BBG ENERGY FINANCE Q4 Investment Fact Pack

09 January 2015
GLOBAL TRENDS IN
CLEAN ENERGY
INVESTMENT
Rebound in clean energy investment
in 2014 beats expectations
Luke Mills
CONTENTS
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
8 January 2015
ANNUAL CLEAN
ENERGY
INVESTMENT
OVERVIEW
CLEAN ENERGY INVESTMENT TYPES & FLOWS

2014 ($BN)
+75
+74
385
310
Asset and company

mergers, acquisitions,
refinancing, buy-outs
etc.
+17
+171
Projects
+19
+14
53
-4
+3
Equipment
manufacturing/ scale-up
+15
+2
VC
Technology
development
Corp RD&D
Total
Re-invested Renewable Digital energy
company
energy AF & storage AF
investment
Note: Total values include estimates for undisclosed deals. AF = asset finance,
SDC = small distributed capacity.
8 January 2015
Gov R&D
PE
Public markets
new equity
SDC
Total
M&A/buy-outs
Total
investment
etc.
transactions
Source: Bloomberg New Energy Finance

3
NEW INVESTMENT IN CLEAN ENERGY

2004-14 ($BN)
16%
-7%
17%
-9%
$318bn
32%
0.5%
$310bn
$294bn
$272bn
$268bn
17%
$205bn
$206bn
2008
2009
36%
$175bn
46%
$128bn
46%
$88bn
$60bn
2004
2005
2006
2007
2010
2011
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).
8 January 2015
2012
2013
2014

4
NEW INVESTMENT IN CLEAN ENERGY BY REGION

2004-14 ($BN)
-7%
16%
-9%
17%
$99bn
32%
$113bn
$79bn
0.5%
$126bn
17%
$52bn
36%
46%
$31bn
$154bn
$86bn
$65bn
$69bn
$41bn
$71bn
$63bn
$50bn
$68bn
$59bn
$78bn
46%
$26bn
$44bn
$124bn
$19bn
$13bn
$23bn
$28bn
$39bn
2004
2005
$75bn
$90bn
$91bn
2008
2009
$132bn
$109bn
$53bn
2006
2007
EMEA
2010
AMER
2011
$78bn
2013
2014
APAC
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).
8 January 2015
2012
$74bn

5
ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY

TYPE, 2007-14 ($BN)
40
ABS
35
30
Project
25
20
US municipal
15
Labelled corporate
10
5
0
2007
2008
2009
2010
2011
2012
2013
2014
Notes: Sovereign, supranational & agency includes bonds issued by issued by international financial institutions,
agencies and provinces to finance green projects. Labelled corporate includes bonds issued by companies and explicitly
labelled as green. US municipal refers to bonds issued by US municipalities to finance green projects. Project refers to
project bonds backed by renewable energy projects. ABS refers to asset-backed securities whose cashflows come from
a portfolio of underlying receivables such as loans, leases and PPAs associated with green projects.
Supranational,
sovereign & agency

6
QUARTERLY TRENDS
IN CLEAN ENERGY:
NEW INVESTMENT
NEW INVESTMENT IN CLEAN ENERGY

Q1 2004-Q4 2014 ($BN)
77.7
73.8
68.9
64.4
64.6 61.5
60.2
59.3
54.8
64.8
58.6 57.3
56.2
52.4 51.9
50.6
50.4
47.6
46.0
44.4
44.8
37.1
27.3
23.2
20.6
21.8
20.5
13.2
12.2 10.6
9.3
9.0
37.6
35.4
72.1
71.6
67.6
65.1
54.0
43.1
35.9
30.4
27.8
15.7
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Four quarter running average

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).
8 January 2015

8
NEW INVESTMENT IN CLEAN ENERGY BY REGION

Q1 2004-Q4 2014 ($BN)
77.7
73.8
64.4
57.3
51.9
46.0
44.4
37.1
37.6
35.4
64.6
67.6
65.1
61.5
59.3
54.8
60.2
58.6
56.2
52.4
72.1
71.6
64.8
68.9
54.0
50.6
50.4
47.6
44.8
43.1
35.9
30.4
27.3
20.5
21.8
20.6
27.8
23.2
15.7
13.2
12.2
10.6
9.3
9.0
2004
2005
2006
2007
2008
EMEA
2009
AMER
2010
2011
2013
2014
APAC
8 January 2015
2012

