CLEAN ENERGY PIPELINE GLOBAL CLEAN ENERGY REVIEW · Co. Inc., Ormat Technologies Inc., PT Medco Energi Internasional Tbk Japan Bank for International Cooperation, Asian Development

CLEAN ENERGY PIPELINE

GLOBAL CLEAN ENERGY REVIEW1Q14 ANALYTICS AND GRAPHS

CONTACT CLEAN ENERGY PIPELINE

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TOTAL NEW CLEAN ENERGY INVESTMENT

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Project finance Small-scale project investment Public markets Venture capital & private equity

Note: This excludes corporate M&A transactions and private equity buyouts. Project finance includes debt and equity invested in projects above 1MW.

1Q09 TO 1Q14


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VB/Research Ltd © 2013All rights reserved

VENTURE CAPITAL & PRIVATE EQUITY


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AVERAGE QUARTERLY VC/PE INVESTMENT 1Q09 to 4Q14

Venture Capital (early-stage) $1.0 billion

Venture Capital (late-stage) $535 million

Private Equity (development capital) $803 million

AVERAGE DEAL SIZE 1Q09 to 4Q14

Venture Capital (early-stage) $6.8 million

Venture Capital (late-stage) $19.7 million

Private Equity (development capital) $42.1 million

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VC - Early Growth (Series A to C) VC - Late Stage (Series D+)

PE - Development Capital Number of deals

Note: This excludes private equity buyouts.

GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 1Q09 TO 1Q14


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TOP TEN VENTURE CAPITAL TRANSACTIONS2Q13

COMPANY COUNTRY INVESTOR(S) DEAL VALUE ($ MILLION)

Juwi Renewable IPP GmbH & Co KG Germany Gothaer Versicherungen AG 205

Elkem Solar AS Norway Guangyu International Ltd. 200

View, Inc. USA Madrone Capital Partners 100

Intelligent Energy Ltd. UK Government of Singapore Investment Corporation Pte Ltd. 62

LanzaTech Ltd. New Zealand

Khosla Ventures LLC, Malaysian Life Sciences Capital Fund, Mitsui & Co Ltd., K1W1 Ltd., Qiming Weichang Venture Capital Management (Shanghai) Co. Ltd., Siemens Financial Services Ltd.

51

Cool Planet BioFuels Inc. USA Exelon Capital Partners, North Bridge Venture Partners, BP plc, Goldman Sachs & Co., Google Ventures, UBS AG, Energy Technology Ventures, Concord Energy Pte Ltd.

51

SolarBridge Technologies USA Rho Ventures LP, Constellation Ventures, Prelude Trust PLC, Shea Ventures LLC 42

Chromatin Inc. USA BP Alternative Energy Ventures, GE Capital, IllinoisVENTURES LLC, Venture Investors LLC, State of Wisconsin, Wood Creek Capital Management LLC

36

AMCS Group Ireland Highland Capital Partners LLC, Ulster Bank Diageo Venture Fund 32

GLO AB Sweden Foundation Asset Management AB, Nano Future Invest A/S, Teknoinvest AS, Energy Future Invest AS, Wellington Partners Venture Capital

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Clean Energy Pipeline has not included the $80 million investment in California-based ride-sharing company Lyft in its investment analysis. While vehicle sharing companies have green credentials, Clean Energy Pipeline does not count funds raised by such companies when compiling investment statistics.

