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GSR 2015

204 ENDNOTES 02 MARKET AND INDUSTRY TRENDS – SOLAR PV Greentech Media, 10 July 2014, https://www.greentechmedia. com/articles/read/what-you-need-to-know-about-how-yieldcos- for-clean-energy-work; First Solar and SunPower from “Yieldcos and the Renewable Future,” Yahoo! Finance, 23 April 2015, http:// html. See also Marley Urdanick, NREL, “A Deeper Look into Yieldco Structuring,” Renewable Energy World, 3 October 2014, http:// deeper-look-into-yieldco-structuring?page=all; Tim Maverick, “Dividend Investor’s Guide to Yieldcos,” Wall Street Daily, 13 August 2014, yieldcos/. 119 For example: Wunder Capital (USA), launched in 2014, connects individual investors with commercial projects, and focuses on qualified commercial solar projects in the 20–500 kW range, from Derek Markham, “Solar Investing: Wunder Capital Is Connecting Investors with Commercial Solar Projects,” Clean Technica, 17 October 2014, solar-investing-wunder-capital-connecting-investors-commercial- solar-projects/; and Wunder Capital, https://www.wundercapital. com/, viewed 24 March 2015. Power Clouds (Singapore) enables citizens from around the world to collectively build solar PV power plants. Since its launch in 2013, it has gained more than 50,000 participants in more than 100 countries with 13 shared power plants (total value USD 60 million), from Jennifer Hicks, “Global Renewable Energy Project Reaches Milestone,” Forbes, 17 August 2014, global-renewable-energy-project-reaches-milestone/; and from Power Clouds,, viewed 24 March 2015. 120 For example, SunPower, SolarCity, Clean Power Finance, Sunrun, NRG, Sungevity, SunEdison, Kilowatt Financial, Sungage, Mosaic, and Dividend Solar have all entered the solar loan business, from GTM Research, U.S. Residential Solar Financing 2014-2018, cited in Eric Wesoff, “$200 Million More Flows to Residential Solar Loans Through Sungage and Mosaic,” Greentech Media, 20 October 2014, Million-More-Flows-to-Residential-Solar-Loans-Through- Sungage-and-Mosa; as have Morgan Stanley, Goldman Sachs, JP Morgan, and Google, from Jerry Farano, “Renewable Energy and Carbon Markets,” Jones Day, Winter 2015, http://thewritestuff. 5fb/p%3D5728522. SolarCity (United States) started offering bonds to be paid through revenue the company receives for selling electricity, from Christopher Martin, “SolarCity at It Again, Offers $200 Million in Bonds to Investors,” Renewable Energy World, 15 October 2014, news/article/2014/10/solarcity-at-it-again-offers-200-million-in- bonds-to-investors; SolarCity partnered with Capital One Bank for an investment fund to finance residential solar, from “SolarCity Raises $100M Project Fund,” PV News, July 2014, p. 6; and a loan programme for residential solar, from “SunPower and Admirals Bank Announce $200M Loan Program,” PV News, August 2014, p. 4. 121 McIntosh and Mandel, op. cit. note 115. 122 “Google, SunPower Team to Establish $250M Lease Fund,” PV News, June 2014, p. 6; David Appleyard, “Domestic On-Site Solar Fund Backed by Big Google Investment,” COSPP, 2 March 2015, solar-fund-backed-by-big-google-investment.html; Christopher Martin, “Google Invests $300 Million in SolarCity Rooftop Solar Installations,” Renewable Energy World, 26 February 2015, http:// google-invests-300-million-in-solarcity-rooftop-solar-installations. 123 “Upsolar to Offer Solar Leasing France,” PV News, January 2014, pp. 5–6; “Tata Power Partners with Bajaj Financing for Residential Systems,” PV News, September 2014, p. 5; “SunPower Introduces Pilot Lease Program in Australia,” PV News, October 2014, p. 6; in Fiji, a private company Sunergise introduced SunLease scheme in which they provide the capital costs for solar PV installations to commercial entities and charge a fixed rate for electricity produced, from Atul Raturi, University of the South Pacific, personal communication with REN21, 13 April 2014, and from 124 “Canadian Solar Partners With Sichuan Development to Launch China Development Fund,” PV News, October 2014, p. 5. Trina Solar, “Trina Solar Acquires 28% Stake in Shuntai Leasing,” press release (Changzhou, China: 8 December 2014), http://www. 125 Mebane, op. cit. note 90. See also Bill Scanlon, “Researchers Develop Faster, Cheaper Way to Make Solar Cells,” Renewable Energy World, 28 August 2014, http://www.renewableenergyworld. com/rea/news/article/2014/08/researchers-develop-faster- cheaper-way-to-make-solar-cells?page=all; “The Building Blocks of Solar Cell Efficiency” (video), Renewable Energy World, 21 July 2014, the-building-blocks-of-solar-cell-efficiency?cmpid=SolarNL- Tuesday-August5-2014; Cheryl Katz, “Will New Technologies Give Critical Boost to Solar Power?” Yale Environment360, 11 December 2014, critical_boost_to_solar_power/2832/. 