European Clean Energy Investment Guide Green Rhino Energy

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1 European Clean Energy Investment Guide 2012 Supported by: In association with: Green Rhino Energy

2 League Tables Methodology The league tables are based on deals that were announced during the five quarter period commencing on 1 January 2011 and ending on 31 March Qualifying transactions must be classified within at least one of the following sub-sectors: advanced materials & technologies; sustainable agriculture; biofuels; biomass; clean coal; energy efficiency; environmental services & remediation; geothermal; green transportation; hydro; hydrogen generation; marine; microgeneration; recycling & waste; solar; water & wastewater treatment; and wind. For a full description of our sector definitions please visit Number of deals ranking: for investor league tables, this is defined as the number of individual companies invested in (not individual investments or transactions) during the period outlined above. For advisor league tables, this is defined as the number of individual transactions that have been announced in which an advisor has been involved. Where more than one adviser or investor has been involved in the same number of transactions, the higher ranking is given to the adviser or investor associated with the highest aggregate deal value. Deal value: the deal value accredited to an investor is calculated for each transaction by dividing the total value of a transaction by the number of investors participating in the fundraising. Financing rounds of an undisclosed size are assigned a deal value of zero, apart from M&A transactions involving operational onshore wind and solar PV assets. In such transactions, a deal value is estimated on the basis of installed capacity using Clean Energy pipeline s multiples. Deal value for legal advisors and project sponsors is calculated using the same methodology. If more than one legal advisor is involved in a deal, the deal value is divided between the legal advisors. For project sponsors, the total value of project finance secured is divided by the number of sponsors. As our online platform is updated in real time, league table rankings may differ from the time of this release and the data found in our online platform at a later date. The Clean Energy pipeline league tables are based on deal information which has been collected by or provided to our team. Clean Energy pipeline endeavours to guarantee the accuracy of the deal information used to compile the league tables. At the end of each quarter, organisations are invited to us a quarterly deal summary in any format to ensure that all relevant deals are reflected in the Clean Energy pipeline league tables. All submissions should be ed to Thomas Sturge at thomas.sturge@vbresearch.com. Clean Energy pipeline reserves the rights to decline inclusion of deals that it deems fall outside its definitions or methodology. Copyright VB/Research Ltd. All rights reserved. No parts of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without prior permission of the publishers, this includes hosting all or part of this publication online. 23

3 League Tables Clean Energy: Europe The following league tables rank the most active investors in the European clean energy sector between 1 January 2011 and 31 March Separate league tables show the most active investors at various investment stages and in certain sectors and countries. League tables of the most active banks and legal advisors are also included. Rankings are based on deals tracked by Clean Energy pipeline s deal data team. Our methodology is described at the start of this section. Early Stage Investors (Series A-C) by Deal Value 1 Environmental Technologies Fund LP Imperial Innovations Group plc Invesco Perpetual GE Capital Ambienta SGR Spa Eurazeo SA Disruptive Capital Finance LLP Industrifonden New Energy Fund LP TS Capital Partners Ltd Early Stage Investors (Series A-C) by Number of Deals 1 Industrifonden Imperial Innovations Group plc Innogy Venture Capital Environmental Technologies Fund LP Demeter Partners IP Group plc CEA Investissement SA Invesco Perpetual Hotbed Fund Managers Ltd Capricorn Venture Partners NV

4 Late Stage Investors (Series D+) by Deal Value 1 DSM Venturing Finnish Industry Investment Ltd BeCapital Private Equity SCAR Norske Skog Tasman Lorrain Materials Fund Climate Change Capital Ltd BankInvest Group Ensto Ltd Pension Fennia SSE Renewables Holdings Ltd. 2 6 Late Stage Investors (Series D+) by Number of Deals 1 Zouk Capital LLP Finnish Industry Investment Ltd Climate Change Capital Ltd BankInvest Group SSE Renewables Holdings Ltd The North West Fund DSM Venturing BeCapital Private Equity SCAR Norske Skog Tasman Lorrain Materials Fund 1 9 Buyout Investors by Deal Value 1 AXA Private Equity Caisse de dépôt et placement du Québec Clayton, Dubilier & Rice LLC First Reserve Corp Bridgepoint Capital KGAL GmbH & Co KG Terra Firma Capital Partners Ltd PensionDanmark A/S Aquila Capital PKA A/S Buyout Investors by Number of Deals 1 KGAL GmbH & Co KG Capital Stage AG Foresight Group AXA Private Equity Terra Firma Capital Partners Ltd BNP Paribas Clean Energy Partners GP Ltd Barclays Infrastructure Funds Management Ltd RREEF Munich Re Antin Infrastructure Partners SAS

5 Investors in Projects by Deal Value 1 Bridgepoint Capital PensionDanmark A/S KGAL GmbH & Co KG BNP Paribas Clean Energy Partners GP Ltd KIRKBI A/S PKA A/S Munich Re Canepa Asset Management Terra Firma Capital Partners Ltd Oticon Foundation Investors in Projects by Number of Deals 1 KGAL GmbH & Co KG Foresight Group BNP Paribas Clean Energy Partners GP Ltd Munich Re Barclays Infrastructure Funds Management Ltd RREEF Ampere Equity Fund Allianz Specialised Investments Ltd Terra Firma Capital Partners Ltd Antin Infrastructure Partners SAS Solar Investors by Deal Value 1 First Reserve Corp Terra Firma Capital Partners Ltd Fonds stratégique d'investissement SA Grupo Isolux Corsan SA Cajasol 1 62 Solar Investors by Number of Deals 1 Climate Change Capital Ltd BankInvest Group GIMV Capricorn Venture Partners NV BonVenture Management GmbH