TOP TEN VENTURE CAPITAL/PRIVATE EQUITY TRANSACTIONS 1Q14


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GLOBAL PRIVATE EQUITY BUYOUTS1Q09 TO 2Q13

AVERAGE PRIVATE EQUITY (BUYOUT) ACTIVITY 1Q09 to 1Q14

Average quarterly deal volume $3.3 billion

Average deal size $81.8 million

GLOBAL PRIVATE EQUITY BUYOUTS 1Q09 TO 1Q14


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4% GREEN TRANSPORTATION

BIOFUELS

7%

ENERGY STORAGE

12%

ENERGY EFFICIENCY

20%

SOLAR

25%OTHER

11%

ADVANCEDMATERIALS &

TECHNOLOGIES

9%

GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR

PERCENTAGE OF TOTAL DEAL VALUE

1Q14

TOTAL INVESTMENT: $1.6 BILLION

PERCENTAGE OF TOTAL NUMBER OF DEALS

TOTAL NUMBER OF DEALS: 166

ENERGYSTORAGE

10%

WIND

5%

ADVANCEDMATERIALS &

TECHNOLOGIES

14%

SOLAR

16%ENERGY

EFFICIENCY

22%

OTHER

26%

GREENTRANSPORTATION

7%


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MERGERS & ACQUISITIONS


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Deals under $500 million Deals over $500 million Number of deals

AVERAGE M&A INVESTMENT 1Q09 to 1Q14

Average quarterly M&A deal volume $15.6 billion

Average number of deals per quarter 229

Average M&A transaction value $68.1 million

GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 1Q14


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RECYCLING & WASTE

8%

HYDRO

9%

OTHER

12%

WIND

26%TOTAL M&A ACTIVITY

$12.8 BILLION

GLOBAL MERGERS & ACQUISITIONS BY SECTOR 1Q14

SOLAR

15%ENERGY EFFICIENCY

29%VB/Research Ltd © 2013

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TARGET(S) STAKE ACQUIRED GEOGRAPHY ACQUIRER(S) DEAL VALUE ($ MILLION)

Nest Labs 100% USA Google Inc. 3,200

Wind farm (630MW) London Array, Phase 1

25% UK Caisse de dépôt et placement du Québec 1,063

Transpacific Industries Group Ltd. (New Zealand business)

100% New Zealand Beijing Capital Group Co. Ltd 795

Wind farms (321MW) Bord Gáis Energy, Ireland and Northern Ireland

100% Ireland, UK Brookfield Renewable Energy Partners LP 680

SMA Solar Technology AG 20% Germany Danfoss Developement A/S 416

Wind farm (210MW) Westermost Rough

50% UK Marubeni Corp., UK Green Investment Bank 399

Wind farm (576MW) Gwynt y Mor

10% UK UK Green Investment Bank 366

Dobreve Energia SA 100% Brazil CPFL Energias Renováveis S.A. 297

Hydro plant (417MW) Safe Harbor

33% USA Brookfield Renewable Energy Partners LP 289

NanoH2O Inc. 100% USA LG Chem Ltd. 200

TOP TEN MERGERS & ACQUISITIONS TRANSACTIONS 1Q14


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PROJECT / ASSET FINANCE


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Europe North America Asia Rest of the World Number of Deals

GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION 1Q09 TO 1Q14


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OFFSHORE WIND

15%TOTAL PROJECT FINANCE: $36.6 BILLION

GLOBAL PROJECT / ASSET FINANCE BY SECTOR 1Q14

PERCENTAGE OF TOTAL DEAL VALUE

GEOTHERMAL

5%BIOMASS

5%OTHER

4%

SOLAR PV

34%ONSHORE WIND

37%

PERCENTAGE OF TOTAL NUMBER OF DEALS

ONSHOREWIND

33% SOLAR PV

50%OFFSHORE WIND

9%

OTHER

4%

GEOTHERMAL

2%BIOMASS

2%TOTAL NUMBER OF DEALS: 405


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PROJECT GEOGRAPHY PROJECT SPONSOR(S) PROJECT DEVELOPER(S) INVESTMENT VOLUME($ MILLION)

