DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

2 June 2017Americas/United States

Equity ResearchAlternative Energy

Renewable Roundup WEEKLY ANALYSISResearch Analysts

Andrew Hughes212 325 8277

andrew.hughes@credit-suisse.com

Maheep Mandloi212 325 2345

maheep.mandloi@credit-suisse.com

Things We Learned This WeekStocks were reasonably resolute in the face of a definitive decision by President Trump to exit the Paris agreement. In our view this is largely a reflection of the time it will take the US to extract itself, the potential for renegotiation, and the fact that corporates, states and cities lead on renewables in the first place. Corporate procurement, state RPS, trade concerns, tax policy and persistent oversupply are more meaningful issues in the near and mid-term, and this week was full of developments on all fronts.

■ Corporates, shareholders, cities, states lead where Trump won't. President Trump's long anticipated and oft leaked withdrawal from the Paris climate accord dominated headlines this week, but to limited effect on sector stock valuations. Through midday, solar and wind shares in our coverage universe are an even mix of higher/lower over the preceding 5 days largely as a reflection of how inevitable the President's decision had become. In our view, a withdrawal from the UN Framework Convention on Climate Change in its entirety would have had a more negative impact. While the future of Federal climate policy remains murky at best, what is clear is that corporations, shareholders, and states will lead on energy sector decarbonization efforts where Washington DC, at least for now, will not. Examples this week alone include a vote by 62% of XOM shareholders to require annual disclosure of compliance with Paris targets, and passage by the California Senate of SB 100, which would accelerate the State's 50% RPS target from 2030 to 2026, and establish 60% and 100% targets by 2030 and 2045, respectively. Moreover, a group of 100+ businesses, 80+ university presidents, 82 mayors and 3 governors plans to bypass the Feds and directly negotiate their participation in the Paris climate deal.

■ Maybe we will always have Paris anyway? By not backing out of the broader framework convention, the White House did leave open the possibility of renegotiating the accord along lines the current administration finds more palatable. What those parameters are is unclear, and may not matter anyway. The accord is structured such that it will take until either Trump's second term or a new administration is elected for the US to be out of the current deal entirely. In the meantime, corporate procurement, State RPS requirements, trade issues, and tax policy are among the issues more meaningful to the sector's outlook. For all the buildup and debate surrounding the announcement, one interpretation is that the Trump Administration effectively punted more meaningful action, albeit on second down while potentially seeding excellent field position to China and the EU when it comes to the environment and clean energy.

2 June 2017

Renewable Roundup 2

■ You can go your own way. The California State Senate passed several bills in addition to SB 100 this week that members have dubbed "Trump insurance." They include SB 49 - which would make federal environmental laws, including the Clean Air and Clean Water acts enforceable by state law - The Public Lands Defense Act - which protects federal land in California - and the Whistleblower and Public Data Protection Act - which protects scientific data at state agencies from censorship.

■ The reliability question. The best thing we read two weeks ago was the UT study highlighting the improvement in grid operations in areas of high renewable penetration that have the right technology and market structures. This week that distinction falls to an article quoting representatives from Xcel Energy, MISO, the Brattle Group, the Regulatory Assistance Project, and Grid Strategies that suggests the notion that renewables threaten grid reliability is a "Chicken Little argument traditional generators use over and over." The article cites reserve margins well in excess of NERC standards, the ability of grid operators to properly compensate ancillary services and flexibility products, and the need for both critical peak and critical off-peak pricing at the retail level as reasons why reliability concerns are overblown. While that view may have its detractors, it seems to us, especially following last week's bus tour and the flood of reports and articles in the wake of DOE's grid study, that a future defined by clean, reliable and cheap electricity is a function of cost and market design. In our view that is an equation that technology can solve.

■ The future of DG in retail markets. Another sign that solar is an attractive resource in competitive energy markets is the partnership Sunrun announced with ENGIE in Texas this week. The deal provides customers with retail rate net metering certainty, ENGIE with a long-term customer agreement in a market otherwise characterized by a high degree of churn, and Sunrun access to another market to grow contracted long-term cash flows. SolarCity launched a similar program in 2015 with MP2 Energy for the Dallas market. Ohio's electricity market may soon move in a similar direction. HB 247 would require IOUs to divest of generation assets, eliminate integrated resource planning, and set customer rates based on wholesale prices.

■ Project sale, RfP & Demand update. FSLR received FERC's approval to sell tax equity stakes in Switch Station 1&2 (179 MWs) to JPM, in time for our forecast of a Q2 sale . SPWR won a 64 MW rooftop tender in France which is testament of its growing international residential business. The company will use its high-efficiency E-Series panels for the job. CSIQ will supply 268 MW modules for the 800 MW Dubai solar project, showing that utility scale projects with sub 3c/kWh PPA still prefer Tier-1 multi-crystalline modules. Russia is planning a 1.9 GW renewable auction for 2018-21 delivery, but will likely attract wind resources in our opinion.

■ Gigawatt scale solar + storage in Argentina. Argentina's Jujuy province plans to build a 1 GW solar project, which will be supported by battery storage for 24-hr electricity. The project does not yet have a timeline. We note with interest that a yet-to-be named Italian company is planning a Lithium-ion battery factory in the Lithium rich province.

■ EV penetration drives battery growth. Panasonic emphasized its focus on automotive batteries at its 2017 investor day. The company targets a 2x increase in battery energy density over the next three years, and highlighted ~88 EV models that are using its battery technology, up from 40 in 2015. Battery production at Tesla's gigafactory is on schedule, and the company is also building a battery factory in China. Link to CS note on Panasonic IR day.

■ What oversupply? Orders for $155m of new solar photovoltaic manufacturing equipment were announced this week (Meyer Burger's $83m, Manz's $72m), and Turkey announced a new 300 MW cell and 600 MW module assembly plant, despite weak demand and pricing commentary from solar manufacturers like JASO (see JASO: 2H Commentary Symptomatic of Oversupply ).

2 June 2017

Renewable Roundup 3

■ European utilities like US DG. In addition to its partnership with RUN in Texas, ENGIE also bought Oakland-based Sungevity's European business to grow its distributed generation busieness on the other side of the pond. The energy major will also invest ~$1B in Indian solar projects targeting at least 400 MW of new projects every year. ENGIE is the second major European partner for RUN this year, following on its cash equity deal and strategic partnership announced with National Grid.

■ No more mixed signals. India will tax Solar modules at 5%, instead of the 18% under a prior proposal. A 5% sales tax on modules will result in just a 2% increase in system prices vs current levels which can be offset by declining solar module prices.

■ Renova settlement. GLBL settled its disputes with Renova Energia for a one-time $15m payment. In exchange Renova will return 792k Class A shares of GLBL. As part of its purchase of the company, Brookfield agreed to buy 19.5m GLBL Class A shares from Renova for $92.8m (or $4.75/sh).

