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.

23 September 2016Americas/United States

Equity ResearchAlternative Energy

Renewable Roundup COMMENTResearch Analysts

Patrick Jobin212 325 0843

patrick.jobin@credit-suisse.com

Andrew Hughes212 325 8277

andrew.hughes@credit-suisse.com

Maheep Mandloi212 325 2345

maheep.mandloi@credit-suisse.com

Things We Learned This WeekActive week for capital markets and M&A in the renewables sector. YieldCos have now priced nearly $1b in new equity YTD, including over $400m in the last month, to finance over $3.5b in asset transactions, perhaps a sign the market is re-engaging with the listed renewable infrastructure funding models. There was plenty of other news to track as well, including a restructuring at inverter company Enphase, more layoffs at EnerNOC, continued solar module price declines, a board shuffle at SunPower, Elon Musk's tweets, and a record-breaking solar PPA at just $24/MWhr in Abu Dhabi. ■ Our 2.4 cents on solar. The week saw the lowest solar bid for a large

scale project globally at 2.4c/kWh in Abu Dhabi. That represents a 17% decline over the previous lowest bid of 2.9c/kWh in the same region in June this year. For reference, average electricity tariff in UAE is ~$0.07/kWh, a recent coal PPA was signed at ~$0.045/kWh. While higher sunshine and potential use of trackers could definitely help with lower PPAs, we believe access to low cost debt and expectations of lower panel costs (for 2018 or later delivery) has also facilitated such a low bid.

■ Help wanted. Roughly 4GW of operating wind and solar assets around the globe officially hit the auction block this week as both Terraform Power and Terraform Global announced their intention to explore strategic and financial options to maximize shareholder value in the wake of sponsor SunEdison' bankruptcy. Options range from the sale of all or a portion of the equity in each company, to a transaction that attracts new sponsor entities, to preparations to operate as independent companies without a new sponsor. In other words, everything is on the table. Active negotiations between the independent boards of each entity and SunEdison are also underway to resolve intercompany claims (interest support payments and purchase commitments may ring a bell). The process also sounds as though it may unfold opaquely from the public investor perspective, as both companies have entered into confidentiality agreements with SunEdison and other stakeholders to facilitate the process.

■ The world is not enough. It is entirely likely that counterparties to some of TERP's confidentiality agreements include the list of that company's well-known potential suitors as laid out in prior research. An increasingly crowded cohort, it grew by at least one this week with BlackRock allegedly joining the fray. The less obvious question is who might be interested in GLBL assets, GLBL equity, or GLBL sponsorship? Pro-forma for the BioTherm acquisition, we size that company's portfolio at 1,038MW on a gross basis (949MW net) comprised of 32 assets in 7 countries on 3 different continents. Assets in Brazil, India, and China account for 85% of the portfolio. In the public sphere, particularly when it comes to renewables, there are few obvious suitors for a portfolio of that composition outside AES, EDF, and GCL (which has also expressed interest in TERP). That does not mean that there aren't private or international buyers out there, although a more likely outcome for GLBL could be a piecemeal asset sale or an attempt at going it alone, in our view.

23 September 2016

Renewable Roundup 2

Continued from cover…

■ 8Point3 announces Henrietta acquisition, Stateline offer and accompanying equity raise. On its fiscal 3Q16 earnings call, 8Point3 Energy Partners, the joint-venture YieldCo of SunPower and First Solar, announced its planned acquisition of a 49% stake in the 102MW Henrietta project from SunPower. We value the $134M deal at a 9.7% year 1 cash return and a 5.3% IRR (unlevered, pre-tax) over the 20 year remaining contract period. This compares to our estimate of NRG Yield's recent purchase of CVSR at a 5.14% IRR (unlevered, contract only, pre-tax), and NEE Partners' recent purchase of Desert Sunlight at an 8.6% IRR (unlevered, contract only, pre-IDR, pre-tax). Management also indicated that 8Point3's conflicts committee is evaluating an offer from First Solar to purchase either a 17% or 34% stake in Desert Stateline (terms undisclosed). To pay for it all, 8Point3 issued 7M new shares to net $103M gross proceeds in a follow-on offering that priced Thursday night.

■ 8Point3 results broadly in-line with expectations. As for results reported on the aforementioned call, 8Point3 delivered fiscal 3Q16 revenue/EBITDA of $26.1M/$21.8 versus consensus expectations of $23.2M/$26.5M. The Board declared a $0.2406 dividend for the quarter, implying a conservative 71% payout ratio based on quarterly cash available for distribution (CAFD) of $24.1M. The $0.249 per share dividend forecasted for fiscal 4Q16 was in-line with consensus expectations of $0.25.

■ Odd timing for SunPower to buy capacity, but removes litigation overhang. SPWR announced its purchase of AU Optronics' 50% stake in an 800MW solar cell manufacturing JV in Malaysia. The $170m cash transaction is part of a settlement to resolve an ongoing dispute with AUO, and is payable in installments ($109m on close, $1m in 2018, and $30m each in 2019/2020). Timing of the settlement is a surprise amidst a challenging year and an oversupplied market in which module prices are collapsing, as is the purchase price. The implied $0.425/watt value for 400MW of high efficiency cell capacity screens seems expensive compared to current cell+module capex of $0.30-0.35/watt for PERC capacity per our recent channel checks. (link to our report).

■ New line-up for a new game? SunPower announced that Total has replaced its SunPower board appointees. Outgoing board members Arnaud Chaperon (Sr VP of Prospective Analysis, IR and Communications for the New Energies division of Total) and Humbert de Wendel (Sr VP of Finance and Cash management for Total) have resigned from SPWR's board and would be replaced by Helle Krisoffersen (Sr VP of Strategy and Corporate Affairs for Total's Renewables & Power segment), and Laurent Wolffsheim (VP of Budget and Financial Control for Total group). We view the change-up as an indication that Total wants to have a fresh set of eyes evaluating SunPower's performance. Also of note, Total's Chairman & CEO, Patrick Pouyanne, mentioned during their analyst day on Sept 22 that they are content owning a majority of SunPower but do not intend to buy the rest of the stake, even at these valuations ("SunPower is independent … I'm very happy to have the majority of it, but I do not intend to buy SunPower fully").

■ First stop solar roofs, next stop Mars. Mark your calendar on October 28th for Elon Musk’s big unveiling of a solar roof. The news hit Twitter on Thursday. The company says they are targeting a October 28th unveiling of a Tesla/SolarCity solar roof with an integrated Powerwall 2.0 battery & Tesla charger. Perhaps the product collaboration between two entities is indeed possible, as the merger has not yet closed or been approved by shareholders. Recall Elon Musk stated on SCTY’s Q2 conference call in August that they would be unveiling a solar roof soon. Also on Elon Musk’s agenda is a speech at the 67th International Astronautical Congress on Sept 27th where he will discuss plans to inhabit Mars.

