All figures in MW

www.bridgetoindia.com

Commercial Industrial Residential

OPEX4 CAPEX4

Public sector

19136 145 9

9557929

18963

214116

1652

9

171322

15744

93 2

4

237 9 182 46

29 10 12 6

129 23 85 21

22 7

3

12

15 10

3

2

73 8 25 40

102 7 71 24

INDIA SOLARROOFTOPMAP 2017

Total installed capacity: 1,861 MW 1

as of September 30, 2017

5028 15 7

5421 1222

103 36 48 19

125 23 63 39

7727 32 18

Manipur, Assam, Meghalaya,Tripura, Mizoram, Nagaland,Sikkim, Arunachal pradesh

18783

Others

Jammu & Kashmir

Kerala

Maharashtra

Rajasthan

Haryana

Punjab

Chandigarh

Uttarakhand

Delhi

Jharkhand

Bihar

Chhattisgarh

Odisha

Andhra Pradesh

Tamil Nadu

Telangana

North East

Gujarat

Karnataka

Uttar Pradesh

West Bengal

Madhya Pradesh29 5 20 5

Total installed capacity (MW) by Sungrow in the state

Lead sponsor Associate sponsors

4017 15 8

393

351 1510

798 294 377

Ratio of rooftop solar capacity to peak power demand in the state

HighAverageLow

SEPTEMBER

1.9%SOLAR SQUARE

3.2%

FOUR

TH P

ARTN

ER

0.6% ASUN0.6% 8MINUTES

0.8% TORP SOLAR

0.9% HARSHA ABAKUS1.0% SUNSOURCE

0.6% THERMAX0.5% CHEMTROLS

2.1%

RELYO

N SOL

AR

0.6% JAKSON0.6% STERLING & WILSON

0.6% KOTAK URJA

0.3% POWER SUN

0.4% CLEANMAX

0.3% SOLAR91 CLEANTECH

0.3% HERO FUTURE ENERGIES

0.2%ARGO SOLAR

0.2%PREMIER SOLAR

0.2%LANCO

0.2%ENRICH ENERGY

0.2%RAYS POW

ER INFRA

1.8%UJAAS

1.0% BOSCH

0.8% MAHINDRA

2.0%

SURE ENERGY

16.5%SELF EPC

BY PROJECT DEVELOPERS

0.5% SWELECTES

0.9% ORB ENERGY

0.4% SUNSURE

1.0% SANJEEVANI RENEWABLE (MICROMAX)

OTHERS 51.4%

6.2%

TATA

PO

WER

SO

LAR

0.8% ORIANO SOLAR

EPC contractorsMarket size - 880 MW

0.7% VIKRAM SOLAR

Project developersMarket size - 228 MW

Inverter suppliersMarket size - 880 MW

Annual market share3Systems installed between Oct 2016 - Sep 2017 (880 MW)

20.6%SM

A (incl Zever)

30.6% DELTA

ABB6.2

%

OTH

ERS 2.2%

STATCON ENERGIAA 3.6%

SWELECTES

1.1%SO

LARED

GE

0.9%

SU-KAM 4.5%

CONSUL NEOWATT2.3%

FRONIUS 4.3%

2.3%

VISPRA TM

EIC1.7%

ENERTECH 4.2%

SUNGROW 4.4%

KACO

6.5%

HUAWEI 2.4%

SCHNEIDER 2.4%

OTHERS 35.7%

15.8%

CLEANMAX

8.9% REN

EW

9.5% AMPLUS

15.0% CLEANTECH

HERO

FUTU

RE 1.

9%

AZU

RE

6.6%

HIN

DUJA

2.5

%

RATTANIN

DIA 1.

8%

JAKSON 1.5%

MYTRAH 0.9%

2 MW

3.9 MW

Lead sponsor Associate sponsor

INDIA SOLARROOFTOPMAP 2017SEPTEMBER

Installed capacity as on September 30, 2017

1,861 MWEstimated capacity addition for 2017

887 MW

C-8/5, DLF Phase 1,Gurgaon - 122001 (HR)India

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Historic performance of key states5

Projections for rooftop solar capacity6

0

50

100

150

200

250

Cum

ulat

ive

capa

city

inst

alla

tion,

MW

Mah

aras

htra

Tam

il N

adu

Raj

asth

an

Kar

nata

ka

Guj

arat

Har

yana

Del

hi

Utt

ar P

rade

sh

Punj

ab

Tela

ngan

a

Andh

ra P

rade

sh

2014 2015 2016 2017

CAPEX vs OPEX share Net metering regulations comparison

Notes:1. We have conducted an extensive data collection exercise and relied on multiple market sources to provide accurate, factual information as far as possible. All data has been

cross-referenced with data provided by government departments and other market players. However, we are unable to guarantee completeness or accuracy of any information.2. We have classified all on-site solar systems (including any ground based systems) as rooftop systems.3. Some market players including Solaredge, Schneider, TMEIC, S&W, Kotak Urja, Hinduja Renewables, Sunshot were either unreachable or did not validate the data available with us.4. OPEX (operating expenditure) systems are owned and installed by third party investors on a PPA basis at the consumer’s premises. CAPEX (capital expenditure) systems are

financed and owned by the consumer.5. This chart excludes residential data. 6. The projections are based on a detailed market model created by BRIDGE TO INDIA. Economic viability has been considered as the primary driver for rooftop solar adoption. Impact

of already known central and state level policy initiatives has also been considered to arrive at the final projections.

OPEX market share has risen to 30%Total rooftop solar market has grown at a CAGR of 66% from 2013 to 2017

Indian rooftop solar market - key statistics

Cap on system size

State Metering type

As a ratio of contract demand for the consumer

Absolute cap on project capacity, MW

Power injected into the grid as % of power consumed from the grid

Rooftop solar penetration at distribution transformer

Mandatory rooftop installation as per local building bye-laws

Ratio of capacityinstalled in last12 months withnet meteringconnection

Andhra Pradesh No capacity cap 1 NA 60%

Maharashtra 100% 1 NA 40%

Uttar Pradesh 100% 1 NA 15%

Gujarat50% (non residential), no cap for residential

1 NA 65%

Tamil Nadu 100% No cap 90% 30%

Rajasthan 80% 1 NA 30%

Goa NA 0.5 30% 30%

Karnataka NA 1 NA 80%

Madhya Pradesh 100% 0.25 NA 15%

Telangana 50% 1 NA 30%

Haryana 100% 1 90% 15%

Punjab 80% 1 90% 30%

Chhattisgarh NA 1 49% NA -

-

Kerala NA 1 NA 15%

Odisha 100% No cap 90% 75%

Jharkhand 100% 1 NA 15% -

Bihar 100% 1 90% 15% -

Delhi No capacity cap 1 NA 20%

West Bengal NA No cap 90% NA

Jammu & Kashmir 50% 1 90% 20%

Uttarakhand NA 0.5 95% NA

Chandigarh NA 0.5 30% 30%

Residential Public sector Commercial Industrial

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CAPEX % Share OPEXOPEX

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Till 2012 2013 2014 2015 2016 Until Sep2017

0

100

200

300

400

500

600

Annu

al c

apac

ity

inst

alla

tion

, MW

2021e

Net Metering Gross Metering

Maharashtra has overtaken Tamil Nadu to become the biggest rooftop solar state in India

We expect India's total rooftop solar capacity to reach 10.8 GW by 2021

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2016 2017e 2018e 2019e 2020e

Annu

al c

apac

ity

inst

alla

tion

, MW