Solar Photovoltaics (PV)

SOLAR PV MARKETS

The global solar PV market had a record year, after a brief slowdown, installing more capacity than any other renewable technology except perhaps hydropower. More than 39 GW was added, bringing total capacity to approximately 139 GW.1 Almost half of all PV capacity in operation was added in the past two years, and 98% has been installed since the beginning of 2004.2 (See Figure 12 and Table R7.)

The year saw a major shift geographically as China, Japan, and the United States became the top three installers, and as Asia passed Europe—the market leader for a decade—to become the largest regional market.3 China's spectacular growth offset Europe's significant market decline, and hid slower-than-expected development in the United States and other promising markets.4 Nine countries added more than 1 GW of solar PV to their grids, and the distribution of new installations continued to broaden.5 By year's end, 5 countries had at least 10 GW of total capacity, up from 2 countries in 2012, and 17 had at least 1 GW.6 The leaders for solar PV per inhabitant were Germany, Italy, Belgium, Greece, the Czech Republic, and Australia.7

Asia added 22.7 GW to end 2013 with almost 42 GW of solar PV in operation.8 China alone accounted for almost one-third of global installations, adding a record 12.9 GW to nearly triple its capacity to approximately 20 GW.9 (See Figure 13.) Capacity has been added so quickly that grid connectivity and curtailment have become challenges.10 Much of China's capacity is concentrated in sunny western provinces far from load centers and consists of very large-scale projects, making three state-owned utilities the world's largest solar asset owners.11 Yet there is increasing interest in smaller-scale distributed PV, and the government aims to shift more focus towards the rooftop market.12

Japan saw a rush to install capacity in response to its national FIT, adding 6.9 GW in 2013 for a total of 13.6 GW.13 The majority of Japan's capacity is in rooftop installations, and homebuilders are promoting solar homes to differentiate their products.14 For the first time, however, the non-residential sector represented Japan's largest market.15 Despite the rise of the large-scale market, many more projects were approved than built in the country due to shortages of land, funds, grid access, qualified engineers and construction companies, and Japanese-brand equipment.16 Elsewhere in Asia, the most significant growth was in India (added 1.1 GW), followed by South Korea (0.4 GW) and Thailand (0.3 GW).17

Beyond Asia, about 16.7 GW was added worldwide, primarily in the EU (about 10.4 GW) and North America (5.4 GW), led by the United States—the third largest country-level market in 2013.18 U.S. installations were up 41% over 2012 to almost 4.8 GW, for a total of 12.1 GW.19 Falling prices and innovative financing options that enable installation with low-to-no upfront payment are changing the game for U.S. consumers.20 The residential sector experienced the greatest market growth relative to 2012, while large ground-mounted projects represented more than 80% of additions.21 U.S. businesses made large investments in solar PV to reduce energy costs, and some utility companies signed long-term contracts, choosing solar PV over other options based on price alone.22 Utility procurement continued to slow, however, as many approached their Renewable Portfolio Standard (RPS) targets.23 California installed more than half of the new capacity and is the first major U.S. residential market to successfully transition away from state-level incentives.24

Europe continued to operate more solar PV capacity than any other region, with more than 80 GW total by year's end.25 But the EU's 10.4 GW (11 GW in broader Europe) added was less than half the 2011 amount, and the region's share of the global market also fell rapidly—from 82% in 2010 to 26% in 2013.26 In most EU markets, demand contracted due to reductions in policy support and retroactive taxes in some countries, which have hurt investor confidence.27 (See Policy Landscape section.) Yet solar PV's share of generation continues to rise, and PV is increasingly facing barriers such as direct competition with conventional electricity producers.28

Germany remained the largest EU market, but fell from first to fourth globally, adding 3.3 GW after three years averaging around 7.6 GW.29 With a total approaching 36 GW, Germany still has the most capacity of any country by far.30 About one-third of the electricity generated from new systems is used on-site, a trend driven by FIT rates below prices for retail electricity.31 The United Kingdom (adding at least 1.5 GW) emerged as the region's strongest market for large-scale projects, with subsidies attracting institutional investors and developers from across the EU.32 Other top EU markets included Italy (1.5 GW), Romania (1.1 GW), and Greece (1 GW).33 Italy's market was down dramatically relative to the previous two years, and significant market reductions were seen in Belgium, Denmark, and France.34

Australia installed its one-millionth rooftop system, up from around 8,000 in 2007.35 Over 0.8 GW was added in 2013, as Aussies turned to solar PV to reduce their electricity bills, bringing the total to nearly 3.3 GW.36 By late 2013, rooftop systems operated on 14% of Australia's residences, and atop one-quarter of the homes in South Australia.37

In Latin America and the Caribbean, a number of countries had projects in planning or development by year's end.i 38 Markets in Brazil and Chile have been slower to develop than was expected, while Mexico has emerged as a regional leader.39 Both Chile and Mexico brought several large projects on line in 2013 and early 2014.40

Most countries in the Middle East now include solar PV in their energy plans, driven by rapid increases in energy demand, a desire to free up more crude oil for export, and high insolation rates.41 During 2013 and early 2014, large plants were commissioned in several countries—including Jordan, Kuwait, Saudi Arabia, and the United Arab Emirates—and a number of governments signed purchase agreements or launched tenders.42 There are also many promising markets across Africa.43 One of the continent's largest markets to date is South Africa, which has procured substantial capacity under a government bidding process and connected the first plant (75 MW) to the grid in late 2013.44

By early 2014, at least 53 solar PV plants larger than 50 MW were operating in at least 13 countries.i 45 The world's 50 biggest plants reached cumulative capacity exceeding 5.1 GW by the end of 2013.46 At least 14 of these facilities came on line in 2013, including plants in Japan and South Africa (Africa's largest).47 The largest was a 320 MW PV plant in China, co-located with an existing 1.28 GW hydropower dam.48 The United States led for total capacity of facilities bigger than 50 MW, with a cumulative 1.4 GW in operation by year's end, followed by Germany, China, India, and Ukraine.49 Many projects are planned and under development around the world that range from 50 MW to over 1,000 MW in scale.50

i - For information on off-grid, distributed solar PV for providing energy access in Latin America and elsewhere, see Section 5 on Distributed Renewable Energy in Developing Countries.

The share of commercial and utility-owned PV continued to increase in 2013, but the residential sector also saw strong capacity growth.51 Many utilities are pushing back against the expansion of distributed PV in several countries, due to concerns about a shrinking customer base and lost revenue. In Europe, for example, some utilities are blocking self-consumption by instituting fees, raising rates on customers with PV systems, or debating the future of net metering; in several U.S. states, debates are intensifying over net metering laws; in Australia, major utilities are acting to slow or halt the advance of solar PV.52 (See Sidebar 7.)

Community-owned PV projects are emerging with a variety of models in an increasing number of countries, including Australia, Japan, the United Kingdom, and Thailand, which has a community solar target under its national FIT.53 U.S. community solar gardens, which sell power to local utilities in exchange for monthly credits to investors, continued to spread in 2013, and some U.S. states have adopted community solar carve-outs in RPS Iaws.54

The concentrating PV (CPV) market remains small, but interest is increasing due greatly to higher efficiency levels in locations with high direct normal insolation and low moisture.55 CPV continued its spread to new markets in 2013, with sizable projects completed in Australia, Italy, and the United States, and small pilots underway in Chile, Namibia, Portugal, Saudi Arabia, and elsewhere.56 China commissioned the world largest plant (50 MW) during 2013.57 By year's end, more than 165 MW was operating in more than 20 countries, led by China and the United States.58

Solar PV is starting to play a substantial role in electricity generation in some countries, meeting an estimated 7.8% of annual electricity demand in Italy, nearly 6% in Greece, 5% in Germany, and much higher daily peaks in many countries.59 By year's end, the EU had enough solar PV capacity to meet an estimated 3% of total consumption (up from 0.3% in 2008) and 6% of peak demand; global capacity in operation was enough to produce at least 160 TWh of electricity per year.60

SOLAR PV INDUSTRY

Following a two-year slump, in which oversupply drove down module prices and many manufacturers reported negative gross margins, the solar PV industry began to recover during 2013.61 It was still a challenging year, particularly in Europe, where shrinking markets left installers, distributors, and others struggling to stay afloat.62 Consolidation continued among manufacturers, but, by late in the year, the strongest companies were selling panels above cost.63 The rebound did not apply ower down the manufacturing chain, however, particularly for polysilicon makers.64 Low module prices also continued to challenge many thin film companies and the concentrating solar industries, which have struggled to compete.65 international trade disputes also continued through 2013.66

Module prices stabilised, with crystalline silicon module spot prices up about 5% during 2013, in response to robust demand growth in China, Japan, and the United States in the second half of the year.67 At the same time, module production costs continued to fall. Low material costs (particularly for polysilicon) combined with improved manufacturing processes and scale economies have reduced manufacturing costs, and far faster than targeted by the industry, with top Chinese producers approaching costs of USD 0.50/W in 2013.68 Interest has turned to lowering soft costs to further reduce installed system costs, which have also declined but not as rapidly as module prices (particularly in Japan and the United States).69 Although investment in solar PV (in dollar terms) was down for the year, actual installed capacity was up significantly, with the difference explained by declining costs of solar PV systems in recent years.ii 70 (See Figure 14.)

As of 2013, the cost per MWh of rooftop solar was below retail electricity prices in several countries, including Australia, Brazil, Denmark, Germany, and Italy.71 By one estimate, solar PV is deemed to be competitive without subsidies in at least 19 markets (in 15 countries).72 Further, several projects that were planned or under development by year's end were considered to be competitiveiii with fossil options, without subsidies.73

An estimated 43 GW of crystalline silicon cells and 47 GW of modules were produced in 2013, up 20% from 2012, and module production capacity reached an estimated 67.6 GW.74 Thin film production rose nearly 21% in 2013, to 4.9 GW, and its share of total global PV production stayed flat year-over-year.75

Over the past decade, module production has shifted from the United States, to Japan, to Europe, and back to Asia, with China dominating shipments since 2009.76 By 2013, Asia accounted for 87% of global production (up from 85% in 2012), with China producing 67% of the world total (almost two-thirds in 2012).77 Europe's share continued to fall, to 9% in 2013 (11% in 2012), and Japan's share remained at 5%.78 The U.S. share was 2.6%; thin film accounted for 39% of U.S. production, up from 36% in 2012.79 In India, most manufacturing capacity was idle or operating at low utilisation rates, primarily because it was uncompetitive due to lack of scale, low-cost financing, and underdeveloped supply chains.80

i - It is telling of the rapid changes in PV markets that the 2011 edition of the GSR reported on utility-scale projects >200 kW in size, the 2012 edition on projects >20 MW, and the 2013 edition on projects >30 MW.

ii - Note that data in Figure 14 come from different sources, so they are not perfectly aligned. The investment data reflect the timing of investment decisions, not the amount of capacity installed. So, for example, some dollars invested during calendar year 2012 may have been for systems installed during 2013.

iii -The source for this information does not define "competitive." However, the IEA-PVPS defines possible competitiveness as the situation in which PV produces electricity more cheaply than other sources could have delivered electricity at the same time, per IEA-PVPS, Trends 2013 in Photovoltaic Applications: Survey Report of Selected IEA Countries Between 1992 and 2012 (Brussels: 2013), p. 65.

SOLAR PV

Figure 12. Solar PV Total Global Capacity, 2004-2013

Source: See Endnote 2 for this section.

Figure 13. Solar PV Capacity and Additions, Top 10 Countries, 2013

Source: See Endnote 9 for this section.

