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
Total investment ($ billion) GLOBAL CLEAN ENERGY INVESTMENT (2009 2016) 400 350 300 250 200 150 100 184 275 322 273 248 287 345 295 50 0 2009 2010 2011 2012 2013 2014 2015 2016 3 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.
Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY ASSET CLASS (2009 2016) 400 350 300 250 200 150 100 50-2009 2010 2011 2012 2013 2014 2015 2016 4 Project finance Public markets Small-scale project investment Venture capital & private equity
Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY REGION (2009 2016) 400 350 300 250 200 150 100 50 0 2009 2010 2011 2012 2013 2014 2015 2016 5 Asia Pacific Europe North America Latin & Central America Middle East
Deal value ($ billion) GLOBAL CLEAN ENERGY INVESTMENT BY SECTOR (2009-2016) 400 350 300 250 200 150 100 50-2009 2010 2011 2012 2013 2014 2015 2016 Wind Solar Biomass Other 6
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) 100 90 80 70 60 50 40 30 20 10 0 7 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.
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) 100 90 80 70 60 50 40 30 20 10 0 8 Asia Pacific Europe North America Latin & Central America Africa & Middle East
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) 100 90 80 70 60 50 40 30 20 10-9 Project finance Public markets Small-scale project investment Venture capital & private equity
Deal value ($ billion) GLOBAL CLEAN ENERGY PROJECT FINANCE BY REGION (2009 2016) 300 250 200 150 100 50 0 2009 2010 2011 2012 2013 2014 2015 2016 11 Asia Pacific Europe North America Latin & Central America Africa & Middle East
Deal value ($ billion) GLOBAL CLEAN ENERGY PROJECT FINANCE BY SECTOR (2009-2016) 300 250 200 150 100 50-2009 2010 2011 2012 2013 2014 2015 2016 Wind Solar Biomass Other 12
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 (2009 2016) 80 70 60 50 40 30 20 10 0 13 Asia Pacific Europe North America Latin & Central America Africa & Middle East
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) 80 70 60 50 40 30 20 10 0 Wind Solar Biomass Other 14
GLOBAL PROJECT / ASSET FINANCE BY REGION (1Q17 VS 1Q16) Asia Pacific 12.1 15.2 Europe 11.6 17.9 North America 7.7 7.2 Latin & Central America Africa & Middle East 2.7 3.3 1.8 1.3 1Q17 1Q16 NOTE: FIGURES ARE IN $ BILION 15
GLOBAL PROJECT / ASSET FINANCE BY SECTOR (1Q17 VS 1Q16) Onshore wind 14.9 16.5 Solar PV 9.4 12.9 Offshore wind 4.1 10.1 Biomass 1.7 1.3 Other 4.0 6.1 1Q17 1Q16 NOTE: FIGURES ARE IN $ BILION 16
TOP TEN CLEAN ENERGY PROJECT FINANCE TRANSACTIONS IN 1Q17 PROJECT COUNTRY SECTOR DEAL VALUE ($M) EnbW Hohe See Offshore Wind Farm Germany Wind 1,800 Wester Link Transmission Line UK Transmission 1,180 Butendiek Offshore Wind Farm Germany Wind 1,019 Trianel Windpark Borkum II Offshore Wind Farm Germany Wind 1,000 Wind X and XI Portfolio USA Wind 850 Riverland Solar Plant Australia Solar 766 Riverside Resource Recovery Facility UK Biomass 652 Villanueva Solar Portfolio Mexico Solar 650 Mohammed Bin Rashid Al Maktoum Phase II Solar Plant UAE Solar 640 Raigarh and Pugalur Transmission Line USA Transmission 640 17
Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY M&A BY REGION (2009-2016) 140 1400 120 1200 100 1000 80 800 60 600 40 400 20 200-2009 2010 2011 2012 2013 2014 2015 2016 0 North America Europe Asia Pacific Rest of the World Number of deals 19
Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY M&A BY DEAL TYPE (2009 2016) 140 1400 120 1200 100 1000 80 800 60 600 40 400 20 200-2009 2010 2011 2012 2013 2014 2015 2016 Corporate M&A Private Equity Number of deals 0 20
Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY M&A BY REGION (1Q09 1Q17) 45 40 35 30 25 20 15 10 5-450 400 350 300 250 200 150 100 50 0 North America Europe Asia Pacific Rest of the World Number of deals 21
Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY M&A BY DEAL TYPE (1Q09 1Q17) 45 40 35 30 25 20 15 10 5-450 400 350 300 250 200 150 100 50 0 Corporate M&A Private Equity Number of deals 22
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) 35 30 25 20 15 10 5 - In operation Under construction Pre-construction 23
Effective capacity acquired (GW) GLOBAL RENEWABLE PROJECT M&A (2009-2016) 80 70 60 50 40 30 20 10-2009 2010 2011 2012 2013 2014 2015 2016 In operation Under construction Pre-construction 24
GLOBAL CLEAN ENERGY M&A BY SECTOR (1Q17 VS 1Q16) 1Q17 1Q16 2.0 3.1 7.7 2.7 0.1 3.8 $28.7 BILLION 3.2 $16.0 BILLION 6.4 6.0 6.1 3.7 25 Solar Hydro Wind Water & Waste Water Green Transportation Other Wind Hydro Solar Other Water & Waste Water Green Transportation
GLOBAL CLEAN ENERGY M&A BY ACQUIRER TYPE (1Q17 VS 1Q16) 1Q17 1Q16 4.3 0.7 1.4 5.2 $28.7 BILLION 10.8 2.3 $16.0 BILLION 6.5 2.7 7.7 3.0 26 IPP/Utility PE/Infrastructure fund Corporate Institutional investor Yieldco PE/Infrastructure fund Corporate IPP/Utility Institutional investor Yieldco
GLOBAL CLEAN ENERGY M&A BY TARGET TYPE (1Q17 VS 1Q16) 1Q17 1Q16 0.1 4.5 1.0 6.1 $28.7 BILLION $16.0 BILLION 18.2 14.9 Renewable energy projects Supply chain targets Clean technology targets Renewable energy projects Supply chain targets Clean technology targets 27
TOP 10 CLEAN ENERGY M&A TRANSACTIONS IN 1Q17 TARGET COUNTRY ACQUIRER DEAL VALUE ($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 559 28
Deal value ($ billion) GLOBAL CLEAN ENERGY VC/PE BY REGION (2009 2016) 20 18 16 14 12 10 8 6 4 2 0 2009 2010 2011 2012 2013 2014 2015 2016 North America Europe Asia Pacific Rest of the World 30
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) 6 5 4 3 2 1 - North America Europe Asia Pacific Rest of the World 31
GLOBAL CLEAN ENERGY VC/PE BY SECTOR (1Q17 VS 1Q16) 1Q17 1Q16 0.4 0.4 0.4 0.4 0.1 $1.8 BILLION 0.1 0.0 $2.0 BILLION 0.2 0.3 0.4 0.6 0.5 32 Wind Energy Efficiency Solar Green Transportation Energy Storage Other Wind Energy Efficiency Solar Green Transportation Energy Storage Other
TOP TEN CLEAN ENERGY VC/PE TRANSACTIONS IN 1Q17 COMPANY COUNTRY SECTOR DEAL VALUE ($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
Deal value ($ billion) GLOBAL PUBLIC MARKETS BY QUARTER (2009 1Q17) 25 20 15 10 5 0 2009 2010 2011 2012 2013 2014 2015 2016 1Q17 Q1 Q2 Q3 Q4 35
Deal value ($ billion) GLOBAL PUBLIC MARKETS BY REGION (2009 1Q17) 25 20 15 10 5 0 2009 2010 2011 2012 2013 2014 2015 2016 1Q17 36 Asia Pacific Europe North America Latin & Central America Middle East
Deal value ($ billion) GLOBAL PUBLIC MARKETS BY SECTOR (2009 1Q17) 25 20 15 10 5-2009 2010 2011 2012 2013 2014 2015 2016 1Q17 37 Wind Solar Biomass Energy Efficiency Recycling & Waste Other
