1 Table of Contents 1 Table of Contents 2 1.1 List of Tables 5 1.2 List of Figures 6 2 Executive Summary 7 2.1 Global Carbon Emissions to Increase at a Lower rate During the Forecast Period 7 2.2 Technological Advancements and Government Support Driving Global Renewable Power Installations 7 2.3 Thermal Power is the Dominant Source in the Power Mix in Mexico 7 2.4 Target to Increase the Share of Clean Power to 35% in the Country’s Power Mix by 2024 9 3 Introduction 10 3.1 Carbon Emissions, Global, 2001-2016 10 3.2 Primary Energy Consumption, Global, 2001-2030 12 3.3 Solar Photovoltaic (PV), Global, Technology Definition and Classification 14 3.4 Report Guidance 15 4 Renewable Power Market, Global, 2006-2030 16 4.1 Renewable Power Market, Global, Overview 16 4.2 Renewable Power Market, Global, Installed Capacity, 2006-2030 17 4.2.1 Renewable Power Market, Global, Cumulative Installed Capacity by Source Type, 2006-2030 17 4.2.2 Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type, 2016 and 2030 19 4.2.3 Renewable Power Market, Global, Net Capacity Additions by Source Type, 2016-2030 21 4.2.4 Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 23 4.3 Renewable Power Market, Global, Power Generation, 2006-2030 25 4.3.1 Renewable Power Market, Global, Power Generation by Source Type, 2006-2030 25 4.3.2 Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 27 4.4 Renewable Power Market, Global, LCOE Comparison of Power Generating Sources, 2016 29 5 Solar Photovoltaic (PV) Market, Global, 2006-2030 32 5.1 Solar Photovoltaic (PV) Market, Global, Overview 32 5.2 Solar Photovoltaic (PV) Market, Global, Installed Capacity, 2006-2030 33 5.2.1 Solar Photovoltaic (PV) Market, Global, Installed Capacity Share by Region, 2016 and 2030 35 5.2.2 Solar Photovoltaic (PV) Market, Global, Installed Capacity Share by Country, 2016 and 2030 37 5.3 Solar Photovoltaic (PV) Market, Global, Power Generation, 2006-2030 39 5.3.1 Solar Photovoltaic (PV) Market, Global, Generation Share by Region, 2016 and 2030 41 5.3.2 Solar Photovoltaic (PV) Market, Global, Generation Share by Country, 2016 and 2030 43 5.4 Solar Photovoltaic (PV) Market, Global, Investment Trends, 2016-2020 45 6 Power Market, Mexico, 2006-2030 47 6.1 Power Market, Mexico, Overview 47 6.2 Power Market, Mexico, Installed Capacity, 2006-2030 48 6.2.1 Power Market, Mexico, Cumulative Installed Capacity by Fuel Type, 2006-2030 48 6.2.2 Power Market, Mexico, Share in Cumulative Installed Capacity Split by Source Type, 2016 and 2030 51 6.2.3 Power Market, Mexico, Net Capacity Additions by Fuel Type, 2016 and 2030 52 6.2.4 Power Market, Mexico, Comparison of Technologies Based on Installed Capacity, 2016-2030 54 6.3 Power Market, Mexico, Power Generation, 2006-2030 56 6.3.1 Power Market, Mexico, Power Generation by Fuel Type, 2006-2030 56 6.3.2 Power Market, Mexico, Comparison of Technologies Based on Power Generation, 2016-2030 58 7 Renewable Power Market, Mexico, 2006-2030 60 7.1 Renewable Power Market, Mexico, Overview 60 7.2 Renewable Power Market, Mexico, Installed Capacity, 2006-2030 61 7.2.1 Renewable Power Market, Mexico, Cumulative Installed Capacity by Source Type, 2006-2030 61 7.2.2 Renewable Power Market, Mexico, Cumulative Installed Capacity Split by Source Type, 2016 and 2030 64 7.2.3 Renewable Power Market, Mexico, Net Capacity Additions by Source Type, 2016-2030 66 7.2.4 Renewable Power Market, Mexico, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 68 7.3 Renewable Power Market, Mexico, Power Generation, 2006-2030 70 7.3.1 Renewable Power Market, Mexico, Power Generation by Source Type, 2006-2030 70 7.3.2 Renewable Power Market, Mexico, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 73 8 Solar Photovoltaic (PV) Market, Mexico, 2006-2030 75 8.1 Solar