Quarterly Reviews and Changes

Addition of New Business Involvement Screen and Changes to the Governance Score Screen — S&P DJI Netherlands B.V., a wholly owned subsidiary of S&P Dow Jones Indices LLC, (“S&P Dow Jones Indices” or “S&P DJI”), and the benchmark administrator for the MAC Global Solar Index, on April 27, 2023, announced the results of a public consultation at the following link:  https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20230428-1463752/1463752_macsglobalsolarindexconsultationresultsupdated4-28-2023.pdf The changes to the methodology include (1) adding a quarterly screen of specified excluded business activities using the S&P Business Involvement database, and (2) changing the current Governance Score screen to a quarterly screen at the regular quarterly index review from the previous annual screen, raising the minimum allowable score for the S&P Governance Score to 5.00 from zero, and requiring a Governance Score for a stock to be a constituent in the Index. See the PDF announcement for details. The effective date of the methodology change will be prior to the open on Thursday, June 1, 2023. The methodology changes will be implemented for constituents for the first time as part of the regular June 2023 quarterly index review. For the details on the methodology changes, please see the updated MAC Solar Index official methodology at the following link:  https://www.spglobal.com/spdji/en/documents/methodologies/MAC_Global_Solar_Energy_Index_Methodology.pdf

Hanwha Solutions (009830 KS), a current Index constituent, is spinning off a division, Hanwha Galleria Co Ltd (452260 KS), to its shareholders and Hanwha Galleria will therefore be added to the index effective on Friday, March 31, 2023.

As part of the regular quarterly Index review process that takes effect after the close of business on March 17, 2023, GCL New Energy Holdings Ltd (451 HK) will be dropped from the Index.

As part of the regular quarterly Index review process that takes effect after the close of business on December 16, 2022, Heliogen, Inc (HLGN US) will be dropped from the Index, while ReNew Energy Global plc Class A (RNW US) will be added to the Index.

GCL Technology Holdings Ltd (3800 HK), a current Index constituent, is conducting a distribution to its shareholders of its ownership interest in GCL New Energy Holdings Ltd (451 HK), which is scheduled to take full effect after the close on October 11, 2022.

As part of the regular quarterly Index review process that takes effect after the close of business on September 16, 2022, the following stocks will be dropped from the Index: Azure Power Global (AZRE US), GCL New Energy Holdings Ltd (451 HK), and Shandong Hi-Speed New Energy Group Limited (1250 HK). The following stock will be added to the Index: Hyundai Energy Solutions Co Ltd (322000 KS).

As part of the regular quarterly Index review process that takes effect after the close of business on June 17, 2022, the following stocks will be added to the Index: Altus Power Inc (AMPS US), Heliogen Inc (HLGN US), and Xinte Energy Co Ltd (1799 HK).

As part of the regular quarterly Index review process that takes effect after the close of business on March 18, 2022, Beam Global (BEEM US) will be dropped from the Index, while GCL-Poly Energy Holdings Ltd (3800 HK) will be added to the Index.

As part of the regular quarterly Index review process that takes effect after the close of business on December 17, 2021, the following stock will be dropped from the Index: Sunworks Inc (SUNW US).

Solarpack Corporacion Tecnologica SA (SPK:SM), a constituent stock in the MAC Solar Index, is being acquired by the EQT Infrastructure V fund, through the investment vehicle Veleta BidCo, and will be dropped from the Index after the close of business on November 30, 2021, taking effect on December 1, 2021.

As part of the regular quarterly Index review process that takes effect after the close of business on September 17, 2021, the following stocks will be dropped from the Index: GCL-Poly Energy Holdings Ltd (3800 HK), and Anji Technology Co Ltd (6477 TT).

As part of the regular quarterly Index review process that takes effect after the close of business on June 18, 2021, the following stocks will be added to the Index: Shoals Technologies Group, Inc. Class A (SHLS US) and O.Y. Nofar Energy Ltd (NOFR IT). The following stocks will be dropped from the Index: Clearway Energy Inc Cl C (CWEN US), Fastned BV (FAST NA), SHINSUNG E & G Co LTD (011930 KS), and Xinte Energy Co Ltd – H Shares (1799 HK).

