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 2Q17 Total investment ($ billion) GLOBAL CLEAN ENERGY INVESTMENT (1Q09 2Q17) 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 2Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY REGION (1Q09 2Q17) 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 2Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY ASSET CLASS (1Q09 2Q17) 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 2Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY PROJECT FINANCE BY REGION (1Q09 2Q17) 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 2Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY PROJECT FINANCE BY SECTOR (1Q09 2Q17) Wind Solar Biomass Other 14

15 GLOBAL PROJECT / ASSET FINANCE BY REGION (2Q17 VS 2Q16) Asia Pacific Europe North America Africa & Middle East Latin & Central America Q17 2Q16 NOTE: FIGURES ARE IN $ BILLION 15

16 GLOBAL PROJECT / ASSET FINANCE BY SECTOR (2Q17 VS 2Q16) Onshore wind Solar PV Offshore wind Biomass Other Solar thermal Q16 2Q17 NOTE: FIGURES ARE IN $ BILLION 16

17 TOP TEN CLEAN ENERGY PROJECT FINANCE TRANSACTIONS IN 2Q17 PROJECT COUNTRY SECTOR DEAL VALUE ($M) Sheikh Mohammed Bin Rashid Al-Maktoum III solar PV plant (800MW) UAE Solar 990 Yuetuo Island offshore wind farm (300MW) China Wind 898 Sweihan solar PV plant (1,170MW) UAE Solar 872 Three Gorges Zhuanghe Offshore Phase III offshore wind farm (300MW) China Wind 755 Heavy Snow solar portfolio (260MW) USA Solar 692 Enel Spanish wind portfolio (540MW) Spain Solar 668 Avangrid La Joya onshore wind farm (400MW) USA Wind 620 Santa Rita onshore wind farm (300MW) USA Wind 612 Octopus solar portfolio (522MW) UK Solar

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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 2Q17) 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 2Q17) 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 2Q17 Effective capacity acquired (GW) GLOBAL RENEWABLE PROJECT M&A (1Q09-2Q17) 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 (2Q17 VS 2Q16) 2Q17 2Q $16.0 BILLION $28.2 BILLION Wind Solar Energy Efficiency Energy Storage Hydro Other Wind Solar Energy Efficiency Energy Storage Hydro Other

26 GLOBAL CLEAN ENERGY M&A BY ACQUIRER TYPE (2Q17 VS 2Q16) 2Q17 2Q $16.3 BILLION $28 BILLION PE/Infrastructure fund Institutional Investor IPP/Utility Corporate Yieldco PE/Infrastructure fund Institutional Investor IPP/Utility Corporate Yieldco

27 GLOBAL CLEAN ENERGY M&A BY TARGET TYPE (2Q17 VS 2Q16) 2Q17 2Q $16 BILLION 9.3 $28.3 BILLION Renewables Supply Chain Other clean technology targets Renewables Supply Chain Other clean technology targets 27

28 TOP 10 CLEAN ENERGY M&A TRANSACTIONS YEAR TO DATE TARGET COUNTRY ACQUIRER DEAL VALUE ($M) CPFL Energia Brazil State Grid Corporation of China 5,658 GE Water USA Suez Environnement, Caisse de dépôt et placement du Québec 3,400 UK Green Investment Bank UK Macquarie Group 2,949 Tesla Motors USA Tencent Holdings 1,778 Lincs offshore wind farm (270MW) USA UK Green Investment Bank 894 Waneta Dam hydro plant (496MW) Brazil Fortis 875 FTP Power USA AES, Alberta Investment Management 853 National Central Cooling Company PJSC UAE ENGIE 787 TerraForm Global USA Brookfield Asset Management 787 Gestamp's Brazilian wind portfolio Brazil Actis Capital LLP

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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 2Q17 Deal value ($ billion) GLOBAL CLEAN ENERGY VC/PE BY REGION (1Q09 2Q17) North America Europe Asia Pacific Rest of the World 31

32 GLOBAL CLEAN ENERGY VC/PE BY SECTOR (2Q17 VS 2Q16) 2Q17 2Q $1.3 BILLION $1.8 BILLION Energy Storage Energy Efficiency Wind Solar Biofuels Other Energy Storage Energy Efficiency Wind Solar Biofuels Other

