longi solar and hi-mo1...solar page 8 longi solar confidential system cost savings with mono/perc...
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Solar
www.longi-solar.comLongi Solar Confidential
LONGi Solar and Hi-MO1
January 2018
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Page 2 LONGi Solar Confidential
SolarLONGi Solar Milestone
Feb. 2000
LONGi founded
Ningxia 1000 ton ingot fabcompleted
IPO on Shanghai Stock Exchange
Nov. 2009
Xi’an LONGi 350MW wafer fab established
Oct. 2013
Delivered 1GW mono wafer;Became the largest mono
wafer supplier globally
2017
Sept. 2007 Apr. 2012Nov. 2014
Ingot
Wafer
Cell
Module
15GW
15GW
5.5GW
6.5GW
LERRI acquired; expanding into solar cell and
module business
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Page 3 LONGi Solar Confidential
SolarMono vs. Multi
MULTI
• Wafer- DSS (Direct Solidification System) growth, lower quality
multi crystalline structure, higher dislocation density (103-109/cm2), and plenty grain boundary
- Higher impurity, low MCLT- Lower Oi concentration (<8ppma)
• Cell- Lower cell efficiency (<18.5%), improvement potential
limited
• Wafer- Cz (Czochralski) growth, high quality mono crystal,
dislocation density low (<103/cm2), and no grain boundary
- Lower impurity, high MCLT- Relatively higher Oi concentration
• Cell- Higher cell efficiency (>19.6%), larger improvement
potential
MONO
晶界
晶粒
Mono wafer is better quality material
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Page 4 LONGi Solar Confidential
SolarCell Efficiency Roadmap
Mono wafers show higher cell efficiency than multi wafers
Mono
Multi
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Page 5 LONGi Solar Confidential
SolarBenefit #1: Higher Power Density
Multi Mono Mono-PERC
Cell Efficiency 18.8% 20.0% 21.2%
Pmax (cell) 4.6W 4.9W 5.2W
Pmax (72C) 320W 340W 360W
Example #1: Utility# of module (100MWDC)
312,500294,100
(-6%)277,800(-11%)
Pmax (60C) 270W 285W 300W
Example #2: Rooftop(20 panels)
5.4kw 5.7kw 6.0kw
Higher power density with mono module means fewer modules required for each
project or more power/kwh can be achieved with limited space
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SolarHigh Power – BOS Savings
Use of high efficiency mono/PERC
module, BOS cost savings can
be realized with reduced use of
• Land
• Racking
• Cables
• Earth/concrete work
• Labor
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Page 7 LONGi Solar Confidential
SolarSystem Cost Savings with Mono/PERC Modules
Using high efficiency Mono/PERC modules, significantly cost savings can be realized at
system level; savings on commercial and residential projects are higher than utility projects
Utility Commercial Residential
Multi Mono PERC Multi Mono PERC Multi Mono PERC
Module Power (W) 320 340 360 320 340 360 270 285 300
BOS cost ($/W) for US solar project 0.65 0.63 0.61 1.30 1.27 1.24 2.03 2.00 1.97
Hardware cost ($/W) 0.24 0.23 0.22 0.40 0.38 0.36 0.51 0.48 0.46
Labor ($/W) 0.15 0.14 0.13 0.20 0.19 0.18 0.32 0.30 0.29
Other soft cost ($/W) 0.26 0.26 0.26 0.70 0.70 0.70 1.20 1.20 1.20
Savings on system cost ($/W) 0.02 0.04 0.03 0.06 0.05 0.08
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SolarSystem Cost Savings with Mono/PERC Modules
Residential
Multi Mono PERC
Module Power (W) 270 285 300