9
NEW INVESTMENT IN CLEAN ENERGY IN EUROPE

Q1 2004-Q4 2014 ($BN)
33.9
31.0
29.4 27.3
29.8
27.4
24.4
26.5
25.4
23.2 22.3
22.3 22.9
21.5
19.9
16.9
16.0
14.2
13.9
23.8
22.3
19.0
17.0
15.9
13.0
13.9
12.4
7.9
5.4 6.0
4.4
7.4
8.2 7.8
13.9 13.1
11.7
9.6
10.9
17.8
13.3
7.9
9.2
4.1
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

8 January 2015

10
NEW INVESTMENT IN CLEAN ENERGY IN THE US

Q1 2004-Q4 2014 ($BN)
18.6
16.7
16.1
14.7
12.9
11.3 10.9
10.2
9.6
9.4
8.3
7.3 7.5
7.3
6.5
6.3 6.4
4.0
1.2 1.6 0.8 1.7
2.0
2.1
3.6
10.0
9.2
9.5
8.9
6.5 5.6 6.6
9.8
7.9
7.3
6.1
6.6
7.2
12.9
10.2
9.5
8.2
4.0
3.3
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

8 January 2015

11
NEW INVESTMENT IN CLEAN ENERGY IN CHINA

Q1 2004-Q4 2014 ($BN)
25.5
24.3
19.9
14.0
11.8
12.7
11.6
11.0 10.1
10.1
10.6
10.3
9.8
7.8
8.0
6.76.4
7.4
16.4
14.4
18.6
17.7
15.7
17.0
14.4
8.4
7.5
5.2
1.4
0.6 0.3 0.6 0.9
2.1
1.5
2.5 1.9 2.1
3.1 3.1 3.1 3.9
3.5 3.8
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

8 January 2015

12
NEW INVESTMENT IN CLEAN ENERGY BY SECTOR

Q1 2004-Q4 2014 ($BN)
77.7
73.8
72.1
71.6
68.9
57.3
58.6
56.2
64.4 64.6 61.5

59.3
60.2
54.8
64.8
54.0
52.4 51.9
50.6
50.4
47.6
46.0 44.4
44.8
43.1
35.9
37.1
27.3
67.6
65.1
37.6
35.4
30.4
27.8
21.8 23.2
20.5 20.6
15.7
13.2
12.2
10.6
9.3
9.0
2004
2005
2006
2007
2008
Wind
2009
Solar
Biofuels
2010
2011
2013
2014
Other
8 January 2015
2012

13
EMEA NEW INVESTMENT IN CLEAN ENERGY BY

SECTOR Q1 2004-Q4 2014 ($BN)
33.1
34.5
30.0
29.8
28.5
27.9
25.9
28.7
27.3 24.6
25.5
23.6 23.0
22.6
24.1
22.2
20.7
14.0
23.7
21.5
16.0
16.717.1 14.6
17.5
17.4
16.6
14.8 14.4
14.2
12.8
11.1
11.3
8.3
8.2
4.4
4.2
5.5
6.3
15.5
10.0
7.5 8.4 7.9
2004
2005
2006
2007
2008
Wind
2009
Solar
2010
2011
2013
2014
Other
8 January 2015
2012

14
AMER NEW INVESTMENT IN CLEAN ENERGY BY

SECTOR Q1 2004-Q4 2014 ($BN)
22.4
20.2
18.9
20.1
18.8
17.4 18.3
17.3
14.9
14.5
15.8
14.7
13.7
13.5 12.4
13.3
10.9
12.0
11.2
11.9
11.7
10.3
10.4
9.910.5
8.8
8.3 8.4
6.2
5.2
1.6
2.8
2.0 1.8 2.4
12.7 12.4
12.6
14.7
14.8
10.9
6.7
5.5
3.9
2004
2005
2006
2007
2008
Wind
2009
Solar
2010
2011
2013
2014
Other
8 January 2015
2012

