CLEAN ENERGY PIPELINE GLOBAL CLEAN ENERGY REVIEW 2Q14 ANALYTICS AND GRAPHS
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1 CLEAN ENERGY PIPELINE GLOBAL CLEAN ENERGY REVIEW 2Q14 ANALYTICS AND GRAPHS
2 CONTACT CLEAN ENERGY PIPELINE For any questions regarding the information contained herewith or to request additional data / information, please contact: Douglas Lloyd Founder and CEO Clean Energy Pipeline douglas.lloyd@vbresearch.com +44 () London, 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
3 TOTAL NEW CLEAN ENERGY INVESTMENT 1Q9 TO 2Q Note: This excludes corporate M&A transactions and private equity buyouts. Project finance includes debt and equity invested in projects above 1MW. 7 7 Deal value ($ billion) Deal value ($ billion) Project finance Project finance Small-scale Small-scale project project investment investment Public Public markets markets Venture capital & Venture private capital equity & private equity 3
4 VENTURE CAPITAL & PRIVATE EQUITY 4 VB/Research Ltd
5 GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 1Q9 TO 2Q14 Deal value ($ billion) Number of deals AVERAGE QUARTERLY VC/PE INVESTMENT Venture Capital (early-stage) Venture Capital (late-stage) Private Equity (development capital) AVERAGE DEAL SIZE Venture Capital (early-stage) Venture Capital (late-stage) Private Equity (development capital) 1Q9 to 2Q14 $974 million $544 million $777 million 1Q9 to 2Q14 $6.7 million $2.3 million $42.2 million Note: This excludes private equity buyouts. VC - Early Growth (Series A to C) PE - Development Capital VC - Late Stage (Series D+) Number of deals 5
6 TOP TEN VENTURE CAPITAL/PRIVATE EQUITY TRANSACTIONS 2Q14 COMPANY COUNTRY INVESTOR(S) Pure Storage Inc. USA Greylock Partners / Index Ventures / Redpoint Ventures / Sutter Hill Ventures / T. Rowe Price / Tiger Global Management / Wellington Management Company DEAL VALUE ($ MILLION) SunRun Inc. USA Undisclosed 15 Sunnova Inc. USA Undisclosed 145 Greenleaf Power LLC USA Undisclosed 1 Sungevity Inc. USA E.ON SE / GE Ventures / Jetstream Capital LLC 7 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 Welspun Renewables Energy Pvt. Ltd. India Asian Development Bank 5 Verdezyne Inc. USA BP Alternative Energy Ventures / DSM Venturing / OVP Venture Partners / Monitor Venture Partners LP / Sime Darby Bhd 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 Renovate America Inc. USA Undisclosed
7 GLOBAL PRIVATE EQUITY BUYOUTS 1Q9 TO 2Q AVERAGE PRIVATE EQUITY (BUYOUT) ACTIVITY 1Q9 to 2Q14 Average quarterly deal volume $3.3 billion Average deal size $79.2 million Deal value ($ billion) Number of deals Deals of under $5 million Deals of over $5 million Number of deals 7
8 GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR 2Q14 PERCENTAGE OF TOTAL DEAL VALUE PERCENTAGE OF TOTAL NUMBER OF DEALS 21% 3% 37% 25% 5% 6% 15% 16% 22% 7% 8% 8% Environmental Services & Remediation Recycling & Waste Energy Storage Energy Efficiency Green Transportation Other Recycling & Waste Environmental Services & Remediation Green Transportation Energy Storage Advanced Materials & Technologies Other TOTAL INVESTMENT: $1.8 BILLION TOTAL NUMBER OF DEALS: 14 8
9 MERGERS & ACQUISITIONS 9 213
10 GLOBAL MERGERS & ACQUISITIONS 1Q9 TO 2Q14 Deal value ($ billion) Average AVERAGE M&A Investment: M&A INVESTMENT 1Q9 to 2Q14 1Q9 to 2Q14 Average Average quarterly quarterly M&A M&A deal deal volume volume $15.7 $16.4 billion billion Average Average number number of deals of deals per quarter per quarter Average Average M&A M&A transaction transaction value value $66.9 $7. million million Number of of deals Deals of under $5 million Deals of over $5 million Number of deals 1
11 GLOBAL MERGERS & ACQUISITIONS BY SECTOR 2Q14 Wind Wind $7. $22.6 billion billion Solar Solar Recycling & Waste Energy Efficiency Recycling & Waste $1.4 billion Green Transportation $4.9 billion $1.4 billion $849 million $752 million $4.9 billion Energy Efficiency Green Transportation Hydro $849.3 Hydro million Geothermal $751.9 million Biomass Energy $726.7 Storage million $727 million $399 million $395 million $262 million Advanced Materials & Technologies Geothermal $398.6 million Biofuels $221 million $179 million Water & Waste Water Treatment Biomass $394.9 million $14 million Environmental Services & Remediation $32 million Energy Storage $261.8 Marine million $24 million Other renewables $12 million Other $582.9 million Other cleantech products & services $12 million TOTAL M&A ACTIVITY $32.6 BILLION $17 billion 11
