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Clean EnergyInvestment Trends,2018
January 16, 2019
Clean energy investment exceeds $300 billion onceagain in 2018
$332.1bn27%
Global clean energyinvestment in 2018
Increase in European clean energyinvestment compared to 2017
Clean energy investment exceeds$300bn in 2018
Global new investment in clean energy
Global clean energy investment totaled $332.1 billion in 2018, down8% on 2017. Last year was the fifth in a row in which investmentexceeded the $300 billion mark.
• Total investment in solar dropped 24% to $130.8 billion due todeclining capital costs as well as a sharp change in policy in China inmid-year.
• Offshore wind projects featured strongly, attracting $25.7 billion, up14% from 2017. The largest of which was the 950MW Moray FirthEast array, at an estimated $3.3 billion.
• The biggest solar projects to be financed included the 800MWNOORm Midelt PV and solar thermal portfolio in Morocco, at anestimated $2.4 billion, and the 709MW NLC Tangedco PV plant inIndia, at a cost of about $500 million.
• Europe saw clean energy investment leap 27% to $74.5 billion,helped by the financing of five offshore wind projects in thebillion-dollar-plus category.
• Global venture capital and private equity investment jumped 127% to$9.2 billion, the highest since 2010. The biggest deals were $1.1 billionof expansion capital for U.S. smart window maker View, and $795million for Chinese electric vehicle firm Youxia Motors.
1
2005Q2
2005Q4
2006Q2
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2008Q2
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2011Q2
2011Q4
2012Q2
2012Q4
2013Q2
2013Q4
2014Q2
2014Q4
2015Q2
2015Q4
2016Q2
2016Q4
2017Q2
2017Q4
2018Q2
2018Q4
010
20
30
40
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60
70
80
90100
$bn
Four quarter running average
Contents
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30
34
44
3
2
Definitions and FAQs
Quarterly Trends, New Investment
Quarterly Trends, Funds in Circulation
Top Deals
Annual Trends, New Investment
Quarterly Trends,New InvestmentQuarterly trends since 1Q 2005
3
Global New Investment in CleanEnergy1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
10
20
30
40
50
60
70
80
90
100
$bn
Four quarter running average
4
Quarterly Trends, New Investment
Global New Investment in CleanEnergy, by Region1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
10
20
30
40
50
60
70
80
90
100
$bn
AMER EMEA APAC
5
Quarterly Trends, New Investment
Global New Investment in CleanEnergy, by Sector1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
10
20
30
40
50
60
70
80
90
100
$bn
Solar Wind Other Biofuels
6
Quarterly Trends, New Investment
Global New Investment in CleanEnergy, by Asset Class1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
10
20
30
40
50
60
70
80
90
100
$bn
Asset Finance Small Scale Solar Public Markets VC&PE
7
Quarterly Trends, New Investment
Global New Investment in CleanEnergy, VC/PE1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
2
4
6
8
10
12
14
16
18
20
$bn
VC Late Stage VC Early Stage PE Expansion
8
Quarterly Trends, New Investment
Global New Investment in CleanEnergy, Public Markets1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
2
4
6
8
10
12
14
16
18
20
$bn
IPO Secondary & PIPE OTC Convertible & Other
9
Quarterly Trends, New Investment
Global New Investment in CleanEnergy, AMER1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
$bn
Solar Wind Other
10
Quarterly Trends, New Investment
Global New Investment in CleanEnergy, EMEA1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
$bn
Solar Wind Other
11
Quarterly Trends, New Investment
Global New Investment in CleanEnergy, APAC1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
55
$bn
Solar Wind Other
12
Quarterly Trends, New Investment
New Investment in Clean EnergyUnited States1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
$bn
Four quarter running average
13
Quarterly Trends, New Investment
New Investment in Clean EnergyUnited States, by Sector1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
$bn
Solar Wind Other
14
Quarterly Trends, New Investment
New Investment in Clean EnergyEurope1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
$bn
Four quarter running average
15
Quarterly Trends, New Investment
New Investment in Clean EnergyEurope, by Sector1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
$bn
Solar Offshore Onshore Other
16
Quarterly Trends, New Investment
New Investment in Clean EnergyChina1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
$bn
Four quarter running average
17
Quarterly Trends, New Investment
New Investment in Clean EnergyChina, by Sector1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
$bn
Solar Wind Other
18
Quarterly Trends, New Investment
New Investment in Clean EnergyAustralia1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
2
4
6
8
10
12
14
16
18
20
$bn
Four quarter running average
19
Quarterly Trends, New Investment
New Investment in Clean EnergyBrazil1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
2
4
6
8
10
12
14
16
18
20
$bn
Four quarter running average
20
Quarterly Trends, New Investment
New Investment in Clean EnergyFrance1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
2
4
6
8
10
12
14
16
18
20
$bn
Four quarter running average
21
Quarterly Trends, New Investment
New Investment in Clean EnergyGermany1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
2
4
6
8
10
12
14
16
18
20
