PHOTON International The Photovoltaic Magazine

March 5, 2010
Index Value

2,256

Company
Stock price
% since 01/01/10
% since 02/26/10
Country Industry

Canadian Solar $21,53 -25,3% 12.6%* Canada Modules

centrotherm photovoltaics €32,12 -23.9% 8.2% Germany Production equipment

Conergy AG €0,74 12,1% 0.8% Germany PV systems

DelSolar $50.30TWD 0.2%* 0.0%* Taiwan Cells, Modules

Energy Conversion Devices $7,88 -25,4% 9.4% USA Amorphous modules, batteries

E-Ton Solar $64.20 TWD -6.7%* -7.0% Taiwan Cells

First Solar $108,61 -19,8% 2.7% USA Thin-film modules

Gintech Energy $92.00 TWD -1,5% 4.5% Taiwan Cells

Green Energy Technology $74.00 TWD -10,8% 0.3% Taiwan Wafers

GT Solar International $5,38 -3,2% -9.6% USA Production equipment

JA Solar $5,11 -10,4% 3.0% China Cells

LDK Solar $6,62 -5,6% 6.9% China Wafers

Meyer Burger Technol. AG 24,55 CHF -7.0% 7.2% Switzerland PV wafer saws

Motech Industries $122.00 TWD -19,7% -2.4% Taiwan Cells

Neo Solar Power
$69,30 TWD
-14,2% 1.5% Taiwan Cells

NPC Inc. JPY2,166.00 -9,8% 3.1% Japan Cells, modules

Q-Cells €7,39 -35,6% 4.9% Germany Cells

Renesola Ltd. $1.81 5.5%* 0.0%* China Silicon, wafers, cells, modules

Renewable Energy Corp. 23,99 NOK -46,4% 14.3% Norway Silicon, wafers, cells, modules

Roth & Rau AG €25,65 -16,1% 4.0% Germany Production equipment

Sino-American Silicon Pr. $74,30 TWD -15,7% 0.7% Taiwan Wafers

SMA Solar Technology AG €83.00 -10,3% 7.6% Germany Inverters

Solarfun Power Holdings $6,84 -10,4% 3.6% China Cells, modules

Solargiga Energy Holdings $1,87 HKD -7,4% 8.7% Hong Kong Silicon, ingots, wafers

SolarWorld AG €10,57 -30,8% 3.7% Germany Wafers, cells, modules, wholesale

STR Holdings $17,89 14,3% 7.7% USA Foils for encapsulation of solar cells

SunPower $20,42 -13,8% 8.9% USA Cells, modules

Suntech Power $14,86
-10,6% 12.1% China Cells, modules

Trina Solar $23,54 -12,8% 7.0% China Wafers, cells, modules

Yingli Green Energy $12,88 -18,5% 11.2% China Wafers, cells, modules

PPVX 2,256 -12.3% 4.0%

* since March, 1, 2010

Weekly summary

The PPVX has increased around 4.0% to 2,256 points in the last week and the AMEX Oil around 3.7%. Since the beginning of the year the PPVX of around -12.3% (currency levelized) is around 17 percentage points behind the oil index (+4.80%). The top three of 2010 are STR Holdings (+14%), Conergy (+12%) and Renesola (+6%). The biggest weekly winners were REC (+14%) and Canadian Solar (+13%), while GT Solar International (-10%) and E-Ton Solar (-7%) lost most this week. PPVX market capitalization added up to around €29.4 billion ($40.1 billion).

Remarks

The PPVX began on Aug. 1, 2001 with 1,000 points and is calculated weekly on a euro base. Currently, it includes 30 stocks listed on the market in different countries. To be included in the PPVX, more than 50 percent of a company's sales in the previous year must have come through PV products or services.

Index calculation: The PPVX is a weighted index so that the stocks of a few highly capitalized companies do not exert too much influence. It is divided into six classes, with different weighing points (WP) based on the companies' market capitalizations.
A capitalization of less than 50 million has 1 WP; between €50 million and €200 million,
2 WP; between €200 million and €800 million, 3 WP (Canadian Solar, Conergy, Delsolar,
E-Ton, Gintech, Green Energy Technology, LDK Solar, Meyer Burger Technology, Neo Solar Power, NPC Inc., ReneSola, Roth & Rau, Sino-American Silicon Products, Solarfun Power, Solargiga, STR Holdings); between €800 million and €3.2 billion, 4 WP (Centrotherm, ECD, GT Solar, JA Solar, Motech, Q-Cells, Renewable Energy Corp., SMA Technology AG, Trina); between €3.2 billion and €12.8 billion, 5 WP (SolarWorld, SunPower, Suntech Power, Yingli); and greater than €12.8 billion, 6 WP (First Solar).