Effective Monday, May 24, 2021, S&P Dow Jones Indices became the benchmark administrator for the MAC Global Solar Energy Index. The latest Index methodology and other key information can be found on the S&P website at: https://www.spglobal.com/spdji/en/custom-indices/mac-indexing-llc/mac-global-solar-energy-index-net-total-return/#overview.

Revised MAC Global Solar Energy Index methodology took effect as of the close of business on May 7, 2021. The updated Index methodology is available at: https://macsolarindex.com/methodology/

As part of the regular quarterly Index review process that takes effect after the close of business on March 19, 2021, the Exposure Factor for the existing constituent Atlantica Sustainable Infrastructure (AY US) will be raised to 1.0 from 0.5. Also, the following stocks will be added to the Index (with the Exposure Factor in parenthesis): Array Technologies Inc (ARRY US) (1.0), Sunworks (SUNW US) (1.0), Soltec Power Holdings SA (SOL SM) (1.0), Fastned BV (FAST NA) (1.0), Luoyang Glass Company Limited-H (1108 HK) (1.0), GCL New Energy Holdings Ltd (451 HK) (1.0), XINTE ENERGY Co-H (1799 HK) (0.5), Beijing Enterprises Clean Energy Group (1250 HK), (0.5), United Renewable Energy (3576 TT) (1.0), TSEC Corp (6443 TT) (1.0), Motech Industries Inc (6244 TT) (1.0), Giga Solar Materials Corp (3691 TT) (1.0), Anji Technology Co Ltd (6477 TT) (1.0), Hanwha Solutions Corporation (009830 KS) (0.5), Shinsung E&G Co Ltd (011930 KS) (0.5), Doral Group Renewable Energy Resources Ltd (DORL IT) (1.0), Enlight Renewable Energy (ENLT IT) (1.0), and Energix-Renewable Energies Ltd (ENRG IT) (0.5). There are no stock deletions from the Index and no other changes.

MAC Solar Index Consultation Regarding Revised Index Methodology

Link to MAC-Solar-Index-Proposed-New-Index Methodology

March 11, 2021 – MAC Solar Index is conducting a consultation with market participants on a proposal to update the Index methodology, as seen in the attached document. There are a number of proposed changes, including but not limited to: (1) raising the minimum float-adjusted market cap for initial inclusion in the Index to $250 million from the current $150 million, (2) changing to a 3-month rather than 1-month minimum average daily average of $750,000 for initial inclusion in the Index, (3) imposing specified minimums for continued inclusion in the Index of $125 million of float-adjusted market cap and a 3-month average daily trading value of $375,000, and (4) implementing environmental and governance screens. We are also soliciting feedback on whether there should be any measures adopted that seek to limit ownership of the constituent stocks that are listed in any particular country or all countries allowed by the Index methodology.

For reference, the March 2021 quarterly Index review that takes effect after the close on March 19, 2021, will occur under the current methodology. Any changes in the Index methodology contemplated by this Index consultation will not take effect until some time after the March rebalance. See the current Index methodology at https://macsolarindex.com/methodology/.

Questions:

1. Please provide feedback on all aspects of the Index methodology and proposed changes, and suggest any other changes that should be considered.

2. What would be the best timing for implementing this proposal if MAC Solar proceeds?

Please respond to this survey as soon as possible. To participate in this consultation, please send an email to support@macsolarindex.com.
Thank you for taking the time to respond to this consultation.

As part of the regular quarterly index review process that takes effect after the close of business on December 18, 2020, the following stocks will be added to the Index: ReneSola Ltd-ADR (SOL US) with an Exposure Factor of 1.0, Beam Global (BEEM US) with an Exposure Factor of 1.0, Grenergy Renovables S.A. (GRE SM) with an Exposure Factor of 1.0, and Solarpack Corp Technologica SA (SPK SM) with an Exposure Factor of 1.0. There are no other changes.