■ Suniva updates: We count 19 companies, 3 industry associations and 2 countries filed as interested parties in the Suniva trade case. Only three of the 24 are in favor of the tariff (Suniva, SolarWorld, and Auxin). We expect more entities to join the case ahead of the June 13th deadline to express interest. Some of the more notable requests in the expressions of interest include Tesla's desire to include all major countries in price survey, Hanwha's and the Korean solar association's (KOPIA) ask to review bankruptcy documents from Suniva to understand why the company failed, Sunrun's preference to include efficiency and quality concerns among questions to developers regarding their preference for imported vs domestic solar hardware, Canadian Solar's desire for a separate ruling for NAFTA manufacturers, and SEIA's suggestion that different product types, global demand trends, technical and qualitative purchase factors, and product comparisons from different countries be taken into consideration.

Figure 1: US solar developers are against tariff

Responses in Suniva trade case For tariffs Against tariffs Interested party (no stance yet)

US manufacturers Suniva; SunnovaSolarWorld;

Auxin (for modules only)

International manufacturers Trina Solar,HQCL,

LG,Hyundai,

REC Solar,CSIQ,SFCE

US value chain Sunrun, NextEra,NEXTracker, TSLA/SolarCity,

RBI Solar, Goal ZeroCypress Creek,S-Power (AES),Borrego Solar,

Swinerton,Nautilus Solar,

Trade associations/Govt SEIA (US) CCCME (China),KPIA (Korea),

Canada government,Mexico government

Tally 3 10 11

Source: Company data, Credit Suisse estimates

2 June 2017

Renewable Roundup 4

■ Bill tracker:

− Early stage

US S.838 - Requires more disclosures and regulations for PACE lending CA AB 1405 - Referred to committee. 40% Clean peak RPS CA SB 700 - Will establish an Energy Storage Initiative funded by ratepayers CA SB 775 - Referred to committee. Overhauls cap-and-trade system.

Eliminates free credit allowances, sets price collar MO HB 439 - Allows customers to directly purchase renewable electricity NC HB 745 - Ends tax breaks on renewables and freezes RPS at 6% OH HB 247 – Deregulate utilities, remove generation from rate base FL HB 1351 – exempts solar and renewable equipment on commercial building

from property taxes for 20 year starting 2018

− Pending

FL SB 90 - Passed by House and Senate, extends renewable energy tax break to commercial and industrial

IN SB 309 - Passed by House and Senate, awaits final signing. Reduces NEM tariff annually to marginal cost+25% after 2022.

MO HB 340 - Passed by House, referred to Senate. Increases fixed charge for rooftop customers (from $20 to $35/mo)

NV AB 270 - Establish NEM export fee of ~$0.11/kWh which includes $0.09/kWh wholesale rate and $0.02/kWh of environmental benefit. Tied to AB 405, Passed by Senate, a bill related to consumer protection and a solar bill of rights.

NV AB 206 – Passed by Assembly. Increases RPS to 50% by 2030, 80% by 2040 (vs 20% in 2017).

NV SB 150 - Passed by Senate. Requires 1.5% of sales with energy efficiency by 2021-25

NV SB 204 - Passed by Senate. Requires utilities to purchase energy storage by Oct 1, 2018

NV SB 65 - Passed by Senate. Utilities to consider economic and environmental benefits in their Integrated Resource Plans

SC SB 44 - Passed by Senate, awaiting House committee. Exempts 80% of FMV of solar DG farms from property tax

− Approved

KY SB 11 - Signed into law. Lifts moratorium over construction of new nuclear plants

OK HB 2298 - Passed. Ends state wind PTC for projects starting July 2017 rather than July 2021

■ Catalyst calendar:

− Nevada – June 5, 2017 – State legislative session deadline to approve AB 405 and AB 206 (and other bills) in 2017

− Arizona - June 2017 - APS rate case to be heard by ACC, to be implemented in July 2017

− NEP analyst day - June 2017 - NEER development update, dropdown outlook, gas pipeline growth, wind repowering. NEP: Room to Run with Catalysts Ahead

− PEGI analyst day - June 2017 - Cost structure update, dividend trajectory, portfolio growth potential. PEGI: Show Me the Breeze

2 June 2017

Renewable Roundup 5

− SPWR 2Q17 call - August 2017 - Potential clarity on 8point3 plan, convert plan, progress in DC, USITC. SPWR: 1Q17 note

− Suniva petition – August 15, 2017 – injury hearing; September 22, 2017 – Deadline for US ITC to issue findings; October 3, 2017 – remedy hearing; November 13, 2017 – Report sent to the President

− 8point3 resolution - 4Q17 - Expect more clarity. FSLR plans to divest stake, SPWR may have to divest as well if don’t get a new JV partner. CAFD: Sponsors Cut Bait

2 June 2017

Renewable Roundup 6

Appendix: Sector Reference Tables

Figure 2: Global Solar Demand Forecast, GWSolar demand total, MW 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020EChina 530 2,900 4,200 11,300 10,590 15,130 30,000 23,000 20,000 20,000 21,000US 949 1,750 3,313 4,751 6,201 7,260 14,762 8,721 10,341 14,479 18,056Japan 960 1,200 1,864 6,026 8,564 9,761 7,200 5,500 5,775 6,064 6,367India 22 590 790 1,020 1,108 2,000 4,500 7,000 10,000 12,000 18,000Germany 7,400 7,500 7,634 3,304 1,899 1,000 1,100 1,500 1,500 1,500 1,500France 720 1,500 1,115 654 952 887 700 1,300 1,600 1,600 1,600UK 77 850 960 1,450 2,249 4,174 1,670 500 525 551 579Turkey 1 1 5 6 40 191 250 500 500 500 1,000Rest of Europe 8,473 7,753 4,824 2,523 2,112 2,048 2,980 2,750 3,025 3,328 3,660Saudi Arabia 25 25 25 24 25 100 130 300 500 600Chile 2 6.7 493 346 650 600 600 1,000 1,000Mexico 5 7 18 61 67 100 350 1,200 1,500 2,000 2,500Brazil 5 17 19 22 400 500 1,700 1,870 2,057 2,263Thailand 20 120 230 480 384 250 1,000 1,200 1,400 1,600 1,800Canada 200 300 500 200 810 300 315 331 347 365 383South Africa 300 300 891 300 300 300 300 300 300Australia 385 700 700 610 755 942 855 983 1,131 1,244 1,368Taiwan 13 96 105 170 228 500 500 500 500 500 500S. Korea 127 79 295 531 926 1,011 1,200 1,500 1,600 1,800 2,000Others 1,226 1,525 2,395 2,981 6,823 6,031 6,068 7,282 8,738 9,612 10,573Global 21,107 26,900 29,291 36,417 45,138 52,656 75,000 66,497 71,551 80,999 95,048growth rate 166.7% 27.4% 8.9% 24.3% 23.9% 16.7% 42.4% (11.3)% 7.6% 13.2% 17.3%Solar as % of total generation 0.3% 0.4% 0.6% 0.8% 1.1% 1.4% 1.8% 2.1% 2.4% 2.8% 3.3%