15
APAC NEW INVESTMENT IN CLEAN ENERGY BY

SECTOR Q1 2004-Q4 2014 ($BN)
39.3
37.7
32.8
29.8 28.6
28.7
26.7
26.3
22.9
21.3
20.1
19.1
18.5
17.9
16.9
16.8
15.1 14.615.7
6.0 5.6
3.3
2.0
3.0 2.6
4.1 4.2 4.3
5.0
6.1
7.3 6.6 7.8
29.1
23.2
19.7
12.5
12.1
11.1
10.7
10.0
9.3 9.6 9.0
2004
2005
2006
2007
2008
Wind
2009
Solar
2010
2011
2013
2014
Other
8 January 2015
2012

16
NEW INVESTMENT IN CLEAN ENERGY BY ASSET

CLASS Q1 2004-Q4 2014 ($BN)
77.7
73.8
72.1
71.6
68.9
64.4 64.6 61.5
59.3
60.2
54.8
54.0
64.8
57.3
58.6
56.2
52.4 51.9
50.4
50.6
47.6
46.0
44.4
44.8
43.1
35.9
37.1
27.3
67.6
65.1
37.6
35.4
30.4
27.8
21.8 23.2
20.5 20.6
13.2
12.2
10.6
9.3
9.0
15.7
2004
2005
2006
2007
Asset finance*
2008
Public markets
2009
VC/PE
2010
2011
2013
2014
Small distributed capacity
*Asset finance adjusted for re-invested equity

8 January 2015
2012

17
PUBLIC MARKET NEW INVESTMENT IN CLEAN

ENERGY Q1 2004-Q4 2014 ($BN)
13.2
6.9
5.9
4.3
3.2 3.2
2.6
1.8
0.20.1 0.0 0.4
0.8 0.9 0.7
4.8
3.83.8
6.4
5.5
4.0
3.3 3.6
5.4
4.5 4.4
1.1
1.0
1.5
1.4
5.3
3.8
2.8
1.0
5.2
0.4
1.0 0.8
1.5 1.9 0.6 1.0
1.7
2.1
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

8 January 2015
18
TOP PUBLIC MARKET TRANSACTIONS OF THE

QUARTER Q4 2014
Organisation
Stock exchange
Sector
Type of
transaction
New equity
raised
Total
offering size
CS Wind
Korea Stock
Exchange (KOSPI)
Wind
IPO
$231.9m
$231.9m
Huaneng Renewables
Hong Kong Stock

Exchange (HKEX)
Wind
Secondary
$225.3m
$225.3m
Greencoat UK Wind
PLC/Fund
London Stock Exchange
Wind
Secondary
$200.2m
$200.2m
Bluefield Solar Income

Fund
Solar
Secondary
$192.3m
$192.3m
NextEnergy Solar Fund
Solar
Secondary
$149.2m
$149.2m

8 January 2015
19
VC/PE NEW INVESTMENT IN CLEAN ENERGY

Q1 2004-Q4 2014 ($BN)
4.2
0.2
0.6 0.30.3 0.6 0.7 0.4 0.8
1.1 1.5
1.8
1.2
2.1
1.5 1.8
2.6 2.4
3.1
2.6
1.8 2.2
1.3
2.8 2.8
2.3 2.0
1.9 1.8 1.9
1.6 1.9 2.0
1.4
1.21.5 1.51.1
0.60.9 1.2 1.5 1.0 1.1
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Note: Total values include estimates for undisclosed deals.
8 January 2015

20
TOP VC/PE TRANSACTIONS OF THE QUARTER

Q4 2014
Organisation
Country
Sector
Type of transaction
Value
Sunnova Energy
United States
Solar
PE Expansion Capital
$250.m
BluEarth Renewables
Canada
Wind
$71.4m
Lanzatech NZ
New Zealand
Biofuels
VC Late Stage
$60.m
Gebr Schmid
Germany
Solar
$40.m
Digital Lumens
United States
Efficiency: Built
Environment
VC Late Stage
$23.m

8 January 2015
21
ASSET FINANCING FOR NEW BUILD RENEWABLE

ENERGY ASSETS Q1 2004-Q4 2014 ($BN)
53.0
51.9
49.1
46.8
43.7
39.1
37.4 35.7
36.5
36.1
34.8
33.8
33.3 32.2
29.7
29.2 27.5
30.3
6.8 9.4 6.5 7.7
40.9
34.6
31.9
27.3
27.2
18.4 20.2
19.2
16.7
16.3
14.7
12.1
9.5
42.0
38.7
38.4
32.3
47.9 47.3
46.6
44.1
20.9
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage
projects (reported in annual statistics only).
8 January 2015

