Clean Energy USA Finance Guide - Clean Energy Pipeline

Clean Energy USA Finance Guide Sponsored by:

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2014 Edition

Today’s growing renewable energy industry presents opportunities and challenges

Baker & McKenzie’s lawyers have advised on these opportunities and challenges in different renewables contexts, including wind, solar, geothermal, biofuels and biomass, among others.

AWARDS Wind Deal of the Year: Americas Project Finance International (PFI) Awards, 2013 National Tier 2 Environmental US News & World Report, 2013 African Renewables Deal of the Year Project Finance International (PFI) Awards, 2013 Best Law Firm– Renewable Energy Finance, North America Environmental Finance and Carbon Finance Annual Market Survey, 2011 and 2012

With more than 4,100 lawyers in 46 countries and 74 offices, we seamlessly act across borders for developers, lenders, investors, technology providers and other industry players on significant and high-profile renewable energy transactions in North America and around the globe.

Key Contacts: Mona Dajani

Partner Chicago +1 312 861 2975 mona.dajani @bakermckenzie.com

Clyde “Skip” Rankin III Partner New York +1 212 626 4740 clyde.rankin @bakermckenzie.com

http://www.bakermckenzie.com/RenewableEnergy/

James P. O’Brien

Partner Chicago +1 312 861 7588 james.p.o’brien @bakermckenzie.com

Disclaimer No company, investor or advisor has paid for inclusion in the Clean Energy USA Finance Guide (2014 Edition) directory. While every care is taken in compiling the content, the publisher assumes no responsibility for effects arising from this publication. The opinions expressed in this guide are not necessarily those of the publishers, but of individual writers. The publishers do not accept responsibility for errors in advertisements or third-party offers.

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Clean Energy USA Finance Guide (2014 Edition)

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Published by Clean Energy Pipeline A division of VB/Research Ltd. Wells Point 79 Wells Street London, W1T 3QN, UK Copyright © 2005-2013 VB/Research Ltd. All rights reserved. No parts of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without prior permission of the publishers, this includes hosting all or part of this publication online.

Contents Clean Energy USA Finance Guide

Foreword....................................................................................................3 Douglas Lloyd Clean Energy Pipeline

Managing Editor: Estelle Lloyd

Emerging Considerations in Financing Next-Generation......................4 Renewable Energy Projects Mona E. Dajani Baker & McKenzie

2014 Edition

Research Director: Thomas Sturge Production Editor: Tom Naylor Business Development Manager: Chris White Clean Energy USA Finance Guide (2014 Edition) Published by: Clean Energy Pipeline A division of VB/Research Ltd. Wells Point 79 Wells Street London, W1T 3QN UK Copyright © 2005-2013 VB/Research Ltd. +44 (0) 207 251 8000 (EMEA) +1 202 386 6715 (Americas) www.cleanenergypipeline.com Subscription enquiries: [email protected] All rights reserved. No parts of this publication may be reproduced, in English or other languages, stored in a retrieval system or transmitted, in any form or by any means, without prior permission of the publishers. This includes hosting all or part of this publication online.

Profitability and Bankability of Renewable Energy Projects................8 Increasing opportunities using insurance Beecher Carlson Maximize Yield - Minimize Risks.......................................................... 12 Thomas Götz SMA Solar Technology Renewable Energy M&A Activity in the Americas...............................16 Extracted from Green Energy 2013: Renewable energy M&A activity in the Americas

Q&A......................................................................................................... 22

○○ YieldCos Lead Rising Institutional Investment Appetite

for US Solar: Q&A with PJ Lee, EverStream Energy Capital Management

○○ Efficiency and Ease of Investment Drives Texas’s Leadership of US Wind Sector: Q&A with Matthew Brown, Tamra-Tacoma Capital Partners

○○ California, Massachusetts Remain Most Attractive Solar Growth Markets: Q&A with Karl Olsoni, Capital Dynamics

League Tables.........................................................................................31 Market Analysis..................................................................................... 35

○○ Project Finance Investment Analysis ○○ Public Markets Investment Analysis ○○ Venture Capital & Private Equity Investment Analysis ○○ Mergers & Acquisitions Analysis Directory..................................................................................................47

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Profit in Transitioning to a Clean Economy NewWorld Capital Group is a private equity firm providing growth capital to companies in the

environmental opportunities sector in North America

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www.newworldcapital.net ● New York ● 212-486-3400

Clean Energy Pipeline

FOREWORD

Foreword


Douglas Lloyd Founder & CEO Clean Energy Pipeline

Welcome to the 2014 edition of our Clean Energy USA Finance Guide, the latest addition to our series of Clean Energy Finance Guides. As the US government slowly grinds back into action, let’s remember that the USA is the #1 global destination for international investment and acquisitions in the renewable energy market. In our annual global survey tracking investment and M&A activity, we asked participants to rank countries globally as to where they are most likely to make an acquisition or investment during the next 18 months. In 2013 the USA ranked 1st, with 44% of our global respondent base targeting America. This is more than twice the percentage looking at China (21%) and Germany (21%). At the state-level, there is almost universal agreement among our experts (see the Q&A section for more information) that the specific renewable hotspots are California, Massachusetts, North Carolina, Texas and Arizona. Opportunity abounds in America but it remains a very complex market, where industry continues to ask tough questions. Are opportunities in neighbouring Latin America likely to drive US investors to re-allocate their capital towards faster growing markets like Brazil, Chile and Mexico? Can the pool of tax equity investors be widened? Will US wind and solar remain dependent on tax credits and tax equity in the future? These are just some of the questions we have addressed in this guide in the white papers, the expert interviews and our market statistics. Two articles that deserve particular attention are: “Emerging Considerations in Financing Next-Generation Renewable Energy Projects” (page 4); and “Profitability and Bankability of Renewable Energy Projects – Increasing opportunities using insurance” (page 8). As usual, I would like to express my thanks to our sponsors Baker & McKenzie, Beecher Carlson and SMA Solar for their valuable contributions. The Clean Energy Pipeline research, news and data teams also deserve their own mention for all the time and effort they have spent in producing this guide. We hope you enjoy reading this guide and, as ever, we welcome your feedback.

Douglas Lloyd Founder & CEO Clean Energy Pipeline www.cleanenergypipeline.com

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Baker & McKenzie

Emerging Considerations in Financing Next-Generation Renewable Energy Projects Mona E. Dajani Partner Baker & McKenzie LLP

In the United States (“US”), today’s rapidly changing business environment demands a new level of flexibility to raise capital for renewable energy projects. In an era of federal and state tax credit uncertainty in the US, many renewable energy developers are leveraging various strategies to increase the efficiency and effectiveness of a lowered rate of capital. The number of successful private and public sector implementations is ramping up quickly. The challenge of lower cost capital investment is advancing the dialogue to a more robust discussion of the opportunities, risks, and potentially differentiating competitive advantages associated with using new financing strategies for renewable energy projects. Furthermore, the shift from older legacy models to new financing paradigms brings a high level of unpredictability into the equation, increasing the need for new financing vehicles to help companies manage unprecedented levels of change. These new approaches give renewable energy developers new options when configuring their capital requirements and are altering the way they develop, acquire and finance renewable energy assets.

In fact, the Federal Energy Regulatory Commission (“FERC”) said that biomass, geothermal, solar, wind and hydropower, taken together, accounted for more than 41 percent of new generation put online in the US in 2012. However, many federal policy mechanisms have either expired (such as cash grants and the Department of Energy Loan Guarantee program), or are near expiry – such as the Production Tax Credit and Investment Tax Credit.

Historical Outlook

New Playbook for Financing Renewable Energy Projects in the US

In the US, state renewable portfolio standards (“RPS”) which mandate that state utilities source a certain percentage of energy from renewables, together with certain government support programs such as tax equity, cash grants and loans, have been major drivers for renewable energy generation.

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The high cost of capital and upfront transactional costs, together with uncertainty regarding continuous federal support, are driving a momentum to source cheaper capital.

Baker & McKenzie

As sponsors embark on this transition, we are seeing an array of different options being explored or implemented as noted below.

Master Limited Partnerships (“MLPs”) MLPs enjoy a long and established role in the oil and natural gas industries whereby the partnership is an entity that is taxed as a partnership, but has ownership interests of a corporation and is able to raise money on public exchanges. These two qualities lead to a much lower cost of capital for companies organized as MLPs. MLPs consist of a General Partner (“GP”) and Limited Partners (“LPs”). The GP typically holds a 2% ownership and is responsible for managing the operations of the MLP. The GP runs the company’s operations and holds all of the voting power, while the LPs provide capital contributions and realize the benefits of the distribution payments. The MLP itself distributes profits to the partners accordingly, making up a vast majority of their earnings.

“MLP investors have enjoyed historically strong returns that are based on two primary factors — yield and growth.” The GP is paid via a management fee and may incur an additional fee of up to 50% for increasing the distribution to the LPs. The LPs benefit from quarterly cash flow distributions and capital appreciation of MLP interests. The MLP “shares”, called units, make up the majority of the partnership and represent the Limited Partner’s stake in the entity. MLP investors have enjoyed historically strong returns that are based on two primary factors — yield and growth. MLP distribution yields have generated 6-7%, and over the past twenty years, capital growth has totaled approximately 8% annually. However, current law does not permit the utilization of MLPs in the renewable space, so

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the Master Limited Partnerships Parity Act bill was recently introduced by Senators Coons (D-DE) and Moran (R-KS). This bill, if approved, would accelerate growth in renewables while helping drive down the cost of renewable energy, making it significantly cheaper to move to a clean energy economy. MLPs would be attractive for utilities to invest in renewable energy projects that would produce a higher rate of return.

“If MLPs are allowed to qualify in the renewable energy space, the passive activity loss rules and the at-risk rules would need to be relaxed in order to fully benefit from the structure and twin it with tax equity.” However, as expected, the MLP Parity Act does not have unanimous support. There is much chatter in renewable energy circles that claim the MLP Parity Act should be ignored since the cost savings from MLPs in the oil and gas sector have not flowed to the rate payers and may lead to more large-scale projects from many powerful, regulated industries like the existing electric and gas utilities that would wipe out any level playing field for smaller developers. In fact, some oil and gas pipeline MLPs have received very generous rulings from the Federal Energy Regulatory Commission that allow them to recover the cost of corporate income tax in their rates despite not paying a corporate income tax. Nonetheless, the MLP market is poised to potentially receive vast additional assets in new forms of energy infrastructure introduced by technological advancements. If MLPs are allowed to qualify in the renewable energy space, the passive activity loss rules and the at-risk rules would need to be relaxed in order to fully benefit from the structure and twin it with tax equity. Generally low historical correlations to other asset classes could make them an effective vehicle to improve a portfolio’s risk profile which may result in the increased usage of MLPs as a part of an alternative investment allocation in a qualified investor’s portfolio.

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Real Estate Investment Trusts (“REITs”) Another established financing model that has recently found a in place in the US renewable market is the REIT, which is a company electing such a designation under Form 1120-REIT and abiding by Internal Revenue Service (“IRS”) real property asset and income tests necessary to maintain that designation. A REIT is a pass-through entity that is treated as a corporation for tax purposes, but are generally exempt from corporate-level income tax, provided at least 90% of its REIT taxable income is distributed annually to its shareholders (and certain other technical requirements are met). Among the benefits to using a REIT is the ability for a wider range of investors – including smaller individual investors – to invest in clean energy projects. Using a REIT to finance these projects would also lower the costs, as investors in public REITs typically demand a smaller return than currently available forms of financing.

“In order to qualify as a REIT, a company must pass several qualifying tests, including a quarterly asset test and annual income tests, designed to determine that a significant portion of the company’s assets and income are related to real estate.” However, there are several obstacles that a REIT would face in investing in renewable energy projects. In order to qualify as a REIT, a company must pass several qualifying tests, including a quarterly asset test and annual income tests, designed to determine that a significant portion of the company’s assets and income are related to real estate. Several data processing companies and a solar startup recently announced they were expecting private letter rulings from the IRS to convert to REITS.

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Given the trend in the past few years of the IRS permitting other atypical assets, including energy-generating systems, to be treated as “real property,” there is optimism that a favorable ruling will be granted in the coming weeks. This optimism has been confirmed by a recent SEC filing by Hannon Armstrong Sustainable Infrastructure Capital, Inc., in which Hannon Armstrong disclosed that it has received a private letter ruling that treats loans secured by certain renewable energy assets as qualifying REIT assets. While a favorable private letter ruling to RETC may not be relied upon by other taxpayers, it would be an indication of the IRS’s general position on the matter. Such a favorable ruling would likely lead to numerous requests from other renewable energy companies and would continue the strong momentum – with some companies investigating whether they can proceed even without legislative action.

YieldCos Similar to MLP deals for midstream and other energy related assets, another investment vehicle to lower cost of capital is the “YieldCo” , a scheme advocated by many including KeyBanc Capital Markets, which allows energy developers to “spin out” their operating assets to a holding company that is a pure-play dividend-orientated company. All the operating assets and development pipeline would be bifurcated in order to put the operating assets in a publically traded vehicle while putting the development assets in a separate entity such as the parent or an affiliate with varied arrangements. Such operating assets have been de-risked to produce a steady cash flow that is monetized to raise capital at a low yield from retail investors. A “C” corp is established as a holding company to form the YieldCo in order to carry forward net operating losses and shield taxes for

Baker & McKenzie

extended periods of time. All the tax benefits available to renewable energy assets – such as the ITC, PTC and MACRS depreciation – can also be mixed with older assets that have aged past their tax benefit period. While there are several successful operating YieldCos in the market today, there are some concerns: firstly, scale. In the US, a minimum IPO size would need to be a minimum of $150-$200 million, with a total equity valuation of at least $500 million, with lower thresholds in Canada. The second issue is that tax equity could not be twinned with YieldCos until after the tax benefits have been realized, since YieldCos trade on the basis of cash flows, which are typically captured by the tax equity investor. Nonetheless, many established developers are bullish on YieldCos given the new evolving market conditions that have brought about their recent resurgence.

Conclusion The use of MLPS, REITS and YieldCos for funding renewable energy projects are just some of the many potential vehicles that are optimistically being pursued within the renewable space. Renewable energy companies, utilities, current REITs and financing parties are urged to contact our office if they are interested in pursuing this course of alternative financing to unlock the potential for a lower cost of capital. Other vehicles for financing and securitizing these projects also continue to be explored. Baker &McKenzie is well positioned to assist your company in pursuing these opportunities. ■

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Baker & McKenzie Website: Contact: Email: Telephone:

www.bakermckenzie.com Mona E. Dajani [email protected] +1 312 861 2975 or +1 212 626 4100

Baker & McKenzie defined the global law firm in the 20th century, and we are redefining it to meet the challenges of the global economy in the 21st. We bring to matters the instinctively global perspective and deep market knowledge and insights of more than 4,000 locally admitted lawyers in 74 offices worldwide. We have a distinctive global way of thinking, working and behaving – “fluency” – across borders, issues and practices. Baker & McKenzie’s legal advisers have unmatched experience across all sectors of renewable energy and clean technology, including wind, solar, geothermal, landfill gas, biofuels, biomass, waste to energy and ocean energy. We act for developers, lenders, investors, technology providers and other industry players on significant and high-profile renewable energy transactions across the globe.

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Beecher Carlson

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Profitability and Bankability of Renewable Energy Projects Increasing opportunities using insurance

INTERVIEWEES Robert J. Bothwell President, National Energy Practice Beecher Carlson

Erin Lynch Senior Vice President, National Energy Practice Beecher Carlson

Brenna Melvin, CPCU Managing Director, National Energy Practice Beecher Carlson

With questions of funding, technology soundness and an ever-evolving energy industry landscape, the potential benefits of project insurance take low priority and are often overshadowed by the many and consuming complexities of a project. Most renewable energy project developers and owners assume project insurance requirements are fixed or are too insignificant to impact premiums, coverage or, most importantly, the overall cost of the project. However, most renewable energy projects begin with already thin profit margins, and on-going insurance costs can account for 20%30% of a project’s operating budget. In fact, project insurance can be the sole factor in tipping the profitability scale to deem a project commercially viable, especially when a project is deploying prototypical technology. If initiated during the project planning phase, a sound risk management plan can provide renewable energy project developers and owners with the opportunity to significantly reduce insurance costs and increase overall bankability.

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www.beechercarlson.com

Every project is unique in scope; however some projects have reduced project insurance costs up to 70% by implementing certain insurance initiatives. Based on interviews with three executives from Beecher Carlson, a risk management broker that focuses on industry and product specialization, the following white paper outlines a few of the potential measures that could significantly benefit renewable energy projects.

“Due to the excess of contracts and agreements, most developers are unable to study the insurance and indemnification language of each contract in detail. As a result, contract obligations oftentimes go unsatisfied or insurance costs become prohibitive and result in a delay at financial close.”

Beecher Carlson

Opportunity #1 – Homogenize Insurance Requirements across Contracts Project developers are often inundated with contracts, such as power purchase agreements, financing term sheets, credit agreements, EPC contracts, O&M contracts and interconnection agreements at the onset of a project. Many of these contracts have strict project insurance requirements relating to limits of liability and deductibles. Dependent upon the nature of the contract and how sophisticated the counterparties are, requirements vary and projects may be required to purchase prohibitively expensive insurance coverage in order to satisfy individual contracts.

“Many contract counterparties use standardized insurance language across contracts and, dependent upon the individual counterparty, are willing to amend the insurance requirements.” Due to the excess of contracts and agreements, most developers are unable to study the insurance and indemnification language of each contract in detail. As

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a result, contract obligations oftentimes go unsatisfied or insurance costs become prohibitive and result in a delay at financial close. “More often than not, developers are out there scrambling to get certain agreements and they are not necessarily focusing on the insurance and indemnification sections,” explained Brenna Melvin, Managing Director at Beecher Carlson. “If our clients send us the contracts prior to execution, we create a contract matrix to ensure that there are no outliers and that each contract requires the same liability limits and deductibles when we purchase insurance. For example, we don’t want to have one contract that requires $50 million in liability limits when all the others require $15 million.” “Many contract counterparties use standardized insurance language across contracts and, dependent upon the individual counterparty, are willing to amend the insurance requirements. Most utilities have very specific requirements, as do the lenders,” says Melvin. “However, for most other contracts you typically can make changes relatively easily. Utilities often have antiquated insurance departments and if we question a specific term or condition, we can encounter some resistance. Lender consultants, however, are keenly aware of the insurance marketplace and realize that the lender may be requiring something that is nearly impossible or very expensive to achieve. We are very skilled at bridging that gap.”