old est 70,773 63,274 72,234 81,654 95,830

Source: Credit Suisse estimates

Figure 3: Weekly Solar Spot PricesLast Updated on 5/24/2017Spot ASP PricePoly - spot $/Kg 13.43 - 0.0% ▲ 2.2% ▼ (8.2)% ▼ (11.8)%Wafer multi 156mm $/wafer 0.58 ▲ 3.4% ▲ 5.6% ▲ 2.7% ▼ (6.9)%Cell (China) $/watt 0.21 ▲ 3.5% ▲ 6.7% ▲ 8.3% ▼ (3.3)%Cell (Taiwan) $/watt 0.21 ▲ 4.5% ▲ 7.7% ▲ 8.8% ▼ (2.8)%Module Price $/watt 0.33 ▼ (0.3)% ▼ (1.2)% ▼ (2.6)% ▼ (7.5)%Source: pvinsights.com

Last Updated on 5/24/2017Spot ASP PricePoly - spot $/Kg 14.20 - 0.0% ▲ 3.6% ▼ (5.3)% ▼ (12.2)%Wafer multi 156mm $/wafer 0.60 ▲ 3.1% ▲ 4.0% ▼ (0.8)% ▼ (5.6)%Cell (China) $/watt 0.19 - 0.0% ▲ 1.6% ▼ (1.5)% ▼ (7.7)%Cell (Taiwan) $/watt 0.19 - 0.0% ▲ 1.6% ▼ (1.5)% ▼ (7.7)%Multi module price $/watt 0.36 ▲ 0.3% ▲ 0.3% ▼ (0.5)% ▼ (4.7)%Source: pv.energytrend.com

1-wk 1-mth

1-mth1-wk YTD

YTD

QTD

QTD

Source: Company data, Credit Suisse estimates

2 June 2017

Renewable Roundup 7

Figure 4: QTD Sector Stock Performance

Solar-Up (+16.8%), 117

Solar-Down (+39.1%), 139

Wind (+3.5%), 103

BioCarbon (+16.5%), 117

Efficiency (-9.3%), 91

Alternative Transportation (+22.5%), 122

S&P 500 (+2.9%), 103

80859095

100105110115120125130135140145

Mar 3

1Ap

r 2Ap

r 4Ap

r 6Ap

r 8Ap

r 10

Apr 1

2Ap

r 14

Apr 1

6Ap

r 18

Apr 2

0Ap

r 22

Apr 2

4Ap

r 26

Apr 2

8Ap

r 30

May 2

May 4

May 6

May 8

May 1

0Ma

y 12

May 1

4Ma

y 16

May 1

8Ma

y 20

May 2

2Ma

y 24

May 2

6Ma

y 28

May 3

0Ju

n 1

Solar-Up (+16.8%) Solar-Down (+39.1%) Wind (+3.5%)BioCarbon (+16.5%) Efficiency (-9.3%) Alternative Transportation (+22.5%)

Source: Credit Suisse, Thomson Reuters Datastream

Solar Upstream: GCL-Poly Energy, JA Solar, Jinko Solar, REC Silicon, Renesola, Trina Solar, Yingli Green Energy, REC Silicon, Meyer Burger; Solar Downstream: First Solar, SolarCity, SunPower, Sunrun, Vivint Solar; Wind: American Superconductor, Broadwind Energy, China Datang Corp Renewable Power, Dong Energy, China Longyuan Power Group, Nordex, Suzlon, Vestas, Xinjiang Goldwind Science & Technology; BioCarbon: Amyris, BioAmber, Gevo, Green Plains Renewable Energy, Pacific Ethanol, Renewable Energy Group, Rex American Resources, Efficiency: Ameresco, Cree, EnerNOC, Esco Technologies, Itron, Osram Licht, Rubicon Technology, Silver Spring Networks, Veeco Instruments, Electrovaya; Alternative Transportation: GS Yuasa, Nippon Denko, Tesla Motors, Clean Energy Fuels Corp, Westport Innovations

Figure 5: YTD Sector Stock Performance Figure 6: Five Year Sector Stock Performance

Solar-Up, 144

Solar-Down, 118

Wind, 131

BioCarbon, 112

Efficiency, 90

Alternative Transportation,

160

S&P 500, 109

7580859095

100105110115120125130135140145150155160165

Jan 2

Feb 2

Mar 2

Apr 2

May 2

Solar-Up, 68

Solar-Down, 297

Wind, 261

Biofuels, 631

Efficiency, 64

Alternative Transportation

, 753

S&P 500, 189

050

100150200250300350400450500550600650700750800

Jun-

12No

v-12

Apr-1

3Se

p-13

Feb-

14Ju

l-14

Dec-1

4Ma

y-15

Oct-1

5Ma

r-16

Aug-

16Ja

n-17

Source: Credit Suisse estimates, Thomson Reuters Datastream

Note: USD Market-cap weighted indices comprised of stocks from a subset of each sector.

Source: Credit Suisse estimates, Thomson Reuters Datastream

Note: USD Market-cap weighted indices comprised of stocks from a subset of each sector.

2 June 2017

Renewable Roundup 8

Figure 7: Consensus earnings estimate revisionWeekly consensus earnings revision 2017 2018 2019YieldCosABY Atlantica Yield PLC -6% -2% -2%CAFD 8Point3 Energy Partners LP 0% 0% 0%NEP Nextera Energy Partners LP 3% 2% 2%NYLD NRG Yield Inc -7% -2% 0%PEGI Pattern Energy Group Inc 24% -1% -2%TERP TerraForm Power Inc -29% -15%GLBL TerraForm Global Inc 0% 0%

Solar developersAZRE Azure Power Global Ltd 0% 0% 0%FSLR First Solar Inc 0% 0% 0%SPWR SunPower Corp 0% 0% 0%RUN Sunrun Inc 0% 0% 0%VSLR Vivint Solar Inc 0% 0% 0%

Solar manufacturersDQ Daqo New Energy Corp 0% 0% 0%ENPH Enphase Energy Inc 0% 0%JASO JA Solar Holdings Co Ltd 0% 0%JKS JinkoSolar Holding Co Ltd 0% 0% 0%HQCL Hanwha Q CELLS Co Ltd 0% 0%SEDG Solaredge Technologies Inc 0% 7% 29%SOL ReneSola Ltd 0% 0% 0%YGE Yingli Green Energy Holding Co Ltd 0% 0% 0%

as of 6-2-17

Source: IBES consensus estimates, Thomson Reuters

2 June 2017

Renew

able Roundup

9

Figure 8: Valuation Comparison Table – Solar & Renewable Exposed YieldCosLocal Price Mkt. Cap Price Change Div. Earnings Per Share PE Multiple EV/EBITDA Net Debt / Operating Margin Rating

