1 Table of Contents 1 Table of Contents 2 1.1 List of Tables 4 1.2 List of Figures 5 2 Executive Summary 6 2.1 Global Carbon Emissions to Increase at a Lower rate During the Forecast Period 6 2.2 Technological Advancements and Government Support Driving Global Renewable Power Installations 6 2.3 Renewable Power is the Dominant Source in Portugal’s Capacity Mix 7 2.4 Renewable Power Capacity to Grow at a slow Rate in Portugal 8 3 Introduction 9 3.1 Carbon Emissions, Global, 2001-2016 9 3.2 Primary Energy Consumption, Global, 2001-2030 11 3.3 Solar Photovoltaic (PV), Global, Technology Definition and Classification 13 3.4 Report Guidance 14 4 Renewable Power Market, Global, 2006-2030 15 4.1 Renewable Power Market, Global, Overview 15 4.2 Renewable Power Market, Global, Installed Capacity, 2006-2030 16 4.2.1 Renewable Power Market, Global, Cumulative Installed Capacity by Source Type, 2006-2030 16 4.2.2 Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type, 2016 and 2030 18 4.2.3 Renewable Power Market, Global, Net Capacity Additions by Source Type, 2016-2030 20 4.2.4 Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 22 4.3 Renewable Power Market, Global, Power Generation, 2006-2030 24 4.3.1 Renewable Power Market, Global, Power Generation by Source Type, 2006-2030 24 4.3.2 Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 26 4.4 Renewable Power Market, Global, LCOE Comparison of Power Generating Sources, 2016 28 5 Solar Photovoltaic (PV) Market, Global, 2006-2030 31 5.1 Solar Photovoltaic (PV) Market, Global, Overview 31 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, Portugal, 2006-2030 47 6.1 Power Market, Portugal, Overview 47 6.2 Power Market, Portugal, Installed Capacity, 2006-2030 48 6.2.1 Power Market, Portugal, Cumulative Installed Capacity by Fuel Type, 2006-2030 48 6.2.2 Power Market, Portugal, Share in Cumulative Installed Capacity Split by Source Type, 2016 and 2030 51 6.2.3 Power Market, Portugal, Net Capacity Additions by Fuel Type, 2016 and 2030 52 6.2.4 Power Market, Portugal, Comparison of Technologies Based on Installed Capacity, 2016-2030 54 6.3 Power Market, Portugal, Power Generation, 2006-2030 56 6.3.1 Power Market, Portugal, Power Generation by Fuel Type, 2006-2030 56 6.3.2 Power Market, Portugal, Comparison of Technologies Based on Power Generation, 2016-2030 59 7 Renewable Power Market, Portugal, 2006-2030 61 7.1 Renewable Power Market, Portugal, Overview 61 7.2 Renewable Power Market, Portugal, Installed Capacity, 2006-2030 62 7.2.1 Renewable Power Market, Portugal, Cumulative Installed Capacity by Source Type, 2006-2030 62 7.2.2 Renewable Power Market, Portugal, Cumulative Installed Capacity Split by Source Type, 2016 and 2030 65 7.2.3 Renewable Power Market, Portugal, Net Capacity Additions by Source Type, 2016-2030 67 7.2.4 Renewable Power Market, Portugal, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 69 7.3 Renewable Power Market, Portugal, Power Generation, 2006-2030 71 7.3.1 Renewable Power Market, Portugal, Power Generation by Source Type, 2006-2030 71 7.3.2 Renewable Power Market, Portugal, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 74 8 Solar Photovoltaic (PV) Market, Portugal, 2006-2030 76 8.1 Solar Photovoltaic (PV) Market, Portugal, Overview 76 8.2 Solar Photovoltaic (PV) Market, Portugal, Installed Capacity, 2006-2030 77 8.3 Solar Photovoltaic (PV) Market, Portugal, Power Generation, 2006-2030 79 8.4 Solar Photovoltaic (PV) Market, Portugal, Investment Trends, 2016-2020 81 8.5 Solar Photovoltaic (PV) Market, Portugal, Project Based Analysis, 2016 83 8.5.1 Solar Photovoltaic (PV) Market, Portugal, Major Active Plants, 2016 83 8.5.2 Solar Photovoltaic (PV) Market, Portugal, Key Under-construction Projects, 2016 84 8.6 Solar Photovoltaic (PV) Market, Portugal, Deal Analysis, 2016 85 8.6.1 Solar Photovoltaic (PV) Market, Portugal, Deal Volume vs. Deal Value, 2006-2016 85 8.6.2 Solar Photovoltaic (PV) Market, Portugal, Split by Deal Type, 2016 87 9 Power Market, Regulatory Scenario, Portugal 88 9.1 Renewable Energy Market, Overview 88 9.2 Power Sector Reforms 88 9.3 Renewable Energy Guidelines 88 9.4 Green Growth Commitment 2030 88 9.5 