dünya temiz enerji yatırımları 2015

CLEAN ENERGY INVESTMENT: Q4 2015 FACTPACK

Luke Mills

Joseph Byrne

January 2016

1

CONTENTS

14 January 2016

2. Annual clean energy investment overview

3. Quarterly trends in clean energy: new investment

4. Quarterly trends in clean energy: funds in circulation

5. Clean energy indexes

1. Clean energy coverage and definitions

CLEAN ENERGY COVERAGE & DEFINITIONS

3Source: Bloomberg New Energy Finance14 January 2016

CLEAN ENERGY COVERAGE

Technology / Services

Asset

Finance

(1MW+)

Small Scale

Finance

(<1MW)

Public

MarketsVCPE M&A

Re-Invested

Equity

Corporate

R&D

Government

R&D

Biofuels

Biomass & Waste

Geothermal

Marine

Small hydro

Solar

Wind

Offshore wind transmission

Carbon Markets

General Finance & Legal Services

Services & Support (Clean Energy)

Digital Energy

Efficiency: Built Environment

Efficiency: Industry

Efficiency: Supply Side

Electrified Transport

Energy Storage

Fuel Cells

Hydrogen

En

erg

y S

ma

rt

Te

ch

no

log

ies

Lo

w

Ca

rbo

n

Se

rvic

es

Re

ne

wa

ble

s

To

tal

Cle

an

En

erg

y

Asset Class

Key:

Renewable Quarterly

Clean Energy Annual Only

4

Source: Bloomberg New Energy Finance

14 January 2016

DEFINITIONS: ASSET CLASSES

Venture capital &

private equity (VCPE)

Early and late stage VC funding rounds as well as funds raised privately for the purposes of expansion by

companies that are primarily involved in the clean energy industry according to BNEF exposure ratings.

Public markets (PM) New equity raised on capital or over-the-counter markets by publicly quoted companies that are primarily

involved in the clean energy industry according to BNEF exposure ratings . This may be through initial public

offerings (IPOs) or follow-on offerings (secondary, PIPEs, convertibles etc).

Asset finance (AF) The new-build financing of renewable energy generating projects. This includes both electricity generating and

biofuel production assets. Projects may be financed via the balance sheets of the project owners, or through

financing mechanisms such as syndicated equity from institutional investors, or project debt from banks.

Asset finance (EST) Same as above, but for digital energy and energy storage sub categories of the Energy Smart Technologies

sector. We only calculate this on an annual basis, so will not be included in quarterly investment estimates.

Re-invested equity Isolates values for balance-sheet-financed project investments (AF) by companies that have raised money

through VC/PE investors or on the capital markets over the past 12 months. The purpose of this calculation is to

prevent double-counting upon aggregation of project investments and company investments when calculating

total new financial investment in clean energy.

Small-scale solar Rooftop solar PV below 1MW in capacity. Given the difficulty in tracking individual residential-scale projects, our

main asset finance database excludes projects below a certain threshold. This threshold for most tracked

sectors is around 1MW. To compensate for this, we add back top-level estimates for missed deals of this nature.

Government R&D Government R&D figures are sourced from the IEA, IMF, OECD, various government agencies and the BNEF

green stimulus dataset.

Corporate R&D The Bloomberg terminal is used to source Corporate R&D figures for key quoted companies in each clean

energy sector, supplemented by data from the BNEF desktop and insight.

5Source: Bloomberg New Energy Finance14 January 2016

DEFINITIONS: SECTORS

Wind Included in this sector are players across the entire value chain of both onshore and offshore developments.

From direct investment into wind farms to funds raised by manufacturers of turbines, components and

subassemblies, developers, generators, utilities and engineering firms.

Solar All technologies that capture energy directly from the sun. These include production of electricity using

semiconductor-based photovoltaic (PV) materials, use of concentrated sunlight to heat fluid to drive power

generation equipment (solar thermal electricity generation or 'STEG'), and passive methods which use solar to

replace fossil fuel energy, e.g. 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, rape seed (canola), soybean oil or cellulose. Our database excludes producers of

base biomass, but includes suppliers of everything from the processing technologies and equipment, through the

logistics of distribution, to manufacturers of energy systems that are specially adapted for the use of biofuels and

products, and the services on which they depend.