2013: SOLAR PV INVESTMENT -22% SOLAR PV ADDITIONS +32%

Figure 14. Solar PV Global Capacity Additions and Annual Investment, 2004-2013

Source: See Endnote 70 for this section.

Yingli and Trina Solar (both China) were the leading module manufacturers in 2013. They were followed by Canadian Solar (Canada), Jinko Solar, and ReneSola (both China). Sharp Solar (Japan), First Solar (United States), Hanwha SolarOne (China), Kyocera (Japan), and JASolar(China) rounded out the top 10.81

Market consolidation among manufacturers continued in 2013, with merger and acquisition activity reaching record levels mid-year, and bankruptcies and closures continuing.82 CIGSi manufacturers, in particular, faced significant challenges due to standardisation and streamlining of crystalline silicon manufacturing and low silicon prices, with several companies entering insolvency or exiting the industry.83

China's large investment in solar PV manufacturing helped create the supply-demand imbalance that led to industry upheaval, and even China has suffered the results.84 Much of the older, less efficient capacity was shut down in 2013, as the national government encouraged consolidation and investment in modern facilities to curb oversupply and to improve quality, which suffered when corners were cut to reduce costs.85 China's top 10 companies had more than USD 16 billion in debt by August 2013, and Suntech became the first company ever to default on publicly traded debt in China.86

Even as some manufacturers idled production capacity or closed shop, others opened new facilities and began expanding capacity across the globe—from North and South America to Europe, Jordan to Turkey, and Kazakhstan to Malaysia.87 Ethiopia's first module-manufacturing facility (20 MW) began operating in early 2013 to supply the domestic market.88 Massive new builds were planned in China, which is also set to become a serious thin film player, with Hanergy's acquisition of several companies in 2013.89 Japanese manufacturers increased domestic production to meet growing domestic demand.90

Innovation and product differentiation have become increasingly important.91 Successful manufacturers have continued expanding into project development, operations, and maintenance.92 They also are building strategic partnerships to advance technologies and expand markets. For example, First Solar acquired GE's cadmium telluride portfolio, while both announced a partnership to advance thin films; SolarCity (United States) teamed up with American Honda and BMW to make solar PV more affordable for hybrid and electric vehicle owners; and Hanergy partnered with retailer IKEA to offer solar PV installation services to U.K. customers.93 Manufacturers also joined with utilities and fossil fuel companies to build solar PV plants, while traditional energy and even non-energy companies, such as toll road operator Huabei Express (China), moved further into solar development.94

Merger and acquisition activity continued on the development side. Existing large-scale projects were purchased on a far more global scale than in past years, due to increasing ease of financing and growing interest among pure investment firms.95 At least two German developers filed for insolvency during 2013, while others expanded their reach—Juwi (Germany) opened a subsidiary in Dubai to serve customers in East Africa and the MENA region.96 SunEdison bought EchoFirst (both United States), which offered what it claimed was the first combined solar electric and solar thermal lease for the U.S. residential market.97

New business models and innovative financing options continued to emerge, with practices such as solar leasing spreading beyond the United States to Canada, Europe, the Pacific, and elsewhere.98 In late 2013, Toshiba (Japan) entered the solar power business in Germany, installing PV systems on apartment buildings and selling electricity to residents directly; systems will be owned and funded by a group of pension funds.99 By early 2014, Mosaic (United States), an online platform for solar project investments, had financed more than USD 5 million by enabling people to invest small amounts towards specific projects, and SolarCity (United States) announced plans to offer a bond-like product for individual investors, backed by cash flows from existing customers.100 New models also are emerging in Latin America, including the sale of PV electricity into the wholesale market (rather than through long-term contracts), with such merchant plants being built in Chile and Mexico.101

Solar cell efficiencies continued to increase with more records announced during 2013.102 Perhaps the biggest technology advance centered on perovskite materials, which experienced a steep rate of efficiency improvement during 2012 and 2013. They offer the potential for high-performing yet inexpensive solar cells, although they have significant challenges to overcome before coming to market.103

CPV had a mixed year in 2013, with key companies closing plants and consolidation affecting both module and system suppliers. At the same time, the industry saw new strategic partnerships and expansions in manufacturing capacity.104 Soitec (France) announced plans to consolidate by closing its 40 MW plant in Freiburg, Germany, but also achieved full production capacity at its factory in California, and partnered with Alstom (France) to develop CPV plants in France.105 Solar Junction and Amonix (both United States) partnered to improve CPV efficiency.106 The industry is showing signs of moving beyond niche markets, with Soitec building a 44 MW project in South Africa, and several companies announcing or commissioning production ines in 2013 to meet growing interest in China.107 New cell and module conversion efficiency records were set in 2013, and improvements to mirror and tracker technologies continued.108

Solar inverters are becoming more sophisticated to actively support grid management, and are considered one of the fastest developing technologies in power electronics.109 Partly because of this rapid development, in 2013 ABB (Switzerland) acquired Power-One (United States), one of the world's largest manufacturers of solar power inverters.110 At the same time, the industry has become increasingly crowded and markets more fragmented, and the largest incumbents faced challenges maintaining growth or even surviving in 2013.111 Inverter manufacturers were under pressure to reduce prices, as the European market slowed faster than expected and as the focus of cost-cutting efforts turned increasingly towards balance-of-system technologies.112

i - Copper indium gallium selenide solar cells, which are in the thin film category of solar PV.

1 Figures of at least 39 GW and 139 GW based on the following: at least 36.9 GW was added for a total of more than 136 GW from International Energy Agency-Photovoltaic PowerSystems Programme (IEA-PVPS), PVPS Report- Snapshot of Global PV 1992-2013: Preliminary Trends Information from the IEA PVPS Programme (Brussels: March 2014), http://www.iea-pvps.org/fileadmin/dam/public/report/statistics/PVPS_report_-_A_Snapshot_of_Global_PV_-_1992-2013_-_final_3.pdf; 39-40 GW installed for a total of 138-140 GW, from Gaetan Masson, EA PVPS, and iCARES Consulting, personal communication with REN21, February-May 2014; preliminary estimates of around 38.5 GW added for a total of 138-139 GW (calculated using low early estimate for China), from European Photovoltaic Industry Association (EPIA), Global Market Outlook for Photovoltaics 2014-2018 (Brussels: forthcoming June 2014); some 39 GW added from Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance (FS-UNEP) and Bloomberg New Energy Finance (BNEF), Global Trends in Renewable Energy Investment 2014 (Frankfurt: 2014).

2 Based on 2013 year-end capacity, 2.6 GW was in operation at the beginning of 2004 and 70.2 GW at the end of 2011, from EPIA, Market Report 2013 (Brussels: March 2014), http://www.epia. org/uploads/tx_epiapublications/Market_Report_2013_02.pdf; Figure 12 from idem, p. 4; from EPIA, op. cit. note 1; and from Masson, op. cit. note 1.

3 EPIA, op. cit. note 2, p. 4.

4 Ibid.; other promising markets included South Africa and Chile, from Masson, op. cit. note 1.

5 The nine countries in 2013 were China, Germany, Greece, India, Italy, Japan, Romania, the United Kingdom, and the United States,

6 IEA-PVPS, op. cit. note 1.

7 Germany had 436 Watts per inhabitant, Italy 294 W, Belgium 268 W, Greece 229 W, the Czech Republic 206.8 W, and Australia 144 W, per EPIA, op. cit. note 1.

8 Ibid., and from China National Energy Administration, provided by Masson, op. cit. note 1.

9 China added 12.92 GW of solar PV capacity in 2013 per China National Energy Administration, provided by Masson, op. cit. note 1. This brings the year-end total to 19.9 GW based on 7 GW in place at end-2012, from Masson, op. cit. note 1. Other estimates include: China added 11,300 MW to the grid in 2013, from IEA-PVPS, op. cit. note 1, and from China Electricity Council (CEC), 2014 National Power Sector Report, viewed 2 March 2014, and provided by Frank Haugwitz, Asia Europe Clean Energy (Solar) Advisory Co. Ltd. (AECEA), personal communication with REN21, March 2014. Data of 11.3 GW are unverifiable and likely cover only grid-connected capacity that was commissioned in 2013, per Masson, op. cit. note 1. For year-end total, other estimates include: about 18 GW total based on data from CEC, op. cit. this note; an estimated 18.1 GW from EPIA, op. cit. note 2, p. 4, and 18.3 GW from IEA-PVPS, op. cit. note 1. Note that the CEC seems to be omitting data below a certain kW level, which implies that they underestimate the total added and cumulative capacity, from Haugwitz, op. cit. this note. Figure 13 from data and sources provided throughout this section.

10 Frank Haugwitz, China's Continuing Grid Curtailment Requires NEA to Strengthen its Supervision, Briefing Paper—China Solar PV Development (Beijing: AECEA, January 2014). Curtailment arose as an issue as early as 2012, per IEA-PVPS, op. cit. note 5, p. 21.

11 Very large projects from Chinese Renewable Energy Industries Association (CREIA), "In 2013 the World's Leading Solar PV Installed Da Qidi Countries," January 2014, http://www.creia.net/news/headline/1529.html (using Google Translate); utilities are China Power Investment, China Three Gorges, and China Huadian, per James Montgomery, "China's Dragon Awakens," Renewable Energy World, 27 January 2014, http://www.renewableenergyworld.com/rea/news/article/2014/01/asia-report-the-solar-dragon-awakens; provinces are Gansu (with 24% of all 2013 installations), Xinjiang (18%), and Qinghai (17%), per BNEF, "China's 12GW Solar Market Outstripped All Expectations in 2013," press release (Beijing and Zurich: 23 January 2014), http://about.bnef.com/press-releases/chinas-12gw-solar-market-outstripped-all-expectations-in-2013/

12 Smaller-scale and distributed from CREIA, op. cit. note 11, and from IEA-PVPS, op. cit. note 5, p. 21; shift to rooftop from Giles Parkinson, "China Switches Solar PV Focus from Utility-Scale to Rooftop Market," Renew Economy, 10 December 2013, http://reneweconomy.corn.au/2013/china-switches-solar-pv-focus-from-utility-scale-to-rooftop-market-36069; Frank Haugwitz, Will China Exceed 10 GW of New Solar PV Installations in 2014? Briefing Paper-China Solar PV Development (Beijing: AECEA, November 2013).

13 Japan added 6,900 MW for a total of 13,643 MW (recalculated from data reported in DC (direct current)), from IEA-PVPS, op. cit. note 1; 6,900 MW added also from EPIA, op. cit. note 2. p. 4. Note that Japan reports official figures in AC (alternating current), and these are converted to DC (direct current). Solar PV installation under Japan's FIT, from January through December 2013, was reported to be 6,028 MW, from Ministry of Energy, Economy and IndustryJapan, Agency of Natural Resourceand Energy, "Renewable Energy Installation Under FIT (as of the end of Dec 2013) MW" (Tokyo: 20 March 2014), modified and translated by Japan Renewable Energy Foundation.

14 At the end of August 2013, rooftop installations accounted for89% of Japan's market by capacity, per Finlay Colville, "Recharged Japan Solar PV Industry its 10 GW of Installed Capacity," Solar Buzz, 11 September 2013, http://www.solarbuzz.com/resources/articles-and-presentations/recharged-japan-solar-pv-industry-hits-10-gw-of-installed-capacity; PV homes accounted for about 30% of Japan's total residential PV market in 2012, per Junko Movellan, "New Solar Homes: Japanese Homebuilders Helping the Fightfor Energy Independence," Renewable Energy World, 29 July 2013, http://www.renewableenergyworld.com/rea/news/article/2013/07/new-solar-homes-japanese-homebuilders-helping-the-fight-for-energy-independence; Sekisui House Ltd., Japan's largest builder of single-family homes, says more than 80% of the homes it builds have solar power, per Peter Landers and Mayumi Negishi, "In Post-Tsunami Japan, Homeowners Pull Away from Grid," Wall Street Journal, 17 September 2013, http://online.wsj.com/article/SB100014241278873238382045790012 90288855268.html#articleTabs%3Dvideo.

