase Energy (ENPH.OQ, $1.14) Esco Tech (ESE.N, $53.6) Fersa (FRS.MC, €0.615) First Solar (FSLR.OQ, $32.48) GCL-Poly Energy Holdings Limited (3800.HK, HK$1.01) GS Yuasa Corp (6674.T, ¥540) Gamesa (GAM.MC, €21.525) Gevo (GEVO.OQ, $0.9735) Gigasolar (3691.TWO, NT$343.5) Gintech Energy Corporation (3514.TW, NT$18.1) Green Ene Tech (3519.TW, NT$17.7) Green Plains (GPRE.OQ, $22.2) Greentech Energy (G3E.CO, Dkr6.95) Hanwha Q Cells (HQCL.OQ, $7.78) Hexcel Corporation (HXL.N, $53.99) Huaneng Renewables Corporation (0958.HK, HK$2.78) ITM Power (ITM.L, 17.25p) Infigen Energy (IFN.AX, A$0.955) Itron (ITRI.OQ, $59.6) JA Solar Holdings (JASO.OQ, $4.72) Jinko Solar (JKS.N, $15.08) LG Chem Ltd. (051910.KS, W269,500) Landi Renzo (LR.MI, €0.48) Longyuan Power (0916.HK, HK$6.8) Manz Automation (M5ZG.DE, €38.8) Maxwell Tech (MXWL.OQ, $5.13) Meyer Burger (MBTN.S, SFr0.78) Motech Industries (6244.TWO, NT$29.1) NGK Insulators (5333.NG, ¥2,465) NRG Yield (NYLD.N, $16.7) NSP (3576.TW, NT$15.25) NextEra Energy Inc. (NEE.N, $128.75) NextEra Energy Partners (NEP.N, $30.59) Nippon Denko (5563.T, ¥343) Nordex (NDXG.DE, €13.5) Novozymes (NZYMb.CO, Dkr268.2) Ormat Tech (ORA.N, $56.78) Pattern Energy (PEGI.OQ, $19.85) Plug Power (PLUG.OQ, $0.95) Pne Wind (PNEGn.DE, €2.559) ReneSola Ltd (SOL.N, $2.27) Renewable Energy (REC.OL, Nkr1.187) Rex American (REX.N, $77.25) Rubicon Tech (RBCN.OQ, $0.5801) SFCE (1165.HK, HK$0.71) SMA Solar (S92G.DE, €27.49) Sampoerna Agro (SGRO.JK, Rp2,040) Sao Martinho (SMTO3.SA, R$18.81) Schneider Electric (SCHN.PA, €64.51) SemiLEDs (LEDS.OQ, $2.84) Siemens (SIEGn.DE, €124.05) Silver Spring Networks (SSNI.N, $11.24) Sime Darby (SIME.KL, RM9.1) Solaredge Tech (SEDG.OQ, $13.85)

10 March 2017

Renewable Roundup 12

SunPower Corp. (SPWR.OQ, $7.23) Sunrun (RUN.OQ, $5.24) Suzlon Energy (SUZL.NS, Rs17.45) TerraVia Holdings (TVIA.OQ, $0.8562) Terraform Global (GLBL.OQ, $4.9) Terraform Power (TERP.OQ, $12.63) Tesla Motors Inc. (TSLA.OQ, $244.9) Trina Solar Ltd (TSL.N, $11.53) UPM-Kymmene (UPM1V.HE, €22.87) UQM Tech (UQM.A, $0.45) United PV (0686.HK, HK$0.77) Veeco Instrument (VECO.OQ, $28.55) Verbio (VBKG.DE, €13.25) Vestas (VWS.CO, Dkr519.5) Vivint Solar, Inc. (VSLR.N, $2.9) Wacker Chemie (WCHG.DE, €103.8) Wafer Works Corp (6182.TWO, NT$15.05) Xinjiang Goldwind Science & Technology Co., Ltd. (002202.SZ, Rmb16.38) Yingli Green Energy Holding (YGE.N, $2.27)