Number of module 20 20 20
System power (W) 5400 5700 6000
BOS cost ($/W) 2.03 1.92 1.83
Hardware cost ($/W) 0.51 0.48 0.46
Labor ($/W) 0.32 0.30 0.29
Other soft cost ($/W) 1.20 1.14 1.08
Savings on BOS cost ($/W) 0.11 0.20
Savings on BOS cost ($/system) $609 $1218
Most of soft costs are fixed on a per project basis; Large BOS savings (on $/W basis) can be realized using high efficiency mono/PERC modules
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Page 9 LONGi Solar Confidential
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Hi-MO1 ranked No. 1 in TUV Rheinland energy yield simulation for all modules
• TUV Rheinland established module PAN file with performance measurement under different irradiance, temperature and incident angle using randomly selected module samples from production shipment
• Simulated energy yield in five different cities globally• Not intended as performance guarantee
Benefit #2: Better Energy Yield with PERC Modules
Simulated power generation (kWh/kWp/year)
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Page 10 LONGi Solar Confidential
SolarBetter Energy Yield with PERC Modules
Contributions:1. Better performance at low irradiance2. Lower operation temp3. Better TempCo with PERC
Hi-MO1 (PERC) module power generation is >3% higher than Multi module
System setup: 8pcs 290W Hi-MO1 module and 260W Multi modules (Tier1 supplier), 3kw inverter
Data source: China Electric Institute
0
1
2
3
4
5
6
0
1
2
3
4
5
6
10 11 12 1 2 3 4 5 6 7 8 AVG
Energy Yield Comparison (Oct ’16 – Aug ‘17)_Sanya
PERC Multi Energy yield increase
Dai
ly e
ner
gy y
ield
(kw
h/k
w)
Ene
rgy yield d
elta (%)
AVG increase+3.93%
South China, hot and humid
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Page 11 LONGi Solar Confidential
SolarBenefit #2: Better Energy Yield with PERC Modules
0.45%
2.09%2.46%
3.62%
5.02%
4.59%
6.94%
0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%
0
5
10
15
20
25
30
35
Po
we
r o
utp
ut(
kW
h/k
W)
Irradiance(W/m2)
PERC Multi Increased ratio
27.13
27.71
23.80
20.00
22.00
24.00
26.00
28.00
30.00
1 2 3 4 5 6 7 8 910
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
aver…
TE
MP(
oC)
Mono PERC Conventional multi Environment temperature
Comparison of module temperature in SanyaModule power output of different irradiance in Sanya
>1000
3%
800-100033%
600-80023%
500-60010%
400-5008%
200-40014%
0-2009%
Percentage with different irradiance in Sanya
17:50:0017:55:0018:00:0018:05:0018:10:0018:15:0018:20:0018:25:0018:30:0018:35:0018:40:0018:45:00
Inv
ert
clo
se
d t
ime
Mono PERC Multi
Invert starting time
15
20
25
30
35
40
45
50
55
07:00
07:30
08:00
08:30
09:00
09:30
10:00
10:30
11:00
11:30
12:00
12:30
13:00
13:30
14:00
14:30
15:00
15:30
16:00
16:30
17:00
17:30
18:00
18:30
19:00
Mod
ule
surf
ace
tem
p(o C)
Module Temperature Monitoring
Mono PERC
Multi
Ambient Temp
Average ~3C
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SolarBenefit #3: Slower Power Degradation
More electricity is generated in the long term with mono modules (w/ same Pmax)
NREL analysis shows mono modules
demonstrated lower long-term degradation
rate than multi modules
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Benefits of using high efficiency mono PERC modules– Higher efficiency/power density resulted in BOS cost savings (lower system cost)
