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Wind Power Finance and Investment
Brasil: vento, energia e investimentoSao Paulo
23 November 2007
Steve SawyerSecretary General
Global Wind Energy Council
2
$28.3bn
$54.2bn
$75.4bn
$94.5bn
2004 2005 2006 2007
Global New Investment in Clean Energy 2004 – 2007(Preliminary 2007 figures; new money only)
92% Growt
h
Grossed-up estimate based on disclosed deals. New investment only. * 2007 estimate based on YTD Sept.
Source: New Energy Finance
39% Growt
h
25% Growt
h
*
3
Source: New Energy Finance
Global Asset Financing by Sector 2004 – 2007
Grossed-up estimate based on disclosed deals. Numbers in brackets refer to total deals. Includes new build & refinancings, excludes project acquisitions. *2007 = annualised YTD
$46,000m*(504)
$38,601m (423)
$26,009m (438)
$11,763m (249)
2004 2005 2006 2007Wind Biomass & Waste Biofuels Geothermal & Mini-Hydro Marine & Solar
4
Wilder Hill New Energy Finance Global Innovation Index (NEX), Jan 2003 to October 2007
0
50
100
150
200
250
300
350
400
450NEX AMEX Oil NASDAQ S&P 500
The NEX consists of the world’s largest, most liquid and most representative clean energy stocks. 30 December 2002 = 100
Source: New Energy Finance, American Stock Exchange
5
Supporting Wind GrowthFeed-in Tariffs, Quotas and Tax Incentives
Stimulate Leading Markets
11,612
6,270
2,607 2,123 1,967 1,468
11,614
20,622
3,135
1,716
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
Germany Spain USA India Denmark China Italy UnitedKingdom
Portugal Canada
To
tal
MW
In
sta
lled
Th
rou
gh
20
06
Notes: “Other” refers to countries that have no incentive for wind power production, or only tax exemptions and direct investment subsidiesSource: Emerging Energy Research
Feed-in tariff mechanisms have created the largest markets; however, the quota model with tax incentives has stimulated significant market growth
Feed in tariff
Quota
Quota + tax incentive
Other
6
Supporting Wind GrowthPolicy Introduction Results
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Germany
Spain
USA
India
China
Denmark
Italy
UK
Portugal
An
nu
al M
W I
nst
all
ed
Notes: Policy triggers include Germany EEG 2000, Spain Real Decreto 2818, USA PTC renewal 2004, India Electricity Act 2003, China RE Law Jan. 2006, Denamark Electricity Supply Act 1996, Italy Bersani Decree 1999/GC law 2003, UK RO 2002, Portugal Decree Law 339. 2007 MW installed based on EER forecasts.Source: Emerging Energy Research, governments.
China’s Renewable Energy law debut ranks third worldwide in terms of annual MW added results.
Mid-size European markets, <300 MW after policy launch
USA: >4 GW after continuous PTC renewal
China: >2 GW, 2 years after policy debut
Years After Policy Introduction