Disclosure Appendix

Analyst Certification Andrew Hughes and Maheep Mandloi each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities

As of December 10, 2012 Analysts’ stock rating are defined as follows: Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark* over the next 12 months. Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ra tings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin Ame rican and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, the expected total return (ETR) calculation includes 1 2-month rolling dividend yield. An Outperform rating is assigned where an ETR is greater than or equal to 7.5%; Underperform where an ETR less than or equal to 5%. A Neutral may be assigned where the ETR is between -5% and 15%. The overlapping rating range allows analysts to assign a rating that puts ETR in the context of associated risks. Prior to 18 May 2015, ETR ranges for Outperform and Underperform ratings did not overlap with Neutral thresholds between 15% and 7.5%, wh ich was in operation from 7 July 2011. Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Not Rated (NR) : Credit Suisse Equity Research does not have an investment rating or view on the stock or any other securities related to the company at this time. Not Covered (NC) : Credit Suisse Equity Research does not provide ongoing coverage of the company or offer an investment rating or investment view on the equity security of the company or related products.

Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward.

Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation: Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months. Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months. *An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.

Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings Distribution

Rating Versus universe (%) Of which banking clients (%) Outperform/Buy* 44% (64% banking clients) Neutral/Hold* 39% (60% banking clients) Underperform/Sell* 14% (52% banking clients) Restricted 2% *For purposes of the NYSE and FINRA ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, a nd Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.