Deal value ($ billion) Number of deals GLOBAL CLEAN ENERGY IPOS (2009 1Q17) 18 16 14 12 10 8 6 4 2 0 2009 2010 2011 2012 2013 2014 2015 2016 1Q17 90 80 70 60 50 40 30 20 10 0 IPO Number of deals
TOP 10 PUBLIC MARKET TRANSACTIONS IN 1Q17 ISSUER STOCK EXCHANGE ISSUE TYPE PROCEEDS ($M) Tesla Motors NASDAQ Secondary 1,378 Shanghai Environment Group Shanghai Stock Exchange IPO 1036 Kunming Dianchi Water Treatment Hong Kong Stock Exchange IPO 188 Hengdian Group Tospo Lighting Shanghai Stock Exchange IPO 172 The Renewables Infrastructure Group London Stock Exchange Secondary 137 Orion Energy Systems NASDAQ Secondary 75 Hefei Taihe Optoelectronic Technology Shanghai Stock Exchange IPO 74 Iberdrola Madrid Stock Exchange Secondary 73 Fujian Haixia Environmental Protection Group Shanghai Stock Exchange IPO 65 Luzhou Xinglu Water Hong Kong Stock Exchange IPO 64 39
Deal value ($ billion) GLOBAL GREEN BOND ISSUANCES BY ISSUER TYPE (2007 1Q17) 120 100 80 60 40 20-2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q17 41 Development banks Governments/Municipalities Project bonds Corporates Investment/commercial banks Green asset-backed securities
Deal value ($ billion) GLOBAL GREEN BOND ISSUANCES BY ISSUER TYPE (1Q13 1Q17) 35 30 25 20 15 10 5-42 Development bank Government/municipality Project bond Corporate Investment/commercial bank Green asset-backed securitisation
Deal value ($ billion) GLOBAL GREEN BOND ISSUANCES BY ISSUER REGION (2007 1Q17) 120 100 80 60 40 20 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q17 43 Asia Pacific North America Africa & Middle East Europe Latin & Central America
Deal value ($ billion) GLOBAL GREEN BOND ISSUANCES BY ISSUER REGION (1Q13 1Q17) 35 30 25 20 15 10 5 - Asia Pacific Europe North America 44 Latin & Central America Africa & Middle East
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 1,400 478 - France 29,628 11,168 4,660 4,463 6,905 1,899 Germany 23,620 611 8,143 8,507 5,255 1,104 Luxembourg* 16,567 1,706 3,811 3,512 6,371 909 Netherlands 13,608 1,409 5,996 4,273 1,306 623 Spain 8,140 1,628 2,753 318 3,441 - Sweden 7,061 713 3,125 1,429 1,520 273 Japan 6,752-2,782 1,896 2,074 - Canada 6,540 986 1,642 1,026 1,807 732 Note: Figures may not add up due to issuances before 2013. * Primarily due to the European Investment Bank, a Luxembourg-based organisation. 45
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 6,371 909 KfW Bankengruppe 10,661 311 2,737 4,071 3,542 World Bank 9,854 1,261 1,246 3,327 583 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 1,388 623 264 2,229 TenneT Holding BV 4,714 1,074 2,551 1,089 Note: Figures may not add up due to issuances before 2013. 46
TOP 10 GREEN BOND ISSUANCES IN 1Q17 ISSUER ISSUER COUNTRY DATE DEAL SIZE ($M) ISSUER TYPE Government of France France 2017-01 7,488 Government/municipality ENGIE France 2017-03 1,595 Corporate Enel Italy 2017-01 1,316 Corporate SNCF Reseau France 2017-03 1,080 Corporate TenneT Holding Netherlands 2017-03 1,074 Corporate Iberdrola Spain 2017-03 1,052 Corporate Agricultural Development Bank of China China 2017-01 872 Development bank Wind X and XI Portfolio USA 2017-02 850 Project bond State Government of Queensland Australia 2017-03 750 Government/municipality China Development Bank China 2017-02 727 Development bank 47
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