Biomass & waste Production and consumption of solid and gaseous fuels derived from biomass. Solid biomass for the energy

sector can include a number of specially-grown crops, such as elephant grass or coppiced willow, but it can also

consist of crop residues such as straw. We include in this sector processors of other waste matter for energy

generation, such as sewage waste, chemical by-products and biogas produced from municipal waste, as their

exploitation often involves the same technologies as grown-for-purpose biomass.

Other renewables Includes:

Small hydro – the generation of electric power from the movement of water, with project capacity between 1MW

and 50MW

Geothermal – the extraction of useful power from heat stored in the earth

Marine – the extraction of energy from the sea.

Energy smart

technologies (EST)

This sector covers a range of non-renewable clean energy technologies including digital energy and smart grids,

power storage, hydrogen and fuel cells, advanced transportation and energy efficiency on both the demand and

supply side. For more in depth definitions of these please visit our corporate website:

Other low-carbon tech

/ services

This sector covers clean energy service companies such as consultants, government agencies and policy

makers, NGOs, financial service providers, investors, and clean energy information providers (such as

ourselves). It also covers the corporate activity of organisations across the carbon capture and storage (CCS)

and carbon market value chains.

ANNUAL CLEAN ENERGY INVESTMENT OVERVIEW

7

Note: Total values include estimates for undisclosed deals. AF = asset finance,

SDC = small distributed capacity. Source: Bloomberg New Energy Finance

14 January 2016

2015 CLEAN ENERGY INVESTMENT TYPES & FLOWS($BN)

Technology

development

Equipment

manufacturing/ scale-up

Projects

Asset and company

mergers,

acquisitions,

refinancing, buy-outs

etc.

● This chart shows the full range of investment in

clean energy by asset class. It runs from the

early ‘tech’ stage corporate finance fund raisings

and R&D to the left, through to the roll-out phase

of new build asset finance (AF) in the middle

finishing with total secondary market, non-new

investment including corporate M&A, PE

buyouts, investor exits and asset refinancing and

acquisitions.

● Further explanations of each asset class can be

found throughout the fact pack.

+4

+15

+13 +2+14 48 -6

+199

+20

+67 329

+97 425

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

8

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

14 January 2016

NEW INVESTMENT IN CLEAN ENERGY2004-15 ($BN)

● Total annual new investment in clean energy. This includes

all asset classes in all clean energy sectors.

$62bn

$88bn

$128bn

$175bn

$206bn

$207bn

$274bn

$318bn$297bn

$272bn

$316bn

$329bn

42%

46%

36%

18%

0.8%

32%

16%

-7%

-8%

16%4%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

9

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

14 January 2016

NEW INVESTMENT IN CLEAN ENERGY BY REGION2004-15 ($BN)

● Total annual new investment in clean energy by region. This

includes all asset classes and all clean energy sectors.

$30bn $39bn$53bn

$75bn$91bn $92bn

$126bn $135bn$109bn

$79bn $80bn $72bn$14bn

$24bn

$44bn

$58bn

$63bn $51bn

$68bn

$85bn

$75bn

$66bn$75bn

$78bn

$19bn

$25bn

$31bn

$42bn

$52bn $64bn

$80bn

$98bn

$113bn

$127bn

$161bn $179bn

42%

46%

36%

18%

0.8%

32%

16%

-7%

-8%

16%

4%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

EMEA AMER APAC

10

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.


ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY TYPE, 2007-15 ($BN)

0

10

20

30

40

50

60

2007 2008 2009 2010 2011 2012 2013 2014 2015

ABS

Project

US municipal

Corporate

Supranational, sovereign &agency

QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT

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

14 January 2016

NEW INVESTMENT IN CLEAN ENERGYQ1 2004-Q4 2015 ($BN)

● Quarterly new investment in clean energy. This includes

investment into all asset classes except EST asset finance

and R&D, which are compiled on an annual basis only.

9.2

13.4

9.310.8

13.3

20.2

15.5

21.021.8

27.4

23.0

37.2

27.8

35.537.7

52.2

35.8

52.2

45.9

44.4

30.5

50.447.6

44.9

50.4

56.158.4

70.9

57.4

80.0

73.2

62.5

53.4

71.4

60.265.9

42.8

64.2

54.7

64.3

57.7

73.8 69.5

68.8

60.5

85.3

66.868.1

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

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Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Four quarter running average

13



14 January 2016

NEW INVESTMENT IN CLEAN ENERGY BY REGIONQ1 2004-Q4 2015 ($BN)




