1q16 global clean energy review · analytics and graphs global clean energy review. . 1q16

ANALYTICS AND GRAPHS

GLOBAL CLEAN ENERGY REVIEW

www.cleanenergypipeline.com

1Q16

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CONTACT

TOTAL NEW CLEAN ENERGY INVESTMENT 4

VENTURE CAPITAL & PRIVATE EQUITY 6

MERGERS & ACQUISITIONS 10

PROJECT / ASSET FINANCE 20

GREEN BONDS 30

PUBLIC MARKETS 35

CONTENTS

3 © 2016 Clean Energy Pipeline. All rights reserved

TOTAL NEW CLEAN ENERGY INVESTMENT 1Q09 TO 1Q16

Note: This excludes corporate M&A transactions and private equity buyouts. Project finance includes debt and equity invested in projects above 1MW.

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16


BY ASSET REGION (2009 TO 1Q16) BY SECTOR (2009 TO 1Q16)

Asia Pacific Europe North America Latin & Central America Africa & Middle East

Solar Wind Biomass Other

TOTAL NEW CLEAN ENERGY INVESTMENT 1Q09 TO 1Q16


VENTURE CAPITAL & PRIVATE EQUITY

GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 1Q09 TO 1Q16

AVERAGE QUARTERLY VC/PE INVESTMENTVenture Capital (early-stage)Venture Capital (late -stage)Private Equity (development capital)

1Q09 TO 1Q16$925 million$464 million$866 million

AVERAGE DEAL SIZE Venture Capital (early-stage)Venture Capital (late -stage)Private Equity (development capital)

1Q09 TO 1Q16$6.45 million$19.4 million$43.9 million

Note: This excludes private equity buyouts.


Solar Wind Energy Efficiency Agriculture Biomass Other

Energy Efficiency Solar Agriculture Energy Storage Wind Other

PERCENTAGE OF TOTAL DEAL VALUE

PERCENTAGE OF NUMBER OF DEALS

$2.0 BILLION

37%

15%

20%

18%

7%

3%

126DEALS

30%26%

21%10%

7%

6%

GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR 1Q16


1Q16TOP TEN VENTURE CAPITAL/PRIVATE EQUITY TRANSACTIONS

COMPANY COUNTRY INVESTOR(S) DEAL VALUE ($M)

Sunnova Energy USA Energy Capital Partners 300

United Wind USA Forum Equity Partners 200

Laoting Wind Energy China China Suntien Green Energy, Hebei Construction & Investment New Co. Ltd., Jointo Energy Investment

156

Essel Infra Projects India Piramal Enterprises, APG Asset Management 132

Zynergy Projects and Services

India Kohli Ventures 100

Renew Financial USA Angeleno Group, Claremont Creek Ventures, NGEN Partners, Prelude Ven-tures, Apollo Global Management , LL Funds

70

Indigo USA Flagship Ventures 56

FCM Bioenergy UK Floreat Group 50

Sunverge Energy USA Siemens Venture Capital, AGL Energy, Softbank China Venture Capital, Total Energy Ventures International, Australia Renewable Energy Agency (ARENA)

