barclays capital - global renewables

EQUITY RESEARCH 26 September 2011

GLOBAL RENEWABLES AND CLEAN TECHNOLOGY CONFERENCE FEEDBACK Zurich, 21-22 September 2011

Barclays Capital hosted its Sixth Global Renewables and Clean Technology Conference in Zurich last week, with more than 125 global clients attending and 28 corporates presenting. We outline below our key thoughts from the event:

First, the outlook for solar for the third and fourth quarters continues to be weak, as a combination of lower demand and weaker pricing reduces Street expectations for the full year. In addition, as inventory levels are likely to have increased over the period, the risk of write-downs increases during the period. In addition, we expect to see the weakest tier three names be forced to reduce prices even further, and although we believe the weakest competitors themselves to be unsuccessful, it does increase the pricing volatility expected for the fourth quarter. For polysilicon, we expect to see weakness in the spot price over the coming quarter, and this is likely to lead to a focus on tier one polysilicon margins reported over the next quarter.

Second, in the wind segment, we expect to see scope for reduction to earnings and to end-market demand expectations should the sovereign crisis deepen over the coming quarter. Most turbine manufacturers are seeing demand to reach full-year expectations, but the increased market volatility increases the risk of financing delays, causing timing issues between 2011 and 2012 deliveries. We believe general comments from wind farm customers to support our thesis that turbine price falls are largely now complete - the main risk we see is to payment terms and warranty agreements.

Third, we continue to see potential upside for stocks in our energy efficiency sector, and highlight the positive outlook provided by Outotec's chief financial officer for future new orders. Although we expect to see some macro risks becoming more evident, we believe the fundamental drivers continue to support our investment thesis in the longer term.

Our note published today also includes comments from Barclays Capital's Clean Technology Chairman, Theodore Roosevelt, Barclays Capital co head of Global Equity Capital Markets, Sam Dean, and 26 senior management company presentations. For any questions, please contact any of us in the team.

Barclays Capital does and seeks to do business with companies covered in its research reports. As aresult, investors should be aware that the firm may have a conflict of interest that could affect theobjectivity of this report.

Investors should consider this report as only a single factor in making their investment decision.

This research report has been prepared in whole or in part by research analysts based outside the USwho are not registered/qualified as research analysts with FINRA.

PLEASE SEE ANALYST(S) CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 18.

INDUSTRY UPDATE European Clean Technology & Sustainability: Solar 2-NEUTRAL Unchanged European Clean Technology & Sustainability: Wind 1-POSITIVE Unchanged European Clean Technology & Sustainability:Energy Efficiency 1-POSITIVE Unchanged

European Clean Technology & Sustainability: Wind Rupesh Madlani +44 (0)20 3134 7503 [email protected] Barclays Capital, London Arindam Basu +44 (0)20 3134 7216 [email protected] Barclays Capital, London Christopher Smith +44 (0)20 3555 1791 [email protected] Barclays Capital, London

渐飞研究报告 - http://bg.panlv.net

Barclays Capital | Global Renewables And Clean Technology Conference Feedback

26 September 2011 2

Wacker Chemie

The company reiterated sales guidance of EUR5bn and Ebitda exceeding last year's level. Poly margins for the full year expected to be close to 50%.

Wacker maintained that contracts remain attractively priced with price declines built in. Have not seen any re-negotiations yet and believe this is less likely.

The company sees customers ordering limited quantities in chemical businesses given uncertain economic outlook and to limit inventory.

Siltronic division – the second half will be weaker compared to H1 but this has been flagged previously.

The company highlights that 95% of capacity until 2015 is booked out and prepayments of over EUR1bn.

Wacker expects 230,000MT of poly shipments for the full year, implying 25GW of demand adjusting for semi grade material and for inventory.

Management reiterate that together with Hemlock, the company has the lowest cost in the industry.

REC

The company expects demand to be at the low end of its previous forecast of 19-25GW in 2011, up from 18.2GW in 2010, but with a lower level of growth due to weakening market conditions (seasonal effects and subsidy uncertainties). Combining this with supply growth has led to inventory build up and strong pricing pressure.

The company highlighted that solar costs have fallen by more than 50% since 2008, with feed-in-tariffs in Germany having fallen by almost 40% in the same period.

Wafer prices have come down to around $0.5/w – down 45% in just over a quarter, and whilst the company sees pricing levelling out, it is not recovering at present. REC reiterated that a strong rebound in market prices would be necessary for them to restart cell and wafer production in Norway, and this seems unlikely. They will be making a decision on the permanent future of this plant shortly.

The current cash production cost for FBR is below $15/kg, making the company a cost leader - and REC aims to reduce this by a further 5% by year-end. Current module cash production cost is EUR0.56/w, with the aim of reducing this by 5-10% by year-end.

REC expects polysilicon prices to fall, but stated that it is difficult to predict when this might happen.

Given the difficult market conditions, REC is focussed on collecting cash, and has reduced net debt by NOK2.2bn over the past three quarters. The company is also reviewing its debt maturity profile and considers this when making investment decisions.

The company sees demand improving, but believes that macroeconomic uncertainties have limited demand growth and that overcapacity will prevail, with market prices expected to remain under pressure.



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Phoenix Solar

The company focus is on high-yield, long-lasting and profitable PV systems.

Phoenix is moving more into large roof-mounted systems, and increasing presence in Asia.

O&M contracts for the company tend to be in line with feed-in-tariff period, around 20 years.

For 2011 Phoenix expect crystalline/thin-film split of 60/40 - although they have historically been able to adapt to adjust this to market conditions, and expect to continue to do so.

Management view geographic diversification as being key - international sales in H1 2011 accounted for around 50%, demonstrating ability to switch.

The company connected all Italian installations prior to end of August deadline, so there is now less risk here.

Phoenix expects European market to be 8-10GW next year, and are putting more emphasis outside of the region – with projects in Saudi Arabia, Thailand, India. As at end of Q2 the company had an order backlog outside of Europe of EUR43.5mn.

