Lincoln Crowne & Company wrap up on weekly activity in the Australasian Wind & Solar Energy markets. Edition 9 dated 30 October 2015

1. Australian Wind and Solar
WEEKLY Ed. 9 | 30 October 2015 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to
be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty,
guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or
recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This
report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for
actions made.
Page 1 / 2
M&A Rumour and Activity
The Australian market finished the week 2.23% lower with the S&P / ASX100 ending at 4358 points in a week of interest rate speculation, as
unusually weak inflation numbers increased the odds that the Reserve Bank of Australia will cut rates by the end of the year while the US Federal
Reserve has signaled that it may raise rates in December 2015. The Australian dollar decreased 1.11% for the week to end at US71.34 cents, as the
US Dollar strengthened following increased speculation that the US Federal Reserve will raise interest rates by the end of the year.
Infigen Energy (ASX:IFN) has completed the sale of its US wind energy business to a portfolio company affiliated with ArcLight Capital Partners for
US$274.4 million. Following the sale, IFN is now a solely Australia-focused renewable energy company, while ArcLight Capital Partners will leverage
on the Infigen assets as a platform for further renewable energy acquisitions.
Global news
Thai-listed property developer Nusasiri plc (NUSA) is planning to diversify into renewable energy business by acquiring a 1.17% stake in Wind
Energy Holding (WEH) with total investment of not exceeding 700 million baht ($27.7 million). NUSA’s said that this was a good opportunity for the
company to invest in the rapidly-growing renewable energy industry, diversify revenue to lower risks and drive long-term growth. WEH is expected
to launch an IPO in the first quarter of 2016.
The Stock Exchange of Thailand had warned shareholders of Thai utility company Superblock PCL (SET:SUPER) about possible issues with SUPER’s
proposed investment of US$407 million in 5 solar energy companies, after independent financial advisor Sage Capital expressed concern about the
acquisitions. SUPER’s shareholders approved the transaction during the EGM on 30 October 2015.
News Headlines and Key Sector Developments
WindLab Limited will partner with Eurus Energy Holdings Corporation in a 50:50 venture to build the Kennedy Energy Park Plan, which will be the
first large-scale hybrid solar and wind plan in Australia. The $140 million first stage of the project will see 6 wind turbines (c.20MW) and 64,000
solar panels (c.20MW) constructed, with a goal to expand up to an aggregate of 1,200MW capacity.
Dong Energy A/S is planning to build an 87 turbine 660MW offshore wind farm in the UK, which will be the world’s largest offshore wind farm.
Thai property developer Sena Development PCL (SET:SENA) said that it aims to boost solar power capacity to 100MW over the next three years as
the Thai government aims to raise solar power capacity to 6,000MW by 2036 from 1,570 in 2014.
Ticker News/Event Ticker News/Event
NYSE:SOL Mr. Daniel Lee's has resigned as ReneSola Ltd’s CFO NYSE:TSL Trina Solar Limited announced that it signed a 5-year strategic
cooperation agreement with CITIC, which will include credit facilities of
up to RMB10b
Source: Capital IQ, Company Announcements, LCC research

2. Australian Wind and Solar
WEEKLY Ed. 9 | 30 October 2015 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to
be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty,
guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or
recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This
report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for
actions made.
