global trends in clean energy investment · 08/10/2015 · 6 october 2015 1. annual clean energy...
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GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT
Luke Mills
October 2015
1
CONTENTS
6 October 2015
1. Annual clean energy investment overview
2. Quarterly trends in clean energy: new investment
3. Quarterly trends in clean energy: funds in circulation
4. Clean energy indexes
ANNUAL CLEAN ENERGY INVESTMENT OVERVIEW
3
Note: Total values include estimates for undisclosed deals. AF = asset finance,
SDC = small distributed capacity. Source: Bloomberg New Energy Finance
6 October 2015
2014 CLEAN ENERGY INVESTMENT TYPES & FLOWS($BN)
Technology
development
Equipment
manufacturing/ scale-up
Projects
Asset and company
mergers, acquisitions,
refinancing, buy-outs
etc.
+2
+15
+14 +3
+20 54 -4
+188
+17
+63 318
+94 412
VC Corp RD&D Gov R&D PE Public markets new equity
Total company investment
Re-invested Renewable energy AF
Digital energy & storage AF
SDC Total investment
M&A/buy-outs etc.
Total transactions
4
Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for
digital energy and energy storage projects (not reported in quarterly statistics). Source: Bloomberg New Energy Finance
6 October 2015
NEW INVESTMENT IN CLEAN ENERGY2004-14 ($BN)
$60bn
$88bn
$128bn
$175bn
$205bn
$206bn
$273bn
$318bn$295bn
$268bn
$318bn
46%
46%
36%
17%
0.4%
33%
16%
-7%
-9%
19%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
5
Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for
digital energy and energy storage projects (not reported in quarterly statistics). Source: Bloomberg New Energy Finance
6 October 2015
NEW INVESTMENT IN CLEAN ENERGY BY REGION2004-14 ($BN)
$28bn$39bn
$53bn$75bn
$90bn $91bn
$126bn $133bn$109bn
$75bn $83bn$13bn
$24bn
$44bn
$58bn
$62bn$50bn
$68bn
$85bn
$74bn
$65bn$74bn
$19bn
$26bn
$31bn
$42bn
$52bn$65bn
$80bn
$99bn
$113bn
$127bn
$161bn
46%
46%
36%
17%
0.4%
33%
16%
-7%
-9%
19%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EMEA AMER APAC
6
Notes: (1) The funds raised by green bonds are neither entirely inclusive nor exclusive of figures for clean energy asset finance. (2) 'Corporate', 'sovereign, supranational and
agency' and ‘US municipal’ include only bonds explicitly labelled as green and which meet the criteria for receiving a green bond ‘tag’ on the Bloomberg Terminal. (3) 'Project'
includes bonds backed by the cash flows of an underlying renewable energy project or portfolio of projects. (4) 'ABS' includes asset-backed securities whose cash flows come
from a portfolio of underlying receivables such as loans, leases and PPAs where the receivables are associated with green (eg, renewable energy, energy efficiency) projects.
Source: Bloomberg New Energy Finance
ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY TYPE, 2007-15 YTD ($BN)
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014 2015Q1-Q3
ABS
Project
US municipal
Corporate
Supranational,sovereign & agency
QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT
8
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
NEW INVESTMENT IN CLEAN ENERGYQ1 2004-Q3 2015 ($BN)
9
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
NEW INVESTMENT IN CLEAN ENERGY BY REGIONQ1 2004-Q3 2015 ($BN)
10
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
NEW INVESTMENT IN CLEAN ENERGY IN EUROPEQ1 2004-Q3 2015 ($BN)
11
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
NEW INVESTMENT IN CLEAN ENERGY IN THE USQ1 2004-Q2 2015 ($BN)
12
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
NEW INVESTMENT IN CLEAN ENERGY IN CHINAQ1 2004-Q3 2015 ($BN)
13
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q3 2015 ($BN)
9.312.2
9.010.6
13.5
20.4
15.6
20.6
21.9
27.4
23.2
37.1
27.9
35.537.7
52.2
35.9
52.0
46.044.5
30.4
50.547.7
44.8
50.4
56.358.4
70.4
57.7
77.6
73.7
64.6
53.9
71.8
60.4
65.2
43.0
64.5
54.8
61.4
57.9
73.670.7
70.0
54.4
73.570.2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Wind Solar Biofuels Other
14
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
EMEA NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q3 2015 ($BN)
15
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
AMER NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q3 2015 ($BN)
16
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
APAC NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q3 2015 ($BN)
17
*Asset finance adjusted for re-invested equity
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS Q1 2004-Q3 2015 ($BN)
18
Source: Bloomberg New Energy Finance
6 October 2015
PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q3 2015 ($BN)
Note: Total values include estimates for undisclosed deals.
