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CLEAN ENERGY PIPELINE

GLOBAL CLEAN ENERGY REVIEW2Q14 ANALYTICS AND GRAPHS

CONTACT CLEAN ENERGY PIPELINE

For any questions regarding the information contained herewith or to request additional data / information, please contact:

Douglas LloydFounder and CEOClean Energy [email protected]+44 (0) 20 7251 8000London, UK

Note: This material is protected by UK and international copyright. You may reproduce this material citing “Clean Energy Pipeline” as a source. Clean Energy Pipeline is a division of VB/Research Ltd.

2 VB/Research Ltd © 2014 All rights reserved

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1Q09 TO 2Q14

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VENTURE CAPITAL & PRIVATE EQUITY


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AVERAGE QUARTERLY VC/PE INVESTMENT 1Q09 to 2Q14

Venture Capital (early-stage) $974 million

Venture Capital (late-stage) $544 million

Private Equity (development capital) $777 million

AVERAGE DEAL SIZE 1Q09 to 2Q14

Venture Capital (early-stage) $6.7 million

Venture Capital (late-stage) $20.3 million

Private Equity (development capital) $42.2 million

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PE - Development Capital Number of deals

Note: This excludes private equity buyouts.

GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 1Q09 TO 2Q14


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TOP TEN VENTURE CAPITAL TRANSACTIONS2Q13

COMPANY COUNTRY INVESTOR(S) DEAL VALUE ($ MILLION)

Pure Storage Inc. USA Greylock Partners / Index Ventures / Redpoint Ventures / Sutter Hill Ventures / T. Rowe Price / Tiger Global Management / Wellington Management Company

225

SunRun Inc. USA Undisclosed 150

Sunnova Inc. USA Undisclosed 145

Greenleaf Power LLC USA Undisclosed 100

Sungevity Inc. USA E.ON SE / GE Ventures / Jetstream Capital LLC 70

Avantium Technologies BV Netherlands Aescap Venture Management BV / Capricorn Venture Partners NV / Navitas Capital / ING Corporate Investments / Aster Capital SA / Sofinnova Partners / De Hoge Dennen Capital PE BV / The Coca-Cola Company / Swire Pacific Ltd. / Groupe Danone / ALPLA

50

Welspun Renewables Energy Pvt. Ltd. India Asian Development Bank 50

Verdezyne Inc. USA BP Alternative Energy Ventures / DSM Venturing / OVP Venture Partners / Monitor Venture Partners LP / Sime Darby Bhd

48

Proterra Inc. USA Kleiner Perkins Caufield & Byers / Constellation Energy Group Inc. / Edison Mission Group (Edison Mission Energy) / Vision Ridge Partners LLC / 88 Green Ventures LLC / GM Ventures / Mitsui & Co. Global Investment Ltd. / Hennessey Capital / Tao Invest

40

Renovate America Inc. USA Undisclosed 35

TOP TEN VENTURE CAPITAL/PRIVATE EQUITY TRANSACTIONS 2Q14


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GLOBAL PRIVATE EQUITY BUYOUTS1Q09 TO 2Q13

AVERAGE PRIVATE EQUITY (BUYOUT) ACTIVITY 1Q09 to 2Q14

Average quarterly deal volume $3.3 billion

Average deal size $79.2 million

GLOBAL PRIVATE EQUITY BUYOUTS 1Q09 TO 2Q14


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25%

15%

8% 8% 7%

37%

Recycling & Waste

Environmental Services & Remediation

Green Transportation

Energy Storage

Advanced Materials & Technologies

Other

GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR

PERCENTAGE OF TOTAL DEAL VALUE

2Q14

TOTAL INVESTMENT: $1.8 BILLION

PERCENTAGE OF TOTAL NUMBER OF DEALS

TOTAL NUMBER OF DEALS: 140

30%

22% 16%

6%

5%

21%


Recycling & Waste

Energy Storage

Energy Efficiency


Other


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MERGERS & ACQUISITIONS


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AVERAGE M&A INVESTMENT 1Q09 to 2Q14

Average quarterly M&A deal volume $16.4 billion

Average number of deals per quarter 235

Average M&A transaction value $70.0 million

GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 2Q14


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GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 2Q14