November 25, 2020 – The index methodology for the MAC Solar Index will be changed to add four countries to the list of countries in which an Index constituent stock must be listed: Israel, Luxembourg, South Korea, and Taiwan. This methodology change will take effect as of the March 2021 MAC Solar Index rebalance. A public index consultation on this topic was previously issued on November 16, 2020.

MAC Solar Index Consultation on Index Methodology Change to Allow More Countries of Listing

November 16, 2020

MAC Solar Index is conducting a consultation with market participants on a proposal to add to the list of countries in which MAC Solar Index constituents must be listed. The addition of more stocks to the Index would be beneficial from the standpoint of improving diversification weighting and staying well above the continued listing requirement for a global index of having a minimum of 20 stocks. The Index currently has 26 stocks.

The MAC Solar Index currently requires constituents to be listed in one of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. See the current Index methodology at https://macsolarindex.com/methodology/.

MAC Solar Index is proposing to add four countries to this list: Israel, Luxembourg, South Korea, and Taiwan.

The addition of Israel, Luxembourg, and South Korea would allow the MAC Solar Index to match a well-known standard of developed countries. Of those three countries, there is one stock in Israel at present that may qualify for inclusion in the Index and no prospective stocks at present in Luxembourg or South Korea.

Taiwan is being proposed as a country addition because there are currently four solar stocks that trade in Taiwan that may qualify for inclusion in the MAC Solar Index.

Questions:

1. What are the advantages and disadvantages of adding each of the above-mentioned countries? Would the addition of any of these countries create any problems for stakeholders from any standpoint? If so, which countries and how? Should any other countries be added to the consideration?

2. What would be the best timing for implementing this proposal if MAC Solar proceeds?

Please respond to this survey by November 25, 2020. After this date, MAC Indexing will no longer accept survey responses.

To participate in this consultation, please send an email to support@macsolarindex.com.

Thank you for taking the time to respond to this consultation.

Vivint Solar Inc (VSLR:US), a constituent stock in the MAC Solar Index, is being acquired by Sunrun Inc (RUN:US), and will be dropped from the Index after the close of business on October 7, 2020, when the acquisition closes, and the proceeds will be distributed on a pro-rata weight basis to the other constituents in the Index.

As part of the regular quarterly index review process that takes effect after the close of business on September 18, 2020, the following stocks will be added to the index: Renova Inc (9519 JT) with an Exposure Factor of 0.5, Meyer Burger Technology AG (MBTN SW) with an Exposure Factor of 1.0, Azure Power Global Ltd (AZRE US) with an Exposure Factor of 1.0, and Clearway Energy Inc-C Shares (CWEN US) with an Exposure Factor of 0.5. There are no other changes.

Maxeon Solar Technologies Ltd (MAXN:US) is being spun-off by Sunpower Corp (SPRW:US), a constituent stock in the MAC Solar Index, and Maxeon will be added as an independent publicly-traded company to the MAC Solar Index effective after the close on 26-Aug-2020 when the spin-off is finalized.

Terraform Power Inc A (TERP:US), a constituent stock in the MAC Solar Index, is being acquired by Brookfield Renewable Corp, and will be dropped from the Index as of the close of business on July 30, 2020 when the acquisition closes, and the proceeds will be distributed on a pro-rata weight basis to the other constituents in the Index via a divisor change.

As part of the regular quarterly index review process that takes effect as of the close of business on June 19, 2020, West Holdings Corp (1407 JT) will be added to the index with an Exposure Factor of 0.5.

As part of the regular quarterly index review process that takes effect as of the close of business on March 20, 2020, Sunnova Energy International Inc. (NOVA US) and Flat Glass Group Co. Ltd. – H shares (6865 HK) will be added to the MAC Solar Index, both with Exposure Factors of 1.0, while the following two stocks will be dropped from the index due to low liquidity: Beijing Enterprises Clean Energy Group Limited (1250 HK) and Meyer Burger Technology AG (MBTN SW).