15 Junko Movellan, "Recovery Report: Japan PV Manufacturers Find Their Domestic Sweet Spot," Renewable Energy World, 12 June 2013, http://www.renewableenergyworld.com/rea/news/article/2013/06/recovery-report-japan-pv-manufacturers-find-their-domestic-sweet-spot.

16 Herman K. Trabish, "Japan's Solar Market Surge Blows Away Earlier Forecasts," Green Tech Media, 7 November 2013, http://www.greentechmedia.com/articles/read/Japans-Solar-Market-Surge-Blows-Away-Earlier-Forecasts; Elisa Wood, "Japan: Solar's Real Deal? Nation's Large-scale Solar Market Is Booming—But Is It Sustainable?" Large Scale Solar, supplement to Renewable Energy World, May-June 2013, pp. 5-7; Japanese brand equipment from James Topham and Aaron Sheldrick, "Japan's Solar Dream Shatters as Projects Fail," Reuters, 19 November 2013, http://planetark.org/wen/70431. A study by the Japanese Ministry of Economy, Trade, and Industry determined that almost 800 approved solar PV projects had failed to obtain necessary equipment and land to begin construction, per"METI nvestigations Find 784 Projects Stalled," PV News, March 2014, p. 3.

17 EPIA, op. cit. note 2. p. 4; IEA-PVPS, op. cit. note 1; India added 1,115 MW for a total of 2,319 MW, South Korea added 442 MW for a total of 1,467 MW, and Thailand added 317 MW for a total of 704 MW, per idem. India added 1,041.8 MWfora total of 2,323.38 MW at the end of 2013, per Akshay Urja, Bi-monthly magazine published by Ministry of New and Renewable Energy, Government of India, November-December 2012 and September-December 2013, provided by Shirish Garud, The Energy and Resources Institute (TERI), personal communication with REN21, December 2013.

18 EPIA, op. cit. note 1. North America includes the United States and Canada. Canada added 444 MW for a total of 1,210 MW at end 2013, from IEA-PVPS, op. cit. note 1.

19 GTM Research and U.S. Solar Energy Industries Association (SEIA), U.S. Solar Market Insight Report: 2013 Year-in Review (Washington, DC: 2014), Executive Summary, http://www.seia.org/research-resources/solar-market-insight-report-2013-year-review. The United States added 4,751 MW in 2013 for a total of 12.1 GW, from idem, and added 4,750 MW for a total of 12,020 MW, from EA-PVPS, op. cit. note 1.

20 Innovative financing options include third-party ownership, pay-as-you-go solar leasing, home equity loans, and mortgages, per James Montgomery, "US Joins 10-GW Solar PV Club, Prepares for Liftoff," Renewable Energy World, 10 July 2013, http://www.renewableenergyworld.com/rea/news/article/2013/07/us-joins-10-gw-solar-pv-club-prepares-for-liftoff; impacts of third-party leasing and pay-as-you-go from Davide Savenije and Bill Opalka, "Four Solar Trends to Watch in 2014," Utility Dive, 17 January 2014, http://www.utilitydive.com/news/four-solar-trends-to-watch-in-2014/; home equity loans and mortgages from "U.S. Solar Market Surpasses 10 GW Mark," PV News, February 2014, p. 8; changing the game for all consumers, from small-scale homeowner level to commercial and industrial level, from Shawn W. Kravetz, Esplanade Capital, quoted in Jamie Smith Hopkins, "Solar Projects 'More Mainstream' As Costs Fall," Baltimore Sun, 20 October 2013, http://www.baltimoresun.com/business/bs-bz-businesses-going-solar-20131020,0,955547.story; Christine Beadle, "Mid-Size Solar PV Installations Accounting for Over 60% of US Project Pipeline," Solar Buzz, 24 May 2013, http://www.solarbuzz.com/resources/blog/2013/05/mid-size-solar-pv-installations-accounting-for-over-60-of-us-project-pipeline. See also Andreas Karelas, "Fostering Community Power: A New Pay It Forward Model for Solar," Renewable Energy World, 12 March 2014, http://www.renewableenergyworld.com/rea/blog/post/2014/03/a-new-way-to-foster-community-power-a-first-of-its-kind-pay-it-forward-model-for-solar.

21 The total market was up 41%, with the residential sector up 60%, non-residential sector up 37%, and utility sector up 58%, per GTM Research and SEIA, op. cit. note 19. Large ground-mounted systems from NPD Solarbuzz, North America PV Markets Quarterly, December 2013, cited in "Record 2013 Solar PV nstallations Promotes U.S. to Strongest Market Outside Asia-Pacific, According to NDP Solarbuzz," Solar Buzz, 8 January 2014, http://www.solarbuzz.com/news/recent-findings/record-2013-solar-pv-installations-promotes-us-strongest-market-outside-asia-pa.

22 Businesses from SEIA and the Vote Solar Initiative, Solar Means Business 2013: Top U.S. Commercial Solar Users (Washington, DC: 2013). Colorado utility Xcel Energy in October chose large-scale solar PV and wind over other options based on price alone (without considering RPS or carbon costs), from Dave Levitan, "For Utility-Scale Solar Industry, Key Questions About the Future," YaleEnvironment360, 21 November 2013, http://e360.yale. edu/feature/for_utility-scale_solar_industry_key_questions_about_the_future/2713/, and from David Eves, CEO of Public Service Company of Colorado, an Xcel subsidiary, cited in Cathy Proctor, "Xcel Energy Hopes to Triple Colorado Solar, Add Wind Power," Denver Business Journal, 9 September 2013, http://www.bizjournals.com/denver/blog/earth_to_power/2013/09/xcel-energy-proposes-to-triple-solar.html?page=all.

23 Ethan Howland, "Large Utility-Scale Solar Development Slows to a Crawl," Utility Dive, 14 January 2014, http://www.utilitydive.com/news/large-utility-scale-solar-development-slows-to-a-crawl/; Levitan, op. cit. note 22.

24 California added 2,621 MW of the total 4,751 MW installed during 2013, from GTM Research and SEIA, op. cit. note 19; successfully transition from "US Solar Market on the Path to Mainstream with 4.8 GW Installed in 2013," PV News, April 2014, p. 8.

25 The EU had more than 80 GW and wider Europe had 81.5 GW by the end of 2013, from EPIA, op. cit. note 1.

26 Capacities added in 2013 from EPIA, op. cit. note 1; shares of global market based on IEA-PVPS, op. cit. note 1 and additional data for China from Masson, op. cit. note 1. Note that Europe added 22.4 GW in 2011 and 17.6 GW in 2012, from EPIA, op. cit. note 2, p. 2, and added 22 GW in 2011 and 17 GW in 2012, from EA-PVPS, op. cit. note 1.

27 EPIA, op. cit. note 2, p. 2. For more regarding taxes on solar PV, see Ben Willis, "Bulgarian President Steps in Over Solar Levy Dispute," PV-tech, 14 January 2014, http://www.pv-tech.org/news/bulgarian_president_steps_in_over_solar_levy_dispute; Cristiano Dell'Oste and Michela Finizio, "Fotovoltaico sul tetto? Per il Fisco vale come una stanza in più e va accatastato," ilsole24ore.com, 18 February 2014, http://www.ilsole24ore. com/art/tecnologie/2014-02-17/fotovoltaico-tetto-il-fisco-vale-come-stanza-piu-e-va-accatastato-175132.shtml (using Google Translate); Sophie Vorrath, "Czech Follows Spain in Deciding to Tax Output from Solar Power," reneweconomy.com.au, 18 September 2013, http://reneweconomy.com.au/2013/czech-follows-spain-in-deciding-to-tax-output-from-solar-power-49694; John Parnell, "Spanish Solar Cuts Force IKEA to Hand PV Plant Back to the Bank," PV-tech, 6 February 2014, http://www.pv-tech. org/news/spanish_solar_cuts_force_ikea_to_hand_pv_plant_back_to_the_bank.

28 Tim Murphy, "Addressing PV Grid-Access Barriers Across Europe," NPD Solarbuzz, 7 February 2013, http://www.renewableenergyworld.com/rea/news/article/2013/02/addressing-pv-grid-access-barriers-across-europe.

29 Figure of 3,305 MW added from Arbeitsgruppe Erneuerbare Energien-Statistik(AGEE-Stat), Erneuerbare Energien im Jahr 2013 (Berlin: Bundesministerium für Wirtschaft und Energie, 2014), p. 2, http://www.bmwi.de/BMWi/Redaktion/PDF/A/agee-stat-bericht-ee-2013,property=pdf,bereich=bmwi2012,sprache=de, rwb=true.pdf; 3,304 MW added for a total of 35,500 MW, and 7.6 GW for three years from IEA-PVPS, op. cit. note 1.

30 The year-end total was 35,948 from AGEE-Stat, op. cit. note 29, p. 2; and 35,500 MW, from IEA-PVPS, op. cit. note 1.

31 BSW-Solar survey, cited in Ben Willis, "Survey Reveals Shift to PV Self-Consumption in Germany," PV-tech, 26 July 2013, http://www.pv-tech.org/news/survey_reveals_shift_to_pv_self_consumption_in_germany. Self-generation introduces new complexities for solar PV installers, who must determine appropriate system size. These complexities also result in higher costs for system owners, per Masson, op. cit. note 1.

32 More than 1.5 GW from EPIA, op. cit. note 1; 1,000 MW added for a total of 2,900 MW, from IEA-PVPS, op. cit. note 1; region's strongest from Marc Rosa, "England's Clouds Partfor Solar as Panels Carpet Fields," Bloomberg, 14 January 2014, http://www.renewableenergyworld.com/rea/news/article/2014/01/englands-clouds-part-for-solar-as-panels-carpet-fields. The market for smaller systems wasalso healthy, driven by the FITfor systems under 50 kW capacity, and more than 500,000 rooftop systems were operating in the country by year's end, per "More than 500,000 Rooftop PV Systems Installed in the UK," PV News, February 2014, p. 3.

33 Italy added 1,461 MW for a total of 17,600 MW, Romania added 1,100 MW for a total of 1,150 MW, and Greece added 1,041 MW for a total of 2,579 MW, all from IEA-PVPS, op. cit. note 1, and from EPIA, op. cit. note 2, p. 4.

34 Italy added 1,461 MW in 2013, down from 9.3 GW in 2011, 3.6 GW in 2012; Belgium added 215 MW, down from 600 MW, for a total of 2,983 MW; Denmark added 153 MW, down from 300 MW in 2012, for a total of 532 MW; and France added 613 MW in 2013 for a total of 4,632 MW, all from IEA-PVPS, op. cit. note 1. Italy's "Quinto Conto Energia" (grant for PV) ended on July 2013, but a 50% tax credit for small-scale rooftop systems is ongoing. The tax credit is expected support the growth of small residential PV plants, per Alessandro Marangoni, Althesys Strategic Consultants, personal communication with REN21, 16 April 2014.

35 Tim Flannery and Veena Sahajwalla, The Critical Decade: Australia's FutureSolar Energy (Climate Commission Secretariat, 2013), http://apo.org.au/files/Resource/climatecommission_australias-future-solar-energy_2013.pdf; Clean Energy Council, "Rooftop Solar Powers Past New Milestone," press release (Melbourne: 5 December 2013).

