GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT...2014/01/15 · GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 15 JANUARY 2014 3 +2 +15 +14 +2 +13 46-2 +133 +16 +60 254 +58 312 312 VC Corp RD&D

GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 15 JANUARY 2014 1 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /

GLOBAL TRENDS IN

CLEAN ENERGY

INVESTMENT

INVESTMENT IN RENEWABLE ENERGY AND ENERGY SMART

TECHNOLOGIES DROPS 11% IN 2013

15 JANUARY 2014

FACT PACK AS AT Q4 2013

GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 15 JANUARY 2014 2 / / / /

CONTENTS

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


+2

+15

+14 +2+13

46 -2

+133

+16

+60 254

+58 312312

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

CLEAN ENERGY INVESTMENT TYPES & FLOWS 2013 ($BN)

Source: Bloomberg New Energy Finance

Note: Total values include estimates for undisclosed deals. AF = asset finance,

SDC = small distributed capacity.

VC Corp

RD&D

Gov

R&D

PE Public

markets

new equity

Total

company

investment

Re-invested

equity

Renewable

energy

AF

SDC Total new

investment

M&A/

Buy-outs

etc.

Total

transactions

Technology

development

Equipment

manufacturing/

scale-up

Projects

Asset and company

mergers, acquisitions,

refinancing, buy-outs

etc.

Digital

energy &

storage AF


$55bn

$80bn

$116bn

$167bn

$195bn$196bn

$262bn

$318bn$286bn

$254bn

46%

45%

44%

17%

0.6%

34%

21%-10%

-11%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

NEW INVESTMENT IN CLEAN ENERGY 2004–13 ($BN)


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).


$24bn $35bn $45bn$70bn

$82bn $84bn

$115bn $127bn$106bn

$68bn$13bn

$23bn

$42bn

$58bn

$63bn $50bn

$68bn

$88bn

$71bn

$66bn

$18bn

$22bn

$29bn

$39bn

$49bn $62bn

$78bn

$103bn

$109bn

$121bn

46%

45%

44%

17%

0.6%

34%

21%-10%

-11%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EMEA AMER ASOC

NEW INVESTMENT IN CLEAN ENERGY BY REGION 2004–13 ($BN)


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).


CONTENTS






8.9 8.8 8.19.8

11.8

17.1

13.8

19.1 19.7

21.821.8

33.9

27.330.5

36.7

50.7

34.8

47.2

42.343.4

27.1

47.745.6

43.0

47.3

52.7

57.5

66.1

57.3

78.0

74.1

65.0

53.4

69.6

58.3

62.1

43.6

58.3

49.1

58.1

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Four quarter running average

NEW INVESTMENT IN CLEAN ENERGY Q1 2004–Q4 2013 ($BN)


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).


8.9 8.8 8.19.8

11.8

17.1

13.8

19.119.7

21.821.8

33.9

27.330.5

36.7

50.7

34.8

47.2

42.343.4

27.1

47.745.6

43.0

47.3

52.7

57.5

66.1

57.3

78.0

74.1

65.0

53.4

69.6

58.3

62.1

43.6

58.3

49.1

58.1


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EMEA AMER ASOC

NEW INVESTMENT IN CLEAN ENERGY BY REGION Q1 2004–Q4 2013 ($BN)





4.14.8

3.95.1 5.6

8.46.8

7.7 7.2

9.87.1

14.0

9.2

13.313.9

24.3

12.9

19.219.7

19.4

11.1

24.8

20.417.1

21.721.9

27.928.6

26.2

32.2

27.5

25.7

21.4

23.1

17.8

21.2

15.8

9.510.7

9.9


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


NEW INVESTMENT IN CLEAN ENERGY IN EUROPE Q1 2004–Q4 2013 ($BN)





1.4 1.50.9

1.72.4

4.1

1.93.5

6.1 6.16.7

10.0

7.6 7.1

9.5

11.8

10.311.1

8.17.4

3.2

8.7

6.45.2

6.4

9.2

7.5

12.9

6.2

17.3

20.4

11.1

9.5

15.3

8.17.4

4.1

10.4

6.2

16.0


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


NEW INVESTMENT IN CLEAN ENERGY IN THE US Q1 2004–Q4 2013 ($BN)





0.5 0.2 0.5 0.6 0.91.6

0.71.9 1.6 1.8

3.0 2.8 3.0 3.3

5.3

3.2 3.7

7.36.4 6.6 6.7 7.2

10.2

11.7

7.0

10.310.8

8.4

11.0

14.312.9

12.2

10.0

18.4

15.813.8

8.4

16.615.5

13.7


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


NEW INVESTMENT IN CLEAN ENERGY IN CHINA Q1 2004–Q4 2013 ($BN)