Photovoltaic (PV) Market, Mexico, Overview 75 8.2 Solar Photovoltaic (PV) Market, Mexico, Installed Capacity, 2006-2030 76 8.3 Solar Photovoltaic (PV) Market, Mexico, Power Generation, 2006-2030 78 8.4 Solar Photovoltaic (PV) Market, Mexico, Investment Trends, 2016-2020 80 8.5 Solar Photovoltaic (PV) Market, Mexico, Project Based Analysis, 2016 82 8.5.1 Solar Photovoltaic (PV) Market, Mexico, Major Active Plants, 2016 82 8.5.2 Solar Photovoltaic (PV) Market, Mexico, Key Under-construction Projects, 2016 83 8.6 Solar Photovoltaic (PV) Market, Mexico, Deal Analysis, 2016 84 8.6.1 Solar Photovoltaic (PV) Market, Mexico, Deal Volume vs. Deal Value, 2006-2016 84 8.6.2 Solar Photovoltaic (PV) Market, Mexico, Split by Deal Type, 2016 86 9 Power Market, Regulatory Scenario, Mexico 87 9.1 Overview 87 9.2 Electricity Industry Law 87 9.3 Capacity and Power Auctions Supported by Clean Energy Certificates 88 9.4 Renewable Energy Auctions 88 9.5 Mexico Renewable Energy Program 89 9.6 Energy Transition Law (Ley de Transición Energética, LTE) 90 9.7 General Law of Climate Change (Ley General de Cambio Climático) 90 9.8 Special Program for the Use of Renewable Energy 90 9.9 Resolution on Net-Metering 90 9.10 National Energy Strategy 91 9.11 National Commission for the Efficient Use of Energy 91 9.12 Large-Scale Renewable Energy Development Project 91 9.13 Accelerated Depreciation for Environmental Investment 92 9.14 Wheeling Service Agreement for Electricity from Renewable Energy Sources 92 9.15 Methodology to Establish Service Charges for the Transmission of Renewable Electricity 92 9.16 Grid Interconnection Contract for Renewable Energy 92 9.17 Renewable Energy Outlook - Vision for 2030 on the Use of Renewable Energy in Mexico 93 9.18 Renewable Energy Promotion-PromovER 93 9.19 Integrated Energy Services Project, 2007-2014 93 9.20 Light in the House Program (Luz en Casa Oaxaca) 94 9.21 Light for Mexico Program 94 9.22 Financial Incentives and Policy Support for Wind 94 9.23 Resolution on Interconnection of large hydro plants 94 9.24 Geothermal Energy Act 94 9.25 Law for the Promotion and Development of Bioenergy 95 9.26 Sustainable Rural Development Project for the Promotion of Alternative Energy Sources in Agribusiness 95 9.27 Value Added Agribusiness Risk Sharing Schemes 96 9.28 Program for Financing of Electric Energy Saving 96 9.29 Guidelines establishing and issuing Clean Energy Certificates 96 9.30 Law for the Sustainable Use of Energy (Ley para el Aprovechamiento Sustentable de la Energía, LASE) 97 9.31 Law for Sustainable Use of Energy and the National Program for the Sustainable Use of Energy (PRONASE) 97 9.32 Compact Fluorescent Lamp Market 98 9.33 Solar Water Heaters Program 98 9.34 Green Mortgage Program 98 9.35 Nationally Determined Contribution (NDC) to the Paris Agreement (COP21) 99 10 Solar Photovoltaic (PV) Market, Mexico, Company Profiles 100 10.1 Company Snapshot: Isofoton S.A. 100 10.1.1 Isofoton S.A. - Company Overview 100 10.1.2 Isofoton S.A. - Business Description 100 10.1.3 Isofoton S.A. - SWOT Analysis 101 10.1.4 Isofoton S.A. - Major Products and Services 103 10.1.5 Isofoton S.A. - Head Office 104 10.2 Company Snapshot: GRUPOTEC SOLAR 105 10.2.1 GRUPOTEC SOLAR - Company Overview 105 10.2.2 GRUPOTEC SOLAR - Major Products and Services 105 10.2.3 GRUPOTEC SOLAR - Head Office 105 10.3 Company Snapshot: First Solar, Inc. 106 10.3.1 First Solar, Inc. - Company Overview 106 10.3.2 First Solar, Inc. - Business Description 106 10.3.3 First Solar, Inc. - SWOT Analysis 106 10.3.4 First Solar, Inc. - Major Products and Services 109 10.3.5 First Solar, Inc. - Head Office 109 10.4 Company Snapshot: Comision Federal de Electricidad 110 10.4.1 Comision Federal de Electricidad - Company Overview 110 10.4.2 Comision Federal de