ALTERNATIVE ENERGY 6/1/2017 (USDm) 3Yr YTD 1mo Yield 2017E 2018E 2019E 2017E 2018E 2019E 2017E 2018E 2019E EBITDA 2017E 2018E 2019E Analyst & TargetSolar (PV & Thermal)AMG Adv anced Metallurgical Group NV (AMG NL)26.19 EUR 854.9 261% 77% 9% 1.0% 1.54 1.88 2.13 17.1x 13.9x 12.3x 8.5x 7.6x 5.2x 0.0x - - -Aix tron SE (AIXA DE) 5.88 EUR 746.1 -45% 90% 17% 0.0% (0.14) 0.04 0.11 - 157.6x 54.4x nm 26.8x 17.8x - - - -Azure Pow er Global Ltd (AZRE US) 16.01 USD 414.9 - -6% -6% - 0.23 1.02 - 70.4x 15.7x - 7.5x 4.5x - 6.1x - - - Maheep Mandloi O 21.00Canadian Solar Inc (CSIQ US) 12.91 USD 746.6 -50% 6% -1% - 1.64 1.69 2.06 7.9x 7.6x 6.3x 12.3x 11.7x 8.9x 9.5x - - -Enphase Energy Inc (ENPH US) 0.78 USD 65.3 -91% -23% -35% - (0.29) 0.03 - - 27.7x - nm 7.5x - - -1% -1% -E-Ton Solar Tech Co Ltd (3452 TW) 9.01 TWD 233.5 -52% -1% -1% 0.0% - - - - - - - - - - - - -First Solar Inc (FSLR US) 38.32 USD 3,996.4 -38% 19% 30% - 0.54 0.81 1.25 70.8x 47.5x 30.7x 8.1x 6.5x 4.5x -9.6x 5% - - Andrew Hughes N 32.00GCL-Poly Energy Holdings Ltd (3800 HK) 0.84 HKD 2,003.9 -62% -10% -11% - 0.13 0.14 0.15 6.7x 6.0x 5.6x 5.6x 5.1x 4.8x 3.7x 24% 24% 25%GCL New Energy Holdings Ltd (451 HK) 0.35 HKD 856.8 -12% -23% -14% - 0.03 0.06 0.07 10.4x 6.2x 5.1x 6.2x 5.6x - 4.3x 59% 60% - Gary Zhou N 0.44Gigasolar Materials Corp (3691 TW) 261.00 TWD 529.1 -57% -32% -2% 7.7% 35.70 34.53 - 7.3x 7.6x - 21.1x - - 2.5x - - -Gintech Energy Corp (3514 TW) 16.00 TWD 276.4 -50% -15% -8% 0.0% (2.76) (1.68) - - - - 11.8x 6.0x - -0.4x - - -Green Energy Technology Inc (3519 TW) 15.20 TWD 209.3 -39% -6% -3% 0.0% - - - - - - - - - - - - -Hanw ha Q CELLS Co Ltd (HQCL US) 6.99 USD 584.5 -72% -14% 3% - 0.42 0.20 - 16.6x 35.0x - 7.5x 7.6x - 3.1x - - -JA Solar Holdings Co Ltd (JASO US) 6.79 USD 323.0 -32% 43% -3% - 0.37 0.61 0.60 18.2x 11.2x 11.3x 5.4x 3.3x 3.2x 3.3x - - -JinkoSolar Holding Co Ltd (JKS US) 18.34 USD 581.1 -35% 20% 7% - 2.46 2.06 3.02 7.5x 8.9x 6.1x 7.1x 6.1x 6.9x 4.8x - - - Maheep Mandloi O 20.00LONGi Green Energy Technology Co Ltd (601012 CN)14.89 CNY 4,364.1 229% 11% -12% 0.3% 0.98 1.25 1.55 15.2x 12.0x 9.6x 10.2x 8.0x 6.7x 0.3x 15% 15% 15%Manz AG (M5Z DE) 41.88 EUR 364.5 -41% 26% 7% 0.0% 1.20 2.39 3.35 35.0x 17.5x 12.5x 8.0x 8.0x 6.8x 0.0x - - -Mey er Burger Technology AG (MBTN CH) 1.08 CHF 609.5 -70% 61% 32% 0.0% (0.03) 0.04 0.06 - 30.9x 18.2x 12.7x 10.3x 9.6x 0.0x - - - Felix Remmers U 0.70Motech Industries Inc (6244 TW) 24.95 TWD 406.4 -49% -12% -6% 0.0% (3.26) (1.30) - - - - 14.8x 7.6x - 2.4x - - -Neo Solar Pow er Corp (3576 TW) 13.45 TWD 454.8 -62% -11% -4% 0.0% (3.46) - - - - - - - - - - - -ReneSola Ltd (SOL US) 2.68 USD 54.6 -79% -16% 12% - (1.50) (1.58) (1.52) - - - 7.8x 9.0x 7.7x 7.1x - - -REC Silicon ASA (REC NO) 1.10 NOK 330.6 -71% -4% 2% 0.0% (0.47) (0.06) (0.01) - - - 21.0x 5.2x 4.6x 4.7x - - -Shunfeng International Clean Energy Ltd (1165 HK) 0.45 HKD 249.2 -96% -7% -6% - - - - - - - - - - - - - -Solaredge Technologies Inc (SEDG US) 18.45 USD 766.7 - 49% 16% - 1.44 1.51 1.31 12.8x 12.2x 14.1x 7.7x 7.6x 9.3x -2.7x - - -Sunrun Inc (RUN US) 5.13 USD 540.9 - -3% -5% - 1.09 1.43 1.34 4.7x 3.6x 3.8x nm nm 255.2x - - - - Andrew Hughes O 12.00SunPow er Corp (SPWR US) 7.99 USD 1,114.0 -76% 21% 15% - (1.02) 0.07 0.70 - 117.0x 11.3x 26.9x 10.9x 8.3x - - - - Andrew Hughes N 8.00Panda Green Energy Group Ltd (686 HK) 1.18 HKD 1,244.6 87% 62% -2% - - - - - - - - - - - - - -Viv int Solar Inc (VSLR US) 3.10 USD 342.8 - 22% 5% - (1.74) (1.57) (1.27) - - - nm nm nm - - - - Andrew Hughes N 4.00Wacker Chemie AG (WCH DE) 98.42 EUR 5,769.9 14% 0% 1% 2.0% 3.97 5.24 6.41 24.8x 18.8x 15.4x 5.7x 5.5x 5.3x 0.8x 9% 10% 14%Wafer Works Corp (6182 TW) 19.05 TWD 274.7 34% 32% 1% 0.0% 1.11 2.10 - 17.2x 9.1x - 7.1x 5.0x - - - - -Xiny i Solar Holdings Ltd (968 HK) 2.39 HKD 2,277.2 16% -5% -1% 5.8% 0.33 0.38 0.39 7.2x 6.2x 6.1x 7.0x 6.0x 5.7x - 37% 39% - Gary Zhou O 3.87Yingli Green Energy Holding Co Ltd (YGE US) 2.12 USD 38.5 -94% -18% -21% - (8.62) (7.89) (7.64) - - - 43.0x 25.3x 24.0x 12.1x -1% - - Maheep Mandloi U 2.50Sector Median 15.2x 12.2x 11.3x 8.0x 7.5x 6.8x 2.8x