36 An estimated 848 MW was added for a total of 3,255 MW at year's end, from IEA-PVPS, op. cit. note 1; to reduce electricity bills from Jonathan Gifford, "Australia Hits 3 GW nstalled Capacity Milestone," PV Magazine, 4 December 2013, http://www.pv-magazine.com/news/details/beitrag/australia-hits-3-gw-installed-capacity-milestone_100013649.

37 Penn Energy, "Australia Reaches 3 GW Solar Renewable Energy Milestone," 9 December 2013, http://www.pennenergy.com/articles/pennenergy/2013/12/australia-reaches-solar-power-capacity-milestone-of-3-gw.html.

38 Promising markets in the region include Chile, the Dominican Republic, Ecuador, French Guyana, Guadeloupe, Guatemala, Martinique, Mexico, Peru, and Uruguay. In Peru, a "double 20 MW" plantwas inaugurated in early 2013, per IEA-PVPS, op. cit. note 5, p. 20; Ecuador from Maria Gabriela da Rocha, BNEF, cited in Marc Roca, "Mexican Sun Lures Cash to Solar as Panel Prices Plunge," Bloomberg, 4 October 2013, http://www.renewableenergyworld.com/rea/news/article/2013/10/mexican-sun-lures-cash-to-solar-as-panel-prices-plunge; Guatemala began construction of Central America's largest solar park (50 MW), due to be completed August 2014, per Gustavo E. Méndez, "Pioneered Solar Guatemala in Central America," Agenda Guatemalteca de Noticias, 14 February 2013, http://www.agn.com.gt/index.php/world/business/item/2629-guatemala-pionera-en-energ%C3%ADa-solar-en-centroamérica (using Google Translate); "Sky Solar and Tecnova Renovables to Build 8 MW Solar Park in Western Uruguay," Photon.info, 14 November2013, http://www.photon. info/photon_news_detail_en.photon?id=82287; Edgar Meza, "Uruguay Receives 11 Bids for PV Projects Totaling 27 MW," PV Magazine, 28 October 2013, http://www.pv-magazine.com/news/details/beitrag/uruguay-receives-11-bids-for-pv-projects-totaling-27-mw_100013250/z; Blanca Diaz and Edgar Meza, "Net Metering in Dominican Republic Shows Results," PV Magazine, 4 July 2013, http://www.pv-magazine.com/news/details/beitrag/net-metering-in-dominican-republic-shows-results-_100011922/#axzz2z8EuzWQa. For more on Latin America, see Vince Font, "Solar in 2014 Finally Gets Some Respect," Renewable Energy World, January-February 2014, p. 24.

39 Slower than expected from EPIA, op. cit. note 2, p. 5; Chile has seen several project announcements, but little capacity added as of 2013, from IEA-PVPS, op. cit. note 5, p. 19. Hurdles to deployment in Chile include transmission constraints and permitting and siting delays. By September 2013, Chile had a pipeline backlog greater than 3 GW of solar PV capacity, but only 70 MW was under development, and only 3.5 MW of grid-connected capacity was operating, per James Montgomery, "Latin America Report: Chile's Road to Solar Grid Parity," Renewable Energy World, 11 September 2013, http://www.renewableenergyworld.com/rea/news/article/2013/09/latin-america-report-chiles-road-to-solar-grid-parity; Peter Carvill, "Mexican President Inaugurates One of Latin America's Largest Solar Farms," PV Magazine, 3 April 2014, http://www.pv-magazine.com/news/details/beitrag/mexican-president-inaugurates-one-of-latin-americas-largest-solar-farms_100014731/; Christian Roselund, "Land of the Sun: Solar PV in Latin America," Solar Server, 18 March 2014, http://www.solarserver.com/solar-magazine/solar-report/solar-report/land-of-the-sun-solar-pv-in-latin-america.html.

40 Martifer Solar, "Martifer Solarand Gauss Energía Inaugurate Aura Solar, Latin America's Largest Connected PV Plant," press release (Oliveira de Frades, Portugal: 26 March 2014), http://www.martifersolar.com/fr/PressReleases01_14.php; Blanca Diaz-Lopez, "Chile Reaches 150 MW of Installed Solarwith Further 225 MW Under Construction," PV Magazine, 20 March 2014, http://www.pv-magazine.com/news/details/beitrag/chile-reaches-150-mw-of-installed-solar-with-further-225-mw-under-construction_100014563/; Roselund, op. cit. note 39. In Mexico, large-scale solar PV projects are not subsidised but development is driven by good solar resources, falling solar PV costs, and foreign developers and manufacturers in search of new markets, per Maria Gabriela da Rocha, BNEF, cited in Roca, op. cit. note 38. Mexico added 45 MW in 2013 for a total of 100 MW, from EA-PVPS, op. cit. note 1.

41 Included in energy plans from IEA-PVPS, op. cit. note 5, p. 37; nterest increasing from Heba Hashem, "What's in Store for the MENA's PV Market?" PV Insider, 4 February 2014, http://news.pv-insider.com/photovoltaics/what%E2%80%99s-store-mena%E2%80%99s-pv-market; Scott Burger, "Turkey Solar Market Outlook, 2013-2017," PV News, February 2013, p. 1; Matt Carr, "Photovoltaic Opportunities in Saudi Arabia Growing," Renewable Energy World, 5 February 2013, http://www.renewableenergyworld.com/rea/companies/first-conferences/news/article/2013/02/photovoltaic-opportunities-in-saudi-arabia-growing; Vesela Todorova, "Dubai's First Solar Plant on Schedule," The National, 4 July 2013, http://www.thenational.ae/news/uae-news/environment/dubais-first-solar-power-plant-on-schedule.

42 Jordan, Kuwait, and United Arab Emirates (UAE) from David Renne, nternational Solar Energy Society OSES), personal communication with REN21, 10 April 2014; a 13 MW plant was commissioned in Dubai, UAE in late 2013, making it the largest PV installation in the region at the time, and Dubai put out a tender for another 100 MW, per D. McQueen, Ministry of Foreign Affairs, UAE, personal communication with REN21, 14 April 2014; "First Solar Secures 20-Year PPA for Solar Project in Jordan," Solar Novus, 20 March 2014, http://www.solarnovus.com/first-solar-secures-20-year-ppa-for-solar-project-in-jordan_N7577.html; SMA Solar Technology AG, "Parking Lot Saudi Aramco," http://www.sma.de/fileadmin/content/global/Products/Documents/Referenzanlagen/EN_ARAMCO.pdf, viewed 19 March 2014; Dagmar Buth-Parvaresh, "Saudi Arabia: The Largest PV Module-Covered Parking Lot in the World," Sunny: The SMA Corporate Blog, 6 September 2013, http://en.sma-sunny. com/2013/09/06/saudi-arabia-the-largest-pv-module-covered-parking-lot-in-the-world/.

43 Markets include Angola, Cameroon, Ethiopia, Ghana, Senegal, and Zimbabwe, from IEA-PVPS, op. cit. note 5, p. 38; Egypt from Steve Sawyer, Global Wind Energy Council (GWEC), personal communication with REN21, 18 September 2013.

44 W. Jonker Klunne, Council forScientific and Industrial Research, Pretoria, South Africa, personal communication with REN21, 12 April 2014; Renewable Energy Independent Power Producer Procurement programme also from "South Africa's Renewable Energy Programme Announces Successful Bidders for Round Three," Energyblog, 14 November 2013, http://www.energy.org. za/news/14-the-energy-blog/78-reippp-window-three; "South Africa's First Solar Plant Goes Online," SouthAfrica.info, 14 November 2013, http://www.southafrica.info/business/investing/solar-141113.htm; Terence Creamer, "Two N Cape Solar Farms to Be Inaugurated in Mayas Operations Begin," Engineeringnews. co.za, 17 April 2014, http://www.engineeringnews.co.za/article/two-n-cape-solar-farms-to-be-inaugurated-in-may-as-operations-begin-2014-04-17.

45 At least 13 countries and 49 plants based on the following sources: Denis Lenardic, "Large-scale Photovoltaic Power Plants Ranking 1-50," updated 22 February 2014, http://www.pvresources.com/PVPowerPlants/Top50.aspx; at least another four plants based on idem, updated 15 March 2014, 143 MW Catalina Solar Project in California, from "Catalina Solar Reaches Commercial Operation," PV News, October 2013, p. 6; EDF Renewable Energy, "Project Detail: Catalina Project," http://www.edf-re.com/projects/detail/catalina_solar_project/, viewed 13 March 2014; 320 MW solar PV plant co-located with an existing 1.28 GW hydropower dam in Qinghai Province, Northwestern China, per "CPI Completes Massive Hybrid Solar PV/Hydro Plant in Western China," Solar Server, 12 December 2013, http://www.solarserver.com/solar-magazine/solar-news/current/2013/kw50/cpi-completes-massive-hybrid-solar-pvhydro-plant-in-western-china.html; 200 MW Chinese PV plant in Gonghe Industrial Park, from China Power Investment Corporation (CPIC), "200 MW Gonghe PV Station of Huanghe Company Synchronized," press release (Beijing: 16 December 2013), http://eng.cpicorp.com.cn/e_corporateNews/201312/t20131218_227495.htm; 100 MW Chinese plant in Chengde, from CPIC, "100 MW Chengde PV Station Put into Operation," press release, 13 December 2013, http://eng.cpicorp.com.cn/NewsCenter/CorporateNews/201401/t20140114_228662.htm. The countries are Bulgaria, Canada, China, France, Germany, India, Italy, Japan, South Africa, Spain, Thailand, Ukraine, and the United States, per Lenardic, op. cit. this note, updated 15 March 2014. Note that reportedly a 100 MW solar PV plant was completed and commissioned by SunEdison (United States) in Chile during January 2014, per "Chile Reports that the 100 MW Amanecer Solar PV Plant is Online," Solar Server, 21 February 2014, http://www.solarserver.com/solar-magazine/solar-news/current/2014/kw08/chile-reports-that-the-100-mw-amanecer-solar-pv-plant-is-online.html.

46 Based on data from Lenardic, op. cit. note 45, updated 15 March 2014.

47 Estimate of at least 14 in 2013 includes extensions of existing PV power projects as well as single stages completed in 2013, and based on data from Lenardic, op. cit. note 45, updated 15 March 2014; Japan plant is 70 MW Kagoshima Nanatsujima Mega Solar Power Plant, per Kyocera, "KYOCERA Starts Operation of 70 MW Solar Power Plant, the Largest in Japan," press release (Tokyo: 5 November 2013), http://global.kyocera.com/news/2013/1101_nnms.html; South Africa plant is 75 MW Kalkbult plant, per Scatec Solar, "Inauguration of the 75 MW PV Plant Kalkbult," press release (Oslo: 11 December 2013), http://www.scatecsolar.com/page_3_1.php?cms_beg=0&pg=&kat1=&kat2=&kat3=&cmsshowfull=2_0_1001& dummy=0#cmsjumptol. Note that tied for second largest at year's end was the California Valley Solar Ranch, which expanded to its final capacity of 250 MW in operation in late 2013 (the first 22 MW began delivering power in October 2012), per "CVSR Reaches Full Commercial Operation," PV News, December 2013, pp. 6-7

48 "CPI Completes Massive Hybrid Solar PV/Hydro Plant in Western China," Solar Server, 12 December 2013, http://www.solarserver.com/solar-magazine/solar-news/archive-2013/2013/kw50/cpi-completes-massive-hybrid-solar-pvhydro-plant-in-western-china. html.

49 United States and other leaders based on data from Lenardic, op. cit. note 45, updated 22 February 2014 and 15 March 2014. Note that the United States had more than 1,430 MW of capacity in plants larger than 50 MW, followed by Germany (more than 1,200 MW), China (11,200 MW), India (almost 330 MW), and Ukraine (more than 310 MW), per idem, updated 22 February and 15 March 2014.