The company expect Germany to be at 4-5GW this year, and 3-4GW in 2012. They still expect a year end rally, and are seeing the first signs of this, with salespeople saying orders are picking up. Based on their projections they expect Germany will likely see a 15% tariff cut from January 2012.

Expect the US market to be 2GW, 3GW+, 5.5GW for 2011, 2012, 2013 respectively.

centrotherm

The company has a Q3 order intake of EUR100mn on cells and modules. In addition, they have EUR120-150mn from poly (in Qatar) - but poly announcement may be pushed into Q4.

The company’s upgrade business may potentially be worth EUR300mn. 600 centrotherm lines, 200 lines may need to be upgraded of which 100 lines will actually be upgraded. Each upgrade is worth EUR3mn.

Management sees three drivers for growth in orders - upgrades in existing lines, incumbents increasing capacity despite low utilisation to grow market share, and new entrants like LG who are coming in with big orders. MENA region aggressively expanding solar capacity for local installation.

centrotherm estimate global demand of 30-40GWp by 2015 annually.

Management believe pricing is likely to be under pressure from customers, and will be down c.10% in their view.

Semi is driving around EUR70mn of business.

The company expects 2013 module prices of EUR0.61/Wp and energy costs of EUR0.17/kWh.



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centrotherm has as an order backlog at EUR715mn, and 80% of this is tier 1 manufacturers so they see limited risk to cancellations or customers going bankrupt.

The company are ramping up production in China to match local competition that has been increasingly aggressive.

Meyer Burger

Company highlights that some customers are delaying final acceptance of delivered equipment and this impacts revenue recognition as the company follows completed contract accounting.

Roth & Rau acquisition is progressing well – management highlighted that sticky shareholders have sold out. They expect to file for a domination agreement by the end of this year and that the transaction will be EPS accretive for 2012.

Meyer Burger remain confident on guidance despite less favourable order outlook. Expect CHF1.2bn (in-line) in revenues for this year.

The company stated that order outlook remains challenging - book to bill ratio for H2 may decline to 0.5 compared to 1.4 in H1 – but they believe that this is well flagged.

Management expect to achieve c.15-20% Ebitda margins across the cycle.

The company expects to complete the first phase of its Thun production and office facility in Q1 2012, with total capex of CHF50mn, and has received approval for the second phase with capex of CHF20mn until 2012.

Daqo New Energy

Daqo is selling poly at USD47-49/kg. They don't expect poly price to be below USD30/kg at least for the next 18 months and expect end year ASP is likely to be around US40-45/kg.

The company’s fully loaded cost of production including depreciation is at USD29/kg with cash cost at USD22/kg. The company has a 2012 target of USD22/kg for fully loaded and USD17.5/kg for cash cost.

Capacity (output) - 2011 is 4,300MT (4,500MT) and for 2012 is 12,000MT (6,000MT capacity coming on stream primarily at the end of the year).

Capex towards poly - USD70/kg. Management believe that poly plants can be ramped up in 12-18 months today.

Daqo commented that Asian players are not looking for returns at present and only market share.

40% of the company’s contracts are fixed price but with step-downs linked to market price.

The company believes that the feed-in-tariff introduced recently will lead to demand in China of 1.3GW in 2011 and 2.0GW in 2012, with the expectation that China will become a leading solar market by 2015.



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Five major customers take 80% of the company's output - MEMC, Hanwha, Yingli, Solargiga and Tianwei. The other 20% is sold in the spot market. The company expects less fixed and more variable priced contracts in future across the industry.

Daqo is planning to switch to hydrochlorination process – this will reduce energy use and costs to USD100kwh/kg (from USD150kwh/kg using current process), as well as enhance production capacity (4,300MT to 9,000MT at current facility). The project expected to complete towards the end of 2012.

Further additional capacity (3,000MT) will come from new facility in Shihezi. Management expect production cost on this site of $20/kg. Production will begin here at the end of 2012, and be fully ramped up in Q1 2013.

Daqo will expand downstream capacity where it makes economic sense - although it doesn't at the moment.

The company expect China demand to be 1.3GW in 2011, and 2GW for 2012, although stated that this forecast is conservative and could see up to 3GW.

Poly is only sold in China as tax law means international customers cannot reclaim 17% VAT.

Power-One The company is the number 2 Global supplier of PV inverters and stated that they will

continue growing market share from 12% in 2010. They expect to have 5-6GW capacity by year end - up from 4GW in 2010.

Power-One is running the same processes at all plants in order to reduce enterprise risk. The company has manufacturing plants in Italy, Slovakia, Canada and recently China and the US. They recently expanded into India.

Power-One has a full range of inverters - from micro to 2.5MW. Their products range from 95-99% efficiency

The company is striving to increase power density to meet customer needs and provide lowest TCO.

Power-One shipped 1.3GW ytd against 2.6GW total in 2010.

They will focus on industry leading yield, competitive pricing, new products, and service responsiveness.

Company had a 30% gross margin in H1 - reduced net debt to USD36mn in Q2 2011 from USD95mn.

3W Power/AEG Power Solutions Focussing on Renewables and Energy Efficiency segments. Renewables includes power

control systems (power controllers linked to poly) and solar (PV inverters) solutions. Energy Efficiency includes energy management solutions (back up power) and communications. The company expect 50:50 distribution between Renewables and Energy Efficiency segments as Renewable grows (from 36% 2010).

The company stated that it is geared to benefit from smart micro grids.



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Management expect solar demand to grow at 20%+ in the medium term, and stated that they can benefit both upstream and downstream.

Management expects double digit Ebitda margins in 2011.

They aim to reach EUR400mn sales this year and EUR500mn next with Ebitda margins of 13-15%.

The company believes thatQ2 results demonstrate company is delivering against Agenda 2012, with strongest growth in 2 years and 20% Ebitda margins. Renewables order intake up over 100% y-o-y.

Management are focussed on emerging solar markets – currently they are taking orders in India, and are looking at Eastern Europe, South East and South Asia, Africa, and North America.