37

Figtree Financing USA LL Funds 30


MERGERS & ACQUISITIONS

GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 1Q16


AVERAGE M&A INVESTMENT 1Q09 TO 1Q16

Average quarterly M&A deal volume $16.8 billion

Average number of deals per quarter 249 deals

Average M&A transaction value $67.6 million



DEAL VALUE ($ BILLION) NUMBER OF DEALS

GLOBAL MERGERS & ACQUISITIONS BY SECTOR 1Q09 TO 1Q16

0.10.1

0.1

0.2

0.5

2.3

2.5

3.8

5.0

0.2

1Q16 1Q161Q15 1Q15

0.4

0.0

0.8

0.6

3.0

0.2

7.3

0.4

$ BILLION

5

6

11

12

55

57

14

37

3

14

16

64

86

55


1Q15 1Q15

1Q16 1Q16

GLOBAL MERGERS & ACQUISITIONS BY SECTOR


IPP/UTILITY

PE/INFRASTRUCTURE FUND

CORPORATE

INSTITUTIONAL INVESTOR

YIELDCO

OTHER

1Q16 VS 1Q15

IPP/UTILITY

CORPORATE

PE/INFRASTRUCTURE FUND

INSTITUTIONAL INVESTOR

YIELDCO

OTHER


274DEALS

6%

8%

16%

37%

33%

$14.8 BILLION

5%

19%

20%

20%

36%

$14.8 BILLION

10%

12%

19%

25%

33%

1%

159DEALS

32%

22%

21%

16%

5%

4%

GLOBAL MERGERS & ACQUISITIONS BY TARGET TYPE

1Q16 VS 1Q15

1Q15 1Q15

1Q16 1Q16


159DEALS

274DEALS

$14.8 BILLION

$14.8 BILLION

88%

21%

77%

43%53%

4%

11%

58%

41%

1%

1%

2%

RENEWABLE ENERGY PROJECTS

SUPPLY CHAIN TARGETS

CLEAN TECHNOLOGY TARGETS


IN OPERATION

UNDER CONSTRUCTION

PRE-CONSTRUCTION

GLOBAL MERGERS & ACQUISITIONS OF RENEWABLE PROJECTS

1Q09 TO 1Q16


TARGET(S) SECTOR COUNTRY ACQUIRER(S) DEAL VALUE ($M)

EEW Energy from Waste Biomass Germany Beijing Enterprises Holdings 1,600

PowerSecure Interna-tional

Energy Efficiency

USA Southern Company 431

Mariah North onshore wind farm (230MW)

Wind USA First Reserve 350

Inch Cape & Beatrice offshore wind farms (1,372MW)

Wind UK SDIC Power Holdings Co. 262

Alamo 7 solar PV plant (106.4MW)

Solar USA Consolidated Edison 227

TOP 5 CORPORATE M&A TRANSACTIONS 1Q16


TARGET(S) SECTOR COUNTRY ACQUIRER(S) DEAL VALUE ($M)

Isagen Hydro Colombia Brookfield Renewable Energy Partners 2,200

Hydro plants in New England (1400MW)

Hydro USA Public Sector Pension Investment Board 1,200

Burbo Bank offshore wind farm Extension (258MW)

Wind UK PKA, KIRKBI 953

Clyde onshore wind farm (350MW)

Wind UK Greencoat UK Wind, GMPF & LPFA Infra-structure

510

China Ming Yang Wind Power Group

Wind China Dajun Guangcheng (Shanghai) Capital Fund I 408

TOP 5 PE BUYOUT TRANSACTIONS 1Q16


PROJECT / ASSET FINANCE

GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND SECTOR

1Q09 TO 1Q16


GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION

1Q09 TO 1Q16


ASIA PACIFIC PROJECT / ASSET FINANCE 1Q09 TO 1Q16


EUROPEAN PROJECT / ASSET FINANCE 1Q09 TO 1Q16


NORTH AMERICAN PROJECT / ASSET FINANCE

1Q09 TO 1Q16


LATIN AMERICA PROJECT / ASSET FINANCE

1Q09 TO 1Q16


AFRICA & MIDDLE EAST PROJECT / ASSET FINANCE

1Q09 TO 1Q16


GLOBAL PROJECT / ASSET FINANCE BY SECTOR

1Q16 VS 1Q15

NOTE: FIGURES ARE IN $ BILLION


TOP 10 PROJECT FINANCE TRANSACTIONS 1Q16

PROJECT COUNTRY PROJECT SPONSOR(S) DEBT PROVIDER(S) INVESTMENT ($)

Hornsea Phase 1 offshore wind farm (1,200MW) UK DONG Energy 4,321

East Anglia 1 offshore wind farm (714MW) UK Scottish Power Renewables 3,525

Caithness Moray transmission line project UK SSE European Investment Bank 1,770

Lithium battery manufacturing facility - Lian City, Huzhou City, Zhejiang Province

