GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY BY ASSET CLASS, ($BN)

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2 GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY BY ASSET CLASS, ($BN) Growth: 62% 54% 37% 18% -2% 33% 18% -8% -10% 17% Corporate R&D Government R&D VC/PE Public markets Small distributed capacity Asset finance* Note: *Asset finance volume adjusts for re-invested equity. Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance 2 Global Trends in Renewable Energy Investment, 2015

3 GLOBAL TRANSACTIONS IN RENEWABLE ENERGY, 2014 ($BN) Asset and company mergers, acquisitions, refinancing, buy-outs etc. 171 Projects (4) Equipment manufacturing/ scale-up Technology development VC Corp RD&D Gov R&D PE Public markets new equity Total company investment Reinvested Asset finance SDC* Total investment M&A /B-O etc. Total transactions Note: SDC = small distributed capacity. Total values include estimates for undisclosed deals. Figures may not add up exactly to totals, due to rounding. 3 Global Trends in Renewable Energy Investment, 2015

4 GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY: DEVELOPED VS. DEVELOPING, ($BN) Developed Developing Note: New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals. Developed volumes are based on OECD countries excluding Mexico, Chile, and Turkey. 4 Global Trends in Renewable Energy Investment, 2015

5 GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY BY SECTOR, 2014 AND GROWTH ON 2013 ($BN) Growth: Solar % Wind 99 11% Biomass & w-t-e 8-10% Biofuels 5-8% Small hydro 5-17% Geothermal 3 23% Marine % Note: New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals. 5 Global Trends in Renewable Energy Investment, 2015

6 VC/PE NEW INVESTMENT IN RENEWABLE ENERGY BY SECTOR, 2014 ($BN) Marine 0.03 Small hydro 0.01 Geothermal n/a Wind 0.3 Biomass & w-t-e 0.2 Biofuels 0.6 Solar 1.6 Note: VC/PE new investment excludes PE buy-outs. Total values include estimates for undisclosed deals. 6 Global Trends in Renewable Energy Investment, 2015

7 PUBLIC MARKETS NEW INVESTMENT IN RENEWABLE ENERGY BY SECTOR, 2014 ($BN) Biomass & w-t-e 0.1 Small Hydro 0.4 Marine 0.05 Geothermal 0.01 Biofuels 0.8 Wind 5.4 Solar Global Trends in Renewable Energy Investment, 2015

8 ASSET FINANCE OF NEW-BUILD RENEWABLE ENERGY ASSETS BY SECTOR, 2014 ($BN) Geothermal Small hydro Biomass & w-t-e 7.4 Biofuels 1.7 Solar 62.8 Wind 92.4 Note: Small distributed solar is not included under asset finance. Total values include estimates for undisclosed deals. 8 Global Trends in Renewable Energy Investment, 2015

9 GLOBAL AVERAGE LEVELISED COST OF ELECTRICITY FOR WIND AND PV, Q TO H1 2015, $ PER MWH Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 H1 H2 H1 H2 H PV - thin film PV - c-si PV - c-si tracking Onshore wind Offshore wind Note: PV-c-Si stands for crystalline silicon photovoltaics Source: Bloomberg New Energy Finance 9 Global Trends in Renewable Energy Investment, 2015

10 GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY BY REGION, 2014 ($BN) Brazil, 7.6 Middle East & Africa, 12.6 India, 7.4 AMER (excl. US & Brazil), 12.4 China 83.3 United States 35.8 ASOC (excl. China & India) 43.3 Europe Global Trends in Renewable Energy Investment, 2015

11 GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY BY REGION, ($BN) Europe United States '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 ' '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 Middle East & Africa China '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 AMER (excl. US & Brazil) Brazil '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 India ASOC (excl. China & India) '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 ' '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 ' '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 Note: New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals. 11 Global Trends in Renewable Energy Investment, 2015

12 RENEWABLE POWER GENERATION AND CAPACITY AS A PROPORTION OF GLOBAL POWER, (%) 60% 50% 49% 48% 40% 42% 40% 40% 30% 27% 32% 20% 20% 10% 9% 10% 11% 8% 8% 5.2% 5.3% 5.9% 6.1% 6.9% 13% 7.8% 14% 15% 8.5% 9.1% 0% Note: Renewable power excludes large hydro Renewables capacity change as a % of global power capacity change (net) Renewable power as a % of global power capacity Renewable power as a % of global power generation Source: Bloomberg New Energy Finance, EIA, IEA, 12 Global Trends in Renewable Energy Investment, 2015

13 RENEWABLE POWER INVESTMENT VERSUS GROSS FOSSIL-FUEL POWER INVESTMENT, ($BN) Fossil fuel ($bn) Renewable power ($bn) Note: Renewables figure excludes large hydro. Source: Bloomberg New Energy Finance 13 Global Trends in Renewable Energy Investment, 2015

14 INDEXED POWER SECTOR CO2 EMISSIONS, , MILLION TONNES OF CO Europe US China Source: Bloomberg New Energy Finance 14 Global Trends in Renewable Energy Investment, 2015

15 ASSET FINANCE NEW INVESTMENT IN RENEWABLE ENERGY BY REGION, ($BN) Middle East & Africa India Brazil AMER (excl. US & Brazil) ASOC (excl. China & India) United States China Europe Note: Total values include estimates for undisclosed deals. 15 Global Trends in Renewable Energy Investment, 2015

16 ASSET FINANCE NEW INVESTMENT IN RENEWABLE ENERGY BY SECTOR, ($BN) Marine Geothermal Small hydro Biofuels Biomass & w-t-e Solar Wind Note: Total values include estimates for undisclosed deals. 16 Global Trends in Renewable Energy Investment, 2015

17 SMALL DISTRIBUTED CAPACITY INVESTMENT, ($BN) Growth: 21% -8% 49% 58% 50% 86% 22% 4% -30% 34% Note: Represents investments in solar PV projects with capacities below 1MW. Source: Bloomberg New Energy Finance, various industry sources 17 Global Trends in Renewable Energy Investment, 2015

18 PUBLIC MARKET NEW INVESTMENT IN RENEWABLE ENERGY BY STAGE, ($BN) OTC Convertible & other Secondary & PIPE 0.3 IPO Note: PIPE = private investment in public equity, OTC = over-the-counter 18 Global Trends in Renewable Energy Investment, 2015

19 VC/PE NEW INVESTMENT IN RENEWABLE ENERGY BY STAGE, ($BN) Growth: 130%171% 35% 75% -55% 26% -13% -18% -46% 27% PE expansion capital VC late stage VC early stage Note: Buy-outs are not included as new investment. Total values include estimates for undisclosed deals. 19 Global Trends in Renewable Energy Investment, 2015

20 ACQUISITION TRANSACTIONS IN RENEWABLE ENERGY BY TYPE, ($BN) PE buy-outs 26.2 Public market investor exits 8.8 Corporate M&A Asset acquisitions & refinancing Note: Total values include estimates for undisclosed deals. Source: Bloomberg New Energy Finance 20 Global Trends in Renewable Energy Investment, 2015

21 For more information, contact: Frankfurt School Collaborating Centre for Climate & Sustainable Energy Finance Frankfurt School of Finance & Management Sonnemannstrasse Frankfurt/ Main Germany Bloomberg New Energy Finance Bloomberg LP City Gate House Finsbury Square London EC2A 1PQ info@bnef.com Tel: unep@fs.de