REC Presentation Slide Deck 2016 PDF

REC
PRESENTATION
Introduction to REC Solar
REC Solar Pte Ltd

June 2016
Our Vision:
We want every person to benefit from electricity directly
from the sun.
2 © 2013 REC All rights reserved. Confidential
Solar market
fundamentals

The world needs more energy
Supply of different energy sources
Exajoule
2,500
Nuclear
2,000
Renewables
1,500
1,000
Natural Gas
500
Oil
0 Coal
1990 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100
Solar generation costs predicted
to be 0.02-0.04 €/kWh
(Source: Fraunhofer, Agora)
Source: The Intergovernmental Panel on Climate Change (IPCC), SRES (Special Report on Emission Scenarios), Alt. 1
Definition: exajoule (EJ) is a unit of energy, 1018 joules, often used as unit of measure for world annual energy use
The steadily growing potential for solar
 The sun alone can be more than enough to
power everything and every one
Equivalent stock of energy source

Solar power
– The primary energy consumption globally
Uranium
in 2013 was 0.015% of the yearly energy
received from the sun Natural gas
Oil
 Today’s total installed solar capacity
Coal
(150 GW) contributes to less than 1%
of the world’s total electricity generation Annual energy
demand
– Expected to increase to 6% by 2030
(source: Bloomberg 2013 Market Outlook)
Photovoltaic electricity potential worldwide
 Analysts (Fraunhofer, Agora) predict
solar to be world’s most common
energy source by 2050
– Powering 40% of world’s electricity needs
– At generation costs as low as 2-4 Euro-
cents/kWh
 Total installed capacity of PV solar

expected to increase to 4,600 GW by
5
2050, from 150 GW today (source: IEA)
© 2013 REC All rights reserved. Confidential
Competitive carbon footprint
Life-cycle greenhouse gas emissions
Solar: Future Solar
Solar: Present
Wind Other renewables
Biomass
Nuclear Nuclear
Coal Gasification + CO2* Carbon based
CCGT + CO2*
Combined Cycle Gas Turbine (CCGT)
0 50 100 150 200 250 300 350 400 450
g CO2 Equivalent/kWh
* CO2 capture and storage

Source: Annual Energy Review, U.S. Energy Information Administration

Solar competitiveness continues to improve
 Solar system prices still vary across installation types and geographies
– System cost of 1 EUR/W yields solar electricity cost of ~7-8 Euro-cents/kWh in the sun rich
regions of the world
 “Solar is expensive” ideology is a thing of the past

– LCOE of solar electricity is below the retail electricity price in a number of markets
– Costs of solar technology are 50% of what they were just six years ago (source: BNEF),
bringing solar to grid parity in more and more regions
 Deutsche Bank report: ~30 countries have reached “solar grid parity”, including USA,
Japan, and Germany; China and India are close; UK expected by 2020
– Central LCOE global in H1 2015 = 12.9 USD cents
– Central utility-scale LCOE in China in 2015 = 8-12 USD cents
– Central utility-scale LCOE in U.S. in 2015 = 10.1-18.1 USD cents
– Central utility-scale LCOE in Europe in 2015 = 8.8-17.7 USD cents
 Market transition from subsidy/policy-driven to economics-driven markets

– Solar is becoming an economically viable source on its own without any subsidies or tariffs

Global solar module demand expected to increase by
~30% in 2015
Annual Module Installations Globally (GW)  REC expects annual global module
80 installations to reach around 58 GW in
68
63 65 2015, an increase of 30% from 2014
58
60
44.300
 REC’s outlook for 2016 and 2017 is
40
38.800 slightly lower compared to expectations
31.600
from IHS or BNEF due to lower
20
forecasts for European markets
 China and Japan are forecasted to
0 account for nearly 50% of global
2012 2013 2014 2015E 2016E 2017E 2018E
installations in 2015, followed by the
Source: REC forecast
U.S. as the third biggest market

As solar becomes increasingly competitive globally, it
will be an integrated part of the total energy system
Peak generation
Industrial solutions
Centralized generation
Commercial energy
Residential energy Electric vehicles

Micro generation Distributed generation (renewables)
 So far solar is mainly installed in FiT driven markets
 Going forward, customer requirements will become more diversified

