Embed Size (px)
Citation preview
GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT
Luke Mills
14 July 2015
1
CONTENTS
14 July 2015
1. Annual clean energy investment overview
2. Quarterly trends in clean energy: new investment
3. Quarterly trends in clean energy: funds in circulation
4. Clean energy indexes
ANNUAL CLEAN ENERGY INVESTMENT OVERVIEW
3
Note: Total values include estimates for undisclosed deals. AF = asset finance,
SDC = small distributed capacity. Source: Bloomberg New Energy Finance
14 July 2015
2014 CLEAN ENERGY INVESTMENT TYPES & FLOWS($BN)
Technology
development
Equipment
manufacturing/ scale-up
Projects
Asset and company
mergers, acquisitions,
refinancing, buy-outs
etc.
+2
+15
+14 +3
+20 54 -4
+188
+17
+63 318
+94 412
VC Corp RD&D Gov R&D PE Public markets new equity
Total company investment
Re-invested Renewable energy AF
Digital energy & storage AF
SDC Total investment
M&A/buy-outs etc.
Total transactions
4
Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for
digital energy and energy storage projects (not reported in quarterly statistics). Source: Bloomberg New Energy Finance
14 July 2015
NEW INVESTMENT IN CLEAN ENERGY2004-14 ($BN)
$60bn
$88bn
$128bn
$175bn
$205bn
$206bn
$273bn
$318bn$295bn
$268bn
$318bn
46%
46%
36%
17%
0.4%
33%
16%
-7%
-9%
19%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
5
Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for
digital energy and energy storage projects (not reported in quarterly statistics). Source: Bloomberg New Energy Finance
14 July 2015
NEW INVESTMENT IN CLEAN ENERGY BY REGION2004-14 ($BN)
$28bn $39bn$53bn
$75bn$90bn $91bn
$126bn $133bn$109bn
$75bn $83bn$13bn
$24bn
$44bn
$58bn
$62bn$50bn
$68bn
$85bn
$74bn
$65bn$74bn
$19bn
$26bn
$31bn
$42bn
$52bn$65bn
$80bn
$99bn
$113bn
$127bn
$161bn
46%
46%
36%
17%
0.4%
33%
16%
-7%
-9%
19%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EMEA AMER APAC
6
Notes: The funds raised by green bonds are neither entirely inclusive nor exclusive of figures for clean energy asset finance. Bloomberg New Energy Finance will release additional
further details on green bond investment activity in a future press release. ‘Sovereign, supranational & agency’ includes bonds issued by issued by international financial institutions,
agencies and provinces to finance green projects. ‘Labelled corporate’ includes bonds issued by companies and explicitly labelled as green. ‘US municipal’ refers to bonds issued by US
municipalities to finance green projects. ‘Project’ refers to project bonds backed by renewable energy projects. ‘ABS’ refers to asset-backed securities whose cashflows come from a
portfolio of underlying receivables such as loans, leases and PPAs associated with green projects.Source: Bloomberg New Energy Finance
ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY TYPE, 2007-14 ($BN)
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014
ABS
Project
US municipal
Labelled corporate
Supranational,sovereign & agency
QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT
8
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
NEW INVESTMENT IN CLEAN ENERGYQ1 2004-Q2 2015 ($BN)
9.3
12.2
9.010.6
13.5
20.4
15.6
20.621.9
27.423.2
37.1
27.9
35.5
37.7
52.2
35.9
52.0
46.044.5
30.4
50.547.7
44.8
50.4
56.3
58.4
70.4
57.7
77.6
73.7
64.6
53.9
71.8
60.4
65.2
43.0
64.5
54.8
61.4
57.9
73.670.7
70.0
54.4
73.5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
9
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
NEW INVESTMENT IN CLEAN ENERGY BY REGIONQ1 2004-Q2 2015 ($BN)
9.312.2
9.010.6
13.5
20.4
15.6
20.621.9
