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CLEAN ENERGY PIPELINE

GLobAL CLEAN ENERGY REvIEw3Q14 ANALYtICs ANd GRAPhs

CoNtACt CLEAN ENERGY PIPELINE

For any questions regarding the information contained herewith or to request additional data / information, please contact:

Douglas Lloyd, Founder 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.

2 VB/Research Ltd © 2014 All rights reserved

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totAL NEw CLEAN ENERGY INvEstmENt

0

10

20

30

40

50

60

70

80

90

100

Dea

l val

ue ($

bill

ion)

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 3Q14

VB/Research Ltd © 2014 All rights reserved

3

VB/Research Ltd © 2013All rights reserved

vENtuRE CAPItAL & PRIvAtE EQuItY


4

AvERAGE QuARtERLY vC/PE INvEstmENt 1Q09 to 3Q14

Venture Capital (early-stage) $994 million

Venture Capital (late-stage) $550 million

Private Equity (development capital) $763 million

AvERAGE dEAL sIzE 1Q09 to 3Q14

Venture Capital (early-stage) $7 million

Venture Capital (late-stage) $20 million

Private Equity (development capital) $41 million

0

50

100

150

200

250

300

350

0

1

2

3

4

5

6

Num

ber of deals

Dea

l val

ue ($

bill

ion)

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 3Q14


5

toP tEN vENtuRE CAPItAL tRANsACtIoNs2Q13

ComPANY CouNtRY INvEstoR(s) dEAL vALuE ($ mILLIoN)

ReNew Power Ventures Pvt. Ltd. India Global Environment Fund, Asian Development Bank, Goldman Sachs & Co. 140

Sunnova Inc. USA Undisclosed 110

Lattice Power Corp. China GSR Ventures, Mayfield Fund, Asia Pacific Capital (HK) Ltd., Crescent HydePark 80

INRIX Inc. USA Porsche Automobil Holding SE 55

GlassPoint Solar Inc. USA Rockport Capital Partners, Nth Power Technologies LLC, Royal Dutch Shell plc, Chrysalix Energy Venture Capital, The State General Reserve Fund

53

PosiGen Solar Solutions USA Goldman Sachs & Co. 40

Avogy Inc. USA Khosla Ventures LLC, Intel Capital Corp. 40

Quadran Energies Libres France Salvepar SA (Societe Alsacienne Et Lorraine De Valeurs d'Entreprises Et De Participations)

38

Kateeva Inc. USA DBL Investors, Madrone Capital Partners, New Science Ventures, Samsung Venture Investment Corp., Sigma Partners LLC, Spark Capital, Veeco Instruments Inc.

38

MicroGreen Polymers Inc. USA Undisclosed 32

Clean Energy Pipeline has not included the $100 million investment in France-based online car sharing platform provider BlablaCar 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 3Q14


6

0

10

20

30

40

50

60

70

80

0

1

2

3

4

5

6

7

8

9

Num

ber of deals D

eal v

alue

($ b

illio

n)

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

Global Private equity buyouts1Q09 to 2Q13

AvERAGE PRIvAtE EQuItY (buYout) ACtIvItY 1Q09 to 3Q14

Average quarterly deal volume $3.3 billion

Average deal size $73.8 million

GLobAL PRIvAtE EQuItY buYouts 1Q09 to 3Q14


7

25%

21%

14%

8%

7%

5%

20%

Solar

Energy Efficiency

Wind

Advanced Materials & Technologies

Green Transportation

Recycling & Waste

Other

25%

21%

14%

8%

7%

5%

20%

Solar

Energy Efficiency

Wind



Recycling & Waste

Other

25%

21%

14%

8%

7%

5%

20%

Solar

Energy Efficiency

Wind



Recycling & Waste

Other

24%

13%

11% 8%

8%

7%

29%

Energy Efficiency

Solar



Energy Storage

Agriculture

Other

24%

13%

11% 8%

8%

7%

29%

Energy Efficiency

Solar



Energy Storage

Agriculture

Other

GLobAL vENtuRE CAPItAL & PRIvAtE EQuItY (ExCLudING buYouts) bY sECtoR

PERCENtAGE of totAL dEAL vALuE

3Q14

totAL INvEstmENt: $1.5 bILLIoN

PERCENtAGE of totAL NumbER of dEALs

totAL NumbER of dEALs: 143


8


9

mERGERs & ACQuIsItIoNs


9

0

50

100

150

200

250

300

350

400

450

0

5

10

15

20

25

30

35

40

45

Num

ber of deals D

eal v

alue

($ b

illio

n)