Page 2 / 2
Market Cap Week High Week Low Weekly Volume EV/ EV/
Ticker Company Name Australian Activities (AUD Million) (AUD) (AUD) % Change Trend EBITDA EBIT
ASX:AGL AGL Energy Limited Wind PD, O, OP; Solar R, C, PD, O, OP 11,288 16.86 16.18 ▲ 1.4% 12.0x 17.3x
ASX:APA APA Group Wind O, OP 10,252 9.38 9.08 ▼ -1.4% 22.4x 29.5x
ASX:CSR CSR Limited Solar R, C 1,402 2.90 2.70 ▼ -3.5% 5.1x 7.1x
ASX:IFN Infigen Energy Wind PD, O, OP; Solar PD 290 0.38 0.34 ▲ 8.7% 13.5x 39.0x
ASX:ORG Origin Energy Limited Wind O, OP; Solar R, C 7,979 6.09 5.38 ▼ -9.5% 15.4x 24.9x
ASX:RFX RedFlow Limited Battery OEM 79 0.25 0.23 ▼ -6.0% NM NM
ASX:TSE Transfield Services Limited Wind OP, I 515 1.11 0.99 ▼ -6.9% 4.0x 6.0x
BSE:500530 Bosch Ltd Battery OEM 13,764 468.80 437.07 ▼ -5.5% 36.3x 49.5x
BSE:532667 Suzlon Energy Limited Wind OEM, DB 2,587 0.54 0.49 ▲ 6.1% 27.3x 69.9x
CATS:ABG Abengoa SA CST OEM, PD, DB 1,259 1.80 1.66 ▼ -1.7% 7.8x 11.3x
CATS:ANA Acciona, S.A. Wind OEM, PD, DB, O, OP 6,730 118.39 113.46 ▲ 3.0% 9.5x 14.1x
CATS:ENO Elecnor SA Wind PD, DB; Solar PD, DB 1,049 12.75 11.89 ▼ -1.8% 11.4x 17.4x
CATS:GAM Gamesa Corporación Wind OEM 6,140 22.37 20.91 ▲ 4.4% 13.2x 16.8x
CATS:GAS Gas Natural SDG SA Wind D 30,485 30.90 29.90 ▲ 0.6% 9.6x 15.7x
CATS:SAN Banco Santander, S.A. Wind PD 112,842 8.09 7.76 ▼ -1.5% NM NM
CPSE:VWS Vestas Wind Systems A/S Wind OEM, DB 18,087 83.11 79.87 ▲ 2.5% 12.1x 15.2x
DB:SIE Siemens Aktiengesellschaft Wind OEM, DB 117,916 142.29 136.11 ▲ 3.1% 10.0x 13.1x
ENXTPA:ALO Alstom SA Wind OEM, DB 14,234 46.08 43.71 ▲ 4.7% 37.7x 53.7x
ENXTPA:AREVA AREVA SA CST OEM, PD, DB 3,841 10.35 9.76 ▲ 1.6% NM NM
ENXTPA:ENGI ENGIE SA Wind O, OP 58,950 25.08 24.20 ▼ 0.0% 6.4x 11.3x
KLSE:MALAKOF Malakoff Corporation Berhad Wind I 2,789 0.59 0.56 ▼ -3.2% 8.8x 15.7x
KOSE:A005930 Samsung Electronics Co. Ltd. Battery OEM 246,832 1720.40 1551.13 ▲ 6.5% 3.8x 6.9x
KOSE:A051910 LG Chem, Ltd. Battery OEM 24,666 398.23 354.62 ▲ 2.3% 8.1x 14.5x
LSE:JLG John Laing Group plc Wind I 1,518 4.18 4.03 ▲ 0.6% 5.0x 5.1x
NasdaqGM:ENPH Enphase Energy, Inc. Solar Inverter OEM 225 5.86 4.71 ▼ -7.1% 19.3x NM
NasdaqGS:CSIQ Canadian Solar Inc. Solar Panel OEM, R, C, PD 1,710 31.35 28.37 ▲ 0.9% 4.9x 5.9x
NasdaqGS:CSUN China Sunergy Co. Ltd. Solar Panel OEM 25 1.92 1.61 ▼ -8.8% NM NM
NasdaqGS:FSLR First Solar, Inc. Solar Panel OEM, DB 8,073 81.90 67.33 ▲ 13.9% 5.0x 7.2x
