GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT

April 2016 GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT Luke Mills Joseph Byrne

CONTENTS 1. Clean energy coverage and definitions 2. Annual clean energy investment overview 3. Quarterly trends in clean energy: new investment 4. Quarterly trends in clean energy: funds in circulation 5. Clean energy indexes 6. Renewable energy capacity investment 1

CLEAN ENERGY INVESTMENT HOMEPAGE Find the latest research and create and download your own charts and datasets on the new clean energy investment homepage 2

CLEAN ENERGY COVERAGE & DEFINITIONS

CLEAN ENERGY COVERAGE Key: Renewable Clean Energy Quarterly Annual Only Asset Class Total Clean Energy Renewables Low Carbon Services Energy Smart Technologies Technology / Services Asset Finance (1MW+) Small Scale Finance (<1MW) Public Markets VCPE M&A Re-Invested Equity Corporate R&D Government R&D Biofuels Biomass & Waste Geothermal Marine Small hydro Solar Wind Offshore wind transmission Carbon Markets General Finance & Legal Services Services & Support (Clean Energy) Digital Energy Efficiency: Built Environment Efficiency: Industry Efficiency: Supply Side Electrified Transport Energy Storage Fuel Cells Hydrogen 4

DEFINITIONS: ASSET CLASSES Venture capital & private equity (VCPE) Public markets (PM) Asset finance (AF) Asset finance (EST) Early and late stage VC funding rounds as well as funds raised privately for the purposes of expansion by companies that are primarily involved in the clean energy industry according to BNEF exposure ratings. New equity raised on capital or over-the-counter markets by publicly quoted companies that are primarily involved in the clean energy industry according to BNEF exposure ratings. This may be through initial public offerings (IPOs) or follow-on offerings (secondary, PIPEs, convertibles etc). The new-build financing of renewable energy generating projects. This includes both electricity generating and biofuel production assets. Projects may be financed via the balance sheets of the project owners, or through financing mechanisms such as syndicated equity from institutional investors, or project debt from banks. Same as above, but for digital energy and energy storage sub categories of the Energy Smart Technologies sector. We only calculate this on an annual basis, so will not be included in quarterly investment estimates. Re-invested equity Small-scale solar Government R&D Isolates values for balance-sheet-financed project investments (AF) by companies that have raised money through VC/PE investors or on the capital markets over the past 12 months. The purpose of this calculation is to prevent double-counting upon aggregation of project investments and company investments when calculating total new financial investment in clean energy. Rooftop solar PV below 1MW in capacity. Given the difficulty in tracking individual residential-scale projects, our main asset finance database excludes projects below a certain threshold. This threshold for most tracked sectors is around 1MW. To compensate for this, we add back top-level estimates for missed deals of this nature. Government R&D figures are sourced from the IEA, IMF, OECD, various government agencies and the BNEF green stimulus dataset. Corporate R&D The Bloomberg terminal is used to source Corporate R&D figures for key quoted companies in each clean energy sector, supplemented by data from the BNEF desktop and insight. 5