27.4
23.2
37.1
27.9
35.537.7
52.2
35.9
52.0
46.044.5
30.4
50.547.7
44.8
50.4
56.358.4
70.4
57.7
77.6
73.7
64.6
53.9
71.8
60.4
65.2
43.0
64.5
54.8
61.4
57.9
73.670.7
70.0
54.4
73.5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
EMEA AMER APAC
10
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
NEW INVESTMENT IN CLEAN ENERGY IN EUROPEQ1 2004-Q2 2015 ($BN)
4.4
7.9
4.15.4
6.3
10.8
7.28.27.8
13.9
7.9
16.1
9.7
16.814.3
24.5
14.0
23.3 22.2
20.0
12.4
27.3
22.3
17.0
22.7
25.2
29.3
33.6
27.3
34.1
30.2
26.4
21.4
23.7
19.0
22.0
15.6
12.713.0
11.4
13.7
16.5
11.1
17.6
8.2
12.7
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
11
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
NEW INVESTMENT IN CLEAN ENERGY IN THE USQ1 2004-Q2 2015 ($BN)
1.21.60.8
1.72.0
4.0
2.13.6
6.36.46.6
10.3
7.37.4
9.4
11.3
9.610.9
8.37.3
3.3
8.9
6.55.66.7
9.4
7.2
12.4
6.1
16.4
18.3
10.09.4
14.9
8.18.7
3.9
9.7
6.6
16.0
8.4
11.810.7
8.4
9.8
12.2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
12
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
NEW INVESTMENT IN CLEAN ENERGY IN CHINAQ1 2004-Q2 2015 ($BN)
0.60.30.60.81.42.1
1.52.52.02.1
3.13.13.14.0
5.2
3.53.8
7.86.76.3
8.07.4
10.3
12.7
7.7
10.311.0
10.110.5
14.0
11.611.4
10.4
19.9
16.513.8
7.9
18.8
17.6
15.7
14.1
24.225.3
19.9
13.6
27.9
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
13
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q2 2015 ($BN)
9.312.2
9.010.6
13.5
20.4
15.6
20.6
21.9
27.4
23.2
37.1
27.9
35.537.7
52.2
35.9
52.0
46.044.5
30.4
50.547.7
44.8
50.4
56.358.4
70.4
57.7
77.6
73.7
64.6
53.9
71.8
60.4
65.2
43.0
64.5
54.8
61.4
57.9
73.670.7
70.0
54.4
73.5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Wind Solar Biofuels Other
14
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
EMEA NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q2 2015 ($BN)
4.4
8.2
4.25.5
6.6
11.0
7.38.47.9
14.0
8.3
16.6
10.0
17.3
14.8
25.2
14.4
23.723.0
20.9
12.8
27.7
22.6
17.5
24.0
25.6
29.7
35.6
28.5
34.7
30.4
27.4
22.1
24.5
21.5
28.2
16.917.0
14.1
14.5
15.818.9
14.4
20.1
12.9
14.0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Wind Solar Other
15
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
AMER NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q2 2015 ($BN)
1.62.01.92.42.8
5.24.0
6.2
8.28.48.8
13.2
11.210.1
13.6
17.3
12.4
15.8
11.9
13.7
5.5
12.0
9.910.411.6
14.4
10.8
18.0
10.4
20.1
22.1
17.3
12.9
18.6
12.6
14.4
6.6
14.6
10.9
20.1
13.9
17.616.1
14.114.1
16.8
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Wind Solar Other
16
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
APAC NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q2 2015 ($BN)
3.32.0
3.02.64.14.24.4
6.05.75.0
6.27.36.7
8.29.49.69.0
12.511.2
9.9
12.110.8
15.2
16.9
14.816.2
17.916.8
18.8
22.9
21.219.9
18.9
28.7
26.4
22.6
19.4
32.9
29.9
26.9
28.1
37.1
40.2
35.8
27.4
42.7
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Wind Solar Other
17
*Asset finance adjusted for re-invested equity
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS Q1 2004-Q2 2015 ($BN)
9.312.2
9.010.6
13.5
20.4
15.6
20.621.9
27.4
23.2
37.1
27.9
35.537.7
52.2
35.9
52.0
46.044.5
30.4
50.547.7
44.8
50.4
56.358.4
70.4
57.7
77.6
73.7
64.6
53.9
71.8
60.4
65.2
43.0
64.5
54.8
61.457.9
73.670.7
70.0
54.4
73.5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Asset finance* Public markets VC/PE Small distributed capacity
18
Source: Bloomberg New Energy Finance
14 July 2015
PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q2 2015 ($BN)
Note: Total values include estimates for undisclosed deals.