23 September 2016

Renewable Roundup 3

■ Wind in her sails. PEGI announced the acquisition of a 90 MW stake in the 180MW Armow asset in Ontario. The $132M cash purchase price represents a ~10x multiple on 5 year average cash available for distribution (CAFD). The deal is priced at a ~40bps cash on cash return premium to the Broadview acquisition the company announced earlier summer. PEGI completed an equity offering of its own last month in which it raised $270M in gross proceeds to finance both the Armow and Broadview acquisitions.

■ Gear up for the Clean Power Plan debate. While the US Supreme Court remains gridlocked in an eight person panel, the D.C. Circuit will hear CPP "en banc" next week with 9 judges present. State of West Virginia v. EPA would be heard on September 27th in Courtroom 20.

■ Tough times at Enphase. The microinverter company is in a tough spot. Competition in the inverter space is increasing, demand in the residential space is slower than previously expected, and capital is less available. Thursday night Enphase priced a 13m share offering at $1.20 (vs. close at $1.67), raising $15.6m gross. The company also announced major restructuring efforts that should save ~$20m per year by cutting their workforce 11%. The company reiterated Q3 revenue guidance and provided Q4 guidance of $90-$100m, implying 5% q/q and 45% y/y growth. Q4 margins of 16%-20% are slightly lower than Q3's guidance of 17%-20% and Q2's reported 17.9% (margins have collapsed from the ~32% in 2Q15). Prior to this capital raise, ENPH had just $8.2m in cash at the end of Q2.

■ Something needs fixing at EnerNOC. EnerNOC announced Friday morning that the board has approved a plan to restructure the subscription software business to narrow the focus and reduce operating expenses. This includes an immediate 15% global workforce reduction (~200 FTEs). Pre-tax cash charges are expected to be $3-$4m (all charges expected to be recognized in 2H16). The company states that the narrowed focus will allow targeting verticals where customers are ready to adopt energy intelligence software today while also reducing redundancies that arose from prior acquisitions. Recall ENOC's Q2 software ARR declined 3% sequentially and the company lowered their software subscription revenue guidance to 30-40% (from 50%+) leading us to downgrade our rating to Neutral. We support the move to rationalize costs – we are eager to see a customer acquisition cost metric (CAC) that is appropriate for the lifetime value of a customer (LTV) within the energy intelligence software category. Cutting staff in verticals that are not adopting and reducing redundancies is a step in the right direction. In May EnerNOC also announced a restructuring of the utility software business (~5% headcount reduction). EnerNOC retained Q3 and full-year guidance.

■ Solar Demand update. Israel plans to issue tender for a 500 MW solar power plant in Negev desert. We would keep an eye for the bids given plants in the Middle East have recently secured PPA <$0.03/kWh. California has signed a new law which requires reduction in super pollutants like black carbon (50% reduction) and methane (40% reduction over 2013 levels by 2030), both are a byproduct of incomplete combustion of fossil fuels. Canada may soon impose a price on carbon on any province which doesn't have a cap and trade system, the country targets to reduce carbon emission by 17% from 2005 levels by 2020 and 30% by 2030. EDF plans to go strong in India. EDF group plans to invest ~$2b to develop ~2 GW of renewable projects (wind + solar), and expects PPA bids will decline given the decline in solar component costs.

■ State of (Solar) Union: Massachusetts published its value of storage report which recommends 600 MW of energy storage capacity by 2025 which can benefit ratepayers by $800m in system benefits. Hawaii PUC has approved interim TOU rates which are optional for residential customers, have peak times of 5pm-10pm, mid-day period from 9am-5pm, and off-peak period from 10pm-9am. The interim program would

23 September 2016

Renewable Roundup 4

be in effect for two years, and gives customers the option to opt-out without penalties. This could prove an interesting testing ground and template before TOU rates are adopted in CA as well, with IOUs likely targeting late-evening peak periods (unfortunately, when the sun isn't shining…).

■ Weekly price and capacity update. This week Chinese poly prices declined 5.3% to $12.83/kg, while cell prices declined 2.6% to $0.19/w, and module prices declined 2.4% to $0.41/w (according to PV Insights). Module prices have declined a whopping 26% YTD.

23 September 2016

Renewable Roundup 5

Appendix: Sector Reference Tables

Figure 1: Global Solar Demand Forecast, GWSolar demand total, MW 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020EChina 530 2,900 4,200 11,300 10,590 15,130 17,000 18,000 19,800 21,780 21,780US 949 1,750 3,313 4,751 6,201 7,342 10,155 7,470 10,650 14,950 18,659Japan 960 1,200 1,864 6,026 9,424 8,000 6,000 5,500 5,775 6,064 6,367India 22 590 790 1,020 1,108 2,000 5,000 7,000 10,000 12,000 18,000Germany 7,400 7,500 7,634 3,304 2,030 1,480 1,500 1,500 1,500 1,500 1,500France 720 1,500 1,115 613 745 900 1,000 1,200 1,500 1,500 1,000UK 77 850 960 1,450 2,249 3,506 1,000 500 525 551 579Rest of Europe 8,474 7,754 4,829 2,570 2,359 2,434 3,000 3,500 4,000 4,250 4,500Saudi Arabia 25 25 25 24 25 100 130 169 220 286Chile 2 6.7 493 346 700 500 500 750 1,000Mexico 5 7 18 61 67 100 350 700 1,000 1,500 2,000Brazil 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 1,036 1,140 1,254 1,379 1,517Taiwan 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 5,832 7,690 8,844 10,170 11,696 13,450 14,795Global 21,107 26,900 29,291 36,417 45,138 52,656 59,500 62,840 74,386 86,515 99,228growth rate 166.7% 27.4% 8.9% 24.3% 23.9% 16.7% 13.0% 5.6% 18.4% 16.3% 14.7%

Source: Credit Suisse estimates

Figure 2: Weekly Solar Spot PricesLast Updated on 9/21/2016Spot ASP PricePoly - spot $/Kg 12.83 ▼ (5.3)% ▼ (17.0)% ▼ (22.9)% ▼ (2.7)%Wafer multi 156mm $/wafer 0.51 ▼ (4.7)% ▼ (20.3)% ▼ (35.4)% ▼ (40.7)%Cell (China) $/watt 0.19 ▼ (2.6)% ▼ (14.5)% ▼ (32.1)% ▼ (44.2)%Cell (Taiwan) $/watt 0.19 ▼ (2.6)% ▼ (14.4)% ▼ (32.1)% ▼ (44.1)%Module Price $/watt 0.41 ▼ (2.4)% ▼ (6.6)% ▼ (18.2)% ▼ (26.1)%Source: pvinsights.com