6 Wind Investors by Deal Value 1 GWM Renewable Energy Spa Clyde Blowers Capital Skion GmbH (f.k.a. Acton 2) Momentum Capital Ltd ESB International Ltd Wind Investors by Number of Deals 1 Invercaria SL GWM Renewable Energy Spa Clyde Blowers Capital Skion GmbH (f.k.a. Acton 2) Momentum Capital Ltd Energy Efficiency Investors by Deal Value 1 CapMan Oyj Electra Partners LLP Environmental Technologies Fund LP Ambienta SGR Spa Climate Change Capital Ltd Energy Efficiency Investors by Number of Deals 1 Environmental Technologies Fund LP Industrifonden Climate Change Capital Ltd YFM Group Yellow&Blue Investment Management BV 2 3 Benelux Investors by Deal Value 1 First Reserve Corp Nordic Capital Ltd Rutland Partners LLP Demeter Partners BeCapital Private Equity SCAR 1 14 Benelux Investors by Number of Deals 1 Capricorn Venture Partners NV GIMV Dutch Ministry of Economic Affairs, Agriculture & Innovation First Reserve Corp Nordic Capital Ltd

7 French Investors by Deal Value 1 AXA Private Equity Caisse de dépôt et placement du Québec Clayton, Dubilier & Rice LLC Fonds stratégique d'investissement SA Lloyd Capital Partners French Investors by Number of Deals 1 Fonds stratégique d'investissement SA CEA Investissement SA AXA Private Equity Emertec Gestion Aquitaine Création Investissement 2 2 German Investors by Deal Value 1 Momentum Capital Ltd Skion GmbH Alinda Capital Partners LLC DSM Venturing Credit Agricole Private Equity 1 13 German Investors by Number of Deals 1 WHEB Partners LLP Zouk Capital LLP Alinda Capital Partners LLC Demeter Partners BonVenture Management GmbH 2 5 Scandinavian Investors by Deal Value 1 GWM Renewable Energy Spa Faurecia SA Industrifonden Sustainable Technologies Fund Innovation Norway 2 6 Scandinavian Investors by Number of Deals 1 Industrifonden Danish Ministry of Economic and Business Affairs Altor Equity Partners Danish Energy Agency VINNOVA

8 Spanish Investors by Deal Value 1 First Reserve Corp Demeter Partners Cube Infrastructure Fund Grupo Isolux Corsan SA Cajasol 1 62 Spanish Investors by Number of Deals 1 Invercaria SL First Reserve Corp Demeter Partners Cube Infrastructure Fund Grupo Isolux Corsan SA 1 62 UK Investors by Deal Value 1 Berwind Corp Electra Partners LLP Leveraged Green Energy LLC Imperial Innovations Group plc Invesco Perpetual 2 35 UK Investors by Number of Deals 1 Imperial Innovations Group plc IP Group plc Environmental Technologies Fund LP Ludgate Environmental Fund Ltd Parkwalk Advisors Ltd. 3 3 Debt Providers by Deal Value Rank Top 20 Debt Providers Number of Deals Total Deal Value ($ million) 1 European Investment Bank 50 8,284 2 Nordic Investment Bank 11 1,012 3 Banco Santander SA KfW Bankengruppe Commerzbank AG Unicredit Spa BBVA La Caixa d'estalvis i Pensions de Barcelona Banesto European Bank for Reconstruction and Development WestLB AG Societe Generale Banco Sabadell SA Instituto de Credito Oficial Lloyds Banking Group plc Credit Agricole SA Natixis ING Bank NV BNP Paribas SA Bankia

9 Project Sponsors by Deal Value Rank Top 10 Project Sponsors Number of Deals Total Deal Value ($ million) 1 Acciona Energia SA Enel Green Power Spa Fortum Oyj Arise Windpower AB E.ON Climate & Renewables EDF Energies Nouvelles Iberdrola Renovables SA Eesti Energia EDP Renovaveis SA Luxcara Asset Management GmbH Project Finance Legal Advisors by Deal Value Rank Top 20 Legal Advisors Number of Deals Total Deal Value ($ million) 1 Allen & Overy LLP Loyens & Loeff J&A Garrigues SLP Watson, Farley & Williams LLP Linklaters LLP Cuatrecasas, Gonaalves Pereira Norton Rose LLP Jones Day Gianni, Origoni, Grippo & Partners DLA Piper Chiomenti Studio Legale Clifford Chance LLP Gleiss Lutz Uria Menendez Beiten Burkhardt CMS Cameron McKenna Squire Sanders Burness Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates McDermott Will & Emery LLP Project Finance Legal Advisors by Number of Deals Rank Top 20 Legal Advisors Number of Deals Total Deal Value ($ million) 1 Norton Rose LLP Linklaters LLP Gianni, Origoni, Grippo & Partners Burness Allen & Overy LLP Watson, Farley & Williams LLP DLA Piper Clifford Chance LLP Studio Legale Sinatra J&A Garrigues SLP Cuatrecasas, Gonaalves Pereira Jones Day Squire Sanders Chiomenti Studio Legale Uria Menendez Pinsent Masons LLP Pavia e Ansaldo Eversheds LLP Bird & Bird LLP Dewey & LeBoeuf LLP

10 DIRECTORY European Clean Energy Investment Guide Published by Clean Energy pipeline A division of VB/Research Ltd Wharf Road Wenlock Business Centre, Gr. 06 London, N1 7EU, UK Copyright VB/Research Ltd. 94 All rights reserved.no parts of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without prior permission of the publishers, this includes hosting all or part of this publication online.