Feed-in Tariffs 89 9.6 Energy Efficiency 90 9.7 CHP Directive of Portugal 91 9.8 Carbon Capture and Storage Projects 91 10 Solar Photovoltaic (PV) Market, Portugal, Company Profiles 92 10.1 Company Snapshot: Neoen S.A.S. 92 10.1.1 Neoen S.A.S. - Company Overview 92 10.1.2 Neoen S.A.S. - Major Products and Services 92 10.1.3 Neoen S.A.S. - Head Office 92 10.2 Company Snapshot: Mitsubishi Corporation 93 10.2.1 Mitsubishi Corporation - Company Overview 93 10.2.2 Mitsubishi Corporation - Business Description 93 10.2.3 Mitsubishi Corporation - SWOT Analysis 95 10.2.4 Mitsubishi Corporation - Major Products and Services 99 10.2.5 Mitsubishi Corporation - Head Office 101 10.3 Company Snapshot: GRUPO GENERG 102 10.3.1 GRUPO GENERG - Company Overview 102 10.3.2 GRUPO GENERG - Major Products and Services 102 10.3.3 GRUPO GENERG - Head Office 102 10.4 Company Snapshot: Energias de Portugal S.A. 103 10.4.1 Energias de Portugal S.A. - Company Overview 103 10.4.2 Energias de Portugal S.A. - Business Description 103 10.4.3 Energias de Portugal S.A. - SWOT Analysis 103 10.4.4 Energias de Portugal S.A. - Major Products and Services 107 10.4.5 Energias de Portugal S.A. - Head Office 107 11 Appendix 108 11.1 Abbreviations 108 11.2 Bibliography 108 11.3 Market Definitions 109 11.4 Methodology 109 11.5 Coverage 109 11.5.1 Secondary Research 109 11.5.2 Primary Research 110 11.5.3 Modeling and Forecasting 110 11.6 Contact Us 110 11.7 Disclaimer 111

1.1 List of Tables Table 1: Carbon Dioxide Emissions from Energy Consumption, Global (MT), 2001-2016 11 Table 2: Primary Energy Consumption, Global (Mtoe), 2001-2030 13 Table 3: Renewable Power Market, Global, Cumulative Installed Capacity by Source Type (MW), 2006-2030 17 Table 4: Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 19 Table 5: Renewable Power Market, Global, Net Capacity Additions by Source Type (MW), 2016-2030 21 Table 6: Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 23 Table 7: Renewable Power Market, Global, Power Generation (GWh), 2006-2030 25 Table 8: Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 27 Table 9: Renewable Power Market, Global, Assumptions for LCOE Calculation 28 Table 10: Renewable Power Market, Global, LCOE Comparison of Power-generating Sources ($/kWh), 2016 30 Table 11: Solar Photovoltaic (PV) Market, Global, Installed Capacity (MW), 2006-2030 34 Table 12: Solar Photovoltaic (PV) Market, Global, Cumulative Installed Capacity Share by Region (%), 2016 and 2030 36 Table 13: Solar Photovoltaic (PV) Market, Global, Cumulative Installed Capacity Share by Country (%), 2016 and 2030 38 Table 14: Solar Photovoltaic (PV) Market, Global, Power Generation (GWh), 2006-2030 40 Table 15: Solar Photovoltaic (PV) Market, Global, Generation Share by Region (%), 2016 and 2030 42 Table 16: Solar Photovoltaic (PV) Market, Global, Generation Share by Country (%), 2016 and 2030 44 Table 17: Solar Photovoltaic (PV) Market, Global, Investment Trends ($m), 2016-2020 46 Table 18: Power Market, Portugal, Cumulative Installed Capacity by Fuel Type(MW), 2006-2030 50 Table 19: Power Market, Portugal, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 51 Table 20: Power Market, Portugal, Net Capacity Additions by Fuel Type(MW), 2016 and 2030 53 Table 21: Power Market, Portugal, Comparison of Technologies Based on Installed Capacity, 2016-2030 55 Table 22: Power Market, Portugal, Power Generation by Fuel Type (GWh), 2006-2030 58 Table 23: Power Market, Portugal, Comparison of Technologies Based on Power Generation, 2016-2030 60 Table 24: Renewable Power Market, Portugal, Cumulative Installed Capacity by Source Type (MW), 2006-2030 64 Table 25: Renewable Power Market, Portugal, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 66 Table 26: Renewable Power Market, Portugal, Net Capacity Additions by Source Type (MW), 2016-2030 68 Table 27: Renewable Power Market, Portugal, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 70 Table 28: Renewable Power Market, Portugal, Power Generation by Source Type (GWh), 2006-2030 73 Table 29: Renewable Power Market, Portugal, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 75 Table 30: Solar Photovoltaic (PV) Market, Portugal, Installed Capacity (MW), 2006-2030 78 Table 31: Solar Photovoltaic (PV) Market, Portugal, Power Generation (GWh), 2006-2030 80 Table 32: Solar Photovoltaic (PV) Market, Portugal, New Investment ($m), 2016-2020 82 Table 33: Solar Photovoltaic (PV) Market, Portugal, Major Active Plants, 2016 83 Table 34: Solar Photovoltaic (PV) Market, Portugal, Key Under-construction Projects, 2016 84 Table 35: Solar Photovoltaic (PV) Market, Portugal, Deal Volume vs. Deal Value ($m), 2006-2016 86 Table 36: Solar Photovoltaic (PV) Market, Portugal, Deals by Type, 2016 87 Table 37: Renewable Energy Feed-in-Tariffs, Portugal, 2017 90 Table 38: Neoen S.A.S., Major Products and Services 92 Table 39: Mitsubishi Corporation, Major Products and Services 99 Table 40: GRUPO GENERG, Major Products and Services 102 Table 41: Energias de Portugal S.A., Major Products and Services 107 Table 42: Abbreviations 108 1.2 List of Figures Figure 1: Power Market, Portugal, Cumulative Installed Capacity by Type of Power Plant (%), 2016 7 Figure 2: Carbon-di-oxide Emissions from Energy Consumption, Global (MT), 2001-2016 10 Figure 3: Primary Energy Consumption, Global (Mtoe), 2001-2030 12 Figure 4: Renewable Power Market, Global, Cumulative Installed Capacity by Source Type (MW), 2006-2030 16 Figure 5: Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 18 Figure 6: Renewable Power Market, Global, Net Capacity Additions by Source Type (MW), 2016-2030 20 Figure 7: Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 22 Figure 8: Renewable Power Market, Global, Power Generation (GWh), 2006-2030 24 Figure 9: Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 26 Figure 10: Renewable Power Market, Global, LCOE Comparison of Power-generating Sources ($/kWh), 2016 29 Figure 11: Solar Photovoltaic (PV) Market, Global, Installed Capacity (MW), 2006-2030 33 Figure 12: Solar Photovoltaic (PV) Market, Global, Cumulative Installed Capacity Share by Region (%), 2016 and 2030 35 Figure 13: Solar Photovoltaic (PV) Market, Global, Cumulative Installed Capacity Share by Country (%), 2016 and 2030 37 Figure 14: Solar Photovoltaic (PV) Market, Global, Power Generation (GWh), 2006-2030 39 Figure 15: Solar Photovoltaic (PV) Market, Global, Generation Share by Region (%), 2016 and 2030 41 Figure 16: Solar Photovoltaic (PV) Market, Global, Generation Share by Country (%), 2016 and 2030 43 Figure 17: Solar Photovoltaic (PV) Market, Global, Investment Trends ($m), 2016-2020 45 Figure 18: Power Market, Portugal, Cumulative Installed Capacity by Fuel Type(MW), 2006-2030 49 Figure 19: Power Market, Portugal, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 51 Figure 20: Power Market, Portugal, Net Capacity Additions by Fuel Type(MW), 2016 and 2030 52 Figure 21: Power Market, Portugal, Comparison of Technologies Based on Installed Capacity, 2016-2030 54 Figure 22: Power Market, Portugal, Power Generation by Fuel Type (GWh), 2006-2030 57 Figure 23: Power Market, Portugal, Comparison of Technologies Based on Power Generation, 2016-2030 59 Figure 24: Renewable Power Market, Portugal, Cumulative Installed Capacity by Source Type (MW), 2006-2030 63 Figure 25: Renewable Power Market, Portugal, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 65 Figure 26: Renewable Power Market, Portugal, Net Capacity Additions by Source Type (MW), 2016-2030 67 Figure 27: Renewable Power Market, Portugal, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 69 Figure 28: Renewable Power Market, Portugal, Power Generation by Source Type (GWh), 2006-2030 72 Figure 29: Renewable Power Market, Portugal, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 74 Figure 30: Solar Photovoltaic (PV) Market, Portugal, Installed Capacity (MW), 2006-2030 77 Figure 31: Solar Photovoltaic (PV) Market, Portugal, Power Generation (GWh), 2006-2030 79 Figure 32: Solar Photovoltaic (PV) Market, Portugal, New Investment ($m), 2016-2020 81 Figure 33: Solar Photovoltaic (PV) Market, Portugal, Deal Volume vs. Deal Value ($m), 2006-2016 85 Figure 34: Solar Photovoltaic (PV) Market, Portugal, Split by Deal Type (%), 2016 87

Neoen S.A.S. Mitsubishi Corporation GRUPO GENERG Energias de Portugal S.A.