Last Updated on 9/21/2016Spot ASP PricePoly - spot $/Kg 14.00 ▼ (4.8)% ▼ (13.5)% ▼ (16.9)% ▲ 6.1%Wafer multi 156mm $/wafer 0.53 ▼ (4.5)% ▼ (20.3)% ▼ (33.3)% ▼ (39.8)%Cell (China) $/watt 0.19 ▼ (2.5)% ▼ (13.1)% ▼ (30.7)% ▼ (41.3)%Cell (Taiwan) $/watt 0.19 ▼ (2.5)% ▼ (13.4)% ▼ (30.5)% ▼ (42.8)%Multi module price $/watt 0.43 ▼ (2.3)% ▼ (7.2)% ▼ (13.6)% ▼ (20.9)%Source: pv.energytrend.com

YTD

YTD

QTD

QTD1-wk 1-mth

1-mth1-wk

Source: Company data, Credit Suisse estimates

23 September 2016

Renewable Roundup 6

Figure 3: QTD Sector Stock Performance

Solar-Up (-1.5%), 98

Solar-Down (-24.3%), 76

Wind (+27.7%), 128

BioCarbon (+60.7%), 161

Efficiency (+2.4%), 102

Alternative Transportation (-3.3%), 97

S&P 500 (+3.7%), 104

707580859095

100105110115120125130135140145150155160165170

Jun 3

0

Jul 7

Jul 1

4

Jul 2

1

Jul 2

8

Aug 4

Aug 1

1

Aug 1

8

Aug 2

5

Sep 1

Sep 8

Sep 1

5

Sep 2

2

Solar-Up (-1.5%) Solar-Down (-24.3%) Wind (+27.7%)BioCarbon (+60.7%) Efficiency (+2.4%) Alternative Transportation (-3.3%)

Source: Credit Suisse, Thomson Reuters DatastreamSolar 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 4: YTD Sector Stock Performance Figure 5: Five Year Sector Stock Performance

Solar-Up, 69

Solar-Down, 46

Wind, 88

BioCarbon, 214

Efficiency, 88

Alternative Transportation,

85

S&P 500, 107

405060708090

100110120130140150160170180190200210220230

Dec 3

1

Feb 2

9

Apr 3

0

Jun 3

0

Aug 3

1

Solar-Up, 44Solar-Down,

43

Wind, 314

Biofuels, 639

Efficiency, 50

Alternative Transportation

, 357

S&P 500, 188

050

100150200250300350400450500550600650700750

Sep-

11Fe

b-12

Jul-1

2De

c-12

May-1

3Oc

t-13

Mar-1

4Au

g-14

Jan-

15Ju

n-15

Nov-1

5Ap

r-16

Sep-

16

Source: Credit Suisse estimates, Thomson Reuters DatastreamNote: USD Market-cap weighted indices comprised of stocks from a subset of each sector.

Source: Credit Suisse estimates, Thomson Reuters DatastreamNote: USD Market-cap weighted indices comprised of stocks from a subset of each sector.

23 Septem

ber 2016

Renew

able Roundup

7

Figure 6: Valuation Comparison Table – Solar & Renewable Expsed YieldCosLo cal Pr i ce M kt . C ap Pr i ce C hang e D i v . Ear ni ng s Per Shar e PE M ul t i p l e EV / EB IT D A N et D eb t /Op er at i ng M ar g i n R at i ng

A LT ER N A T IV E EN ER GY 9 / 2 2 / 2 0 16 ( U SD m) 3 Y r Y T D 1mo Y i el d 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E2 0 18 E EB IT D A 2 0 16 E 2 0 17E2 0 18 E A nal ys t & T ar g et

So l ar ( PV & T her mal )

AM G Advanced M etallurgical Group NV (AM G NL)19.07 EUR 602.6 174% 111% 17% 1.3% 1.18 1.20 1.47 16.1x 15.9x 13.0x 7.3x 6.8x 6.0x 0.1x - - -

Aixtron SE (AIXA DE) 5.54 EUR 697.9 -57% - 1% 0.0% (0.20) (0.05) 0.06 - - 99.8x nm 130.5x 24.2x - 0% 0% 0%

Enphase Energy Inc (ENPH US) 1.67 USD 78.1 -81% -52% -12% - (1.09) (0.53) (0.08) - - - nm nm 7.5x - -1% -1% -

E-Ton Solar Tech Co Ltd (3452 TW) 9.96 TWD 249.4 -21% -20% -6% 0.0% - - - - - - - - - - - - -

First Solar Inc (FSLR US) 35.42 USD 3,625.6 -9% -46% -6% - 4.25 2.22 3.09 8.3x 16.0x 11.4x 3.7x 4.8x 3.5x -2.4x 12% 16% - Patrick Jobin N 50.00

GCL-Poly Energy Holdings Ltd (3800 HK) 1.10 HKD 2,636.6 -43% -5% -4% - 0.15 0.16 0.17 7.5x 6.9x 6.3x 6.4x 5.4x 5.1x 3.9x 20% 23% 23%

Gigasolar M aterials Corp (3691 TW) 377.00 TWD 738.7 85% -48% -5% 5.3% 36.25 33.92 34.53 10.4x 11.1x 10.9x 8.1x 7.8x 5.9x 0.4x - - -

Gintech Energy Corp (3514 TW) 21.30 TWD 307.7 -22% -34% 0% 0.0% 0.41 (0.39) (1.23) 51.6x - - 4.3x 4.5x 5.8x 0.0x - - -

Green Energy Technology Inc (3519 TW) 17.40 TWD 231.6 -25% -25% -6% 0.0% 0.92 - - 18.9x - - - - - - - - -

JA Solar Holdings Co Ltd (JASO US) 5.97 USD 284.0 -33% -38% -23% - 0.82 0.04 0.71 7.3x 165.8x 8.4x 3.3x 4.3x 2.8x 2.1x 0% 0% -

JinkoSolar Holding Co Ltd (JKS US) 15.17 USD 475.9 -13% -45% -24% - 4.45 3.43 4.18 3.4x 4.4x 3.6x 7.1x 6.7x 5.5x 5.1x - - - Patrick Jobin O 25.00

M anz AG (M 5Z DE) 36.00 EUR 311.8 -32% - 17% 0.0% (3.39) 0.37 1.75 - 96.2x 20.6x nm 12.2x 7.7x - - - -

M eyer Burger Technology AG (M BTN CH) 3.49 CHF 329.3 -63% -42% -21% 0.0% (0.54) (0.26) (0.08) - - - 31.6x 17.1x 11.1x 9.5x - - - Felix Remmers U 3.40

M otech Industries Inc (6244 TW) 31.25 TWD 490.5 -35% -31% 0% 0.0% (0.05) (0.45) - - - - 6.2x 7.9x - 0.7x - - -

Neo Solar Power Corp (3576 TW) 16.25 TWD 531.4 -36% -30% 0% 0.0% (0.73) (1.95) - - - - 12.6x - - 2.0x - - -

ReneSola Ltd (SOL US) 1.01 USD 102.9 -77% -41% -19% - (0.17) (0.48) (0.48) - - - 10.7x 19.2x 17.7x 9.3x - - -

