Key Takeaways from Global Solar and BESS Outlook Call

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Key Takeaways from Global Solar and BESS Outlook Call

India | Renewable Energy EquityJulyResearch20, 2026

Exhibit 1 - China Solar Installation expectationKey Takeaways from Global Solar and BESS

GW 1,500 350

300 277 1,000Outlook Call

100 137 177 2We hosted a fireside chat with Alan Lau, Jefferies' China Renewable 150 5000 180 200

53 44 30 48 55analyst. Global solar remains in a cyclical downturn, with China installations 10050 35 87 2012 2013 2014 2

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027Eprojected to fall 40% in CY26, weighing on prices. Anti-involution met with . Source: CPIA, Jefferies estimates

limited success. TOPCon will be the dominant cell tech with XBC gaining

share. BESS demand is growing rapidly even as margins are narrowing from Exhibit100% 2 - Cell Technology Mix Expectation

over-supply. Solar majors in China are partnering with BESS majors to offer 90%80%

70%

60%integrated solutions. 50%

40%

30%

Solar in a cyclical downturn, but it appears close to a bottom: Global solar demand remains 20%10%

muted, with China installations expected to decline 40% y/y in CY2026. Europe demand 0% 2025 2026 2028 2030 2032 2035

remains weak, while US demand is expected to be relatively stable. Despite the weak near- .Source: CPIA, JefferiesPERC TOPCon HJT XBC

term environment, the cycle is approaching a bottom and the market should recover over the

next two years. Exhibit 3 - M10/G12R TOPCon Cell Price Trend

RMB/W

0.60

0.50TOPCon remains the dominant technology; industry looking beyond it: TOPCon is expected

0.270to remain the mainstream tech for the next few years, even as XBC (Back Contact) tech would 0.400.30

gain share in cells due to slightly higher conversion efficiency. Longi and Aiko are the leaders 0.200.10 0.268