DEFINITIONS: SECTORS Wind Solar Biofuels Biomass & waste Other renewables Energy smart technologies (EST) Other low-carbon tech / services Included in this sector are players across the entire value chain of both onshore and offshore developments. From direct investment into wind farms to funds raised by manufacturers of turbines, components and subassemblies, developers, generators, utilities and engineering firms. All technologies that capture energy directly from the sun. These include production of electricity using semiconductor-based photovoltaic (PV) materials, use of concentrated sunlight to heat fluid to drive power generation equipment (solar thermal electricity generation or 'STEG'), and passive methods which use solar to replace fossil fuel energy, e.g. to heat water. Whilst company level investment of passive methods is recorded, investment in passive projects is not. Liquid transportation fuels including biodiesel and bioethanol. These can be derived from a range of biomass sources, including sugar cane, rape seed (canola), soybean oil or cellulose. Our database excludes producers of base biomass, but includes suppliers of everything from the processing technologies and equipment, through the logistics of distribution, to manufacturers of energy systems that are specially adapted for the use of biofuels and products, and the services on which they depend. Production and consumption of solid and gaseous fuels derived from biomass. Solid biomass for the energy sector can include a number of specially-grown crops, such as elephant grass or coppiced willow, but it can also consist of crop residues such as straw. We include in this sector processors of other waste matter for energy generation, such as sewage waste, chemical by-products and biogas produced from municipal waste, as their exploitation often involves the same technologies as grown-for-purpose biomass. Includes: Small hydro the generation of electric power from the movement of water, with project capacity between 1MW and 50MW Geothermal the extraction of useful power from heat stored in the earth Marine the extraction of energy from the sea. This sector covers a range of non-renewable clean energy technologies including digital energy and smart grids, power storage, hydrogen and fuel cells, advanced transportation and energy efficiency on both the demand and supply side. For more in depth definitions of these please visit our corporate website: This sector covers clean energy service companies such as consultants, government agencies and policy makers, NGOs, financial service providers, investors, and clean energy information providers (such as ourselves). It also covers the corporate activity of organisations across the carbon capture and storage (CCS) and carbon market value chains. 6

ANNUAL CLEAN ENERGY INVESTMENT OVERVIEW

2015 CLEAN ENERGY INVESTMENT TYPES & FLOWS ($BN) This chart shows the full range of investment in clean energy by asset class. It runs from the early tech stage corporate finance fund raisings and R&D to the left, through to the roll-out phase of new build asset finance (AF) in the middle finishing with total secondary market, non-new investment including corporate M&A, PE buyouts, investor exits and asset refinancing and acquisitions. Further explanations of each asset class can be found throughout the fact pack. +199 +20 +67 329 +97 425 Asset and company mergers, acquisitions, refinancing, buy-outs etc. Projects +4 +15 +13 +2 +14 48-6 Equipment manufacturing/ scale-up Technology development VC Corp RD&D Gov R&D PE Public markets Total company new equity investment Re-invested Note: Total values include estimates for undisclosed deals. AF = asset finance, SDC = small distributed capacity. Renewable energy AF Digital energy & storage AF SDC Total investment M&A/buy-outs etc. Total transactions 8

NEW INVESTMENT IN CLEAN ENERGY 2004-15 ($BN) Total annual new investment in clean energy. This includes all asset classes in all clean energy sectors. 0.8% 32% 16% $274bn $318bn -7% $297bn 4% 16% -8% $316bn $272bn $329bn 18% $206bn $207bn 36% $175bn 42% $62bn 46% $88bn $128bn 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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). 9

NEW INVESTMENT IN CLEAN ENERGY BY REGION 2004-15 ($BN) Total annual new investment in clean energy by region. This includes all asset classes and all clean energy sectors. -7% 16% 4% 18% 0.8% 32% 16% $80bn $98bn $113bn -8% $127bn $161bn $179bn 36% $42bn $52bn $64bn $68bn $85bn $75bn 42% $19bn $14bn $30bn 46% $25bn $24bn $39bn $31bn $44bn $53bn $58bn $75bn $63bn $91bn $51bn $92bn $126bn $135bn $109bn $66bn $75bn $78bn $79bn $80bn $72bn 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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). 10

ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY TYPE, 2007-16 ($BN) Notes: (1) The funds raised by green bonds are neither entirely inclusive nor exclusive of figures for clean energy asset finance. (2) 'Corporate', 'sovereign, supranational and agency' and US municipal include only bonds explicitly labelled as green and which meet the criteria for receiving a green bond tag on the Bloomberg Terminal. (3) 'Project' includes bonds backed by the cash flows of an underlying renewable energy project or portfolio of projects. (4) 'ABS' includes asset-backed securities whose cash flows come from a portfolio of underlying receivables such as loans, leases and PPAs where the receivables are associated with green (eg, renewable energy, energy efficiency) projects. Extrapolated indicates total 2016 issuance assuming that the rate of issue remains unchanged from 2016. 11

QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT

NEW INVESTMENT IN CLEAN ENERGY 2004-2016 ($BN) Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 70.9 80.0 73.2 71.4 73.8 69.5 68.8 85.3 66.8 68.1 52.2 52.2 45.9 44.4 50.4 50.4 47.6 44.9 56.1 58.4 57.4 62.5 53.4 65.9 60.2 42.8 64.2 54.7 64.3 57.7 60.5 53.1 37.2 35.5 37.7 35.8 13.4 13.3 9.2 9.3 10.8 20.2 15.5 27.4 21.0 21.8 23.0 27.8 30.5 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 13

NEW INVESTMENT IN CLEAN ENERGY BY REGION 2004-2016 ($BN) Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 13.4 9.2 9.3 10.813.3 20.2 15.5 21.0 21.8 27.4 23.0 37.2 27.8 35.5 37.7 52.2 35.8 52.2 45.9 44.4 30.5 50.4 50.4 47.6 44.9 56.1 58.4 70.9 57.4 80.0 73.2 62.5 53.4 71.4 60.2 65.9 42.8 64.2 54.7 64.3 57.7 73.8 69.5 68.8 60.5 85.3 68.1 66.8 53.1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 14

NEW INVESTMENT IN CLEAN ENERGY IN EUROPE 2004-2016 ($BN) Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 4.2 8.9 4.3 5.46.3 10.9 7.0 8.1 7.8 13.9 7.9 16.1 9.7 16.8 14.3 24.8 23.5 22.1 14.0 20.0 13.5 27.6 22.3 17.1 22.4 25.1 29.6 33.6 27.6 34.5 30.7 26.7 21.3 23.6 19.3 21.7 16.4 18.2 13.0 15.6 14.7 16.1 13.6 12.9 11.3 10.0 6.3 13.9 17.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 15

NEW INVESTMENT IN CLEAN ENERGY IN THE US 2004-2016 ($BN) Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 18.5 16.4 12.6 11.4 11.1 10.3 9.4 9.6 7.37.4 8.3 8.7 9.4 7.3 6.36.56.4 6.5 6.7 7.2 5.6 5.9 3.6 4.3 3.1 1.2 1.7 0.9 1.72.0 2.1 9.6 9.2 14.8 8.0 9.3 3.9 9.6 6.4 16.1 13.3 12.0 12.1 10.5 10.4 8.9 9.1 8.9 9.7 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 16

NEW INVESTMENT IN CLEAN ENERGY IN CHINA 2004-2016 ($BN) Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 32.9 26.0 24.5 25.7 23.7 5.2 0.60.30.60.8 1.42.2 1.5 2.4 3.13.13.1 3.9 3.6 3.8 2.12.1 7.8 6.66.3 7.27.3 12.7 10.3 7.5 10.9 10.5 10.2 10.8 15.0 10.7 9.710.1 19.8 16.3 13.9 7.9 18.7 17.4 15.7 14.1 20.7 18.9 11.8 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 17

NEW INVESTMENT IN CLEAN ENERGY BY SECTOR 2004-2016 ($BN) Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 13.4 9.2 9.3 10.813.3 20.2 15.5 21.8 21.0 27.4 23.0 37.2 27.8 35.5 37.7 52.2 35.8 52.2 45.9 44.4 30.5 50.4 47.644.9 50.4 56.1 58.4 70.9 57.4 80.0 73.2 62.5 53.4 71.4 60.2 65.9 42.8 64.2 54.7 64.3 73.8 69.5 68.8 57.7 60.5 85.3 66.8 68.1 53.1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 18

EMEA NEW INVESTMENT IN CLEAN ENERGY BY SECTOR 2004-2016 ($BN) Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 4.3 9.2 4.4 5.56.6 11.0 7.18.37.9 14.0 8.3 16.6 10.0 17.3 14.8 25.3 14.4 23.9 22.8 20.8 13.9 28.1 22.6 17.6 23.7 30.0 25.6 35.6 28.8 35.1 31.0 27.6 22.0 24.4 21.7 27.9 17.017.1 14.0 17.5 18.6 15.3 12.9 20.5 14.9 19.2 9.5 15.2 19.1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 19