50 For example: the Sterling Project (1,200 MW)and McCoy Solar Energy Center (750 MW) in California were in early development stages in California by late 2013, perSEIA, cited in Levitan, op. cit. note 22; the first 57 MW of the planned 579 MW Solar Star project was connected to the U.S. grid in late 2013 or early 2014, with full construction due to be completed by end-2015, from Scott DiSavino, "Giant California Solar Star Power Plant Enters Service," Reuters, 13 January 2014, http://planetark.org/wen/70837, and from "First Phase of Solar Star Connected to the Grid," PV News, February 2014, p. 6; the 96 MW Jasper Solar Project, financed in part by Google, is underway in South Africa, and two projects of over 100 MW received approval in Chile in 2013, per J. Matthew Roney, "Solar Power: World Solar power topped 100,000 Megawatts in 2012" (Washington, DC: Earth Policy Institute, 31 July 2013), http://www.earth-policy.org/indicators/C47/solar_power_2013; in Australia, construction began in early 2014 on a 102 MW plant, per "Construction Begins on 102 MW Nyngan Plant, Australia's Largest Solar PV Plant," Solar Plaza, 28 January 2014, http://www.solarplaza.com/news/construction-begins-on-102mw-nyngan-plant-australi; construction of the largest solar project (64 MW) in the Caribbean region began in the Dominican Republic in late 2013, per "Caribbean's Largest Solar Plant Under Construction," PV News, October 2013, p. 7; in China, there were announcements of plans to construct several projects of 1 GW or larger, from Shunfeng Photovoltaic International Limited, "Announcement: Cooperation Agreements," September 2013, http://www.hkexnews.hk/listedco/listconews/SEHK/2013/0901/LTN20130901053.pdf, and from Louise Downing, "Trina to Build 1-Gigawatt Solar Farm in Western China," Bloomberg, 30 December 2013, http://www.bloomberg.com/news/2013-12-30/trina-to-build-1-gigawatt-solar-project-in-western-china.html.

51 Paula Mints, "And the Future of Residential Solar Is... Up for Grabs," Renewable Energy World, 14 March 2014, http://www.renewableenergyworld.com/rea/news/article/2014/03/and-the-future-of-residential-solar-isup-for-grabs. The commericial- and utility-owned share of the on-grid global market has been larger than the residential share since 2006, per idem.

52 Mints, op. cit. note 51. Self-consumption is expected to reach competitiveness later than net metering for solar PV, but many countries are considering policies (payment for grid costs, taxes, etc.) that would make self-consumption less competitive, therefore slowing markets, per Masson, op. cit. note 1; in Italy there is a strong debate about net metering, from Marangoni, op. cit. note 34; debate over net metering in the United States from, for example, MarkChediak, Christopher Martin, and Ken Wells, "Utilities Feeling Rooftop Solar Heat Start Fighting Back," Bloomberg, 31 December 2013, http://www.renewableenergyworld.com/rea/news/article/2013/12/utilities-feeling-rooftop-solar-heat-start-fighting-back, and from Marc Gunther, "With Rooftop Solar on the Rise, U.S. Utilities are Striking Back," YaleEnvironment360, 3 September 2013, http://e360.yale.edu/feature/with_rooftop_solar_on_rise_us_utilities_are_striking_back/2687/; James Montgomery, "More Insights into Solar and Utilities: Large-Scale Integration, Self-Ownership, and Net Metering," Renewable Energy World, 5 June 2013, http://www.renewableenergyworld.com/rea/news/article/2013/06/more-insights-into-solar-and-utilities-large-scale-integration-self-ownership-and-net-metering; Giles Parkinson, "Australian Utilities Erect Barricades in Bid to Halt Solar Storm," Reneweconomy com.au, 23 October 2013, http://reneweconomy.com.au/2013/ australian-utilities-erect-barricades-in-bid-to-halt-solar-storm-91715.

53 "Australian Community Solar Project Begins Operation," PV News, January 2013, p. 11; Japan from Hironao Matsubara, ISEP, Tokyo, personal communication with REN21, 16 April 2014; United Kingdom from Andrew Williams, "Sharing Renewable Energy Solar Power Co-operatives in the UK," Renewable Energy World, 8 August 2013, http://www.renewableenergyworld.com/rea/news/article/2013/08/sharing-renewable-energy-solar-power-co-operatives-in-the-uk; Thailand from IEA-PVPS, op. cit. note 5, p. 25.

54 Bryan Lewis, "'Solar Gardens: Clean Energy Within Reach of Low-Income Families," Climate Progress, 28 August 2013, http://thinkprogress.org/climate/2013/08/28/2546291/community-solar-income/; David Shaffer, "First Community Solar Projects Getting Launched," Star Tribune, 19 July 2013, http://www.startribune.com/business/216093571.html; Chris Meehan, "Clean Energy Collective Digs into Solar Gardens in Massachusetts," Renewable Energy World, 16 January 2014, http://www.renewableenergyworld.com/rea/blog/post/2014/01/clean-energy-collective-digs-into-solar-gardens-in-massachusetts; Christine Beadle, "Mid-Size Solar PV Installations Accounting for Over 60% of US Project Pipeline," Solar Buzz, 24 May 2013, http://www.solarbuzz.com/resources/blog/2013/05/mid-size-solar-pv-installations-accounting-for-over-60-of-us-project-pipeline. Carve-outs for solar gardens from Lewis, op. cit. this note, and from Shaffer, op. cit. this note.

55 Alasdair Cameron, "Tracking the Market: focus on the concentrating photovoltaic sector," Renewable Energy World, July-August 2011, pp. 71-75; locations from Travis Bradford, Prometheus Institute, personal communication with REN21, 21 March 2012.

56 A 1.5 MW CPV plant began feeding power into Victoria, Australia's grid in mid-2013, per "Australia Completes its Largest CPV Power Station," CPV Intelligence Brief, 13-25 June 2013, http://news. pv-insider.com/users/ksdicks; Jason Deign, "Italy: Worth a Second LookforCPV," PVInsider, 7January 2013, http://news.pv-insider.com/concentrated-pv/italy-worth-second-look-cpv; California's largest CPV plant (1.5 MW) was completed, per "Soitec Completes California's Largest CPV Plant," PV News, August 2013, p. 7; Chile from Soitec, "Minera El Tesoro Mining Group and Soitec Establish CPV Solar-Energy Pilot Plant for Mining Operation in Chile," press release (Bernin, France and Santiago, Chile: 27 May 2013), http://www.soitec.com/en/news/press-releases/minera-el-tesoro-mining-gro... Namibia from Soitec, "Soitec Connects Solar-Power Demonstration Plant in Namibia," press release (Bernin, France: 10 June 2013), http://www.soitec.com/en/news/press-releases/soitec-connects-solar-power-demonstration-plant-in-namibia-1317/; Portugal from Soitec, "Soitec Announces Financing and Construction Start of Solar Power Plant in Portugal," press release (Bernin, France: 2 December 2013), http://www.soitec.com/en/news/press-releases/soitec-announces-financing-and-construction-start-of-solar-power-plant-in-portugal-1391/; Saudi Arabia from Soitec, "Khaled Juffali Company and Soitec Announce Saudi Aramco Chooses Soitec's Solar-Energy Technology," press release (Jeddah, Saudi Arabia and Bernin, France: 12 June 2013, http://www.soitec.com/en/news/press-releases/khaled-juffali-company-and-soitec-announce-saudi-aramco-chooses-soitec-s-solar-energy-technology-1320/. See also "Signs of Progress for CPV, But Momentum Needs to be Sustained," PV Insider, 17 September 2013, http://news.pv-insider.com/users/ritesh-gupta.

57 Suncore Photovoltaic Technology Co., Ltd., "50 MW CPV Power Plant in Golmud, Qinghai, China," 2013, http://www.suncorepv.com/index.php?m=content&c=index&a=lists&catid=107; "Research and Markets: Global Concentrated Photovoltaic Cumulative Installations to Achieve More than 1 Gigawatt Capacity, by 2020," Business Wire, 25 March 2014, http://www.businesswire.com/news/home/20140325005716/en/Research-Markets-Global-Concentrated-Photovoltaic-Cumulative-nstallations.

58 Based on mid-2012 data from PV Insider, "CPV World Map 2012, June Update," prepared for CPV USA 2012, 4th Concentrated Photovoltaic Summit USA, San Jose, CA, October 2012, http://www.pv-insider.com/cpv/documents/CPVWorldMap2012.PDF; and on capacity added in 2013. The United States added 10 MW of CPV in 2013 for a total of at least 48 MW in operation, based on data (including only projects 1 MW and larger) from SEIA, "MajorSolar Projects in the United States, Operating, Under Construction, or Under Development," updated 6 March 2014, http://www.seia.org/sites/default/files/resources/Major%20 Solar%20Projects%20List%203.6.14.pdf; China added 60 MW fora year-end 2013 total of 70 MW, per Haugwitz, op. cit. note 9. Nearly 154 MW was in operation by early 2014 according to GlobaIData, cited in James Montgomery, "CPV Update: SunPower Ramps Up in China, Soitec Achieves South Africa Milestone," Renewable Energy World, 28 March 2014, http://www.renewableenergyworld.com/rea/news/article/2014/03/cpv-update-sunpower-ramps-up-in-china-soitec-achieves-south-africa-milestone?cmpid=SolarNL-Saturday-March29-2014; 357.9 MWwas in operation in 2014, per "Research and Markets...," op. cit. note 57

59 Italy and Greece (about 5.8%), from IEA-PVPS, op. cit. note 1; Germany from AGEE-Stat, op. cit. note 29, p. 2. Examples of daily peaks include: in the U.S. state of California, for example, solar power (both solar PV and concentrating solar thermal) met 18% of the state's 22,700 MW demand on 8 March 2014, per "California Electric Grid Sets Solar Generation Record," Reuters, 10 March 2014, http://www.reuters.com/article/2014/03/10/utilities-california-solar-idUSL2N0M724F20140310; Thomas Gerke, "Sunday, Solar Sunday—Germany's July 7 Solar Power Record n-Depth," Clean Technica, 12 July 2013, http://cleantechnica.com/2013/07/12/sunday-solar-sunday-germany-solar-power-record-in-depth/; Ian Clover, "Solar Power Saves the Day During Australia's Record Heatwave," PV Magazine, 17 January 2014, http://www.pv-magazine.com/news/details/beitrag/solar-power-saves-the-day-during-australias-record-heatwave_100013970/

60 Figure of 3% of total consumption and 6% of peak demand, from EPIA, op. cit. note 2, p. 5, and from IEA-PVPS, op. cit. note 1; 0.3% in 2008from Gaetan Masson, "Editorial: 2013, A Qualified Record-yearfor Photovoltaics," EPIA, March 2014, http://www.epia.org/news/news/?page=1#news-278. At least 160 TWh is based on capacity in operation at the end of 2013, from IEA-PVPS, op. cit. note 1; this is up from an estimated 110 TWh with capacity installed at the end of 2012, from EPIA, op. cit. note 1, pp. 13, 44. At least 15 countries had enough PV to produce at least 1% of their electricity demand by year's end, from IEA-PVPS, op. cit. note 1.

61 Ehren Goossens, "Solar Rebound Beating Dot-Com Recovery as Demand Surges," Bloomberg, 31 October 2013, http://www.bloomberg.com/news/2013-10-31/solar-rebound-beating-dot-com-recovery-as-demand-surges.html.

62 Paula Mints, "Object Lesson: Europe's Solar Energy Market," Renewable Energy World, 16 September 2013, http://www.renewableenergyworld.com/rea/news/article/2013/09/object-lesson-europes-solar-energy-market.

