GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT

Transcription

1 GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT Record-breaking offshore wind deal helps drive up clean energy investment in Q2 Luke Mills

2 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 1

3 ANNUAL CLEAN ENERGY INVESTMENT OVERVIEW

4 CLEAN ENERGY INVESTMENT TYPES & FLOWS 2013 ($BN) Asset and company mergers, acquisitions, refinancing, buy-outs etc Projects Equipment manufacturing/ scale-up Technology development VC Corp RD&D Gov Gov R&D PE Public Public markets Total Total company VC Corp PE Re-invested R&D markets new equity company investment equity RD&D new equity investment Renewable energy AF AF Digital Digital energy & energy storage AF & storage AF SDC SDC Total Total new investment investment M&A/buy-outs Total Buy-outs etc. transactions transactions etc. Note: Total values include estimates for undisclosed deals. AF = asset finance, SDC = small distributed capacity. 3

5 NEW INVESTMENT IN CLEAN ENERGY ($BN) 21% $318bn -10% $286bn -11% 17% 34% 0.6% $195bn $196bn $262bn $254bn 44% $167bn 46% $55bn 45% $80bn $116bn 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). 4

6 NEW INVESTMENT IN CLEAN ENERGY BY REGION ($BN) -10% 21% $103bn -11% 17% 0.6% 34% $78bn $109bn $121bn 44% $39bn $49bn $62bn $68bn $88bn $71bn $18bn $13bn $24bn 46% 45% $22bn $23bn $35bn $29bn $42bn $45bn $58bn $70bn $63bn $82bn $50bn $84bn $115bn $127bn $106bn $66bn $68bn EMEA AMER 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). 5

7 QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT

8 NEW INVESTMENT IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q 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). 7

9 NEW INVESTMENT IN CLEAN ENERGY BY REGION Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q EMEA AMER APAC 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

10 NEW INVESTMENT IN CLEAN ENERGY IN EUROPE Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q 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). 9

11 NEW INVESTMENT IN CLEAN ENERGY IN THE US Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q 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). 10

12 NEW INVESTMENT IN CLEAN ENERGY IN CHINA Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q 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). 11

13 NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q Wind Solar Biofuels Other 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). 12

14 NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q Asset finance* Public markets VC/PE Small distributed capacity 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). 13

15 PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q Four quarter running average 14

16 TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q Organisation Stock exchange Sector Type of transaction New equity raised Total offering size SunEdison New York Stock Exchange (NYSE) Solar Convertible $600m $600m NextEra Energy Partners LP New York Stock Exchange (NYSE) Wind IPO $467.2m $467.2m SunPower Corp NASDAQ Global Select Market (GS) Solar Convertible $400m $400m Pattern Energy Group NASDAQ Global Select Market (GS) Wind Secondary $300m $662.4m Trina Solar New York Stock Exchange (NYSE) Solar Convertible $172.5m $172.5m 15

17 VC/PE NEW INVESTMENT IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q Four quarter running average Note: Total values include estimates for undisclosed deals. 16

18 TOP VC/PE TRANSACTIONS OF THE QUARTER Q Organisation Country Sector Type of transaction Value Boston-Power US Energy storage PE - expansion capital $250m Sunrun US Solar VC - further / pre-ipo round $150m Sunnova Energy US Solar PE - expansion capital $145m Solor Bioenergi Holding Norway Biomass & waste PE - expansion capital $109m Sungevity US Solar PE - expansion capital $70m 17

19 ASSET FINANCING FOR NEW BUILD RENEWABLE ENERGY ASSETS Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage projects (reported in annual statistics only). 18

20 TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER Q Project name Country Sector Type of transaction Capacity Value Gemini Offshore Wind Farm Netherlands Wind Term loan 600MW $3,839.8m Ashalim I Sun Negev STEG Plant Israel Solar Term loan 121MW $818m Fortum Vartan Biomass Plant Sweden Biomass & waste Term loan 130MW $684.4m Cemex Ventika Wind Portfolio Mexico Wind Term loan 252MW $647m Renova Energia BNDES Wind Portfolio Brazil Wind Term loan 386.1MW $561.4m 19

21 QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION

22 FUNDS IN CIRCULATION IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage projects (reported in annual statistics only). 21

23 TOP TRANSACTIONS FOR FUNDS IN CIRCULATION Q Organisation Country Sector Type of transaction Acquirer Value Pattern Energy Group US Wind Secondary investor exit Not disclosed $362.4m Voltalia Rio Grande do Norte Wind Portfolio - Refinancing Brazil Wind Balance sheet BNDES $279.4m SunPower & Google US Residential PV Portfolio Tax Equity US Solar Balance sheet Google $250m Enel Brazil Wind Portfolio - Refinancing Brazil Wind Asset refinancing International Finance Corp $200m Elkem Solar Norway Solar PE - buy-out / corp spinoff Guangyu International Investment $200m 22

24 CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q Four quarter running average Note: Total values include estimates for undisclosed deals 23

25 RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q Four quarter running average Note: Total values include estimates for undisclosed deals 24

26 CLEAN ENERGY INDEXES

27 NEX CLEAN ENERGY INDEX YTD NEX NASDAQ S&P Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15 Note: Values as of 23 June 2014; NASDAQ and S&P 500 rebased to 100 on 1 Jan

28 NEX CLEAN ENERGY INDEX YTD NEX NASDAQ S&P Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Note: Values as of 23 June 2014; NASDAQ and S&P 500 rebased to 100 on 1 Jan

29 NEX CLEAN ENERGY INDEX YTD NEX NASDAQ S&P Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Note: Values as of 23 June 2014; NASDAQ and S&P 500 rebased to 100 on 1 Jan

30 NYSE BNEF REGIONAL CLEAN ENERGY INDEXES YTD NYSE BNEF AMER Index NYSE BNEF AMER Index NYSE BNEF ASOC Index NYSE BNEF ASOC Index 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 NYSE BNEF EMEA Index NYSE BNEF EMEA Index MSCI World & Emerging MSCI World & Emerging Note: Values as of 10 July 2014; NASDAQ and S&P 500 rebased to 100 on 30 December

31 NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES YTD 4,000 3,500 3,000 2,500 2,000 1,500 1, ,000 3,500 3,000 2,500 2,000 1,500 1, NYSE BNEF Wind Index NYSE BNEF Solar Index NYSE BNEF EST Index MSCI World & Emerging 0 0 Dec 05 Sep 06 Jun 07 Mar 08 Dec 08 Sep 09 Jun 10 Mar 11 Dec 11 Sep 12 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Note: Values as of 10 July 2014; NASDAQ and S&P 500 rebased to 1,000 on 30 December

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33 MARKETS Renewable Energy Energy Smart Technologies Advanced Transport Gas Carbon and RECs SERVICES Americas Service Asia Pacific Service EMEA Service Applied Research Events and Workshops Unique analysis, tools and data for decision-makers driving change in the energy system Angus McCrone Chief Editor (UK) +44 (0) Ethan Zindler Head of Americas (US) Luke Mills Data Analyst (UK) +44 (0)