REC – an Introduction

REC – Why Choose REC Solar?
5GW 20mio 8mio

people
panels
generated powered by
produced REC
Oslo, Norway
London, UK
Brussels, Belgium Munich, Germany
Sacramento, CA Paris, France Milan, Italy
San Francisco, CA New York, NY Barcelona, Spain
San Luis Obispo, CA Huntersville, NC Tokyo, Japan
Shanghai, China
Dubai, UAE New Delhi, India
Bangkok, Thailand Manila, Philippines
Singapore
Jakarta, Indonesia
Melbourne, Australia
Corporate Headquarters
Operational Headquarters
REC office
Local representatives
A global company with numbers as of end-2015
Why Choose REC Solar?
Important Criteria in Selecting a Solar System & Solutions Partner
Quality & 1. REC has the lowest claim rates in the industry
2. Factory in Singapore supplying 5 million modules
Reliability world wide yearly
3. Biggest Integrated Module facturer in South East Asia
1. REC has the best rating in regards to

Bankability financial health and bankability according to
Bloomberg’s Altman-Z
2. Financial Stability important
3. 25 years assurance
1. Using Award winning modules.

Innovation & • Value for Money.
2. More power per square meter
Value for Money
3. Competitively priced

Acquisition of REC by Norway’s Elkem Group
Silicon Wafers Cells Panels
 Norwegian company/Norwegian  Norwegian company/Norwegian heritage

corporate culture  Leading supplier of solar panels, focus on
 Leading supplier of environmentally- sustainability, product quality, partnership
friendly production of materials such  A strong and established global brand in
as silicon solar
Leading integrated manufacturer of

solar panels
+ Same strong REC brand and industry-leading quality
+ Maintained Norwegian and European heritage
+ Continued production at fully automated plant in Singapore
+ Boosted R&D to deliver more industry-leading products and sooner
+ Company growth and expansion
REC’s Integrated Manufacturing Facility in Singapore
US$2 billion investment with construction started in 2008, production
ramp in 2010
Utilities Support
REC Module Plant
• WWT
• 4 Module lines
Slurry Recovery Plant • Chiller, Fire Water
• Highly automated assembly
• Compress Air
• 25 operators/line
REC Cell Plant

• mc-Si cell type
• 8 cell lines
• 8 operators/line
REC Wafer Plant

• Wafer size: 156mm x 156mm x 180um
• P-type multi-crystaline
• 2 wafer factories, 30 operators/factory
Production Capacity
1.3 GW by 2015
1.7 GW by end 2016 (est)

Full integration – Strength throughout the value chain
Polysilicon Wafer Cells Solar panels Solutions
Chemical processes Casting, Wafer Slicing Doping, Passivation, Assembly, Testing Installation, additional
Metallization components
Norway Singapore Singapore Singapore
 Largest European brand of solar panels

 20 million panels manufactured, amounting to 5 GW (at end-2015)
 Integrated manufacturing from polysilicon to wafers, cells, and panels
 REC value chain extends beyond panels, delivering services and solar solutions
 Founded in Norway in 1996
 Industry pioneer with more than 20 years of experience
 Around 2,100 employees globally with 2015 revenues of USD 775 million
Transformation from silicon to solar panel
 The main ingredient for a solar

cell is clean and pure silicon
 The silicon is molten in a crucible

and then slowly cooled to form
an ingot
 The ingot is sawn into smaller
blocks
 The wafers are

chemically processed
into solar cells
 The small block is sliced
into thin ‘wafers’
 The cells are stringed &

assembled into solar
panels
From silicon to multicrystalline wafers…
Solar grade silicon ...and melted in It is then cooled from the … and multi-crystalline
is first put in special furnaces. bottom where silicon is formed.
crucibles… crystallization begins...
The resulting massive Each block is ...slicing into leaf- … which are then washed,
ingot is cut into 16 prepared for… thin wafers… separated and dried.
blocks.

The making of a cell
The wafer It undergoes a wet chemical The upper and lower sections of
arrives at the process, which cleans and the cell are then loaded in a
factory etches the surface process known as doping to
increasing sunlight create a semi-conductor.
absorption .
An anti-reflective coating Electrode fingers are All cells are tested and
is added to the wafer to then screen-printed to sorted according to their
further increase sunlight capture the energy efficiency.
absorption. produced.

