GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT

Transcription

1 GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT South Africa stands out in subdued for clean energy investment 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 2014 CLEAN ENERGY INVESTMENT TYPES & FLOWS ($BN) Asset and company mergers, acquisitions, refinancing, buy-outs etc Projects Equipment manufacturing/ scale-up +2 Technology development 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 Note: Total values include estimates for undisclosed deals. AF = asset finance, SDC = small distributed capacity. 3

5 NEW INVESTMENT IN CLEAN ENERGY ($BN) 32% 17% $318bn -7% $294bn -9% 16% $310bn 0.5% $272bn $268bn 17% 36% $175bn $205bn $206bn 46% 46% $128bn $60bn $88bn 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) -7% 16% 17% -9% 17% 0.5% 32% $79bn $99bn $113bn $127bn $154bn 36% $41bn $52bn $65bn $69bn $86bn $71bn 46% $19bn $13bn $28bn 46% $26bn $23bn $39bn $31bn $44bn $53bn $59bn $75bn $63bn $90bn $50bn $91bn $124bn $132bn $109bn $66bn $76bn $75bn $80bn 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 ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY TYPE, ($BN) ABS Project US municipal Labelled corporate Supranational, sovereign & agency Notes: The funds raised by green bonds are neither entirely inclusive nor exclusive of figures for clean energy asset finance. Bloomberg New Energy Finance will release additional further details on green bond investment activity in a future press release. Sovereign, supranational & agency includes bonds issued by issued by international financial institutions, agencies and provinces to finance green projects. Labelled corporate includes bonds issued by companies and explicitly labelled as green. US municipal refers to bonds issued by US municipalities to finance green projects. Project refers to project bonds backed by renewable energy projects. ABS refers to asset-backed securities whose cashflows come from a portfolio of underlying receivables such as loans, leases and PPAs associated with green projects. 6

8 QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT

9 NEW INVESTMENT IN CLEAN ENERGY ($BN) '15 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). 8

10 NEW INVESTMENT IN CLEAN ENERGY BY REGION ($BN) '15 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). 9

11 NEW INVESTMENT IN CLEAN ENERGY IN EUROPE ($BN) '15 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 THE US ($BN) '15 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 IN CHINA ($BN) '15 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). 12

14 NEW INVESTMENT IN CLEAN ENERGY BY SECTOR ($BN) '15 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). 13

15 EMEA NEW INVESTMENT IN CLEAN ENERGY BY SECTOR ($BN) '15 Wind Solar 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). 14

16 AMER NEW INVESTMENT IN CLEAN ENERGY BY SECTOR ($BN) '15 Wind Solar 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). 15

17 APAC NEW INVESTMENT IN CLEAN ENERGY BY SECTOR ($BN) '15 Wind Solar 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). 16

18 NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS ($BN) '15 Asset finance* Public markets VC/PE Small distributed capacity *Asset finance adjusted for re-invested equity 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). 17

19 PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY ($BN) '15 Four quarter running average Note: Total values include estimates for undisclosed deals. 18

20 TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER 2015 Organisation Stock exchange Sector Type of transaction New equity raised Total offering size SunEdison New York Stock Exchange (NYSE) Solar Convertible $460m $460m TerraForm Power NASDAQ Global Select Market (GS) Solar Secondary $404.8m $404.8m Pattern Energy NASDAQ Global Select Market (GS) Wind Secondary $204.8m $351.m Xinyi Solar Holdings Hong Kong Stock Exchange (HKEX) Solar Secondary $148.2m $148.2m SolarEdge Technologies NASDAQ Global Select Market (GS) Solar IPO $144.9m $144.9m 19

21 VC/PE NEW INVESTMENT IN CLEAN ENERGY ($BN) '15 Four quarter running average Note: Total values include estimates for undisclosed deals. 20

22 TOP VC/PE TRANSACTIONS OF THE QUARTER 2015 Organisation Country Sector Type of transaction Value Green Biologics UK Biofuels PE Expansion Capital $76m Leaf Solar Power US Solar PE Expansion Capital $75m Renmatix US Biofuels VC Late Stage $50m Apex Clean Energy US Wind PE Expansion Capital $50m Conergy Germany Solar PE Expansion Capital $45m 21

23 ASSET FINANCING FOR NEW BUILD RENEWABLE ENERGY ASSETS ($BN) '15 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). 22

24 TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER 2015 Project name Country Sector Type of transaction Capacity Value Nordsee 1 Offshore Wind Farm Germany Wind Term loan 332MW $1279m Xina Solar One STEG Plant South Africa Solar Term loan 100MW $888m Ilangalethu Karoshoek Solar Valley STEG Plant South Africa Solar Term loan 100MW Undisclosed Apex Kay Wind Farm US Wind Construction loan 300MW $427m Balko Wind Farm US Wind Construction loan 300MW Undisclosed 23

25 QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION

26 FUNDS IN CIRCULATION IN CLEAN ENERGY ($BN) '15 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). 25

27 TOP TRANSACTIONS FOR FUNDS IN CIRCULATION 2015 Organisation Country Sector Type of transaction Acquirer Value First Wind Holdings US Wind Equity (company) SunEdison, TerraForm Power $1898m Ormat Industries Israel Geothermal Equity (company) Ormat Technologies $1642m NRG Energy US Wind Asset NRG Yield $1226m Saeta Yield Spain Wind Investor Exit Undisclosed $503m NRG US Portfolio NRG Yield Acquisition US Wind Balance Sheet NRG Yield Undisclosed (785MW) 26

28 CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY ($BN) '15 Four quarter running average Note: Total values include estimates for undisclosed deals 27

29 RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING ($BN) '15 Four quarter running average Note: Total values include estimates for undisclosed deals 28

30 CLEAN ENERGY INDEXES

31 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 09 April 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan

32 NEX CLEAN ENERGY INDEX YTD NEX NASDAQ S&P Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Note: Values as of 09 April 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan

33 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 Jan 15 Apr 15 Jul 15 Note: Values as of 09 April 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan

34 NEX CLEAN ENERGY INDEX YTD NEX NASDAQ NEX S&P NASDAQ 500 S&P Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Note: Values as of ; NASDAQ and S&P 500 rebased to 100 on 1 Jan

35 NYSE BNEF REGIONAL CLEAN ENERGY INDEXES YTD 3,000 2,500 2,000 1,500 NYSE NEF AMER Index NYSE NEF APAC Index 1, Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 NYSE NEF EMEA Index MSCI World & Emerging Note: Values as of ; NASDAQ and S&P 500 rebased to 1,000 on 30 December

36 NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES YTD 4,000 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 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Note: Values as of ; NASDAQ and S&P 500 rebased to 1,000 on 30 December

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