CONTENTS TOTAL NEW CLEAN ENERGY INVESTMENT 3 PROJECT / ASSET FINANCE 10 MERGERS & ACQUISITIONS 18 VENTURE CAPITAL & PRIVATE EQUITY 29

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2 CONTENTS TOTAL NEW CLEAN ENERGY INVESTMENT 3 PROJECT / ASSET FINANCE 10 MERGERS & ACQUISITIONS 18 VENTURE CAPITAL & PRIVATE EQUITY 29 PUBLIC MARKETS 34 GREEN BONDS 40 ABOUT CLEAN ENERGY PIPELINE 48 CONTACTS 52 2

3 Total investment ($ billion) GLOBAL CLEAN ENERGY INVESTMENT ( ) Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds.

4 Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY ASSET CLASS ( ) Project finance Public markets Small-scale project investment Venture capital & private equity

5 Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY REGION ( ) Asia Pacific Europe North America Latin & Central America Middle East

6 Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY SECTOR ( ) Wind Solar Biomass Other 6

7 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Total investment ($ billion) GLOBAL CLEAN ENERGY INVESTMENT (1Q09 1Q17) Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds.

8 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY REGION (1Q09 1Q17) Asia Pacific Europe North America Latin & Central America Africa & Middle East

9 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY ASSET CLASS (1Q09 1Q17) Project finance Public markets Small-scale project investment Venture capital & private equity

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11 Deal value ($ billion) GLOBAL CLEAN ENERGY PROJECT FINANCE BY REGION ( ) Asia Pacific Europe North America Latin & Central America Africa & Middle East

12 Deal value ($ billion) GLOBAL CLEAN ENERGY PROJECT FINANCE BY SECTOR ( ) Wind Solar Biomass Other 12

13 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY PROJECT FINANCE BY REGION ( ) Asia Pacific Europe North America Latin & Central America Africa & Middle East

14 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY PROJECT FINANCE BY SECTOR (1Q09 1Q17) Wind Solar Biomass Other 14

15 GLOBAL PROJECT / ASSET FINANCE BY REGION (1Q17 VS 1Q16) Asia Pacific Europe North America Latin & Central America Africa & Middle East Q17 1Q16 NOTE: FIGURES ARE IN $ BILION 15

16 GLOBAL PROJECT / ASSET FINANCE BY SECTOR (1Q17 VS 1Q16) Onshore wind Solar PV Offshore wind Biomass Other Q17 1Q16 NOTE: FIGURES ARE IN $ BILION 16

17 TOP TEN CLEAN ENERGY PROJECT FINANCE TRANSACTIONS IN 1Q17 PROJECT COUNTRY SECTOR DEAL VALUE ($M) EnbW Hohe See Offshore Wind Farm Germany Wind 1,800 Wester Link Transmission Line UK Transmission 1,180 Butendiek Offshore Wind Farm Germany Wind 1,019 Trianel Windpark Borkum II Offshore Wind Farm Germany Wind 1,000 Wind X and XI Portfolio USA Wind 850 Riverland Solar Plant Australia Solar 766 Riverside Resource Recovery Facility UK Biomass 652 Villanueva Solar Portfolio Mexico Solar 650 Mohammed Bin Rashid Al Maktoum Phase II Solar Plant UAE Solar 640 Raigarh and Pugalur Transmission Line USA Transmission

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19 Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY M&A BY REGION ( ) North America Europe Asia Pacific Rest of the World Number of deals 19

20 Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY M&A BY DEAL TYPE ( ) Corporate M&A Private Equity Number of deals 0 20

21 Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY M&A BY REGION (1Q09 1Q17) North America Europe Asia Pacific Rest of the World Number of deals 21

22 Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY M&A BY DEAL TYPE (1Q09 1Q17) Corporate M&A Private Equity Number of deals 22

23 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Effective capacity acquired (GW) GLOBAL RENEWABLE PROJECT M&A (1Q09-1Q17) In operation Under construction Pre-construction 23

24 Effective capacity acquired (GW) GLOBAL RENEWABLE PROJECT M&A ( ) In operation Under construction Pre-construction 24

25 GLOBAL CLEAN ENERGY M&A BY SECTOR (1Q17 VS 1Q16) 1Q17 1Q $28.7 BILLION 3.2 $16.0 BILLION Solar Hydro Wind Water & Waste Water Green Transportation Other Wind Hydro Solar Other Water & Waste Water Green Transportation

26 GLOBAL CLEAN ENERGY M&A BY ACQUIRER TYPE (1Q17 VS 1Q16) 1Q17 1Q $28.7 BILLION $16.0 BILLION IPP/Utility PE/Infrastructure fund Corporate Institutional investor Yieldco PE/Infrastructure fund Corporate IPP/Utility Institutional investor Yieldco