AMER NEW INVESTMENT IN CLEAN ENERGY BY SECTOR 2004-2016 ($BN) Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 1.6 2.1 1.9 2.5 2.7 8.18.4 8.5 6.9 4.9 3.9 13.2 11.2 10.1 13.6 17.2 12.4 15.8 13.7 12.0 5.2 11.6 9.9 10.412.1 14.4 10.6 17.8 9.7 20.9 22.1 16.9 12.6 18.5 15.1 14.4 12.4 11.0 6.6 20.0 17.7 18.7 15.5 17.3 14.1 14.1 15.5 12.7 11.2 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 20

APAC NEW INVESTMENT IN CLEAN ENERGY BY SECTOR 2004-2016 ($BN) 47.3 Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 37.5 41.1 34.2 40.0 37.4 32.7 32.8 5.85.8 6.2 7.3 8.1 9.49.8 9.0 6.7 3.3 3.02.8 4.0 4.34.4 5.0 2.0 16.9 17.817.5 18.9 16.1 15.2 14.6 12.5 11.29.9 11.4 10.7 24.0 20.1 18.0 18.7 28.5 26.1 22.9 19.3 29.6 28.2 26.8 22.9 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 21

NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS 2004-2016 ($BN) Quarterly new investment in clean energy. This includes investment into all asset classes except EST asset finance and R&D, which are compiled on an annual basis only. 13.4 9.2 9.3 10.813.3 20.2 15.5 21.0 21.8 27.4 23.0 37.2 27.8 35.5 37.7 52.2 35.8 52.2 45.9 44.4 30.5 50.4 50.4 47.6 44.9 56.1 58.4 70.9 57.4 80.0 73.2 62.5 53.4 71.4 60.2 65.9 42.8 64.2 64.3 57.7 54.7 73.8 69.5 68.8 60.5 85.3 68.1 66.8 53.1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 22

PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY 2004-2016 ($BN) New equity raised on capital or over-the-counter (OTC) markets by publicly quoted companies that are primarily involved in the clean energy industry. This may be through initial public offerings (IPOs) or follow-on offerings (secondary, PIPEs, convertibles etc). 13.2 4.3 3.43.3 4.2 3.9 2.5 1.8 0.20.1 0.4 0.8 0.9 0.7 1.0 1.1 6.8 2.7 1.0 0.4 4.6 4.0 5.9 1.4 5.4 4.64.3 3.3 3.5 1.4 1.0 0.8 1.51.9 0.6 1.0 3.8 2.0 6.7 5.1 5.0 5.7 2.3 2.3 6.2 3.8 2.1 0.6 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 Four quarter running average Note: Total values include estimates for undisclosed deals. 23

TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER 2016 Organisation Stock exchange Sector Type of transaction New equity raised Total offering size NextEra Energy New York Stock Exchange (NYSE) Wind Secondary $252m $252m Renova Energia São Paulo (BOVESPA) Wind Exercise of Rights $188m $188m Woongjin Energy Korea Stock Exchange (KOSPI) Solar Private Investment in Public Equity (PIPE) $8m $8m Global Bioenergies Euronext Paris (PAR or EPA) Biofuels Secondary $7m $7m AFC Energy AIM (London) Fuel Cells Secondary $5m $5m 24

VC/PE NEW INVESTMENT IN CLEAN ENERGY 2004-2016 ($BN) Early- and late-stage VC funding rounds as well as funds raised privately for the purposes of expansion by companies that are primarily involved in the clean energy industry according to BNEF exposure ratings. 4.1 4.1 2.62.4 3.1 2.6 2.0 1.82.2 2.72.8 0.2 0.6 0.30.30.5 0.7 0.4 0.71.11.51.8 1.2 1.5 1.8 1.4 1.5 2.0 2.3 1.91.81.81.9 1.2 1.3 1.41.4 1.1 0.7 0.9 1.2 1.5 1.1 1.0 1.21.41.71.3 1.4 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 Four quarter running average Note: Total values include estimates for undisclosed deals. 25