Offshore Wind farm (312MW) Borkum Riffgrund 1

Germany DONG Energy A/S, KIRKBI A/S, Oticon Foundation

DONG Energy A/S 1,673

Offshore Wind farm (288MW) Amrumbank West

Germany E.ON Climate & Renewables E.ON Climate & Renewables 1,367

Offshore Wind farm (210MW) Westermost Rough

UK DONG Energy A/S, Marubeni Corp., UK Green Investment Bank

DONG Energy A/S 1,330

Solar PV plant (250MW) Moapa

USA First Solar Inc. First Solar Inc. 905

Onshore Wind farm (205MW) Bison 4

USA Minnesota Power Minnesota Power 345

TOP FIVE BALANCE SHEET PROJECT INVESTMENTS 1Q14


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TOP FIVE PROJECT DEBT FINANCE TRANSACTIONS 1Q14

PROJECT GEOGRAPHY PROJECT SPONSOR(S) DEBT PROVIDER(S) DEBT VALUE ($ MILLION)

Geothermal plant (330MW) Sarulla

Indonesia Itochu Corp., Kyushu Electric Power Co. Inc., Ormat Technologies Inc., PT Medco Energi Internasional Tbk

Japan Bank for International Cooperation, Asian Development Bank, Clean Technology Fund, Canadian Climate Fund, Six Undisclosed Commercial Banks

1,170

Onshore Wind farm (270MW) K2 Wind

Canada Pattern Energy Group LP, Samsung C&T Corp., Capital Power Corp.

15 Undisclosed Banks 757

Onshore Wind farm (300MW)Lake Turkana

Kenya Vestas Wind Systems A/S, Norfund, Aldwych International Ltd., Finnfund, KP&P BV, IFU (Danish Investment Fund for Developing Countries)

European Investment Bank, African Development Bank, FMO NV (The Netherlands Development Finance Company), Standard Bank Group Ltd., Deutsche Investitions-und Entwicklungsgesellschaft GmbH, Nedbank Ltd., Proparco

687

Onshore Wind farm (195MW) Noordoostpolder

Netherlands NOP Agrowind European Investment Bank, KfW Bankengruppe, Rabobank

477

Solar PV plant (250MW)Copper Mountain 3

USA Sempra Energy Group, Consolidated Edison Development (CED)

Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp.

440


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PUBLIC MARKETS


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First Trust NASDAQ Clean Edge Green ETF

First Trust Global Wind Energy (FAN)

WilderHill New Energy Global Innovation Index

MSCI China Broad

NASDAQ-100

FTSE100

HSBC Climate Change Index

Ardour Solar Energy Index

PUBLIC MARKETS PERFORMANCE 2Q13 TO 1Q14


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GLOBAL PUBLIC MARKETS TRANSACTIONS1Q08 TO 2Q13

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IPO Secondary Convertible Number of deals

GEOGRAPHIC BREAKDOWN - PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF TOTAL DEAL NUMBERS 1Q08 TO 1Q14

GLOBAL PUBLIC MARKETS TRANSACTIONS 1Q08 TO 1Q14

43%

28%

28%

North America

Europe

Asia-Pacific

South America

Middle East


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ISSUER SECTORS COUNTRY ISSUE TYPE STOCK EXCHANGE PROCEEDS ($ MILLION)

Tesla Motors Inc. Green Transportation USA Convertible NASDAQ 2,300

Vestas Wind Systems A/S Wind Denmark Secondary OMX Nordic - Copenhagen 598

Suez Environnement SA Recycling & Waste France Convertible Euronext Paris 481

NRG Yield Inc. Wind / Solar USA Convertible New York Stock Exchange 345

JinkoSolar Co. Ltd Solar China Secondary New York Stock Exchange 282

TOP FIVE PUBLIC MARKETS TRANSACTIONS 1Q14


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CLEAN ENERGY PIPELINE

GLOBAL CLEAN ENERGY REVIEW1Q14 ANALYTICS AND GRAPHS


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CLEAN ENERGY PIPELINE GLOBAL CLEAN ENERGY REVIEW · Co. Inc., Ormat Technologies Inc., PT Medco Energi Internasional Tbk Japan Bank for International Cooperation, Asian Development