The company believes there is potential for the PV market to not grow in 2011 from 18.8GW in 2010 - although Asia and America may compensate for Europe. Q4 still potential for recovery, but company growing market share so not so worried about temporary slowing. They believe that growth will return in longer term.

Management believes energy efficiency will benefit from strength of industrial cycle.

Yingli

Demand: IRRs in Germany are very attractive including for ground mounted. Management sees two key reasons for lack of demand. First, price declines have still not stabilized with customers deferring decisions. In addition, customers are deferring purchase decisions given weaker economic cycle.

Italy: markets collapsed around March. With regulation now in place, installations were limited by availability of financing - banks only funding projects once grid connected and increased due diligence delaying projects

Pricing: window of between EUR0.80-0.90/Wp for tier 1 low cost manufacturers. Panda product offering $0.15/Wp for Yingli allowing the company to price comparable to European manufacturers. Distressed modules being sold at below 0.80/Wp but they are finding it hard to secure markets to sell. European manufacturers selling between EUR0.90-1.00/Wp. Q3 price reduction of mid to high teen decrease compared to Q2

Average cell efficiency 18.7% on panda commercial lines in 2H 2011. Achieved record multi-crystalline efficiency of 18.39% in lab - First priority is quality

Consolidation: Management expect consolidation in the medium term or more likely capacity gets taken out.

Key markets: Q1 next year could potentially be supported by the US, China and Italy. Company expects a 15% market share in the US market. China may potentially be a 1GW market is year and then 1.5GW next year.

30% of global sales are made up by US and china 1H 2011 – they gained 46 new customers (90mw of PV module shipments).



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Guidance: shipments up 20% in Q3 compared to Q2. Silicon costs down 20% compared to last quarter. For the full year, expect shipments of 1.7-1.75GW with $O.70/Wp of non silicon cost. Year end efficiency of 19% for panda product and 17% for multi crystalline.

Capacity: 300MW panda capacity ramping up another 600MW with total capacity 1700MW by year end.

Chinese Government is considering 10GW and 50GW of cumulative installation targets by 2015 and 2020 respectively.

Corporate governance – The company’s auditors are KPMG, and Yingli say they have controlled governance in place.

Vestas

Vestas anticipates that 2011 order intake will total 7-8GW, with 50% European, 25% in the Americas and 25% in Asia Pacific. The company highlighted that their market share of order intake in H1 2011 was 23%.

The company is reporting a firm and unconditional order backlog of 8.3GW, worth EUR8.0bn, with 55% in Europe 31% in the Americas and 14% in Asia Pacific. Conditional orders are not shared.

Company believes that top 10 players will go back to representing close to 100% of the market again - this had dipped to around 80%.

The company highlighted the importance of service contracts - with 97% of deliveries including them, and with an average length of 6.25 years, up from 4 years in 2008.

Vestas' Brazilian facility, with annual capacity of 800MW will begin operations in Q4.

The company maintains guidance of EUR7,000mn in revenues for 2011 with a 7% Ebit margin - highlighting that Q4 2011 revenues are on par of those from Q4 2010, and that a back-end loaded year means that they anticipate heavy cash generation in Q4 2011.

Vestas expects positive free cash flow in 2011 to give them comfortable headroom as they enter 2012 and do not want company to be judged on quarters - want investors to take a longer term view.

The company will reduce capex, due for example to sourcing certain processes to local companies (e.g., Vestas will not build towers in Brazil, but rather assemble nacelles, which requires lower capex). Intangible capex (e.g., staff costs) should plateau. Tangible capex should be lower on a relative basis due to the partnering with local firms.

Subsidy reductions - Vestas does not believe they will be withdrawn generally - but that grid parity is coming closer and the industry will be less reliant on them. Countries are not reducing green targets as they create jobs.

On funding, banks are more cautious on lending now, but the company has communicated to banks the limited risk of wind developments. Pension funds are potentially well suited investors, but vehicles needed for investment are still being developed.

Offshore wind – management stated that the V164 will be built if sufficient orders received.



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Vestas expects consolidation in the industry but currently has no plans to buy a smaller version of themselves.

Nordex Demand: Nordex expect 2011 to grow driven by Asia and the Americas. 2011-2016

installations to grow at a rate of 10%. Bloomberg indicates turbine pricing is down 20% compared to 2008 peak levels.

The company outlined significant overcapacity in the industry which is limiting utilization levels and putting downward pressure on pricing. One of the drivers for continuing capacity growth is local content requirement in emerging markets such as Brazil and Turkey.

Management expect increased turbine efficiency and lower costs are likely to allow Nordex to reduce cost of energy by 32% of which 17% comes from higher yield and 15% from internal cost reduction.

China strategy: the company will seek to secure partnering with Chinese companies. They are in advanced discussion with two IPPs (state owned) and with an aviation company to have access to the Chinese market as a domestic player. They expect to make an announcement over the next six months.

Guidance: before one-off items Ebit will be positive for 2011, but management expect restructuring costs as the company reduces workforce and on account of consulting fees for Chinese operations. They expect order intake of EUR1bn for the full year and remain confident around this guidance. For 2012, the company expect low single digit revenue growth and improved Ebit margins compared to 2014. Working capital at 20-25% for 2011.

Offshore: Nordex is looking for a joint venture partner with a strong balance sheet. Have interests from construction companies out of Asia. Expect prototype to be erected in 2012 and this will be based on a direct drive design. Turbine as a serial product is likely to be launched in 2014-2015.

Offshore will account for approximately 8% of the expected market volume until 2016. The US will be most volatile market with ASPs down 20% from peak in 2009. Wind asset financing at the high level of Q2.

REpower Systems

REpower expect their 3MW turbine will likely be a key driver of growth in Europe.

Company adding capacity in India to service the American and the Australian markets. Management outlines that the company will no longer be selling into the Chinese market going forward. Management believe that less than 10% of the Chinese market will be available to international manufacturers.

Management highlights strong growth in offshore market with increasing demand for the company's 5MW and 6MW offshore turbines. They expect to announce further orders during the course of 2011 which may potentially be more than 300MW in size.