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

AvERAGE m&A INvEstmENt 1Q09 to 3Q14

Average quarterly M&A deal volume $15.8 billion

Average number of deals per quarter 242 deals

Average M&A transaction value $65.4 million

GLobAL mERGERs & ACQuIsItIoNs 1Q09 to 3Q14


10

$123 million

$62 million

$105 million

$279 million

$281 million

$425 million

$435 million

$1.0 billion

$2.3 billion

$2.3 billion

$4.0 billion

Other

Biofuels

Energy Storage

Energy Efficiency

Environmental Services & Remediation

Hydro

Water & Waste Water Treatment

Recycling & Waste

Solar

Biomass

Wind

totAL m&A ACtIvItY

$11.4 bILLIoN

GLobAL mERGERs & ACQuIsItIoNs bY sECtoR 3Q14


11

tARGEt(s) sECtoR CouNtRY ACQuIRER(s) dEAL vALuE ($ mILLIoN)

Wheelabrator Technologies Inc. Biomass USA Energy Capital Partners 1,940

Rhodia Eco Services Recycling & Waste USA CCMP Capital Advisors 890

Off-shore wind farm (252MW) - Gode Wind II Wind Germany PKA A/S, Industriens Pensionsforsikring A/S, Lærernes Pension, Lægernes Pension

821

On-shore wind portfolio (1,101MW) - EDP Renovaveis US

Wind USA Fiera Axium Infrastructure Inc. 609

Onshore wind farms (250MW) - Wroblew& Project 2

Wind Poland Enlight Renewable Energy Ltd., China-CEE Fund

405

Solar thermal plants (131MW) - Solacor 1 & 2, PS10 & PS20 and On-shore wind farm (50MW) - Talas de Maciel II

Solar Spain Abengoa Yield 323

On-shore wind farm (165.5MW) - Gullen Range Wind Australia New Gullen Range Wind Farm Pty Ltd. 300

Jiangsu Huayuan New Energy Technology Co. Ltd. Solar China Shenzhen Jiawei Photovoltaic Lighting Co.Ltd

292

Sound Global Ltd. Water & Waste Water Treatment

Singapore Sound Environmental Resources Co. Ltd. 277

Clean Earth Inc. Environmental Services & Remediation

USA Compass Diversified Holdings 243

toP tEN mERGERs & ACQuIsItIoNs tRANsACtIoNs 3Q14


12


PRojECt / AssEt fINANCE


13

0

100

200

300

400

500

600

700

0

10

20

30

40

50

60

70

Num

ber of deals D

eal v

alue

($ b

illio

n)

Europe North America Asia Rest of the World Number of deals

GLobAL PRojECt / AssEt fINANCE bY QuARtER ANd REGIoN 1Q09 to 3Q14


14

offshoRE wINd

11%

totAL PRojECt fINANCE: $41.8 bILLIoN

GLobAL PRojECt / AssEt fINANCE bY sECtoR 3Q14

PERCENtAGE of totAL dEAL vALuE

soLAR thERmAL

3%

ENvIRoNmENtAL sERvICEs & REmEdIAtIoN

4%bIomAss

5% othER

8%

soLAR Pv

34%oNshoRE wINd

36%oNshoRE wINd

36%PERCENtAGE of totAL NumbER of dEALs

soLAR Pv

43%bIomAss

6%othER

7%

wAtER & wAstE wAtER tREAtmENt

2%

bIofuELs

2% hYdRo

2%

ENERGY EffICIENCY

2%

totAL NumbER of dEALs: 446


15

PRojECt GEoGRAPhY PRojECt sPoNsoR(s) INvEstmENt voLumE ($ mILLIoN)

Dudgeon offshore wind farm (402 MW) UK Statkraft SF / Statoil ASA / Masdar 2,558

Silver State South solar PV plant (250MW) USA NextEra Energy Resources LLC 1,000

Longyangxiang Phase II solar PV plant (530MW) China Huanghe Hydropower Development Co. Ltd 933*

Wind op Zee off-shore wind farm (129MW) Netherlands Eneco Holding NV / Mitsubishi Corp. 651

