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CLEAN ENERGY PIPELINE
GLOBAL CLEAN ENERGY REVIEW2Q14 ANALYTICS AND GRAPHS
CONTACT CLEAN ENERGY PIPELINE
For any questions regarding the information contained herewith or to request additional data / information, please contact:
Douglas LloydFounder 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.
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TOTAL NEW CLEAN ENERGY INVESTMENT
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1Q09 TO 2Q14
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TOTAL NEW CLEAN ENERGY INVESTMENT
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1Q09 TO 2Q14
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VENTURE CAPITAL & PRIVATE EQUITY
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AVERAGE QUARTERLY VC/PE INVESTMENT 1Q09 to 2Q14
Venture Capital (early-stage) $974 million
Venture Capital (late-stage) $544 million
Private Equity (development capital) $777 million
AVERAGE DEAL SIZE 1Q09 to 2Q14
Venture Capital (early-stage) $6.7 million
Venture Capital (late-stage) $20.3 million
Private Equity (development capital) $42.2 million
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VC - Early Growth (Series A to C) VC - Late Stage (Series D+)
PE - Development Capital Number of deals
Note: This excludes private equity buyouts.
GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 1Q09 TO 2Q14
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TOP TEN VENTURE CAPITAL TRANSACTIONS2Q13
COMPANY COUNTRY INVESTOR(S) DEAL VALUE ($ MILLION)
Pure Storage Inc. USA Greylock Partners / Index Ventures / Redpoint Ventures / Sutter Hill Ventures / T. Rowe Price / Tiger Global Management / Wellington Management Company
225
SunRun Inc. USA Undisclosed 150
Sunnova Inc. USA Undisclosed 145
Greenleaf Power LLC USA Undisclosed 100
Sungevity Inc. USA E.ON SE / GE Ventures / Jetstream Capital LLC 70
Avantium Technologies BV Netherlands Aescap Venture Management BV / Capricorn Venture Partners NV / Navitas Capital / ING Corporate Investments / Aster Capital SA / Sofinnova Partners / De Hoge Dennen Capital PE BV / The Coca-Cola Company / Swire Pacific Ltd. / Groupe Danone / ALPLA
50
Welspun Renewables Energy Pvt. Ltd. India Asian Development Bank 50
Verdezyne Inc. USA BP Alternative Energy Ventures / DSM Venturing / OVP Venture Partners / Monitor Venture Partners LP / Sime Darby Bhd
48
Proterra Inc. USA Kleiner Perkins Caufield & Byers / Constellation Energy Group Inc. / Edison Mission Group (Edison Mission Energy) / Vision Ridge Partners LLC / 88 Green Ventures LLC / GM Ventures / Mitsui & Co. Global Investment Ltd. / Hennessey Capital / Tao Invest
40
Renovate America Inc. USA Undisclosed 35
TOP TEN VENTURE CAPITAL/PRIVATE EQUITY TRANSACTIONS 2Q14
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Deals of under $500 million Deals of over $500 million Number of deals
GLOBAL PRIVATE EQUITY BUYOUTS1Q09 TO 2Q13
AVERAGE PRIVATE EQUITY (BUYOUT) ACTIVITY 1Q09 to 2Q14
Average quarterly deal volume $3.3 billion
Average deal size $79.2 million
GLOBAL PRIVATE EQUITY BUYOUTS 1Q09 TO 2Q14
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25%
15%
8% 8% 7%
37%
Recycling & Waste
Environmental Services & Remediation
Green Transportation
Energy Storage
Advanced Materials & Technologies
Other
GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR
PERCENTAGE OF TOTAL DEAL VALUE
2Q14
TOTAL INVESTMENT: $1.8 BILLION