China Zhejiang Baicheng New Energy Asian Development Bank 1,640

Fosen wind portfolio (1,000MW) Norway Nordic Windpower/ Statkraft/ Nord Trøndelag Elektrisitets-

verk (NTE) / TronderEnergi

1,218

Pirapora solar PV plants Brazil Canadian Solar / Solatio En-ergia

849

Seiling I & II onshore wind farms (299MW) USA NextEra Energy Partners 523

Las Pailas Expansion, Borinquen I&II geothermal plants (165MW)

Costa Rica Instituto Costarricense de Electricidad

Inter-American Development Bank 500

Luchterduinen offshore wind farm (129MW) Netherlands Eneco Holding / Mitsubishi Japan Bank for International 476

Noor Midelt solar PV plants (470MW) Morocco MASEN KfW Bankengruppe 438


GREENBONDS

GREEN BOND ISSUANCES 2007 TO DATE


GREEN BOND ISSUANCES BY ISSUER REGION 4Q15 VS 4Q14

1Q16 1Q15

ASIA PACIFIC

NORTH AMERICA

EUROPE

LATIN AMERICA

$20.8BILLION

$9.8BILLION

26%

44%

17%

37%

45%

1%

30%


GREEN BOND ISSUANCES BY ISSUE TYPE 1Q16 VS 1Q15

NOTE: FIGURES ARE IN $ BILLION


TOP 10 GREEN BOND ISSUANCES 1Q16

ISSUER ISSUER COUNTRY

DATE DEAL SIZE ($M) ISSUER TYPE

Pudong Development Bank China Jan-16 3,000 Investment/commercial banks

Pudong Development Bank China Mar-16 2,300 Investment/commercial banks

State of North Rhine-Westphalia Germany Mar-16 1,750 Governments/Municipalities

Industrial Bank Co. Ltd China Jan-16 1,520 Investment/commercial banks

Apple Inc. USA Feb-16 1,500 Corporates

Nederlandse Waterschapsbank NV (NWB) Nether-lands

Mar-16 1,000 Governments/Municipalities

Metropolitan Transportation Authority (New York) USA Feb-16 783 Governments/Municipalities

European Investment Bank Luxem-bourg

Jan-16 712 Multilateral financial organisations

International Finance Corporation (IFC) USA Mar-16 700 Multilateral financial organisations

Nordex SE Germany Feb-16 622 Corporates


PUBLICMARKETS

GLOBAL PUBLIC MARKETS TRANSACTIONS BY DEAL TYPE

1Q09-1Q16


GLOBAL PUBLIC MARKETS TRANSACTIONS BY REGION OF STOCK EXCHANGE

1Q09-1Q16


PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF DEAL VALUE

1Q16 VS 1Q15

1Q16 1Q15

SOLAR

WIND

ENERGY EFFICIENCY

OTHER

$1.1BILLION

$4.3BILLION

1%

47%

42%

46%

8%4%

52%



TOP FIVE PUBLIC MARKETS TRANSACTIONS 1Q16

ISSUER DATE SECTOR COUNTRY STOCK EXCHANGE ISSUE TYPE PROCEEDS ($M)

BOOKRUNNERS

Senvion SE 23/03/2016 Wind Germany Frankfurt Stock Exchange IPO 330 Barclays/Deutsche Bank/Citigroup Inc./JP Morgan /Bank of America Merrill Lynch/Berenberg Bank/Morgan Stanley

Hareon Solar Technology

18/01/2016 Solar China Shanghai Stock Exchange Secondary 304

NextEra Energy Partners

26/02/2016 Wind USA New York Stock Exchange Secondary 252 Morgan Stanley

SunEdison 07/01/2016 Solar / Wind USA New York Stock Exchange Convertible 225

ITM Power 17/02/2016 Hydrogen Generation

UK London Stock Exchange - AIM

Secondary 8 Zeus Capital Ltd.

PUBLIC MARKETS PERFORMANCE 1Q16-1Q16



ANALYTICS AND GRAPHS

GLOBAL CLEAN ENERGY REVIEW

1Q16

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