As part of the regular quarterly index review process that takes effect as of the close of business on December 20, 2019, GCL New Energy Holdings Ltd (451 HK) will be removed from the Index due to below-threshold liquidity, while Neoen SA (NEOEN FP) will be added to the Index with an Exposure Factor of 0.5.

There will be no changes in the constituent stock list as part of the regular quarterly index review process that takes effect as of the close of business on September 20, 2019.

As part of the regular quarterly index review process that takes effect as of the close of business on June 21, 2019, REC Silicon ASA (REC NO) will be removed from the index due to below-threshold solar revenue exposure, and Xinyi Energy Holdings Ltd (3868 HK) will be added to the index with an Exposure Factor of 1.0 as a spin-off from an existing constituent (Xinyi Solar Holdings Ltd-968 HK).

There will be no changes in the constituent stock list as part of the regular quarterly index review process that will take effect as of the close of business on March 15, 2019.

As part of the regular quarterly index review process that takes effect as of the close of business on December 21, 2018, China Singyes Solar Technologies (750 HK) will be removed from the index. There are no other changes.

There will be no changes in the constituent stock list as part of the regular quarterly index review process that will take effect as of the close of business on September 21, 2018.

As part of the regular quarterly index review process that takes effect as of the close of business on June 15, 2018, Beijing Enterprises Clean Energy Group Ltd (1250 HK) will be added to the Index with an exposure factor of 1.0.

As part of the regular quarterly index review process that takes effect as of the close of business on March 16, 2018, the following two stocks will be added to the index: Enphase Energy Inc (ENPH US) and Solaria Energia (SLR SM), both with an Exposure Factor of 1.0. Also, the following two stocks will be removed from the index due to acquisition activity: Ja Solar Holdings Co Ltd ADR (JASO US) and 8point3 Energy Partners LP (CAFD US). Also, Shunfeng International Clean Energy Ltd (1165 HK) will be removed from the index.

TerraForm Global Inc (GLBL US) will be dropped from the index effective on the close of December 29, 2017, and the weight will be distributed on a pro-rata basis to the other index constituents.  TerraForm Global is being acquired by Brookfield Asset Management.

TerraForm Power Inc (TERP US) will be added to the index with an Exposure Factor of 0.5 as part of the regular quarterly index review process that will take effect as of the close of business on December 15, 2017.

Hanwha Q Cells (HQCL:US) will be dropped from the index as part of the regular quarterly index review process that will take effect as of the close of business on September 15, 2017.

There will be no changes in the constituent stock list as part of the regular quarterly index review process that will take effect as of the close of business on June 16, 2017.

As of the close of business on March 17, 2017, the following stocks will be added to the Index: (1) Scatec Solar ASA (SSO NO) with an Exposure Factor of 1.0, (2) GCL New Energy Holdings Ltd ( 451 HK) with an Exposure Factor of 1.0, and (3) Capital Stage AG (CAP GY) with an Exposure Factor of 0.5.

Trina Solar Ltd (TSL US) will be dropped from the MAC Solar Index and its weight will be distributed on a pro rata basis to the other constituents in the index effective on the close of business on Monday, March 13, 2017. Trina Solar is being acquired and delisted in a take-private transaction.

As of the close of business on Dec 16, 2016, Hannon Armstrong Sustainable Infrastructure Capital Inc (HASI US) will be added to the index with an Exposure Factor of 0.5.

Solarcity Corp (SCTY US) will be dropped from the MAC Solar Index and the weight will be distributed on a pro rata basis to the other constituents in the index as of the close of business on Wednesday, November 23, 2016. Tesla Motors Inc (TSLA US) acquired Solarcity (SCTY US) and the combined entity does not have sufficient solar exposure at this time to meet the requirements for inclusion in the MAC Solar Index.