REC Silicon ASA (REC NO) 1.20 NOK 368.1 -64% -33% -10% 0.0% (0.25) (0.07) 0.03 - - 38.2x nm 3.6x 3.5x - - - -

REC Solar ASA (RECSOL NO) 107.50 NOK 525.3 - 0% 0% - - - - - - - - - - - - - -

Shunfeng Internat ional Clean Energy Ltd (1165 HK)1.02 HKD 567.4 -67% -48% -5% - - - - - - - - - - - - - -

Solaredge Technologies Inc (SEDG US) 15.59 USD 637.6 - -45% -9% - 1.82 1.94 1.98 8.6x 8.1x 7.9x 5.8x 5.1x 4.5x -1.4x - - -

Sunrun Inc (RUN US) 5.75 USD 592.7 - -51% -4% - (0.12) (0.59) 0.20 - - 28.1x nm nm nm - - - - Patrick Jobin O 18.00

SunPower Corp (SPWR US) 8.25 USD 1,139.7 -66% -73% -19% - 0.35 0.62 1.07 23.8x 13.2x 7.7x 9.4x 7.8x 6.4x 5.3x - - - Patrick Jobin N 12.00

SolarCity Corp (SCTY US) 18.71 USD 1,876.0 -50% -63% -19% - (9.92) (8.83) (8.60) - - - nm nm nm - - - - Patrick Jobin R -

Trina Solar Ltd (TSL US) 10.43 USD 964.4 -10% -5% -1% - 1.03 0.24 0.88 10.2x 43.4x 11.9x 6.4x 7.6x 5.5x 4.0x - - - Patrick Jobin N 11.60

United Photovoltaics Group Ltd (686 HK) 0.75 HKD 468.0 -50% 0% 25% - - - - - - - - - - - - - -

Vivint Solar Inc (VSLR US) 2.96 USD 318.8 - -69% -9% - (2.04) (1.99) (1.73) - - - nm nm nm - - - - Patrick Jobin N 4.00

Wacker Chemie AG (WCH DE) 73.01 EUR 4,258.9 0% - -13% 2.7% 2.97 4.73 5.92 24.6x 15.4x 12.3x 5.1x 4.6x 4.3x 1.2x 6% 9% 9%

Wafer Works Corp (6182 TW) 8.72 TWD 115.7 -37% -32% -5% 0.0% - - - - - - - - - - - - -

Yingli Green Energy Holding Co Ltd (YGE US) 3.70 USD 67.3 -93% -18% -14% - (1.36) (6.90) - - - - 8.7x 14.9x 12.4x 7.5x - - - Patrick Jobin U 2.50

Sector M edian 507.9 -37% -40% -6% 0.0% 9.4x 15.3x 11.4x 6.8x 6.9x 5.8x 2.3x 3% 4% 9%

R enew ab l e Exp o sed Y i el d C o

8Point3 Energy Partners LP (CAFD US) 15.21 USD 1,080.2 - -6% -4% 6.3% 0.86 0.70 1.02 17.6x 21.8x 14.9x 27.8x 18.0x 13.0x 5.5x - - -

At lant ica Yield PLC (ABY US) 18.82 USD 1,886.1 - -2% -2% 6.2% 0.23 0.47 0.70 82.2x 40.4x 26.8x 11.9x 11.8x 11.3x 9.2x - - -

Huaneng Renewables Corp Ltd (958 HK) 3.09 HKD 3,876.2 15% 33% 8% 1.1% 0.30 0.36 0.43 10.2x 8.5x 7.1x 8.9x 7.7x 6.8x 5.8x 55% 57% 55% Dave Dai O 3.19

Nextera Energy Partners LP (NEP US) 29.24 USD 1,236.1 - -2% -4% 4.5% 1.05 1.60 1.79 27.7x 18.3x 16.4x 8.0x 6.1x 5.0x 5.3x - - -

NRG Yield Inc (NYLD US) 17.64 USD 3,172.9 - 20% 4% 5.7% 0.93 1.15 1.34 19.0x 15.4x 13.2x 10.4x 9.5x 8.7x 5.7x - - -

Pattern Energy Group Inc (PEGI US) 24.12 USD 2,078.4 - 15% 2% 6.6% (0.34) 0.25 0.39 - 97.0x 62.2x 15.0x 12.3x 10.4x 5.3x - - -

TerraForm Global Inc (GLBL US) 4.14 USD 737.1 - -26% 17% 26.6% 0.20 0.26 - 21.2x 16.1x - 6.0x 3.6x 6.0x 1.6x - - -

TerraForm Power Inc (TERP US) 14.59 USD 2,036.2 - 16% 30% 9.6% 0.27 0.53 - 54.2x 27.7x - 9.5x 9.2x - 5.7x - - -

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

23 Septem

ber 2016

Figure 7: Valuation Comparison Table – Wind & BiofuelsLo cal Pr i ce M kt . C ap Pr i ce C hang e D i v . Ear ni ng s Per Shar e PE M ul t i p l e EV / EB IT D A N et D eb t /Op er at i ng M ar g i n R at i ng

9 / 2 2 / 2 0 16 ( U SD m) 3 Y r Y T D 1mo Y i el d 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E2 0 18 E EB IT D A 2 0 16 E 2 0 17E2 0 18 E A nal ys t & T ar g et

W i nd

Acciona SA (ANA ES) 66.65 EUR 4,268.6 57% -16% 6% 3.8% 3.01 3.95 4.62 22.1x 16.9x 14.4x 8.3x 7.9x 7.4x 4.7x 6% 10% 10%

American Superconductor Corp (AM SC US) 6.94 USD 98.5 -71% 9% 1% - (2.24) (1.55) (0.80) - - - nm nm 177.7x - - - -

Broadwind Energy Inc (BWEN US) 4.41 USD 66.7 -42% 112% -7% - (0.06) 0.06 0.17 - 72.9x 25.6x 7.0x 5.2x 4.4x -0.9x - - -

China M ing Yang Wind Power Group Ltd (M Y US)2.44 USD 386.1 25% 5% 0% - - - - - - - - - - - - - -

China Datang Corp Renewable Power Co Ltd (1798 HK)0.80 HKD 750.4 -47% -18% 0% - 0.05 0.09 0.13 15.9x 8.4x 6.3x 9.3x 7.7x 6.6x 7.8x - 0% - Dave Dai O 1.06

China Longyuan Power Group Corp Ltd (916 HK) 7.15 HKD 7,409.5 -11% 22% 6% 1.2% 0.52 0.63 0.73 13.7x 11.4x 9.8x 8.9x 7.9x 7.1x 5.1x 40% 43% 54% Dave Dai O 6.72

EDP Renovaveis SA (EDPR PT) 7.25 EUR 7,074.7 87% 0% 4% 0.7% 0.17 0.21 0.24 43.6x 35.1x 30.8x 9.3x 8.7x 8.0x 3.1x 12% 15% 22%

