clean energy investment trends, 2019 · clean energy investment trends, 2019 january 16, 2020 late...

Clean EnergyInvestment Trends,2019

January 16, 2020

Late surge in offshore wind financings helps 2019renewables investment to overtake 2018

$363.3bn19%

Global clean energyinvestment in 2019

Increase in offshore windinvestment compared to 2019

Late surge in offshore wind financings helps2019 renewables investment to overtake 2018

Global new investment in clean energy

A string of billion-dollar deals off coasts of mainland China and Taiwan, andin British, French and Dutch waters, made 2019 an all-time high for offshorewind.

• The late surge in offshore wind financings took capacity investment in thatsector to $29.9 billion, up 19% on 2018 and $2 billion more than in theprevious record year of 2016. The first of France’s offshore wind projects tobe financed, the 480MW, $2.5 billion Saint Nazaire, got its go-ahead in thethird quarter.

• Looking at the overall renewable energy capacity investment figures for2019, wind (onshore and offshore) led the way with $138.2 billion globally,up 6%. Solar was close behind, at $131.1 billion, down 3%.

• China was yet again the biggest investor in renewables, at $83.4 billion in2019, but this was 8% down on 2018 and the lowest since 2013. It saw a10% rise in wind investment to $55 billion, but solar fell 33% to $25.7 billion,less than a third of the boom figure reached in 2017.

• BNEF’s wider-definition of total clean energy investment, which includesmoney going into research and development, and into specialist companiesvia public market share issues and venture capital and private equity deals,was $363.3 billion in 2019, fractionally up on the previous year’s revised$362.5 billion.

• Within this total, public markets invested $9.3 billion in clean energy, 13%less than in 2018, while VC/PE investors put in $10.5 billion, up 6% andtheir highest figure since 2010. U.S. electric car companies accounted forthe biggest deals in both categories: Tesla with an $862.5 million publicmarket secondary issue, and Rivian Automotive with a $1.3 billion privateequity round.

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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 2006

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Global new investment in cleanenergy1Q 2006 - 4Q 2019

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New investment in clean energyUnited States, by sector1Q 2006 - 4Q 2019

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New investment in clean energyFrance1Q 2006 - 4Q 2019

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New investment in clean energyIndia1Q 2006 - 4Q 2019

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New investment in clean energyJapan1Q 2006 - 4Q 2019

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New investment in clean energyUnited Kingdom1Q 2006 - 4Q 2019

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2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

0

2

4

6

8

10

12

14

16

18

20

$bn


25


Quarterly trends,funds in circulationQuarterly trends since 1Q 2006

26

Global clean energy, funds incirculation, by region1Q 2006 - 4Q 2019

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

2019Q1

2019Q2

2019Q3

2019Q4

05

10

15

20

25

30

35

40

45

50

5560

$bn

EMEA APAC AMER

27


Global clean energy, funds incirculation, by sector1Q 2006 - 4Q 2019

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

2019Q1

2019Q2

2019Q3

2019Q4

05

10

15

20

25

30

35

40

45

50

5560

$bn

Solar Wind Other Biofuels

28


Global clean energy, funds incirculation, by asset class1Q 2006 - 4Q 2019

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

2019Q1

2019Q2

2019Q3

2019Q4

05

10

15

20

25

30

35

40

45

50

5560

$bn

Asset fin acq & refin Corporate m&a PM exits PE buy outs

29


Top deals

Top deals for 2019

30

Top asset finance deals2019

31

Top deals

Project Name Country Sector Capacity Value

Al Maktoum IV Tower and Parabolic trough STEG PlantUnited ArabEmirates Solar 700MW $3,900

EDF and ESB Neart na Gaoithe Offshore Wind Farm United Kingdom Wind 432MW $3,422

Wpd & Starwind Offshore Yunlin Offshore Wind Farm Taiwan Wind 640MW $3,028

EDF Enbridge Saint Nazaire Offshore Wind Farm France Wind 480MW $2,539

Swancor & Macquarie Formosa II Miaoli Offshore Wind Farm Taiwan Wind 376MW $2,045

Abc

Abc

Abc

Abc

Abc

Top venture capital & private equity deals2019

32

Top deals

Project Name Country Sector Type of Transaction Value

Rivian Automotive Inc United States Energy smarttechnologies PE Expansion $1,300

Lucid Motors Inc United States Energy smarttechnologies PE Expansion $1,000

NorthVolt AB SwedenEnergy smarttechnologies PE Expansion $1,000

Greenko Energy Holdings India Solar PE Expansion $824

Rivian Automotive Inc United States Energy smarttechnologies VC Late Stage $700

Top public market deals2019

33

Top deals

Project Name Sector Type of Transaction Equity Raised

Tesla Inc Energy smart technologies Secondary $863

NIO Energy smart technologies Convertible $650

Greencoat UK Wind PLC/Funds Wind Secondary $488

Xinyi Energy Holdings Ltd Solar IPO $466

Sterling & Wilson Solar Ltd Solar IPO $414

Annual trends, newinvestmentAnnual trends since 2006

34

Global new investment in cleanenergy2006 - 2019

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

120.1

168.2200.7 195.1

270.8

322.8289.7

266.8

327.7356.5 344.5

392.4362.5 363.3

$bn

35


Global new investment in cleanenergy, by region2006 - 2019

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

172

143 109124

104

163

106126

192 180

230186

80

82 74

87

85

47

86 84

86

74

86

82 90

76

9288

30 41 52

43

79 94

57

62

71

49

6875

67

62

$bn

APAC EMEA AMER

36


Global new investment in cleanenergy, by sector2006 - 2019

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

123

141

111

120133

133 143

148

102

160 144120

177146

181144

77

59

74 72

9850

7883

26

26

83

37

46

49

22 3761

61

69

6058

63

35

5773

75

83

64

$bn

Solar Wind Other Biofuels

37


New investment in clean energyUnited States2006 - 2019

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

34.9

40.343.8

35.4

47.3

64.8

54.5

48.653.4

61.359.0

65.8 65.1

78.3

$bn

38


New investment in clean energyUnited States, by sector2006 - 2019

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

34.9

40.343.8

35.4

47.3

64.8

54.5

48.653.4

61.359.0

65.8 65.1

78.3

$bn

Wind Solar Other

39


New investment in clean energyEurope2006 - 2019

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

45.6

69.8

84.7 83.4

120.0

139.7

99.6

67.1

78.571.2

83.6

63.9

78.3 76.4

$bn

40


New investment in clean energyEurope, by sector2006 - 2019

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

45.6

69.8

84.7 83.4

120.0

139.7

99.6

67.1

78.571.2

83.6

63.9

78.3 76.4

$bn

Onshore Offshore Solar Other

41


New investment in clean energyChina2006 - 2019

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

10.717.4

26.2

37.445.9 48.8

60.666.6

92.8

124.6115.7

162.4

110.1100.4

$bn

42


New investment in clean energyChina, by sector2006 - 2019

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

10.717.4

26.2

37.445.9 48.8

60.666.6

92.8

124.6115.7

162.4

110.1100.4

$bn

Solar Wind Other

43



How BloombergNEF defines clean energy

44

DefinitionsAsset classes

45


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, BloombergNEF's asset finance database excludes projects below roughly1MW. 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


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


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 chartsBloombergNEF 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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