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Opportunity #2 – Model a Project’s Exposure to Catastrophic Events Renewable energy projects located in regions exposed to catastrophic events such as earthquakes, hurricanes or floods are almost always required by lenders to secure catastrophic insurance coverage. Lenders will often impose universal requirements that force projects in these areas to purchase coverage with specified limits, dictated deductibles and at a certain percentage of the total value of the asset. The universality of these requirements can prove to be costly and result in excessive coverage. Many renewable energy projects span large geographic areas, which reduces the likelihood that a single catastrophic event would result in a total loss of the project. The key is to identify which specific areas within a project are most at risk and provide lenders with the necessary information to focus coverage requirements on those areas rather than the project as a whole.

“A $500 million wind farm with 140 turbines could be spread across 10,000 acres. By plugging each turbine’s location into the model, it can reduce a 250-year event expected loss from $100 million to $10 million.” One way to isolate these locations is through the use of sophisticated property modelling software which can pinpoint the precise location of each wind turbine or

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Beecher Carlson

solar panel at any given project site. This process can extract the high-risk locations and demonstrate the probable maximum loss expected by a 250-year or 500-year catastrophic event. The modelling can provide welldefined data for a single location at a facility and help provide comfort to lenders. “A $500 million wind farm with 140 turbines could be spread across 10,000 acres,” explained Erin Lynch, Senior Vice President at Beecher Carlson. “By plugging each turbine’s location into the model, it can reduce a 250-year event expected loss from $100 million to $10 million. We can then go to the insurance market and demonstrate that the exposure is actually a lot lower than it initially appeared and leverage that information in order to impact the premium. We can also go to banks and explain that while the knee-jerk reaction is to require 25% of the value of the facility to insure for California Earthquake, we have established a lower probable maximum loss at 10%. We are well-equipped to negotiate with this information and might be able settle some place in the middle; whereas without this modelling software we would be arguing in a vacuum.” In addition to large renewable energy projects, smaller and geographically-contained projects can also benefit from property modelling. Banks often require excess earthquake insurance coverage for all projects located in California, despite the fact that the probability of earthquakes is significantly less in certain regions of the state. By leveraging the modelling software, brokers can demonstrate the actual exposure of the particular region and convince banks that less coverage is adequate to mitigate the exposure of the individual project.

Beecher Carlson

Opportunity #3 – Does a Master Insurance Program Make Sense? There is a common misconception that insurance programs must be purchased for each individual insurance project in order to satisfy lender requirements. Considering that the scope and inherent characteristics of each project are vastly different, many developers and lenders assume that each project also requires different liability limits and, in turn, requires separate insurance programs. However, with the help of insurance brokers, many project developers and owners have saved significant premium dollars by developing master insurance programs that have the flexibility to simultaneously cover multiple projects with multiple technologies.

“It may not benefit a developer to wrap a California wind farm into a master program with a series of wind farms in non-earthquake prone areas as that single risk may affect the cost of insuring the entire portfolio.” “Master insurance programs are advantageous as they allow developers to leverage their premium volume and the size of the portfolio,” says Erin Lynch. “Approaching the market with five projects, rather than one is usually more appealing to underwriters as it is less likely that a single insurable event will impact all five projects. We have seen premiums cut in half when we re-structure insurance as part of a master program.” The advantages of employing these portfolio programs are significant; however asset owners must assess whether a master insurance program makes sense for their particular project. For example, it may not benefit a developer to wrap a California wind farm into a master program with a series of wind farms in non-earthquake prone areas as that single risk may affect the cost of insuring the entire portfolio. Similarly, if the cost of insuring combined-cycle natural gas plants continues to increase in the market, it may be more cost effective to disaggregate them from a master program. In certain circumstances, the cost of insuring particular technologies has changed so significantly that a master insurance program is no longer always the best option. “I have a client that owns 19 CCGT power plants, a $2 billion coal facility, two utility-scale solar projects and just bought 700 MW of hydro capacity,” explained Rob Bothwell, President of the National Energy Practice at Beecher Carlson. “Historically a master insurance program may have made sense for this client, but with the changes in the marketplace we can get much better rates by splitting the program. Most of our competitors disagree as they believe you are losing your buying power with the large asset base. I argue that our ability to break the portfolio up and separately market certain aspects of the program with a clear set of information on the individual technologies, enables us to get much better terms and conditions.”

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It is critical to assess the benefits of multiple insurance program structures and determine what works best for each individual project. Determining the best solution can save significant premium dollars while decreasing expenses and potentially increasing project profits.

Conclusion There are numerous opportunities for renewable energy developers and project owners to reduce insurance costs and improve the bankability of their projects. By engaging a specialized insurance broker at the onset of a project, developers can significantly benefit and achieve substantial cost savings. Whether it is introducing flexibility into contractual language, implementing modelling software or assessing different program structures, brokers can provide ample opportunities to ensure optimal insurance pricing and the ultimate success of renewable energy projects. ■

Beecher Carlson Website: Contact: Position: Email: Telephone:

www.beechercarlson.com Marci Steiding Director, Marketing [email protected] 404-245-0438

The Beecher Carlson National Energy Practice is committed to the highest level of service and deepest level of expertise in the power generation, renewable energy and utility sectors. Our goal is to consistently incorporate our brokerage skills with our proven expertise in energy risk management consulting, captive management and alternative risk financing. Our dedicated team provides you with un-matched capabilities and expertise and an understanding of your business and the risks associated with it. Our services range from creating and placing insurance programs that mitigate long-term warranty, extended defect and performance guarantee risk to developing master Builder’s Risk (BAR) and Operational Risk (OAR) insurance programs after careful review of your EPC, Power Purchase Agreement (PPA), Interconnection, Finance and Balance of Plant (BOP) contracts. Our National Energy Practice has a proven track record and is proud of the long standing relationships we have built in the independent power, renewable energy and utility sectors.

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SMA Solar Technology AG

▲Maximize Yield Minimize Risks ▼ Thomas Götz Vice President Sales, Power Plant Solutions SMA Solar Technology AG

Multi-megawatt PV projects will continue to be an attractive investment for many years to come. PV projects can meet the electricity demands of millions of people and guarantee longterm independence from conventional energy types. However, due to the cessation of state subsidies in several countries, reliable and trustworthy partners boasting first-class technical solutions and experience are now more important than ever in order to maximize energy and financial yields and to ensure predictable and stable cash-flows. Besides the established European PV markets, the booming regions of the world’s sunbelt are extremely attractive for large-scale PV projects. The highly populated countries within the global sunbelt need more and more energy to supply their booming economies. This represents a great opportunity but also a great challenge for the effective planning, implementation and operation of PV power plants.

Quality is Key

Challenging environmental conditions

Inverters are the intelligent central component at the heart of every PV system and their quality and reliability determine the performance of the entire PV power plant. Their performance greatly influences yield in kilowatt hours as unexpected power losses and frequent failures combined with inconvenient service have a direct effect on the economic viability of an entire project.

Countries in South America and countries such as South Africa, India, Thailand or states in the Middle East with booming economies need a great deal more energy than can actually be produced. Difficult climates often require specially designed inverters and other PV components. Temperatures can reach over 50 degrees Celsius in India or South Africa, while the difficulties of installing PV inverters at high altitudes in countries in South America impose technical challenges. Temperatures far below freezing, sand and dust, or humidity combined with corrosive effects of salty air, as is often the case in Japan, determine the necessary properties of PV power plant inverters.

“Only inverters with excellent technical properties, which operate in a smooth and uninterrupted manner over a long period of time in extreme conditions, will guarantee the long-term success of PV projects.” 12

In addition to efficiency and energy consumption, SMA central inverters are designed for extreme conditions of this kind. Only inverters with excellent technical properties,


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milliseconds guarantee grid feed-in without interruption and yield losses. In countries with strict grid connection regulations like South Africa, PV plants will only be allowed to feed power into local utility grids if they adhere to grid connection rules.

which operate in a smooth and uninterrupted manner over a long period of time in extreme conditions, will guarantee the long-term success of PV projects in the sunbelt and other climatically challenging regions of the world. The prerequisites are high efficiency, even under extreme conditions, and low energy consumption through intelligent temperature management.

“The ability of inverters to perform grid management functions is also a decisive factor in the success of large-scale PV projects.”

With their comprehensive technical functions, SMA central inverters have been meeting the requirements and regulations of country-specific connection conditions for years in a number of countries, including Germany, Japan and the USA. As a leader in the area of grid integration, SMA’s experts work together worldwide with various bodies and committees to establish the necessary regulations.

Secure Utility Grid Connection

Ongoing Optimization

The ability of inverters to perform grid management functions is also a decisive factor in the success of large-scale PV projects due to increasingly strict grid code regulations and the heightened threat of disconnection. Only inverters with the ability to execute required measures within

Central inverters and system solutions from SMA Solar Technology AG are installed worldwide in numerous solar projects, including at projects of more than 250 MW. SMA is the global market leader in PV inverters and system technology and has been supplying PV power plants

THE CASE FOR QUALITY INVERTERS In the example below, a higher investment of Eur200,000 (depicted as the dark blue bar) in inverters with higher efficiency and lower self energy consumption increases the net present value of the asset by Eur445,036. This is achieved through increasing energy yields and decreasing energy generation costs over the 20-year lifetime of the asset. 1,000,000

800,000

Euro (€)

600,000 Eur445,035.52 400,000

200,000

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-200,000 Investment

Energy Costs

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-400,000

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around the globe for over 20 years, building on more than 30 years experience in the PV inverter sector. SMA has over 1,000 research and development employees that work daily to further develop our products and technologies. Only through continuous optimisation of all components will PV power plants become even more reliable and future-proof. Local Support – Worldwide At SMA, all development, testing and production processes are developed through scrupulous ongoing quality control. Inspection and optimization of all inverter components is carried out at every step of the production process, starting with the qualification of suppliers. SMA guarantees thoroughly tested and certified quality from the very first step in production to the final packaging. Above and beyond the production process, optimal maintenance and support is imperative for the success of a PV power plant. Our global service organization, SMA Service, has 90 stations across four continents. A long operational inverter life is thus ensured through preventative maintenance and global spare part logistics with local warehouses. ■


SMA Solar Technology AG Website: Contact: Email: Telephone:

www.SMA.de SMA Solar Technology AG Sonnenallee 1, 34266 Niestetal, Germany [email protected] +49 (0)561 9522-0

The SMA Group is the global market leader in solar inverters and an energy management group that offers innovative key technologies for future power supply systems. SMA offers first-class products, comprehensive system solutions and worldwide servicing to every type of PV installation. In 2012 the SMA Group generated sales of € 1.5 billion. It is headquartered in Niestetal, near Kassel, Germany, and is represented internationally in 21 countries on six continents. The Group employs more than 5,000 people and maintains 90 service stations worldwide. SMA’s product portfolio includes a broad spectrum of inverters for both grid connected and off-grid systems of all types and sizes. Since 2008, the Group’s parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and also in the TecDAX index. In recent years, SMA has received numerous awards for excellence as an employer and achieved first place in the nationwide “Great Place to Work®” competition in 2011 and 2012. More than 30 years of experience and PV power plant projects in the megawatt range in more than 30 countries show the outstanding competence of the company. Some 1000 R&D experts are working on the optimisation and the development of new products and technologies. PV power plant projects such as the 85 MWP Montalto di Castro solar farm in Italy, a 260 MWP project in California, USA, and several European PV projects in the triple megawatt range benefit from SMA experience and quality. PV power plants are optimally equipped with powerful outdoor devices from the Sunny Central CP XT inverter series. With an efficiency of 98 percent, the Sunny Central CP XT is the most efficient representative of this family. As a pioneer in grid integration, SMA furthermore offers worldwide tailor-made solutions that fulfill the rising demands of PV power plants. The safety and security of the supply grids and local grid operators are given particular consideration. SMA central inverters with their outstanding characteristics play a central role in guaranteeing grid stability and actively managing PV power plants.

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ANALYSIS

Renewable Energy M&A Activity in the Americas Thomas Sturge Manager – Head of Research Clean Energy Pipeline

The following analysis is extracted from a major report into mergers and acquisitions (“M&A”) activity in the renewable energy sector in the Americas written by Clean Energy Pipeline in collaboration with CohnReznick. The findings of the report are based on a survey of over 800 senior executives including corporates, investors, service providers, debt providers and governments active in the renewable energy industry worldwide. This data was supplemented by interviews with senior executives from across the sector. The full report is available at www.cleanenergypipeline.com

M&A activity will keep growing

The USA – still the undisputed leader

Global renewable energy M&A activity has grown at a steady pace during the past four years. A total of 591 acquisitions valued at $37.8 billion were announced in 2012, a 58% increase by number on the 375 deals totalling $42.1 billion announced in 2009. An absence of large deals resulted in the decline in the total value of announced transactions.

The USA is by far the most attractive country for global corporates and investors. Almost 45% of survey respondents plan to invest in or acquire in the US renewable energy sector during the next 18 months, more than double the number targeting 2nd placed Germany. The USA is highly attractive due to its strong economy and attractive long term incentive frame work.

Survey respondents expect this level of activity to continue – c.90% predict the number of sub-$500 million M&A transactions to increase or at the very least remain stable during the next 18 months. Given that deals of this size accounted for 97% of all M&A deals globally in 2012, 2013 looks set to be another strong year. The Americas accounted for 42% of the total value of M&A deal activity last year. Some 217 renewable energy M&A deals valued at $15.9 billion were announced in 2012, representing a 9% increase in value on the 225 deals totalling $14.6 billion announced in 2011. Wind and solar were the most active sectors, accounting for a combined 78% of the total value of all transactions.

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“The US is also attractive to institutional investors due to its large number of operating renewable energy assets that are being put up for sale by their original developers.” Transaction activity underlines the growing attractiveness of the US – US M&A deals totalled $10.1 billion in 2012, more than twice the $4.8 billion announced in 2011. The surge was fuelled by a rush to acquire and finance pre-operational wind farms in anticipation of the expiration of the US wind energy production tax credit in December 2012 and growing interest in pre-construction stage solar projects.

ANALYSIS

IN WHICH GEOGRAPHIES ARE YOU SEEKING TO INVEST AND/OR ACQUIRE IN THE RENEWABLE ENERGY SECTOR DURING THE NEXT 18 MONTHS? (GLOBAL CORPORATES AND INVESTORS)

USA

44% SOUTH AMERICA

18%

CENTRAL AND EASTERN EUROPE

17%

GERMANY

CHINA

21%

21%

UK

CANADA

20%

20%

INDIA

AFRICA

14%

MIDDLE EAST

13%

13%

FRANCE

CENTRAL AMERICA

AUSTRALASIA

SOUTHEAST ASIA

ITALY

JAPAN

12%

12%

12%

12%

11%

9%

SPAIN

KOREA

6%

4%

The US is also attractive to institutional investors due to its large number of operating renewable energy assets that are being put up for sale by their original developers. Some 60GW of wind capacity was operational at the end of 2012, more than in any other country bar China.

“However, challenges are bubbling up to the surface. Another lively debate regarding the wind energy PTC renewal will almost certainly take place at the end of this year. ” However, challenges are bubbling up to the surface. Another lively debate regarding the wind energy PTC renewal will almost certainly take place at the end of this year. Attacks on renewable portfolio standards are also creating uncertainty in some states. Ongoing low natural gas prices remain a thorn in the side of new renewables development.

Canada – a new global renewables leader Canada shot up the Renewables Country A-list in the last 12 months – 20% of survey respondents are targeting Canada for clean energy investments during the next 18 months, significantly more than 12% last year. In fact,

Source: Clean Energy Pipeline

Canada is now the fifth most attractive country globally for renewable energy investment, behind only the USA, Germany, China and the UK. The opportunity for renewables investment in Canada is compelling but it varies significantly by province. Most opportunities lie in Ontario, where there exists a large number of projects with locked in feed-in tariffs that are ready to be built. Illustrating this point, only c.2,000MW of wind and c.500MW of solar capacity was operational at the beginning of 2013. However, the province expects to install 10.7GW of non-hydro renewable energy capacity by the end of 2015.

“Quebec awarded 800MW of wind capacity in May 2013 to help meet its 2015 target of 4,000MW installed capacity. Similarly, British Columbia is considering procuring a sizeable volume of wind energy in the next decade to meet the growing power demands of its burgeoning population and industrial base.” Other provinces offer longer term growth potential. Quebec awarded 800MW of wind capacity in May 2013 to help meet its 2015 target of 4,000MW installed capacity. Similarly, British Columbia is considering

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ANALYSIS

procuring a sizeable volume of wind energy in the next decade to meet the growing power demands of its burgeoning population and industrial base, in addition to a series of large-scale liquefied natural gas terminals.

Renewables offer real alternative to fossil fuels in Latin America Renewable energy projects are now cost competitive with newly built fossil fuel power plants in many Latin American countries including Mexico, Brazil, Chile, Ecuador and the Caribbean. In Brazil, wind has been so successful competing against combined cycle gas turbine (CCGT) plants on price that the government has implemented measures to ensure wind does not win all new auctioned capacity. Renewables hitting grid parity is only one reason why many Latin American countries have become more attractive from an investment standpoint. Some 70% of survey respondents believe renewable energy assets in emerging markets represent attractive investment propositions even without subsidies, given prevailing high energy prices. Survey respondents are particularly enamoured with Mexico. Some 12% plan to acquire and or invest in Mexico in the next 18 months, significantly more than the 3% in last year’s survey. Mexico is also attractive following implementation of national climate change legislation in October 2012, which legally binds the country to reduce its carbon emissions by 30% by 2020 and 50% by 2050.

Solar - the hottest ticket Solar is the most attractive sector for North American survey respondents. Some 63% of survey respondents are targeting investments or acquisitions in solar PV, more than the number targeting biomass (45%), onshore wind (41%) or biofuels (39%). Solar’s attraction lies in the plethora of subsidy mechanisms available throughout the Americas including the solar US investment tax credit (ITC) and Ontario’s feed-in tariff. System costs also continued to decrease rapidly in 2012, increasing prospective returns for investors in new build assets.