Renewable Exposed YieldCo8Point3 Energy Partners LP (CAFD US) 13.81 USD 1,092.1 - 6% 12% 7.4% 0.87 0.94 0.86 15.8x 14.7x 16.1x 22.8x 20.7x 21.2x 6.7x - - - Andrew Hughes U 11.00Atlantica Yield PLC (ABY US) 21.02 USD 2,106.6 - 9% 2% 4.8% 0.46 0.71 0.96 45.5x 29.6x 21.9x 9.5x 9.1x 8.7x 6.7x - - -Huaneng Renew ables Corp Ltd (958 HK) 2.54 HKD 3,444.7 0% 1% -7% 1.8% 0.37 0.41 0.47 6.9x 6.1x 5.4x 7.9x 7.1x 6.5x 5.2x 59% 25% 5% Dav e Dai O 3.18Nex tera Energy Partners LP (NEP US) 34.67 USD 1,880.8 - 36% 0% 4.2% 1.37 1.90 2.29 25.4x 18.3x 15.1x 7.7x 6.3x 5.2x 4.8x - - - Andrew Hughes O 40.00NRG Yield Inc (NYLD US) 18.00 USD 3,264.2 - 14% 4% 6.1% 1.49 1.07 1.14 12.1x 16.8x 15.7x 10.6x 9.5x 8.8x 6.4x - - -Pattern Energy Group Inc (PEGI US) 22.95 USD 2,010.8 -24% 21% 4% 7.3% 0.16 0.47 0.61 139.2x 49.2x 37.4x 12.2x 10.5x 9.5x 4.1x - - - Andrew Hughes O 25.00TerraForm Global Inc (GLBL US) 4.88 USD 851.0 - 23% 3% 22.6% (0.15) (0.11) - - - - 11.0x 11.3x - 2.3x - - -TerraForm Pow er Inc (TERP US) 12.24 USD 1,705.1 - -4% -3% 11.4% 0.07 0.44 - 172.4x 27.5x - 13.9x 13.7x - 6.7x - - -

Source: Company data, Credit Suisse estimates, Thomson Reuters Datastream, I/B/E/S

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Figure 9: Valuation Comparison Table – Wind & BiofuelsLocal Price Mkt. Cap Price Change Div. Earnings Per Share PE Multiple EV/EBITDA Net Debt / Operating Margin Rating

6/1/2017 (USDm) 3Yr YTD 1mo Yield 2017E 2018E 2019E 2017E 2018E 2019E 2017E 2018E 2019E EBITDA 2017E 2018E 2019E Analyst & TargetWindAcciona SA (ANA ES) 84.89 EUR 5,464.0 44% 21% 12% 3.4% 4.40 4.98 5.62 19.3x 17.1x 15.1x 8.5x 8.2x 7.8x 4.2x - - -American Superconductor Corp (AMSC US) 4.31 USD 80.1 -69% -42% -13% - (1.96) (0.96) (0.41) - - - nm nm - - - - -Broadw ind Energy Inc (BWEN US) 5.11 USD 76.6 -54% 26% -37% - 0.28 0.44 0.53 18.2x 11.6x 9.6x 7.3x 5.1x 4.8x 0.9x - - -China Datang Corp Renew able Pow er Co Ltd (1798 HK)0.77 HKD 718.8 -29% 8% -3% 1.8% 0.09 0.12 0.15 8.9x 6.6x 5.2x 8.4x 7.2x 6.5x 7.0x - - - Dav e Dai O 1.05China Longy uan Pow er Group Corp Ltd (916 HK) 5.86 HKD 6,044.2 -32% -3% -2% 1.6% 0.58 0.70 0.80 10.0x 8.4x 7.3x 7.9x 7.1x 6.5x 4.7x 36% - 42% Dav e Dai O 6.72EDP Renov av eis SA (EDPR PT) 6.99 EUR 6,855.1 38% 16% 0% 0.7% 0.20 0.23 0.28 34.1x 29.9x 24.9x 8.6x 8.0x 7.4x 2.4x - - -Energiekontor AG (EKT DE) 19.05 EUR 312.9 136% 26% 0% 4.2% 1.61 1.64 1.85 11.9x 11.6x 10.3x 5.9x 5.4x 5.0x 1.4x - - -Gamesa Corporacion Tecnologica SA (GAM ES) 20.05 EUR 15,351.8 149% 11% 1% 10.1% 1.15 1.27 1.50 17.4x 15.8x 13.4x 9.5x 8.3x 9.3x -0.2x - - -Greentech Energy Sy stems A/S (GES DK) 8.00 DKK 129.0 -28% 20% -4% 2.0% 0.47 0.53 0.60 17.1x 15.2x 13.4x 7.5x 7.5x 7.6x 4.0x - - -Xinjiang Goldw ind Science & Technology Co Ltd (002202 CN)14.97 CNY 5,656.2 58% -13% 0% 3.2% 1.23 1.36 1.53 12.1x 11.0x 9.8x 10.6x 9.2x 8.4x 3.2x 14% 15% 16%Hex cel Corp (HXL US) 52.01 USD 4,726.2 27% 1% 2% 0.8% 2.69 3.08 3.42 19.3x 16.9x 15.2x 11.3x 10.1x 9.4x 1.6x 19% 20% - Robert Spingarn N 52.00Infigen Energy Ltd (IFN AU) 0.85 AUD 600.1 334% -4% -11% - 0.05 0.05 0.05 18.5x 17.7x 15.6x 9.1x 9.0x 8.4x 3.6x - - -Japan Wind Dev elopment Co Ltd (2766 JP) 577.00 JPY 80.7 -8% 0% 0% - - - - - - - - - - - - - -Nex tEra Energy Inc (NEE US) 141.90 USD 66,432.3 46% 19% 7% 2.8% 6.68 7.13 7.64 21.2x 19.9x 18.6x 11.6x 10.9x 10.3x 3.8x 29% 30% 30%Nordex SE (NDX1 DE) 12.94 EUR 1,410.1 -19% -37% -7% 0.0% 0.71 0.84 0.94 18.3x 15.3x 13.7x 5.6x 5.2x 5.1x 0.6x - - -Pne Wind AG (PNE3 DE) 2.71 EUR 232.6 -11% 24% 6% 4.4% 0.03 0.15 0.67 101.6x 18.7x 4.0x 12.7x 7.1x 3.4x -1.9x - - -Suzlon Energy Ltd (SUZLON IN) 19.50 INR 1,550.2 -11% 41% -5% - 1.28 1.42 1.91 15.2x 13.8x 10.2x 7.5x 7.3x 6.6x 2.9x 15% 14% -Futuren SA (TEONR FR) 0.58 EUR 290.8 -5% 0% 0% 0.0% - - - - - - - - - - - - -Vestas Wind Sy stems A/S (VWS DK) 585.00 DKK 19,057.3 100% 27% -1% 1.7% 35.48 39.17 42.57 16.5x 14.9x 13.7x 8.2x 7.9x 7.7x -1.7x - 14% 14% Mark Freshney U 57.84Sector Median 17.8x 15.2x 13.4x 8.5x 7.7x 7.5x 2.6x