63 Goossens, "Solar Rebound Beating...," op. cit. note 61.

64 BNEF, "US Unlocks USD 15BN Financing Doorfor Alternative Vehicles," Energy Week in Review, 27 August-2 September 2013.

65 Paula Mints, "The Aggressive Solar Pricing U-Turn That Was Impossible to Make," Renewable Energy World, 14 October 2013, http://www.renewableenergyworld.com/rea/news/article/2013/10/the-aggressive-solar-pricing-u-turn-that-was-impossible-to-make; Masson, op. cit. note 1.

66 See, for example: Doug Young, "New Litigation Trips Up Suntech, Trina, Yingli," Young's China Business Blog, 14 October 2013, http://www.youngchinabiz.com/en/new-itigation-trips-up-suntech-trina-yingli/; James Montgomery, "Update: EU-China Solar Trade War Entering Endgame?" Renewable Energy World, 9 May 2013, http://www.renewableenergyworld.com/rea/news/article/2013/05/eu-china-solar-trade-war-entering-endgame?cmpid=WNL-Friday-May10-2013; Xiaolu Wang and Marlies Huijbers, "Is a Chinese Sun Powering Western Solar Energy Economies?" Renewable Energy World, 28 February 2014, http://www.renewableenergyworld.com/rea/news/article/2014/02/is-a-chinese-sun-powering-western-solar-energy-economies.

67 Module prices and robust demand from GTM Research, PV Pulse, April 2014. Module prices stabilised per Masson, op. cit. note 1. Note that module prices fell 70% in two years, from "PV Technology and Cost Outlook, 2013-2017," PV News, August 2013, p. 16.

68 Rapid learning and low materials costs from Paula Mints, "The Return of the Badly Rhyming 12 Days of Solar Christmas," Renewable Energy World, 24 December 2013, http://www.renewableenergyworld.com/rea/news/article/2013/12/the-return-of-the-badly-rhyming-12-days-of-solar-christmas; manufacturing cost reductions and improved manufacturing processes from Giles Parkinson, "SunPower Continues to Drive Down the Cost Curve," Green Tech Media, 21 February 2014, http://www.greentechmedia.com/articles/read/SunPower-Continues-To-Drive-Down-the-Cost-Curve; faster than targeted and Chinese producers from "PV Technology and Cost Outlook, 2013-2017," PV News, August 2013, p. 16. However, the rate of decline in cost perwattfortraditional module manufacturers has slowed, per Deutsche Bank Markets Research, "2014 Outlook: Let the Second Gold Rush Begin," Industry Update, 6 January 2014, p. 25.

69 Masson, op. cit. note 1. In the United States, the price of rooftop systems 10 kW or smaller fell 37%, but over 80% of the cost reduction was attributable to falling module costs, per Galen Barboseetal., Tracking the Sun VI, An Historical Summary of the Installed Price of Photovoltaics in the United States from 1998 to 2012 (Berkeley, CA: Lawrence Berkeley National Laboratory, July 2013), pp. 14-15, http://emp.lbl.gov/sites/all/files/lbnl-6350e.pdf.

70 FS-UNEP Centre and BNEF, op. cit. note 1. Figure 14 sources: global capacity added during 2004-2012 from EPIA, op. cit. note 2, and preliminary estimates for capacity added during 2013 from Masson, op. cit. note 1; investment data from BNEF, provided by Angus McCrone, BNEF, personal communication with REN21, 26 March 2014.

71 FS-UNEP Centre and BNEF, op. cit. note 1, p. 43. Levelised costs of generation for crystalline silicon PV systems fell 53% between 2009 and early 2014, per idem, p. 36.

72 Deutsche Bank Markets Research, op. cit. note 68, p. 2. Markets include several countries in Latin America, Europe, Asia, and some U.S. states, per idem, pp. 2, 4, 17. In Germany and Italy, the retail price of electricity for some consumer segments is higher than solar PV generation costs, from IEA-PVPS, op. cit. note 5, p. 73. Note that soft costs vary greatly according to system size, customer type, location, and otherfactors, per idem, p. 63.

73 During 2013, for exam pie, SunPower (United States) announced an agreement between Total (France) and Etrion Partners (Switzerland) to build a 70 MW project in Chile that initially will sell all electricity on the spot market and will be the world's largest unsubsidised solar PV project, from Sanjay Shrestha, Lazard Capital, 26 September 2013, cited in PV News, November 2013, p. 2, and from Javier Vergara and Raul Sandoval, "Renewable Year-end Focus: Chile," Renewable Energy World, 25 December 2013, http://www.renewableenergyworld.com/rea/news/article/2013/12/renewable-year-end-focus-chile; Conergy (Germany) installed projects in Spain that were generating at grid-competitive rates, without subsidies, starting in late 2012, and reaching 1 GW by mid-2013, and developed business models for competitive markets in Australia, South Africa and the United States (not carried out due to subsequent insolvency), per Chris Meehan, "Conergy Installing Sola rat Cost of Conventional Electricity in Spain," Clean Energy Authority, 5 June 2013, http://www.cleanenergyauthority.com/solar-energy-news/conergy-installing-solar-at-grid-in-spain-060513; FS-UNEP Centre and BNEF, op. cit. note 1, Chapter 3.

74 GTM Research, op. cit. note 67. Note that there are a number of differing estimates for module production and production capacity. Information is highly sensitive and no one knows exactly what the amounts are, per Masson, op. cit. note 1.

75 GTM Research, op. cit. note 67.

76 Paula Mints, "Reality Check: The Changing World of PV Manufacturing," Renewable Energy World, 5 October 2011, http://www.renewableenergyworld.com/rea/news/article/2011/10/reality-check-the-changing-world-of-pv-manufacturing; Paula Mints, "The Solar Pricing Struggle," Renewable Energy World, 28 August 2013, http://www.renewableenergyworld.com/rea/news/article/2013/08/the-solar-pricing-struggle.

77 GTM Research, op. cit. note 67. China's share was up slightly from almost two-thirds in 2012, from GTM Research Competitive ntelligence Tracker, April 2013.

78 GTM Research, op. cit. note 67.

79 Ibid.

80 Bridge to India, "The Real Problem Facing Domestic Manufacturing Is the Lack of Scale," India Solar Weekly Market Update, 6 September 2013; World Bank, "Transforming India's Future With Solar Power," 12 December 2013, http://www.worldbank.org/en/news/feature/2013/12/12/transforming-indias-future-with-solar-power; Finlay Colville, "Indian Solar Cell Capacity at Five-year Low," Ciol.com, 6 September 2013, http://www.ciol.com/ciol/features/195014/indian-solar-cell-capacity-low.

81 GTM Research, op. cit. note 67. Other rankings of suppliers differ according to what is counted and when. The top five module suppliers were Yingli, Trina Solar, Sharp (Japan), which stepped up three, Canadian Solar (Canada), down two steps, and Jinko (China), up from eighth to fifth, per GlobaIData, "Sun Continues to Shine on Yingli Green Energy as It Retains First Position in GlobaIData's Top Five Crystalline Module Manufacturers, 2013," press release, 25 March 2014, http://energy.globaldata. com/media-center/press-releases/power-and-resources/sun-continues-to-shine-on-yingli-green-energy-as-it-retains-first-position-in-globaldatas-top-five-crystalline-module-manufacturers-2013; the top 10 cell and thin film manufacturers in 2013, by shipment, were Yingli, Trina Solar, JA Solar, Canadian Solar, First Solar, Hareon, Motech, NeoSolar, Jinko Solar, and Sunpower, per Paula Mints, "April Fools, Magical Thinking, and PV Manufacturer Shipment Announcements," Renewable Energy World, 7 April 2014, http://www.renewableenergyworld.com/rea/news/article/2014/04/april-fools-magical-thinking-and-pv-manufacturer-shipment-announcements.

82 Record levels from Mercom Capital Group, cited in James Montgomery, "Solar VC Funding: 'The Fear Is Gone' for nvestors," Renewable Energy World, 9 October 2013, http://www.renewableenergyworld.com/rea/news/article/2013/10/solar-vc-funding-the-fear-is-gone-for-investors; mergers and acquisitions also from Althesys Strategic Consultants, "The Strategies of the 50 Leading Companies in the Global Renewable Energy Industry," II Edition (Milan: 2014), Summary, http://www.althesys.com/wp-content/uploads/2014/03/Althesys-IREX-lnternational-2014-.pdf. Examples of mergers and acquisitions, bankruptcies, and restructuring include: JinkoSolar(China) acquired the manufacturing assets of Topoint (China), per John Parnell, "China Cuts Cord on Struggling Solar Manufacturers," PV-tech, 2 January 2014, http://www.pv-tech.org/news/china_cuts_the_cord_on_struggling_solar_manufacturers; Aleo Solar (Germany) announced its withdrawal from the U.S. market and expected loss for 2013, and its parent company, Bosch (Germany) announced plans to exit the crystalline PV sector, from "Aleo to Shut Down US Operations," PV News, October 2013, p. 4, and from Max Hall, "More Grim Newsfor Aleo Solar," PV Magazine, 10 January 2014, http://www.pv-magazine.com/news/details/beitrag/more-grim-news-for-aleo-solar_100013907/; SolarWorld AG (Germany) took over much of Bosch Solar Energy (Germany), per "SolarWorld Acquires Bosch Solar Assets," PV News, January 2014, p. 4; private equityfirm Kawa Capital Management Inc. (USA) took over Conergy AG (Germany) after it filed for bankruptcy, from Nicholas Brautlecht, "U.S. Investor Kawa to Buy Insolvent German Solar Company Conergy," Bloomberg, 24 July 2013, http://www.renewableenergyworld.com/rea/news/article/2013/07/u-s-hvestor-kawa-to-buy-insolvent-german-solar-company-conergy panel manufacturer Helios USA stopped operations, per Meg Cichon, "US Solar Manufacturing Woes: Helios Shutters Plant, 1SolTech Slapped with State Lawsuit," Renewable Energy World, 24 September 2013, http://www.renewableenergyworld.com/rea/news/article/2013/09/us-solar-manufacturing-woes-helios-shutters-plant-lsoltech-slapped-with-state-lawsuit; Siliken (Spain) from Mercom Capital Group, "Siliken Files for Insolvency," Market Intelligence Report – Solar, 4 February 2013; Alicante (IATS0, Spain) from Mercom Capital Group, "Spanish Module Producer latso Filesfor Insolvency," Market Intelligence Report – Solar, 25 February 2013; First Solar (USA) restructured its global operations and announced plans for layoffs in the United States, from "First Solarto Lay Off 150 Employees in North America," Power Engineering, 7 May 2013, http://www.power-eng.com/articles/2013/05/first-solar-to-lay-off-150-north-american-employees.html; Honda (Japan) announced plans to withdraw from the production and sale of PV products as of spring 2014, per "Honda to Discontinue Operations of PV Subsidiary," PV News, December 2013, p. 4; Sharp (Japan) announced in early 2014 that it would stop manufacturing panels in the United States and previously announced plans to close manufacturing facility in Wales, per "Sharp Says to End Solar Panel Production in U.S. by end-March," Reuters, 22 January 2014, http://www.reuters.com/article/2014/01/23/us-sharp-solar-idUSBREA0M05l20140123.