– PERC modules demonstrated higher energy yield
– Mono/PERC modules showed slower long term degradation rate
With above benefit, lower LCOE can be realized using mono PERC modules
Value Proposition of Using High Efficiency PERC Modules
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Page 14 LONGi Solar Confidential
SolarLONGi Green Energy Technology Company
Mono WaferMono Ingot
Mono Cell
Mono Module Mono Power Plants
Since established in 2007, LERRI devotes itself to R&D
and manufacturing of high efficiency mono solar cells and
modules. LERRI Solar was renamed LONGi Solar in 2017
Founded in 2000, Xi'an LONGi Silicon Materials Corp. is the largest
mono crystal manufacturer in the world. It provides high-quality
products and services for photovoltaic and semiconductor industry;
It was renamed LONGi Green Energy Technology Co. Ltd. in 2017
Silicon
Solar
Energy
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Page 15 LONGi Solar Confidential
SolarGlobal Presence
MALAYSIACell Capacity 600MW / YR
Module Capacity 600MW / YR
LONGi SOLAR USACalifornia
LONGi SOLAR JAPAN〒101-8001東京都 千代田区丸の内1丁目8番 1号11階
SHANGHAI OFFICE
HEFEICell Factory (500MW/YR)
QUZHOU Module Factory (2GW/YR)
INDIA (Under Construction)
Cell Capacity 500MW / YR
Module Capacity 500MW / YR
Tariff Free Solution
LONGi SOLAR EuropeFrankfurt
YINCHUANModule Factory (500MW/YR)
Xi’an HEADQUARTERSOPERATION CENTER
Module Factory (500MW)
TAIZHOUR&D Center (CELL & Module)Cell Factory (2GW/YR)
Module Factory (2GW/YR)
LONGi Solar
Tariff Free Solution
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Page 16 LONGi Solar Confidential
SolarFinancial Strength
566 915
1,671
2014 2015 2016
50%
44.6%
47.4%
2014 2015 2016
992
1,570
2,779
2014 2015 2016
Total assets (Million USD)
Revenue (Million USD)
+77% +180%
+83% 47%
2016Debt Ratio
4680
224
96
186
459
2014 2015 2016
Net Profit (Million USD)
Gross Profit (Million USD)
Market Cap >US$11Bas of 12/31/2017
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Page 17 LONGi Solar Confidential
SolarFinancial Strength
Market– Solar faces a strong headwind of oversupply in
2017-18– Nevertheless, mono c-Si global market share to
continue to grow to 35% in 2017 and 50% in 2020
LONGi– Technology-driven cost reduction is the core
competitiveness, solar conversion efficiency improvement is the most effective way to cut costs
– Solid bottom-line growth– Growth potential from value chain extension to
module and solar project development
Morgan Stanley (April 18, 2017)
Prefer Cost and Technology Leaders Amid Dark Times for Solar
A B C D E F
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Page 18 LONGi Solar Confidential
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1st Quartile 2nd Quartile
3rd Quartile 4th Quartile
Major PV module manufacturers
Strong Financial Performance
Strong financial performance
recognized by industry:
– Financial health No.1
– Profitability and cost leadership top 3
– Overall score top 5
PHOTON Consulting, LLCPV Triathlon Report in Nov, 2017
Financial Health No. 1 among all PV Manufacturers
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Page 19 LONGi Solar Confidential
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LONGi Solar
on Bloomberg (BNEF) PV Module Maker Tier 1 List !