There were no changes in the constituent stock list as part of the regular quarterly index review process that took effect as of the close of business on September 16, 2016.

There were no changes in the constituent stock list as part of the regular quarterly index review process that took effect as of the close of business on June 17, 2016.

Effective as of the close of business on Tuesday, March 22, SunEdison (SUNE) was removed from the index.

There were no changes to the constituent stock list as part of the regular quarterly index review process that took effect as of the close of business on March 18, 2016.

As of the close of business on Dec 18, 2015, Enphase Energy (US ENPH) was removed from the index. No other changes were made.

As of the close of business on Sep 18, 2015, three stocks were added to the index: 8point3 Energy Partners (CAFD US) with an Exposure Factor of 1.0, Terraform Global (GLBL US) with an Exposure Factor of 0.5, and Sunrun (RUN US) with an Exposure Factor of 1.0. In addition, four stocks were deleted from the index: Advanced Energy Industries (AEIS US), Yingli (YGE US), ReneSola (SOL US), and Comtec (712 HK).

As of the close of business on June 19, 2015, SolarEdge Technologies (SEDG US) was added to the Index with an Exposure Factor of 1.0, and two stocks were removed from the Index: Hanergy Thin Film Power Group (566 HK) and 5N Plus Inc (VNP CN).

There were no changes to the constituent stock list for the MAC Global Solar Energy Index as part of the regular quarterly index review process that took effect as of the close of business on March 20, 2015.

As of the close of business on December 19, 2014, REC Solar (RECSOL NO) was removed from the index, and Vivent Solar (VSLR US) was added to the index with an Exposure Factor of 1.0.

As of the close of business on October 7, 2014, GT Advanced Technologies Inc (GTAT US) was dropped from the Index.

As of the close of business on Sep 19, 2014, TerraForm Power Inc (TERP US) was added to the Index with an Exposure Factor of 1.0; Abengoa Yield Plc (ABY US) was added to the Index with an Exposure Factor of 0.5; and the Exposure Factor was reduced to 0.5 from 1.0 for existing-constituent GT Advanced Technologies Inc (GTAT US).

There were no changes to the constituent stock list for the MAC Global Solar Energy Index as part of the regular quarterly index review process that took effect as of the close of business on June 20, 2014.

As of the close of business on March 21, 2014, Xinyi Solar Holdings (968 HK) was added to the index with an Exposure Factor of 1.0, and the Exposure Factor was raised to 1.0 from 0.5 for SunEdison (SUNE US).

As of the close of business on December 20, 2013, two stocks were added to the index, both with an Exposure Factor of 1.0: REC Solar ASA (RECSOL NO), and Daqo New Energy Corp (DQ US). In addition, three stocks were removed from the index: Solarworld AG (SWV GR), STR Holdings (STRI US), and Manz AG (M5Z GR). No other changes were made to the index.

As of the close of business on September 20, 2013, one stock was added to the index with an Exposure Factor of 1.0: Shunfeng Photovoltaic International (1165 HK). No other changes were made to the index.

As of the close of business on June 21, 2013, three stocks were added to the index: Enphase Energy (ENPH:US) with an Exposure Factor of 1.0, China Singyes Solar Technologies Holdings Ltd (750:HK) with an Exposure Factor of 0.5, and 5N Plus Inc (VNP:CN) with an Exposure Factor of 0.5. No other changes were made to the index.

As of the close of business on March 15, 2013, three stocks were added to the index, each with an Exposure Factor of 1.0: Solarcity Corp (SCTY US), Hanergy Solar Group Ltd (566 HK), and Comtec Solar Systems Group Ltd (712 HK). Suntech (STP US) was removed from the index. No other changes were made to the index.

As of the close of business on December 21, 2012, Advanced Energy Industries, Inc. (AEIS US) was added to the index with an Exposure Factor of 0.5, and LDK Solar Co. Ltd (LDK US) was removed from the index. No other changes were made to the index.