83 For example, Nanosolar (United States) closed in July, and the German arm relaunched in November, per Andy Colthorpe, "Nanosolar Germany Relaunched as Smartenergy Renewables Deutschland," PV-tech, 15 November 2013, http://www.pv-tech.org/news/nanosolar_germany_relaunched_as_smartenergy_renewables_deutschland; SoloPower (United States) suspended operations in Oregon and laid off workers and sold equipment at its San Jose, California, facility, all from James Montgomery, "CIGS Solar PV Roundup: Fundings, Expansions, and Cutbacks," Renewable Energy World, 12 July 2013, http://www.renewableenergyworld.com/rea/news/article/2013/07/cigs-solar-pv-roundup-fundings-expansions-and-cutbacks; Solarion (Germany) entered insolvency proceedings in early 2013 and exited in mid-year, from "Solarion Exits Bankruptcy," Thin Film Intelligence Brief, 26 June-9 July 2013, http://news. pv-insider.com/thin-film-pv/thin-film-intelligence-brief-26-june-%E2%80%93-9-july-2013; CIGS startup NuvoSun (United States) was purchased by Dow Chemical, per "Dow Purchases CIGS Startup NuvoSun," PV News, April 2013, p. 7.

84 During the height of the boom, some 400 companies were involved in PV panel production; by late 2013, China had an estimated 150, per Doug Young, "China Boosts Solarwith New Construction Ban," Young's China Business Blog, 23 September 2013, http://www.youngchinabiz.com/en/china-boosts-solar-with-new-construction-ban/; at one point there were approximately 650 module manufacturers in China, and it is believed that 300-400 remain, per Haugwitz, op. cit. note 9.

85 Capacity shut down from Doug Young, "China Solar Heats Up with Trina, Renesola Mega Deals," Young's China Business Blog, 31 December 2013, http://www.youngchinabiz.com/en/china-solar-heats-up-with-trina-renesola-mega-deals/; government encouraging from John Parnell, "JinkoSolaradds 500 MW of Cell and Wafer Capacity with Topoint Acquisition," PV-tech, 10 January 2014, http://www.pv-tech.org/news/jinkosolar_adds_500mw_of_cell_and_wafer_capacity_with_topoint_acquisition; curb oversupply and improve quality from John Parnell, "China Cuts Cord on Struggling Solar Manufacturers," PV-tech, 2 January 2014, http://www.pv-tech.org/news/china_cuts_the_cord_on_struggling_solar_manufacturers. The Chinese government ordered that no new construction be based on current technologies, per Doug Young, "China Boosts Solarwith New Construction Ban," Young's China Business Blog, 23 September 2013, http://www.youngchinabiz.com/en/china-boosts-solar-with-new-construction-ban/; quality issues from, for example: Jennifer Runyon, "Solar PV Module Quality Concerns Still Exist for Developing World," Renewable Energy World, 8 October 2013, http://www.renewableenergyworld.com/rea/news/article/2013/10/solar-pv-module-quality-concerns-still-exist-for-developing-word; "Dupont: PV Module Quality Is Improving but More Must Be Done," Renewable Energy World, 9 August 2013, video/interviewwith Conrad Burke, Dupont, http://www.renewableenergyworld.com/rea/video/view/dupont-pv-module-quality-is-improving-but-more-must-be-done; "Solar Champion Paula Mints on Solar Manufacturing Quality," Renewable Energy World, 12 July 2013, video/interviewwith Paula Mints, http://www.renewableenergyworld.com/rea/video/view/solar-champion-paula-mints-on-solar-manufacturing-quality; Todd Woody, "Solar Industry Anxious Over Defective Panels," New York Times, 28 May 2013, http://www.nytimes.com/2013/05/29/business/energy-environment/solar-powers-dark-side.html.

86 Debt is according to Chinese Ministry of Industry and Information Technology, 15 August 2013, cited in Feifei Shen, "Massive China Solar Debts, Deadlines Rattling Investors," Bloomberg, 3 September 2013, http://www.renewableenergyworld.com/rea/news/article/2013/09/china-solar-defaults-shock-holders-as-8-4-billion-due; "Suntech First Chinese Company to Enter Insolvency," PV News, April 2013, p. 7; Fiona Harvey, "Suntech's Troubles Cast a Shadow Overthe Green Tech Industry," The Guardian, 20 March 2013, http://www.theguardian.com/environment/2013/mar/20/suntech-troubles-shadow-green-tech-industry. Suntech also announced the closure of its U.S. factory in Arizona in early 2013, per "Chinese Solar Power Firm Defaults on Debts," The Guardian, 19 March 2013, http://www.theguardian.com/world/2013/mar/19/suntech-china-solar-power-default. LDK has also faced challenges, per Justina Lee, "Survival of the Fittest in China's Renewable Energy Market," Bloomberg, 25 February 2014, http://www.renewableenergyworld.com/rea/news/article/2014/02/survival-of-the-fittest-in-chinas-renewable-energy-market?cmpid=SolarNL-Tuesday-February25-2014; see also Doug Young, "LDK Melts Down, Solar Default Signs Grow," YoungChinaBiz.com, 2 April 2014, http://www.youngchinabiz.com/en/ldk-melts-down-solar-default-signs-grow/.

87 Production ramped up in general from James Montgomery, "New Crop of Reports Indicate Solar Outlook is Brightening," Renewable Energy World, 12 November 2013, http://www.renewableenergyworld.com/rea/news/article/2013/11/new-crop-of-outlooks-see-solar-outlook-brightening, and from Masson, op. cit. note 1; Argentina from "El Primer Panel Solar Hecho en San Juan Estará para Junio de 2015," Tiempo de San Juan, 3 October 2013, http://www.tiempodesanjuan.eom/notas/2013/10/3/primer-panel-solar-hecho-juan-estara-para-junio-2015-40810. asp (using Google Translate); Brazil from Roselund, op. cit. note 39; Canadian Solar formed a partnership with Samsung Renewable Energy to make modulesforSamsung'sOntario solar projects, per "Samsung to Open New Facility in Canada," PV ntelligence Brief, 26 June-9 July 2013, http://news.pv-insider. com; "Wafer Factory Opens in Massachusetts," PV News, March 2013, p. 10; Europe from "European Firms Ramp Up Module Production," PV News, May 2013, p. 5; Calyxo (Germany) CdTe thin film manufacturer opened a new fully automated production line of 60 MW in Germany, per Katherine Steiner Dicks, "Calyxo Starts Up New Production Line," Thin Film Intelligence Brief, 27 November-10 December 2013, http://news.pv-insider.com/thin-film-pv/thin-film-intelligence-brief-27-november-%E2%80%93-10-december-2013; Canadian Solar, "Samsung and Canadian Solar Open Solar Manufacturing Facility in London," press release (London and Ontario: 6 March 2014), http://nvestors.canadiansolar.com/phoenix.zhtml?c=196781&p=irol-newsArticle&ID=1906933&highlight=; Samer A. Zawaydeh, Association of Energy Engineers, Jordan Energy Chapter, personal communication with REN21, 13 April 2014; Turkish Investment Support and Promotion Agency, "Turkey's Largest PV Module Manufacturing Plant Commissioned," 24 May 2013, http://www.invest.gov.tr/en-US/infocenter/news/Pages/240513-csun-turkey-solar-module-plant-opened.aspx; Astana Solaropened a newwaferand module manufacturing plant in Kazakhstan, per "Kazakhstan PV Manufacturing Industry Poised for Growth," PV News, February 2013, p. 5; "Panasonic Begins Full-Scale Production in Malaysia," PV News, October 2013, p. 3; "Hanwha Q-Cells Expands Malaysia Cell Production," PV News, Feb ruary 2014, p. 4.

88 "First PV Module Factory Opens in Ethiopia," PV News, March 2013, p. 10.

89 Doug Young, "China Solar Heats Up with Trina, Renesola Mega Deals," Young's China Business Blog, 31 December 2013, http://www.youngchinabiz.com/en/china-solar-heats-up-with-trina-renesola-mega-deals/; Charlie Zhu, "China's Solar Industry Rebounds, But Will Boom-Bust Cycle Repeat?" Reuters, 24 January 2014, http://planetark.org/wen/70925; Hanergy acquired MiaSolé (United States), Silibro (Germany), and Global Solar Energy (United States), from James Montgomery, "CIGS Solar PV Roundup: Fundings, Expansions, and Cutbacks," Renewable Energy World, 12 July 2013, http://www.renewableenergyworld. com/rea/news/article/2013/07/cigs-solar-pv-roundup-fundings-expansions-and-cutbacks, and from "Hanergy Makes Third CIGS Acquisition," PV News, September 2013, p. 5; Mark Osborne, "Hanergy Solar to Start Building 3 GW CIGS Thin-film Manufacturing Complex in China," PV-tech, 27 January 2014, http://www.pv-tech.org/news/hanergy_solar_to_start_building_3gw_cigs_thin_film_manufacturing_complex_in.

90 Japan's manufacturers are increasing capacity and the technology mix is shifting away from poly-crystalline toward high-efficiency mono-crystalline silicon modules, which can maximise production on residential rooftops, and thin films, from Junko Movellan, "Recovery Report: Japan PV Manufacturers Find Their Domestic Sweet Spot," Renewable Energy World, 12 June 2013, http://www.renewableenergyworld.com/rea/news/article/2013/06/recovery-report-japan-pv-manufacturers-find-their-domestic-sweet-spot.

91 Innovation and product differentiation from IEA-PVPS, op. cit. note 5, p. 55. One example is the PV Heater, which uses PV electricity directly to heat water in a storage tank. This system can ncrease a household's level of self-consumption, and the system is not connected to the grid, so that output is not taxable. See, for example, REFUsol, "Photovoltaic Inverter Product Line," p. 28, http://europe.refusol.com/fileadmin/user_upload/pdf/brochures/Produktprogramm_REFUsol_EN.pdf; and Nigel Morris, "Game Changer for PV and SHW?" 19 June 2013, http://solarbusiness. com.au/game-changer-for-pv-and-shw/

92 Jeremy Bowden, "PV Policy and Markets- Impact of US Tariffs on LCOE," Renewable Energy World, November-December 2012, p. 7; Cedric Brehaut and M.J. Shiao, "Megawatt-Scale PV Operations and Maintenance," PV News, January 2014, pp. 9-10; EurObserv'ER, Photovolatic Barometer (Paris: April 2013), p. 65, http://www.energies-renouvelables.org/observ-er/stat_baro/observ/baro-jdp9.pdf. Examples of diversification and strategic partnerships include: several Chinese manufacturers movednto project development, spurred by government incentives and continued low prices, per Charlie Zhu, "China's Ailing Solar Panel Makers See the Light, On a Farm," Reuters, 8 November 2013, http://planetark.org/wen/70300; panel manufacturer Kyocera (Japan) has become a solar PV project developer in Japan and announced plans in 2013 to develop plants for institutional clients in the United States, per Morgan Lee, "Kyocera to Develop Solar Projects in U.S.," utsandiego.com, 10 September 2013, http://www.utsandiego.com/news/2013/sep/10/kyocera-develops-solar-farms/; Hanwha Q Cells USA Began offering a "one-stop solutions for bankable" commercial rooftop systems, per "Hanwha Q Cells Expands Commercial Rooftop Solar Services," PV News, December 2013, p. 6; in Japan, manufacturers Kyocera, Sharp, and Solar Frontier began expanding into project development and becoming independent power producers, per Movellan, op. cit. note 90.

93 "First Solar Announces Partnership with GE, c-Si Production," PV News, September 2013, p. 3; "SolarCity Brings Solar to Honda Customers," PV News, April 2013, p. 8; "BMW's Solar Partnership Helps Give EV Industry a Jolt," Greenbiz.com, 2 December 2013, http://www.greenbiz.com/blog/2013/12/02/bmw-solar-partnership-e-series-solarcity; "IKEA to Offer Solar Installations in the UK," PV News, November2013, p. 6. Other examples: SunPower (United States) partnered with U.S. home builders— including KB Home, Richmond American Homes, Lennar, and Pulte, to construct solar homes—from Chris Meehan, "Solar Likely on 20% of New Homes in California in 2013," Renewable Energy World, 17June 2013, http://www.renewableenergyworld. com/rea/blog/post/2013/06/solar-likely-on-20-of-new-homes-in-california-in-2013; "Solarcentury, Momentous Energy Form JV in Africa," PV News, September 2013, p. 5.