PERCENTAGE OF TOTAL NUMBER OF DEALS
TOTAL NUMBER OF DEALS: 140
30%
22% 16%
6%
5%
21%
Environmental Services & Remediation
Recycling & Waste
Energy Storage
Energy Efficiency
Green Transportation
Other
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MERGERS & ACQUISITIONS
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Deals of under $500 million Deals of over $500 million Number of deals
AVERAGE M&A INVESTMENT 1Q09 to 2Q14
Average quarterly M&A deal volume $16.4 billion
Average number of deals per quarter 235
Average M&A transaction value $70.0 million
GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 2Q14
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AVERAGE M&A INVESTMENT 1Q09 to 2Q14
Average quarterly M&A deal volume $16.4 billion
Average number of deals per quarter 235
Average M&A transaction value $70.0 million
GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 2Q14
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AverAge M&A InvestMent: 1Q09 to 2Q14
Average quarterly M&A deal volume $15.7 billion
Average number of deals per quarter 235
Average M&A transaction value $66.9 million
$582.9 million
$261.8 million
$394.9 million
$398.6 million
$726.7 million
$751.9 million
$849.3 million
$1.4 billion
$4.9 billion
$22.6 billion
Other
Energy Storage
Biomass
Geothermal
Hydro
Green Transportation
Energy Efficiency
Recycling & Waste
Solar
Wind
TOTAL M&A ACTIVITY
$32.6 BILLION
GLOBAL MERGERS & ACQUISITIONS BY SECTOR 2Q14
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$582.9 million
$261.8 million
$394.9 million
$398.6 million
$726.7 million
$751.9 million
$849.3 million
$1.4 billion
$4.9 billion
$22.6 billion
Other
Energy Storage
Biomass
Geothermal
Hydro
Green Transportation
Energy Efficiency
Recycling & Waste
Solar
Wind
TOTAL M&A ACTIVITY
$32.6 BILLION
GLOBAL MERGERS & ACQUISITIONS BY SECTOR 2Q14
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$12 million
$12 million
$24 million
$32 million
$104 million
$179 million
$221 million
$262 million
$395 million
$399 million
$727 million
$752 million
$849 million
$1.4 billion
$4.9 billion
$7.0 billion
Other cleantech products & services
Other renewables
Marine
Environmental Services & Remediation
Water & Waste Water Treatment
Biofuels
Advanced Materials & Technologies
Energy Storage
Biomass
Geothermal
Hydro
Green Transportation
Energy Efficiency
Recycling & Waste
Solar
Wind
$582.9 million
$261.8 million
$394.9 million
$398.6 million
$726.7 million
$751.9 million
$849.3 million
$1.4 billion
$4.9 billion
$22.6 billion
Other
Energy Storage
Biomass
Geothermal
Hydro
Green Transportation
Energy Efficiency
Recycling & Waste
Solar
Wind
TOTAL M&A ACTIVITY
$32.6 BILLION
GLOBAL MERGERS & ACQUISITIONS BY SECTOR 2Q14
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$17 bIllIon
TARGET(S) STAKE ACQUIRED GEOGRAPHY ACQUIRER(S) DEAL VALUE ($ MILLION)
Alstom Power SA (power and grid businesses) 100% France General Electric Company 16,900
Wind farm (150MW) - Alta I, Wind farms (570MW) - Alta II-V, Wind farms (226.5MW) - Alta X and XI
100% USA NRG Yield Inc. 870
Hilite International Inc. 100% USA AVIC Electromechanical Systems Co. Ltd. (f.k.a. Hubei Aviation Precision Machinery Technology Co. Ltd.)
644
Acciona Energia International 33% USA KKR Kohlberg Kravis Roberts & Co. LP 567
The Environmental Quality Company 100% USA US Ecology Inc. 465
WaterFurnace Renewable Energy Inc. (f.k.a. WFI Industries Ltd.)