“Many countries across Latin America are blessed with fantastic solar resources and a growing number, including Brazil, Mexico, Chile and Uruguay, have now established solar subsidy mechanisms or development frameworks.” In the longer term, Latin America will undoubtedly become even more attractive for solar investment. Many countries across Latin America are blessed with fantastic solar resources and a growing number, including Brazil, Mexico, Chile and Uruguay, have now established solar subsidy mechanisms or development frameworks. The rush to acquire solar PV assets across the Americas has already begun. Some 68 solar M&A deals were announced in the Americas totalling $5.0 billion in 2012, representing a 61% increase by value on the $3.1 billion worth of solar acquisitions announced in 2011.

IN WHICH SECTORS ARE YOU TARGETING ACQUISITIONS OF RENEWABLE ENERGY PROJECTS OR COMPANIES IN THE NEXT 18 MONTHS? (NORTH AMERICAN RESPONDENTS) Biogas

17% Onshore wind

Biomass

45% Offshore wind

23%

Tidal / wave

20%

41%

Solar PV

63%

Geothermal

27%

Biofuels

38% Hydro

23% Source: Clean Energy Pipeline

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ANALYSIS

WHO’S BUYING AND SELLING? Financial investors are the likeliest buyers Financial investors are the most active acquirers of renewable energy assets. In 2012 financial investors, including private equity funds, infrastructure funds, pension funds and life insurance companies announced 124 acquisitions valued at $9.7 billion, less than the 111 acquisitions totalling $12.6 billion announced in 2011, but significantly ahead of the $6.1 billion and $5.0 billion announced in 2010 and 2009, respectively.

HOW ACTIVE WILL THE FOLLOWING INSTITUTIONS BE IN ACQUIRING AND INVESTING IN THE RENEWABLE ENERGY SECTOR OVER THE NEXT 18 MONTHS? Infrastructure funds

51%

46%

97%

Independent power producers (IPP)

48%

46%

94%

Utilities

“Ultimately the best long term holders of solar and wind assets will be institutional investors and large strategics looking for inflation protected stable cash flows. In Europe, over 50% of installed wind turbines are owned by institutional investors. We are seeing the same trend globally whether it is the US or an emerging market such as South Africa.” Survey respondents are confident that financial investors will remain active – over 50% anticipate that infrastructure funds will be very active in acquiring and investing in renewable energy assets in the next 18 months, making them the top ranked potential investor. Last year they were ranked second behind independent power producers. As the sector’s technology has matured and the volume of operating assets has increased, infrastructure funds have become more active. Longer term investors including pension funds and life insurance companies are also getting involved. They are being lured by the stable, often inflationlinked returns offered by operational renewable assets given the current low bond yield environment.

37%

57%

94%

Renewable energy equipment manufacturers

34%

57%

91%

Multilateral financial organisations (e.g. EIB, IFC)

30%

60%

90%

Sovereign wealth funds

27%

60%

87%

Pension funds

27%

57%

84%

Governments

21%

54%

75%

Hedge funds

15% Very active

58%

73%

Some activity Source: Clean Energy Pipeline

“Ultimately the best long term holders of solar and wind assets will be institutional investors and large strategics looking for inflation protected stable cash flows,” explained Scott Mackin, Managing Partner and Co-President of Denham Capital.“In Europe, over 50% of installed wind turbines are owned by institutional investors. We are seeing the same trend globally whether it is the US or an emerging market such as South Africa.” Among the investment community only private equity funds are reducing their exposure in the sector. “There have never been a whole lot of private equity firms that are willing to take development risk on renewable energy projects,” explained Scott Mackin, Managing Partner and Co-President of Denham Capital. “However, the number has probably gone down in the past two years because there is really no juice left in developing renewable energy projects in the US and Western Europe, which is where most private equity firms are focused.”

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ANALYSIS

The rise of the pension fund Pension funds are poised to increase their investment activity – 27% of surveyed participants expect pension funds to be very active acquirers of renewable energy assets in the next 18 months, almost double the percentage recorded in last year’s survey. When it comes to pension funds, the most significant recent development in the past year is that they are starting to assume construction-stage risk. By way of example, two Danish pension funds Industriens Pension and PKA A/S participated in the equity financing of the 288MW Butendiek offshore wind farm situated in German waters in February 2013. Construction of the project commences in the spring of 2014 and the project is not scheduled to be operational before the summer of 2015.

TO WHAT EXTENT ARE THE FOLLOWING OPERATING RENEWABLES ASSETS ATTRACTIVE TO INVESTORS SEEKING LONG-TERM LOW-RISK RETURNS, SUCH AS PENSION OR INFRASTRUCTURE FUNDS? Onshore wind

46%

44%

Hydro

47%

42%

Solar PV Offshore wind Biomass Solar thermal

As expected, long term financial investors are most interested in the mature renewable sectors - onshore wind, hydro and solar PV. However, offshore wind is becoming much more appealing – 76% of survey respondents believe that operating offshore wind assets will be attractive to long term investors in the next 18 months, a 41% increase on the proportion recorded in last year’s survey. To date, pension funds have invested equity in renewable energy assets either through investing in infrastructure funds or through direct investments in large-scale projects. Marc Schmitz, Senior Vice President at Rabobank, believes that pension funds are ready to go one step further and start investing in renewable energy debt. “Pension funds will become more active lenders in the next three years,” he said. “Their attitude has changed since 2009. Pension funds need to be compensated for inflation and renewable energy assets with inflation-linked tariffs can do this. They want an annual 5% return and this is not available through many traditional investments. Sustainability is also becoming a higher priority for pension funds.”

Utilities: divestment for re-investment continues One of the key findings of last year’s report was that major utilities were divesting non-core renewable energy assets to rebuild their balance sheets and free up capital to invest in offshore wind assets. This trend accelerated in 2012 – last year major utilities announced the sale of 32 renewable energy asset portfolios valued at $12.5 billion, more than double the $5.4 billion of asset sales announced in 2011. In the first quarter of 2013, utilities have announced disposals of 16 renewable energy asset portfolios valued at $2.0 billion. Survey respondents expect this trend to continue.

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51%

90%

89%

36%

26%

50%

20%

87%

76%

54%

74%

17%

48%

Very attractive

Somewhat attractive

65%


In 2012 European utilities or subsidiaries of European utilities accounted for 87% of all assets divested by utilities ($10.9 billion). However, these utilities own renewable energy assets worldwide, meaning utilities’ divestment strategies have generated significant dealflow globally. For example, French utility GDF Suez agreed to sell a 60% stake in its 680MW Canadian renewable energy portfolio, valued at over C$2 billion (US$2.03 billion), to Japanese conglomerate Mitsui & Co. and Canada-based

TO WHAT EXTENT DO YOU AGREE WITH THE STATEMENT THAT MAJOR EUROPEAN UTILITIES WILL CONTINUE TO DIVEST NONCORE RENEWABLES ASSETS TO BOLSTER BALANCE SHEETS AND TO FREE UP CAPITAL FOR NEW OFFSHORE WIND INVESTMENTS? Strongly disagree Strongly agree

Disagree

23%

16% 2%

59% Agree Source: Clean Energy Pipeline

ANALYSIS

asset management firm Fiera Axium Infrastructure in December 2012. Similarly, German utility company E.ON announced the sale in October 2012 of 50% stakes in three US wind farms totalling 433MW to Danish pension fund PensionDanmark. In many cases, the proceeds from renewables divestments are being reinvested to develop large-scale offshore wind farms. For example, Danish state-owned power producer DONG Energy sold a 50% stake in its 277MW Borkum Riffgrund I offshore wind farm in May 2012. Three months later, Dong acquired a portfolio of three offshore wind projects in Germany from PNE Wind AG for an upfront cash consideration of Eur57 million and deferred payments of up to Eur100 million. “It is really balance sheet repair,” confirmed Scott Mackin, Managing Partner and CoPresident of Denham Capital. “They all have separate reasons to shore up their balance sheets. They are picking and choosing where they will go and are trying to align their existing portfolio to where their growth is going to be.” While these divestments really only represent asset pruning for the major utilities, the sheer quantity of assets divested has a significant impact on overall M&A activity levels. To put this in context, the $12.5 billion worth of divestments announced by utilities in 2012 represented a third of the total value of all M&A activity globally. In parallel, utilities are expected to rein in new acquisitions. According to survey respondents utilities are now ranked third most active acquirer behind infrastructure funds and independent power producers. Two years ago they were ranked most likely active acquirer.

FROM WHICH REGIONS OR COUNTRIES ARE NEW INVESTORS AND ACQUIRERS MOST LIKELY TO ENTER THE GLOBAL RENEWABLE ENERGY MARKET OVER THE NEXT 18 MONTHS? China

71% 62%

USA Middle East

37%

Germany

37% 28%

Japan India

25%

South America

22%

Canada

21%

UK

20%

Korea

18%

Southeast Asia

14%

Africa

12%

Australasia

12%

Other Western Europe 11% Central & Eastern Europe 8% France 7%

International markets continue to benefit from Asia-Pacific interest Last year Asia-Pacific acquirers started to make significant investments outside their domestic markets. Asia-Pacific companies participated in 38 acquisitions in 2012 (36 in 2011) valued at $6.0 billion ($1.9 billion in 2011) outside Asia.

Central America

6%

Spain

5%

Italy

5%

Other


Japanese acquirers lead the way, with the likes of Marubeni Corp., Innovation Network Corporation of Japan, Mitsui, Mitsubishi and Sumitomo all acquiring renewable energy assets in North American and/or Europe in 2012. In fact, international acquisitions by Japanese firms represented 45% ($2.7 billion) of all Asian international M&A activity in 2012.

the landmark deal was the project financing of a portfolio of three Canadian wind farms totalling 248MW and two Canadian solar PV farms totalling 20MW by Japan Bank for International Cooperation and a group of Japanese commercial banks including The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation.

Survey respondents are confident that Japanese investors will remain active during the next 18 months – 28% of survey respondents expect new acquirers and investors to emerge from Japan, placing the country in fifth place, up from seventh place last year.

Chinese companies are still expected to be active but less so than in prior years. Some 71% of survey respondents expect new investors and acquirers to emerge from China (84% last year). There are essentially two reasons why Chinese companies acquire in this sector: solar module manufacturers want to acquire pre-construction stage projects so they can deploy their equipment; and equipment manufacturers want to acquire distressed manufacturing assets to obtain a physical presence in Europe and North America. ■

Japan is not just a source of equity. Japanese banks allocated $2.3 billion of project debt finance to renewable energy projects in North America and Europe in 2012, over 3x the volume invested in 2009. In North America,

21


Q&A

YieldCos Lead Rising Institutional Investment Appetite for US Solar

Q&A with PJ Lee, EverStream Energy Capital Management

Peter (“PJ”) Lee is a Co-Founder and Managing Partner of EverStream Energy Capital Management. Prior to starting EverStream, PJ was with Black River Asset Management, a wholly owned but independent asset management subsidiary of Cargill, Inc. PJ was recruited into Black River to start and build the private equity investment practice, helping to grow assets under management to approximately $1 billion. As a senior member of the private equity team and member of the investment committee of Black River, PJ conceived of, launched and helped to manage several commodity and energy related funds, both in private and public equity markets. What states are poised for significant solar growth in the next one to two years? We’re seeing a lot of activity in California, Massachussetts, North Carolina and Arizona. We’re seeing early stages of activity in markets that you don’t necessarily think of right away. Minnesota has announced some solar programs and we are tracking other states in the north-east like Vermont, Connecticut and New Jersey. Hawaii is a very interesting market, as is Puerto Rico.

end users, be they residential or commercial users, or utilities that have state mandates and renewable portfolio standards. As people become more comfortable with the asset class you’re seeing more PPAs being signed. What we are also seeing is a lot more interest from financial markets. There are more private and public funds, more utilities and certainly energy companies.

What are the main drivers for solar PV in the US?

How do you see the market evolving in terms of which solar classes should grow and decline in the coming years?

State and federal incentives help. Some states offer more robust incentives and in several states there are very high electricity prices that they are looking to offset. In Hawaii, we’re looking at near-term grid parity. Even in California electricity prices are very high and that is a supportive state for policy.

There is tremendous growth in residential and distributed generation, and in utility-scale. I think the growth of utility will slow as the low-hanging fruit for massive-scale solar plants will start to go down. I think that has been plucked and we’re going to see less activity there over the next few years.

There is a phenomenon happening where the systems are becoming very mainstream, both on the part of the

Regarding the large swathes of land in locations in proximity to the grid that can build out in scale, there are

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just going to be fewer opportunities for the developers. I think the larger developers in that market are going to consolidate. That market is still going to continue to grow, but I just see the growth being faster in commercial and residential.

What is driving the growth of public market YieldCo investment in solar? I think a variety of things. From the investor standpoint there is such a thirst for yield, for predictable cash flow streams, given the low interest rate environment and what has happened in the fixed income world, so you are seeing a lot of investors crowd into REITs and MLPs. We’re seeing the multiples increase and the yields decrease. There’s growing comfort with the solar asset class. For a while it was tarnished with the brush of speculative technology risk. Solyndra was in the paper and a lot of people that didn’t understand solar saw it as an industry that could only survive with heavy subsidies and as an advanced technology, which is definitely not the case. Solar has been around for decades and only over the past ten years have we seen a massive reduction of cost with the proliferation of manufacturing capacity globally. As those cost points come down and as industry has had a chance to observe solar systems operating for several years with very predictable cash flow streams and very strong credit-worthy offtake agreements in place, there’s growing comfort that it is a very attractive asset class for investors to come into.

Have you seen any significant alteration in US PPA prices, and do you expect to see further changes in the next one to two years? They are jumping downward as the utilities and off-takers grow more sophisticated on what the cost profiles are of the installed systems, so there is a dampening effect, but so are the cost inputs, the balance of systems that go into solar. We are seeing a general trendline of decreasing PPA prices and reaching closer to grid parity in certain markets.

Q&A

How do you assess the tax equity market at the moment? Is there an opportunity for new tax equity investors to come into the US solar market? Yes, we have seen interest on the part of groups that know tax equity well but may have not been as active in renewables – groups that have been active in low income housing and the like. We are seeing large energy companies, oil and gas companies that are interested in the sector. I would not say there is a large number of new entrants, it is a market still very much dominated by the leading players in the market today.

Will M&A activity increase in the next few years? I do think there will be a wave of projects that change hands. The tax equity groups do have a recapture period of five years in order to capture all of the tax benefits of an asset. Some of the groups will like the profile of the predictable slow stream and decide to hold through the life of the PPA whereas others may decide that as their mandate is to put money to work for the tax incentives then it makes sense for them to divest and re-invest in new projects. There have also been a number of private equity firms over the past few years that have bought projects that may have fund lives of five, seven or ten years, where they need liquidity in order for them to meet their returns. We do think that with more institutionalised capital coming into private vehicles or public YieldCos that have a lower cost of capital and are willing to pay a higher price and receive a lower return profile for a seasoned asset that has multiple years of history, that it will create more liquidity for the current holders of assets. Some investors are clearly long-term buy and hold– energy companies, utilities and even some of the institutions like insurance companies that have long-term objectives, but we do see a number of assets held by traditional buyers today.

Is there an opportunity to wrap up solar assets in portfolios that can be financed through bonds? Yes, securitisation is something the industry is spending a lot of time thinking about. That lends itself well to residential where you can have standardised contracts similar to auto loans or credit card receivables. There are sophisticated fixed-income investors that are already active in the asset class – providers of mezzanine debt, project finance and senior lines of credit. ■

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Q&A

Efficiency and Ease of Investment Drives Texas’s Leadership of US Wind Sector

Q&A with Matthew Brown, Tamra-Tacoma Capital Partners

Matthew Brown is a Founding Principal at Tamra-Tacoma Capital Partners. He is an alternative investment financier who has facilitated over $1 billion in renewable utility-scale and distributed generation investments. Matthew specializes in tax equity and renewable energy financing, having been involved in the implementation of PACE, a US special energy financing district providing innovative means of financing for energy efficiency improvements. He is also heavily rooted in the private sector, having been instrumental in the funding and execution of renewable investment funds such as Lestis Hydro, Wind, and Solar, a fund for the development of utility-scale wind, run-of-river, and solar technology, and Epplament Energy, the business vehicle for the development and financing of wind technology in West Texas to deliver power to the ERCOT grid.

Where are you currently most active in the US? We’re entertaining distributed generation solar and wind across the entire US. With regards to utility-scale wind, we have wonderful banking relationships that allow us to manoeuvre quite efficiently within the ERCOT Grid in Texas. We’re also active in Oklahoma, Colorado, Oregon and California. Texas, in my opinion, has one of the best wind environments in the US, proven PPAs and great support systems. We’re primarily looking at utility-scale wind in Texas. Comparative to the rest of the US it is a lot easier and a lot more efficient to manoeuvre. When you’re talking the PPA, you’re talking the land lease, permits and the easements, it’s a lot more efficient than utility-scale systems in the Northeastern US. You can come to terms on a Thursday evening over a cigar and a glass of scotch in Texas.

Why is the ERCOT grid region so attractive for investment? Primarily, the previous proven exposure of large facilities in the state of Texas has made it easier for investors to come in. Secondly, the majority of the wind in Texas is in West Texas and that is comprised of farms and ranch owners. It’s a lot more efficient to work with a rancher or a farmer than it is a commercial developer or real estate owner in terms of leasing their land. You can do so quickly and you can do it in bulk (for example, Texas’ largest wind farm, Roscoe Wind Farm, is comprised of 400+ property owners).

“Transmission is also becoming a larger problem. The US grid is inefficient, sometimes ineffective, and in dire need of expansion.”

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Q&A

You are seeking 20% IRRs for renewable energy projects. How do you finance these projects in a way to get to that level? 20% is pretty aggressive, in Texas it can be difficult to reach that number. To do so, you’re looking for a responsive and cooperative debt sponsor and even then most of the time you won’t get there. For us, we’ve been very fortunate to have established with key US banks and lenders – they are available. Playing around with different mechanisms, hedges, financial packages and stacks is the key to taking that IRR north of 20%.

