Sector and company
valuations 9
Polysilicon demand and supply 16
Incentives 22
Technology cost comparison 27
Grid parity for solar 32
Company profiles 39
Renewable Energy Corporation (REC NO) 40
PV Crystalox (PVCS LN) 51
Renesola (SOLA LN) 60
Solaria Energía (SLR SM) 70
SolarWorld (SWV GR) 79
Phoenix Solar (PS4 GR) 83
Q-Cells (QCE GR) 87
Solon (SOO1 GR) 91
Centrotherm (CTN GR) 95
Wacker Chemie (WCH GR) 99
SMA Solar (S92 GR) 103
Motech (6244 TT) 107
Sino American (5483 TT) 111
Gintech (3514 TT) 116
Suntech (STP US) 120
Yingli Green Energy (YGE US) 124
LDK Solar (LDK US) 128
Appendix – 133
Solar technologies 133
Technology evolution 134
Siemens process 136
Fluidised-bed reactor (FBR) 138
Upgraded metallurgical grade silicon (UMG) 140
Crystalline silicon 142
Amorphous silicon 145
Gallium arsenide 147
Copper indium gallium diselenide (CIGS) 149
Cadmium telluride (CdTe) 151
Solar thermal energy generation (STEG) 153
Disclosure appendix 157
Disclaimer 160
We acknowledge the contributionof Aparna Setya*,
Associate, Bangalore, in the preparation of this report
*Employed by a non-US affiliate of HSBC Securities (USA)
Inc, and is not registered/qualified pursuant to NYSE and/or