8.9 8.8 8.19.8

11.8

17.1

13.8

19.119.7

21.821.8

33.9

27.330.5

36.7

50.7

34.8

47.2

42.343.4

27.1

47.745.6

43.0

47.3

52.7

57.5

66.1

57.3

78.0

74.1

65.0

53.4

69.6

58.3

62.1

43.6

58.3

49.1

58.1


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Wind Solar Biofuels Other

NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004–Q4 2013 ($BN)





8.9 8.8 8.19.8

11.8

17.1

13.8

19.119.7

21.821.8

33.9

27.330.5

36.7

50.7

34.8

47.2

42.343.4

27.1

47.745.6

43.0

47.3

52.7

57.5

66.1

57.3

78.0

74.1

65.0

53.4

69.6

58.3

62.1

43.6

58.3

49.1

58.1


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Asset finance* Public markets VC/PE Small distributed capacity

NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS Q1 2004–Q4 2013 ($BN)





0.2 0.10.040.4 0.8 1.0 0.7

2.61.8

4.2

1.3

3.3 3.44.34.0

13.7

1.6

7.0

2.8

1.10.4

4.84.1

5.8

1.4

3.2 3.7

5.5

4.6 4.9

1.51.1 0.9

1.4 1.80.6 1.2

4.1

2.2

5.4


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY Q1 2004–Q4 2013 ($BN)



TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q4 2013


ORGANISATION STOCK EXCHANGE SECTOR TYPE OF

TRANSACTION

NEW

EQUITY

RAISED

TOTAL

OFFERING

SIZE

SunEdison Inc* New York Stock Exchange

(NYSE) Solar Convertible $1200m $1200m

Darling International Inc New York Stock Exchange

(NYSE) Biofuels Secondary $874m $874m

China Everbright International

Ltd

Hong Kong Stock Exchange

(HKEX) Biomass & Waste Secondary $472.5m $472.5m

Foresight Solar Fund LTD London Stock Exchange Solar IPO $242.1m $242.1m

SolarCity Corp NASDAQ Global Select

Market (GS) Solar Convertible $230m $230m

*SunEdison Inc issued two convertible bonds of $600m each with different terms on 20th December 2013


0.20.6 0.3 0.3 0.6 0.7 0.4 0.7 1.1 1.5 1.8

1.22.1

1.5 1.82.6 2.4

3.14.1

2.6

1.3

1.8 2.2

1.4

2.8 2.71.6 1.8 2.0 2.4 2.1 1.9 1.8 1.9

1.21.4 1.61.2 0.70.9


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


VC/PE NEW INVESTMENT IN CLEAN ENERGY Q1 2004–Q4 2013 ($BN)

Source: Bloomberg New Energy Finance Note: Total values include estimates for undisclosed deals


TOP VC/PE TRANSACTIONS OF THE QUARTER Q4 2013


ORGANISATION COUNTRY SECTOR TYPE OF TRANSACTION VALUE

Ogin Inc/dupe United States Wind PE - Expansion capital $55m

Intelligent Energy Ltd United Kingdom Fuel Cells PE - Expansion capital $51.6m

Gaelectric Holdings PLC Ireland Wind PE - Expansion capital $49m

Asteri Energia SA Brazil Services & Support

(Clean Energy) VC - Series A / First round $44.3m

Achates Power Inc United States Advanced

Transportation VC - Series C / Third round $35.2m


6.4 5.9 5.66.9

8.0

12.9

10.1

13.214.7

13.9

16.7

27.1

19.5

22.0

27.8

31.6

25.9

32.531.2

34.7

17.5

33.231.1

28.129.2

33.1

37.9

44.0

32.0

52.551.8

44.0

30.8

46.7

35.8

43.6

26.1

38.5

31.4

37.3


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


ASSET FINANCING FOR NEW BUILD RENEWABLE ENERGY

ASSETS, Q1 2004–Q4 2013 ($BN)


Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and

energy storage projects (reported in annual statistics only).


TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER Q4 2013


PROJECT NAME COUNTRY SECTOR TYPE OF

TRANSACTION CAPACITY VALUE

Eskom Upington STEG Plant South Africa Solar-Thermal Term loan 100MW $818m

Longyuan Jiangsu Dafeng

Offshore Wind Farm China Wind-Offshore Balance Sheet 200MW $569.61m

Tucannon River Wind Farm United States Wind-Onshore Balance Sheet 266.8MW $535m

Baffin Wind Farm United States Wind-Onshore Balance Sheet 202MW $400m

ICE Las Pailas II Geothermal

Project Costa Rica

Geothermal-

Conventional Term loan 55MW $346.57m


CONTENTS






3.0 3.3

1.6

4.0 4.5

8.47.1

12.6

8.7

11.0

5.6

14.2

10.1

15.0

17.7

21.9

18.7

12.0

14.5

16.8

12.6

17.9

15.7

19.8

16.8

11.5

14.8

18.8

12.8

17.4

30.3

20.1

18.0

12.5

10.6

22.5

15.915.5

13.1

13.5


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


FUNDS IN CIRCULATION IN CLEAN ENERGY Q1 2004–Q4 2013 ($BN)


Note: This includes asset acquisitions & refinancing, corporate M&A, public market investor exits and

private equity buy-outs. Total values include estimates for undisclosed deals


TOP TRANSACTIONS FOR FUNDS IN CIRCULATION Q4 2013


ORGANISATION COUNTRY SECTOR TYPE OF

TRANSACTION ACQUIRER VALUE

TenneT Holding BV German

Offshore Wind Farm Transmission

Portfolio Refinancing

Germany Wind-

Transmission Asset-refinancing - $685m

Greater Gabbard Offshore Wind

Farm Transmission Facilities

Belfour AMP and Equitix

Acquisition

United Kingdom Wind-

Transmission Asset-acquisition

Balfour Beatty Capital

Ltd, Equitix Ltd, AMP

Capital Investors Ltd

$571.8m

Infinis UK Wind Portfolio

Refinancing United Kingdom Wind-Onshore Asset-refinancing - $500.62m

Collgar Wind Farm Refinancing Australia Wind-Onshore Asset-refinancing - $418.2m

Infinis Energy Plc United Kingdom Wind-Onshore IPO-investor exit - $382.2m


1.2 1.0 0.92.1

1.4

5.6

2.0

4.5 4.93.6

2.7

3.8 3.84.9

7.3

9.4

7.9

3.2

5.6

3.5

5.5

3.1

6.2

8.17.2

3.64.4

5.9

3.0

7.3

17.2

8.5

4.5

2.1 1.92.5

4.53.8 3.1

1.7


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY Q1 2004–Q4 2013 ($BN)



1.4 1.70.6

1.5 1.7 1.5

2.8

6.5

3.4 4.0

2.3

8.9

3.7

7.1

8.7

10.710.1

6.36.9

11.4

6.9

12.7

8.6 9.6

8.27.1

9.18.5 8.6

9.6

11.510.6

12.4

9.38.3

18.9

10.9

8.79.4

10.9


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


RENEWABLE ENERGY ASSET ACQUISITIONS &

REFINANCING, Q1 2004–Q4 2013 ($BN)



CONTENTS







NEX CLEAN ENERGY INDEX 2003 – 2014 YTD

S&P 500

NASDAQ

NEX

Note: Values as of 06 January 2014; NASDAQ and S&P 500 rebased to 100 on 01 Jan 2003

0

100

200

300

400

500

Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15




S&P 500

NASDAQ

NEX


0

20

40

60

80

100

120

140

160

180

200

Jan 11 Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14




S&P 500

NASDAQ

NEX

40

60

80

100

120

140

160

180

200

Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14



0

500

1,000

1,500

2,000

2,500

3,000

Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13

NYSE BNEF REGIONAL CLEAN ENERGY INDEXES 2006–14 YTD

Source: NYSE; Bloomberg New Energy Finance Note: Values as of 13 January 2014; rebased to 1000 on 30 December 2005

0

500

1,000

1,500

2,000

2,500

3,000

Dec 05 Sep 06 Jun 07 Mar 08 Dec 08 Sep 09 Jun 10 Mar 11 Dec 11 Sep 12

NYSE BNEFAMER Index

NYSE BNEFASOC Index

NYSE BNEFEMEA Index

MSCI World &Emerging


NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES 2006–14 YTD

Source: NYSE; Bloomberg New Energy Finance Note: Values as of 13 January 2014; rebased to 1000 on 30 December 2005

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Dec 05 Sep 06 Jun 07 Mar 08 Dec 08 Sep 09 Jun 10 Mar 11 Dec 11 Sep 12

NYSE BNEFWind Index

NYSE BNEFSolar Index

NYSE BNEFEST Index

MSCI World &Emerging

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13


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GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT...2014/01/15 · GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 15 JANUARY 2014 3 +2 +15 +14 +2 +13 46-2 +133 +16 +60 254 +58 312 312 VC Corp RD&D