Energiekontor AG (EKT DE) 14.27 EUR 234.3 - - -2% 5.6% 1.48 1.42 1.49 9.6x 10.0x 9.6x - - - - - - -

Fersa Energias Renovables SA (FRS ES) 0.46 EUR 71.3 11% 23% 3% - - - - - - - - - - - - - -

Greentech Energy Systems A/S (GES DK) 8.40 DKK 134.5 -36% 28% 11% 0.0% 0.41 0.46 0.53 20.5x 18.2x 15.9x 6.7x 6.8x 6.8x 3.5x - - -

Xinjiang Goldwind Science & Technology Co Ltd (002202 CN)15.91 CNY 6,151.7 152% -30% -5% 3.0% 1.22 1.38 1.52 13.1x 11.6x 10.5x 11.8x 10.2x 8.9x 3.2x 12% 13% 15%

Hexcel Corp (HXL US) 43.68 USD 4,040.1 13% -6% -3% 1.0% 2.54 2.82 3.16 17.2x 15.5x 13.8x 10.3x 9.3x 8.5x 1.5x 18% 19% 20% Robert Spingarn N 43.00

Inf igen Energy Ltd (IFN AU) 0.84 AUD 496.9 188% 90% -18% 0.0% 0 0 0 46.4x 28.3x 22.9x 12.0x 11.4x 9.4x 6.6x - - -

Japan Wind Development Co Ltd (2766 JP) 577.00 JPY 80.7 -5% 0% 0% - - - - - - - - - - - - - -

NextEra Energy Inc (NEE US) 128.03 USD 59,146.4 59% 23% 2% 2.7% 6.20 6.55 6.98 20.7x 19.6x 18.3x 11.4x 10.6x 9.8x 3.9x - - -

Nordex SE (NDX1 DE) 26.00 EUR 2,820.4 159% - 8% 0.0% 1.24 1.56 1.79 21.0x 16.7x 14.5x 9.2x 7.3x 6.8x 0.5x 6% - -

Pne Wind AG (PNE3 DE) 2.15 EUR 184.3 -29% - -1% 1.9% 0.93 0.18 0.26 2.3x 11.9x 8.3x 3.6x 11.0x 9.6x 2.0x - - -

Suzlon Energy Ltd (SUZLON IN) 15.90 INR 1,197.1 147% -24% -3% - 0.14 1.12 1.55 112.2x 14.3x 10.3x 12.2x 9.5x 8.5x 6.2x - 14% -

Futuren SA (TEONR FR) 0.58 EUR 197.0 -17% 0% 0% 0.0% - - - - - - - - - - - - -

Vestas Wind Systems A/S (VWS DK) 558.00 DKK 18,557.1 340% 15% -1% 1.2% 29.72 30.07 31.54 18.8x 18.6x 17.7x 9.0x 9.4x 9.2x -1.3x 11% 11% 11% M ark Freshney U 49.73

Sector M edian 750.4 19% 7% 0% 1.1% 20.5x 16.8x 14.5x 9.3x 9.1x 8.5x 3.2x 12% 14% 17%

Lo cal Pr i ce M kt . C ap Pr i ce C hang e D i v . Ear ni ng s Per Shar e PE M ul t i p l e EV / EB IT D A N et D eb t /Op er at i ng M ar g i n R at i ng

9 / 2 2 / 2 0 16 ( U SD m) 3 Y r Y T D 1mo Y i el d 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E2 0 18 E EB IT D A 2 0 16 E 2 0 17E2 0 18 E A nal ys t & T ar g et

B i o f uel s

Abengoa SA (ABG ES) 0.60 EUR 290.4 -75% 47% 0% 0.0% 0.03 0.14 (0.00) 17.7x 4.4x - - - - - - - -

AGCO Corp (AGCO US) 48.46 USD 3,930.8 -19% 7% -2% 1.1% 2.31 2.51 3.03 21.0x 19.3x 16.0x 9.2x 8.8x 8.0x 2.0x 7% 7% 8% Jamie Cook N 53.00

Amyris Inc (AM RS US) 0.52 USD 122.7 -80% -68% 19% - (0.20) (0.12) (0.16) - - - nm nm nm - - - -

BioAmber Inc (BIOA US) 3.78 USD 109.0 -21% -39% 10% - (0.73) (0.48) (0.33) - - - nm nm 30.9x - -141% - - Patrick Jobin O 10.00

Ceres Inc () 0.40 USD 11.0 -96% 22% 0% - - - - - - - - - - - - - -

CropEnergies AG (CE2 DE) 5.22 EUR 509.5 -16% - 4% 2.9% 0.46 0.48 0.60 11.4x 10.8x 8.7x 5.0x 4.9x 4.2x 0.7x - - -

Gevo Inc (GEVO US) 0.48 USD 43.1 -98% -22% -9% - (0.72) (0.12) (0.03) - - - nm nm 6.6x - - - -

Green Plains Inc (GPRE US) 25.20 USD 963.8 61% 10% 8% 1.9% 0.06 1.43 2.25 430.3x 17.6x 11.2x 10.2x 6.4x 5.4x 2.4x 0% 4% - Edward West lake O 25.00

Novozymes A/S (NZYM B DK) 294.00 DKK 11,309.3 39% -11% 2% 1.2% 10.14 10.79 11.75 29.0x 27.2x 25.0x 15.3x 14.5x 13.6x 0.2x 28% - - Mathew Hampshire-Waugh U 267.00

REX American Resources Corp (REX US) 84.53 USD 556.4 170% 56% 16% - 4.10 4.31 - 20.6x 19.6x - 7.1x 6.9x - -2.0x - - -

Sampoerna Agro Tbk PT (SGRO ID) 1930.00 IDR 277.7 5% 14% -4% 1.3% 152.25 199.20 243.62 12.7x 9.7x 7.9x 7.7x 6.3x 5.4x 3.0x - - -

Sao M art inho SA (SM TO3 BR) 55.58 BRL 1,956.2 105% 23% 13% 0.9% 3.83 4.96 5.70 14.5x 11.2x 9.8x 6.2x 5.3x 5.1x 1.6x - - - Viccenzo Paternostro O 60.00

Sime Darby Bhd (SIM E M Y) 7.89 MYR 12,072.7 -17% 2% -3% 3.2% 0.36 0.36 0.38 21.6x 21.6x 20.6x 13.1x 12.6x 12.2x 2.7x 7% - - Tingmin Tan R -

TerraVia Holdings Inc (TVIA US) 2.71 USD 230.9 -75% 9% 3% - (1.15) (1.00) - - - - nm nm 4.9x - - - -

UPM -Kymmene Oyj (UPM 1V FI) 18.85 EUR 11,253.2 79% 9% 2% 4.0% 1.49 1.44 1.46 12.7x 13.1x 12.9x 7.9x 8.1x 8.1x 1.5x 10% 9% 10% Lars Kjellberg N 19.30

