Delivering Multi-GWs of Bankable PV Modules - JinkoSolar, Daniel Chang

UTILITY | COMMERCIAL | RESIDENTIAL JINKOSOLAR.US JINKOSOLAR: DELIVERING MULTI-GWS OF BANKABLE PV MODULES PRESENTER: Daniel Chang, Technical Director LOCATION: Penang, Malaysia DATE: October 23, 2018 CONTENTS JinkoSolar CONFIDENTIAL JINKOSOLAR.US 1 Introduction 2 Addressing Today’s Market 3 Plans For Tomorrow JINKOSOLAR.US MAJOR MILESTONES 200 6 20 10 20 11 20 13 20 14 JinkoSolar Co., Ltd. established Listed on New York Stock Exchange Opened USA office Reached 1 GW module manufacturing capacity Offered $125 million convertible senior notes Reached 1 GW shipped globally Created world’s first framed 85℃/85%RH PID free module Reached 3 GW module manufacturing capacity Reached 3.5 GW shipped Raised $400 million bonds, notes, and equity offerings Launched module manufacturing facility in South Africa Reached 6 GW shipped Launched module manufacturing facility in Malaysia Signed strategic collaboration agreement with DuPont Reached 17 GW shipped, 3.5 GW deployed in U.S. Best selling module globally in 2016 22 GW shipped globally SVTC Leader 33 GW shipped globally Bifacial product launch Large cell module (Cheetah) to achieve 400W Established factory in Jacksonville, Florida, USA 20 15 20 16 20 17 20 18 JinkoSolar CONFIDENTIAL JINKOSOLAR.US WORLDWIDE PRESENCE 33 Subsidiaries 80+ Countries Sold to 12,000 Employees Manufacturing Facilities • Jacksonville, United States • Penang, Malaysia • Cape Town, South Africa • Moura, Portugal • Shangrao, China • Haining, China • Xinjiang, China 9,00 0 9,00 0 5,00 0 9,00 0 WORLDWIDE CAPACITY* Ingot Wafer Cell Module #1 in Global Shipments *As of June 30, 2018 Expected to be 9.7, 9.7, 7.0, 10.8 GW by 2018E JinkoSolar CONFIDENTIAL JINKOSOLAR.US EXTENSIVE VETTING Initial Certification 3rd Party Testing Jinko Quality Assurance IE Onsite Quality Control UL, IEC, etc. DNV GL, RETC, TUV, etc. 0.0972% Claim Rate B&V, CEA, SolarBuyer, etc. JinkoSolar CONFIDENTIAL JINKOSOLAR.US MOST BANKABLE Bankability Survey 100% of banks, EPCs, IPPs, and 3rd party labs rated Jinko bankable Used in most non-recourse debt financed projects globally since July 2016 TC600 DH2000 DML1000, TC50, HF10 PID 192h JinkoSolar CONFIDENTIAL JINKOSOLAR.US TOP PERFORMER DNV GL TEST Top Performer Top Performer Top Performer Top Performer JinkoSolar is 1 of 2 manufacturers in the world to appear as Top Performer in all tests of 2017 & 2018 Scorecard and receive 100% in the BNEF survey. PV Module Reliability Scorecard Report 2018 UTILITY | COMMERCIAL | RESIDENTIAL JINKOSOLAR.US RELIABILITY TESTING Conventional Testing TC200 LID PID Dynamic Loading Mechanical Loading TC +HF DH LETID – Light and Elevated Temperature Induced Degradation UTILITY | COMMERCIAL | RESIDENTIAL JINKOSOLAR.US LETID Visual and EL per IEC 61215 Electroluminescence test of each module Connect each module to a maximum power point (MPPT) load 1000 W/m2 light source stabilized modules at 75C +/- 2 C 20-22 hours to achieve a light dose of 20-22 kwh/m2 at 75C +/-2 C Disconnect temperature sensor and MPPT load Allow modules to cool to 25 +/- 2C Flash at STC Four additional cycles to achieve a total light dose of 100-110 kwh/m2 Visual and EL per IEC 61215 JinkoSolar CONFIDENTIAL JINKOSOLAR.US BOS DUE DILIGENCE JinkoSolar CONFIDENTIAL JINKOSOLAR.US DUPONT/JINKO PARTNERSHIP  Silicon Valley Toxics Coalition ranking of responsible PV module producers  Leader Category (score 90/100)  High marks on:  Worker rights, health, and safety  Enforceable commitment to protect the environment  Reduction of toxic materials  Extended producer responsibility  Emissions reporting  Reduction in water usage JinkoSolar CONFIDENTIAL JINKOSOLAR.US RESPONSIBLE MANUFACTURING JinkoSolar CONFIDENTIAL JINKOSOLAR.US CONTINUOUS GLOBAL GROWTH 249 339 581 789 1600 2068 2015302 489 660 915 1716 2884 2794 335 519 708 1135 1606 2374 302 586 838 1710 1733 2481 762 1157 1612 2535 3209 3947.8 0 500 1000 1500 2000 2500 3000 3500 4000 4500 0 2000 4000 6000 8000 10000 12000 2012 2013 2014 2015 2016 2017 2018 Q1 MW Q2 MW Q3 MW Q4 MW YTD Revenue $MW Global Shipments ~12% Global Market Share, #1 in Shipments since 2016 0 2000 4000 6000 8000 10000 12000 14000 16000 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E Resi Comm Util ITC Cliff Section 201 Uncertainty UTILITY | COMMERCIAL | RESIDENTIAL JINKOSOLAR.US US MARKET GROWTH 2013 2014 2015 2016 2017 2018E 2019 2020 2021 3.14% 9.92% 22.4% 16.5% 21.0% TBD TBD TBD TBD 0.95% 3.10% 4.20% 5.71% 3.15% TBD TBD TBD TBD 0.00% 0.00% 0.00% 3.80% 6.25% TBD TBD TBD TBDUS Mark et Share R C U ITC Safe Harbor should create larger market Source: Wood Mackenzie UTILITY | COMMERCIAL | RESIDENTIAL JINKOSOLAR.US FACTORY EXPANSION UTILITY | COMMERCIAL | RESIDENTIAL JINKOSOLAR.US JACKSONVILLE, FLORIDA  First to announce US factory after Section 201  Production to begin Q4 2018  400 MW fully automated assembly UTILITY | COMMERCIAL | RESIDENTIAL JINKOSOLAR.US ROADMAP 72M/CHEETAH 370 375 380 385 390 395 400 405 410 415 Power Roadmap (Wp) Basic Main Power HC+LRF Main Power HC+LRF+W.E Main Power H2-’18 H1-’19 H2-’19 H1-’20 H2-’20 UTILITY | COMMERCIAL | RESIDENTIAL JINKOSOLAR.US