Electricidad - Business Description 110 10.4.3 Comision Federal de Electricidad - SWOT Analysis 110 10.4.4 Comision Federal de Electricidad - Major Products and Services 112 10.4.5 Comision Federal de Electricidad - Head Office 113 10.5 Company Snapshot: ABB Ltd. 114 10.5.1 ABB Ltd. - Company Overview 114 10.5.2 ABB Ltd. - Business Description 114 10.5.3 ABB Ltd. - SWOT Analysis 114 10.5.4 ABB Ltd. - Major Products and Services 117 10.5.5 ABB Ltd. - Head Office 118 11 Appendix 119 11.1 Abbreviations 119 11.2 Bibliography 119 11.3 Market Definitions 120 11.4 Methodology 120 11.5 Coverage 120 11.5.1 Secondary Research 120 11.5.2 Primary Research 121 11.5.3 Modeling and Forecasting 121 11.6 Contact Us 121 11.7 Disclaimer 122

1.1 List of Tables Table 1: Carbon Dioxide Emissions from Energy Consumption, Global (MT), 2001-2016 12 Table 2: Primary Energy Consumption, Global (Mtoe), 2001-2030 14 Table 3: Renewable Power Market, Global, Cumulative Installed Capacity by Source Type (MW), 2006-2030 18 Table 4: Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 20 Table 5: Renewable Power Market, Global, Net Capacity Additions by Source Type (MW), 2016-2030 22 Table 6: Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 24 Table 7: Renewable Power Market, Global, Power Generation (GWh), 2006-2030 26 Table 8: Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 28 Table 9: Renewable Power Market, Global, Assumptions for LCOE Calculation 29 Table 10: Renewable Power Market, Global, LCOE Comparison of Power-generating Sources ($/kWh), 2016 31 Table 11: Solar Photovoltaic (PV) Market, Global, Installed Capacity (MW), 2006-2030 34 Table 12: Solar Photovoltaic (PV) Market, Global, Cumulative Installed Capacity Share by Region (%), 2016 and 2030 36 Table 13: Solar Photovoltaic (PV) Market, Global, Cumulative Installed Capacity Share by Country (%), 2016 and 2030 38 Table 14: Solar Photovoltaic (PV) Market, Global, Power Generation (GWh), 2006-2030 40 Table 15: Solar Photovoltaic (PV) Market, Global, Generation Share by Region (%), 2016 and 2030 42 Table 16: Solar Photovoltaic (PV) Market, Global, Generation Share by Country (%), 2016 and 2030 44 Table 17: Solar Photovoltaic (PV) Market, Global, Investment Trends ($m), 2016-2020 46 Table 18: Power Market, Mexico, Cumulative Installed Capacity by Fuel Type(MW), 2006-2030 50 Table 19: Power Market, Mexico, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 51 Table 20: Power Market, Mexico, Net Capacity Additions by Fuel Type(MW), 2016 and 2030 53 Table 21: Power Market, Mexico, Comparison of Technologies Based on Installed Capacity, 2016-2030 55 Table 22: Power Market, Mexico, Power Generation by Fuel Type (GWh), 2006-2030 57 Table 23: Power Market, Mexico, Comparison of Technologies Based on Power Generation, 2016-2030 59 Table 24: Renewable Power Market, Mexico, Cumulative Installed Capacity by Source Type (MW), 2006-2030 63 Table 25: Renewable Power Market, Mexico, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 65 Table 26: Renewable Power Market, Mexico, Net Capacity Additions by Source Type (MW), 2016-2030 67 Table 27: Renewable Power Market, Mexico, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 69 Table 28: Renewable Power Market, Mexico, Power Generation by Source Type (GWh), 2006-2030 72 Table 29: Renewable Power Market, Mexico, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 74 Table 30: Solar Photovoltaic (PV) Market, Mexico, Installed Capacity (MW), 2006-2030 77 Table 31: Solar Photovoltaic (PV) Market, Mexico, Power Generation (GWh), 2006-2030 79 Table 32: Solar Photovoltaic (PV) Market, Mexico, New Investment ($m), 2016-2020 81 Table 33: Solar Photovoltaic (PV) Market, Mexico, Major Active Plants, 2016 82 Table 34: Solar Photovoltaic (PV) Market, Mexico, Key