The making of a panel
The sorted cells arrive at The strings of cells are Strings are soldered together. Another layer of EVA
the panel factory and are placed upon a layer of and the back sheet is
stringed together. EVA, on top of the glass. added before…
… lamination, which A frame is added Then the panels are …before being
seals the panel. to the sides to flash tested to find sorted ready for
ensure strength. their watt class… shipping.

REC has a growing portfolio of
high-quality solar panels
REC TwinPeak Series REC TwinPeak BLK Series REC Peak Energy Series REC Peak Energy BLK Series REC Peak Energy BLK2 Series REC Peak Energy 72 Series

REC TwinPeak Series
REC TwinPeak Series / BLK Product advantages
Dimensions: Half-cut cells:
1665 x 991 x 38 mm
• Reduces current per cell by 50%
Area: • Gives better performance in shade
1.65 m² • Reduced series resistance
Weight: • Gain of +4 Wp per panel

18 kg
4 bus bar cells:
Cables: • Reduced resistance in cell
0.9 + 1.2 m • Reduced finger width for more cell area
Frame: • Higher fill factor

Anodized aluminum silver • Gain of +2 Wp per panel
or black
Passivated Emitter Rear Cell (PERC):
Connectors: • Increases light capture in cell & current
Multi Contact MC4-EVO2
• More output at higher temperatures
Certifications: • More output in low light conditions
IEC 61215/61730 (1000V)
• Gain of +4 Wp per panel
UL 1703 (1000V)
JET
PID-free* Split junction box:
Packaging: • Enables improved cell layout
25 panels/pallet (Double stack) • Increased internal reflection
• Reduced heat build up behind JB
Watt-classes 2015:
265 Wp – 280 Wp • Gain of +1 Wp per panel
21 © 2013 REC All rights reserved. Confidential * PID test protocol: -1000V, 60ºC, 85% r.h., 96 hrs
REC TwinPeak Series
 120 half-cut cell
 Power output 265-280 Wp
 -0/+5Wp tolerance
 4 bus bar half-cut cells
 Split IP 67 JBox with Multi-Contact MC4
Connectors
 25 year linear power output warranty
 10 year materials and workmanship warranty
 Winner of 2015 InterSolar award
Variants
 TwinPeak BLK Series (black frame)

REC Peak Energy Series
 60 cell
 3 bus bar REC Peak Energy cells
 IP 67 JBox with Multi Contact MC4 Connectors
Variants
 Peak Energy BLK Series (black frame)
 Peak Energy BLK2 Series (black frame and black
backsheet for improved aesthetics)
 250-260 Wp
 Peak Energy Eco Series (lead-free soldering for
added environmental friendliness)
REC Peak Energy 72 Series
 72 cell
 1000 VDC UL Certified
 3 bus bar REC Peak Energy cells
 IP 67 JBox with Multi Contact MC4 Connectors

REC cell efficiency and module power continue to improve
Module watt class
Average cell efficiency (%) distribution 2015 (Wp)
320
18.500
18.300
310
18.00
17.800 300
17.600
17.500 17.400 290
280
17.00
17.00
270
16.500
260
16.00 250
Dec. 2011 Dec. 2012 Dec. 2013 Dec. 2014 Dec. 2015E REC Peak Energy REC TwinPeak REC Peak Energy 72
(60 cells) (120 half-cut cells) (72 cells)

REC is the largest European brand of panels
Solar panel manufacturers by 2Q 2016 production (in MW)
Jinko 5300
Trina 5000
Hanhwa Q Cells 4800
Canadian Solar 4330
JA Solar 4000
Risen Energy 3100
First Solar 3000
Talesun 2800
Suntech 2400
Chint/ Astronergy 2000
SunPower 1800
Eging 1600
Solarworld 1500
ZNShine 1500
China Sunergy 1450
REC Solar 1300
Seraphim 1250
Hareon 1250
HT-SAAE 1200
LG 1100
Solar Frontier 1100
Phono Solar 1000
Source: Bloomberg New Energy Finance Q2 2016
REC is in a very strong
financial position compared to
other solar panel
manufacturers in the industry

REC has the best rating in regards to financial health
and bankability according to Bloomberg’s Altman-Z
SAFETY ZONE (ABOVE 2.6 )
IGNORANCE ZONE (1.1 - 2.6)
RISK OF BANKRUPTCY
ZONE ( < 1.1 )
Altman-Z scores of solar companies (as of 2Q 2016)