22
TOP ASSET FINANCE TRANSACTIONS OF THE

QUARTER Q4 2014
Project name
Country
Sector
Type of transaction
Capacity
Value
Dudgeon Offshore Wind Farm
United Kingdom
Wind
Balance Sheet
402MW
$2573m
Wikinger Offshore Wind Farm
Germany
Wind
Balance Sheet
350MW
$1712m
Sandbank Offshore Wind

Farm
Germany
Wind
Balance Sheet
288MW
$1428m
Burbo Bank Offshore Wind

Farm Extension
United Kingdom
Wind
Balance Sheet
258MW
Undisclosed
Xina Solar One STEG Plant
South Africa
Solar
Term loan
100MW
$1010m

8 January 2015
23
QUARTERLY TRENDS
IN CLEAN ENERGY:
FUNDS IN
CIRCULATION
FUNDS IN CIRCULATION IN CLEAN ENERGY

Q1 2004-Q4 2014 ($BN)
29.4
25.3
21.9
20.8
20.1
18.6
18.3
17.5
17.7
19.7
18.1
16.8
20.3
18.0
19.2
14.7
12.6
10.9
9.0
15.1
14.4
11.8
16.6
16.2
15.9
14.0
21.3
18.4
16.7 18.9
13.7
12.3
11.6
12.2
12.0
9.5
8.4
7.1
5.6
4.0 4.5
2.9 3.3
1.6
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage
projects (reported in annual statistics only).
8 January 2015

25
TOP TRANSACTIONS FOR FUNDS IN CIRCULATION

Q4 2014
Organisation
Country
Sector
Type of
transaction
Acquirer
Value
E.ON US Wind Portfolio

Enbridge Acquisition
United States
Wind
Balance Sheet
Enbridge
$650m
Acciona Energia
Internacional
Spain
Wind
PE - Buy-out / corp
spinoff
KKR & Co
$540m
Pinyon Pines Wind Portfolio

Refinancing
United States
Wind
Term loan; Short term

facility (revolver/LOC)
Berkshire Hathaway
$406m
Enel Green Power France
France
Wind
Equity (company)
Boralex
$344m
EDC Burgos Wind Farm

Portfolio Refinancing
Philippines
Wind
Term loan
Energy Development Corp
$315m

8 January 2015
26
CORPORATE M&A TRANSACTIONS IN CLEAN

ENERGY Q1 2004-Q4 2014 ($BN)
16.6
9.3
7.2
5.5
1.2 1.0 0.9
2.1
1.4
4.5 4.7
2.0
8.8
8.2
7.6
5.5
5.4
4.8
3.5
3.63.7
3.1
2.7
3.5
7.6
7.3
6.2
3.0
6.6
6.2
3.7
4.7 4.7 4.9

3.1
5.4
4.6
3.4
2.9 2.2
3.1 3.6
2.4
2.6
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Note: Total values include estimates for undisclosed deals
8 January 2015

27
RENEWABLE ENERGY ASSET ACQUISITIONS &

REFINANCING Q1 2004-Q4 2014 ($BN)
21.1
16.6
15.2
12.7
11.3
11.0 11.0
12.3 12.7
10.8
9.9
9.8
8.9
6.9
6.5
2.8
0.6
1.5 1.7 1.5
10.0
7.8 9.1
8.1
6.2
6.9
7.8
10.5
10.4
13.2
10.7
9.0
7.1
6.7
3.2
3.9 4.0
1.4 1.7
8.7 9.7
13.2 14.0
2.4
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Note: Total values include estimates for undisclosed deals
8 January 2015

28
CLEAN ENERGY
INDEXES
NEX CLEAN ENERGY INDEX

200315 YTD
500
400
300
NEX
NASDAQ
S&P 500
200
100
0
Jan 03
Jan 05
Jan 07
Jan 09
Jan 11
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003
8 January 2015
Jan 13
Jan 15