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AverAge M&A InvestMent: 1Q09 to 2Q14




$582.9 million

$261.8 million

$394.9 million

$398.6 million

$726.7 million

$751.9 million

$849.3 million

$1.4 billion

$4.9 billion

$22.6 billion

Other

Energy Storage

Biomass

Geothermal

Hydro


Energy Efficiency

Recycling & Waste

Solar

Wind

TOTAL M&A ACTIVITY

$32.6 BILLION

GLOBAL MERGERS & ACQUISITIONS BY SECTOR 2Q14


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$582.9 million

$261.8 million

$394.9 million

$398.6 million

$726.7 million

$751.9 million

$849.3 million

$1.4 billion

$4.9 billion

$22.6 billion

Other

Energy Storage

Biomass

Geothermal

Hydro


Energy Efficiency

Recycling & Waste

Solar

Wind

TOTAL M&A ACTIVITY

$32.6 BILLION



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$12 million

$12 million

$24 million

$32 million

$104 million

$179 million

$221 million

$262 million

$395 million

$399 million

$727 million

$752 million

$849 million

$1.4 billion

$4.9 billion

$7.0 billion

Other cleantech products & services

Other renewables

Marine


Water & Waste Water Treatment

Biofuels

Advanced Materials & Technologies

Energy Storage

Biomass

Geothermal

Hydro


Energy Efficiency

Recycling & Waste

Solar

Wind

$582.9 million

$261.8 million

$394.9 million

$398.6 million

$726.7 million

$751.9 million

$849.3 million

$1.4 billion

$4.9 billion

$22.6 billion

Other

Energy Storage

Biomass

Geothermal

Hydro


Energy Efficiency

Recycling & Waste

Solar

Wind

TOTAL M&A ACTIVITY

$32.6 BILLION



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$17 bIllIon

TARGET(S) STAKE ACQUIRED GEOGRAPHY ACQUIRER(S) DEAL VALUE ($ MILLION)

Alstom Power SA (power and grid businesses) 100% France General Electric Company 16,900

Wind farm (150MW) - Alta I, Wind farms (570MW) - Alta II-V, Wind farms (226.5MW) - Alta X and XI

100% USA NRG Yield Inc. 870

Hilite International Inc. 100% USA AVIC Electromechanical Systems Co. Ltd. (f.k.a. Hubei Aviation Precision Machinery Technology Co. Ltd.)

644

Acciona Energia International 33% USA KKR Kohlberg Kravis Roberts & Co. LP 567

The Environmental Quality Company 100% USA US Ecology Inc. 465

WaterFurnace Renewable Energy Inc. (f.k.a. WFI Industries Ltd.)

100% USA NIBE Heating 351

Ecova Inc. 100% USA GDF SUEZ SA 335

Marius Pedersen AS 65% Czech Republic Entreprenør Marius Pedersens Fond (Marius Pedersen Foundation)

327

Hydro plant (76MW) - Harjavalta, Hydro plant (2MW) - Koivukoski, Hydro plant (45MW) - Kolsi, Hydro plant (9MW) - Korkeakoski

100% Finland Oulun Energia, Vantaan Energia Oy, Turku Energia Sähköverkot Oy, Pori Energia Oy, Oulun Seudun Sähkö

326

PSC Environmental Services LLC 100% USA Stericycle Inc. 275

TOP TEN MERGERS & ACQUISITIONS TRANSACTIONS 2Q14


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TARGET(S) STAKE ACQUIRED GEOGRAPHY ACQUIRER(S) DEAL VALUE ($ MILLION)

Alstom Power SA (power and grid businesses) 100% France General Electric Company 16,900




644







327

Hydro plant (76MW) - Harjavalta, Hydro plant (2MW) - Koivukoski, Hydro plant (45MW) - Kolsi, Hydro plant (9MW) - Korkeakoski


326


TOP TEN MERGERS & ACQUISITIONS TRANSACTIONS 2Q14


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tArget(s) stAke AcQuIred geogrAphy AcQuIrers(s) deAl vAlue ($ MIllIon)

Alstom Power SA (Renewables Busi-ness)*

100% France General Electric Company 2,100




644







327

Hydro plant (76MW) - Harjavalta, Hydro plant (2MW) - Koivukoski, Hydro plant (45MW) - Kolsi, Hydro plant (9MW) - Ko-rkeakoski