Source: Bloomberg New Energy Finance
Developed by Edward Altman in 1968, the Altman-Z score predicts the probability of
business failure leading to bankruptcy. It is a function of tangible assets, working
capital, retained earnings, EBIT, market value of equity, total liabilities, and historical
revenue.
Solutions: extending REC
quality and expertise beyond
panel

Solutions – extending REC quality beyond panel
 Systems by REC
 140+ MW developed and/or installed by REC
 Services offered in the areas of project
development, financing, EPC, and
operations
 Proven partner for turnkey solutions
Project Development Financing EPC/Turnkey Operations

 Site identification, verification,  Business case assessment  Facility design  Monitoring
purchasing and development  Maintenance
 Investment structuring  Project and building costing
 Permits (e.g. building, utility,  Subcontracting
 Debt and equity sourcing  Yield analysis and technical
environmental)
planning
 Auditing
 Subsidy and entitlement setup
 Subcontractor tendering and
(FiT, PPA)
negotiation
 Due diligence
 Project and site management
 Commissioning
Solutions – extending REC quality beyond panel
 REC SolarBox
 Fully portable hybrid solar power station
designed for rapid deployment
 Ideal for off-grid use and rural areas with
limited grid access and high diesel prices
 PPA with REC (Power Purchase Agreement)

 Singapore businesses and building owners
purchase electricity from REC – electricity
comes from solar installation on the
building’s own roof, expertly installed and
operated entirely by REC at no cost
Commitment to quality

REC’s automated production ensures consistent quality
 REC’s production facility is the most REC
modern and automated production
line in the industry
 A high level of automation eliminates
known sources of product variation:
– Solder quality
– Joints and sealing
– Alignment of cells
– Handling of cells, strings and materials
– Automated checks and controls of
Competitor example
production processes
 Minimum human interaction during

production drastically reduces the
chances of damage and soiling of
components and the product

REC product qualification exceeds international standards
Certification is good, but it is not a guarantee of quality.

 REC considers compliance to
IEC 61215, IEC 61730 and UL 1703
standards as a minimum requirement
 Strict test criteria beyond these
standards must be passed before
REC releases a product to market
 In designing and developing new
products, REC works not only to
meet international standards, but PE-series loaded at ultimate design load 5400 Pa with excess capacity
to surpass them
 Rigorous product quality testing is
carried out in the following general
categories:
– Safety
– Equipment calibration
– Electrical performance
– Mechanical performance
– Product aesthetics Inspection throughout production is a combination of man and machine
REC’s product qualification extends beyond the standards
 Every major design change at REC undergoes an extended qualification
process, where panels are tested beyond normal industry standards
 Because REC qualifies its products beyond international standards, an
outstanding performance during certification is possible.
 Extreme testing ensures performance in the most severe environments and
increased reliability
Extended Testing Combined Cycle Test
Flash
x2 Flash
Mechanical
Load
1 x 5400 Pa
x2
Humidity Freeze Damp Heat
10 x -40°C to 1 x1000 hrs,
+85°C, 85% hum 85°C,85% hum
Thermal Cycle
200 x
-40 °C to +85°C

REC’s tough qualification means excellent results at certification
 REC’s internal qualification process is justified by excellent performance during
certification
 Performance during certification testing is higher than the certification threshold
 REC’s strict internal qualification requirements mean passing the certification
tests with a significant margin is straightforward
Certification Test Results Legend:

UV – Ultraviolet test
TC – Thermal Cycle
DH – Damp Heat
HF – Humidity Freeze
% Power loss
MLT – Mechanical Load Test

HS – Hotspot maximum
average
minimum
REC Pass Criteria
Power loss margin
-5% IEC Pass Criteria
UV TC200 DH1000 HF10 MLT HS

20 kWh -40 to +85°C 85°C -40 to +85°C 5400 Pa
85% hum 85% hum
How does REC carry out its internal qualification?
Temperature UV Exposure
 REC has its own laboratory
equipped with state of the
art equipment to test panels
and new technology Hot Spot Thermal
Detection Cycling
 REC’s internal qualification
regime is implemented
whenever a production or
design change is proposed
Humidity Freeze Impact
on the wafer, cell or panel REC’s
Internal
 This ensures it can Qualification
withstand the world’s most Laboratory
unforgiving environmental
conditions
Mechanical Reverse
Load current