126 See, for example, Katherine Steiner Dicks, “Trina Achieves Cell Efficiency Record,” PV Insider, PV News Brief 11–25 November 2014, 11-%E2%80%93-25-november-2014; “JA Solar Announces Record Efficiency,” PV News, November 2014, p. 4; “Trina Solar Announces Efficiency Records for Silicon Solar Cells,” PV News, December 2014, p. 4; Peter Fairley, “Can Japan Recapture its Solar Power?” MIT Technology Review, January/February 2015, japan-recapture-its-solar-power/; Martin A. Green et al., “Solar Cell Efficiency Tables (Version 45),” in Progress in Photovoltaics: Research and Applications, January 2015, pp. 1–9, http:// Thin film efficiencies from, for example, “Record 21.5 Percent Conversion Efficiency Research Cell Validates Technology Roadmap,”, 10 February 2015, http://www.sonnenseite. com/en/energy/first-solar-record-21.5-percent-conversion- efficiency-research-cell-validates-technology-roadmap.html; Vince Font, “German Scientists Break Thin-Film PV Solar Cell Record,” Renewable Energy World, 29 September 2014, http:// german-scientists-break-thin-film-pv-solar-cell-record; Katherine Steiner Dicks, “First Solar Cracks Another Efficiency Record,” PV Insider, 16 August 2014, thin-film-news-brief-5-%E2%80%93-19-august-2014; “Solar Frontier Sets Thin-Film Efficiency Record,” PV News, May 2014, pp. 4–5. 127 Katz, op. cit. note 125. For more on perovskite, see also Mark Peplow, “Perovskite Solar Cell Bests Bugbears, Reaches Record Efficiency,” Institute of Electrical and Electronics Engineers (IEEE), 7 January 2015, green-tech/solar/perovskite-solar-cell-bests-bugbears-reaches- record-efficiency; Los Alamos National Laboratory, “Los Alamos Develops New Technique for Growing High-Efficiency Perovskite Solar Cells,” press release (Los Alamos, NM: 29 January 2015), January/01.29-high-efficiency-perovskite-solar-cells.php; Ucilia Wang, “Perovskite Offers Shot at Cheaper Solar Energy,” Wall Street Journal, 28 September 2014, perovskite-offers-shot-at-cheaper-solar-energy-1411937799. See also Benita Matilda, “New Solar Cell to Use Tin Instead of Lead as Light Absorbing Material,” Science World Report, 5 May 2014, new-environmentally-friendly-solar-cell-developed-that-uses-tin- as-light-absorbing-material.htm. 128 Meyer Burger, “MB PERC,” products-systems/technologies/photovoltaic/mb-perc/, viewed 30 March 2015; Masson, op. cit. note 2. 129 xGWp, “European Consortium Develops Concept for Gigawatt- scale Photovoltaics Factory Using New Generation of Technology,” 17 January 2014,; Masson, op. cit. note 2. 130 Daniel Mugnier, TECSOL SA, personal communication with REN21, 10 April 2015; Daniel Mugnier, “Worldwide Overview on Solar Cooling and SHC Tasks 48 and 53,” presentation, Shanghai, China, 27 March 2015, documents/events/scc2015/mugnier_sac-worldwide--iea- tasks_27-03-2015.pdf. 131 Paula Mints, “The Solar PV Shipment Shell Game,” Renewable Energy World, 15 May 2014, http://www.renewableenergyworld. com/rea/news/article/2014/05/the-pv-shipment-shell-game. 132 “Defective Panels Threatening Profit at China Solar Farms: Energy,” Bloomberg, 19 January 2015, com/news/articles/2015-01-20/defective-panels-threatening- profit-at-china-solar-farms-energy. Details about testing from unnamed official at the China General Certification Center, cited in idem, include: about 23% of samples taken from dozens of Chinese companies failed to meet requirements, and the failure rate was as high as 40% in Jiangsu province, where much of the glass for panels is made. In addition, almost one-third of 425 utility-scale solar farms surveyed by Beijing-based China General Certification Center, from 2012 to 2014, had flaws of some kind, including faulty panels, poor construction, design flaws, and project mismanagement. BACK

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