0.20.1 0.40.80.90.7
2.61.8
4.3
1.3
3.33.34.23.9
13.2
1.1
6.9
2.8
1.00.4
4.84.0
5.9
1.4
3.33.5
5.44.54.3
1.41.00.8
1.51.9
0.61.0
3.8
2.1
5.4
6.9
4.95.9
2.5 2.3
4.5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
19
Source: Bloomberg New Energy Finance
14 July 2015
TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q2 2015
Organisation Stock exchange SectorType of
transaction
New equity
raised
Total
offering size
SunEdisonNew York Stock
Exchange (NYSE)Solar Convertible $900.m $900m
Abengoa YieldNASDAQ Global Select
Market (GS)Solar
Private Investment in
Public Equity (PIPE),
Secondary
$839.4m $839.4m
TerraForm PowerNASDAQ Global Select
Market (GS)Solar Secondary $688.3m $688.3m
8Point3 EnergyNASDAQ Global Select
Market (GS)Solar IPO $420.m $420m
Enviva PartnersNew York Stock
Exchange (NYSE)Biomass & Waste IPO $230.m $230m
20
Note: Total values include estimates for undisclosed deals. Source: Bloomberg New Energy Finance
14 July 2015
VC/PE NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q2 2015 ($BN)
0.20.60.30.30.50.70.40.81.11.61.8
1.22.0
1.51.82.62.4
3.14.2
2.6
1.3
1.82.21.4
2.72.81.6
4.1
2.02.31.91.91.81.91.21.4 1.41.10.60.91.2
1.41.0
1.30.8 0.9
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
21
Source: Bloomberg New Energy Finance
14 July 2015
TOP VC/PE TRANSACTIONS OF THE QUARTER Q2 2015
Organisation Country Sector Type of transaction Value
Sun Edison United States Solar PE Expansion Capital $175m
Vionx Energy United States Energy Storage PE Expansion Capital $58m
Proterra United States Electrified Transport PE Expansion Capital $55m
Joule Unlimited United States Biofuels PE Expansion Capital $40m
Applied Solar Technologies
IndiaIndia Solar VC Late Stage $40m
22
Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage
projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
ASSET FINANCING FOR NEW BUILD RENEWABLE ENERGY ASSETS Q1 2004-Q2 2015 ($BN)
6.89.4
6.57.7
9.7
16.2
12.0
14.716.7
19.218.1
30.2
20.2
26.9
29.2
33.5
27.5
37.5
34.735.8
20.9
36.133.3
29.7
32.036.0
38.7
45.9
32.7
53.051.9
43.9
31.7
49.0
38.3
44.3
27.2
46.6
38.9
42.1
35.2
52.3
49.0
51.4
31.8
49.5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
23
Source: Bloomberg New Energy Finance
14 July 2015
TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER Q2 2015
Project name Country Sector Type of transaction Capacity Value
Veja Mate Offshore Wind
FarmGermany Wind
Term loan; Short term facility
(revolver/LOC); Guarantee402MW $2140.5m
E.ON Rampion Offshore Wind
FarmUnited Kingdom Wind Balance Sheet 400MW $2034.8m
TenneT DolWin Transmission
Facilities PortflioGermany Wind Bond n/a $1094.9m
Huaneng Rudong H12
Baxianjiao Offshore Wind
Farm
China Wind Balance Sheet 300MW $869.6m
Aries Solar Termoelectrica
STEGSpain Solar Term loan 100MW $818.4m
QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION
25
Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage
projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
14 July 2015
FUNDS IN CIRCULATION IN CLEAN ENERGY Q1 2004-Q2 2015 ($BN)
2.93.3
1.6
4.04.5
8.47.1
12.6
9.0
10.9
5.6
14.0
9.6
14.7
18.5
21.9
18.2
11.8
14.4
17.7
12.3
17.7
15.8
20.1
16.7
11.6
13.6
19.9
12.3
18.4
29.4
20.5
19.3
15.0
11.9
25.3
19.8
17.3
18.016.0
17.5
24.2
19.3
32.8
24.3
21.1
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
26
Source: Bloomberg New Energy Finance
14 July 2015
TOP TRANSACTIONS FOR FUNDS IN CIRCULATION Q2 2015
Organisation Country SectorType of
transactionAcquirer Value
Lincs Offshore Wind Farm
RefinancingUnited Kingdom Wind Term loan
Centrica renewable Energy,
ING$859.7m
Atlantic Power Wind Portfolio
Acquisition TerraFormUnited States Wind Term loan TerraForm Power $838.m
NextEra Energy Resources
US Wind Portfolio NextEra
Energy Partners Acquisition
United States Wind Term loan Nextera $681.m
Crystal Trust SingaporeBiomass &
Waste
Equity: Strategic Stake