100% USA NIBE Heating 351
Ecova Inc. 100% USA GDF SUEZ SA 335
Marius Pedersen AS 65% Czech Republic Entreprenør Marius Pedersens Fond (Marius Pedersen Foundation)
327
Hydro plant (76MW) - Harjavalta, Hydro plant (2MW) - Koivukoski, Hydro plant (45MW) - Kolsi, Hydro plant (9MW) - Korkeakoski
100% Finland Oulun Energia, Vantaan Energia Oy, Turku Energia Sähköverkot Oy, Pori Energia Oy, Oulun Seudun Sähkö
326
PSC Environmental Services LLC 100% USA Stericycle Inc. 275
TOP TEN MERGERS & ACQUISITIONS TRANSACTIONS 2Q14
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TARGET(S) STAKE ACQUIRED GEOGRAPHY ACQUIRER(S) DEAL VALUE ($ MILLION)
Alstom Power SA (power and grid businesses) 100% France General Electric Company 16,900
Wind farm (150MW) - Alta I, Wind farms (570MW) - Alta II-V, Wind farms (226.5MW) - Alta X and XI
100% USA NRG Yield Inc. 870
Hilite International Inc. 100% USA AVIC Electromechanical Systems Co. Ltd. (f.k.a. Hubei Aviation Precision Machinery Technology Co. Ltd.)
644
Acciona Energia International 33% USA KKR Kohlberg Kravis Roberts & Co. LP 567
The Environmental Quality Company 100% USA US Ecology Inc. 465
WaterFurnace Renewable Energy Inc. (f.k.a. WFI Industries Ltd.)
100% USA NIBE Heating 351
Ecova Inc. 100% USA GDF SUEZ SA 335
Marius Pedersen AS 65% Czech Republic Entreprenør Marius Pedersens Fond (Marius Pedersen Foundation)
327
Hydro plant (76MW) - Harjavalta, Hydro plant (2MW) - Koivukoski, Hydro plant (45MW) - Kolsi, Hydro plant (9MW) - Korkeakoski
100% Finland Oulun Energia, Vantaan Energia Oy, Turku Energia Sähköverkot Oy, Pori Energia Oy, Oulun Seudun Sähkö
326
PSC Environmental Services LLC 100% USA Stericycle Inc. 275
TOP TEN MERGERS & ACQUISITIONS TRANSACTIONS 2Q14
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tArget(s) stAke AcQuIred geogrAphy AcQuIrers(s) deAl vAlue ($ MIllIon)
Alstom Power SA (Renewables Busi-ness)*
100% France General Electric Company 2,100
Wind farm (150MW) - Alta I, Wind farms (570MW) - Alta II-V, Wind farms (226.5MW) - Alta X and XI
100% USA NRG Yield Inc. 870
Hilite International Inc. 100% USA AVIC Electromechanical Systems Co. Ltd. (f.k.a. Hubei Aviation Precision Machinery Technology Co. Ltd.)
644
Acciona Energia International 33% USA KKR Kohlberg Kravis Roberts & Co. LP 567
The Environmental Quality Company 100% USA US Ecology Inc. 465
WaterFurnace Renewable Energy Inc. (f.k.a. WFI Industries Ltd.)