NasdaqGS:HQCL Hanwha Q CELLS Co., Ltd. Solar Panel OEM 2,019 25.56 22.98 ▲ 2.0% 22.9x 187.6x
NasdaqGS:SPWR SunPower Corporation Solar Panel OEM, R, C, DB 5,139 39.38 32.54 ▲ 8.3% 15.8x 29.9x
NasdaqGS:TSLA Tesla Motors, Inc. Battery OEM 37,646 301.89 285.78 ▼ -0.4% NM NM
NYSE:DQ Daqo New Energy Corp. Solar Panel OEM 246 23.65 22.11 ▲ 1.0% 7.5x 16.5x
NYSE:GE General Electric Company Wind OEM, DB, I 409,266 41.49 40.51 ▼ -0.3% 24.6x 32.6x
NYSE:JKS JinkoSolar Holding Co., Ltd. Solar Panel OEM 1,132 37.37 34.28 ▼ -1.7% 10.6x 16.0x
NYSE:SOL ReneSola Ltd. Solar Panel OEM 189 1.97 1.79 ▼ -4.1% 9.1x NM
NYSE:SUNE SunEdison, Inc. Solar R, C, PD 3,224 12.29 9.52 ▼ -6.0% NM NM
NYSE:TSL Trina Solar Limited Solar Panel OEM 1,316 15.01 13.60 ▼ -3.1% 7.1x 11.7x
NYSE:YGE Yingli Green Energy Co. Ltd. Solar Panel OEM 180 1.14 0.95 ▼ -8.1% 11.5x NM
NZSE:MEL Meridian Energy Limited Wind PD, O, OP 5,388 2.15 2.09 ▼ -0.3% 11.2x 17.7x
NZSE:TPW TrustPower Limited Wind PD, O, OP 2,313 7.46 7.22 ▲ 0.5% 11.2x 15.8x
SEHK:1088 China Shenhua Energy Co Wind I 63,238 2.48 2.34 ▼ -4.0% 5.9x 8.5x
SEHK:1165 Shunfeng International Limited Solar Panel OEM 1,751 0.51 0.41 ▼ -10.2% 24.0x NM
SEHK:1211 BYD Company Ltd. Battery OEM 21,673 9.06 8.40 ▲ 3.7% 22.2x 66.4x
SEHK:2 CLP Holdings Ltd. Wind PD, O, OP 30,842 12.56 12.16 ▼ -0.8% 10.4x 14.9x
SEHK:579 Beijing Jingneng Clean Energy Wind O, OP 3,355 0.53 0.49 ▼ -4.3% 8.2x 14.3x
SET:RATCH Ratchaburi Electricity PCL Wind PD, I; Solar PD, I 3,026 2.16 2.09 ▼ -1.9% 29.5x 51.3x
SWX:ABBN ABB Ltd. Solar Inverter OEM, DB 58,756 26.63 25.32 ▲ 4.3% 8.4x 10.8x
SZSE:002202 Xinjiang GoldWind S&T Co Wind OEM, DB, OP, I 9,099 3.73 3.34 ▼ -0.4% 12.1x 14.2x
SZSE:300118 Risen Energy Co.,Ltd. Solar Panel OEM 1,929 3.07 2.79 ▲ 0.5% 14.1x 17.7x
TSE:6758 Sony Corporation Battery OEM 50,941 41.03 39.09 ▲ 1.1% 6.3x 11.0x
TSE:8002 Marubeni Corporation Wind I 14,148 8.27 7.85 ▲ 2.2% 10.9x 16.2x
TSE:8015 Toyota Tsusho Corp. Wind I 11,364 32.93 31.43 ▲ 1.9% 8.7x 14.8x
TSE:8031 Mitsui & Co. Ltd. Wind PD, O, OP 32,051 18.09 17.40 ▲ 1.3% 9.8x 16.6x
XTRA:S92 SMA Solar Technology AG Solar Inverter OEM 2,354 68.22 63.93 ▲ 3.7% NM NM
C o des
PD Project Development DB Design & Build
O Owner OEM Original Equipment M anufacturer
OP Operator R Residential Solutions
I Investor C Commercial Solutions
Source: Capital IQ, LCC research