Datang Guazhou Beidaqiao on-shore wind farm (400MW) China China Datang Corp. Renewable Power Co. Ltd / Datang Gansu Power Generation Co. Ltd

510

*The value of this deal was estimated based on Clean Energy Pipeline’s project cost multiples.

toP fIvE bALANCE shEEt PRojECt INvEstmENts 3Q14


16

PRojECt GEoGRAPhY PRojECt sPoNsoR(s) dEbt PRovIdER(s) INvEstmENt voLumE ($ mILLIoN)

Setouchi Kirei solar PV plant (231MW)

Japan GE Energy Financial Services (GE Capital) / Toyo Engineering Corp. / Kuni Umi Asset Management Co. Ltd

Mitsubishi UFJ Financial Group / Mizuho Financial Group / Sumitomo Mitsui Banking Corp.

867

Westermost Rough off-shore wind farm (210MW)

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

Japan Bank for International Cooperation / Societe Generale SA / Mitsubishi UFJ Financial Group / Mizuho Financial Group / Siemens Financial Services Ltd. (inlcd. Siemens Bank)

623

Dublin Waste-to-Energy Facility (58MW)

Ireland Covanta Holding Corp. Barclays plc (Barclays Bank or Barclays Capital) / First Reserve Corp. / Macquarie Group Ltd. / Allied Irish Banks plc / Ulster Bank Ireland Ltd. / Bank of Ireland / National Pensions Reserve Fund (NPRF)

481

Westermeerwind near-shore wind farm (144MW)

Netherlands Westermeerwind BV Triodos Bank NV / Rabobank / ING Group NV (incld. ING Bank and ING Capital) / ASN Bank

431

Resource Recovery Solutions Derbyshire biomass plant (12MW)

UK Shanks Group plc / Interserve plc

Sumitomo Mitsui Banking Corp. / BayernLB (a.k.a. Bayerische Landesbank AG) / UK Green Investment Bank

324

toP fIvE PRojECt dEbt fINANCE tRANsACtIoNs 3Q14


17


PubLIC mARkEts


18

80

90

100

110

120

130

140

150

160

FTSE 100 NASDAQ-100 First Trust NASDAQ Clean Edge Green ETF (QCLN) First Trust Global Wind Energy (FAN) Wilder Hill New Energy Global Innovation Index (NEX) Ardour Solar Energy Index (SOLRX) MSCI China Broad HSBC Climate Change Index

PubLIC mARkEts PERfoRmANCE 4Q13 to 3Q14Pe

rcen

tage

cha

nge

(%)


19

Global Public Markets transactions1Q08 to 2Q13

0

10

20

30

40

50

60

0

3

6

9

12

15

18

1Q08

2Q

08

3Q08

4Q

08

1Q09

2Q

09

3Q09

4Q

09

1Q10

2Q

10

3Q10

4Q

10

1Q11

2Q

11

3Q11

4Q

11

1Q12

2Q

12

3Q12

4Q

12

1Q13

2Q

13

3Q13

4Q

13

1Q14

2Q

14

3Q14

Num

ber of deals

Dea

l val

ue ($

bill

ion)

IPO Secondary Convertible Number of deals

GEoGRAPhIC bREAkdowN - PubLIC mARkEts tRANsACtIoNs As A PERCENtAGE of totAL dEAL NumbERs 1Q08 to 3Q14

GLobAL PubLIC mARkEts tRANsACtIoNs 1Q08 to 3Q14

44%

29%

26%

North America

Europe

Asia-Pacific

South America

Middle East


20

IssuER sECtoRs CouNtRY IssuE tYPE stoCk ExChANGE PRoCEEds ($ mILLIoN)

NRG Yield Inc. Wind / Solar USA Secondary New York Stock Exchange 652

TerraForm Power Inc. Solar USA IPO NASDAQ 577

Vivint Solar Inc. Solar USA IPO New York Stock Exchange 330

Gamesa Corporacion Tecnologica SA Wind Spain Secondary Madrid Stock Exchange 306

Hangzhou First PV Material Co. Ltd. Solar China IPO Shanghai Stock Exchange 265

toP fIvE PubLIC mARkEts tRANsACtIoNs 3Q14


21


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CLEAN ENERGY PIPELINE

GLobAL CLEAN ENERGY REvIEw3Q14 ANALYtICs ANd GRAPhs


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