94 For example, Yingli Green Energy (China) formed a joint venture with Datong Coal Mine Group, China's third largest state-owned coal mining company, to develop and build solar PV plants, per Andy Colthorpe, "Yingli forms JV with Chinese state-owned coal mining company," PV-tech, 2 January 2014, http://www.pv-tech. org/news/yingli_green_forms_jv_with_chinese_state_owned_coal_mining_company; Yingli also entered into an investment agreement with China Rich Energy Corporation (a subsidiary of China National Nuclear Corporation) to develop and construct distributed solar projects across China, per "Yingli Forms JV in China, Signs Distribution Agreement in Japan," PV News, February 2014, p. 4; while traditional Chinese energy investors, such as China Power Investment Corp., are racing to develop large projects in western China, so are non-energy companies like Huabei Express (toll road operator) and Jiangsu Kuangda Auto Textile Group, per Charlie Zhu, "China's Solar Industry Rebounds, But Will Boom-Bust Cycle Repeat?" Reuters, 24 January 2014, http://planetark.org/wen/70925; in India, Coal India Limited and Neyveli Lignite Corporation, both large mining companies, and Oil India Limited are also moving into solar, from Sumit Moitra, "Coal India Gets into Solar Power," DNA India, 27 May 2013, http://www.dnaindia.com/money/report-coal-india-gets-into-solar-power-1839903, and from Bridge to India, "Our Market View," India Solar Weekly Market Update, 24 May 2013; Google partnered with Silver Ridge Power (formerly AES Solar) in the 265.7 MW Mount Signal Solar project in California, per "Google Invests in Mount Signal Solar," PV News, November 2013, p. 7.

95 Mergersand acquisitions included, forexample, Mitsubishi Corp (Japan) acquired stakes in solar plants in France, per Chisaki Watanabe, "Mitsubishi Buys Stakes in France from Energies Nouvelles," Bloomberg, 19 August 2013, http://www.renewableenergyworld.com/rea/news/article/2013/08/mitsubishi-buys-solar-stakes-in-france-from-energies-nouvelles; in the United States, Real Goods (United States) expanded through the purchase of other installers, Mercury Solar Systems and Syndicated Solar, from "Real Goods Solar Expands with Multiple Acquisitions," PV News, September 2013, p. 5; SolarCity (United States) acquired at least two companies, from "SolarCity Acquires Paramount Solar," PV News, September 2013, p. 5, and from "SolarCity Acquires Zep Solar for $158 Million," PV News, November 2013, p. 4; project purchases from Mercom Capital Group, cited in Montgomery, op. cit. note 82.

96 S.A.G Solarstrom and Gehrlicher filed for insolvency, from "SAG. Solarstrom Filesfor Insolvency," PV News, January 2014, p. 5; and from "Gehrlicher Files for Insolvency, Blames EU Tariffs," PV News, August 2013, p. 5; Gehrlicher's U.S. division, Gehrlicher Solar America Corporation was acquired by the U.S. division of M+W Group (Germany), per Edgar Meza, "M+W Americas Acquires Gerlicher Solar America," PV Magazine, 22 August 2013, http://www.pv-magazine.com/news/details/beitrag/mw-americas-acquires-gehrlicher-solar-america-_100012474/; "Juwi Opens Subsidiary in Dubai," PV News, November 2013, p. 5.

97 "SunEdison Buys Khosla-Funded EchoFirst," PV News, September 2013, p. 5.

98 Ucilia Wang, "SunPower to Launch Solar Leases Overseas," Renewable Energy World, 16 May 2013, http://www.renewableenergyworld.com/rea/news/article/2013/05/sunpower; Deutsche Bank Markets Research, op. cit. note 68, p. 19; "SunPower Introduces Residential Solar Loan in Australia," "SolarWorld Launches Financing Plan in Hawaii," and "HelioPower Buys Financial Solutions Company Greenzu," all from PV News, October 2013, pp. 5-6; "SunPower, Canadian Solar Announce Loan Programs," PV News, November 2013, p. 5; James Montgomery, "Why the Money's Flowing into US Residential Solar Markets," Renewable Energy World, 18 October 2013, http://www.renewableenergyworld.com/rea/news/article/2013/10/why-the-moneys-flowing-into-us-residential-solar-models; "Upsolar to Offer Solar Leasing France," PV News, January 2014, pp. 5-6; in Fiji, a private company Sunergise has introduced SunLease scheme in which they provide the capital costs for 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 http://www.sunergisegroup.com/

99 Toshiba will install systems in apartments and operate and manage them, selling powerat below rate charged by utilities, per "Toshiba to Launch Innovative Photovoltaic Power Business for Apartment Buildings in Germany," press release (Tokyo: 4 December 2013), http://www.toshiba.co.jp/about/press/2013_12/pr0401.htm; "Toshiba steigt in deutschen Photovoltaikmarkt ein," Photovoltaik.eu, 12 April 2013, http://www.photovoltaik. eu/Toshiba-steigt-in-deutschen-Photovoltaikmarkt-ein,QUIEPTU2NTI40CZNSUQ9MzAwMjE.html.

100 Martin LaMonica, "Solar Crowdfunding Trend Is Heating Up," Green Biz, 17 January 2014, http://www.greenbiz.com/blog/2014/01/17/new-product-solarcity-crowdsourcing; Davide Savenije and Bill Opalka, "Four Solar Trends to Watch in 2014," Utility Dive, 17 January 2014, http://www.utilitydive.com/news/four-solar-trends-to-watch-in-2014/. For other examples of innovative financing developments, see "Mosaic Awarded $1 Million, Plans International Expansion," and "Conergy Launches Commercial Financing Program," both in PV News, February 2014, p. 5.

101 Roselund, op. cit. note 39.

102 U.S. National Renewable Energy Laboratory (NREL), "Best Research-Cell Efficiencies," http://www.nrel.gov/ncpv/images/efficiency_chart.jpg.

103 For more on perovskite-based solar cells see, for example, Mitch Jacoby, "Tapping Solar Powerwith Perovskites: Low cost and impressive performance thrust new solar-cell technology into spotlight," Chemical and Engineering News, 24 February 2014, pp. 10-16, http://cen.acs.org/articles/92/i8/Tapping-Solar-Power-Perovskites.html; Kevin Bullis, "A New Solar Material Shows Its Potential," MIT Technology Review, 10 November 2013, http://www.technologyreview.com/news/521491/a-new-solar-material-shows-its-potential/; Gary Hodes, "Perovskite-Based Solar Cells," Science, 0ctober2013, pp. 317-18, http://www.sciencemag.org/content/342/6156/317 summary; Robert Coontz, "Science's Top 10 Breakthroughs of 2013," Science, 19 December 2013, http://news.sciencemag.org/2013/12/sciences-top-10-breakthroughs-2013; Bernie Bulkin, "Perovskites: The Future of Solar Power?" The Guardian, 1 March 2014, http://www.theguardian.com/sustainable-business/perovskites-future-solar-power.

104 SolFocus (United States) failed to find a buyer and shut down in late 2013, from "SolFocus Ceases Trading," CPV Intelligence Brief, 5-17 September 2013, http://news.pv-insider.com/users/ksdicks, and from James Montgomery, "CPV Outlook: Demand Doubling, Costs Halved by 2017," Renewable Energy World, 12 December 2013, http://www.renewableenergyworld.com/rea/news/article/2013/12/cpv-outlook-demand-doubling-costs-halved-by-2017; Amonix closed its plant in Las Vegas, Nevada, Zenith Solar (Israel) was acquired by Suncore (China), and consolidation and new partnerships all from "Signs of Progress for CPV, But Momentum Needs to be Sustained," PV Insider, 17 September 2013, http://news.pv-insider.com/users/ritesh-gupta.

105 Meg Cichon, "Soitec to Shutter German CPV Manufacturing, 'Regroup' at its San Diego Facility," Renewable Energy World, 2 August 2013, http://www.renewableenergyworld.com/rea/news/article/2013/08/soitec-to-shutter-germany-cpv-manufacturing-regroup-its-san-diego-facility; Soitec, "Soitec Completes Its First Solar Power Plant in California with Modules from its New San Diego Manufacturing Facility," press release (San Francisco: 10 July 2013), http://www.soitec.com/en/news/press-releases/soitec-completes-its-first-solar-power-plant-in-california-with-modules-from-its-new-san-diego-manufacturing-facility-1341/; "Alsom and Soitec Create CPV Alliance," PV News, September 2013, p. 6.

106 "Solar Junction Partners with Amonix to Improve CPV Efficiency," PV News, April 2013, p. 6.

107 Beyond niche and South Africa from "Signs of Progress for CPV, but Momentum Needs to Be Sustained," PV Insider, 17 September 2013, http://news.pv-insider.com/users/ritesh-gupta; China from Frank Haugwitz, CPV DevelopmentsMore Production Capacities and More Projects Coming Online, Briefing Paper—China Solar PV Development (Beijing: AECEA, July 2013).

108 "New CPV Record Set," and "Semprius Hits 35.5% Record," both from CPV Intelligence Brief, 18 September-1 October 2013, http://news.pv-insider.com/users/ksdicks; "Sharp Sets CPV Cell Record of 44.4%," CPV Intelligence Brief, 13-25 June 2013, http://news.pv-insider.com/users/ksdicks; Montgomery, op. cit. note 104.

109 More sophisticated from IEA-PVPS, op. cit. note 5, p. 56; fastest developing from ABB, "ABB Complete Acquisition of Power-One," press release (Zurich: 25 July 2013), http://www.abb.com/cawp/Seitp202/bf86c5972758ad3ecl257bb300773351.aspx.

110 ABB, op. cit. note 109; second largest from Power-One, "Why Choose Power-One Renewable Energy Solutions?" http://www.power-one.com/renewable-energy, viewed 20 April 2014; Silke Koltrowitz, "ABB Bets on Solar Power with $1 Billion Takeover," Reuters, 22 April 2013, http://www.reuters.com/article /2013/04/22/us-abb-power-one-idUSBRE93L04U20130422.

111 James Montgomery, "Solar PV Inverter Market Shakeout Continues with ABB and Power-One Deal," Renewable Energy World, 22 April 2013, http://www.renewableenergyworld.com/rea/news/article/2013/04/solar-pv-inverter-market-shakeout-continues-with-abb-and-power-one-deal; SMA (Germany) acquired a majority stake in Jiangsu Zeversolar New Energy (China), per "SMA Acquires Majority Stake in Zeversolar," PV News, April 2013, p. 7; but, in late 2013, it announced plans to downsize in response to changing market conditions, from "SMA to Complete Downsizing in 2014," PV News, November 2013, p. 4, and from Christoph Steitz, "Update 2-Solar Crisis Drags Germany's SMA into Loss," Reuters, 8 August 2013, http://www.reuters.com/article/2013/08/08/smasolar-results-idUSL6N0G90BC20130808; Satcon Technology Corp. (United States) announced plans to liquidate, per "Satcon Unable to Find Buyer, Moves to Liquidate," PV News, April 2013, p. 6.

112 James Montgomery, "Price Pressures Squeeze Solar Inverter Shipment Outlook," Renewable Energy World, 16 October 2013, http://www.renewableenergyworld.com/rea/news/article/2013/10/price-pressures-squeeze-solar-inverter-shipment-outlook.