Damp Heat Electro-luminesence
Key takeaways
 REC has a demanding and stringent internal qualification process,

guaranteeing the quality of component used in our panels
 During qualification new designs or components must pass test criteria well
above international standards, meaning the panel performs above expectations
 The internal qualification produces an excellent performance during
certification, with a significant margin above the pass threshold

Light Induced Degradation (LID) test results
LID is a loss in efficiency over the course of Flash values before and after testing (Wp)
a panel’s first exposure to sunlight relative to
Panel Initial power (W) Power post test (W) Difference (W)
its nameplate watt class. REC 1 255.60 251.15 -4.45
REC 2 254.41 249.81 -4.60
IEC 61215 preconditioning qualification Comp A Pan 1 252.80 244.03 -9.77
requires preconditioning of 5 kWh/m² at Comp A Pan 2 253.20 242.07 -11.13
1000 W/m² prior to output measurement. Comp B Pan 1 251.89 241.56 -10.33
Comp B Pan 2 250.90 238.65 -12.25
Comp C Pan 1 237.15 229.56 -7.59
SERIS Test Conditions: Comp C Pan 2 235.72 226.46 -9.26
Comp D Pan 1 245.57 239.26 -6.31
Comp D Pan 2 248.01 242.91 -5.10
 Time: 12 days Comp E Pan 1 244.28 232.75 -11.53
 Actual radiation: 40 kWh/m²

Power loss due to LID (% of flashed value)
 Open circuit modules
REC REC Comp A Comp A Comp B Comp B Comp C Comp C Comp D Comp D Comp E
Panel 1 Panel 2 Panel 1 Panel 2 Panel 1 Panel 2 Panel 1 Panel 2 Panel 1 Panel 2 Panel 1
0%
-1%
-2% -1.741%
-1.808%
-2.056%
Conclusion: -3% -2.570%
REC solar panels are less affected by LID -3.469%

-3.201%
-4%
compared to other leading Chinese Tier 1 -4.101%
-3.928%
-4.396%
panels. -5%
-4.882% -4.720%

Potential Induced Degradation (PID) test results
Potential Induced Degradation (PID) Flash values before and after PID Test 1
describes a drop in power output caused by
Panel Initial power (W) Power post test (W) Difference (W)
the voltage-induced migration of sodium
ions from the glass layer of a panel onto the REC Panel 2 249.81 254.30 0.00
cell surface. Comp A

242.07 245.11 0.00
Panel 2
Comp B
238.65 225.50 -13.15
Panel 2
SERIS Test Conditions:
Comp C
226.46 113.26 -113.20
Panel 2
 Temperature: 60°C Comp D
242.91 118.41 -124.50
Panel 2
 Humidity: 85%
 Voltage bias: -1000V Power loss due to PID (% of flashed value)
 Time: 96 hours Comp A Panel Comp B Panel Comp C Panel Comp D Panel
REC Panel 2 2 2 2 2
0%
.000% .000%
-10% -5.510%
-20%
-30%
Conclusion:
-40%
REC solar panels experience little or no
degradation due to PID compared to leading -50%
-49.987% -51.254%
Chinese Tier 1 panels. -60%

REC’s high quality demonstrated by low product claim rate
Claims rate at REC (PPM – parts per million)
PPM
140
127
120
98 Target
100 93
80 75
60 53 55
49 49 47
37 39
40
29 29
25
20
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2012 2013 2014 2015
 Dedicated team handles claims from the field
 Analysis of claims helps improve product quality
 Parallel feedback process in place to handle non-claim issues

REC strives to have the best customer response time
Percentage of claims closed within 14 days

%
90
88
87
85
83 83
82
80 Target
80 79
75
70
65
Q1 Q2 Q3 Q4 Avg. 2014 Q1 Q2
2014 2015
 Keeping customers up to date and providing swift resolutions to any problems or queries
that come up is essential for good customer relations
 Since 2013 REC has an internal target of resolving 80% of product claims within 14 days
of receipt
National listings
Further listings Factory inspections
CEC California TÜV Global
VDE Global
FSCE Florida
North
UL
America
CSTB France
North
CSA
America
MCS UK
JET Factory
Japan
Inspection
InMetro Brazil
MCS UK