27 GLOBAL CLEAN ENERGY M&A BY TARGET TYPE (1Q17 VS 1Q16) 1Q17 1Q $28.7 BILLION $16.0 BILLION Renewable energy projects Supply chain targets Clean technology targets Renewable energy projects Supply chain targets Clean technology targets 27

28 TOP 10 CLEAN ENERGY M&A TRANSACTIONS IN 1Q17 TARGET COUNTRY ACQUIRER DEAL VALUE ($M) CPFL Energia Brazil State Grid Corporation of China 5,658 GE Water Tesla Motors USA USA Suez Environnement, Caisse de dépôt et placement du Québec 3,400 Tencent Holdings 1,778 Lincs Offshore Wind Farm (270MW) UK UK Green Investment Bank 894 FTP Power USA AES, Alberta Investment Management 853 TerraForm Global USA Brookfield Asset Management 787 Infinis Energy s Wind Business UK JP Morgan 707 TerraForm Vortex Solar Portfolio (365MW) UK EFG Hermes 680 Moapa Solar Plant (250MW) USA Capital Dynamics 660 Onikobe Solar Plant (154.9MW) Japan Thai Solar Energy, Sino Thai Engineering and Construction

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30 Deal value ($ billion) GLOBAL CLEAN ENERGY VC/PE BY REGION ( ) North America Europe Asia Pacific Rest of the World 30

31 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY VC/PE BY REGION (1Q09 1Q17) North America Europe Asia Pacific Rest of the World 31

32 GLOBAL CLEAN ENERGY VC/PE BY SECTOR (1Q17 VS 1Q16) 1Q17 1Q $1.8 BILLION $2.0 BILLION Wind Energy Efficiency Solar Green Transportation Energy Storage Other Wind Energy Efficiency Solar Green Transportation Energy Storage Other

33 TOP TEN CLEAN ENERGY VC/PE TRANSACTIONS IN 1Q17 COMPANY COUNTRY SECTOR DEAL VALUE ($M) ReNew Power Ventures India Wind 200 Proterra USA Green Transportation 140 Sunlight Financial USA Solar 130 Hero Future Energies India Wind 125 Orazul Energy Partners USA Hydro 100 View Inc. USA Energy Efficiency 100 Chargepoint USA Energy Storage 82 One Energy Enterprises USA Wind 80 Kinestral Technologies USA Energy Efficiency 65 Silicon Ranch USA Solar 55 33

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35 Deal value ($ billion) GLOBAL PUBLIC MARKETS BY QUARTER (2009 1Q17) Q17 Q1 Q2 Q3 Q4 35

36 Deal value ($ billion) GLOBAL PUBLIC MARKETS BY REGION (2009 1Q17) Q17 36 Asia Pacific Europe North America Latin & Central America Middle East

37 Deal value ($ billion) GLOBAL PUBLIC MARKETS BY SECTOR (2009 1Q17) Q17 37 Wind Solar Biomass Energy Efficiency Recycling & Waste Other

38 Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY IPOS (2009 1Q17) Q IPO Number of deals

39 TOP 10 PUBLIC MARKET TRANSACTIONS IN 1Q17 ISSUER STOCK EXCHANGE ISSUE TYPE PROCEEDS ($M) Tesla Motors NASDAQ Secondary 1,378 Shanghai Environment Group Shanghai Stock Exchange IPO 1036 Kunming Dianchi Water Treatment Hong Kong Stock Exchange IPO 188 Hengdian Group Tospo Lighting Shanghai Stock Exchange IPO 172 The Renewables Infrastructure Group London Stock Exchange Secondary 137 Orion Energy Systems NASDAQ Secondary 75 Hefei Taihe Optoelectronic Technology Shanghai Stock Exchange IPO 74 Iberdrola Madrid Stock Exchange Secondary 73 Fujian Haixia Environmental Protection Group Shanghai Stock Exchange IPO 65 Luzhou Xinglu Water Hong Kong Stock Exchange IPO 64 39

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41 Deal value ($ billion) GLOBAL GREEN BOND ISSUANCES BY ISSUER TYPE (2007 1Q17) Q17 41 Development banks Governments/Municipalities Project bonds Corporates Investment/commercial banks Green asset-backed securities

42 Deal value ($ billion) GLOBAL GREEN BOND ISSUANCES BY ISSUER TYPE (1Q13 1Q17) Development bank Government/municipality Project bond Corporate Investment/commercial bank Green asset-backed securitisation

43 Deal value ($ billion) GLOBAL GREEN BOND ISSUANCES BY ISSUER REGION (2007 1Q17) Q17 43 Asia Pacific North America Africa & Middle East Europe Latin & Central America

44 Deal value ($ billion) GLOBAL GREEN BOND ISSUANCES BY ISSUER REGION (1Q13 1Q17) Asia Pacific Europe North America 44 Latin & Central America Africa & Middle East

