DelSolar Portfolio

DelSolar Co., Ltd

CONFIDENTIAL

Agenda

• 2011 PV Market

• DelSolar Current Status

• Theory of Cell and Module

• DelSolar Present Products

• DelSolar Value Proposition

• Futuristic Technology and Product Roadmap

• Cross-Selling Strategy and Collaboration Process

• Open Discussion

Delta Energy Solutions / File name_rev. X 211-Apr-11

2011 PV Market

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Evolution of PV Industry-New Entrants

11-Apr-11 Delta Energy Solutions / File name_rev. X 4

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Environment & Challenges

Commoditized

Financing

Over-Capacity

Local ContentRequirement

• 10% - 15 % Price erosion is expected for both panel and cell priceto ensure 7% IRR for investors

• Bankability has becoming a major requirement for installation in EU and USA

• Project financing is key requirement for large commercial or utility-scale projects

• Panel capacity expansion has been more than double between 2Q09 and 3Q10

• Cell capacity growth is expected to reach > 60% for 2011 and 35%for 2012

• Major panel makers starts setting up factories in Ontario / USA / India

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Demand Fluctuation

- Surging installation prior to

FiT cut.

- Quiet in year end and

beginning.

- IRR rebound to 7~8% drives

demand.

- Demand pattern can’t be

predicted.

- Diversification to non-FiT

countries stabilize order

booking.

Q1…….Q3……...Q1…….Q2……Q3… .Q4…..Q1

DelSolar Cap

Expansion

Tail Wind

Head Wind

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- Germany be capped as 5GW-plus size

- Japan, Italy, France, China, US and Canada will offset Germany

- Over-supply makes bankability a big winning factor

2011 PV Market Forecast

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DelSolar Current Status

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2011 Sales by Product

Module 135M77.3%

Cell 539MW19.4%

System 23MW3.3%

Cell-539MW Module-135MW System-23MW

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Sales by Region -2011

CELL MODULE

EUROPE71%

USA10%

TW5%

PVS10%

ROW4%

EUROPE

USA

TW

PVS

ROW

Total : US$266.5M

CHINA16%

TWN12%

ASIA5%

US

6%

EUROPE60%

ROW

1%

CHINA

TWN

ASIA

US

EUROPE

ROW

Total : US$545.9M

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2009-2010 Top 10

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010

TAIWAN

CHINA

ASIA

EUROPE

2007-2010 Top 10

REGION 2007 2008 2009 2010

EUROPE 15% 33% 68% 81%

ASIA 17% 25% 0% 0%

CHINA 44% 33% 18% 15%

TAIWAN 24% 10% 14% 4%

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RANK Region Customer MW %

1 EU ALEO SOLAR AG 120 17.2%

2 EU SOLARWORLD 70 10.0%

3 EU TENESOL 60 8.6%

4 EU CENTROSOLAR 40 5.7%

5 ASIA SHARP 36 5.2%

6 EU (Module) SOLON 32 4.6%

7 EU ENEL 31 4.4%

8 CHINA CSUN 30 4.3%

9 EU (Module) DONAUER 25 3.6%

10 EU (Module) GAIA (DES) 23 3.3%

467 67.0%

2011 Top 10

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• Target Segment:

- Cost-effective than EU & superior quality than China

- Share-shift EU brand segment by the offer of ICM service

• Value Proposition:

- Taiwan Quality: leverage from the image of high-tech semiconductor island

- Proven Performance Record: more than 400MW cell shipment

- Bankable: iconic own project with bank loan (Work in Progress)

- Performance guaranty: insurance covered by AON (Work in Progress)

• Emerging customer demand for Taiwan suppliers with appropriate value proposition

EU Market Sales Plan - Module

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EU Module Customer Categories

Target Customers:

1. EPC/SI:

2. Wholesaler:

3. Energy Company:

4. Cell Existing Customer (Total Capacity 800MW):

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Theory of Cell & Module

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Theory of PV Cell

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Categories of Solar Cells

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c-Si Solar Cell

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Theory of PV Module

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Strcuture of PV Module

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DelSolar Current Products

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DelSolar Solar Cell – 2 Busbar

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DelSolar Solar Cell – 3 Busbar

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DelSolar Solar Module & Warranty

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DelSolar Value Proposition

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DelSolar Value Proposition

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When PV Module Goes Wrong…

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Futuristic Technology

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PV Techonology Trend & Cost

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CZTS Cell Appearance

Cross Section of CZTS Solar Cell

Mo

CZTS

ITO/CdS

I-V Properties of CZTS Cells

Higher efficiency is promising

by composition modification.

In & Ga Free - CZTS Solar Cell (IBM)

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Bifacial Solar Cell Development

• High Efficiency: >20.5%

(Estimated)

• Lower Material cost: Ag free

• Wide Applications: Both sides

can be applied for power

generation.

• Higher Module Efficiency: Higher

power and packing density (Apply

patent)

• Easy to String: Lower Soldering

Temperature

Advantage

Ref. Cell, 18%, Jsc= 38.1mA/cm2

Bifacial cell (1), Jsc=39.87mA/cm2

Bifacial cell (2), Jsc=40.2mA/cm2

(2

)

Ref. Cell

(1)

We have confidence to reach

20% from recent QE results.

QE ResponseAdvantage

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Bifacial Module Applications

Roof Top PV Wall (Sound

Barrier)

~20% extra power output

compared to current PV product1~5% extra power output

compared to current PV product

(24 tilt angle)

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DelSolar Product Roadmap

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C-Si Technology Roadmap

2011 2012 2013 2014 Year

Avera

ge C

on

vers

ion

Eff

icie

ncy (

%)

≥ 18.8%

≥ 19%

≥ 18.5%

Mono Eff.

≥ 19.6%

2010

Multi Eff.≥ 18.2%

≥20.5%

2015

≥20.1%

≥20.9%≥21.2%

≥ 19.2%

Bifacial Solar Cell

Back Contact Solar Cell

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Product Roadmap – PV Module

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Cross-Selling Strategy

and Collaboration Process

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Cross-Selling Strategy

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EMEA Collaboration Process

Module

Roof-Top &

Ground Mount

Solar

/ Hybrid

Telecom

• Focus in module business development

• Developing areas such as

• Africa

• UK

• Germany

• Middle East

• New channel differentiation strength

–> Development of PV Investors

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Thank you for

your attention!