Verbio Vereinigte Bioenergie AG (VBK DE) 5.88 EUR 414.3 561% - 19% 2.6% 0.64 - - 9.2x - - 4.9x - - 0.0x - - -

Sector M edian 461.9 -16% 9% 3% 1.6% 17.7x 15.3x 12.1x 7.8x 6.9x 6.6x 1.5x 7% 7% 9%

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

23 Septem

ber 2016

Renew

able Roundup

9

Figure 8: Valuation Comparison Table - OtherLo cal Pr i ce M kt . C ap Pr i ce C hang e D i v . Ear ni ng s Per Shar e PE M ul t i p l e EV / EB IT D A N et D eb t /Op er at i ng M ar g i n R at i ng

9 / 2 2 / 2 0 16 ( U SD m) 3 Y r Y T D 1mo Y i el d 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E 2 0 18 E 2 0 16 E 2 0 17E2 0 18 E EB IT D A 2 0 16 E 2 0 17E2 0 18 E A nal ys t & T ar g et

Hyd r o g en, F uel C el l s and N at ur al Gas V ehi c l es

Ballard Power Systems Inc (BLDP US) 2.02 USD 315.0 34% 29% 0% - (0.15) (0.08) (0.03) - - - nm nm 695.9x - - - -

Ceres Power Holdings PLC (CWR GB) 0.10 GBP 102.6 8% 48% 14% 0.0% (0.01) - - - - - nm - - - - - -

Clean Energy Fuels Corp (CLNE US) 4.42 USD 579.9 -66% 23% 3% - (0.17) (0.39) (0.25) - - - 16.8x 24.4x 13.0x 5.6x - - -

Fuel Systems Solut ions Inc (FSYS US) 5.40 USD 97.7 -73% 10% 0% - - - - - - - - - - - - - -

ITM Power PLC (ITM GB) 0.21 GBP 58.3 -48% -9% -8% 0.0% (0.02) (0.01) - - - - nm nm - - - - -

Landi Renzo SpA (LR IT) 0.45 EUR 56.8 -58% -39% -2% - (0.05) (0.04) - - - - 11.2x 8.6x - 5.0x - - -

Plug Power Inc (PLUG US) 1.65 USD 297.5 189% -22% -2% - (0.24) (0.18) 0.00 - - - nm nm 115.2x - - - -

Sector M edian 131.0 -53% 1% -1% 0.0% 14.0x 16.5x 115.2x 5.3x # # # # # # # # #

Ef f i c i ency , D emand R esp o nse, and Smar t Gr i d

Ameresco Inc (AM RC US) 5.30 USD 246.7 -47% -15% 11% - 0.25 0.33 - 21.2x 16.1x - 6.8x 6.2x - 2.0x - - -

Badger M eter Inc (BM I US) 34.24 USD 996.3 48% 17% 0% 1.3% 1.19 1.33 1.45 28.8x 25.7x 23.6x 15.1x 13.5x 12.3x 0.7x - - -

Cree Inc (CREE US) 25.04 USD 2,525.3 -58% -6% 4% - 0.71 0.65 0.78 35.2x 38.5x 32.1x 9.3x 8.9x 8.3x -2.1x - - -

EnerNOC Inc (ENOC US) 5.64 USD 176.2 -62% 46% 0% - (2.70) (3.16) (1.12) - - - nm nm 16.2x - - - - Patrick Jobin N 8.00

ESCO Technologies Inc (ESE US) 47.05 USD 1,210.0 45% 30% 5% 0.7% 2.05 - - 22.9x - - 11.6x - - 0.4x - - -

It ron Inc (ITRI US) 55.86 USD 2,136.2 30% 54% 16% - 2.33 2.75 3.07 24.0x 20.3x 18.2x 11.9x 10.2x 9.2x 1.1x - - - Patrick Jobin N 50.00

Rubicon Technology Inc (RBCN US) 0.60 USD 16.1 -95% -47% -10% - (0.80) (0.40) - - - - - - - - - - -

Schneider Electric SE (SU FR) 63.13 EUR 41,782.4 -2% 20% 4% 3.2% 3.61 3.96 4.32 17.5x 15.9x 14.6x 11.0x 10.2x 9.7x 1.4x 13% 14% 14% Andre Kukhnin O 65.00

Silver Spring Networks Inc (SSNI US) 14.20 USD 732.6 -14% -1% 4% - 0.14 0.29 0.43 103.7x 48.9x 33.2x 35.9x 20.8x 15.7x -6.6x -4% -1% -1% Patrick Jobin N 15.00

Veeco Instruments Inc (VECO US) 19.42 USD 789.2 -45% -6% -5% - (0.52) 0.49 1.03 - 39.7x 18.8x nm 17.0x 8.5x - - - -

Sector M edian 789.2 -38% 8% 1% 2.3% 23.5x 23.0x 18.8x 11.3x 10.2x 9.5x 0.9x 9% 9% 6%

Ener g y St o r ag e & El ec t r i c V ehi c l es

AeroVironment Inc (AVAV US) 25.09 USD 586.8 10% -15% -14% - 0.26 0.40 0.70 95.3x 63.1x 35.9x 25.4x 17.5x - -16.5x - - -

BYD Co Ltd (1211 HK) 54.00 HKD 21,894.4 62% 27% 6% 0.0% 2.13 2.52 2.90 25.3x 21.5x 18.6x 13.4x 11.9x 11.1x 2.8x 4% 4% 3% Bin Wang O 68.79

Electrovaya Inc (EFL CA) 3.55 CAD 232.6 393% 400% 12% - 0.02 - - 153.1x - - nm - - - - - -

EnerSys (ENS US) 69.44 USD 3,012.7 15% 24% -2% 1.0% 4.30 4.63 4.74 16.1x 15.0x 14.7x 9.5x 9.0x 8.6x 0.6x - - -

GS Yuasa Corp (6674 JP) 425.00 JPY 1,752.6 -28% -6% 4% 2.4% 27.99 33.80 39.40 15.2x 12.6x 10.8x 6.3x 5.7x 5.2x 1.1x 6% 7% 7% Koji Takahashi N 450.00

M axwell Technologies Inc (M XWL US) 5.13 USD 164.6 -44% -28% 0% - (1) (1) (0) - - - nm nm - - - - -

NGK Insulators Ltd (5333 JP) 2169.00 JPY 7,084.2 42% -21% -4% 1.8% 152.78 160.15 178.53 14.2x 13.5x 12.1x 7.6x 7.2x 6.6x 0.1x 17% 17% 17%

Nippon Denko Co Ltd (5563 JP) 167.00 JPY 244.3 -46% -24% 1% 3.0% - - - - - - - - - - - - -