REC quality is confirmed through third party audits
Mott McDonald (UK) 2012

• “MM has formed a very positive opinion of the
facility”
• Report available under NDA (within restrictions)
SolarBuyer (USA) 2014

• Overall rating of Green (Good)
• Zero critical findings
• Report contents not available externally
Black & Veatch (US) 2015

• “Among most advanced manufacturing plants
in the industry”
• Report available under NDA (within restrictions)

Quality validatation by external independent parties
 Third party engineering companies who have carried audits in REC’s integrated
manufacturing plant in Singapore confirm superior REC quality
Black & Veatch Mott MacDonald
“BV finds the design for the panels to be similar or superior “MM has formed a very positive opinion of the facility due to the
to the designs of other crystalline silicon PV panels.” clean, organised and well-managed cell and panel production
lines.”
“The materials and components come
from suppliers with long track records.” “The rate of automation of REC facilities provides important
benefits and advantages against less automated factories.”
“The panel assembly facility is highly automated and the
capital equipment appears to be state of the art.” “The panel mismatch loss is very small.”
“BV believes that the cell placement and busbar soldering “Suppliers have been benchmarked and classified.”
operations are superior to widely accepted industry practices.”
“REC performs 100% inline cell IR imaging and Once the wafers enter the cell-manufacturing line, they go through
dark IV testing which are not widespread in the industry.” a 100% automated process with no manual labour involved.”
“BV believes that the supplier selection and monitoring process “The quality of the checks implemented in the cell manufacturing
is consistent with, or superior to, accepted industry practices.” line give comfort that reliable cells are produced by REC.”
“Representatives of the quality assurance organization “REC’s internal quality requirements provide extra
were present throughout the manufacturing line.” comfort on the long term behaviour of REC PV panels.”
“The quality assurance facilities “This overall approach indicates that the company’s attention
are well-organized and well-managed.” to detail will assist in maintaining a quality product.”

Black & Veatch 2015 report summary*
Specific items of mention in audit report
Equipment & Components Process Quality assurance
 Module assembly facility is highly  Manufacturing processes are consistent  Facilities and equipment were
automated and capital equipment is with, or superior to, standard industry operational and well-maintained
state of the art processes  Quality assurance process comparable
 Among most advanced manufacturing  Crimping of frame to locking key makes or superior to other manufacturers
plants in the industry it harder to pull the frame apart, a best  Use of recently manufactured material
 Automated soldering and inspection practice among solar PV module that has been stored in a climate
among the best in the industry manufacturers. controlled environment can be a
 Automated soldering is an important  The periodic calibration of the flash competitive advantage for REC
distinction between REC and other solar tester using reference modules is best  Inline material preparation is best
manufacturers and can be superior to industry practice practice as it reduces the handling of
manual soldering  Each module undergoes 3 electrical materials and possibility of
 Tabbing and stringing machines are safety tests prior to flash testing, at the contamination
state of the art same station, which is designed to  Training personnel, maintenance and
prevent access by a human during the document control are consistent with, or
 Lamination process is consistent with or
performance of the tests and considered superior to, practices used by other
superior to, other module manufacturers to be an industry best practice. manufacturers
 Soldering busbars to the junction box
 Conditions of REC testing are more
terminals is an industry best practice that severe than those required by UL 1703,
has the potential to yield better contact IEC61215 or IEC 61730
reliability than the pressure contacts
used by some manufacturers
 Potting of the junction box is best
industry practice
 REC’s product serialization is a best
industry practice
*The final report is available from REC subject to a NDA.

REC’s commitment to quality is validated by external
parties independent audits
In 2015, the respected US engineering company Black and Veatch, carried
out an independent audit of REC’s integrated manufacturing plant in
Singapore confirming the superior quality of REC’s manufacturing.
“Black & Veatch believes that the REC manufacturing plant is among the most advanced in the industry.“
“Black & Veatch believes that the design of the [REC] modules is similar
or superior to the designs of other crystalline silicon PV modules.”
“The module assembly facility is highly automated and the capital
equipment appeared to be state of the art.”
“Black & Veatch believes these operations [REC’s automated
soldering machines] to be among the best in the industry.”
“The test lab appeared well-organized and well-managed.
“Black & Veatch believes that washing the glass only at the glass manufacturer’s site is a positive trend
in module manufacturing. Such a practice [as at REC] reduces the risk of damage and contamination.”
“REC’s process for lamination is consistent with, or superior to, the