0.20.1 0.40.80.90.7
2.61.8
4.3
1.3
3.33.34.23.9
13.2
1.1
6.9
2.8
1.00.4
4.84.0
5.9
1.4
3.33.5
5.44.54.3
1.41.00.8
1.51.9
0.61.0
3.8
2.1
5.4
6.9
4.95.9
2.5 2.3
4.53.7
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average
19
Source: Bloomberg New Energy Finance
6 October 2015
TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q3 2015
Organisation Stock exchange SectorType of
transaction
New equity
raised
Total
offering size
Tesla Motors IncNASDAQ Global Select
Market (GS)Electrified Transport Secondary $750.m $750.m
TerraForm Global IncNASDAQ Global Select
Market (GS)Solar IPO $675.m $675.m
Sunedison IncNew York Stock Exchange
(NYSE)Solar Convertible $650.m $650.m
Sunrun IncNASDAQ Global Select
Market (GS)Solar IPO $244.8m $250.6m
GCL-Poly Energy
Holdings Ltd
Hong Kong Stock
Exchange (HKEX)Solar Convertible $225.m $225.m
20
Note: Total values include estimates for undisclosed deals. Source: Bloomberg New Energy Finance
6 October 2015
VC/PE NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q3 2015 ($BN)
0.20.60.30.30.50.70.40.81.11.61.8
1.22.0
1.51.82.62.4
3.14.2
2.6
1.3
1.82.21.4
2.72.81.6
4.1
2.02.31.91.91.81.91.21.4 1.41.10.60.91.2
1.41.0
1.30.8 0.9
2.0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average
21
Source: Bloomberg New Energy Finance
6 October 2015
TOP VC/PE TRANSACTIONS OF THE QUARTER Q3 2015
Organisation Country Sector Type of transaction Value
NextEV China Electrified Transport VC Early Stage $500.m
View United StatesEfficiency: Built
EnvironmentVC Late Stage $150.m
Enerkem Canada Biofuels PE Expansion Capital $115.4m
Silicor Materials United States Solar PE Expansion Capital $105.m
Sunlight Financial United States Solar VC Early Stage $80.m
22
Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage
projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
ASSET FINANCING FOR NEW BUILD RENEWABLE ENERGY ASSETS Q1 2004-Q3 2015 ($BN)
23
Source: Bloomberg New Energy Finance
6 October 2015
TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER Q3 2015
Project name Country Sector Type of transaction Capacity Value
Qinghai STEG Power Group
Haixi Geermu
Wutumeirenxiang Boliqi STEG
Plant
China Solar Term loan 200MW $866.4m
Ashalim II Sun Negev STEG
PlantIsrael Solar Term loan 110MW $866.m
Longyuan Haian Jiangjiasha
Offshore Wind FarmChina Wind Term loan 300MW $856.7m
Datang Renewable & Jiangsu
Guoxin Investment Binhai
Offshore Wind Farm
China Wind Term loan 300MW $843.8m
SolarReserve Redstone STEG
PlantSouth Africa Solar Term loan 100MW $748.9m
QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION
25
Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage
projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
6 October 2015
FUNDS IN CIRCULATION IN CLEAN ENERGY Q1 2004-Q3 2015 ($BN)
2.93.3
1.6
4.04.5
8.47.1
12.6
9.0
10.9
5.6
14.0
9.6
14.7
18.5
21.9
18.2
11.8
14.4
17.7
12.3
17.7
15.8
20.1
16.7
11.6
13.6
19.9
12.3
18.4
29.4
20.5
19.3
15.0
11.9
25.3
19.8
17.3
18.016.0
17.5
24.2
19.3
32.8
24.3
21.1
19.6
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average
26
Source: Bloomberg New Energy Finance
6 October 2015
TOP TRANSACTIONS FOR FUNDS IN CIRCULATION Q3 2015
Organisation Country SectorType of
transactionAcquirer Value
Baltic II Offshore Wind Farm
Macquarie Capital AcquisitionGermany Wind Term loan Macquarie Capital $805.6m
REC Solar ASA Singapore Solar Equity (company) Bluestar Elkem $462.m
First Wind South Plains III
Wind Farm Tax EquityUnited States Wind Tax equity Citi, BHE Renewables $390.m
Rattlesnake Den Wind Farm
Phase I Tax EquityUnited States Wind Tax equity Bank of America $382.m
Renova Energia 2009 Auction
Wind Portfolio Sunedison
Acquisition
Brazil Wind Balance Sheet TerraForm Global $370.6m
27
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
6 October 2015
CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY Q1 2004-Q3 2015 ($BN)
1.11.00.92.1
1.4
5.5
2.0
4.54.73.5
2.7
3.63.84.9
7.1
9.3
7.6
3.1
5.4
3.6
5.4
3.0
6.2
8.27.3
3.64.6
6.3
3.4
7.6
16.6
8.8
5.4
2.92.23.1
4.64.2
4.8
2.3
6.7
3.1 4.63.2
11.5
3.3 2.5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average
28
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
6 October 2015
RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING Q1 2004-Q3 2015 ($BN)
1.51.70.6
1.51.71.5
2.8
6.5
3.94.0
2.4
8.9
3.2
6.9
9.810.8
9.9
6.16.9
12.4
6.6
12.7
8.79.7
8.17.1
7.79.27.8
10.3
11.3
10.6
12.8
11.0
9.0
21.1
14.8
10.2
12.5
12.8
9.8
19.3
13.6
28.5
9.3
17.617.0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average
CLEAN ENERGY INDEXES
306 October 2015
Note: Values as of 23 September 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX2003–15 YTD
0
100
200
300
400
500
Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15
316 October 2015
Note: Values as of 23 September 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX2012–15 YTD
40
60
80
100
120
140
160
180
200
Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16
326 October 2015
Note: Values as of 09 July 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX2013–15 YTD
40
60
80
100
120
140
160
180
200
Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16
336 October 2015
Note: Values as of 23 Sebptember 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX2014–15 YTD
80
90
100
110
120
130
Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16
34
Note: Values as of 10 April 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance
6 October 2015
NYSE BNEF REGIONAL CLEAN ENERGY INDEXES2006-15 YTD
0
500
1,000
1,500
2,000
2,500
3,000
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16
NYSE BNEF AMERIndex
NYSE BNEF APACIndex
NYSE BNEF EMEAIndex
MSCI World &Emerging
0
500
1,000
1,500
2,000
2,500
3,000
Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15
35
Note: Values as of 10 April 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance
6 October 2015
NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES2006-15 YTD
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16
NYSE BNEFWind Index
NYSE BNEFSolar Index
NYSE BNEFESTIndex
MSCI World &Emerging
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15
36
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6 October 2015
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