The company outline c.40-50% overcapacity in the industry with continuing pressure on pricing. Highlight that pricing has been declining during the course of 2011.



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Management highlight that number of banks willing to take offshore wind risk has grown with more than 20 institutions having obtained firm credit committee approvals to fund offshore.

Guidance: Management expect revenue and Ebit growth of 20% for 2011 with 80% of revenue targets covered by firm orders. Order backlog at EUR2.4bn with another EUR2.5bn in terms of frame agreements.

Company to be delisted by the end of this year and then work on integrating supply chain and research with Suzlon.

Gurit Holding AG

Gurit expects 8-10% operational Ebit margin. They are not revising guidance but will be close to lower end of range due to the economic environment.

The company is conservative on wind demand – anticipating around 7% CAGR to 2020 to meet commitments. They expect Asia to be the growth driver.

Momentum is expected by the company to come from offshore, larger turbines, and emerging markets.

Company uses a flexible operations model to adapt quickly to fluctuating demand.

Management is focussed on becoming more global to 2013 - looking at Indian and South American markets. They are already in China, which accounted for 30% of 2010 sales.

Wind – Gurit is diversifying customer base from just Vestas and Gamesa.

Gurit will sell completed marine turbine blades in the future, but not completed blades in wind.

The low tax rate 18.9% due to a large portion of profit in China benefitting from low tax rates.

The company has had no issues with collecting receivables as of yet.

Enel Green Power

Company had total 2010 R&D investments of EUR28bn.

They expect to grow installed capacity to 65.9GW by 2020, from 30.3GW. They target 10.4GW by 2015. Company is on target to deliver 800MW in 2011.

Italy has strong renewable resources and development of renewable energies which is mainly driven by 2020 EU targets.

EGP’s growth will be based on selective growth in wind, solar and entry into biomass.

Wind - New incentive scheme provides stability and possibility of hedging of revenues. Their projected revenues are in line.

Solar - required tariff reductions are favourable for industrial and vertically integrated players.



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Potential markets Romania and Greece - anticipating very strong growth in next 1-2 years.

Spain - regulatory changes will have negligible impact on EGP development as they focus on 'pre-registro' before end of 2013.

The company has projects in Central America and US in place.

Acciona

Acciona stated that their future business strategy is based on three segments of the sustainability sector: infrastructure, energy and water. The company highlighted its defensive business mix and strong potential for growth.

The company continues to target de-gearing to reduce leverage ratios, and is focussed on geographical diversification due to the austerity measures in place in Spain.

The company's installed capacity is currently 7.9GW, having grown at a CAGR of 34% from 1990, and has an addition 311MW of wind and 50MW of CSP under construction.

Spanish subsidies are not yet finalised and remain in the consultation stage.

The company is seeking a strategic partner with marketing power, R&D, streamline production costs. Currently in talks with interested parties.

Alerion Clean Power

Alerion's strategy is to focus on wind power generation, diversify its asset portfolio geographically, and increase scale to spread O&M costs and increase purchasing power. The company will also continue to invest in attractive biomass projects.

The company believes that following this strategy will enable it to grow from one of the leading independents into a major Pan European player, aiming for production in excess of 2GWh.

The company has grown installed capacity at a CAGR of 63% over the period 2007-10 to 310MW consolidated installed and under construction, and expects to add an capacity of around 100MW per year over 2011-15, to reach around 700MW.

Alerion believes the Italian market will be difficult over the next two years due to uncertain regulation and as the shift from Green Certificates to tariffs takes place - however, the company believes that selling prices for existing assets will not be significantly affected by new regulation.

The company sees decreasing capex/MW as turbine prices decline and low wind turbines lead to efficiency gains.

Alerion announced that they expect to complete the acquisition of a 12MW wind farm in Bulgaria by the end of September, and to have an additional 60MW of capacity authorised in 2011.

The company maintains the option to divest its building assets if it requires, in addition to divesting the remaining solar assets.




China WindPower

The company highlighted that its JV and Build-Sell strategies allow them to enhance cash flow and use less capital to build more capacity, and that it will switch between the two strategies to maintain swift development and enable high returns. China's target wind capacity is 150GW by 2020, with renewables to contribute 15% of primary energy consumption by 2020.

China WindPower highlighted that the National Energy Bureau has already issued the first batch of project approvals, with 26GW expected to be completed in the next 12-18 months, although credit conditions may continue to tighten and interest rates may continue to rise, making financing difficult, and grid approvals are being discussed.

The company aims to add 700MW of wind per annum until 2015.

China WindPower stated that the feed-in-tariff for solar in China will allow equity IRR's in excess of 10% in areas with rich solar resources, and assist in reaching the country's goals of 10GW by 2015 and 50GW by 2020. The company has 150MW approved for 2012.

The windpower division uses 80% local bank financing and 20% equity capital.

The company is exposed to interest rate risk as they have a floating rate.

Technical standards have been imposed which costs about RMB100,000 per turbine - they are trying to pass the cost to the turbine manufacturers.

Company does not use any international turbines given price difference of 15% and they are happy with efficiency of Chinese turbines.

Turbine pricing in 2012 - thinks prices will stabilise. Better after sales service and pushing manufacturers to increase reliability.

Warranty terms - 3 years but can get up to 5 years or more.

Inner Mongolia - difficult to get new approval because they need new transmission lines completed at the end of 2013. Southern part of China and other areas are seeing more approvals gradually coming through.

Company is looking at Thailand as feed in tariff should be set there soon. But elsewhere policy and economics is not as favourable as China however they continue to view other markets.

Company still sees a lot of risk to offshore windpower despite government encouragement.

Outotec EUR35mn in Research and Development and approximately 4,500 patents or

applications.

Americas and Europe/Africa account for approximately 40% of the company’s sales and Asia Pacific for approximately 20%, EMEA representing the remainder.

Order intake in Q1-Q2 2011 was EUR857.7mn, up 14% from Q1-Q2 2010.