in Public CompanyKeppel Infrastructure Trust $575.5m
Scotland Wind Portfolio TRIG
AcquisitionUnited Kingdom Wind Term loan
Renewables Infrastructure
Group$386.4m
27
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
14 July 2015
CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY Q1 2004-Q2 2015 ($BN)
1.11.00.92.1
1.4
5.5
2.0
4.54.73.5
2.7
3.63.84.9
7.1
9.3
7.6
3.1
5.4
3.6
5.4
3.0
6.2
8.27.3
3.64.6
6.3
3.4
7.6
16.6
8.8
5.4
2.92.23.1
4.64.2
4.8
2.3
6.7
3.1 4.63.2
11.5
3.3
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
28
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
14 July 2015
RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING Q1 2004-Q2 2015 ($BN)
1.51.70.6
1.51.71.5
2.8
6.5
3.94.0
2.4
8.9
3.2
6.9
9.810.8
9.9
6.16.9
12.4
6.6
12.7
8.79.7
8.17.1
7.79.27.8
10.3
11.3
10.6
12.8
11.0
9.0
21.1
14.8
10.2
12.5
12.8
9.8
19.3
13.6
28.5
9.3
17.6
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15
Four quarter running average
CLEAN ENERGY INDEXES
3014 July 2015
Note: Values as of 09 July 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX2003–15 YTD
3114 July 2015
Note: Values as of 09 July 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX2012–15 YTD
40
60
80
100
120
140
160
180
200
Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15
3214 July 2015
Note: Values as of 09 July 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX2013–15 YTD
40
60
80
100
120
140
160
180
200
Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15
3314 July 2015
Note: Values as of 09 July 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX2014–15 YTD
80
90
100
110
120
130
Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15
34
Note: Values as of 10 April 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance
14 July 2015
NYSE BNEF REGIONAL CLEAN ENERGY INDEXES2006-15 YTD
0
500
1,000
1,500
2,000
2,500
3,000
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16
NYSE BNEF AMERIndex
NYSE BNEF APACIndex
NYSE BNEF EMEAIndex
MSCI World &Emerging
35
Note: Values as of 10 April 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance
14 July 2015
NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES2006-15 YTD
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16
NYSE BNEFWind Index
NYSE BNEFSolar Index
NYSE BNEFESTIndex
MSCI World &Emerging
36
This publication is the copyright of Bloomberg New Energy Finance. No portion of this document may be photocopied,
reproduced, scanned into an electronic system or transmitted, forwarded or distributed in any way without prior consent of
Bloomberg New Energy Finance.
The information contained in this publication is derived from carefully selected sources we believe are reasonable. We do
not guarantee its accuracy or completeness and nothing in this document shall be construed to be a representation of such
a guarantee. Any opinions expressed reflect the current judgment of the author of the relevant article or features, and does
not necessarily reflect the opinion of Bloomberg New Energy Finance, Bloomberg Finance L.P., Bloomberg L.P. or any of
their affiliates ("Bloomberg"). The opinions presented are subject to change without notice. Bloomberg accepts no
responsibility for any liability arising from use of this document or its contents. Nothing herein shall constitute or be
construed as an offering of financial instruments, or as investment advice or recommendations by Bloomberg of an
investment strategy or whether or not to "buy," "sell" or "hold" an investment.
COPYRIGHT AND DISCLAIMER
14 July 2015
Unique analysis, tools and data for decision-makers driving
change in the energy system
MARKETS Renewable Energy
Energy Smart Technologies
Advanced Transport
Gas
Carbon and RECs
SERVICESAmericas Service
Asia Pacific Service
EMEA Service
Applied Research
Events and Workshops Noemi GlickmanMarketing & Communications
+44 (0)20 7392 0575