33 TOP TEN CLEAN ENERGY VC/PE TRANSACTIONS IN 2Q17 COMPANY COUNTRY SECTOR DEAL VALUE ($M) Microvast Power System India Energy Storage 400 View USA Energy Efficiency 100 ReNew Power Ventures USA Wind 100 Potentia Solar India Solar 78 Actility USA Energy Efficiency 75 Genneia USA Wind 50 Calysta Energy USA Biofuels 40 Spruce Finance USA Solar 25 Siva Power USA Solar 25 EcoIntense GmbH USA Environmental Services & Remediation

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35 Deal value ($ billion) GLOBAL PUBLIC MARKETS BY QUARTER (2009 1H17) H17 Q1 Q2 Q3 Q4 35

36 Deal value ($ billion) GLOBAL PUBLIC MARKETS BY REGION (2009 1H17) H17 36 Asia Pacific Europe North America Latin & Central America Middle East

37 Deal value ($ billion) GLOBAL PUBLIC MARKETS BY SECTOR (2009 1H17) H17 37 Wind Solar Biomass Energy Efficiency Recycling & Waste Other

38 Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY IPOS (2009 1H17) H IPO Number of deals

39 TOP 10 PUBLIC MARKET TRANSACTIONS IN 2Q17 ISSUER STOCK EXCHANGE ISSUE TYPE PROCEEDS ($M) Bingo Industries Limited Australian Securities Exchange IPO 614 China Everbright Greentech Hong Kong Stock Exchange IPO 399 Brookfield Renewable Energy Partners NYSE Secondary 264 NextEnergy Solar Fund London Stock Exchange Secondary 164 Guangdong Liantai Environmental Protection Shanghai Stock Exchange IPO 46 Jiangsu Xinri E-Vehicle Shanghai Stock Exchange IPO 45 Fujian Nebula Electronics Shenzhen Stock Exchange IPO 39 Tecnoon Lighting Shenzhen Stock Exchange IPO 32 FuelCell Energy Inc. NASDAQ Secondary 15 Carnegie Clean Energy Australian Securities Exchange Secondary 14 39

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41 Deal value ($ billion) GLOBAL GREEN BOND ISSUANCES BY ISSUER TYPE (2007 1H17) H17 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 2Q17) 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 1H17) H17 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 2Q17 Country 2007 to date ($M) 2Q17 ($M) 2016 ($M) 2015 ($M) 2014 ($M) 2013 ($M) USA 65,286 9,780 19,406 13,377 9,239 7,420 China 38,278 6,042 30,359 1, France 32,573 14,114 4,660 4,463 6,905 1,899 Germany 26,809 3,800 8,143 8,507 5,255 1,104 Luxembourg* 18,067 3,206 3,811 3,512 6, Netherlands 16,042 3,844 5,996 4,273 1, Spain 9,066 2,554 2, ,441 - Sweden 8,926 2,578 3,125 1,429 1, Canada 7,040 1,486 1,642 1,026 1, Japan 6,752-2,782 1,896 2,074 - 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 2Q17 Organisation 2007 to date ($M) 2Q17 ($M) 2016 ($M) 2015 ($M) 2014 ($M) 2013 ($M) European Investment Bank 18,067 3,206 3,811 3,512 6, KfW Bankengruppe 12,851 2,501 2,737 4,071 3,542 World Bank 9,854 1,261 1,246 3, Government of France 9,293 9,293 Industrial Bank 7,803 7,803 Pudong Development Bank 7,550 7,550 TenneT Holding BV 5,835 2,196 2,551 1,089 Iberdrola 5,594 1,857 2,708 1,029 ENGIE 5,034 1,595 3,439 International Finance Corporation 5,004 1, ,229 Note: Figures may not add up due to issuances before

47 TOP 10 GREEN BOND ISSUANCES IN 2Q17 ISSUER ISSUER COUNTRY DATE DEAL SIZE ($M) ISSUER TYPE KfW Bankengruppe Germany ,190 Development bank Bank of Beijing China ,181 Investment/commercial bank Government of France France ,805 Government/municipality European Investment Bank Luxembourg ,500 Development bank TenneT Holding BV Netherlands ,122 Corporate Apple Inc. USA ,000 Corporate Brazilian National Social and Economic Development Bank Brazil ,000 Development bank Bank of Nanjing China Investment/commercial bank China Three Gorges Corp. China Corporate Metropolitan Transportation Authority (New York) USA Government/municipality 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

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