30

201215 YTD
200
180
160
140
NEX
NASDAQ
S&P 500
120
100
80
60
40
Jan 12
Jul 12
Jan 13
Jul 13
8 January 2015
Jan 14
Jul 14
Jan 15

31

201315 YTD
200
180
160
140
NEX
NASDAQ
S&P 500
120
100
80
60
40
Jan 13
Apr 13
Jul 13
Oct 13
Jan 14
Apr 14
8 January 2015
Jul 14
Oct 14
Jan 15

32

201415 YTD
130
120
110
NEX
NASDAQ
S&P 500
100
90
80
Jan 14
Mar 14
May 14
Jul 14
8 January 2015
Sep 14
Nov 14
Jan 15

33
NYSE BNEF REGIONAL CLEAN ENERGY INDEXES

2006-15 YTD
300
3,000
250
2,500
200
NYSE BNEF
AMER Index
2,000
150
NYSE BNEF
ASOC Index
1,500
100
NYSE BNEF
EMEA Index
1,000
50
MSCI World &

Emerging
500
0
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14
0
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 30 December 2005
8 January 2015

34
NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES

2006-15 YTD
4,000
4,000
3,500
3,500
NYSE BNEF
Wind Index
3,000
3,000
2,500
2,500
NYSE BNEF
Solar Index
2,000
2,000
1,500
1,500
NYSE BNEF
EST Index
1,000
1,000
MSCI World &
Emerging
500
500
0
0 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15
Dec 05 Sep 06 Jun 07 Mar 08 Dec 08 Sep 09 Jun 10 Mar 11 Dec 11 Sep 12
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005
8 January 2015

35
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8 January 2015
36
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09 January 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

CLEAN ENERGY INVESTMENT TYPES & FLOWS

Asset and company

Source: Bloomberg New Energy Finance

NEW INVESTMENT IN CLEAN ENERGY

Source: Bloomberg New Energy Finance

NEW INVESTMENT IN CLEAN ENERGY BY REGION

Source: Bloomberg New Energy Finance

ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY

Source: Bloomberg New Energy Finance

NEW INVESTMENT IN CLEAN ENERGY

Four quarter running average

Source: Bloomberg New Energy Finance

NEW INVESTMENT IN CLEAN ENERGY BY REGION

Source: Bloomberg New Energy Finance

NEW INVESTMENT IN CLEAN ENERGY IN EUROPE

Four quarter running average

Source: Bloomberg New Energy Finance

NEW INVESTMENT IN CLEAN ENERGY IN THE US

Four quarter running average

Source: Bloomberg New Energy Finance

NEW INVESTMENT IN CLEAN ENERGY IN CHINA

2.5 1.9 2.1

3.1 3.1 3.1 3.9

Four quarter running average

Source: Bloomberg New Energy Finance

NEW INVESTMENT IN CLEAN ENERGY BY SECTOR

64.4 64.6 61.5

Source: Bloomberg New Energy Finance

EMEA NEW INVESTMENT IN CLEAN ENERGY BY

7.5 8.4 7.9

Source: Bloomberg New Energy Finance

AMER NEW INVESTMENT IN CLEAN ENERGY BY

Source: Bloomberg New Energy Finance

APAC NEW INVESTMENT IN CLEAN ENERGY BY

4.1 4.2 4.3

7.3 6.6 7.8

Source: Bloomberg New Energy Finance

NEW INVESTMENT IN CLEAN ENERGY BY ASSET

Small distributed capacity

*Asset finance adjusted for re-invested equity

Source: Bloomberg New Energy Finance

PUBLIC MARKET NEW INVESTMENT IN CLEAN

0.8 0.9 0.7

1.5 1.9 0.6 1.0

Four quarter running average

TOP PUBLIC MARKET TRANSACTIONS OF THE

Hong Kong Stock

London Stock Exchange

Bluefield Solar Income

London Stock Exchange

NextEnergy Solar Fund

London Stock Exchange

Source: Bloomberg New Energy Finance

VC/PE NEW INVESTMENT IN CLEAN ENERGY

0.6 0.30.3 0.6 0.7 0.4 0.8

0.60.9 1.2 1.5 1.0 1.1

Four quarter running average

Source: Bloomberg New Energy Finance

TOP VC/PE TRANSACTIONS OF THE QUARTER