9.2

13.4

9.310.8

13.3

20.2

15.5

21.021.8

27.4

23.0

37.2

27.8

35.537.7

52.2

35.8

52.2

45.944.4

30.5

50.447.6

44.9

50.4

56.158.4

70.9

57.4

80.0

73.2

62.5

53.4

71.4

60.2

65.9

42.8

64.2

54.7

64.3

57.7

73.869.5

68.8

60.5

85.3

66.868.1

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

EMEA AMER APAC

14



14 January 2016

NEW INVESTMENT IN CLEAN ENERGY IN EUROPEQ1 2004-Q4 2015 ($BN)




4.2

8.9

4.35.4

6.3

10.9

7.08.17.8

13.9

7.9

16.1

9.7

16.814.3

24.8

14.0

23.5 22.1

20.0

13.5

27.6

22.3

17.1

22.4

25.1

29.6

33.6

27.6

34.5

30.7

26.7

21.3

23.6

19.3

21.7

15.6

12.9

13.014.7

13.6

16.4

11.3

18.2

10.0

16.1

6.3

13.9

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


15



14 January 2016

NEW INVESTMENT IN CLEAN ENERGY IN THE USQ1 2004-Q4 2015 ($BN)




1.21.70.9

1.72.0

3.62.1

4.3

6.36.56.4

10.3

7.37.4

9.4

11.4

9.611.1

8.37.3

3.1

8.7

6.55.66.7

9.4

7.2

12.6

5.9

16.4

18.5

9.69.2

14.8

8.09.3

3.9

9.6

6.4

16.1

8.9

12.0

10.5

9.18.9

13.312.1

10.4

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


16



14 January 2016

NEW INVESTMENT IN CLEAN ENERGY IN CHINAQ1 2004-Q4 2015 ($BN)




0.60.30.60.81.42.2

1.52.42.12.1

3.13.13.13.9

5.2

3.63.8

7.86.66.37.27.3

10.3

12.7

7.5

10.210.9

10.810.5

15.0

10.79.7

10.1

19.8

16.3

13.9

7.9

18.7

17.4

15.7

14.1

24.5

26.0

20.7

18.9

32.9

25.7

23.7

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


17



14 January 2016

NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q4 2015 ($BN)




9.2

13.4

9.310.8

13.3

20.2

15.5

21.021.8

27.4

23.0

37.2

27.8

35.537.7

52.2

35.8

52.2

45.944.4

30.5

50.447.6

44.9

50.4

56.158.4

70.9

57.4

80.0

73.2

62.5

53.4

71.4

60.2

65.9

42.8

64.2

54.7

64.3

57.7

73.8

69.568.8

60.5

85.3

66.8

68.1

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Wind Solar Biofuels Other

18



14 January 2016

EMEA NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q4 2015 ($BN)




4.3

9.2

4.45.5

6.6

11.0

7.18.37.9

14.0

8.3

16.6

10.0

17.3

14.8

25.3

14.4

23.922.8

20.8

13.9

28.1

22.6

17.6

23.7

25.6

30.0

35.6

28.8

35.1

31.0

27.6

22.0

24.4

21.7

27.9

17.017.1

14.0

17.515.3

18.6

12.9

20.5

14.9

19.2

9.5

15.2

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

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Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Wind Solar Other

19



14 January 2016

AMER NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q4 2015 ($BN)




1.62.11.92.52.7

4.93.9

6.98.18.48.5

13.2

11.210.1

13.6

17.2

12.4

15.8

12.013.7

5.2

11.6

9.910.4

12.1

14.4

10.6

17.8

9.7

20.922.1

16.9

12.6

18.5

12.4

15.1

6.6

14.4

11.0

20.0

14.1

17.7

15.514.1

12.7

18.717.3

15.5

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Wind Solar Other

20



14 January 2016

APAC NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q4 2015 ($BN)




3.32.0

3.02.84.04.34.4

5.85.85.0

6.27.3

6.78.1

9.49.89.0

12.511.2

9.911.4

10.7

15.2

16.9

14.616.1

17.817.518.9

24.0

20.1

18.018.7

28.5

26.1

22.9

19.3

32.7

29.6

26.8

28.2

37.5

41.1

34.2

32.8

47.3

40.0

37.4

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Wind Solar Other

21

*Asset finance adjusted for re-invested equity



14 January 2016

NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS Q1 2004-Q4 2015 ($BN)




9.2

13.4

9.310.8

13.3

20.2

15.5

21.021.8

27.4

23.0

37.2

27.8

35.537.7

52.2

35.8

52.2

45.944.4

30.5

50.447.6

44.9

50.4

56.158.4

70.9

57.4

80.0

73.2

62.5

53.4

71.4

60.2

65.9

42.8

64.2

54.7

64.3

57.7

73.8

69.568.8

60.5

85.3

66.8

68.1

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

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Q1

Q2

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Q1

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Q1

Q2

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Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Asset finance* Public markets VC/PE Small distributed capacity

22


14 January 2016

PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q4 2015 ($BN)

Note: Total values include estimates for undisclosed deals.