Local Price Mkt. Cap Price Change Div. Earnings Per Share PE Multiple EV/EBITDA Net Debt / Operating Margin Rating6/1/2017 (USDm) 3Yr YTD 1mo Yield 2017E 2018E 2019E 2017E 2018E 2019E 2017E 2018E 2019E EBITDA 2017E 2018E 2019E Analyst & Target

BiofuelsAbengoa SA (ABG ES) 0.04 EUR 360.2 -99% -91% 23% 0.0% - - - - - - - - - - - - -AGCO Corp (AGCO US) 65.35 USD 5,195.0 21% 13% 1% 0.9% 2.76 3.40 4.16 23.7x 19.2x 15.7x 10.8x 9.9x 8.8x 2.5x 7% 10% 8% Jamie Cook N 61.00Amy ris Inc (AMRS US) 0.25 USD 75.2 -93% -65% -52% - (0) (0) 0 - - 5.1x nm 27.3x 4.7x - - - -BioAmber Inc (BIOA US) 2.07 USD 76.7 -79% -62% -8% - (0) (0) 0 - - 11.1x nm 47.7x 6.4x - - - -Ceres Inc () 0.40 USD 11.0 -92% 0% 0% - - - - - - - - - - - - - -CropEnergies AG (CE2 DE) 10.67 EUR 1,046.5 132% 109% 18% 2.8% 0.58 0.62 0.59 18.3x 17.3x 18.2x 7.8x 7.5x 8.4x 0.1x - - -Gev o Inc (GEVO US) 0.69 USD 10.4 -100% -80% -32% - (2.12) (0.82) (0.53) - - - nm nm 1.9x - - - -Green Plains Inc (GPRE US) 22.45 USD 898.2 -23% -19% -1% 2.1% 1.29 2.03 1.94 17.4x 11.1x 11.6x 6.5x 5.7x 6.0x 3.0x 5% 4% - Edward Westlake O 29.00Nov ozy mes A/S (NZYM B DK) 301.60 DKK 11,455.4 13% 24% 4% 1.3% 10.76 11.49 12.25 28.0x 26.2x 24.6x 15.7x 15.0x 13.8x 0.4x 28% 28% 28% Mathew Hampshire-Waugh O 340.00REX American Resources Corp (REX US) 95.97 USD 629.4 38% -3% 1% - - 4.90 - - 19.6x - - - - - - - -Sampoerna Agro Tbk PT (SGRO ID) 2030.00 IDR 288.0 -14% 6% -4% 1.2% 151.65 184.83 191.35 13.4x 11.0x 10.6x 7.1x 6.4x 6.4x 2.7x - - -Sao Martinho SA (SMTO3 BR) 17.69 BRL 1,996.0 45% -9% -1% 0.9% 1.95 2.32 - 9.1x 7.6x - 4.9x 4.5x 4.4x 1.7x - - - Victor Saragiotto O 20.00Sime Darby Bhd (SIME MY) 9.32 MYR 14,812.8 -2% 15% 0% 2.9% 0.37 0.40 - 25.0x 23.2x - 14.1x 13.3x - 2.1x - - - Tingmin Tan O 11.20TerraVia Holdings Inc (TVIA US) 0.31 USD 33.2 -97% -73% -42% - (0.74) (0.56) - - - - - - - - - - -UPM-Ky mmene Oy j (UPM FI) 25.31 EUR 15,185.3 96% 8% 4% 3.8% 1.71 1.71 1.75 14.8x 14.8x 14.5x 8.9x 8.9x 8.9x 0.6x 11% 11% 11% Lars Kjellberg N 24.50Verbio Vereinigte Bioenergie AG (VBK DE) 9.80 EUR 693.9 391% 35% 8% 1.5% 0.72 - - 13.6x - - 6.0x - - -1.0x - - -Sector Median 661.7 -8% -1% 0% 1.4% 17.4x 17.3x 13.0x 7.8x 9.4x 6.4x 1.7x 9% 11% 11%

Source: Company data, Credit Suisse estimates, Thomson Reuters Datastream, I/B/E/S

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Figure 10: Valuation Comparison Table - OtherLocal Price Mkt. Cap Price Change Div. Earnings Per Share PE Multiple EV/EBITDA Net Debt / Operating Margin Rating

6/1/2017 (USDm) 3Yr YTD 1mo Yield 2017E 2018E 2019E 2017E 2018E 2019E 2017E 2018E 2019E EBITDA 2017E 2018E 2019E Analyst & TargetHydrogen, Fuel Cells and Natural Gas VehiclesBallard Pow er Sy stems Inc (BLDP US) 2.73 USD 477.7 -28% 65% -14% - (0.06) (0.02) 0.02 - - 136.5x nm 73.6x - - - - -Ceres Pow er Holdings PLC (CWR GB) 0.09 GBP 120.6 24% 32% 9% 0.0% (0.01) - - - - - nm - - - - - -Clean Energy Fuels Corp (CLNE US) 2.48 USD 373.2 -78% -13% 1% - 0.01 (0.37) (0.06) 186.0x - - 42.7x 19.4x 5.9x 12.1x - - -ITM Pow er PLC (ITM GB) 0.24 GBP 77.9 -15% 7% 12% 0.0% (0.01) - - - - - nm - - - - - -Landi Renzo SpA (LR IT) 0.55 EUR 69.6 -56% 59% 13% 0.0% (0.07) (0.01) 0.01 - - 110.0x 26.2x 9.0x 15.8x 13.2x - - -Plug Pow er Inc (PLUG US) 1.86 USD 415.6 -57% 55% -19% - (0.27) (0.10) 0.11 - - 16.9x nm nm 8.7x - - - -Westport Fuel Sy stems Inc (WPRT CA) 2.26 CAD 184.2 -86% 49% 21% - (0.69) (0.27) (0.22) - - - nm 13.5x 13.8x - - - -Sector Median -56% 0.0% 34.5x 16.4x 11.3x 12.7x #NUM! ##### #NUM!