12 TOP TEN MERGERS & ACQUISITIONS TRANSACTIONS 2Q14 Target(s) Stake Acquired Geography Acquirers(s) DEAL Deal VALUE Value TARGET(S) STAKE ACQUIRED GEOGRAPHY ACQUIRER(S) ($ ($ MILLION) million) Alstom Power SA (Renewables Business)* 1% France General Electric Company 2,1 Alstom Power SA (power and grid businesses) 1% France General Electric Company 16,9 Wind farm (15MW) - Alta I, Wind farms 1% 1% USA USA NRG NRG Yield Yield Inc. Inc. 87 farms (57MW) (57MW) - Alta II-V, - Alta Wind II-V, farms Wind farms (226.5MW) - (226.5MW) Alta X and XI - Alta X and XI Hilite International Inc. 1% 1% USA USA AVIC AVIC Electromechanical Systems Systems Co. Co. Ltd. Ltd. (f.k.a. (f.k.a. Hubei Hubei 644 Aviation Aviation Precision Precision Machinery Machinery Technology Co. Co. Ltd.) Ltd.) Acciona Energia International 33% 33% USA USA KKR KKR Kohlberg Kohlberg Kravis Kravis Roberts Roberts & Co. & Co. LP LP 567 The Environmental Quality Company 1% 1% USA USA US US Ecology Ecology Inc. Inc. 465 WaterFurnace Renewable Energy Inc. 1% USA NIBE Heating 351 WaterFurnace Renewable Energy Inc. (f.k.a. 1% USA NIBE Heating 351 (f.k.a. WFI Industries Ltd.) WFI Industries Ltd.) Ecova Inc. 1% USA GDF SUEZ SA 335 Ecova Inc. 1% USA GDF SUEZ SA 335 Marius Pedersen AS 65% Czech Republic Entreprenør Marius Pedersens Fond (Marius 327 Marius Pedersen AS 65% Czech Republic Pedersen Entreprenør Foundation) Marius Pedersens Fond (Marius Pedersen 327 Hydro plant (76MW) - Harjavalta, Hydro 1% Finland Foundation) Oulun Energia, Vantaan Energia Oy, Turku Energia 326 plant Hydro (2MW) plant (76MW) - Koivukoski, - Harjavalta, Hydro plant Hydro plant 1% Finland Sähköverkot Oulun Energia, Oy, Pori Vantaan Energia Energia Oy, Oulun Oy, Turku Seudun Energia Sähkö 326 (45MW) (2MW) - Koivukoski, - Kolsi, Hydro Hydro plant plant (9MW) (45MW) - Ko- - rkeakoski Kolsi, Hydro plant (9MW) - Korkeakoski Sähköverkot Oy, Pori Energia Oy, Oulun Seudun Sähkö PSC Environmental Services LLC 1% 1% USA USA Stericycle Stericycle Inc. Inc. 275 * The deal value is estimated by Clean Energy Pipeline 12
13 PROJECT / ASSET FINANCE
14 GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION 1Q9 TO 2Q Deal value ($ billion) Number of deals Europe North America Asia Rest of the World Number of Deals 14
15 GLOBAL PROJECT / ASSET FINANCE BY SECTOR 2Q14 PERCENTAGE OF TOTAL DEAL VALUE PERCENTAGE OF TOTAL NUMBER OF DEALS ONSHORE WIND 45% SOLAR PV 27% SOLAR PV 39% ONSHORE WIND 4% OFFSHORE WIND 11% BIOMASS 7% TOTAL PROJECT FINANCE: $4.1 BILLION SOLAR THERMAL 3% OTHER 7% BIOMASS 1% TOTAL NUMBER OF DEALS: 447 WATER & WASTE WATER TREATMENT 3% OTHER 8% 15
16 TOP FIVE PROJECT FINANCE TRANSACTIONS 2Q14 PROJECT GEOGRAPHY PROJECT SPONSOR(S) DEBT PROVIDER(S) INVESTMENT VOLUME ($ MILLION) Offshore wind farm (6MW) - 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 (3MW) - Aysha Ethiopia Ethiopian Electric Power Corp. Credit Suisse Group AG / Barclays plc / Deutsche Bank AG / JP Morgan 1,3 Solar CSP plant (121MW) - Ashalim (Megalim Solar) Israel BrightSource Energy Inc. / Alstom Power SA / Noy Infrastructure Fund European Investment Bank 82 Biomass plant (13MW) - 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 65 16
17 PUBLIC MARKETS
18 PUBLIC MARKETS PERFORMANCE 3Q13 TO 2Q Percentage change (%) FTSE 1 NASDAQ 1 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 18
19 GLOBAL PUBLIC MARKETS TRANSACTIONS 1Q8 TO 2Q GEOGRAPHIC BREAKDOWN - PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF TOTAL DEAL NUMBERS 1Q8 TO 2Q Deal value ($ billion) Number of deals 26% 29% 44% North America Europe Asia-Pacific South America Middle East IPO Secondary Convertible Number of deals 19
20 TOP FIVE PUBLIC MARKETS TRANSACTIONS 2Q14 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 6 Pattern Energy Group Inc. Wind USA Secondary NASDAQ 586 NextEra Energy Partners LP Wind & Solar USA IPO New York Stock Exchange 467 2
21 CLEAN ENERGY PIPELINE GLOBAL CLEAN ENERGY REVIEW 2Q14 ANALYTICS AND GRAPHS For more information: Follow us on Clean Energy Pipeline Wells Point 79 Wells Street London W1T 3QN +44 ()
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