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CLEAN ENERGY PIPELINE
GLOBAL CLEAN ENERGY REVIEW4Q13 ANALYTICS AND GRAPHS
CONTACT CLEAN ENERGY PIPELINE
For any questions regarding the information contained herewith or to request additional data / information, please contact:
Douglas LloydFounder and CEOClean Energy [email protected]+44 (0) 20 7251 8000London, UK
Note: This material is protected by UK and international copyright. You may reproduce this material citing “Clean Energy Pipeline” as a source. Clean Energy Pipeline is a division of VB/Research Ltd.
VB/Research Ltd © 2013 All rights reserved
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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 4Q13
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VENTURE CAPITAL & PRIVATE EQUITY
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AVERAGE QUARTERLY VC/PE INVESTMENT 1Q09 to 4Q13
Venture Capital (early-stage) $1.0 billion
Venture Capital (late-stage) $537.2 million
Private Equity (development capital) $803.4 million
AVERAGE DEAL SIZE 1Q09 to 4Q13
Venture Capital (early-stage) $7.0 million
Venture Capital (late-stage) $19.5 million
Private Equity (development capital) $40.7 million
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VC - Early Growth (Series A to C) VC - Late Stage (Series D+) PE - Development Capital Deal number
Note: This excludes private equity buyouts.
GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 1Q09 TO 4Q13
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TOP TEN VENTURE CAPITAL TRANSACTIONS2Q13
COMPANY COUNTRY DATE OF ROUND INVESTOR(S) DEAL VALUE ($ MILLION)
eRecyclingCorps LLC USA 28/10/2013 Kleiner Perkins Caufield & Byers, Silver Lake Kraftwerk L.P. 105.0
Telogis Inc USA 01/10/2013 Kleiner Perkins Caufield & Byers 93.0
SimpliVity Corp. USA 18/11/2013 Accel Partners, Kleiner Perkins Caufield & Byers, Charles River Ventures, Draper Fisher Jurvetson, Meritech Capital Partners, Swisscom AG
58.0
Ogin Inc. USA 27/11/2013 New Zealand Superannuation Fund 55.0
Intelligent Energy Ltd. UK 17/10/2013 Undisclosed 51.0
Anaergia Inc. Canada 07/10/2013 Export Development Canada, Tandem Expansion, Macquarie Capital, Global H2O Investments
46.1
Achates Power Inc. USA 09/10/2013 Rockport Capital Partners, InterWest Partners LLC, Madrone Capital Partners, Sequoia Capital, Triangle Peak Partners
35.2
Winters Bros. Waste Systems of CT
USA 27/11/2013 Clairvest Group Inc. 28.5
Archimede Solar Energy Srl Italy 18/12/2013 FAL Holdings Arabia Co. Ltd. 27.5
Green Biologics Ltd. UK 02/12/2013 Capricorn Venture Partners NV, Morningside Technology Ventures Ltd., Sofinnova Partners, Oxford Capital Partners Ltd., Swire Pacific Ltd.
25.2
TOP TEN VENTURE CAPITAL TRANSACTIONS 4Q13
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GLOBAL PRIVATE EQUITY BUYOUTS1Q09 TO 2Q13
AVERAGE PRIVATE EQUITY (BUYOUT) ACTIVITY 1Q09 to 4Q13
Average quarterly deal volume $3.3 billion
Average deal size $84.8 million
GLOBAL PRIVATE EQUITY BUYOUTS 1Q09 TO 4Q13
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Deals under $500 million Deals over $500 million Number of deals
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COMPANY / PROJECT DATE OF ROUND COUNTRY INVESTOR(S) DEAL VALUE ($ MILLION)
Siemens Water Technologies Corp. 15/10/2013 USA AEA Investors LLC 863.5
Solar plants (83MW) - East Anglia & southwest England
07/10/2013 UK Bluefield Partners LLP 153.7
Wind farm (61.5MW) - Yeong Yang 11/11/2013 South Korea Undisclosed 152.3
Solar plant (32.2MW) - Wymeswold Airfield, Leicestershire
11/11/2013 UK Foresight Solar Fund Ltd. 70.0
Solar plant (7MW) - Parsonage, Solar plant (5MW) - Marvel Farms
02/12/2013 UK The Renewables Infrastructure Group (TRIG)
34.4
TOP FIVE PRIVATE EQUITY BUYOUTS 4Q13
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RECYCLING & WASTE
10%
WIND
13%GREEN TRANSPORTATION
14% ENERGYEFFICIENCY
25% OTHER
26%
ADVANCEDMATERIALS &
TECHNOLOGIES
7%
SOLAR
7%
GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR
PERCENTAGE OF TOTAL DEAL VALUE
4Q13
TOTAL INVESTMENT
$1.5 BILLIONVB/Research Ltd © 2013
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TOTAL NUMBER OF DEALS
187
GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR
PERCENTAGE OF TOTAL NUMBER OF DEALS
4Q13
GREENTRANSPORTATION
6%
ENERGYSTORAGE
6%
WIND
6%BIOFUELS
7%
ADVANCEDMATERIALS &
TECHNOLOGIES
12%SOLAR
13%ENERGYEFFICIENCY
25% OTHER
25%VB/Research Ltd © 2013
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MERGERS & ACQUISITIONS
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Deals of under $500M Deal of over $500M Number of deals