Under-construction Projects, 2016 83 Table 35: Solar Photovoltaic (PV) Market, Mexico, Deal Volume vs. Deal Value ($m), 2006-2016 85 Table 36: Solar Photovoltaic (PV) Market, Mexico, Deals by Type, 2016 86 Table 37: Isofoton S.A., Major Products and Services 103 Table 38: GRUPOTEC SOLAR, Major Products and Services 105 Table 39: First Solar, Inc., Major Products and Services 109 Table 40: Comision Federal de Electricidad, Major Products and Services 112 Table 41: ABB Ltd. , Major Products and Services 117 Table 42: Abbreviations 119 1.2 List of Figures Figure 1: Power Market, Mexico, Cumulative Installed Capacity by Type of Power Plant (%), 2016 8 Figure 2: Carbon-di-oxide Emissions from Energy Consumption, Global (MT), 2001-2016 11 Figure 3: Primary Energy Consumption, Global (Mtoe), 2001-2030 13 Figure 4: Renewable Power Market, Global, Cumulative Installed Capacity by Source Type (MW), 2006-2030 17 Figure 5: Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 19 Figure 6: Renewable Power Market, Global, Net Capacity Additions by Source Type (MW), 2016-2030 21 Figure 7: Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 23 Figure 8: Renewable Power Market, Global, Power Generation (GWh), 2006-2030 25 Figure 9: Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 27 Figure 10: Renewable Power Market, Global, LCOE Comparison of Power-generating Sources ($/kWh), 2016 30 Figure 11: Solar Photovoltaic (PV) Market, Global, Installed Capacity (MW), 2006-2030 33 Figure 12: Solar Photovoltaic (PV) Market, Global, Cumulative Installed Capacity Share by Region (%), 2016 and 2030 35 Figure 13: Solar Photovoltaic (PV) Market, Global, Cumulative Installed Capacity Share by Country (%), 2016 and 2030 37 Figure 14: Solar Photovoltaic (PV) Market, Global, Power Generation (GWh), 2006-2030 39 Figure 15: Solar Photovoltaic (PV) Market, Global, Generation Share by Region (%), 2016 and 2030 41 Figure 16: Solar Photovoltaic (PV) Market, Global, Generation Share by Country (%), 2016 and 2030 43 Figure 17: Solar Photovoltaic (PV) Market, Global, Investment Trends ($m), 2016-2020 45 Figure 18: Power Market, Mexico, Cumulative Installed Capacity by Fuel Type(MW), 2006-2030 49 Figure 19: Power Market, Mexico, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 51 Figure 20: Power Market, Mexico, Net Capacity Additions by Fuel Type(MW), 2016 and 2030 52 Figure 21: Power Market, Mexico, Comparison of Technologies Based on Installed Capacity, 2016-2030 54 Figure 22: Power Market, Mexico, Power Generation by Fuel Type (GWh), 2006-2030 56 Figure 23: Power Market, Mexico, Comparison of Technologies Based on Power Generation, 2016-2030 58 Figure 24: Renewable Power Market, Mexico, Cumulative Installed Capacity by Source Type (MW), 2006-2030 62 Figure 25: Renewable Power Market, Mexico, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 64 Figure 26: Renewable Power Market, Mexico, Net Capacity Additions by Source Type (MW), 2016-2030 66 Figure 27: Renewable Power Market, Mexico, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 68 Figure 28: Renewable Power Market, Mexico, Power Generation by Source Type (GWh), 2006-2030 71 Figure 29: Renewable Power Market, Mexico, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 73 Figure 30: Solar Photovoltaic (PV) Market, Mexico, Installed Capacity (MW), 2006-2030 76 Figure 31: Solar Photovoltaic (PV) Market, Mexico, Power Generation (GWh), 2006-2030 78 Figure 32: Solar Photovoltaic (PV) Market, Mexico, New Investment ($m), 2016-2020 80 Figure 33: Solar Photovoltaic (PV) Market, Mexico, Deal Volume vs. Deal Value ($m), 2006-2016 84 Figure 34: Solar Photovoltaic (PV) Market, Mexico, Split by Deal Type (%), 2016 86

Isofoton S.A. GRUPOTEC SOLAR First Solar, Inc. Comision Federal de Electricidad ABB Ltd.