As of the close of business on September 21, 2012, two stocks were removed from the index: SolarGiga Energy Solutions (757 HK) and Trony Solar Holdings (2468 HK). No other changes were made to the index.

As of the close of business on June 15, 2012, four stocks were removed from index: SatCon Technology Corp (SATC US), Solaria Energia (SLR SM), Amtech Systems (ASYS US), and Daqo New Energy (DQ US). No other changes were made to the index.

As of the close of business on March 16, 2012, three stocks were removed from the index: China Sunergy Co. (CSUN US), Phoenix Solar AG (PS4 GR), and Q-Cells SE (QCE GR). No other changes were made to the index.

As of the close of business on December 16, 2011, three stocks were removed from the index: Energy Conversion Devices (ENER US), PV Crystalox Solar (PVCS LN), and Solar Millennium (S2M GR). No other changes were made to the index.

As of the close of business on September 16, 2011, one stock was removed from the index: Roth & Rau (R8R: GR). No other changes were made to the index.

There were no changes to the constituent stock list for the MAC Global Solar Energy Index (ticker: SUNIDX) as part of the regular quarterly index review process that took effect as of the close of business on June 17, 2011.

As of the close of business on March 18, 2011, three stocks were added to the index: GCL-Poly Energy Holdings Ltd (3800 HK), Trony Solar Holdings Co Ltd (2468 HK), and Daqo New Energy Corp (DQ US). All three stocks were assigned a pure-play Exposure Factor of 1.0. One stock was removed from the index: Evergreen Solar (ESLR US).

As of the close of business on December 17, 2010, two stocks were added to the index: Power-One Inc. (PWER US) and Amtech Systems Inc. (ASYS US). Both stocks were assigned a pure-play Exposure Factor of 1.0. One stock was removed from the index: Solon SE (S001 GR).

As of the close of business on September 17, 2010, two stocks were added to the index: Satcon Technology Corp (SATC US) and JinkoSolar (JKS US). Both stocks were assigned a pure-play Exposure Factor of 1.0. There were no other changes to the index.

There were no changes made in the constituents of the MAC Global Solar Energy Index (ticker: SUNIDX) as of the close of business on Friday, June 18, 2010.

As of the close of business on March 19, 2010, one stock was added to the index: STR Holdings Inc (Bloomberg ticker: STRI) with a medium-play Exposure Factor of 0.5. No other changes were made to the index.

There were no changes to the constituent stock list for the MAC Global Solar Energy Index (ticker: SUNIDX) as part of the regular quarterly index review process that took effect as of the close of business on December 18, 2009.

As of the close of business on September 18, 2009, one stock was added to the index: Solar Millennium AG (S2M GR) with an Exposure Factor of 1.0. No other changes were made to the index.

As of the close of business on June 19, 2009. three stocks were added to the index, each with a pure-play exposure factor of 1.0: Solargiga Energy Holdings (Bloomberg ticker: 757 HK), PV Crystalox Solar PLC (PVCS LN), and Phoenix Solar AG (PS4 GR). No other changes were made to the index.

As of the close of business on March 20, 2009, the following changes were made to the index: EMCORE Corporation (Nasdaq: EMKR) was removed from the Index, SMA Solar Technology AG (Deutsche Borse: S92) was added to the Index with a pure-play exposure factor of 1.0, and GT Solar International, Inc (Nasdaq: SOLR) was added to the Index with a pure-play exposure factor of 1.0.

There were no changes to the constituent stock list for the MAC Global Solar Energy Index (ticker: SUNIDX) as part of the regular quarterly index review process that took effect as of the close of business on December 19, 2008.

As of the close of business on September 19, 2008, the following changes were made to the index: (1) ReneSola Ltd (ADS) (SOL US) was added to the index with a pure-play exposure factor of 1.0, (2) Ersol Solar Energy AG (ES6 GR) was removed from the index, and (3) the exposure factor for Manz Automation (M5Z GR) was raised from 0.5 to 1.0.