Table of contents
Our top global stock ideas 3
Executive summary 4
Solar industry evolution and structural change 9
Driver 1 – Technology and cost 17
Driver 2 – Supply and demand 33
Driver 3 – Financing 45
Driver 4 – Policy 57
The prices in the body of this report are based on the market close of June 24, 2010.
In conjunction with this report, the GS Global Clean Energy team has launched coverage of the US and Chinese solar space, and revised earnings and
recommendations for our existing European coverage. Please see the reports listed below, also published today for detailed analysis on regional
coverage:
Europe: Manufacturer returns remain constrained by ASP falls; Q-Cells down to Conviction Sell
China: Clean Energy: China solar initiation: Look for cash returns, asset light; Buy JASO
China: Prefer wind/solar to nuclear power; Buy CHST and JA Solar
Americas: Transitioning beyond FiTs and starts; Buy FSLR, SPWRA Neutral, Sell WFR
Americas: Energy Storage: Advanced Batteries: Light, but the tunnel is long; Buy ENS, HEV Neutral, AONE Neutral