Efficiency, Demand Response, and Smart GridAmeresco Inc (AMRC US) 6.80 USD 308.9 4% 24% 6% - 0.39 0.48 - 17.4x 14.2x - 8.0x 7.1x - 2.8x - - -Badger Meter Inc (BMI US) 39.75 USD 1,157.3 61% 8% 1% 1.2% 1.24 1.37 1.51 32.0x 29.0x 26.3x 16.1x 14.4x 13.2x 0.4x - - -Cree Inc (CREE US) 24.04 USD 2,338.8 -50% -9% 10% - 0.51 0.57 - 47.0x 41.9x - 9.0x 7.7x - -2.1x - - -Echelon Corp (ELON US) 6.68 USD 29.7 -74% 42% 10% - - - - - - - - - - - - - -EnerNOC Inc (ENOC US) 5.45 USD 170.1 -72% -9% -5% - (2.27) (1.87) - - - - nm nm - - - - -ESCO Technologies Inc (ESE US) 58.45 USD 1,509.8 74% 3% -2% 0.5% 2.33 2.59 - 25.1x 22.6x - 12.9x - - 0.9x - - -Itron Inc (ITRI US) 68.60 USD 2,651.3 78% 9% 7% - 3.00 3.63 4.28 22.9x 18.9x 16.0x 11.9x 10.0x 8.8x 0.5x - - -Rubicon Technology Inc (RBCN US) 10.00 USD 27.1 -88% 67% 33% - - - - - - - - - - - - - -Schneider Electric SE (SU FR) 68.86 EUR 45,802.7 0% 4% -5% 3.0% 3.92 4.30 4.73 17.6x 16.0x 14.6x 11.1x 10.4x 9.7x 1.1x 13% 14% 15% Andre Kukhnin O 73.00SemiLEDs Corp (LEDS US) 2.99 USD 10.5 -69% -15% -3% - - - - - - - - - - - - - -Siemens AG (SIE DE) 126.85 EUR 121,203.3 30% 9% -4% 2.8% 8.23 8.74 9.24 15.4x 14.5x 13.7x 10.9x 10.3x 9.7x 1.7x 11% - -Silv er Spring Netw orks Inc (SSNI US) 10.38 USD 551.9 -15% -22% -9% - (0.04) 0.29 0.57 - 35.8x 18.2x 61.9x 14.5x 9.2x -16.6x - - -Veeco Instruments Inc (VECO US) 30.75 USD 1,247.8 -8% 5% -10% - 1.11 1.98 2.10 27.8x 15.6x 14.6x 10.2x 6.8x 5.5x -5.1x - - -Sector Median 1,157.3 -8% 5% -2% 2.0% 24.0x 18.9x 15.3x 11.1x 10.2x 9.4x 0.5x 12% 14% 15%

AeroVironment Inc (AVAV US) 31.68 USD 743.1 -1% 18% 11% - 0.40 0.61 0.86 80.1x 52.2x 36.9x 26.1x 19.5x 16.3x -12.6x - - -BYD Co Ltd (1211 HK) 46.20 HKD 18,559.9 22% 13% 1% 0.7% 2.14 2.75 3.07 21.6x 16.8x 15.0x 10.5x 8.9x 8.3x 2.2x 6% 7% 8% Bin Wang O 62.07Electrov ay a Inc (EFL CA) 1.22 CAD 79.4 10% -43% -38% - (0.18) - - - - - nm - - - - - -EnerSy s (ENS US) 75.26 USD 3,265.2 9% -4% -9% 0.9% 4.91 5.29 - 15.3x 14.2x - 9.2x 8.5x - 0.3x - - -GS Yuasa Corp (6674 JP) 502.00 JPY 1,874.6 -14% 3% -4% 2.0% 32.53 36.92 - 15.4x 13.6x - 6.6x 6.1x - 1.1x 6% 7% - Koji Takahashi N 500.00LG Chem Ltd (051910 KR) 303000.00 KRW 19,120.8 17% 16% 11% 1.7% 25,495.00 26,472.83 27,182.13 11.9x 11.4x 11.1x 5.5x 5.3x 5.1x 0.3x - - -Max w ell Technologies Inc (MXWL US) 5.80 USD 212.8 -67% 13% -2% - (1) (0) - - - - nm nm - - - - -NGK Insulators Ltd (5333 JP) 2242.00 JPY 6,631.1 6% -1% -6% 1.8% 145.65 173.27 184.56 15.4x 12.9x 12.1x 7.2x 6.4x 6.0x -0.2x 17% 18% 18%Nippon Denko Co Ltd (5563 JP) 383.00 JPY 507.5 38% 60% 14% 1.3% 49.55 44.75 - 7.7x 8.6x - - - - - 10% 9% -SMA Solar Technology AG (S92 DE) 27.30 EUR 1,064.9 -7% 9% 15% 1.0% 0.18 0.45 0.87 151.5x 61.1x 31.4x 7.1x 6.5x 5.1x -4.7x - - -Tesla Inc (TSLA US) 340.37 USD 55,909.1 64% 59% 5% - (5.80) (0.91) 5.66 - - 60.1x 62.6x 32.1x 18.1x 4.3x 0% 0% -UQM Technologies Inc (UQM US) 0.79 USD 38.1 -59% 83% 45% - (0.10) (0.02) 0.14 - - 5.8x nm nm 3.9x - - - -Sector Median 1,469.7 8% 13% 3% 1.3% 15.4x 13.9x 15.0x 8.2x 7.5x 6.0x 0.3x 6% 7% 13%

Brookfield Renew able Partners LP (BEP.UN CA) 42.59 CAD 5,261.5 37% 7% 3% 5.9% 0.02 0.61 3.24 ###### 69.5x 13.1x 13.9x 13.1x 12.8x 5.6x - - - Andrew M. Kuske N 32.43Contact Energy Ltd (CEN NZ) 5.14 NZD 2,604.6 4% 10% 0% 5.7% 0.23 0.25 0.26 21.9x 20.5x 19.4x 10.2x 10.0x 9.7x 3.1x - - - Nev ill Gluy as O 5.90Energy Recov ery Inc (ERII US) 7.78 USD 420.0 50% -25% -9% - 0.68 0.23 0.30 11.4x 34.3x 25.9x 6.1x 16.5x 10.3x -1.8x - - -Ormat Technologies Inc (ORA US) 59.66 USD 2,965.5 100% 11% 1% 0.7% 2.32 2.55 2.75 25.7x 23.4x 21.7x 11.2x 10.3x 9.7x 2.3x 33% 35% -US Geothermal Inc (GTH CA) 0.87 CAD 73.5 30% 0% 0% - 0.08 - - 11.0x - - - - - 5.5x - - -Sector Median 2,604.6 37% 7% 0% 5.7% 21.9x 28.9x 20.6x 10.7x 11.7x 10.0x 3.1x 33% 35%