Order intake in Q2 2011 was EUR532.1mn, up 52% from Q2 2010.




Order backlog at the end of Q2 2011 was EUR1,664.1mn, 27% higher than at the end of Q2/2010.

Company confirmed that 26 projects with value in excess of EUR10mn account for 64% of the backlog. Roughly 42% EUR700mn of the backlog is estimated to be delivered in 2011 and the rest in 2012 and beyond.

Management expects sales to grow to approximately EUR1.35-1.45bn and operating profit is expected to improve from 2010 and operating profit margin from business operations is expected to be approximately 8-9%.

Outotec is looking for acquisitions which will complement the existing technology portfolio.

The company outlined application of existing technology in new areas including water treatment, sulfuric acid production, energy and chemical industries.

Outotec’s backlog is largely financed at customer's end given late stage nature of Outotec's activities and the company does not expect any impact of on-going dislocation in the financial markets. In addition, management stated that quote activity remains strong.

Services business delivers scope for margin expansion. Company continues to grow its service business targeting EUR500mn in service revenues for 2015.

Abengoa

Solar thermal: company believe competitors who are turning to PV were not able to secure financing for a 250MW CEO project. Believe CSP offers base load power compared to PV and wind which are more intermittent.

Company is targeting parity with natural gas plants by 2020. This will require reducing costs by 50% using two levers: increased competition in supply chain is pushing down costs and second by higher efficiency in CSP plants using equipment such as shower heated steam towers.

Asset rotation: Abengoa have executed seven assets in the last twelve months. Company continues to evaluate scope for further asset rotation.

Project pipeline is fully financed at present. Company is using local banks such as BNDES in Brazil to secure financing. They have financed eleven of the thirteen projects awarded in Spain but highlighted that spreads have increased from 150 bps two years back to about 300 bps now.

Company views the likely outcome of ethanol and industrials business is partial listing and then subsequent delisting, comparable to the strategy around the Telvent divestment.

Biofuels: the company highlighted strong first generation platform with presence in the US, Brazil and in Europe. They are building a second generation plant in Kansas - initially costs will be higher than first generation but they expect costs to be lowered and be comparable to first generation over the next three years.

Capex: EUR5bn capex over the next three years has been secured financing and company sees limited risk to availability of financing for these projects.




The company highlighted declining exposure to Spain - Americas now account for more than 50% of revenues.

Abengoa has 32 concession type projects in operation - 5 CSP, 15 power transmission lines, 9 cogeneration plants, 5 desalination plants. The average outstanding life of assets is 27 years, with associated revenues of EUR35bn.

ABB

ABB had installed capacity of wind and solar at the end of 2010 equalled 43,000MW - peak load 83,000MW.

ABB target more than 30% from renewable sources in 2020. Actual end of 2010 - 17% (wind 6.2%, photovoltaic: 2.0%).

Looking to the Dii - the industry initiative to realise the DEsertec concept in the region EU-MENA for opportunities.

They see fundamental changes with remote generation in big plants via wind power - primarily offshore and hydro power - Alps and Scandinavia.

The company places a strong emphasis on power electronics, automation and DC (direct current) applications which they are involved in.

ABB need long distance transmission capacity to ensure strong growth of bulk, remote generation.

The company sees new challenges for distribution networks are voltage control, capacity, protection, remote supervision and control. All needed to ensure the strong growth of distributed generation.

ABB have multiple projects including Smartgrid CenterPoint USA , MEREGIO, Stockholm Royal Seaport Project, Genoa Smart City and Borwin1 - HDVC light technology - worlds first HDVC offshore Electronic voltage controller for medium and low voltage with ABB and other partners.

Ormat Technologies

Ormat owns 553MW of installed capacity in 16 power plants and complexes (Domestic ops - 435MW – 382MW geothermal and 53MW reg, ROW – 118MW in Central America and Africa).

Power accounts for 72% of revenues, in operation: 553MW.

Products - 28% of revenues, backlog of $225mn.

Portfolio growth – company has 160 – 165MW under construction.

Development:123 MW and exploration: 32 prospects.

Portfolio production 13% CAGR.

They currently supply 1,370MW to 24 countries and believe that they can add 8,000MW around the World.

Company supplied over 30% of all installed units (flash and binary).




The company don't believe that RPS will be stopped and will continue to help them grow business.

Ormat believe that they should benefit from the USD165mn cash grant, adding 135MW to the pipeline.

Company has approximately 285 MW under construction & development. Ormat have 32 sites whose capacity cannot yet be determined until exploration is completed.

Recovered energy - operate 50MW in US over 7 complexes. Not seen the growth that they expected - believe this is because there are no tax benefits and the national low commodity prices relative to this technology. The company is still pursuing this business.

Company has capex requirements of USD208mn - made up of new projects USD131mn and USD77mn additional capex. Capital resource USD413mn. Net debt of USD742mn. Current debt to capital 47%.

Company gave guidance of $405 - $425 annual revs for 2011 compared to $373 in 2010.

Ormat advise that consensus analysts price target is 52% higher than market share price.

MasTec

Company has a 29% CAGR - $1billion in revenue in 2007 to 2.875 billion 2011.

58% of MasTec’s revenue base comes from master Service agreements (MSA) and similar contracts.

Ebitda 41% CAGR 2007 – 2011.

The company has had high growth in energy and industrial side of business since 2007.

Top 5 in US in wireless, natural gas and oil pipeline, install to the home \ direct tv and Renewables\ alternative energy – wind, solar, biofuel\mass.

MasTec has had significant growth (USD195mn in 2009 to USD574mn in 2010) in pipeline construction.

The company has just entered Canadian energy infrastructure market.

Shale gas exploration is creating new demand for pipelines.

Company believes Renewables will pick up momentum due to US consumer attitude to the dependence on foreign oil both for economic and security reasons.

MasTec is bidding on Renewables related transmission line projects in remotes areas across the US.

Federal incentives added USD11bn for grid improvements.

Revenue increased 52% from 2010 - mostly organic

EBITDA increased 53% from 2010. No significant debt maturities until 2014 and 2017.