TOP VC/PE TRANSACTIONS OF THE QUARTER 2016 Organisation Country Sector Type of transaction Value Sunnova Energy Corp United States Solar PE Expansion Capital $300m United Wind Inc United States Wind PE Expansion Capital $142m Renew Financial LLC United States Efficiency: Built Environment VC Late Stage $70m Asia Clean Capital Ltd Hong Kong Solar PE Expansion Capital $40m Sunverge Energy Inc United States Energy Storage VC Late Stage $37m 26

ASSET FINANCING FOR NEW-BUILD RENEWABLE ENERGY ASSETS 2004-2016 ($BN) The new-build financing of utility-scale renewable energy generating projects. This includes both electricity and biofuel production assets. Projects may be financed via the balance sheets of the project owners, or through mechanisms such as syndicated equity from institutional investors and project debt from banks. 30.3 27.0 29.2 33.5 27.5 37.6 35.8 34.9 36.2 35.9 33.3 32.0 29.7 38.7 46.3 32.4 55.6 51.5 41.9 31.2 48.7 38.3 45.1 27.2 46.5 38.9 45.4 52.7 51.6 48.7 35.4 41.0 62.8 46.1 49.1 34.3 16.1 15.2 16.7 19.318.3 11.8 6.7 10.56.8 8.09.6 20.2 21.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 27

TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER 2016 Project name Country Sector Type of transaction Capacity Value Hornsea Project One Offshore Wind Farm United Kingdom Wind Equity 1200MW na East Anglia One Offshore Wind Farm United Kingdom Wind Equity 714MW na Fosen Wind Farm Portfolio Norway Wind Equity 1001MW $1278m Burbo Bank Offshore Wind Farm Extension United Kingdom Wind Equity 258MW na China Pingmei Shenma Energy Pingdingshan Ruzhou Lingtouzhen PV Plant I China Solar Debt 350MW $417m 28

QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION

FUNDS IN CIRCULATION IN CLEAN ENERGY 2004-2015 ($BN) Global secondary market acquisition transactions. This shows non-new investment in the clean energy industry through corporate M&A, private equity buy-outs and public market investor exits, as well as the refinancing or acquisition of renewable assets. 30.7 25.2 24.4 32.1 26.4 30.7 30.3 2.9 3.3 1.6 4.0 4.5 8.4 7.1 12.6 8.5 11.1 5.7 14.2 9.5 14.6 18.6 22.0 17.9 11.2 14.0 18.9 12.3 17.7 15.8 20.2 16.8 11.5 13.6 20.0 12.1 17.7 20.2 19.2 15.1 12.0 21.8 17.5 16.6 17.3 15.4 19.8 21.6 17.8 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 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). 30

TOP TRANSACTIONS FOR FUNDS IN CIRCULATION 2016 Organisation Country Sector Type of transaction Acquirer Value Pacific Hydro Pty Ltd Australia Wind Equity (company) State Power Investment $2108m Isagen SA ESP Colombia Wind PE - Buy-out / corp spinoff Brookfield Renewable Energy Partners $1980m EEW Energy from Waste GmbH Germany Biomass & Waste Equity (company) Beijing Enterprises Holdings $1563m Renovalia Energy SA Spain Solar PE - Buy-out / corp spinoff Cerberus Capital $1119m* Acciona Windpower SA Spain Wind Equity (company) Nordex $864m *Value based on an estimate of approximately EUR1bn ($1.19bn) made by eleconomista.es on 16 th October 2015 31

CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY 2004-2016 ($BN) Global mergers and acquisitions of companies that are primarily involved in the clean energy industry according to BNEF exposure ratings. 16.5 12.0 1.11.00.92.1 1.4 5.5 4.8 3.5 3.73.8 2.04.54.2 2.8 7.1 9.4 7.3 3.0 5.2 3.4 5.4 3.0 6.2 8.2 7.3 3.6 4.6 6.3 3.3 7.4 8.7 6.9 6.5 5.4 4.0 4.5 3.2 4.8 3.3 3.1 3.0 2.2 2.4 3.4 2.3 4.1 6.5 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 Four quarter running average Note: Total values include estimates for undisclosed deals 32

RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING 2004-2016 ($BN) Global acquisitions or refinancing's of utility-scale (1MW+) renewable energy generating assets. 27.8 25.3 21.0 19.5 18.0 20.1 2.8 1.41.7 1.51.81.5 0.7 6.5 4.04.1 2.4 13.8 12.7 12.7 12.7 11.0 9.810.9 9.9 8.7 9.7 10.4 9.0 8.1 7.7 9.4 9.7 9.0 7.7 6.9 5.9 6.9 6.7 7.1 3.1 14.5 12.3 12.0 10.1 9.8 13.8 10.7 15.4 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 '16 Four quarter running average Note: Total values include estimates for undisclosed deals 33

CLEAN ENERGY INDEXES

NEX CLEAN ENERGY INDEX 2003 16 YTD The WilderHill New Energy Global Innovation Index (NEX) is a modified dollar-weighted index of publicly traded companies active in renewable and low-carbon energy, and which stand to benefit from responses to climate change and energy security concerns. The majority of index members are quoted outside the US. 500 400 300 200 100 0 Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15 Note: Values as of 14 April 2016; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003 35

NEX CLEAN ENERGY INDEX 2012 16 YTD 200 180 160 140 120 100 80 60 40 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Note: Values as of 14 April 2016; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 36

NEX CLEAN ENERGY INDEX 2013 16 YTD 200 180 160 140 120 100 80 60 40 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Note: Values as of 14 April 2016; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 37

NEX CLEAN ENERGY INDEX 2014 16 YTD 130 120 110 100 90 80 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 Note: Values as of 14 April 2016; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 38

NYSE BNEF REGIONAL CLEAN ENERGY INDEXES 2006-16 YTD 3,000 2,500 2,000 1,500 NYSE Bloomberg Americas Clean Energy Index NYSE Bloomberg Asia Pacific Clean Energy Index 1,000 500 NYSE Bloomberg Europe, Middle East & Africa Clean Energy 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 Jan 16 Note: Values as of 14 April 2016; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 39

NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES 2006-16 YTD 4,000 3,500 3,000 NYSE Bloomberg Global Wind Energy Index 2,500 2,000 NYSE Bloomberg Global Solar Energy Index 1,500 1,000 500 NYSE Bloomberg Global Energy Smart Technologies 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 Jan 16 Note: Values as of 14 April 2016; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 40

RENEWABLE ENERGY CAPACITY INVESTMENT

RENEWABLE ENERGY CAPACITY INVESTMENT EXCLUDING LARGE HYDRO 2004-15 ($BN) Total annual investment into new build renewable energy generating assets (excluding large hydro). This includes large and small scale project finance. $257bn $243bn $249bn $267bn $215bn $212bn $94bn $124bn $158bn $154bn Marine Geothermal Small hydro Biomass & Waste Biofuels Solar Wind $63bn $40bn 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Note: Total values include estimates for undisclosed deals. 42

RENEWABLE ENERGY CAPACITY INVESTMENT INCLUDING LARGE HYDRO 2004-15 ($BN) Total annual investment into new build renewable energy generating assets (including large hydro). This includes large and small scale project finance. $309bn $290bn $295bn $276bn $259bn $245bn $73bn $211bn $187bn $177bn $147bn $96bn Large hydro Marine Geothermal Small hydro Biomass & Waste Biofuels Solar Wind 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Note: Total values include estimates for undisclosed deals. 43

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