SM A Solar Technology AG (S92 DE) 28.54 EUR 1,107.7 16% - -8% 0.5% 1.89 2.11 2.27 15.1x 13.5x 12.6x 4.3x 4.2x 4.0x -1.5x - - -

Tesla M otors Inc (TSLA US) 206.43 USD 30,694.6 13% -14% -7% - (0.95) 1.71 5.62 - 120.5x 36.7x 49.2x 23.8x 13.6x 0.1x -1% 0% 0%

UQM Technologies Inc (UQM US) 0.62 USD 30.0 -63% -7% 5% - (0.14) (0.11) (0.03) - - - nm nm nm - - - -

Sector M edian 1,430.2 11% -14% -1% 1.8% 15.7x 14.3x 13.6x 8.6x 8.1x 6.6x 0.1x 6% 5% 5%

Geo t her mal , T i d al , W at er & Hyd r o

Brookf ield Renewable Partners LP (BEP.UN CA)40.93 CAD 4,496.2 49% 13% 2% 5.7% 0.84 1.10 1.41 48.9x 37.3x 29.0x 14.0x 12.7x 12.2x 6.1x - - - Andrew M . Kuske N 33.53

Contact Energy Ltd (CEN NZ) 4.91 NZD 2,582.6 2% 4% -5% 5.3% 0.23 0.25 0.27 21.8x 19.9x 18.3x 9.9x 9.7x 9.4x 3.1x 20% 24% 23% Nevill Gluyas O 6.35

Energy Recovery Inc (ERII US) 15.92 USD 828.7 108% 125% 27% - 0.67 0.36 0.42 23.9x 44.0x 37.6x 15.3x 24.1x 20.3x -2.0x - - - Patrick Jobin O 15.00

Ormat Technologies Inc (ORA US) 50.03 USD 2,480.0 84% 37% 4% 1.0% 1.94 1.92 2.27 25.8x 26.1x 22.1x 10.3x 10.0x 9.1x 2.2x 29% 30% -

US Geothermal Inc (GTH CA) 0.87 CAD 81.6 93% 0% 0% - 0.08 0.08 - 11.0x 11.0x - - - - 5.5x - - -

Sector M edian 2,480.0 84% 13% 2% 5.3% 23.9x 26.1x 25.6x 12.2x 11.4x 10.8x 3.1x 24% 27%

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

23 September 2016

Renewable Roundup 10

Companies Mentioned (Price as of 22-Sep-2016)8Point3 Energy Partners (CAFD.OQ, $15.21)AES Corporation (AES.N, $13.19)AGCO Corp (AGCO.N, $48.46)Abengoa (ABG.MC, €0.603)Acciona SA (ANA.MC, €66.65)AeroVironment (AVAV.OQ, $25.09)Amer Superconduc (AMSC.OQ, $6.94)Ameresco (AMRC.N, $5.3)Amyris (AMRS.OQ, $0.522)Atlantica Yield (ABY.OQ, $18.82)BYD Co Ltd (1211.HK, HK$54.0)Badger Meter (BMI.N, $34.24)Ballard Power (BLDP.OQ, $2.02)BioAmber Inc. (BIOA.N, $3.78)BlackRock (BLK.N, $373.87)Broadwind Energy (BWEN.O, $4.41)China Datang Renewables Power (1798.HK, HK$0.8)Clean Enrgy Fuel (CLNE.OQ, $4.42)Cree (CREE.OQ, $25.04)CropEnergies (CE2G.DE, €5.221)E-Ton Solar (3452.TWO, NT$9.96)EDP Renováveis (EDPR.LS, €7.251)Electricite de France (EDF.PA, €10.85)Electrovaya (EFL.TO, C$3.55)EnerNOC (ENOC.OQ, $5.64)EnerSys (ENS.N, $69.44)Energy Recovery Inc. (ERII.OQ, $15.92)Enphase Energy (ENPH.OQ, $1.67)Esco Tech (ESE.N, $47.05)First Solar (FSLR.OQ, $35.42)Fuel Systems (FSYS.OQ, $5.4)GCL-Poly Energy Holdings Limited (3800.HK, HK$1.1)GS Yuasa Corp (6674.T, ¥425)Gamesa (GAM.MC, €21.77)Gevo (GEVO.OQ, $0.481)Gigasolar (3691.TWO, NT$377.0)Gintech Energy Corporation (3514.TW, NT$21.3)Green Ene Tech (3519.TW, NT$17.4)Green Plains (GPRE.OQ, $25.2)Hexcel Corporation (HXL.N, $43.68)ITM Power (ITM.L, 20.625p)Infigen Energy (IFN.AX, A$0.835)Itron (ITRI.OQ, $55.86)JA Solar Holdings (JASO.OQ, $5.97)Japan Wind Dev (2766.T, ¥577)Jinko Solar (JKS.N, $15.17)Manz (M5ZG.F, €35.644)Maxwell Tech (MXWL.OQ, $5.13)Meyer Burger (MBTN.S, SFr3.49)Motech Industries (6244.TWO, NT$31.25)NGK Insulators (5333.T, ¥2,169)NRG Yield (NYLDa.N, $16.96)NSP (3576.TW, NT$16.25)NextEra Energy Inc. (NEE.N, $128.03)NextEra Energy Partners (NEP.N, $29.24)Nippon Denko (5563.T, ¥167)Novozymes (NZYMb.CO, Dkr294.0)Ormat Tech (ORA.N, $50.03)Pattern Energy (PEGI.OQ, $24.12)Plug Power (PLUG.OQ, $1.65)REC Solar (RECSOL.OL, Nkr107.5)ReneSola Ltd (SOL.N, $1.01)Renewable Energy (REC.OL, Nkr1.195)Rex American (REX.N, $84.53)Rubicon Tech (RBCN.OQ, $0.6)SFCE (1165.HK, HK$1.02)SMA Solar (S92G.DE, €28.54)Sao Martinho (SMTO3.SA, R$55.58)Segro Plc (SGRO.L, 455.4p)Silver Spring Networks (SSNI.N, $14.2)Sime Darby (SIME.KL, RM7.89)SolarCity (SCTY.OQ, $18.71)Solaredge Tech (SEDG.OQ, $15.59)SunEdison Inc. (SUNE.N, $0.3398)SunPower Corp. (SPWR.OQ, $8.25)Sunrun (RUN.OQ, $5.75)Suzlon Energy (SUZL.NS, Rs15.9)TerraVia Holdings (TVIA.OQ, $2.71)Terraform Global (GLBL.OQ, $4.14)Terraform Power (TERP.OQ, $14.59)Tesla Motors Inc. (TSLA.OQ, $206.43)Total (TOTF.PA, €43.06)Trina Solar Ltd (TSL.N, $10.43)Twitter (TWTR.N, $18.63)UPM-Kymmene (UPM1V.HE, €18.85)UQM Tech (UQM.A, $0.62)