● New equity raised on capital or over-the-counter (OTC)

markets by publicly quoted companies that are primarily

involved in the clean energy industry. This may be through

initial public offerings (IPOs) or follow-on offerings

(secondary, PIPEs, convertibles etc).

0.20.1 0.40.80.90.7

2.51.8

4.3

1.0

3.43.34.23.9

13.2

1.1

6.8

2.7

1.00.4

4.64.0

5.9

1.4

3.33.5

5.44.64.3

1.41.00.8

1.51.9

0.61.0

3.8

2.0

5.1

6.7

5.05.7

2.3 2.3

6.2

3.8

2.1

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

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Q1

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Q1

Q2

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Q4

Q1

Q2

Q3

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


23


14 January 2016

TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q4 2015

Organisation Stock exchange SectorType of

transaction

New equity

raised

Total

offering size

Sanan Optoelectronics Shanghai Stock Exchange Solar Secondary $544m $544m

SunPowerNASDAQ Global Select

Market (GS)Solar Convertible $400m $400m

Xiamen ChangelightShenzhen Stock

Exchange - Main Board

Efficiency: Built

EnvironmentSecondary $125m $125m

Renewables

Infrastructure GroupLondon Stock Exchange Wind Secondary $119m $119m

SolarCityNASDAQ Global Select

Market (GS)Solar

Private Investment in

Public Equity (PIPE)$113m $113m

24

Note: Total values include estimates for undisclosed deals. Source: Bloomberg New Energy Finance

14 January 2016

VC/PE NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q4 2015 ($BN)

● Early- and late-stage VC funding rounds as well as funds

raised privately for the purposes of expansion by companies

that are primarily involved in the clean energy industry

according to BNEF exposure ratings.

0.20.60.30.30.50.70.40.71.11.51.8

1.22.0

1.51.82.62.4

3.14.1

2.6

1.3

1.82.21.4

2.72.81.5

4.1

2.02.31.91.81.81.91.21.41.4

1.10.70.91.21.5

1.11.0

1.21.41.71.3

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


25


14 January 2016

TOP VC/PE TRANSACTIONS OF THE QUARTER Q4 2015

Organisation Country Sector Type of transaction Value

Sunnova Energy United States Solar PE Expansion Capital $300m

Welspun Energy India Solar PE Expansion Capital $165m

Renovate America United StatesEfficiency: Built

EnvironmentVC Late Stage $90m

Sungevity United States Solar PE Expansion Capital $50m

Younicos Germany Energy Storage PE Expansion Capital $50m

26

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

14 January 2016

ASSET FINANCING FOR NEW-BUILD RENEWABLE ENERGY ASSETS Q1 2004-Q4 2015 ($BN)

● The new-build financing of utility-scale renewable energy

generating projects. This includes both electricity and biofuel

production assets. Projects may be financed via the balance

sheets of the project owners, or through mechanisms such

as syndicated equity from institutional investors and project

debt from banks.

6.710.5

6.88.0

9.6

16.1

11.8

15.216.7

19.318.3

30.3

20.2

27.0

29.2

33.5

27.5

37.6

34.935.8

21.0

36.2

33.3

29.7

32.035.9

38.7

46.3

32.4

55.6

51.5

41.9

31.2

48.7

38.3

45.1

27.2

46.5

38.9

45.4

35.4

52.7

48.7

51.6

41.0

62.8

46.1

49.1

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


27


14 January 2016

TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER Q4 2015

Project name Country Sector Type of transaction Capacity Value

Galloper Offshore Wind Farm United Kingdom Wind Debt 336MW $2314m

Nafin Mexico Wind Farm

PortfolioMexico Wind Debt 1605MW na

Walney Island Offshore Wind

Farm Extension Phase IUnited Kingdom Wind Equity 330MW na

Walney Island Offshore Wind

Farm Extension Phase IIUnited Kingdom Wind Equity 330MW na

Nobelwind Offshore Wind

Farm Phase IIBelgium Wind Debt 165MW $728m

QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION

29

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

14 January 2016

FUNDS IN CIRCULATION IN CLEAN ENERGY Q1 2004-Q4 2015 ($BN)

● Global secondary market acquisition transactions. This

shows non-new investment in the clean energy industry

through corporate M&A, private equity buy-outs and public

market investor exits, as well as the refinancing or

acquisition of renewable assets.