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Page 20 LONGi Solar Confidential
SolarCustomers
LONGi Solar shipment 1GW in 2015, 2.3GW in 2016 and 4.66GW in 2017
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Page 21 LONGi Solar Confidential
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R&D Investment
5-7% of LONGi ‘s total revenue is invested in R&D
Patents
Has developed 190 patents on ingot, wafer, cell and module
technology
5-7% 700190
Technical Team
More than 700 technical staff working on ingot, wafer, cell, and
module development
21
Technology Strength
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Equipment Materials University Customer
Strategic Partners
LONGi Solar has established strong strategic partnership with equipment and
material suppliers, leading research institute and university, as well as customers, to
advance development on ingot, wafer, cell and module technology
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Page 23 LONGi Solar Confidential
SolarLONGi Mono Capacity Expansion Plan
7.5
15
20
25
5 6.5 8 10
2016 2017 2018 2019
Wafer
Module
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Page 24 LONGi Solar Confidential
SolarGreen Manufacturing
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Page 25 LONGi Solar Confidential
Solar
Focus on MONO Products only
Product Offering
Hi-MO1
PERC
Hi-MO2
Bifacial
PERCMono
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Page 26 LONGi Solar Confidential
SolarTechnology Roadmap: Cell
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Page 27 LONGi Solar Confidential
SolarTechnology Roadmap: Module
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Page 28 LONGi Solar Confidential
SolarTechnology Roadmap: Module
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Page 29 LONGi Solar Confidential
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Hi-MO1: Mono PERC
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Page 30 LONGi Solar Confidential
SolarLONGi Solar’s Low LID PERC: Hi-MO1
21%+ average cell efficiency, 60C module power at 300W+ and 72C module at 360W+
Outstanding low-light performance, which produces more energy than normal AlBSF mono module at system level
Outstanding temperature coefficient
Excellent LID performance validated by TUV- LID <2% after 300kWh exposure, enabling
low 1st year degradation
Suitable for utility, as well as commercial and residential rooftop applicationsR
ela
tive P
ow
er
to Initia
l P
max
100%
99%
98%
97%
96%
95%
300kwh/m2180 24012060
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Page 31 LONGi Solar Confidential
SolarPERC Cell Efficiency Performance
PERC production cell efficiency average >21.2%;
Record 22.17% PERC cell efficiency demonstrated through next Gen development
74.7%
21.4%
3.8%
0.1%
21.3%
21.2%
21.1%
21.0%
Ce
ll e
ffic
ien
cy
PERC Cell Production Efficiency Distribution
PERC Cell efficiency record
22.17% 2017.4
22.43% 2017.8
22.71% 2017.10
23.26% 2017.10
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Page 32 LONGi Solar Confidential
SolarPERC Module Performance
60C module production Pmax >90% at 300W or above;
Record 325W (60C) module power demonstrated through next Gen development
6.9%
59.7%
30.6%
2.8%
295W
300W
305W
310W
60C PERC Module Power Distribution 316.6W Module power record – Dec. 2016
325.6W Module power record – Apr. 2017
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Page 33
Solar
Aluminum frame20%
Glass19%
Backsheet13%
EVA9%
Junction box9%
Other materials
9%
Workers and
enginners12%
Electricity1%
Miscellaneous8%
Cell to module:
12.1 ¢/W
Glass
EVA
Solar cells
EVA
Backsheet
FrameJunction box
100% DuPont™ Tedlar® Backsheet
Tedlar® PVF
Polyester
Tedlar® PVF
High Reliability: Material Selection
The only backsheet with 30 year
real life field performance
verification, adaptable to various
climate (desert, tropical, coast and
mountain), providing consistent
long term protection
Outer layer uses DuPont Tedlar
PVF film to provide best protection
against UV, heat, moisture,
mechanical stress and chemical
corrosion
Since 1978, backsheet based on DuPont Tedlar PVF film has been used in PV modules
PV module 25 year warranty
Nylon
Hydrolysis resistant PET
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LONGi Solar modules are among Top Performers (to
the left of each green line) for All extended reliability tests
High Reliability: 2017 DNV-GL Reliability Scorecard
TC600
DML+TC50+HF10
HF30DH2000
PID96 (85C/85RH)
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Page 35 LONGi Solar Confidential
SolarPERC Module Linear Power Performance Warranty
Low LID and slower power degradation enabled better warranty term
10Y MATERIAL&
CRAFTWORK
WARRANTY
10Y 93.05%
WARRANTY
POWER-OUTPUT
25Y 84.80%POWER-OUTPUT
WARRANTY
Solar
Thank You for Your Attention
乐叶光伏科技有限公司
地址:陕西省西安经济技术开发区尚稷路8989号B座
电话:4009696199
LONGi Solar
Block B, No.8989 Shangji Road, Xi'an Economic and Technology Development Zone, Xi'an,
Shaanxi, China
TEL: +86-4009696199