In recent years solar power has been on the march. Since the millennium global solar power generation capacity has grown from 1GW to 300GW and the growth curve is not linear; the last five years have seen a marked acceleration as technologies become more efficient, manufacturing prices come down and more countries adopt low carbon regulatory policies in which solar power can play a key part. China alone saw an increase of installed solar power capacity of 33GW in 2016 and the China PV Industry Association predicts an additional 20-30GW of growth by the end of 2017. The solar power market's dynamism is matched by its complexity. As well as advances in technology and manufacturing processes, and variations in how the technology is deployed, the regulatory and fiscal policies adopted in individual countries can vary widely. However, some common themes have emerged and the potential for further growth in solar power can perhaps be better discerned now than when the market was in its infancy. Solar Power: A Practical Handbook provides an in-depth analysis of various aspects of solar power including its commercial, technological and regulatory characteristics. It also provides a practical guide to developing, financing, acquiring and disposing of solar power projects. Whilst being a technology which has been adopted on a global basis, each jurisdiction has its own dynamics, so the book considers the market-specific aspects of solar power in a number of key locations including China, Japan, the US and others. The book concludes with a look at the future of solar power; its place alongside distributed generation, smart grids and power storage and the technologies, opportunities and challenges for the future. This book, featuring chapters by leading practitioners, will be of interest to lawyers, commercial managers, financiers and other consultants.

Preface 7 Matthew Williams John Deacon Orrick, Herrington & Sutcliffe LLP Introduction 9 Matthew Williams Orrick, Herrington & Sutcliffe LLP Part II - Regulation, technology and economics Legal, regulatory and industry frameworks 13 Munir Hassan Andrew Sawbridge CMS Cameron McKenna Nabarro Olswang LLP Solar power technologies and how they work 31 Alberto Cuellar James Larmuth Jose Muñoz Oscar Velasco Mott MacDonald Economic drivers: support mechanisms, technology pricing, and other market dynamics 53 Ricardo Pineiro Foresight Group Part III - Developing solar power projects The anatomy of a solar power project 65 Matthew Williams Orrick, Herrington & Sutcliffe LLP Real estate 79 Brian Hegarty Ashfords LLP The project agreements 95 John Deacon Orrick, Herrington & Sutcliffe LLP Securing project revenues - the route to market and monetisation of generation 105 Elisabeth Blunsdon Orrick, Herrington & Sutcliffe LLP Financing perspectives 119 William Evans Simon Middleton Elgar Middleton Infrastructure & Energy Finance LLP Part IV - M&A in the solar power market M&A and corporate structuring 139 Dario Bertagna Capital Dynamics Anthony Riley Yolanda Yong Orrick, Herrington & Sutcliffe LLP Part V - Regional perspectives Algeria 165 Foued Bourabiat Bourabiat Associés Brazil 179 João Ribeiro da Costa Wagner Silva Rodrigues LRNG Law Firm Urias Martiniano Garcia Neto Tomanik Pompeu (in association with LRNG Law Firm) China 193 Lynia Lau Ting Su Ernst & Young France 205 George Rigo Orrick, Herrington & Sutcliffe LLP Germany 215 Niklas Ganssauge Tilman Lorenz Petersen CMS Germany India 225 Abhishek Saxena Phoenix Legal Italy 243 Carlo Montella Orrick, Herrington & Sutcliffe LLP Japan 257 Maya Ito Sadayuki Matsudaira Edward Rivera Nathan Schmidt Nishimura & Asahi Middle East 269 Keith Bullen Mona Hammadi DLA Piper Morocco 285 Ghalia Mokhtari Bennani & Associés LLP South Africa 297 Rajen Ranchhoojee Orrick, Herrington & Sutcliffe LLP Spain 311 Elena Aldave Nasif Hamed Fernando Quicios Belén Wert Pérez-Llorca United Kingdom 329 Elisabeth Blunsdon Orrick, Herrington & Sutcliffe LLP United States: California 339 David Spielberg Orrick, Herrington & Sutcliffe LLP United States: Texas 361 Gigi M John Orrick, Herrington & Sutcliffe LLP Part VI - Broader perspectives The future for solar power 373 Dan Wells Foresight Group About the authors 385