$bn
Four quarter running average
22
Quarterly Trends, New Investment
New Investment in Clean EnergyIndia1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
2
4
6
8
10
12
14
16
18
20
$bn
Four quarter running average
23
Quarterly Trends, New Investment
New Investment in Clean EnergyJapan1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
2
4
6
8
10
12
14
16
18
20
$bn
Four quarter running average
24
Quarterly Trends, New Investment
New Investment in Clean EnergyUnited Kingdom1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
2
4
6
8
10
12
14
16
18
20
$bn
Four quarter running average
25
Quarterly Trends, New Investment
Quarterly Trends,Funds in CirculationQuarterly trends since 1Q 2005
26
Global Clean Energy, Funds inCirculation, by Region1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
55
60
$bn
EMEA APAC AMER
27
Quarterly Trends, Funds in Circulation
Global Clean Energy, Funds inCirculation, by Sector1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
55
60
$bn
Solar Wind Other Biofuels
28
Quarterly Trends, Funds in Circulation
Global Clean Energy, Funds inCirculation, by Asset Class1Q 2005 - 4Q 2018
2005Q1
2005Q2
2005Q3
2005Q4
2006Q1
2006Q2
2006Q3
2006Q4
2007Q1
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
0
5
10
15
20
25
30
35
40
45
50
55
60
$bn
Asset fin acq & refin Corporate m&a PM exits PE buy outs
29
Quarterly Trends, Funds in Circulation
Top Deals
Top Deals for 2018
30
Top Asset Finance Deals2018
31
Top Deals
Project Name Country Sector Type of Transaction Capacity Value
Moray Firth Offshore Wind Farm United Kingdom Wind Debt 950MW $3,335
Triton Knoll Offshore Wind Farm United Kingdom Wind Debt 860MW $2,592
NOORm Midelt Solar Portfolio Morocco Solar Debt 800MW $2,411
Borssele III & IV Offshore Wind Farm Netherlands Wind Equity 731MW $1,504
Guangdong Baolihua New Energy Shanwei LufengHouhu Offshore Wind Farm China Wind Equity 500MW $1,479
Top Venture Capital & Private Equity Deals2018
32
Top Deals
Project Name Country Sector Type of Transaction Value
View Inc United States Energy smarttechnologies PE Expansion $1,100
Youxia Motors China Energy smarttechnologies VC Early Stage $795
Guangzhou Xiaopeng Motors Technology ChinaEnergy smarttechnologies VC Late Stage $585
Future Mobility Corp China Energy smarttechnologies VC Early Stage $500
Beijing CHJ Information Technology Co Ltd China Energy smarttechnologies VC Early Stage $475
Top Public Market Deals2018
33
Top Deals
Project Name Stock Exchange Sector Type of TransactionEquityRaised
China Everbright International Null Biomass & Waste Exercise of Rights $1,269
NIO Null Energy smart technologies IPO $1,002
Contemporary AmperexTechnology Co Ltd Null Energy smart technologies IPO $853
Neoen SA Null Solar IPO Null
TerraForm Power Inc Null SolarPrivate Investment in PublicEquity (PIPE) $650
Ab..
Ab..
Ab..
Ab..
Ab..
New York Stock Exchange
Euronext Paris
Shenzen Stock Exchange
Hong Kong Stock Exchange
$1,152
$808
NASDAQ Stock Exchange
Annual Trends, NewInvestmentAnnual trends since 2005
34
Global New Investment in CleanEnergy2005 - 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
129.2
182.2205.2 206.8
276.1
324.0290.7
268.6
321.3
360.3330.1
361.7332.1
88.0
$bn
35
Annual Trends, New Investment
Global New Investment in CleanEnergy, by Region2005 - 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
128
141
166
109
126100 109
158
195173
214
75
78
69
78
76
40
7791
93
67
23
80
88
88
88
70
90
25 32 43
44
6581
62
62
54
49
83
7262
53
$bn
APAC EMEA AMER
36
Annual Trends, New Investment
Global New Investment in CleanEnergy, by Sector2005 - 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
158140
102
145179
125
141171
131
111 121
125
129
120103
29
27
18
34
39
5153
61
68
59
57
60
53
65
64
70
40
61
75 80
64
84
86
87
55
16 2239
28 62
$bn
Solar Wind Other Biofuels
37
Annual Trends, New Investment
New Investment in Clean EnergyUnited States2005 - 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
16.5
34.6
47.143.6
35.1
46.6
62.3
52.9
44.6
52.2
58.456.4 57.6
64.2
$bn
38
Annual Trends, New Investment
New Investment in Clean EnergyUnited States, by Sector2005 - 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
16.5
34.6
47.143.6
35.1
46.6
62.3
52.9
44.6
52.2
58.456.4 57.6
64.2
$bn
Wind Solar Other
39
Annual Trends, New Investment
New Investment in Clean EnergyEurope2005 - 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
38.9
52.5
75.2
88.3 91.3
123.1
137.8
98.4
70.278.5
73.877.7
58.4
74.5
$bn
40
Annual Trends, New Investment
New Investment in Clean EnergyEurope, by Sector2005 - 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
38.9
52.5
75.2
88.3 91.3
123.1
137.8
98.4
70.278.5
73.877.7
58.4
74.5
$bn
Onshore Offshore Solar Other
41
Annual Trends, New Investment
New Investment in Clean EnergyChina2005 - 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
8.8 11.216.8
25.6
38.745.0
51.5
62.666.9
89.6
125.4
107.2
146.8
100.1
$bn
42
Annual Trends, New Investment
New Investment in Clean EnergyChina, by Sector2005 - 2018
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
8.8 11.216.8
25.6
38.745.0
51.5
62.666.9
89.6
125.4
107.2
146.8
100.1
$bn
Solar Wind Other
43
Annual Trends, New Investment
Definitions and FAQs
How Bloomberg NEF defines clean energy
44
DefinitionsAsset Classes
45
Definitions and FAQs
Venture capital and private equity (VCPE)Early and late stage venture capital funding rounds of pure play clean energy companies as well as funds raised privately for the purposes ofexpansion.