What are the main barriers for distributed renewables investment in the US? The main barrier is the lack of a universal distribution model for DG. That is the key missing element and is one of the barriers we are trying to solve here. We’re aggressively working with quite a few counterparties to develop third-party financing arms that are off-balance sheet and allow developers to make attractive financing options to commercial and residential opportunities in the US. It’s kind of taking SolarCity’s approach and learning from their model, which is very good, and taking that towards a more expansive environment in terms of projects – not just residential and commercial but implementing it more creatively.


What are the main barriers for utility-scale renewables investment in the US? Right now we are in a credit crunch. It is just hard to find debt. I see many projects that haven’t been able to find debt even though they are attractive projects and they’re looking for private equity to replace that debt, that is how desperate the projects are. That is one of the largest barriers right now in the US. Transmission is also becoming a larger problem. The US grid is inefficient, sometimes ineffective, and in dire need of expansion. We need to focus on investing in infrastructure which allows us to move clean, low-cost wind and solar isolated areas to the metropolitan areas where the demand on the grid is the highest.

What can be done to surmount that problem of low debt availability? You can look at new models and mechanisms. We are trying to reinvent ways of financing these projects. In terms of US lending, it is a cycle. We go through it seemingly every 10 years or so, so it is just a “hurry-up-andwait” game. Looking at international institutions is something that is starting to pick up a lot more than it has in the past. Sure, there are regulatory concerns or manoeuvring of large enough amounts of money concerns, but those concerns are being mitigated on a regular basis.


Do you see new sources of capital coming into US renewables? From my exposure, I haven’t seen it. I have seen different methods of financing. For example, a couple of the wind projects we are looking at were completely financed by Chinese-backed entities. Because of regulatory concerns it is very difficult for a Chinese company to own a US asset, so they are financing these projects at zero per cent debt, uncollateralised and non-recourse. They’re basically building these assets to move product and inventory, then selling them off and taking a discount. Then they move on to the next project. That is a new way. It’s always been around but we’re seeing a lot more in the US, especially on smaller utility-scale projects under 20 MW.

Will US wind and solar remain dependent on tax credits and tax equity for the foreseeable future? As long as they are available, yes. Once they horizon, my opinion is that there will be a significant downward spike, but with the cost for systems continually going down it will reach a point where things will level. The industry will find its own market.

How have pricing and yields involved in the tax equity market for renewables? It depends on the project and the asset. We focus primarily on completed projects and our returns on those are north of 20%.

Q&A

Can the tax equity pool of investors be widened at the moment, perhaps by bringing in real estate investors or master limited partnership structures? Yes. Here in the US there is an unfortunate negative stigma about renewable energy that is often very difficult to overcome, and the opinion that renewable energy is ineffective is entirely inaccurate. It is challenging to join hands between someone who understands real estate tax equity and someone who understands renewable energy tax equity. Sophisticated investors who aren’t informed investors in the renewable space point to the failure of Solyndra and the DOE’s loan guarantee program, calling it an utter failure simply because that’s what a few influential politicians and the media ran with. In actuality, it wasn’t a failure. It was a wild success, surpassing the DOE’s program performance projections (DOE loan success rate: 98 percent). So it’s difficult to navigate around this inaccurate perception of US renewable energy but it can be done and is being done. We’re looking at widening our pool of investors daily and we are doing that, but it is a difficult challenge.

Is there enough equivalence between the US and Mexican markets that you could see more US investors moving into Mexican renewables? Absolutely, I think they will pack their bags and move there. It’s incredibly lucrative in Mexico. You have the opportunity, if you structure the stack right, to recoup your investment in just a few years with the fixed prices they are offering. The issue I am seeing in Mexico is that the developers that have PPAs are very green. They don’t have the exposure and experience that a traditional experienced US or European developer would have, so it has been very difficult to accomplish something in Mexico compared to the US and Europe. The biggest barrier in Mexico will be the general communication and cooperation between either a US or European entity and a Mexican entity. ■


Q&A

California, Massachusetts Remain Most Attractive Solar Growth Markets Q&A with Karl Olsoni, Capital Dynamics

Karl is a Managing Director on the Clean Energy and Infrastructure team in Investment Management at Capital Dynamics. He has 31 years of international energy experience across M&A, project finance, tax equity financing, risk management, and project development. Prior to joining us, Karl was chief financial officer of PPM Energy Inc. (now Iberdrola Renewables) and oversaw the later stages of PPM’s growth to become the second-largest wind energy company in the US. Previously, Karl was with Koch Industries and spent 16 years with the Southern Company as part of the core team that built Southern’s IPP business into one of the largest in the world. Karl holds a Bachelor’s degree in Economics from George Washington University and an MBA from the College of William & Mary.

What states are poised for significant solar growth in the next one to two years, and why? We continue to see opportunities in our two biggest markets, California and Massachusetts. Both have significant renewable energy targets and significant programmes to incentivise development of distributed solar generation, which we think is the right part of the market and have been investing in through our solar fund. We see continued project opportunities coming up in both of these states. Massachusetts has an auction mechanism to support downward prices, basically providing a floor for solar renewable energy credit prices. It’s not a hard floor but it takes volatility out of SREC prices. We saw a boom in New Jersey a few years back and it is not impossible to think that market could spring back to life. We see other states that have tried to develop solar markets but for a variety of reasons haven’t quite hit the scale that we’ve seen in Massachusetts and California.

28

How are PPA prices for solar PV projects changing? e have seen more entrants into these markets and some W compression in returns. Some of that is PPA driven, but generally the market prices to internal rate of return. It is often like a rope, you can have a low PPA price but lower cost in other elements. For example, in Massachusetts you can agree with local authorities to make at payment in lieu of taxes and lock in your tax liability to a lower level and that enables a lower PPA price, or vice versa. It really depends on what can be negotiated.

What is the current state of the tax equity market? Is the current pool of investors too small? The tax equity markets recovered smartly in the last four to five years. There have been new entrants. There is a level where if you bring a deal that is way too large into the market that it causes congestion and drives up yields, but we don’t see that in the type of investments we are making in distributed solar PV.


Q&A

Is there any way the pool of tax equity investors can be widened, potentially by bringing in real estatefocused players?

Do you think there will be widespread M&A activity in the solar PV project sector in the short to medium term?

There has been an effort to qualify solar for real estate investment trusts. There is an effort to lobby to get master limited partnership laws changed to qualify clean energy investments. It is hard to predict where that will go, based on the state of play in Washington, but it seems like a possible outcome that would make a lot of sense. Electricity is currently excluded by law from MLP structures.

It is still a pretty fragmented business. You will see M&A activity to roll up and consolidate projects. Some of the logical buyers are the YieldCos, as these are long life assets with long-term offtake agreements, so they could be very attractive.

We are also recently seeing YieldCos come into the market, companies that are looking to deliver cash yields to investors, which is exactly our investment thesis going into the fund.

You will see utilities buy these assets to meet compliance, load and rate-base needs. Other infrastructure funds looking at cash flows will also be interested, as this is about as low risk an operating regime as you can find in energy. There’s no moving parts and no people, really.

Google has also been a very active tax equity investor as has GE. It would be nice to see more corporates entereing the tax equity arena.

Is the residential solar success story sustainable? Will residential increase as a proportion of US solar PV investment in the coming years?

What are the long term drivers for solar PV in the USA?

A big part of their success depends on tax equity and on being able to monetise these tax benefits. That is a big reason they’re able to offer no money down on a fixed payment over time and securitisation.

I think the drivers will continue to come at state level. It is like doing business with individual countries within the US. Every state has different markets and different regulations. I think distributed generation is the proper application for solar in many respects, both at commercial scale and large-scale residential plays through companies like SolarCity, which recently went public.

How important are EPA regulations requiring coal plants to be retired in driving solar PV? EPA regulations are one of the big trends driving clean energy investment in general. I think fuel switching is a huge trend. I used to work for Southern Company, formerly one of the largest consumers of coal in the world. They have recently announced several large coal retirements. The question is what that capacity is replaced with? It could be in certain cases nuclear but there are a lot of risks involved in building nuclear, so it is going to be natural gas, renewable energy and energy efficiency. That is the only way we can replace coal.

They are essentially securitising pools of cash flows, and there’s a lot of history with that.

When wrapping portfolios for bonds, how big would these portfolios have to be to get a rating? What are the barriers to this practise and how can they be overcome? You need scale to have liquidity in bonds for them to trade well. Generally, around $100 million is your entry ticket. Getting the rating is going to be a function of the quality of your counterparties and how much debt you have and how much you want to have. It is project finance, so you need to think in terms of the debt service coverage ratio. For a long-term contracted PPA with an investment grade off-taker, if you had a coverage ratio of 1.6 times debt service that is generally considered investment grade, although there are other factors such as who the off-taker is. ■

$5.1 BILLION TOTAL WIND PROJECT FINANCE IN THE USA FROM 1Q13 TO 3Q13

30

League Tables Methodology League tables are based on deals that were announced during the 2013 calendar year. The only exception is the league table ranking legal and financial advisors, which is based on deals that have completed in 2013. This approach has been adopted as advisors are often not disclosed until after a transaction has been completed. Qualifying transactions must be classified within at least one of the following sub-sectors: advanced materials & technologies; sustainable agriculture; biofuels; biomass; clean coal; energy efficiency; environmental services & remediation; geothermal; green transportation; hydro; hydrogen generation; marine; microgeneration; recycling & waste; solar; water & wastewater treatment; and wind. Number of Deals: for investor league tables, this is defined as the number of individual companies invested in (not individual investments or transactions) during 2013. For advisor league tables, this is defined as the number of individual transactions that have been completed in which an advisor has been involved. Where more than one adviser or investor has been involved in the same number of transactions, the higher ranking is given to the adviser or investor associated with the highest aggregate deal value. Deal Credit: the deal value accredited to an investor is calculated for each transaction by dividing the total value of a transaction by the number of investors participating in the fundraising. Deals of an undisclosed size are assigned a deal value of zero, apart from M&A transactions involving operational onshore wind and solar PV assets. In such transactions, a deal value is estimated on the basis of installed capacity using Clean Energy Pipeline’s multiples. As our online platform is updated in real time, league table rankings may differ from the time of this release and the data found in our online platform at a later date. The Clean Energy Pipeline league tables are based on deal information which has been collected by or provided to our team. Clean Energy Pipeline endeavours to guarantee the accuracy of the deal information used to compile the league tables. At the end of each quarter, organisations are invited to email us a quarterly deal summary in any format to ensure that all relevant deals are reflected in the Clean Energy Pipeline league tables. All submissions should be emailed to Thomas Sturge at [email protected]. Clean Energy Pipeline reserves the rights to decline inclusion of deals that it deems fall outside its definitions or methodology.

Copyright © 2005 – 2013 VB/Research Ltd. All rights reserved. No parts of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without prior permission of the publishers. This includes hosting all or part of this publication online.

31

LEAGUE TABLES


League Tables USA

The following league tables rank the most active investors, banks, project sponsors and law firms in the US clean energy sector in 2013. Rankings are based on deals involving US-based investee companies, M&A targets or projects tracked by Clean Energy Pipeline’s deal data team. Our methodology is described on the previous page.

TOP 10 LEAD ARRANGERS BY NUMBER OF DEALS Rank Lead Arranger

Number of Deals

Deal Credit ($ million) 1,052

1

Credit Agricole

5

2

Union Bank

4

220

3

Citigroup

3

595

4

Rabobank

3

316 262

5

Deutsche Bank

3

6

Keybank

3

124

7

Helaba

3

124

8

Banco Santander

2

119

9

Sumitomo Mitsui Banking

2

103

10

Bank of Tokyo-Mitsubishi UFJ

2

91

Number of Deals


TOP 10 LEAD ARRANGERS BY DEAL VALUE Rank Lead Arranger 1

Credit Agricole

5

2

Citigroup

3

595

3

The Royal Bank of Scotland

1

482

4

Barclays

1

482 345

5

Societe Generale

1

6

Rabobank

3

316

7

Deutsche Bank

3

262

8

Union Bank

4

220

9

Keybank

3

124

10

Helaba

3

124

32


LEAGUE TABLES

TOP 10 LENDERS BY NUMBER OF DEALS Rank Lender 1

Number of Deals

Deal Credit ($ million)

7

190

North American Development Bank

2

Rabobank

6

827

3

Keybank

6

655 220

4

Union Bank

6

5

Morgan Stanley

6

156

6

Citigroup

5

1023

7

Credit Agricole

5

316

8


4

922

9

Sumitomo Mitsui Banking Corp

4

237

10


4

205

Number of Deals


TOP 10 LENDERS BY DEAL VALUE Rank Lender 1

Citigroup

5

1023

2


4

922

3

Rabobank

6

827

4

Keybank

6

655

5

Credit Agricole

5

316 262

6

Deutsche Bank

3

7

Sumitomo Mitsui Banking Corp

4

237

8

Union Bank

6

220

9


4

205

10

Helaba Landesbank Hessen-Thüringen

4

168

Number of Deals

Deal Credit ($ million) 952

TOP 5 PROJECT FINANCE LEGAL ADVISORS BY NUMBER OF DEALS Rank Legal Advisor 1

Simpson Thacher & Bartlett

4

2

Akin Gump Strauss Jauer & Feld

4

410

3

Milbank, Tweed, Hadley & McCloy

3

553

4

Latham & Watkins

2

451

5

Chadbourne & Parke

2

278

Number of Deals


TOP 10 INVESTORS IN COMPANIES BY NUMBER OF DEALS Rank Investor 1

Kleiner Perkins Caufield & Byers

13

205

2

Rockport Capital Partners

8

26

3

Braemar Energy Ventures

7

17

4

Google Ventures

6

142

5

Energy Technology Ventures

6

26

6

Draper Fisher Jurvetson

6

20

7

Khosla Ventures

5

79

8

General Electric Company

4

31

9

The Westly Group

4

17

10

CCM US

4

17 33

LEAGUE TABLES


TOP 10 INVESTORS IN COMPANIES BY DEAL VALUE Rank Investor

Number of Deals


1

Total Gas & Power

3

217

2

Kleiner Perkins Caufield & Byers

13

205

3

Google Ventures

6

142

4

AMP Capital Investors

1

100

5

New Zealand Superannuation Fund

2

98

6

Denham Capital Management

2

91

7

Benchmark Capital

1

86

8

TPG Capital

1

86

9

Khosla Ventures

5

79

10

Third Security

1

75

Number of Deals


TOP 5 M&A AND VC/PE LEGAL ADVISORS BY NUMBER OF DEALS Rank Legal Advisor 1

Akin Gump Strauss Hauer & Feld

7

n/d

2


3

1,028

3

Kirkland & Ellis

3

500

4

Chadbourne & Parke

3

96

5

Stoel Rives

3

40

Number of Deals


TOP 5 M&A AND VC/PE LEGAL ADVISORS BY DEAL VALUE Rank Legal Advisor 1


3

2

Latham & Watkins

2

878

3

Skadden, Arps, Slate, Meagher & Flom

2

833

4

Kirkland & Ellis

3

500

5

Linklaters

1

100

TOP 5 M&A AND VC/PE FINANCIAL ADVISORS BY NUMBER OF DEALS Rank Financial Advisor

Number of Deals

Deal Credit ($ million) 188

1

Marathon Capital

5

2

Morgan Stanley

3

971

3

Evercore Partners

3

328

4

Roth Capital Partners

3

8

5

ViewTrade Securities

3

2

Number of Deals


TOP 5 M&A AND VC/PE FINANCIAL ADVISORS BY DEAL VALUE Rank Financial Advisor

34

1

Goldman Sachs & Co.

2

1,406

2

Credit Suisse Group

1

1,028

3

Morgan Stanley

3

971

4

Citigroup

1

500

5

Evercore Partners

3

328


MARKET ANALYSIS

Project Finance Investment Analysis USA

This section analyzes project and asset finance activity in the USA’s clean energy sector. The analysis is based on deals tracked by Clean Energy Pipeline’s deal data team. Clean energy project finance totalled $12.9 billion in the first three quarters of 2013, a 34% decrease on the $19.4 billion recorded in the corresponding period in 2012. At this rate, 2013 will be the smallest year for US clean energy project finance since Clean Energy Pipeline began tracking this asset class in 2008.

200

15

150

10

100

5

50

0

0

0 2Q 9 0 3Q 9 0 4Q 9 0 1Q 9 1 2Q 0 1 3Q 0 1 4Q 0 1 1Q 0 1 2Q 1 1 3Q 1 1 4Q 1 1 1Q 1 1 2Q 2 1 3Q 2 1 4Q 2 1 1Q 2 1 2Q 3 1 3Q 3 13

Deal value ($ billion)

20

1Q

US project finance is also considerably lower than in 2010 and 2011 due to the expiry of a series of notable incentive mechanisms in late 2011. In September 2011 the 1705 US loan guarantee program expired. It was essential in ensuring financing for some of the largest renewable

PROJECT/ASSET FINANCE IN THE USA (1Q09 TO 3Q13)

Number of deals

The decrease has been caused by the continuing low price of natural gas, which is having a direct impact on the competitiveness of renewable energy. Natural gas prices according to the Henry Hub Gulf Coast market averaged $3.62 per million BTUs in September 2013, a 32% increase on the 2012 monthly average price of $2.75 per million BTUs, but 10% above the 2011 average monthly price ($4.0 per million BTUs) and 18% above the 2010 monthly average price ($4.39 per million BTUs).

Deal value

Number of transactions Source: Clean Energy Pipeline

35

MARKET ANALYSIS

energy projects in the US in 2011. The deadline for breaking ground on new projects under the 1603 cash grant program, which provides renewable energy project developers a cash grant in lieu of tax credits, expired three months later.


SECTOR BREAKDOWN – PROJECT/ASSET FINANCE IN THE USA AS A PERCENTAGE OF TOTAL DEAL VALUE (1Q13 T0 3Q13)

2%

Solar

“The largest sector for project finance in the first three quarters was solar, accounting for 50% of the total volume of investment ($6.3 billion).” The largest sector for project finance in the first three quarters was solar, accounting for 50% of the total volume of investment ($6.3 billion). Notable deals include: Solar Star Funding, a solar power subsidiary of Iowa-based energy company MidAmerican Energy Holdings, which completed a $1 billion senior note offering to fund construction of its 579 MW Solar Star plants in June 2013; California-based home solar installation company Sunrun, which secured financing for the installation of more than $630 million of residential solar systems across the US in June 2013; and California-based solar installation company SolarCity, which signed a $500 million lease financing agreement with financial services firm Goldman Sachs for small-scale solar projects in May 2013.