23 September 2016

Renewable Roundup 11

UQM Tech (UQM.A, $0.62)US Geothermal (GTH.TO, C$0.87)Veeco Instrument (VECO.OQ, $19.42)Vestas (VWS.CO, Dkr558.0)Vivint Solar, Inc. (VSLR.N, $2.96)Wacker Chemie (WCHG.DE, €73.01)Wafer Works Corp (6182.TWO, NT$8.72)Westport (WPT.TO, C$1.91)Xinjiang Goldwind Science & Technology Co., Ltd. (002202.SZ, Rmb15.91)Yingli Green Energy Holding (YGE.N, $3.7)

Disclosure AppendixImportant Global Disclosures I, Patrick Jobin, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and securities and (2) no part of my 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* 53% (50% banking clients)Neutral/Hold* 29% (24% banking clients)Underperform/Sell* 18% (44% banking clients)Restricted 0%*For purposes of the NYSE and NASD 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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23 September 2016

Renewable Roundup 12

Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties.See the Companies Mentioned section for full company names The subject company (002202.SZ, SCTY.OQ, FSLR.OQ, ERII.OQ, UPM1V.HE, SSNI.N, TSLA.OQ, VSLR.N, NYLDa.N, SMTO3.SA, ENOC.OQ, GPRE.OQ, RUN.OQ, SIME.KL, 1798.HK, 5333.T, 6674.T, ABY.OQ, GLBL.OQ, HXL.N, JASO.OQ, JKS.N, NEE.N, NEP.N, SOL.N, SPWR.OQ, TERP.OQ, TSL.N, WCHG.DE, YGE.N, TOTF.PA, EDF.PA) currently is, or was during the 12-month period preceding the date of distribution of this report, a client of Credit Suisse.Credit Suisse provided investment banking services to the subject company (SCTY.OQ, TSLA.OQ, VSLR.N, NYLDa.N, GPRE.OQ, RUN.OQ, JKS.N, NEE.N, NEP.N, SPWR.OQ, TERP.OQ, WCHG.DE, YGE.N, TOTF.PA, EDF.PA) within the past 12 months.Credit Suisse provided non-investment banking services to the subject company (RUN.OQ) within the past 12 monthsCredit Suisse has managed or co-managed a public offering of securities for the subject company (SCTY.OQ, VSLR.N, NYLDa.N, NEE.N, SPWR.OQ, TOTF.PA, EDF.PA) within the past 12 months.Credit Suisse has received investment banking related compensation from the subject company (SCTY.OQ, TSLA.OQ, VSLR.N, NYLDa.N, GPRE.OQ, RUN.OQ, JKS.N, NEE.N, NEP.N, SPWR.OQ, TERP.OQ, WCHG.DE, YGE.N, TOTF.PA, EDF.PA) within the past 12 monthsCredit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (ITRI.OQ, 002202.SZ, SCTY.OQ, FSLR.OQ, ERII.OQ, UPM1V.HE, SSNI.N, TSLA.OQ, VSLR.N, CAFD.OQ, PEGI.OQ, NYLDa.N, SMTO3.SA, ENOC.OQ, GPRE.OQ, RUN.OQ, SIME.KL, 1211.HK, 1798.HK, ABY.OQ, BIOA.N, GLBL.OQ, HXL.N, JASO.OQ, JKS.N, NEE.N, NEP.N, SOL.N, SPWR.OQ, TERP.OQ, TSL.N, WCHG.DE, YGE.N, TOTF.PA, EDF.PA) within the next 3 months.Credit Suisse has received compensation for products and services other than investment banking services from the subject company (RUN.OQ) within the past 12 monthsAs of the date of this report, Credit Suisse makes a market in the following subject companies (SCTY.OQ, AGCO.N, FSLR.OQ, TSLA.OQ, HXL.N, NEE.N, SPWR.OQ).Credit Suisse may have interest in (SIME.KL)Please visit https://credit-suisse.com/in/researchdisclosure for additional disclosures mandated vide Securities And Exchange Board of India (Research Analysts) Regulations, 2014Credit Suisse may have interest in (SUZL.NS)As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (RUN.OQ, 1211.HK, TERP.OQ).As of the end of the preceding month, Credit Suisse beneficially own between 1-3% of a class of common equity securities of (MBTN.S).Credit Suisse beneficially holds >0.5% long position of the total issued share capital of the subject company (RUN.OQ).Credit Suisse has a material conflict of interest with the subject company (SCTY.OQ) . Credit Suisse is acting as financial advisor to SolarCity Corporation (SQTY.OQ) on their sale to Tesla Motors Inc (TSLA.OQ).Credit Suisse has a material conflict of interest with the subject company (TSLA.OQ) . Credit Suisse is acting as financial advisor to SolarCity Corporation (SQTY.OQ) on their sale to Tesla Motors Inc (TSLA.OQ).Credit Suisse has a material conflict of interest with the subject company (NEE.N) . Credit Suisse Securities (USA) LLC is serving as lead financial advisors to NextEra Energy.Credit Suisse has a material conflict of interest with the subject company (EDF.PA) . CS is strategic advisor to EDF in relation to its announced agreement with the Government of the United Kingdom for an investment contract for thet planned Hinkley Point nuclear power station.For other important disclosures concerning companies featured in this report, including price charts, please visit the website at https://rave.credit-suisse.com/disclosures or call +1 (877) 291-2683. For date and time of production, dissemination and history of recommendation for the subject company(ies) featured in this report, disseminated within the past 12 months, please refer to the link: https://rave.credit-suisse.com/disclosures/view/report?i=246675&v=-hqpy6b9x4n3qi90ukhkivthf . Important Regional Disclosures Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report.The analyst(s) involved in the preparation of this report may participate in events hosted by the subject company, including site visits. Credit Suisse does not accept or permit analysts to accept payment or reimbursement for travel expenses associated with these events.Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS--Subordinate Voting Shares.Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report.For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit https://www.credit-suisse.com/sites/disclaimers-ib/en/canada-research-policy.html.The following disclosed European company/ies have estimates that comply with IFRS: (UPM1V.HE, EDF.PA).Credit Suisse has acted as lead manager or syndicate member in a public offering of securities for the subject company (SCTY.OQ, MBTN.S, VSLR.N, NYLDa.N, GPRE.OQ, RUN.OQ, BIOA.N, GLBL.OQ, JKS.N, NEE.N, NEP.N, SPWR.OQ, TERP.OQ, TSL.N, WCHG.DE, TOTF.PA, EDF.PA) within the past 3 years.Principal is not guaranteed in the case of equities because equity prices are variable.Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that.This research report is authored by:Credit Suisse Securities (USA) LLC ...........................................................................................Patrick Jobin ; Andrew Hughes ; Maheep Mandloi

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Renewable Roundup 13

For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at https://rave.credit-suisse.com/disclosures or call +1 (877) 291-2683.

23 September 2016

Renewable Roundup 14

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