New bank credit facility increased to USD600mn from USD260mn.




Rubicon Technology

Rubicon supplies sapphire products, which are a key component of LEDs, which expects to grow strongly through strong relationships with industry leaders, its positioning to benefit from an industry shift to larger diameter wafers and flexible production. The company is present in every part of the value chain.

The company expects to be able to maintain strong margins irrespective of the volatile pricing environment.

The company highlighted the high level of IP it possesses and the high barriers to entry to the markets in which it operates.

Ecomerit Technologies

Ecomerit is a product development laboratory for sustainability technologies - which advances technology projects to commercial-ready status over a period of 4-5 years.

The company is currently working on the Aquantis Project, which is developing marine current turbine technology. Such technology has the potential to generate dense baseload power with capacity factors in excess of 80%, for a cost of $80-$90/MWh.

The company anticipates installing a commercial prototype for Aquantis in H1 2014 - aiming for commercialisation in 4-5 years.

The company is currently working on Florida as its location, though there is potential for the technology to be applied in Brazil, Japan, South Africa and other regions where the current conditions are correct.

The company has a small team approach, frugal planning and partners with industry, government and academia in order to innovate.

The company is now receiving indications of interest for investment, with subscription documents set to be released in November.

Ameresco

Ameresco is an independent, pure-play energy efficiency provider with national US footprint.

Company provides energy savings performance contracts - advises clients, and installs more efficient equipment, and raises capital for performance savings over the coming years. Provides budget-neutral solutions, and have never saved less than 20% for clients, and as much as 50%. Projects tend to have a 7 year payback period.

The company also owns 28 small scale renewable infrastructure assets - mainly landfill gas. Only invests in assets if there is additional access to capital.

Ameresco has grown consistently, has high visibility on future cash flow and limited balance sheet exposure.

The company has an adjusted Ebitda CAGR of 27% over past 5 years.

Ameresco has energy efficiency contracts totalling USD1.4bn with US federal government.




Management expects energy efficiency industry to grow 26% annually 2008-2011, and that it has a levelized cost of energy of USD50/MWh.

Company highlighted that energy demand expected to grow at 2.7% CAGR 2010-2035, but considering energy efficiency this reduces to 0.7%.

Growth will continue through cost control, swift execution, increased market penetration and expand footprint, renewable projects where makes economic sense.

Potential for more opportunities in Europe – management are looking into this, but will do so slowly and carefully.

Better Place The company believes that oil price increases will be one of the key drivers of the

adoption of EV's.

Better Place currently see battery prices currently around $500/kWh. On a per mile basis, in the near mid and long term USD0.08/mile, USD0.03/mile and USD0.01/mile.

Their business model is to sell electric miles at the price of gas miles, and earn margin over the depreciation, electricity and infrastructure cost for electric miles.

Better Place will own batteries and sell customers electric miles, reducing up-front costs to customers. They will have switching stations to change batteries - takes less time than refuelling. Will also have charge spots on streets and in homes.

With smart charge operators managing charging no new electricity capacity would be required - company will seek to monetise this benefit.

Initial commercial launch will be in Israel in December 2011, with 20 switch stations installed and a further 10 by year end. 5,000 vehicles are expected next year in trial phase, ramping up to around 20,000 in 2013.

The company will launch in Denmark in Q1 2012. Dong Energy is a shareholder and partner. EV's are around 50% of the price of internal combustion cars in Denmark due to exemption from registration tax.

Theodore Roosevelt IV - MD & Chairman of Barclays Capital's CleanTech initiative

Mr Roosevelt sees a 5-10 year turnaround to normal growth in China - with upward pressure on the cost of hydrocarbons and downward pressure on the cost of renewables, as oil supplies contract and depending upon whether infrastructure for coal can be put in place at a fast enough rate. He noted that China fully appreciates the threat of climate change, and the risk of 80% of electricity produced by coal, and that the government understands the political and economic rationales for diversification.

Chinese companies are ambitious for US and European markets, but aware that product and reputations are not yet established, so are offering attractive financing options to developers.

Mr Roosevelt suggested that the US needs to replace subsidies with a federal clean-energy standard, expand the definition of clean energy beyond wind and solar, close the




funding gaps between technology and commercialisation, back research, partner with emerging markets & lower financial risks for new technologies.

Expects the sovereign crisis to need thoughtful leadership to resolve, and therefore expects that renewable policy will be last minute, including the PTC in the US.

Believes there is potential for carbon taxes to be introduced in the US and Europe, but doesn't see this in the near term as the regions are not ready for a dialogue on the matter.

Expects DoE funding to dry up after loan guarantees. Stated that the government may redistribute some of the money allocated to nuclear, but unlikely to see new money in the near term.

Stated that the US needs to bring down per capita energy consumption, and this isn't really happening yet. The payback periods for retrofitting are long and capex is being used to grow, but as energy prices increase the economics should get better and should see this begin to happen.

Sam Dean, MD & Co-Global Head of BarCap Equity Capital Markets, Investment Banking Division

Mr Dean stated that the emphasis is on corporate broking and winning IPO's - CleanTech is an emphasis and at the very heart of the business.

Sees IPO's being pushed back to next year generally due to current markets, but this is dependent on company and story. Even in volatile times, issuers who will take primary on relatively sized offerings can work, including CleanTech names.

On the IPO process, there is a responsibility to get pricing and level of liquidity right in the after-market. Euro process is for syndicates of banks to work on deals, which can be too big and over-complicate the process. Smaller syndicates with longer preparation times to analyse the company over a longer period of time are better than rushing to market. In the US there is much more willingness to price right rather than rush to market - avoiding price warnings shortly after launch.

The deal pipeline for very big deals is limited, but there are smaller deals.




ANALYST(S) CERTIFICATION(S)

We, Rupesh Madlani and Arindam Basu, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will bedirectly or indirectly related to the specific recommendations or views expressed in this research report.