2.93.3

1.6

4.04.5

8.47.1

12.6

8.5

11.1

5.7

14.2

9.5

14.6

18.6

22.0

17.9

11.2

14.0

18.9

12.3

17.7

15.8

20.2

16.8

11.5

13.6

20.0

12.1

17.7

30.7

20.2

19.2

15.1

12.0

25.2

21.8

16.6

17.315.4

17.5

24.4

19.8

32.1

26.4

21.6

17.8

30.7

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


30


14 January 2016

TOP TRANSACTIONS FOR FUNDS IN CIRCULATION Q4 2015

Organisation Country SectorType of

transactionAcquirer Value

Invenergy North American

Wind Portfolio TerraForm

Acquisition

Canada Wind Term loan TerraForm Power $2000m

MeerWind Sud und Ost

Offshore Wind Farm Phase I

Refinancing

Germany Wind Bond Blackstone Group $1067m

Benedict First State

Investment Portugal Wind

Farm Portfolio Acquisition

Portugal Wind Bond First State Wind Energy $1012m

Finerge-Gestao de Projectos

EnergeticosPortugal Wind Equity (company) First State Wind Energy $956m

GDF Suez Mitsui Axium

Infrastructure Canadian

Wind/Solar Portfolio

Refinancing

Canada Wind Term loanFiera Axium, IPR-GDF, Mitsui &

Co$464m

31

Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance

14 January 2016

CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY Q1 2004-Q4 2015 ($BN)

● Global mergers and acquisitions of companies that are

primarily involved in the clean energy industry according to

BNEF exposure ratings.

1.11.00.92.1

1.4

5.5

2.0

4.54.23.5

2.8

3.73.84.8

7.1

9.4

7.3

3.0

5.2

3.4

5.4

3.0

6.2

8.27.3

3.64.6

6.3

3.3

7.4

16.5

8.7

5.4

3.02.23.1

6.9

4.04.5

2.4

6.5

3.2 4.83.3

12.0

3.42.3

4.1

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


32

Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance

14 January 2016

RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING Q1 2004-Q4 2015 ($BN)

● Global acquisitions or refinancing's of utility-scale (1MW+)

renewable energy generating assets.

1.41.70.7

1.51.81.5

2.8

6.5

4.04.1

2.4

9.0

3.1

6.9

9.810.9

9.9

5.96.9

13.8

6.7

12.7

8.7 9.7

8.17.1

7.79.4

7.7

9.7

12.7

10.4

12.7

11.0

9.0

21.0

14.5

9.8

12.0

12.3

10.1

19.5

13.8

27.8

10.7

18.0

15.4

25.3

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

Q4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


CLEAN ENERGY INDEXES

3414 January 2016

Note: Values as of 13 January 2016; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003 Source: Bloomberg New Energy Finance

NEX CLEAN ENERGY INDEX2003–16 YTD

● The WilderHill New Energy Global Innovation Index (NEX) is a modified dollar-weighted index of publicly traded

companies active in renewable and low-carbon energy, and which stand to benefit from responses to climate change

and energy security concerns. The majority of index members are quoted outside the US.

0

100

200

300

400

500

Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15

3514 January 2016



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

3614 January 2016



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

3714 January 2016



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 Mar 16

38

Note: Values as of 13 January 2016; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance

14 January 2016

NYSE BNEF REGIONAL CLEAN ENERGY INDEXES2006-16 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 BloombergAmericas Clean EnergyIndex

NYSE Bloomberg AsiaPacific Clean EnergyIndex

NYSE BloombergEurope, Middle East &Africa Clean EnergyIndex

MSCI World & Emerging

39

Note: Values as of 13 January 2016; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance

14 January 2016

NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES2006-16 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 Bloomberg GlobalWind Energy Index

NYSE Bloomberg GlobalSolar Energy Index

NYSE Bloomberg GlobalEnergy Smart TechnologiesIndex

MSCI World & Emerging

40

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14 January 2016

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