Table Of ContentSolar Power Finance
Without the Jargon
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Solar Power Finance
Without the Jargon
Jenny Chase
BloombergNEF, Switzerland
World Scientific
NEW JERSEY • LONDON • SINGAPORE • BEIJING • SHANGHAI • HONG KONG • TAIPEI • CHENNAI • TOKYO
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Published by
World Scientific Publishing Europe Ltd.
57 Shelton Street, Covent Garden, London WC2H 9HE
Head office: 5 Toh Tuck Link, Singapore 596224
USA office: 27 Warren Street, Suite 401-402, Hackensack, NJ 07601
Library of Congress Cataloging-in-Publication Data
Names: Chase, Jenny, author.
Title: Solar power finance without the jargon / Jenny Chase (BloombergNEF, Switzerland).
Description: New Jersey : World Scientific, [2019]
Identifiers: LCCN 2019013323| ISBN 9781786347398 (hc) | ISBN 9781786347459 (pbk)
Subjects: LCSH: Solar energy industries--Finance.
Classification: LCC HD9681.A2 C43 2019 | DDC 338.4/362147--dc23
LC record available at https://lccn.loc.gov/2019013323
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library.
Copyright © 2019 by World Scientific Publishing Europe Ltd.
All rights reserved. This book, or parts thereof, may not be reproduced in any form or by any means,
electronic or mechanical, including photocopying, recording or any information storage and retrieval
system now known or to be invented, without written permission from the Publisher.
For photocopying of material in this volume, please pay a copying fee through the Copyright Clearance
Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA. In this case permission to photocopy
is not required from the publisher.
For any available supplementary material, please visit
https://www.worldscientific.com/worldscibooks/10.1142/Q0219#t=suppl
Desk Editors: Aanand Jayaraman/Jennifer Brough/Shi Ying Koe
Typeset by Stallion Press
Email: [email protected]
Printed in Singapore
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6”x9” b3544 Solar Power Finance Without the Jargon
About the Author
Jenny Chase is the Head of the Solar Analysis
team at BloombergNEF. She founded this team in
2006 at a startup called New Energy Finance,
which was acquired by Bloomberg in December
2009. Now a division of Bloomberg, the firm pro-
vides market and investment research about clean
energy for a primarily financial and corporate audi-
ence. Jenny leads an international team based in
Hong Kong, New York, San Francisco, London and
Milan to produce market research on solar power demand, supply, prices,
companies and technologies. She is the main author of the quarterly
BloombergNEF PV Market Outlook, one of the most read publications on
the financials of the global solar market. Jenny holds a BSc and an MSc
in Natural Sciences from the University of Cambridge, UK. She now lives
in the Swiss countryside with her husband, daughter and small flock of
rare breed West of England geese.
v
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b2530 International Strategic Relations and China’s National Security: World at the Crossroads
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6”x9” b3544 Solar Power Finance Without the Jargon
Acknowledgements
This book is mainly collection of things I have learned from working with
my colleagues, the brilliant and pleasant people of BloombergNEF.
Particular thanks to Michael Liebreich, Felicia Jackson, Chris Greenwood,
Xiaoyu (Julia) Wu, William Young, Francesco d’Avack, Michael Wilshire,
Julia Wu, Ethan Zindler, Benjamin Kafri, Martin Simonek, Nat Bullard,
Alex Toft, Pietro Radoia, Lara Hayim, Jane Swarbreck, Tom Rowlands-
Rees, Colin McKerracher, Will Nelson, Yiyi Zhou, Lia Choi, John
Twomey, Chris Gadomski, Jon Moore, Yali Jiang, Cecilia l’Ecluse and
Dr Xiaoting Wang — but this list could have been many pages long. All
of these were kind enough to add their insights to this book via interviews
in summer 2018.
Thanks also to Professor Martin Green, Dr Ajay Gambhir, Belén
Gallego, Morgan Bazilian, Jigar Shah, Charles Yonts, Lucy Hornby,
Dr Chiara Candelise, Dr Dustin Mulvaney and Dr Zhengrong Shi.
vii
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b2530 International Strategic Relations and China’s National Security: World at the Crossroads
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6”x9” b3544 Solar Power Finance Without the Jargon
Contents
About the Author v
Acknowledgements vii
Chapter 1 Introduction 1
Chapter 2 Solar Technologies — The Basics 5
Chapter 3 Startups 17
Chapter 4 Startups: Case Study of a Startup (BloombergNEF) 21
Chapter 5 Timeline of Relevant Milestones for Solar 31
Chapter 6 2005–2008: The First Big Solar, Supply Constraints 37
Chapter 7 The Magic of the Experience Curve 45
Chapter 8 September 29, 2008: When the Solar Boom
Went Bust 51
Chapter 9 Forecasting Methods: Difficulties and Discontinuities 55
Chapter 10 How Markets Set Power Prices 65
Chapter 11 Networking and Other Stuff Not Taught
at State Schools 71
Chapter 12 Solar After the 2008 Crash: Finding a New Normal 79
ix
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