lamination processes of other module manufacturers.”
“Black & Veatch witnessed a well-organized, climate controlled warehouse for
materials and components used in the manufacturing process.”
“All of the soldering is done by automated tabber-stringers, this is an
important distinction between REC and other manufacturers.”
“The use of recently manufactured material that has been stored in a climate
controlled environment has the potential to be a competitive advantage for REC.”
“REC’s quality assurance process was comparable to, or superior than, those of other manufacturers.”
“REC’s reported [warranty] return rate for 2014 of 46 ppm is well below the
levels of warranty reserve among other c-Si module manufacturers.”
Reference installations &
awards

Reference case installations
Evans family home Singapore National Stadium Tomakomai Rinku Kashiwabara Plant
13.4 kW 707 kW 1.7 MW

19,400 kWh/year 919,100 kWh/year 2,050,000 kWh/year
61 REC solar panels 2,719 REC solar panels 6,528 REC solar panels
7.5 tons CO2 saved/yr. 460 tons CO2 saved/yr. 1,337 tons CO2 saved/yr.
Monterey, CA, USA Singapore Tomakomai City, Japan

Caeremlyn Farm Whitland Plant Audi Production Plant BMD Solar Power Plant
18 MW 2.3 MW 5.8 MW
18,000,000 kWh/year 2,025,000 kWh/year 9,700,000 kWh/year
69,252 REC solar panels 9,288 REC solar panels 23,200 REC solar panels
10,000 tons CO2 saved/yr. 2,200 tons CO2 saved/yr. 7,272 tons CO2 saved/yr.
Whitland, UK Brussels, Belgium Bikaner, India

Sauter family home Rockville Solar II Project Nakhon Pathom & Suphan Buri Plants
9.8 kW 3.2 MW 72 MW
10,000 kWh/year 4,292,000 kWh/year 103 GWh/year
42 REC solar panels 12,264 REC solar panels 292,608 REC solar panels
6 tons CO2 saved/yr. 2,722 tons CO2 saved/yr. 59,000 tons CO2 saved/yr.
Wain im Allgäu, Germany Indianapolis, IN, USA Nakhon Pathom, Thailand

NEXTDC Data Centre Gibelstadt Power Plant Heineken Wieckse Brewery

402 kW 28 MW 921 kW
550,000 kWh/year 30,000,000 kWh/year 855,000 kWh/year
1,575 REC solar panels 120,000 REC solar panels 3,683 REC solar panels
670 tons CO2 saved/yr. 20,000 tons CO2 saved/yr. 640 tons CO2 saved/yr.
Port Melbourne, Australia Gibelstadt, Germany Den Bosch, Netherlands

Tranquility Anahola Solar Array Asia Pacific Breweries

275 MW 14.53 MW 2.2 MW
826,500 REC solar panels 57,624 REC solar panels 8,038 RE solar panels
EPC Recurrent Energy; EPC REC Solar Inc. EPC REC Solar Pte. Ltd.
Signal Energy
Install 2016 (in progess) Year installed 2015 Year installed 2015
Fresno County USA Kaua’i, Hawaii, USA Singapore

Bank Indonesia Bau Bau Airport BPPT Baron

90 KW 240 kW 15 kW
360 REC solar panels 920 REC solar panels 54 REC solar panels
EPC Sedayu EPC TML Energy EPC TML Energy
Year installed 2015 Year installed 2015 Year installed 2015
Jakarta South Sulawesi Yogyakarta

Residential Rooftop Installations by PPLSA
Adityawarman 20kWp (2015) Cyril Noerhadi, 10kWp (2015) Purwa Tjaraka, 10kWp (2015)
YB Sumaryo house 7.5kWp (2015) Budiman Parhusip 10kWp (2015)
Rinaldy Frmansyah 10kWp (2015) Nadjib Fauzan, 20kWp (2015) Nur Pamudji, 4kWp (2015)