IMPORTANT DISCLOSURES CONTINUED

For current important disclosures, including, where relevant, price target charts, regarding companies that are the subject of this research report,please send a written request to: Barclays Capital Research Compliance, 745 Seventh Avenue, 17th Floor, New York, NY 10019 or refer to http://publicresearch.barcap.com or call 1-212-526-1072.

The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's totalrevenues, a portion of which is generated by investment banking activities.

Research analysts employed outside the US by affiliates of Barclays Capital Inc. are not registered/qualified as research analysts with FINRA.These analysts may not be associated persons of the member firm and therefore may not be subject to NASD Rule 2711 and incorporated NYSERule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’saccount.

Barclays Capital produces a variety of research products including, but not limited to, fundamental analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations contained in one type of research product may differ from recommendations contained in other types of research products, whether as a result of differing time horizons, methodologies, or otherwise.

Materially Mentioned Stocks (Ticker, Date, Price)

ABB Ltd. (ABBN.VX, 22-Sep-2011, CHF 15.40), 1-Overweight/1-Positive

Abengoa SA (ABG.MC, 22-Sep-2011, EUR 15.34), 1-Overweight/1-Positive

Acciona SA (ANA.MC, 22-Sep-2011, EUR 59.60), 2-Equal Weight/1-Positive

Alerion Cleanpower SpA (ARN.MI, 22-Sep-2011, EUR 3.40), 2-Equal Weight/1-Positive

centrotherm photovoltaics AG (CTNG.DE, 22-Sep-2011, EUR 18.10), 1-Overweight/2-Neutral

Enel Green Power SpA (EGPW.MI, 22-Sep-2011, EUR 1.70), 1-Overweight/1-Positive

Gurit Holding AG (GUR.S, 22-Sep-2011, CHF 397.00), 2-Equal Weight/1-Positive

MasTec Inc. (MTZ, 22-Sep-2011, USD 17.15), 1-Overweight/1-Positive

Meyer Burger Technology AG (MBTN.S, 22-Sep-2011, CHF 23.30), 2-Equal Weight/2-Neutral

Nordex AG (NDXGk.F, 22-Sep-2011, EUR 3.87), 2-Equal Weight/1-Positive

Ormat Technologies (ORA, 22-Sep-2011, USD 14.43), 2-Equal Weight/2-Neutral

Outotec Oyj (OTE1V.HE, 22-Sep-2011, EUR 28.21), 1-Overweight/1-Positive

Phoenix Solar AG (PS4G.F, 22-Sep-2011, EUR 9.22), 2-Equal Weight/2-Neutral

Renewable Energy Corp. ASA (REC.OL, 22-Sep-2011, NOK 6.38), 1-Overweight/2-Neutral

REpower Systems AG (RPWGn.DE, 22-Sep-2011, EUR 141.70), 2-Equal Weight/1-Positive

Vestas Wind Systems A/S (VWS.CO, 22-Sep-2011, DKK 85.40), 2-Equal Weight/1-Positive

Wacker Chemie AG (WCHG.DE, 22-Sep-2011, EUR 70.09), 1-Overweight/2-Neutral

Guide to the Barclays Capital Fundamental Equity Research Rating System:

Our coverage analysts use a relative rating system in which they rate stocks as 1-Overweight, 2-Equal Weight or 3-Underweight (see definitions below) relative to other companies covered by the analyst or a team of analysts that are deemed to be in the same industry sector (the “sector coverage universe”).

In addition to the stock rating, we provide sector views which rate the outlook for the sector coverage universe as 1-Positive, 2-Neutral or 3-Negative (see definitions below). A rating system using terms such as buy, hold and sell is not the equivalent of our rating system. Investorsshould carefully read the entire research report including the definitions of all ratings and not infer its contents from ratings alone.

Stock Rating

1-Overweight - The stock is expected to outperform the unweighted expected total return of the sector coverage universe over a 12-month investment horizon.

2-Equal Weight - The stock is expected to perform in line with the unweighted expected total return of the sector coverage universe over a 12-month investment horizon.

3-Underweight - The stock is expected to underperform the unweighted expected total return of the sector coverage universe over a 12-month investment horizon.

RS-Rating Suspended - The rating and target price have been suspended temporarily due to market events that made coverage impracticable orto comply with applicable regulations and/or firm policies in certain circumstances including when Barclays Capital is acting in an advisory





capacity in a merger or strategic transaction involving the company.

Sector View

1-Positive - sector coverage universe fundamentals/valuations are improving.

2-Neutral - sector coverage universe fundamentals/valuations are steady, neither improving nor deteriorating.

3-Negative - sector coverage universe fundamentals/valuations are deteriorating.

Below is the list of companies that constitute the "sector coverage universe":

European Capital Goods

ABB Ltd. (ABBN.VX) Alfa Laval AB (ALFA.ST) Alstom (ALSO.PA)

Assa Abloy AB (ASSAb.ST) Atlas Copco AB (ATCOa.ST) Charter International PLC (CHTR.L)

Cookson Group plc (CKSN.L) Electrolux AB (ELUXb.ST) GEA Group AG (G1AG.DE)

IMI Plc (IMI.L) Invensys PLC (ISYS.L) Legrand SA (LEGD.PA)

Metso OYJ (MEO1V.HE) Morgan Crucible (MGCR.L) Philips Electronics N.V. (PHG.AS)

Rotork PLC (ROR.L) Sandvik AB (SAND.ST) Schneider Electric SA (SCHN.PA)

Siemens AG (SIEGn.DE) SKF AB (SKFa.ST) Smiths Group PLC (SMIN.L)

Spectris (SXS.L) Weir Group (WEIR.L)

European Clean Technology & Sustainability: Solar

centrotherm photovoltaics AG (CTNG.DE) Manz AG (M5ZG.F) Meyer Burger Technology AG (MBTN.S)

Phoenix Solar AG (PS4G.F) PV Crystalox Solar PLC (PVCS.L) Q-Cells SE (QCEG.F)

Renewable Energy Corp. ASA (REC.OL) Roth & Rau AG (R8RG.F) SMA Solar Technology AG (S92G.F)