AVERAGE M&A INVESTMENT 1Q09 to 4Q13
Average quarterly M&A deal volume $15.6 billion
Average number of deals per quarter 225
Average M&A transaction value $70.1 million
GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 4Q13
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OTHER
11%
WATER & WASTEWATER TREATMENT
8%
AGRICULTURE
8%
BIOMASS
9%
SOLAR
26%TOTAL M&A ACTIVITY
$12.6 BILLION
GLOBAL MERGERS & ACQUISITIONS BY SECTOR 4Q13
RECYCLING & WASTE
11%WIND
27%VB/Research Ltd © 2013
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TARGET(S) GEOGRAPHY DATE ANNOUNCED ACQUIRER(S) DEAL VALUE ($ MILLION)
The Climate Corporation USA 02/10/2013 Monsanto Company 930.0
Siemens Water Technologies Corp. USA 15/10/2013 AEA Investors LLC 863.5
Dalkia International France 28/10/2013 Veolia Environnement SA 747.0
Transpacific Industries Group Ltd. Australia 04/11/2013 Undisclosed 530.7
Suntech Power Holdings Co. Ltd China 25/10/2013 Shunfeng Photovoltaic International Ltd. 493.0
Veolia Environnement SA France 26/11/2013 Undisclosed 354.6
Wind farms (272.8MW) - Falck Renewables UK portfolio
UK 03/12/2013 Copenhagen Infrastructure Partners (CIP) 250.7
Hemlock Semiconductor Group USA 27/11/2013 Dow Corning Corp. 240.0
Wind farms (150.3MW) - Lower Saxony and Brandenburg
Germany 19/12/2013 Swisspower Renewables AG 216.1
Wind farm (182MW) - Panhandle 2, Wind farm (149MW) - Grand Renewable Energy Park
Canada 24/12/2013 Pattern Energy Group Inc. 202.4
TOP TEN MERGERS & ACQUISITIONS TRANSACTIONS 4Q13
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PROJECT / ASSET FINANCE
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GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION 1Q09 TO 4Q13
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TOTAL PROJECT FINANCE
$34.3 BILLION
GLOBAL PROJECT / ASSET FINANCE BY SECTOR 4Q13
PERCENTAGE OF TOTAL DEAL VALUE
OTHER
5%
SOLAR
40% WIND
46%
BIOMASS
9%
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TOTAL NUMBER OF PROJECT / ASSET FINANCE DEALS
446
PERCENTAGE OF TOTAL NUMBER OF DEALS
GLOBAL PROJECT / ASSET FINANCE BY SECTOR 4Q13
WIND
31%SOLAR
53%BIOMASS
8%
OTHER
8%
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PROJECT GEOGRAPHY EQUITY PROVIDER DEBT PROVIDER DEVELOPER DEAL VALUE ($ MILLION)
DolWin1, HelWin1 & SylWin1 Transmission Projects
Germany n/a European Investment Bank Transpower Stromubertragungs GmbH
688.0
Wind farm (288.6MW) - Miami Wind Energy Center
USA Several Financial Institutions
Morgan Stanley Invenergy LLC 626.0
Greater Gabbard Transmission Line Project
UK AMP Capital Partners LLC / Balfour Beatty Investments / Equitix Ltd.
HSBC / Banco Santander SA AMP Capital Partners LLC / Balfour Beatty Investments (F.K.A. Balfour Beatty Capital) / Equitix Ltd.
567.6
Wind farm (200MW) - Jiangsu Dafeng C2 Phase I
China China Longyuan Power Group
n/a China Longyuan Power Group
567.0
Vivint Solar Plant Portfolio
USA n/a Two Major Financial Institutions Vivint Solar 540.0
TOP FIVE PROJECT / ASSET FINANCE TRANSACTIONS 4Q13
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PUBLIC MARKETS
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Perc
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ge (%
)
FTSE100 NASDAQ-100 First Trust Global Wind Energy (FAN)
First Trust NASDAQ Clean Edge Green ETF WilderHill New Energy Global Innovation Index Ardour Solar Energy Index
MSCI China Broad HSBC Climate Change Index
PUBLIC MARKETS PERFORMANCE 1Q13 TO 4Q13
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GLOBAL PUBLIC MARKETS TRANSACTIONS1Q08 TO 2Q13
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Convertible IPO Secondary
GEOGRAPHIC BREAKDOWN - PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF TOTAL DEAL NUMBERS 1Q08 TO 4Q13
GLOBAL PUBLIC MARKETS TRANSACTIONS 1Q08 TO 4Q13
41%
30%
28%
North America Asia-Pacific Europe South America Middle East
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ISSUER SECTORS COUNTRY ISSUE TYPE STOCK EXCHANGE PROCEEDS ($ MILLION)
Meridian Energy Ltd. Hydro/Wind New Zealand IPO New Zealand Stock Exchange 1583.0
Darling International Inc. Recycling & Waste USA Secondary NYSE 760.0
China Everbright International
Environmental Services & Remediation
China Secondary Hong Kong Stock Exchange 473.0
SolarCity Corp. Solar USA Secondary + Convertibles
NASDAQ 412.0
Infinis Ltd. Biomass UK IPO London Stock Exchange 375.0
TOP FIVE PUBLIC MARKETS TRANSACTIONS 4Q13
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CLEAN ENERGY PIPELINE
GLOBAL CLEAN ENERGY REVIEW4Q13 ANALYTICS AND GRAPHS
VB/Research Ltd © 2013 All rights reserved
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