More Rooftop Installations from PPLSA
Noegroho Soetarjo, 4kW p(2015) Widhyawan Prawiraatmadja, 4kWp (2015) Yosmansyah, 3kWp (2015)
Ari Santoso, 3kWp (2015) Djoko R Abumanan,3kWp (2015) Prijono Rahardjo, 3kWp (2015)
Chandra Prijanahadi, 3kWp p(2015) Siswanda, 6kWp house & 6kWp office (2015) Iwan Zarkasi, 3kWp (2015)

REC provides leading & award-winning solar solutions
 Intersolar Award in “Photovoltaics”

category for REC TwinPeak Series
 IAIR Award: “Best Company for
Sustainability; Solar Energy Solutions
Global” (two years in a row)
 Largest European manufacturer of
solar panels globally according to
Bloomberg New Energy Finance
 Largest European supplier of solar
panels globally according to IHS
Research
 Frost and Sullivan Customer Value
Enhancement Award for Solar
Industry
 Solar Industry Award for “Module
Manufacturing Innovation”
“I'd put my money on the sun
and solar energy. What a
source of power! I hope we
don't have to wait till oil and
coal run out before we tackle
that.”
Thomas Edison to his friends Henry Ford and Harvey Firestone (1931)

THANK YOU
The content of this presentation is strictly confidential. REC is the exclusive owner or licensee of the content, material, and information in this presentation. Any reproduction, publication or reprint, in whole or in part,
is strictly prohibited. The information in this presentation may not be accurate, complete or up to date, and is provided without warranties or representations of any kind, either express or implied. REC, as well as its
directors, officers and employees, shall not be responsible for and disclaims any liability for any loss or damages, including without limitation, direct, indirect, incidental, consequential and special damages, alleged to
have been caused by or in connection with using and/or relying on the information contained in this presentation.

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REC

Introduction to REC Solar

REC Solar Pte Ltd

3 © 2013 REC All rights reserved. Confidential

Equivalent stock of energy source

 Total installed capacity of PV solar

Life-cycle greenhouse gas emissions

Solar: Future Solar

Wind Other renewables

Coal Gasification + CO2* Carbon based

Combined Cycle Gas Turbine (CCGT)

0 50 100 150 200 250 300 350 400 450

* CO2 capture and storage

6 © 2013 REC All rights reserved. Confidential

 “Solar is expensive” ideology is a thing of the past

 Market transition from subsidy/policy-driven to economics-driven markets

7 © 2013 REC All rights reserved. Confidential

8 © 2013 REC All rights reserved. Confidential

Residential energy Electric vehicles

 So far solar is mainly installed in FiT driven markets

 Going forward, customer requirements will become more diversified

10 © 2013 REC All rights reserved. Confidential

5GW 20mio 8mio

Important Criteria in Selecting a Solar System & Solutions Partner

1. REC has the best rating in regards to

1. Using Award winning modules.

12 © 2013 REC All rights reserved. Confidential

Silicon Wafers Cells Panels

 Norwegian company/Norwegian  Norwegian company/Norwegian heritage

Leading integrated manufacturer of

REC Cell Plant

REC Wafer Plant

14 © 2013 REC All rights reserved. Confidential

 Largest European brand of solar panels

 The main ingredient for a solar

 The silicon is molten in a crucible

 The wafers are

 The cells are stringed &

17 © 2013 REC All rights reserved. Confidential

18 © 2013 REC All rights reserved. Confidential

19 © 2013 REC All rights reserved. Confidential

20 © 2013 REC All rights reserved. Confidential

Weight: • Gain of +4 Wp per panel

Frame: • Higher fill factor

22 © 2013 REC All rights reserved. Confidential

24 © 2013 REC All rights reserved. Confidential

17.500 17.400 290

25 © 2013 REC All rights reserved. Confidential

27 © 2013 REC All rights reserved. Confidential

SAFETY ZONE (ABOVE 2.6 )

IGNORANCE ZONE (1.1 - 2.6)

Altman-Z scores of solar companies (as of 2Q 2016)

29 © 2013 REC All rights reserved. Confidential

Project Development Financing EPC/Turnkey Operations

 PPA with REC (Power Purchase Agreement)

32 © 2013 REC All rights reserved. Confidential

 Minimum human interaction during

33 © 2013 REC All rights reserved. Confidential

Certification is good, but it is not a guarantee of quality.

Extended Testing Combined Cycle Test

35 © 2013 REC All rights reserved. Confidential

Certification Test Results Legend:

MLT – Mechanical Load Test