Source: Company data, Credit Suisse estimates, Thomson Reuters Datastream, I/B/E/S

2 June 2017

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Companies Mentioned (Price as of 01-Jun-2017)8Point3 Energy Partners (CAFD.OQ, $13.81)AGCO Corp (AGCO.N, $65.35)AMG Metal (AMG.AS, €26.19)Abengoa (ABG.MC, €0.038)Acciona SA (ANA.MC, €84.89)AeroVironment (AVAV.OQ, $31.68)Amer Superconduc (AMSC.OQ, $4.31)Ameresco (AMRC.N, $6.8)Amyris (AMRS.OQ, $0.253)Atlantica Yield (ABY.OQ, $21.02)Azure Power Global Limited (AZRE.N, $15.7)BYD Co Ltd (1211.HK, HK$46.2)Badger Meter (BMI.N, $39.75)Ballard Power (BLDP.OQ, $2.73)BioAmber Inc. (BIOA.N, $2.07)Broadwind Energy (BWEN.O, $5.11)Canadian Solar Inc (CSIQ.OQ, $12.91)Ceres Power Hldg (CWR.L, 9.25p)China Datang Renewables Power (1798.HK, HK$0.77)Clean Enrgy Fuel (CLNE.OQ, $2.48)Cree (CREE.OQ, $24.04)CropEnergies (CE2G.DE, €10.67)E-Ton Solar (3452.TWO, NT$9.01)EDP Renováveis (EDPR.LS, €6.991)Echelon (ELON.OQ, $6.68)Electrovaya (EFL.TO, C$1.22)EnerNOC (ENOC.OQ, $5.45)EnerSys (ENS.N, $75.26)Energy Recovery Inc. (ERII.OQ, $7.78)Enphase Energy (ENPH.OQ, $0.7752)Esco Tech (ESE.N, $58.45)First Solar (FSLR.OQ, $38.32)GCL-Poly Energy Holdings Ltd (3800.HK, HK$0.84)GS Yuasa Corp (6674.T, ¥502)Gevo (GEVO.OQ, $0.69)Gigasolar (3691.TWO, NT$261.0)Gintech Energy Corporation (3514.TW, NT$16.0)Green Ene Tech (3519.TW, NT$15.2)Green Plains (GPRE.OQ, $22.45)Hanwha Q Cells (HQCL.O, $6.99)Hexcel Corporation (HXL.N, $52.01)ITM Power (ITM.L, 24.125p)Itron (ITRI.OQ, $68.6)JA Solar Holdings (JASO.OQ, $6.79)Jinko Solar (JKS.N, $18.34)LG Chem Ltd. (051910.KS, W303,000)LONGi Green Energy Technology (601012.SS, Rmb14.89)Manz Automation (M5ZG.DE, €41.875)Maxwell Tech (MXWL.OQ, $5.8)Meyer Burger (MBTN.S, SFr1.08)Motech Industries (6244.TWO, NT$24.95)NGK Insulators (5333.T, ¥2,242)NRG Yield (NYLD.N, $18.0)NSP (3576.TW, NT$13.45)NextEra Energy Partners (NEP.N, $34.67)Nippon Denko (5563.T, ¥383)Ormat Tech (ORA.TA, agora20880.0)Pattern Energy (PEGI.OQ, $22.95)Plug Power (PLUG.OQ, $1.86)ReneSola Ltd (SOL.N, $2.68)Renewable Energy (REC.OL, Nkr1.096)Rex American (REX.N, $95.97)Rubicon Tech (RBCN.OQ, $10.0)SFCE (1165.HK, HK$0.45)SMA Solar (S92G.DE, €27.3)Sao Martinho (SMTO3.SA, R$17.69)SemiLEDs (LEDS.OQ, $2.99)Siemens (SIEGn.DE, €126.85)Silver Spring Networks (SSNI.N, $10.38)Sime Darby (SIME.KL, RM9.32)Solaredge Tech (SEDG.OQ, $18.45)SunPower Corp. (SPWR.OQ, $7.99)Sunrun (RUN.OQ, $5.13)Suzlon Energy Ltd (SUZL.BO, Rs19.5)TerraVia Holdings (TVIA.OQ, $0.3062)Terraform Global (GLBL.OQ, $4.875)Terraform Power (TERP.OQ, $12.24)Tesla Motors Inc. (TSLA.OQ, $340.37)UQM Tech (UQM.A, $0.785)Veeco Instrument (VECO.OQ, $30.75)Vestas (VWS.CO, Dkr585.0)Vivint Solar, Inc. (VSLR.N, $3.1)Wacker Chemie (WCHG.DE, €98.42)Wafer Works Corp (6182.TWO, NT$19.05)Westport (WPRT.OQ, $1.68)Xinjiang Goldwind Science & Technology Co., Ltd. (002202.SZ, Rmb14.97)

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Xinjiang Goldwind Science & Technology Co., Ltd. (2208.HK, HK$11.56)Yingli Green Energy Holding (YGE.N, $2.12)

Disclosure AppendixAnalyst Certification Andrew Hughes and Maheep Mandloi each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report.The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activitiesAs of December 10, 2012 Analysts’ stock rating are defined as follows:Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark* over the next 12 months.Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months.Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, the expected total return (ETR) calculation includes 12-month rolling dividend yield. An Outperform rating is assigned where an ETR is greater than or equal to 7.5%; Underperform where an ETR less than or equal to 5%. A Neutral may be assigned where the ETR is between -5% and 15%. The overlapping rating range allows analysts to assign a rating that puts ETR in the context of associated risks. Prior to 18 May 2015, ETR ranges for Outperform and Underperform ratings did not overlap with Neutral thresholds between 15% and 7.5%, which was in operation from 7 July 2011.Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances.Not Rated (NR) : Credit Suisse Equity Research does not have an investment rating or view on the stock or any other securities related to the company at this time.Not Covered (NC) : Credit Suisse Equity Research does not provide ongoing coverage of the company or offer an investment rating or investment view on the equity security of the company or related products.Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward.Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation:Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months.Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months.Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months. *An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.

Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings DistributionRating Versus universe (%) Of which banking clients (%)Outperform/Buy* 44% (65% banking clients)Neutral/Hold* 39% (61% banking clients)Underperform/Sell* 14% (55% banking clients)Restricted 2%*For purposes of the NYSE and FINRA ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.

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