100% USA NIBE Heating 351
Ecova Inc. 100% USA GDF SUEZ SA 335
Marius Pedersen AS 65% Czech Republic Entreprenør Marius Pedersens Fond (Marius Pedersen Foundation)
327
Hydro plant (76MW) - Harjavalta, Hydro plant (2MW) - Koivukoski, Hydro plant (45MW) - Kolsi, Hydro plant (9MW) - Ko-rkeakoski
100% Finland Oulun Energia, Vantaan Energia Oy, Turku Energia Sähköverkot Oy, Pori Energia Oy, Oulun Seudun Sähkö
326
PSC Environmental Services LLC 100% USA Stericycle Inc. 275
* The deal value is estimated by Clean Energy Pipeline
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PROJECT / ASSET FINANCE
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GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION 1Q09 TO 2Q14
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OFFSHORE WIND
11%TOTAL PROJECT FINANCE: $40.1 BILLION
GLOBAL PROJECT / ASSET FINANCE BY SECTOR 2Q14
PERCENTAGE OF TOTAL DEAL VALUE
SOLAR THERMAL
3%BIOMASS
7%OTHER
7%
SOLAR PV
27%ONSHORE WIND
45%
PERCENTAGE OF TOTAL NUMBER OF DEALS
SOLAR PV
39% ONSHORE WIND
40%BIOMASS
10%OTHER
8%
WATER & WASTE WATER TREATMENT
3%TOTAL NUMBER OF DEALS: 447
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PROJECT GEOGRAPHY PROJECT SPONSOR(S) DEBT PROVIDER(S) INVESTMENT VOLUME ($ MILLION)
Offshore wind farm (600MW) - Gemini (Buitengaats & ZeeEnergie)
Netherlands Northland Power Inc. / Siemens Financial Services / Van Oord NV / HVC Group
Deutsche Bank AG / European Investment Bank / Export Development Canada / Natixis SA / ABN AMRO Bank NV / Banco Santander SA / BNP Paribas SA / La Caixa d'Estalvis i Pensions de Barcelona / Mitsubishi UFJ Financial Group / Sumitomo Mitsui Banking Corp. / Eksport Kredit Fonden / Euler Hermes / Canadian Imperial Bank of Commerce / Bank Nederlandse Gemeenten / BMO Financial Group / Delcredere / Ducroire
3,845
On-shore wind farm (300MW) - Aysha
Ethiopia Ethiopian Electric Power Corp. Credit Suisse Group AG / Barclays plc / Deutsche Bank AG / JP Morgan
1,300
Solar CSP plant (121MW) - Ashalim (Megalim Solar)
Israel BrightSource Energy Inc. / Alstom Power SA / Noy Infrastructure Fund
European Investment Bank 820
Biomass plant (130MW) - Vartan, Stockholm
Sweden Fortum Oyj European Investment Bank / Nordic Investment Bank 736
Onshore wind farm (252MW) - Ventika
Mexico CEMEX / Blackstone Group LP / Fisterra Energy
Banco Santander SA / Nacional Financiera SNC / Banobras / North American Development Bank / Bancomext
650
TOP FIVE PROJECT FINANCE TRANSACTIONS 2Q14
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PUBLIC MARKETS
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FTSE 100 NASDAQ 100 First Trust Global Wind Energy (FAN)
First Trust NASDAQ Clean Edge Green ETF WilderHill New Energy Global Innovation Index Ardour Solar Energy Index
MSCI China Broad HSBC Climate Change Index
PUBLIC MARKETS PERFORMANCE 3Q13 TO 2Q14Pe
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(%)
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GLOBAL PUBLIC MARKETS TRANSACTIONS1Q08 TO 2Q13
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GEOGRAPHIC BREAKDOWN - PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF TOTAL DEAL NUMBERS 1Q08 TO 2Q14
GLOBAL PUBLIC MARKETS TRANSACTIONS 1Q08 TO 2Q14
44%
29%
26%
North America Europe Asia-Pacific South America Middle East
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ISSUER SECTORS COUNTRY ISSUE TYPE STOCK EXCHANGE PROCEEDS ($ MILLION)
Abengoa Yield Solar USA IPO NASDAQ 829
Shunfeng Photovoltaic International Ltd. Solar China Secondary Hong Kong Stock Exchange 761
SunEdison Inc. Solar USA Convertible New York Stock Exchange 600
Pattern Energy Group Inc. Wind USA Secondary NASDAQ 586
NextEra Energy Partners LP Wind & Solar USA IPO New York Stock Exchange 467
TOP FIVE PUBLIC MARKETS TRANSACTIONS 2Q14
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CLEAN ENERGY PIPELINE
GLOBAL CLEAN ENERGY REVIEW2Q14 ANALYTICS AND GRAPHS
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