Public markets (PM)Funds raised by publicly quoted or OTC quoted pure play clean energy companies on the capital markets. This may be through IPOs or follow-onofferings like secondary offerings, private investment in public equity or PIPEs, convertibles etc.
Asset financeThe new build financing of renewable energy generating projects as well as smart metering and energy storage projects - smart metering andenergy storage investment are only reported annually. Renewable energy generating projects includes both electricity generating and biofuelsproducing assets. Projects may be financed off the owner's balance sheet, or through financing mechanisms such as project finance, syndicatedequity from institutional investors, or project bonds underwritten by banks.
Re-invested equityIsolates values for balance sheet-financed project investments by companies who have raised money privately or publicly over the past 12months. The purpose of this category is to prevent double counting of money raised publicly or privately that has been invested in clean energyassets.
Small scale solarGiven the technical limitations in tracking small-scale solar projects, BNEF's asset finance database excludes projects below roughly 1MW.Unlike utility scale asset investment, small-scale solar investment is based on top-down analyst estimates.
Government r&dGovernment r&d figures are sourced from the IEA, IMF, OECD, and various government agencies.
Corporate r&dThe Bloomberg Terminal is used to source corporate r&d figures for key quoted companies in all clean energy sectors.
DefinitionsSectors
46
Definitions and FAQs
Wind Electricity generation using wind turbines. Included in this sector, are players across the entire value chain of both onshore and offshoredevelopments. From manufacturers of turbines, components and subassemblies to developers, generators, utilities and engineering firm.
SolarAll technologies which capture energy directly from the sun. These include production of electricity using semiconductor-based photovoltaic (pv)materials, use of concentrated sunlight to heat fluids that drive power generation equipment (solar thermal), and passive methods which usesunlight to heat water. Whilst company level investment of passive methods is recorded, investment in passive projects is not.
Biofuels Liquid transportation fuels including biodiesel and bioethanol. These can be derived from a range of biomass sources, including sugar cane, rapeseed, soybean oil or non-food cellulosic feedstock. Our database excludes producers of base biomass, but includes suppliers of everything fromthe processing technologies and equipment, through the logistics of distribution, to manufacturers of energy systems which are specially adaptedfor the use of biofuels and products, and the services on which they depend.
Biomass & wasteElectricity and/or heat produced with bio-based feedstocks, typically through incineration but also through more advanced processes likegasification or anaerobic digestion. This sector also includes waste-to-energy which includes energy produced through landfill gas projects andincineration of municipal and industrial waste.
Energy smart technologiesThis sector covers technologies like digital energy, smart grids, power storage, hydrogen and fuel cells, advanced transportation and energyefficiency on both the demand and supply side.
Other renewablesIncludes small hydro - hydro projects with capacities smaller or equal to 50MW; geothermal - extraction of useful power from heat stored in theearth; marine - the extraction of tidal, wave and thermal energy from the ocean.
FAQs
47
Definitions and FAQs
Q1: Why is there a difference between the sum of the quarterly figures and the annual figures?Quarterly figures do not include certain asset classes which we only produce annually. These asset classes are corporate and government r&dand asset finance for energy smart technologies, in other words, smart meters and energy storage investment
Q2: Which countries are included in Europe?Europe includes all 28 EU countries, and non-EU countries like Switzerland, Norway, Turkey and Russia. The majority of clean energyinvestment stems from the EU though
Download the underlying data andcreate your own chartsBloomberg NEF clients can navigate to the web platform (BNEF.com) or run BNEF <GO> in a terminal window to download the relevant data thatsupplies this publication. Customizable charts and data sets are available for further insight relating to clean energy investment.
48
Run BNEF <GO>, click "BNEF Tools", click "Clean Energy" and select"Investment"
Log onto BNEF.com, hover over "Flagship" and click"Clean Energy Investment"
49
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