45 TOP 10 GREEN BOND ISSUING COUNTRIES AS OF 1Q17 Country 2007 to date ($M) 1Q17 ($M) 2016 ($M) 2015 ($M) 2014 ($M) 2013 ($M) USA 58,262 2,756 19,406 13,377 9,239 7,420 China 34,212 1,975 30,359 1, France 29,628 11,168 4,660 4,463 6,905 1,899 Germany 23, ,143 8,507 5,255 1,104 Luxembourg* 16,567 1,706 3,811 3,512 6, Netherlands 13,608 1,409 5,996 4,273 1, Spain 8,140 1,628 2, ,441 - Sweden 7, ,125 1,429 1, Japan 6,752-2,782 1,896 2,074 - Canada 6, ,642 1,026 1, Note: Figures may not add up due to issuances before * Primarily due to the European Investment Bank, a Luxembourg-based organisation. 45

46 TOP 10 GREEN BOND ISSUERS AS OF 1Q17 Organisation 2007 to date ($M) 1Q17 ($M) 2016 ($M) 2015 ($M) 2014 ($M) 2013 ($M) European Investment Bank 16,567 1,706 3,811 3,512 6, KfW Bankengruppe 10, ,737 4,071 3,542 World Bank 9,854 1,261 1,246 3, Industrial Bank 7,803 7,803 Pudong Development Bank 7,550 7,550 Government of France 7,488 7,488 Iberdrola 5,321 1,584 2,708 1,029 ENGIE 5,034 1,595 3,439 International Finance Corporation 5,004 1, ,229 TenneT Holding BV 4,714 1,074 2,551 1,089 Note: Figures may not add up due to issuances before

47 TOP 10 GREEN BOND ISSUANCES IN 1Q17 ISSUER ISSUER COUNTRY DATE DEAL SIZE ($M) ISSUER TYPE Government of France France ,488 Government/municipality ENGIE France ,595 Corporate Enel Italy ,316 Corporate SNCF Reseau France ,080 Corporate TenneT Holding Netherlands ,074 Corporate Iberdrola Spain ,052 Corporate Agricultural Development Bank of China China Development bank Wind X and XI Portfolio USA Project bond State Government of Queensland Australia Government/municipality China Development Bank China Development bank 47

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49 NEWS & INSIGHT Clean Energy Pipeline, the online daily news and data service, is the leading independent source of news, data and analytics about the Clean Energy sector. Our news team delivers real-time business news and identifies the latest and most relevant regulatory and policy announcements, investment, M&A and project finance news, new funds and fund closes. This news is supplemented with opinion-pieces based on in-depth interviews with senior-level executives, advisers, investors and policy-makers. We also publish a variety of reports and guides, including market reports, quarterly statistics, data insight reports, expert guides and bespoke research reports.. The site has a wealth of content available for free, and if you see anything that is of interest to you, please don't hesitate to contact Sonja van Linden Tol on or sonja.vanlindentol@cleanenergypipeli ne.com 49

50 ONLINE TRANSACTION DATABASES We cover the following transactions: Venture Capital & Private Equity - completed investments from seed funding to buyouts. Mergers & Acquisitions - corporate M&A and private equity buyouts. Project / Asset Finance - debt, equity and government funding of clean energy projects. Public Markets - IPOs, secondary market offerings and convertibles. Green Bonds - Labelled green bond issuances by the sovereign, supranational and agency sector and corporates. The transaction databases are based on deal information which has been collected by or provided to our team. Organisations are invited to us the deals as they happen or a quarterly deal summary in any format to ensure that all relevant transactions are reflected in the platform. All submissions should be ed to Thai Tran at thai.tran@cleanenergypipeline.com. 50

51 CUSTOMISED RESEARCH Clean Energy Pipeline offers a customised research service. Our team is available to produce thought leadership research, market and industry surveys, data mining & analysis, competitive positioning, company profiles, investment analytics and forecasting. Research output can be delivered in Excel spreadsheets, PowerPoint charts, PDF reports or any other suggested format. Our preferred research methodology is focused on the collection and analysis of primary information collected from surveys and interviews with industry experts. This approach enables us to offer unique insights on the sector. Our clients use our research to identify trends and analyse their impact on their business; to broaden their understanding of a particular market, technology, geography or asset; and to produce thought leadership reports and white papers. Please do get in touch with Sonja van Linden Tol on or sonja.vanlindentol@cleanenergypipeline.com 51

52 For any questions regarding the information contained herewith or to request additional data/information, please contact: Thomas Sturge (Head of Research) Thai Tran (Head of Data) Sonja van Linden Tol (Global Head of Sales) - sonja.vanlindentol@cleanenergypipeline.com Clean Energy Pipeline Wells Point, 79 Wells Street London W1T 3QN +44 (0) 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 Centaur Media PLC.