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Important Global Disclosures Credit Suisse’s research reports are made available to clients through our proprietary research portal on CS PLUS. Credit Suisse research products may also be made available through third-party vendors or alternate electronic means as a convenience. Certain research products are only made available through CS PLUS. The services provided by Credit Suisse’s analysts to clients may depend on a specific client’s preferences regarding the frequency and manner of receiving communications, the client’s risk profile and investment, the size and scope of the overall client relationship with the Firm, as well as legal and regulatory constraints. To access all of Credit Suisse’s research that you are entitled to receive in the most timely manner, please contact your sales representative or go to https://plus.credit-suisse.com . Credit Suisse’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research views or opinions stated herein. Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: https://www.credit-suisse.com/sites/disclaimers-ib/en/managing-conflicts.html . Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties. See the Companies Mentioned section for full company names The subject company (PEGI.OQ, TERP.OQ, GPRE.OQ, MBTN.S, 1798.HK, ABY.OQ, NEE.N, BEP_u.TO, 002202.SZ, CEN.NZ, CAFD.OQ, JKS.N, 6674.T, NYLD.N, SMTO3.SA, SCHN.PA, SIEGn.DE, SPWR.OQ, HXL.N, CSIQ.OQ, UPM1V.HE, TSLA.OQ, YGE.N, JASO.OQ, VSLR.N, NEP.N, 0958.HK, RUN.OQ, WCHG.DE, FSLR.OQ, 0916.HK, GLBL.OQ, SOL.N, SIME.KL) currently is, or was during the 12-month period preceding the date of distribution of this report, a client of Credit Suisse. Credit Suisse provided investment banking services to the subject company (GPRE.OQ, MBTN.S, 1798.HK, NEE.N, BEP_u.TO, CEN.NZ, JKS.N, NYLD.N, SCHN.PA, SPWR.OQ, CSIQ.OQ, TSLA.OQ, YGE.N, VSLR.N, NEP.N, 0958.HK, RUN.OQ) within the past 12 months. Credit Suisse provided non-investment banking services to the subject company (NEP.N) within the past 12 months Credit Suisse has managed or co-managed a public offering of securities for the subject company (MBTN.S, 1798.HK, NEE.N, NYLD.N, SCHN.PA, SPWR.OQ, TSLA.OQ, VSLR.N) within the past 12 months. Credit Suisse has received investment banking related compensation from the subject company (GPRE.OQ, MBTN.S, 1798.HK, NEE.N, BEP_u.TO, CEN.NZ, JKS.N, NYLD.N, SCHN.PA, SPWR.OQ, CSIQ.OQ, TSLA.OQ, YGE.N, VSLR.N, NEP.N, 0958.HK, RUN.OQ) within the past 12 months Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (PEGI.OQ, TERP.OQ, GPRE.OQ, MBTN.S, 1798.HK, ABY.OQ, NEE.N, BEP_u.TO, 002202.SZ, CEN.NZ, CAFD.OQ, JKS.N, NYLD.N, AGCO.N, SMTO3.SA, 1211.HK, SCHN.PA, SIEGn.DE, SPWR.OQ, HXL.N, CSIQ.OQ, UPM1V.HE, TSLA.OQ, YGE.N, JASO.OQ, VSLR.N, NEP.N, 0958.HK, RUN.OQ, WCHG.DE, FSLR.OQ, 0916.HK, GLBL.OQ, SOL.N, SIME.KL) within the next 3 months. Credit Suisse has received compensation for products and services other than investment banking services from the subject company (NEP.N) within the past 12 months As of the date of this report, Credit Suisse makes a market in the following subject companies (FSLR.OQ). Credit Suisse may have interest in (SIME.KL) Please visit https://credit-suisse.com/in/researchdisclosure for additional disclosures mandated vide Securities And Exchange Board of India (Research Analysts) Regulations, 2014 Credit Suisse may have interest in (SUZL.NS) As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (TERP.OQ, ABY.OQ, CSIQ.OQ, RUN.OQ). As of the end of the preceding month, Credit Suisse beneficially own between 1-3% of a class of common equity securities of (MBTN.S). Credit Suisse beneficially holds >0.5% long position of the total issued share capital of the subject company (RUN.OQ). Credit Suisse has a material conflict of interest with the subject company (NEE.N) . Credit Suisse Securities (USA) LLC is serving as lead financial advisors to NextEra Energy. Credit Suisse has a material conflict of interest with the subject company (TSLA.OQ) . Credit Suisse is acting as financial advisor to SolarCity Corporation (SQTY.OQ) on their sale to Tesla Motors Inc (TSLA.OQ). Credit Suisse has a material conflict of interest with the subject company (SIME.KL) . Credit Suisse is Financial Advisor to Sime Darby in relation to its acquisition of Saizen REIT and injection of their Australian industrial assets via an RTO, and Issue Manager to the Enlarged Group (Saizen REIT following the Proposed Acquisition closing), in addition to being one of the placement agents for the compliance placement.

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Important Regional Disclosures Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report. The analyst(s) involved in the preparation of this report may participate in events hosted by the subject company, including site visits. Credit Suisse does not accept or permit analysts to accept payment or reimbursement for travel expenses associated with these events. Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS--Subordinate Voting Shares. Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report. For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit https://www.credit-suisse.com/sites/disclaimers-ib/en/canada-research-policy.html. The following disclosed European company/ies have estimates that comply with IFRS: (SCHN.PA, SIEGn.DE, UPM1V.HE).

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Credit Suisse has acted as lead manager or syndicate member in a public offering of securities for the subject company (TERP.OQ, GPRE.OQ, MBTN.S, 1798.HK, NEE.N, BEP_u.TO, NYLD.N, SCHN.PA, SPWR.OQ, TSLA.OQ, VSLR.N, NEP.N, 0958.HK, RUN.OQ, WCHG.DE, GLBL.OQ) within the past 3 years. Principal is not guaranteed in the case of equities because equity prices are variable. Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that. Credit Suisse has entered into a strategic partnership with First NZ Capital ("FNZC"). Pursuant to this agreement, (CEN.NZ) is jointly covered by Credit Suisse and First NZ Capital. This research report is authored by: Credit Suisse Securities (USA) LLC ................................................................................................................... Andrew Hughes ; Maheep Mandloi

For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at https://rave.credit-suisse.com/disclosures or call +1 (877) 291-2683.

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