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* The deal value is estimated by Clean Energy Pipeline


PROJECT / ASSET FINANCE


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GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION 1Q09 TO 2Q14


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OFFSHORE WIND

11%TOTAL PROJECT FINANCE: $40.1 BILLION

GLOBAL PROJECT / ASSET FINANCE BY SECTOR 2Q14

PERCENTAGE OF TOTAL DEAL VALUE

SOLAR THERMAL

3%BIOMASS

7%OTHER

7%

SOLAR PV

27%ONSHORE WIND

45%

PERCENTAGE OF TOTAL NUMBER OF DEALS

SOLAR PV

39% ONSHORE WIND

40%BIOMASS

10%OTHER

8%

WATER & WASTE WATER TREATMENT

3%TOTAL NUMBER OF DEALS: 447


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PROJECT GEOGRAPHY PROJECT SPONSOR(S) DEBT PROVIDER(S) INVESTMENT VOLUME ($ MILLION)

Offshore wind farm (600MW) - Gemini (Buitengaats & ZeeEnergie)

Netherlands Northland Power Inc. / Siemens Financial Services / Van Oord NV / HVC Group

Deutsche Bank AG / European Investment Bank / Export Development Canada / Natixis SA / ABN AMRO Bank NV / Banco Santander SA / BNP Paribas SA / La Caixa d'Estalvis i Pensions de Barcelona / Mitsubishi UFJ Financial Group / Sumitomo Mitsui Banking Corp. / Eksport Kredit Fonden / Euler Hermes / Canadian Imperial Bank of Commerce / Bank Nederlandse Gemeenten / BMO Financial Group / Delcredere / Ducroire

3,845

On-shore wind farm (300MW) - Aysha

Ethiopia Ethiopian Electric Power Corp. Credit Suisse Group AG / Barclays plc / Deutsche Bank AG / JP Morgan

1,300

Solar CSP plant (121MW) - Ashalim (Megalim Solar)

Israel BrightSource Energy Inc. / Alstom Power SA / Noy Infrastructure Fund

European Investment Bank 820

Biomass plant (130MW) - Vartan, Stockholm

Sweden Fortum Oyj European Investment Bank / Nordic Investment Bank 736

Onshore wind farm (252MW) - Ventika

Mexico CEMEX / Blackstone Group LP / Fisterra Energy

Banco Santander SA / Nacional Financiera SNC / Banobras / North American Development Bank / Bancomext

650

TOP FIVE PROJECT FINANCE TRANSACTIONS 2Q14


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PUBLIC MARKETS


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FTSE 100 NASDAQ 100 First Trust Global Wind Energy (FAN)

First Trust NASDAQ Clean Edge Green ETF WilderHill New Energy Global Innovation Index Ardour Solar Energy Index

MSCI China Broad HSBC Climate Change Index

PUBLIC MARKETS PERFORMANCE 3Q13 TO 2Q14Pe

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GLOBAL PUBLIC MARKETS TRANSACTIONS1Q08 TO 2Q13

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GEOGRAPHIC BREAKDOWN - PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF TOTAL DEAL NUMBERS 1Q08 TO 2Q14

GLOBAL PUBLIC MARKETS TRANSACTIONS 1Q08 TO 2Q14

44%

29%

26%

North America Europe Asia-Pacific South America Middle East


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ISSUER SECTORS COUNTRY ISSUE TYPE STOCK EXCHANGE PROCEEDS ($ MILLION)

Abengoa Yield Solar USA IPO NASDAQ 829

Shunfeng Photovoltaic International Ltd. Solar China Secondary Hong Kong Stock Exchange 761

SunEdison Inc. Solar USA Convertible New York Stock Exchange 600

Pattern Energy Group Inc. Wind USA Secondary NASDAQ 586

NextEra Energy Partners LP Wind & Solar USA IPO New York Stock Exchange 467

TOP FIVE PUBLIC MARKETS TRANSACTIONS 2Q14


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CLEAN ENERGY PIPELINE

GLOBAL CLEAN ENERGY REVIEW2Q14 ANALYTICS AND GRAPHS


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