Solar Millennium AG (S2MG.F) SolarWorld AG (SWVG.F) Wacker Chemie AG (WCHG.DE)

European Clean Technology & Sustainability: Wind

Acciona SA (ANA.MC) Alerion Cleanpower SpA (ARN.MI) EDP Renovaveis S.A. (EDPR.LS)

Enel Green Power SpA (EGPW.MI) Gamesa Corporacion Tecnologica S.A. (GAM.MC) Gurit Holding AG (GUR.S)

Hansen Transmissions International N.V. (HSNT.L) Nordex AG (NDXGk.F) REpower Systems AG (RPWGn.DE)

Suzlon Energy Limited (SUZL.BO) Terna Energy SA (TENr.AT) Vestas Wind Systems A/S (VWS.CO)

European Clean Technology & Sustainability:Energy Efficiency

Abengoa SA (ABG.MC) Mersen S.A. (CBLP.PA) Outotec Oyj (OTE1V.HE)

Prysmian SpA (PRY.MI) Saft Groupe S.A. (S1A.PA) Umicore SA (UMI.BR)

U.S. Engineering & Construction

AECOM Technology Corp. (ACM) Babcock & Wilcox Co. (BWC) Chicago Bridge & Iron (CBI)

Fluor Corp. (FLR) Foster Wheeler AG (FWLT) Great Lakes Dredge & Dock (GLDD)

Jacobs Engineering Group (JEC) Joy Global (JOYG) KBR Inc. (KBR)

MasTec Inc. (MTZ) McDermott International Inc. (MDR) Shaw Group Inc. (SHAW)

URS Corporation (URS)

U.S. Power

AES Corp. (AES) Ameren Corp. (AEE) Calpine Corp. (CPN)

Constellation Energy (CEG) Covanta Holding Corp. (CVA) Dynegy Inc. (DYN)

Entergy Corp. (ETR) Exelon Corp. (EXC) FirstEnergy Corp. (FE)

GenOn Energy, Inc. (GEN) NextEra Energy (NEE) NRG Energy (NRG)

Ormat Technologies (ORA) PPL Corporation (PPL) Public Service Enterprise Gp (PEG)

Distribution of Ratings:

Barclays Capital Inc. Equity Research has 1810 companies under coverage.

43% have been assigned a 1-Overweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Buy rating; 58% ofcompanies with this rating are investment banking clients of the Firm.

42% have been assigned a 2-Equal Weight rating which, for purposes of mandatory regulatory disclosures, is classified as a Hold rating; 51% of





companies with this rating are investment banking clients of the Firm.

12% have been assigned a 3-Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Sell rating; 36% of companies with this rating are investment banking clients of the Firm.

Guide to the Barclays Capital Price Target:

Each analyst has a single price target on the stocks that they cover. The price target represents that analyst's expectation of where the stock will trade in the next 12 months. Upside/downside scenarios, where provided, represent potential upside/potential downside to each analyst's pricetarget over the same 12-month period.

Barclays Capital offices involved in the production of equity research:

London

Barclays Capital, the investment banking division of Barclays Bank PLC (Barclays Capital, London)

New York

Barclays Capital Inc. (BCI, New York)

Tokyo

Barclays Capital Japan Limited (BCJL, Tokyo)

São Paulo

Banco Barclays S.A. (BBSA, São Paulo)

Hong Kong

Barclays Bank PLC, Hong Kong branch (Barclays Bank, Hong Kong)

Toronto

Barclays Capital Canada Inc. (BCC, Toronto)

Johannesburg

Absa Capital, a division of Absa Bank Limited (Absa Capital, Johannesburg)

Mexico City

Barclays Bank Mexico, S.A. (BBMX, Mexico City)

Taiwan

Barclays Capital Securities Taiwan Limited (BCSTW, Taiwan)

Seoul

Barclays Capital Securities Limited (BCSL, Seoul)

Mumbai

Barclays Capital Securities (India) Private Limited (BSIPL, Mumbai)

Singapore

Barclays Bank PLC, Singapore branch (Barclays Bank, Singapore)


DISCLAIMER:

This publication has been prepared by Barclays Capital, the investment banking division of Barclays Bank PLC, and/or one or more of its affiliates as provided below. It is provided to our clients for information purposes only, and Barclays Capital makes no express or implied warranties, and expressly disclaims all warranties ofmerchantability or fitness for a particular purpose or use with respect to any data included in this publication. Barclays Capital will not treat unauthorized recipients of this report as its clients. Prices shown are indicative and Barclays Capital is not offering to buy or sell or soliciting offers to buy or sell any financial instrument.

Without limiting any of the foregoing and to the extent permitted by law, in no event shall Barclays Capital, nor any affiliate, nor any of their respective officers, directors,partners, or employees have any liability for (a) any special, punitive, indirect, or consequential damages; or (b) any lost profits, lost revenue, loss of anticipated savingsor loss of opportunity or other financial loss, even if notified of the possibility of such damages, arising from any use of this publication or its contents.

Other than disclosures relating to Barclays Capital, the information contained in this publication has been obtained from sources that Barclays Capital believes to bereliable, but Barclays Capital does not represent or warrant that it is accurate or complete. The views in this publication are those of Barclays Capital and are subject to change, and Barclays Capital has no obligation to update its opinions or the information in this publication.

The analyst recommendations in this publication reflect solely and exclusively those of the author(s), and such opinions were prepared independently of any otherinterests, including those of Barclays Capital and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Barclays Capital recommends thatinvestors independently evaluate each issuer, security or instrument discussed herein and consult any independent advisors they believe necessary. The value of andincome from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). Theinformation herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of futureresults.

This communication is being made available in the UK and Europe primarily to persons who are investment professionals as that term is defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005. It is directed at, and therefore should only be relied upon by, persons who have professionalexperience in matters relating to investments. The investments to which it relates are available only to such persons and will be entered into only with such persons.Barclays Capital is authorized and regulated by the Financial Services Authority ('FSA') and member of the London Stock Exchange.

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