“Wind was the second largest sector for US project finance in the first three quarters of 2013, accounting for 40% ($5.1 billion) of total investment. ” Wind was the second largest sector for US project finance in the first three quarters of 2013, accounting for 40% ($5.1 billion) of total investment. This represents a 50% decrease on the $10.2 billion of US wind project finance in the

36

4%

50% 3%

Biomass

Hydro

Wind

Biofuels

TOTAL PROJECT/ASSET FINANCE IN THE USA (1Q13 TO 3Q13)

40%

$12.9 billion

Other

1%


SECTOR BREAKDOWN – PROJECT/ASSET FINANCE IN THE USA AS A PERCENTAGE OF TOTAL NUMBER OF DEALS (1Q13 TO 3Q13)

2%

Wind

Biofuels

11% Solar

Biomass

2%

81%

1%

TOTAL NUMBER OF PROJECT/ASSET FINANCE TRANSACTIONS IN THE USA (1Q13 TO 3Q13)

207

1%

Geothermal

Hydro

2%

Other


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MARKET ANALYSIS


GEOGRAPHIC BREAKDOWN – TOP 10 STATES BY TOTAL PROJECT/ASSET FINANCE DEAL VALUE (1Q13 TO 3Q13)

Maine

$368 MN Idaho

$218 MN

New York

$326 MNMassachusetts

$455 MN

California

Utah

$4.3 BN

$210 MN

Kansas

$599 MN

Arizona

New Mexico $455 MN$222 MN

Texas

$2.1 BN Source: Clean Energy Pipeline

corresponding period in 2012. The decrease was caused by an unusually high volume of wind projects financed in 2012 in anticipation of the expiry of the wind energy Production Tax Credit (PTC) at the end of 2012. The PTC was eventually renewed, but only at the very end of 2012. This means that the pipeline of financeable wind farms was severely diminished in 2013. The most notable wind project finance deals in the first three quarters of 2013 are: US wind project developer

38

Continental Wind LLC, an indirect subsidiary of Exelon Corporation, which closed $613 million of non-recourse project finance consisting of 6% senior secured notes due February 2033 for a 667 MW portfolio of operating US wind capacity; Terra-Gen, which secured $550 million for its Alta X and Alta XI wind farms in June 2013; and Pattern Energy, which closed financing for its 218 MW Panhandle wind farm from GE Energy Financial Services and Citigroup Global Markets in August 2012. ■


MARKET ANALYSIS

Public Markets Investment Analysis USA

This section analyzes public markets activity in the USA’s clean energy sector. The analysis is based on deals tracked by Clean Energy Pipeline’s deal data team. US clean energy companies secured $2.8 billion on the public markets in the first three quarters of 2013 through a mixture of IPOs, secondaries and convertible notes. This is almost 4x the volume secured in the corresponding period in 2012. The increase is a direct result of IPOs of two special purpose vehicles containing portfolios of renewable energy assets, two public market offerings of electric vehicles manufacturer Tesla Motors, and a number of IPOs of cleantech companies.

3.0 2.5 2.0 1.5 1.0 0.5

0 2Q 9 0 3Q 9 0 4Q 9 0 1Q 9 1 2Q 0 1 3Q 0 1 4Q 0 1 1Q 0 11 2Q 1 3Q 1 1 4Q 1 1 1Q 1 12 2Q 1 3Q 2 1 4Q 2 1 1Q 2 1 2Q 3 13 3Q 13

0

1Q

These two IPOs deployed a similar structure, in which a shell vehicle created specifically for the IPO is listed. When the listing is complete, the listed vehicle uses the proceeds to acquire renewable energy assets from the developer company. In the case of Pattern Energy, PEG Inc will use $202.4 million of the proceeds to pay Pattern

PUBLIC MARKETS TRANSACTIONS IN THE USA (1Q09 TO 3Q13)


The two most notable IPOs in the first three quarters of 2013 were Pattern Energy Group (PEG) Inc., a subsidiary of US wind project developer Pattern Energy Group LP, which secured $352 million through an IPO on the Nasdaq and the TSX, and NRG Yield, the renewable energy subsidiary of NRG Energy, Inc., which secured $495 million through an IPO on the NYSE.


39

MARKET ANALYSIS

Energy Group LP for a stake in a 1.04 GW portfolio of six operational wind farms in the US, Canada and Puerto Rico, as well as two construction-stage projects with a combined capacity of 385 MW. This structure is attractive to developers as it enables them to reap a substantial one-off windfall while securing a fixed income-type yield. For a company like Pattern Energy, this structure is significantly more attractive than a companylevel IPO as it enables it to continue to build value in its 3 GW strong project pipeline. Public markets activity was also boosted by three IPOs of cleantech companies. California-based Smart grid IT company Silver Spring Networks secured $81 million through an IPO on the NYSE in March, Minnesota-based renewable chemicals producer BioAmber raised $80 million through an IPO on the Nasdaq in May 2013, and Utah-based home monitoring and control company Control4 secured $64 million through an IPO on the Nasdaq in August 2013. Public market activity was also heightened by the fundraising activities of Tesla Motors, which secured $960 million through a $600 million convertible note issue and a $360 million secondary offering in May 2013. ■

40


BREAKDOWN BY ISSUE TYPE – PUBLIC MARKETS TRANSACTIONS IN THE USA (1Q09 TO 3Q13)

IPO

38%

$1.1 billion

Convertible

21%

Secondary

41%

$1.2 billion

$600 million Source: Clean Energy Pipeline

$2.8 BILLION WAS SECURED ON THE PUBLIC MARKETS BY US CLEAN ENERGY COMPANIES BETWEEN 1Q13 AND 3Q13, INCLUDING TWO PUBLIC MARKET OFFERINGS OF ELECTRIC VEHICLES MANUFACTURER TESLA MOTORS

41

MARKET ANALYSIS


Venture Capital and Private Equity Investment Analysis USA

This section analyzes venture capital and private equity investment in the USA’s clean energy sector. The analysis is based on deals tracked by Clean Energy Pipeline’s deal data team. Venture capital and private equity investment (excluding buyouts) in US clean energy companies totalled $2.9 billion in the first three quarters of 2013, a 40% decrease on the $4.8 billion invested in corresponding period in 2012. In 3Q13 investment only totalled $832 million, the lowest quarterly level since Clean Energy Pipeline began tracking investment in this sector in 2007.

42

250

4

200

3

150

2

100

1

50

0

0

0 2Q 9 0 3Q 9 0 4Q 9 0 1Q 9 1 2Q 0 1 3Q 0 1 4Q 0 1 1Q 0 11 2Q 1 3Q 1 1 4Q 1 1 1Q 1 12 2Q 1 3Q 2 1 4Q 2 1 1Q 2 1 2Q 3 1 3Q 3 13


5

1Q

There is however also some good news in 2013. Although the total value of investment has fallen this year, the number of investments remains relatively robust. Venture capital and private equity firms made an average of 139 investments in US

VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT IN THE USA (1Q09 TO 3Q13)

Number of deals

The decrease in venture capital and private equity activity is a direct result of a substantial decline in investment in capital intensive solar PV companies. An average of $121 million was invested in US solar companies per quarter in the first three quarters of 2013, significantly less than the 2012 quarterly average investment volume of $251 million, the 2011 quarterly average investment volume ($553 million) and the 2010 quarterly average investment volume ($472 million). Solar has fallen out of favour due to increased low-cost competition from China and a number of high profile bankruptcies.

Venture Capital - Early Stage

PE - Development Capital

Venture Capital - Late Stage



MARKET ANALYSIS

clean energy companies per quarter in the first three quarters of 2013, a 4% increase on the quarterly average number of investments since the beginning of 2009 (134 investments). This trend is a direct consequence of venture capital funds altering their investment strategy in favour of software and technology companies that are highly capital-efficient and do not require investment in large-scale manufacturing operations. Indeed the average investment size was $6.7 million in the first three quarters of 2013, 34% below the average investment size ($10.2 million) in 2012 and 57% below the 2011 average investment size ($15.7 million). Energy efficiency was the largest sector for investment in the first three quarters of 2013, accounting for 22% ($612 million) of the total value of clean energy investment and 20% of the total number of investments. Notable energy efficiency investments include California-based smart thermostat developer Next Labs, which secured $80 million from Google Ventures and Venrock Associates in January 2013, California-

based efficient home builder Blu Homes, which secured $65 million from Brightpath Capital Partners LP and Skagen Global in June, and California-based energy efficient dynamic glass developer View Inc., which secured $62 million from a consortium of investors including strategic partner Corning Inc. Solar was the second largest area for investment in the first three quarters of 2013, accounting for 13% ($364 million) of the total value of investment and 15% of the total number of investments in US clean energy companies. Notable solar investments include California-based solar cell and module developer Solexel, which secured $37 million in a Series C round from undisclosed investors in July 2013, California-based solar software and financing specialist Clean Power Finance, which raised $37 million from undisclosed investors, and California-based residential solar financing company OneRoof Energy, which secured a $30 million strategic investment from South Korean corporation Hanwha Group. ■

SECTOR BREAKDOWN – VENTURE CAPITAL & PRIVATE EQUITY INVESTMENT IN THE USA AS A PERCENTAGE OF TOTAL DEAL VALUE (1Q13 TO 3Q13) Advanced Materials & Technologies

6%

4%

Energy Storage

13%

11%

Geothermal

13%

22%

5%

Green Transportation

Solar

Energy Efficiency

Biofuels

5%

Wind

Other

21%

TOTAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT

$2.4 billion


SECTOR BREAKDOWN – VENTURE CAPITAL & PRIVATE EQUITY INVESTMENT IN THE USA (1Q13 TO 3Q13) US venture capital & private equity activity by sector as a percentage of total deal value (1Q13 to 3Q13) 22%

13%

13%

11%

6%

5%

5%

4%

21%

US venture capital & private equity activity by sector as a percentage of total number of transactions (1Q13 to 3Q13) 20%

15%

9%

6%

11%

4% 2%3%

30%

Energy Efficiency

Biofuels

Geothermal

Solar

Advanced Materials & Technologies

Wind

Energy Storage


Other Source: Clean Energy Pipeline

43

MARKET ANALYSIS


Mergers & Acquisitions Analysis USA

This section analyzes mergers & acquisitions in the USA’s clean energy sector. The analysis is based on deals tracked by Clean Energy Pipeline’s deal data team. US clean energy M&A activity totalled $9.9 billion in the first three quarters of 2013, under half the $19.9 billion recorded in the corresponding period in 2012. The decrease was a direct result of an absence of notably large deals. Only one acquisition in excess of $1 billion was announced in the first three quarters of 2013, significantly less than the four billion dollar deals, totalling $9.9 billion, announced in the corresponding period in 2012.

44

15

150

12

120

9

90

6

60

3

30

0

0

0 2Q 9 0 3Q 9 0 4Q 9 0 1Q 9 1 2Q 0 1 3Q 0 1 4Q 0 10 1Q 1 2Q 1 1 3Q 1 1 4Q 1 1 1Q 1 12 2Q 1 3Q 2 1 4Q 2 1 1Q 2 1 2Q 3 1 3Q 3 13

180

1Q

The value of M&A activity has also decreased year-on-year as the flurry of large divestments of operational renewable energy portfolios in 2012 has not been repeated in 2013. Indeed EDP Renovaveis’ sale of a 49% stake in its 599 MW US wind portfolio and NextEra

18

Number of deals

“Energy efficiency was the hottest sector for acquisitions in the first three quarters of 2013.”

MERGERS & ACQUISITIONS IN THE USA (1Q09 TO 3Q13)


On the flipside the number of announced US M&A deals increased to 266 deals in the first three quarters of 2013, a 6% increase on the 252 acquisitions announced in the corresponding period in 2012.

Deals under $500 million

Deals over $500 million



Energy Resources’ sale of 351 MW of hydro assets together accounted for 8% of the total enterprise value of announced M&A transactions in 2012. This trend has not continued in 2013. Energy efficiency was the hottest sector for acquisitions in the first three quarters of 2013, with 37 acquisitions of US energy efficiency companies valued at $1.9 billion announced from January to September, accounting for 20% of the total value of announced deals. Notable transactions include ABB’s acquisition of energy efficiency components and solar inverter supplier Power-One for nearly $1.03 billion in April 2013, Dialog Semiconductor’s $310 million acquisition of digital power management company iWatt in July 2013 and Cisco Systems’ $107 million purchase of green software developer JouleX in May 2013.

“Some 50 US recycling waste companies were acquired in the first three quarters of 2013, a 47% increase on the 34 acquisitions announced in the corresponding period in 2012.”

MARKET ANALYSIS

SECTOR BREAKDOWN – MERGERS & ACQUISITIONS IN THE USA AS A PERCENTAGE OF TOTAL DEAL VALUE (1Q13 T0 3Q13)

Recycling & Waste


Energy Efficiency

20%

14%

15%


Solar

13%

Biofuels

Wind

11%

7%

6%

Nuclear

4%

Other

10%

TOTAL M&A TRANSACTION ACTIVITY IN THE USA (1Q13 TO 3Q13)

$9.9 billion


SECTOR BREAKDOWN – MERGERS & ACQUISITIONS IN THE USA AS A PERCENTAGE OF TOTAL NUMBER OF DEALS (1Q13 TO 3Q13)

Wind

The most active sector for acquisitions in terms of deal numbers was recycling and waste. Some 50 US recycling and waste companies were acquired in the first three quarters of 2013, a 47% increase on the 34 acquisitions announced in the corresponding period in 2012. Three transactions stand out in 2013 so far – EQT Infrastructure’s $465 million acquisition of Synagro Technologies, the largest provider of organic waste recycling solutions in the US; Outerwall’s $350 million purchase of ecoATM, a recycler of mobile phones, tablets and MP3 players; and Darling International’s $120 million takeover of Terra Renewal Services, a provider of waste cooking oil removal and recycling services. ■

11%

Recycling & Waste

20%

Water & Waste Water Treatment

Biomass

5%

Energy Efficiency

15%

4% Biofuels

8%

TOTAL NUMBER OF M&A TRANSACTIONS IN THE USA (1Q13 TO 3Q13)

250

Solar

20% 4%


Other


45

DIRECTORY


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Generating power with knowledge

AWEA Wind Resource & Project Energy Assessment Seminar December 10 – 11, 2013 4 Las Vegas, NV

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AWEA Wind Project Siting Seminar January 29 – 30, 2014 4New Orleans, LA

AWEA Regional Wind Energy Summit – Northeast March 25 – 26, 2014 4Portland, ME

AWEA WINDPOWER 2014 Conference & Exhibition May 5 – 8, 2014 4 Las Vegas, NV 46

www.awea.org/events


DIRECTORY

Directory

This directory lists every investor, acquirer, project sponsor, law firm and financial advisor that has executed or advised on a venture capital , private equity, project finance or M&A transaction in the US energy sector between 1Q12 and 2Q13. The directory is based on transactions tracked by Clean Energy Pipeline’s deal data team. Subscribers to Clean Energy Pipeline can view news, data and other information on the companies, investors and advisors listed below on our website www.cleanenergypipeline.com. Non-subscribers should contact Sonja van Linden, at [email protected], for more information on how to access the service.

123 @Ventures Wilmington, MA, USA www.ventures.com

3M New Ventures LLC St. Paul, MN, USA www.3m.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C), VC Late Stage (Series D+)

INVESTMENT FOCUS:

VC - Late Stage (Series D+) 37 Technology Ventures South Pasadena, CA, USA INVESTMENT FOCUS:

INVESTMENT FOCUS:

Abell Foundation Baltimore, MD, USA www.abell.org INVESTMENT FOCUS:

411 Energy LLC Wichita Falls, TX, USA www.411nrg.com INVESTMENT FOCUS:

Project sponsor

Angel Funding 3M St. Paul, MN, USA www.3m.com

A

VC - Early Growth (Series A to C) Abengoa SA Seville, Spain www.abengoa.com INVESTMENT FOCUS:

88 Green Ventures LLC Melbourne, Australia www.88greenventures.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C)


Project sponsor Abengoa Solar SA Seville, Spain www.abengoasolar.es INVESTMENT FOCUS:

9th Street Investments Golden, CO, USA www.w9thstreetinvestments.com

Project sponsor

INVESTMENT FOCUS:


47

DIRECTORY


Accel Partners Palo Alto, CA, USA www.accel.com

AEM Capital Rio de Janeiro, Brazil www.aembr.com

AllEarth Renewables Inc. Williston, ND, USA www.allearthrenewables.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Project sponsor

Aeris Capital AG Pfäffikon, Switzerland www.aeris-capital.com

Alliant Energy Corp. Madison, WI, USA www.alliantenergy.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

VC - Late Stage (Series D+)

Project sponsor

AES Solar Energy Ltd. Arlington, VA, USA www.aes-solar.com

Allied Beacon Inc. Richmond, CA, USA www.alliedbeacon.net

INVESTMENT FOCUS:

ADVISORY FOCUS:

Project sponsor

Financial - Venture capital and private equity

Accès Capital Quebec, QC, Canada www.accescapital.ca INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Access Venture Partners Denver, CO, USA www.accessventurepartners.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Acciona Energia SA Sarriguren, Spain www.acciona-energia.com INVESTMENT FOCUS:

Air Liquide SA Paris, France www.airliquide.com INVESTMENT FOCUS:

Allos Ventures LLC Carmel, IN, USA www.allosventures.com

PIPE

INVESTMENT FOCUS:

Project sponsor


Acorn Innovestments Durham, NC, USA www.acorninnovestments.com

Akin Gump Strauss Hauer & Feld LLP London, UK www.akingump.com

Alloy Ventures Palo Alto, CA, USA www.alloyventures.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

INVESTMENT FOCUS:


Legal - M&A


Advanced Equities Financial Corp. Chicago, IL, USA www.advancedequities.com

AKS Capital San Diego, CA, USA www.akscapital.com INVESTMENT FOCUS:

Allstate Corp. Northbrook, IL, USA www.allstate.com

ADVISORY FOCUS:


INVESTMENT FOCUS:

Financial - Venture capital and private equity Advanced Research Projects Agency - Energy (ARPA-E) Washington, DC, USA www.arpa-e.energy.gov

Debt project finance Alberta Investment Management Corp. Edmonton, AL, Canada www.aimco.alberta.ca

Alon Ventures San Diego, CA, USA www.alonventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Alexander & Baldwin Inc. Honolulu, HI, USA www.alexanderbaldwin.com

Alstom Power SA Levallois-Perret, France www.alstom.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor


Alexandria Real Estate Equities Inc. Pasadena, CA, USA www.labspace.com/site.asp

AltaGas Ltd. Calgary, AB, Canada www.altagas.ca

INVESTMENT FOCUS:

Project sponsor

INVESTMENT FOCUS:

Grant & Government Funding Advanced Technology Investment Co. Abu Dhabi, UAE www.advancedtechnologyic.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Advantage Capital Partners New York, NY, USA www.advantagecap.com


INVESTMENT FOCUS:


Algonquin Power & Utilities Corp. Oakville, ON, Canada www.algonquinpower.com INVESTMENT FOCUS:

Project sponsor

48

INVESTMENT FOCUS:

Altira Group LLC Denver, CO, USA www.altiragroup.com INVESTMENT FOCUS:

PE - Development Capital, VC - Early Growth (Series A to C)


DIRECTORY

Altitude Life Science Ventures Seattle, WA, USA www.altitudefunds.com

American River Packaging Inc. Sacramento, CA, USA www.packageone.com

Andrews Kurth LLP Washington, DC, USA www.andrewskurth.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

ADVISORY FOCUS:


Project sponsor

Legal - M&A

Ameresco Inc. Framingham, MA, USA www.ameresco.com

AMP Capital Investors Sydney, Australia www.ampcapital.com

Angel Investors London, UK www.angel-investors.co.uk

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor



American Clean Energy (ACE) Saddle Brook, NJ, USA www.AmCleanEnergy.com

Andersen Partners LLC New York, NY, USA www.andersenllc.com

Angeleno Group LLC Los Angeles, CA, USA www.angelenogroup.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

INVESTMENT FOCUS:

Project sponsor



American Refining and Biochemical Inc. Conshohocken, PA, USA www.arbfc.com

Andreessen Horowitz San Francisco, CA, USA www.a16z.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Angelo, Gordon & Co. New York, NY, USA www.angelogordon.com INVESTMENT FOCUS:

PE - Buyout Aperion Management LLC New York, NY, USA INVESTMENT FOCUS:

PE - Buyout

49

DIRECTORY


Apex Venture Partners Chicago, IL, USA www.apexvc.com

ARM Holdings PLC Cambridge, UK www.arm.com

AstroSol Tech Park AZ LLC Franklin, TN, USA

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor



Apollo Investment Corp. New York, NY, USA www.apolloic.com/public/home.asp INVESTMENT FOCUS:

INVESTMENT FOCUS:

Arrowpoint Partners Denver, CO, USA www.ap-am.com

Athyrium Capital Management LLC New York, NY, USA www.athyriumcap.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Arsenal Capital Partners Inc. Palo Alto, CA, USA www.arsenalcapital.com

Atlantic Power Corp. Boston, MA, USA www.atlanticpowercorporation.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PE - Buyout

Project sponsor

Arsenal Venture Partners Winter Park, FL, USA www.arsenalvp.com

Atlas Global Grand Cayman, Cayman Islands www.atlasglobal.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Asahi Fiber Glass Co. Ltd Tokyo, Japan www.afgc.co.jp

Atlas Venture Waltham, MA, USA www.atlasventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



The Ashforth Company Stamford, CT, USA www.ashforth.com

Augment Ventures Ann Arbor, MI, USA www.augmentventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Aspire Capital Menomonee Falls, WI, USA www.zbbenergy.com

August Capital LLC Menlo Park, CA, USA www.augustcap.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PIPE


Associated Bank Green Bay, WI, USA www.associatedbank.com

Austin Ventures Austin, TX, USA www.austinventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Debt project finance


Aster Capital SA Paris, France www.aster.com

Avidan Management LLC Eilzabeth, NJ, USA www.avidanmgmt.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Aston Capital LLC Stamford, CT, USA INVESTMENT FOCUS:

Avista Corp. Spokane, WA, USA www.avistacorp.com

PIPE

INVESTMENT FOCUS:

Debt project finance Applied Ventures LLC Santa Clara, CA, USA www.appliedventures.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C), VC Late Stage (Series D+) Aqua America Inc. Bryn Mawr, PA, USA www.aquaamerica.com INVESTMENT FOCUS:

Project sponsor Aqua Pennsylvania Inc. Bryn Mawr, PA, USA www.aquaamerica.com INVESTMENT FOCUS:

Project sponsor Aquafil USA Cartersville, GA, USA www.aquafilusa.com INVESTMENT FOCUS:

Project sponsor ARCH Venture Partners Chicago, IL, USA www.archventure.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Ardsley Partners Stamford, CT, USA www.ardsley.com INVESTMENT FOCUS:

PIPE Argonaut Private Equity Tulsa, OK, USA INVESTMENT FOCUS:

VC - Late Stage (Series D+) Arizona Public Service Company Phoenix, AZ, USA www.aps.com INVESTMENT FOCUS:

Grant & Government Funding

50



DIRECTORY

Aviva Investors London, UK www.avivainvestors.com

B

Bank of America Merrill Lynch New York, NY, USA www.corp.bankofamerica.com

Baja Construction Martinez, CA, USA www.bajacarports.com

INVESTMENT FOCUS:

Avrio Ventures Ltd. Calgary, AB, Canada www.avriocapital.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

Project sponsor

Financial - M&A

INVESTMENT FOCUS:

Baker & McKenzie LLP Chicago, IL, USA www.bakernet.com

Bank of Montreal Toronto, ON, Canada www.bmo.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

Legal - M&A, Legal - Project finance


Banco Sabadell SA Barcelona, Spain www.bancosabadell.com

Bank of Tokyo-Mitsubishi UFJ Tokyo, Japan www.bk.mufg.jp/english/

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Banco Santander SA Santander, Spain www.santander.com

Bankers Commercial Corp. San Diego, CA, USA www.unionbank.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Debt project finance, PE - Buyout, Equity Project Finance


INVESTMENT FOCUS:



Bank of America Corp. Charlotte, NC, USA www.bankofamerica.com INVESTMENT FOCUS:

Equity Project Finance

Debt project finance, Equity Project Finance

Barclays Capital London, UK www.barcap.com ADVISORY FOCUS:

Financial - M&A, Financial - Project finance

Renewable Manufacturing Gateway (RMG) is a nonprofit merchant bank dedicated to employment and economic growth for companies in the renewable energy and clean technology space (RECT) around the tri-state region encompassing Western Pennsylvania, Eastern Ohio, and Northern West Virginia. Services that further the RMG mission include: • Capital markets strategies & introductions • Commercialization of products • Technology transfers & advancements • Transaction structuring • Financial modeling & reporting • Acquisition & strategic alliance consulting • Valuation strategies

Visit: www.renewmfg.org

Email: [email protected]

Contact: +1 (412)-567-1500

51

DIRECTORY


BASF SE Ludwigshafen, Germany www.basf.com

BDC Venture Capital Montreal, QC, Canada www.bdc.ca

Biolding Investment SA Doha, Qatar

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PIPE



BASF Venture Capital GmbH Ludwigshafen, Germany www.basf-vc.de

Beiten Burkhardt Frankfurt, Germany www.bblaw.com

INVESTMENT FOCUS:

ADVISORY FOCUS:


Legal - M&A

Battelle Ventures LP Princeton, NJ, USA www.battelleventures.com INVESTMENT FOCUS:

Belectric Inc. Newark, CA, USA www.belectric-usa.com

INVESTMENT FOCUS:

VC - Early Growth (Series A to C), VC Late Stage (Series D+) Bayern LB Munich, Germany www.bayernlb.de

Project sponsor Belmont Acquisitions LLC Phoenix, AZ, USA www.belmontacquisitions.com

INVESTMENT FOCUS:

Project sponsor bizdom Detroit, MI, USA INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Black Coral Capital New York, NY, USA www.blackcoralcapital.com INVESTMENT FOCUS:


ADVISORY FOCUS:

Financial - M&A Ben Franklin Technology Partners State College, PA, USA www.benfranklin.org

Black Diamond Ventures LLC Glendale, CA, USA www.bdventures.com INVESTMENT FOCUS:

PIPE

INVESTMENT FOCUS:


Equity Project Finance, Seed Financing, VC - Early Growth (Series A to C)

Baytree Capital Associates LLC New York, NY, USA www.baytreecapital.com

Bendigo Partners LLC New York, NY, USA www.bendigopartners.com

ADVISORY FOCUS:

ADVISORY FOCUS:

Financial - M&A


INVESTMENT FOCUS:

BIOX Corp. Oakville, ON, Canada www.bioxcorp.com

INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Battery Ventures Wellesley Hills, MA, USA www.battery.com

INVESTMENT FOCUS:

Black Hills Corp. Rapid City, SD, USA www.blackhillscorp.com INVESTMENT FOCUS:

BB&T Capital Markets Richmond, VA, USA www.bbtcapitalmarkets.com

Project sponsor BlackArch Partners Charlotte, NC, USA www.blackarchpartners.com ADVISORY FOCUS:

Financial - M&A

INVESTMENT FOCUS:

Beringea LLC Farmington Hills, MI, USA www.beringea.com


INVESTMENT FOCUS:

BlackRock Inc. New York, NY, USA www.blackrock.com

ADVISORY FOCUS:


INVESTMENT FOCUS:

PE - Buyout

Financial - M&A BBVA Bilbao, Spain www.bbva.es INVESTMENT FOCUS:

Bernard M. Gordon Charitable Remainder UniTrust USA INVESTMENT FOCUS:


Debt project finance BC Partners Limited London, UK www.bcpartners.com

Best Buy Capital Eden Prairie, MI, USA VC - Early Growth (Series A to C) Biogas Nord AG Bielefeld, Germany www.biogas-nord.com INVESTMENT FOCUS:

Project sponsor

52

ADVISORY FOCUS:

Financial - M&A

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PE - Buyout

Blackstone Advisory Partners New York, NY, USA www.blackstone.com/our-businesses/ financial-advisory/blackstoneadvisory-partners

Blackstone Group LP New York, NY, USA www.blackstone.com INVESTMENT FOCUS:

PE - Buyout


DIRECTORY

Blue HF legal services Inc. Montreal, QC, Canada www.blue-hf.com

Bosch Solar Energy AG Erfurt, Germany www.bosch-solarenergy.de

Bridge Bank San Jose, CA, USA www.bridgebank.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Legal - M&A

Project sponsor


Blue Oak Energy Inc. Davis, CA, USA www.blueoakenergy.com

Boston Community Capital Boston, MA, USA www.bostoncommunitycapital.org

Bright Capital Moscow, Russia www.bright-capital.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor



Blue Sphere Corp. London, UK www.bluespherecorporate.com INVESTMENT FOCUS:

BP Alternative Energy Holdings Ltd. London, UK www.bpalternativenergy.com

Bright Capital Partners Maarsbergen, Netherlands www.brightcapital.nl

Project sponsor

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor, VC - Early Growth (Series A to C)

Seed Financing, VC - Early Growth (Series A to C), VC - Late Stage (Series D+)

Blue Water Angels Midland, MI, USA www.bluewaterangels.com INVESTMENT FOCUS:


BP Alternative Energy Ventures London, UK www.bpalternativenergy.com INVESTMENT FOCUS:

Bluecap Partners Austin, TX, USA www.bluecapllc.com INVESTMENT FOCUS:



INVESTMENT FOCUS:

BP plc London, UK www.bp.com INVESTMENT FOCUS:

BMW i Ventures New York, NY, USA www.bmw-i-usa.com/en_us/iventures/

Bright Plain Renewable Energy LLC San Francisco, CA, USA www.brightplain.com

Debt project finance, PE Development Capital, VC - Early Growth (Series A to C), VC - Late Stage (Series D+)

PE - Buyout, Project sponsor Brightpath Capital Partners LP Emeryville, CA, USA www.brightpathcapitalpartners.com INVESTMENT FOCUS:


INVESTMENT FOCUS:

VC - Late Stage (Series D+) Bob Barker Company Fuquay-Varina, NC, USA www.bobbarker.com

INVESTMENT FOCUS:

Brookfield Renewable Energy Partners LP Toronto, ON, Canada www.brookfieldrenewable.com

Project sponsor

INVESTMENT FOCUS:

BP Wind Energy Washington, DC, USA www.bp.com


INVESTMENT FOCUS:

Project sponsor

BPE Marketing Services LLC New York, NY, USA

Bohemian Investments LLC Fort Collins, CO, USA www.bohemiancompanies.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Braemar Energy Ventures New York, NY, USA www.braemarenergy.com


PIPE

ADVISORY FOCUS:

INVESTMENT FOCUS:

Bonaventure Capital LLC Birmingham, AL, USA www.bonaventurecapital.net

Bryan Cave LLP St. Louis, MO, USA www.bryancave.com

PE - Development Capital, VC - Early Growth (Series A to C), VC - Late Stage (Series D+)

Legal - M&A Bunge Ltd. White Plains, NY, USA www.bunge.com INVESTMENT FOCUS:


INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Borrego Solar Systems Inc. San Diego, CA, USA www.borregosolar.com

Breakout Labs San Francisco, CA, USA www.breakoutlabs.org

Burrill & Co. San Francisco, CA, USA www.burrillandco.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



INVESTMENT FOCUS:

Project sponsor

53

DIRECTORY


BWI Thurgood Marshall International Airport Baltimore, WA, USA www.bwiairport.com

Campbell Soup Co. Camden, NJ, USA www.campbellsoupcompany.com

Capricorn Venture Partners NV Leuven, Belgium www.capricorn.be

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor


CampVentures Los Altos, CA, USA www.campventures.com

Capstone Partners LLC Boston, MA, USA www.capstonellc.com

INVESTMENT FOCUS:

ADVISORY FOCUS:




C Caisse centrale Desjardins Montreal, QC, Canada www.desjardins.com INVESTMENT FOCUS:

Canadian Hills Wind LLC Oklahoma, OK, USA www.atlanticpower.com


INVESTMENT FOCUS:

CapX Partners Chicago, IL, USA www.capxpartners.com

Project sponsor

INVESTMENT FOCUS:

Caithness Energy LLC New York, NY, USA www.caithnessenergy.com

VC - Late Stage (Series D+) Canadian Imperial Bank of Commerce Toronto, ON, Canada www.cibc.com

CarbonFree Technology Scottsdale, AZ, USA www.carbonfreetechnology.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Canadian Solar Inc. Kitchener, ON, Canada www.csisolar.com

Carinalli Ventures San Francisco, CA, USA

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor


INVESTMENT FOCUS:

Canoe Financial Calgary, AB, Canada www.canoefinancial.com

Carl Marks Advisory New York, NY, USA www.carlmarks.com


INVESTMENT FOCUS:

ADVISORY FOCUS:


Financial - M&A

Cape Wind Associates LLC Boston, MA, USA www.capewind.org

Carlyle Group LLC Washington, DC, USA www.carlyle.com

Debt project finance, Grant & Government Funding

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

PE - Buyout, PIPE

California Pollution Control Financing Authority (CPCFA) Sacramento, CA, USA www.treasurer.ca.gov

Capital Dynamics Zug, Switzerland www.capdyn.com

Cascade Investment Counsel LLC Medford, OR, USA www.cascadeinvestment.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PE - Buyout, VC - Late Stage (Series D+), Equity Project Finance


INVESTMENT FOCUS:

Project sponsor CalCEF Clean Energy Angel Fund San Francisco, CA, USA www.calcefangelfund.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) California Clean Energy Fund Angel Fund San Francisco, CA, USA www.calcefangelfund.com

California Energy Commission Sacramento, CA, USA www.energy.ca.gov INVESTMENT FOCUS:

Debt project finance California State Teachers’ Retirement System (CalSTRS) Sacramento, CA, USA www.calstrs.com

Capital West Partners Vancouver, BC, Canada www.capwest.com

INVESTMENT FOCUS:


Financial - M&A, Financial - Venture capital and private equity

Camco International Ltd. St Helier, UK www.camcoglobal.com

Capricorn Investment Group LLC Palo Alto, CA, USA www.capricornllc.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor


54

ADVISORY FOCUS:

Catalyst Renewables Corp. Dallas, TX, USA www.catalystrc.com INVESTMENT FOCUS:

Project sponsor Catamount Ventures LP San Francisco, CA, USA www.catamountventures.com INVESTMENT FOCUS:



Caterpillar Inc. Peoria, IL, USA www.cat.com

DIRECTORY

INVESTMENT FOCUS:

Centerview Partners Holdings LLC New York, NY, USA www.centerviewpartners.com

Chevron Technology Ventures LLC Houston, TX, USA www.chevron.com/ctv

Project sponsor

ADVISORY FOCUS:

INVESTMENT FOCUS:

Financial - M&A


CBC Capital Beijing, China www.cbc-capital.com INVESTMENT FOCUS:

CH4 Biogas LLC Atlantic Beach, FL, USA www.ch4biogas.com


INVESTMENT FOCUS:

China Development Bank Beijing, China www.cdb.com.cn

Project sponsor

INVESTMENT FOCUS:

CBD Energy Ltd. Sydney, Australia www.cbdenergy.com.au


INVESTMENT FOCUS:

Chadbourne & Parke LLP New York, NY, USA www.chadbourne.com

Minority / Partnership

ADVISORY FOCUS:

Chrysalix Energy Venture Capital Vancouver, BC, Canada www.chrysalix.com


INVESTMENT FOCUS:

CCM US LLC Chicago, DC, USA www.convergentcapital.com


INVESTMENT FOCUS:

Chardan Capital Markets LLC New York, NY, USA www.chardancm.com


ADVISORY FOCUS:

CEC Capital Management LLC San Jose, CA, USA www.cec-capital.com INVESTMENT FOCUS:



CIBC World Markets Inc. Toronto, ON, Canada www.cibcwm.com/wm INVESTMENT FOCUS:

Debt project finance, ADVISORY FOCUS:

Charles River Ventures Waltham, MA, USA www.crv.com


INVESTMENT FOCUS:

CIT Bank Salt Lake City, UT, USA www.cit.com

Cenovus Energy Inc. Calgary, AB, Canada www.cenovus.com


INVESTMENT FOCUS:

Charterhouse Group Inc. New York, NY, USA www.charterhousegroup.com


Centaurus Investments Dallas, TX, USA www.centaurusinv.com

ADVISORY FOCUS:

Citigroup Inc. New York, NY, USA www.citigroup.com

INVESTMENT FOCUS:

Chase New York, NY, USA www.chase.com

INVESTMENT FOCUS:

Center for Innovative Technology Herndon, VA, USA www.cit.org

INVESTMENT FOCUS:

ADVISORY FOCUS:


Financial - M&A, Project finance, Venture capital and private equity

INVESTMENT FOCUS:

Chemtex International Inc. Wilmington, NC, USA www.chemtex.com




INVESTMENT FOCUS:

Financial - M&A

Debt project finance, PE - Buyout, VC Early Growth (Series A to C)

Centerbridge Partners LP New York, NY, USA www.centerbridge.com

INVESTMENT FOCUS:

Clairvest Group Inc. Toronto, ON, Canada www.clairvest.com

Project sponsor

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Chengwei Ventures LLC Shanghai, China www.chengwei.com

PE - Buyout, PE - Development Capital CenterPoint Ventures Dallas, TX, USA www.cpventures.com INVESTMENT FOCUS:



INVESTMENT FOCUS:

Claremont Creek Ventures Oakland, CA, USA www.claremontvc.com


INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Chevron Energy Solutions San Francisco, CA, USA www.chevronenergy.com INVESTMENT FOCUS:

Debt project finance, Project sponsor

55

DIRECTORY


Clean Energy Venture Group Boston, MA, USA www.cleanenergyvg.com

ClearSky Power & Technology Fund Juno Beach, FL, USA

CMEA Capital San Francisco, CA, USA www.cmea.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Seed Financing, VC - Early Growth (Series A to C)



Clean Green Energy LLC Brighton, MI, USA www.cleangreenenergyllc.com

Cleary Gottlieb Steen & Hamilton LLP New York, NY, USA www.cgsh.com

CoBank Denver, CO, USA www.cobank.com

INVESTMENT FOCUS:

ADVISORY FOCUS:


Project sponsor

Legal - M&A

Clean Line Energy Partners Houston, TX, USA www.cleanlineenergy.com

Cliffton Group Inc. Montreal, QC, Canada www.thecliftongroup.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor


Clean Pacific Ventures Management LLC San Francisco, CA, USA www.cleanpacific.com

Clipper Windpower LLC Carpinteria, CA, USA www.clipperwind.com

INVESTMENT FOCUS:

Project sponsor


56

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Cogent Partners Dallas, TX, USA www.cogent-partners.com ADVISORY FOCUS:

Financial - M&A CohnReznick LLP New York, NY, USA www.cohnreznick.com ADVISORY FOCUS:

Financial - Project finance


DIRECTORY

Colorado Electric Utility Company Rapid City, SD, USA www.blackhillsenergy.com

Connecticut Innovations Rocky Hill, CT, USA www.ctinnovations.com

Cornerstone Angels Northbrook, IL, USA www.cornerstoneangels.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor


Colorado State University Fort Collins, CO, USA www.csu.edu

ConocoPhillips Houston, TX, USA www.conocophillips.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Debt project finance, VC - Early Growth (Series A to C), VC - Late Stage (Series D+)

Columbia Capital Corp. Waltham, MA, USA www.colcap.com INVESTMENT FOCUS:


Consol Energy Inc. Canonsburg, PA, USA www.consolenergy.com

Corning Inc. Corning, NY, USA www.corning.com INVESTMENT FOCUS:

VC - Late Stage (Series D+) Cottonwood Technology Fund El Paso, TX, USA www.cottonwoodtechnologyfund. com INVESTMENT FOCUS:


INVESTMENT FOCUS:

Columbia Pacific Management Inc. Seattle, WA, USA www.cp-cm.com


INVESTMENT FOCUS:

Constellation Energy Group Inc. Baltimore, MD, USA www.constellation.com


INVESTMENT FOCUS:

Project sponsor CommonAngels Lexington, MA, USA www.commonangels.com INVESTMENT FOCUS:

Consumers Energy Jackson, MI, USA www.consumersenergy.com

Seed Financing

INVESTMENT FOCUS:

CPV Renewable Energy Company Silver Spring, MD, USA www.cpv.com INVESTMENT FOCUS:

Project sponsor Craig-Hallum Capital Group LLC Minneapolis, MN, USA www.craig-hallum.com ADVISORY FOCUS:


Project sponsor Commonwealth Capital Ventures Waltham, MA, USA www.ccvlp.com INVESTMENT FOCUS:

Cook Inlet Region Inc. Anchorage, AK, USA www.ciri.com


INVESTMENT FOCUS:

Craton Equity Partners Los Angeles, CA, USA www.cratonep.com INVESTMENT FOCUS:


PE - Buyout, Project sponsor Commonwealth of Pennsylvania Harrisburg, PA, USA www.state.pa.us INVESTMENT FOCUS:

Cool Planet BioFuels Inc. Camarillo, CA, USA www.coolplanetbiofuels.com


INVESTMENT FOCUS:

Cravath Swaine & Moore LLP New York, NY, USA www.cravath.com ADVISORY FOCUS:

Legal - M&A

Project sponsor Community Energy Inc. Wayne, PA, USA www.communityenergyinc.com INVESTMENT FOCUS:

Cooley Godward Kronish LLP San Francisco, CA, USA www.cooley.com

Project sponsor

ADVISORY FOCUS:

Community Energy Solar LLC Radnor, NJ, USA www.communityenergysolar.com INVESTMENT FOCUS:

Project sponsor

Legal - Venture capital and private equity Core Capital Partners Washington, DC, USA www.core-capital.com INVESTMENT FOCUS:

Comstock Holdings Inc. Elk Grove Village, CA, USA www.comstockhomes.com

Crede Capital Group LLC Los Angeles, NY, USA www.credecg.com INVESTMENT FOCUS:

PIPE Credit Agricole Corporate and Investment Bank Paris, France www.ca-cib.com INVESTMENT FOCUS:



INVESTMENT FOCUS:


57

DIRECTORY

Credit Suisse Group AG New York, NY, USA www.credit-suisse.com


D

Defense Advanced Research Projects Agency Arlington, VA, USA www.darpa.mil

Equity Project Finance, VC - Late Stage (Series D+)

D.E. Shaw & Co. LP New York, NY, USA www.deshaw.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

Financial - M&A, Venture capital and private equity

PE - Buyout, VC - Late Stage (Series D+), Equity Project Finance

Denham Capital Management LP Boston, MA, USA www.denhamcapital.com

Crosslink Capital Inc. San Francisco, CA, USA www.crosslinkcapital.com

DAG Ventures LLC Palo Alto, CA, USA www.dagventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Department of Environment & Conservation Nashville, TN, USA www.tn.gov/environment

INVESTMENT FOCUS:

CSolar Development LLC Omaha, NE, USA www.tenaska.com

INVESTMENT FOCUS:



INVESTMENT FOCUS:

INVESTMENT FOCUS:

Davis Polk & Wardwell LLP New York, NY, USA www.davispolk.com

Project sponsor

ADVISORY FOCUS:

Deutsche Bank AG Frankfurt, Germany www.db.com

Cultivian Ventures LP Indianapolis, IN, USA www.midpointvc.com INVESTMENT FOCUS:


Legal - M&A, Legal - Venture capital and private equity


INVESTMENT FOCUS:

Davis, Malm & D’Agostine P.C. Boston, MA, USA www.davismalm.com


ADVISORY FOCUS:

Financial - M&A,

ADVISORY FOCUS:

Legal - M&A Cummins Inc. Columbus, IN, USA www.cummins.com INVESTMENT FOCUS:

DB Masdar Clean Tech Fund LP Abu Dhabi, UAE www.masdarctf.com


INVESTMENT FOCUS:

Deutsche Bank Securities Inc. New York, NY, USA www.db.com ADVISORY FOCUS:

Financial - M&A

VC - Early Growth (Series A to C) Cypress Capital Dallas, TX, USA www.cypresscap.com INVESTMENT FOCUS:

DBL Investors San Francisco, CA, USA www.dblinvestors.com


INVESTMENT FOCUS:

Cyrus Capital Partners LP New York, NY, USA www.cyruscapital.com INVESTMENT FOCUS:


PE - Development Capital, VC - Early Growth (Series A to C), VC - Late Stage (Series D+) DC Community Ventures LLC Washington, DC, USA www.dccommunityventures.com

DFJ Athena Seoul, Korea www.dfjathena.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) DH Capital LLC New York, NY, USA www.dhcapitalllc.com ADVISORY FOCUS:


INVESTMENT FOCUS:

VC - Early Growth (Series A to C) De Lage Landen Wayne, PA, USA www.delagelanden.com

Dialog Semiconductor plc Kirchheim, Germany www.dialog-semiconductor.com INVESTMENT FOCUS:


INVESTMENT FOCUS:

Debt project finance, Project sponsor Decorah Solar Field LLC Decorah, IA, USA INVESTMENT FOCUS:

Project sponsor

58

Difference Capital Funding Inc. Toronto, Ontario, Canada www.differencecapital.com INVESTMENT FOCUS:

PE - Buyout


DIRECTORY

Distributed Sun LLC Washington, DC, USA www.distributedsun.com

DTE Energy Company Detroit, MI, USA www.dteenergy.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

Project sponsor

DLA Piper London, UK www.dlapiper.com

DTE Energy Ventures Inc. Ann Arbor, MI, USA www.dteenergyventures.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

INVESTMENT FOCUS:



E.ON Climate & Renewables Dusseldorf, Germany www.eon.com/renewables

DnB NOR Bank ASA Oslo, Norway www.dnbnor.com INVESTMENT FOCUS:


DoCoMo Capital Inc. Palo Alto, CA, USA www.docomo-capital.com

Dominion Investment Group Virginia Beach, VA, USA www.dominioninvestmentgroup. com


INVESTMENT FOCUS:

INVESTMENT FOCUS:

Early Stage Partners LP Cleveland, OH, USA www.esplp.com


Project sponsor

INVESTMENT FOCUS:

Duke Energy Renewables Cincinnati, OH, USA www.de-gs.com INVESTMENT FOCUS:

Project sponsor

INVESTMENT FOCUS:


E.ON AG Dusseldorf, Germany www.eon.com

Duke Energy Corp. Charlotte, NC, USA www.duke-energy.com

ADVISORY FOCUS:


E

VC - Early Growth (Series A to C) East West Bancorp Inc. Pasadena, CA, USA www.eastwestbank.com INVESTMENT FOCUS:

Dundee Securities Ltd. Toronto, ON, Canada www.dundeewealth.com ADVISORY FOCUS:

Debt project finance Eastern Sun Capital Partners LLC Boston, MA, USA


INVESTMENT FOCUS:

DuPont Wilmington, DE, USA www.dupont.com

Eastlight Renewable Ventures Richmond, VA, USA www.eastlightventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Dykes Lumber Co. New York, NY, USA www.dykeslumber.com

Eaton Corp. Cleveland, OH, USA www.eaton.com

Dow Chemical Co. Inc. Midland, MI, USA www.dow.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

Project sponsor

INVESTMENT FOCUS:

Dynamic Energy LLC Wayne, PA, USA www.dynamicenergyusa.com

EchoFirst Inc. Fremont, CA, USA www.echofirst.com

Draper Fisher Jurvetson Menlo Park, CA, USA www.dfj.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

Project sponsor

INVESTMENT FOCUS:

Dynamic Energy Solutions LLC Wayne, PA, USA www.dynamicenergyusa.com

Eclipse Advisors LLC New York, NY, USA www.eclipseadvisorsllc.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

PIPE

INVESTMENT FOCUS:

DZ Bank AG Frankfurt, Germany www.dzbank.com

ecoSolargy Inc. Irvine, CA, USA www.ecosolargy.com


INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor


INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Dominion Virginia Power Company Richmond, VA, USA www.dom.com INVESTMENT FOCUS:

Project sponsor


PE - Development Capital, VC - Early Growth (Series A to C), VC - Late Stage (Series D+) DSM Venturing Urmond, Netherlands www.dsm-venturing.com

59

DIRECTORY


EDF Energies Nouvelles Paris, France www.edf-energies-nouvelles.com

Emcore Corp. Alhambra, CA, USA www.Emcore.com

Energy Technology Ventures New York, NY, USA www.energytechnologyventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

Project sponsor


EDF Renewable Energy San Diego, CA, USA www.edf-re.com

Emerald Technology Ventures AG Zurich, Switzerland www.emerald-ventures.com

Energy Trust of Oregon Portland, OR, USA www.energytrust.org

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

PIPE, Seed Financing, VC - Early Growth (Series A to C)

Project sponsor

Edison Mission Group Rosemead, CA, USA www.edison.com INVESTMENT FOCUS:

Enbridge Inc. Calgary, AB, Canada www.enbridge.com


INVESTMENT FOCUS:

Egan-Managed Capital Boston, MA, USA www.egancapital.com

EnCana Corporation Calgary, AB, Canada www.encana.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



EIC Ventures Saskatoon, SK, Canada INVESTMENT FOCUS:

Enel North America Inc. Andover, MA, USA www.enel.it/northAmerica


INVESTMENT FOCUS:

Energy Ventures AS Stavanger, Norway www.energyventures.no INVESTMENT FOCUS:


Project sponsor EnerTech Capital Conshohocken, PA, USA www.enertechcapital.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Enfinity NV Waregem, Belgium www.enfinity.biz INVESTMENT FOCUS:

Project sponsor

Project sponsor Eksport Kredit Fonden (EKF) Copenhagen, Denmark www.ekf.dk INVESTMENT FOCUS:

Enerdigm Ventures Palo Alto, CA, USA www.enerdigm.com


INVESTMENT FOCUS:

Enhanced Capital Partners Inc. New York, NY, USA www.enhancedcapital.com INVESTMENT FOCUS:


VC - Late Stage (Series D+) El Paso Electric Company El Paso, TX, USA www.epelectric.com INVESTMENT FOCUS:

Energy Asset Advisors LLC (EAA) Kansas City, MO, USA www.energyassetadvisors.com

Project sponsor

ADVISORY FOCUS:

EnviTec Biogas AG Lohne, Germany www.envitec-biogas.de INVESTMENT FOCUS:

Project sponsor

Financial - M&A Element Partners LP Radnor, PA, USA www.elementpartners.com INVESTMENT FOCUS:

Energy Capital Partners Short Hills, NJ, USA www.ecpartners.com


INVESTMENT FOCUS:

Elite Solar Chico, CA, USA www.elitesolarca.com INVESTMENT FOCUS:

Project sponsor

Debt project finance, PE - Buyout, Equity Project Finance Energy Finance Company (EFC) Manhattan Beach, CA, USA www.energyfinancecompany.com

Enviva LP Richmond, VA, USA www.envivabiomass.com INVESTMENT FOCUS:

Equity Project Finance EOS Ventures LLC Hancock, MA, USA www.eos-ventures.com INVESTMENT FOCUS:

Seed Financing

INVESTMENT FOCUS:

Elm Street Ventures New Haven, CT, USA www.elmvc.com

Project sponsor

EQT Partners AB Stockholm, Sweden www.eqt.se

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Seed Financing

PE - Buyout

60


Equinox Secuities Inc. Ontario, CA, USA www.equinoxsecurities.net ADVISORY FOCUS:


DIRECTORY

F Fairhaven Capital Partners LLC Cambridge, MA, USA www.fairhavencapital.com

Firebaugh-Las Deltas Unified School District Firebaugh, CA, USA www.fldusd.org INVESTMENT FOCUS:

Project sponsor

INVESTMENT FOCUS:

ESA Renewables LLC Lake Mary, FL, USA www.esarenewables.com


Firelake Capital Management LLC Palo Alto, CA, USA www.firelakecapital.com

INVESTMENT FOCUS:

Falcon Investment Advisors LLC Seattle, MA, USA www.falconinvestments.com

INVESTMENT FOCUS:

ESB Novusmodus London, UK www.novusmodus.com

INVESTMENT FOCUS:

First Niagara Bank Buffalo, NY, USA www.firstniagara.com

INVESTMENT FOCUS:

Farris, Vaughan, Wills & Murphy LLP Vancouver, BC, Canada www.farris.com

Project sponsor

VC - Early Growth (Series A to C) Estes Express Lines Richmond, VA, USA www.estes-express.com INVESTMENT FOCUS:


ADVISORY FOCUS:


Project sponsor EUI Development LLC Cuchara, CO, USA www.blackhillspower.com INVESTMENT FOCUS:


INVESTMENT FOCUS:

Debt project finance First Solar Inc. Tempe, AZ, USA www.firstsolar.com INVESTMENT FOCUS:

Project sponsor Felicis Ventures LLC Palo Alto, CA, USA www.felicisvc.com INVESTMENT FOCUS:

First Wind Holdings Inc. Newton, MA, USA www.firstwind.com


INVESTMENT FOCUS:

Project sponsor

Project sponsor

European American Equities Inc. London, UK

Fiberight LLC Catonsville, MD, USA www.fiberight.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

Firsthand Technology Ventures Providence, RI, USA www.firsthandtvf.com


Project sponsor

INVESTMENT FOCUS:

Eurus Energy America Corp. San Diego, CA, USA www.eurusenergy.com INVESTMENT FOCUS:

PIPE, VC - Early Growth (Series A to C) Fidelis Capital Birmingham, AL, USA www.fideliscapital.ne INVESTMENT FOCUS:

Fisher Brothers New York, NY, USA www.fisherbrothers.com


INVESTMENT FOCUS:

Project sponsor Evercore Partners Inc. New York, NY, USA www.evercore.com ADVISORY FOCUS:

Financial - M&A, Financial - Venture capital and private equity Exelon Generation Company LLC Kennett Square, PA, USA www.exeloncorp.com/energy/ generation/Pages/generation.aspx INVESTMENT FOCUS:

Project sponsor

VC - Early Growth (Series A to C) Fifth Third Bank Cincinnati, OH, USA www.53.com INVESTMENT FOCUS:

Five Crowns Marketing Brawley, CA, USA www.fivecrowns.com


INVESTMENT FOCUS:

Project sponsor FIMI Opportunity IV Tel Aviv, Israel www.fimi.co.il INVESTMENT FOCUS:

Five Peaks Capital Management Rowayton, CT, USA www.fivepeakscapital.com

PE - Buyout

INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Finistere Ventures LLC San Diego, CA, USA www.finistereventures.com INVESTMENT FOCUS:

Flagship Ventures Cambridge, MA, USA www.flagshipventures.com


INVESTMENT FOCUS:


61

DIRECTORY


Flash Forward Ventures Vienna, Austria www.flashforwardventures.com

Fontinalis Partners LLC Detroit, MI, USA www.fontinalispartners.com

Fuji Electric Holdings Co. Ltd Tokyo, Japan www.fujielectric.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Project sponsor

Flint Hills Resources LLC Wichita, KS, USA www.fhr.com

Fort Ross Vineyard & Winery LLC San Francisco, CA, USA www.fortrossvineyard.com

Fulcrum Equity Partners Atlanta, GA, USA www.fulcrumep.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor


FLOODGATE Palo Alto, CA, USA www.floodgate.com

Fortress Investment Group LLC New York, NY, USA www.fortress.com

Future Capital Partners Ltd. London, UK www.futurecapitalpartners.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:


PE - Buyout

PE - Buyout

Florida Institute for the Commercialization of Public Research Boca Raton, FL, USA www.florida-institute.com

Foundation Capital Menlo Park, CA, USA www.foundationcapital.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


GE Capital Stamford, CT, USA www.gecapital.com

Foundation Windpower LLC Menlo Park, CA, USA www.foundationwindpower.com

INVESTMENT FOCUS:

Seed Financing Florida Opportunity Fund Winter Park, FL, USA www.floridaopportunityfund.com INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor Founders Fund Management LLC San Francisco, CA, USA www.foundersfund.com INVESTMENT FOCUS:

INVESTMENT FOCUS:

Foundry Group Boulder, CO, USA www.foundrygroup.com INVESTMENT FOCUS:

INVESTMENT FOCUS:

FourWinds Capital Management London, UK www.fourwindscm.com INVESTMENT FOCUS:

ADVISORY FOCUS:

Fowler Unified School District Fowler, CA, USA www.fowler.k12.ca.us INVESTMENT FOCUS:


Legal - M&A

62

PE - Buyout, VC - Late Stage (Series D+), Equity Project Finance Gehrlicher Solar AG Munich, Germany www.gehrlicher.com INVESTMENT FOCUS:

Project sponsor General Catalyst Partners Cambridge, MA, USA www.generalcatalyst.com INVESTMENT FOCUS:



VC - Late Stage (Series D+) Foley & Lardner LLP Milwaukee, WI, USA www.foley.com

INVESTMENT FOCUS:


Project sponsor Focus Ventures Palo Alto, CA, USA www.focusventures.com

GE Energy Financial Services Stamford, CT, USA www.geenergyfinancialservices.com


VC - Early Growth (Series A to C) Flyers Energy LLC Auburn, CA, USA www.nellaoil.com

Debt project finance, PE - Buyout, VC Late Stage (Series D+), Project sponsor

INVESTMENT FOCUS:

Grant & Government Funding Flybridge Capital Partners Boston, MA, USA www.flybridge.com

G

General Electric Company Fairfield, CT, USA www.ge.com INVESTMENT FOCUS:

Debt project finance, VC - Early Growth (Series A to C), VC - Late Stage (Series D+)

Freshfields Bruckhaus Deringer LLP London, UK www.freshfields.com

General Motors Ventures LLC Detroit, MI, USA www.gm.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

Legal - Venture capital and private equity



DIRECTORY

Generation Investment Management LLP London, UK www.generationim.com

glendonTodd Capital LLC Dallas, TX, USA www.glendontodd.com

GOOSE Society of Texas Houston, TX, USA

INVESTMENT FOCUS:

Seed Financing

INVESTMENT FOCUS:


VC - Early Growth (Series A to C), VC Late Stage (Series D+) Gentry Venture Partners Chicago, IL, USA www.gentryfinancialcorporation.com

Global Emerging Markets Ltd. New York, NY, USA www.gemny.com INVESTMENT FOCUS:

ADVISORY FOCUS:

Government of the United States Washington DC, MD, USA www.usa.gov INVESTMENT FOCUS:


PIPE

INVESTMENT FOCUS:


INVESTMENT FOCUS:

Globespan Capital Partners Boston, MA, USA www.globespancapital.com

GRA Venture Fund LLC Atlanta, GA, USA www.graventurefund.com INVESTMENT FOCUS:


INVESTMENT FOCUS:


GeoGlobal Energy LLC Chevy Chase, MD, USA www.geogloballlc.com

GO Capital LP Montreal, QC, Canada

Gradient Resources Reno, NV, USA www.gradient.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Geothermal Regional Center LLC Miami, FL, USA www.geothermalrc.com

Golden Valley Unified School District Madera, CA, USA www.gvusd.k12.ca.us

GrandBanks Capital Inc. Wellesley, MA, USA www.grandbankscapital.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor


Gestamp Solar Madrid, Spain www.ga-solar.com

Goldman Sachs & Co. New York, NY, USA www.gs.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

Debt project finance, PE Development Capital, VC - Early Growth (Series A to C)


Project sponsor

Gestamp Wind North America Houston, TX, USA www.gestampwind.com INVESTMENT FOCUS:

ADVISORY FOCUS:

INVESTMENT FOCUS:

Granite Ventures LLC San Francisco, CA, USA www.granitevc.com INVESTMENT FOCUS:

VC - Late Stage (Series D+) Green Energy Hawaii Kauai, HI, USA www.greenenergyhawaii.com


INVESTMENT FOCUS:

Good Energies Zug, Switzerland www.goodenergies.com

Green Equity Holdings Inc. Deerfield Beach, FL, USA www.alphatrade.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


PE - Buyout

Project sponsor

Project sponsor GGV Capital Menlo Park, CA, USA www.ggvc.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C), VC Late Stage (Series D+) Gibson, Dunn & Crutcher LLP Los Angeles, CA, USA www.gibsondunn.com

Google Inc. Mountain View, CA, USA www.google.org INVESTMENT FOCUS:

Legal - M&A


Gleiss Lutz Frankfurt, Germany www.gleisslutz.com

Google Ventures Mountain View, CA, USA www.google.com/ventures

ADVISORY FOCUS:

INVESTMENT FOCUS:

Legal - M&A


ADVISORY FOCUS:

Green Spark Ventures LLC Denver, CO, USA www.greensparkventures.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Green States Energy Inc. Deerfield Beach, FL, USA www.greenstatesenergy.com INVESTMENT FOCUS:

Project sponsor

63

DIRECTORY

Greenlight Capital Inc. New York, NY, USA www.greenlightcapital.com


H

Hennessey Capital Rochester, MI, USA www.hennesseycap.com

H.I.G. Capital LLC Miami, FL, USA www.higcapital.com

INVESTMENT FOCUS:

Greenstart San Francisco, CA, USA www.greenstart.com

INVESTMENT FOCUS:

Herald Ventures Ltd. London, UK www.heralduk.com

INVESTMENT FOCUS:

Hanwha Group Seoul, South Korea www.hanwhacorp.co.kr

INVESTMENT FOCUS:

Greentech Capital Advisors New York, NY, USA www.greentechcapital.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

Harbin High-Tech (Group) Co. Ltd Harbin, China www.hgk-group.com

Hercules Technology Growth Capital Inc. Palo Alto, CA, USA www.herculestech.com

INVESTMENT FOCUS:

PIPE

Seed Financing


PE - Buyout




INVESTMENT FOCUS:


INVESTMENT FOCUS:

Grotech Ventures Vienna, VA, USA www.grotech.com INVESTMENT FOCUS:


Minority / Partnership Harbor Light Capital Partners LLC Keene, NH, USA www.hlcp.com

Hicks Equity Partners Dallas, TX, USA www.hicksholdings.com INVESTMENT FOCUS:

PE - Buyout

INVESTMENT FOCUS:

GS Capital Partners LP New York, NY, USA www.goldmansachs.com INVESTMENT FOCUS:


VC - Early Growth (Series A to C) Harbor Pacific Capital LLC Palo Alto, CA, USA www.harborpac.com INVESTMENT FOCUS:

GSR Ventures Beijing, China www.gsrventures.com INVESTMENT FOCUS:


Harris & Harris Group Inc. New York, NY, USA www.tinytechvc.com

GSV Capital Corp. Woodside, CA, USA www.gsvcap.com


INVESTMENT FOCUS:

Harris Williams & Co. New York, NY, USA www.harriswilliams.com

GTI Capital Group New York, NY, USA www.gticapitalgroup.com

GV Enterprises Glendale, AZ, USA www.gventerprises.com

ADVISORY FOCUS:

Legal - M&A Hoku Solar Inc. Honolulu, HI, USA www.hokuscientific.com INVESTMENT FOCUS:

Project sponsor Holoscene LLC Raleigh, NC, USA www.holocene-energy.com

Hartford Ventures Hartford, CT, USA www.thehartford.com/ventures

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Honigman Miller Schwartz and Cohn LLP Detroit, MI, USA www.honigman.com


GVT Fund LP Taipei, Taiwan

Helaba Landesbank HessenThuringen Girozentrale Frankfurt, Germany www.helaba.de

INVESTMENT FOCUS:

INVESTMENT FOCUS:



64

Hogan Lovells US LLP Washington DC, MD, USA www.hoganlovells.com


INVESTMENT FOCUS:

Project sponsor


ADVISORY FOCUS:

INVESTMENT FOCUS:


INVESTMENT FOCUS:


INVESTMENT FOCUS:


Highland Capital Partners LLC Lexington, MA, USA www.hcp.com

Project sponsor

ADVISORY FOCUS:



Horizon Technology Finance Management LLC Pleasant Hill, CA, USA www.horizontechfinance.com. INVESTMENT FOCUS:


DIRECTORY

I

Imperial Capital LLC Los Angeles, CA, USA www.imperialcapital.com

I2BF Venture Capital London, UK www.i2bf.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

Index Ventures Geneva, Switzerland www.indexventures.com

Financial - M&A

Hosiden Corp. Yao-shi, Japan www.hosiden.co.jp


INVESTMENT FOCUS:

Iberdrola SA Valencia, Spain www.iberdrola.es


Houlihan Lokey Los Angeles, CA, USA www.hl.com

INVESTMENT FOCUS:

Industry Ventures LLC San Francisco, CA, USA www.industryventures.com

ADVISORY FOCUS:

IBK Capital Corp. Toronto, ON, Canada www.ibkcapital.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

Infield Capital Boulder, CO, USA www.infieldcapital.com


Financial - M&A HSBC Holdings plc London, UK www.hsbc.com

INVESTMENT FOCUS:

Project sponsor


INVESTMENT FOCUS:

VC - Late Stage (Series D+) Hudson Energy Solar Corp Hudson, NJ, USA www.hudsonenergysolar.com

INVESTMENT FOCUS:

IC Green Energy Ltd. Tel Aviv, Israel www.ic-greenenergy.com INVESTMENT FOCUS:


INVESTMENT FOCUS:

Project sponsor Hughson Nut Inc. Hughson, CA, USA www.hughsonnut.com

Hull & Associates Inc. Dublin, OH, USA www.hullinc.com

INVESTMENT FOCUS:

Project sponsor

Hunter Hall Investment Management Ltd. Sydney, Australia www.hunterhall.com.au

INVESTMENT FOCUS:


Hunton & Williams LLP Richmond, VA, USA www.hunton.com

Ingersoll Rand Energy Systems Dublin, Ireland www.ingersollrand.com Minority / Partnership Innovation Network Corporation of Japan (INCJ) Tokyo, Japan www.incj.co.jp INVESTMENT FOCUS:

INVESTMENT FOCUS:

Innovation Valley Partners Knoxville, TN, USA www.innovationvalleypartners.com



Imax Corp. Mississauga, ON, Canada www.imax.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

In-Q-Tel Arlington, VA, USA www.in-q-tel.org


ADVISORY FOCUS:

Legal - M&A


Imagination Technologies Group plc Kings Langley, UK www.imgtec.com

INVESTMENT FOCUS:

PIPE

ING Capital LLC New York, NY, USA www.ing.com

INVESTMENT FOCUS:

IllinoisVENTURES LLC Chicago, IL, USA www.illinoisventures.com

INVESTMENT FOCUS:

Project sponsor


INVESTMENT FOCUS:

IKEA Group Deft, Netherlands www.ikea-group.ikea.com

INVESTMENT FOCUS:

Project sponsor


Imlay Investments Inc. Atlanta, GA, USA www.theimlayfoundation.org


INVESTMENT FOCUS:


INVESTMENT FOCUS:


65

DIRECTORY


Insight Equity II LP Southlake, TX, USA www.insightequity.com

International Finance Corp. Washington, DC, USA www.ifc.org

Israel Corp. Ltd. Tel Aviv, Israel www.israelCorp.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PE - Buyout



Institute of Food and Agricultural Sciences Florida, FL, USA www.ifas.ufl.edu

Intersouth Partners Durham, NC, USA www.intersouth.com

Itochu Corp. Tokyo, Japan www.itochu.co.jp

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Grant & Government Funding Integrity Advisors Pension Consultants Inc. Rye Brook, NY, USA www.integrityadvisor.com

InterWest Partners LLC Menlo Park, CA, USA www.interwest.com INVESTMENT FOCUS:


ADVISORY FOCUS:


Invenergy LLC Chicago, IL, USA www.invenergyllc.com

Integrity Brokerage Services Inc. Oceanside, CA, USA www.integrity-brokerage.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

Investec Bank plc London, UK www.investec.com

Financial - Venture capital and private equity Integrys Energy Services Inc. De Pere, WI, USA www.integrysenergy.com INVESTMENT FOCUS:

Project sponsor Intel Capital Corp. Santa Clara, CA, USA www.intel.com/capital INVESTMENT FOCUS:


J

Project sponsor

J&J Real Estate Associates Ltd Culpeper, VA, USA www.jandjrealestateltd.com INVESTMENT FOCUS:

Equity Project Finance J.P. Morgan Chase & Co. New York, NY, USA www.jpmorgan.com INVESTMENT FOCUS:


INVESTMENT FOCUS:

ADVISORY FOCUS:


Financial - M&A, Venture capital and private equity,

IQE plc Cardiff, UK www.iqep.com

Jackrel Ventures Los Angeles, CA, USA

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Angel Funding

Ironwood Capital Ltd. Avon, CT, USA www.ironwoodcap.com

JCH Crenshaw Holdings LLC Beaumont, TX, USA

INVESTMENT FOCUS:

PIPE

INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Intel Corp. Santa Clara, CA, USA www.intel.com INVESTMENT FOCUS:

Isofoton SA Malaga, Spain www.isofoton.com


INVESTMENT FOCUS:

Jefferies & Co. New York, NY, USA www.jefferies.com ADVISORY FOCUS:

Project sponsor


INVESTMENT FOCUS:

iSource Montreal, QC, Canada www.isource.com

Jenner & Block LLP Chicago, IL, USA www.jenner.com


INVESTMENT FOCUS:

ADVISORY FOCUS:


Legal - M&A

INVESTMENT FOCUS:

Israel Cleantech Ventures Ramat Hasharon, Israel www.israelcleantech.com

JMP Securities LLC San Francisco, CA, USA www.jmpsecurities.com

PE - Buyout

INVESTMENT FOCUS:

ADVISORY FOCUS:



Intercapital Partners Ltd London, UK www.intercapital.net

InterCore Energy Inc. Mahwah, NJ, USA www.intercoreenergy.com

66


Johnson Controls Inc. Milwaukee, WI, USA www.johnsoncontrols.com INVESTMENT FOCUS:

Project sponsor Johnson, Pope, Bokor, Ruppel & Burns LLP Clearwater, FL, USA www.jpfirm.com ADVISORY FOCUS:

Legal - M&A Jones Day Washington, DC, USA www.jonesday.com ADVISORY FOCUS:


DIRECTORY

K

Keiretsu Forum Lafayette, CA, USA www.keiretsuforum.com

K Road Power Holdings LLC New York, NY, USA www.kroadpower.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Kenyon Energy Jacksonville, FL, USA www.kenyonenergy.com

Project sponsor

Angel Funding

K9 Ventures Palo Alto, CA, USA www.k9ventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Key Capital Corp. Cleveland, OH, USA www.key.com


Project sponsor

Kaisrar (Xiamen) Co. Ltd. Xiamen, China www.kaistar.cn

INVESTMENT FOCUS:

INVESTMENT FOCUS:

KeyBank Cleveland, OH, USA www.key.com



Jordan Vineyard & Winery Healdsburg, CA, USA www.jordanwinery.com

Kala Capital LLC Kailua, HI, USA

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor


Keytone Ventures Beijing, China

JPMorgan Chase Bank NA New York, NY, USA www.chase.com

Kam Man Foods New York, NY, USA www.kammanfoods.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PE - Buyout, Equity Project Finance


KfW IPEX Bank Frankfurt, Germany www.kfw-ipex-bank.de

JSR Corp. Tokyo, Japan www.jsr.co.jp INVESTMENT FOCUS:

Kansas City Power & Light Company Kansas City, KS, USA www.kcpl.com


INVESTMENT FOCUS:

Project sponsor Juhl Energy Inc. Woodstock, MN, USA www.juhlenergy.com

INVESTMENT FOCUS:



INVESTMENT FOCUS:

Debt project finance Khosla Ventures LLC Menlo Park, CA, USA www.khoslaventures.com INVESTMENT FOCUS:

INVESTMENT FOCUS:

Kari-Out Company White Plains, NY, USA www.kariout.com

Project sponsor

INVESTMENT FOCUS:

Project sponsor Katharos Energy Milton Keynes, UK www.katharosenergy.com

PE - Development Capital, VC - Early Growth (Series A to C), VC - Late Stage (Series D+) KI Investment Holdings LLC San Diego, CA, USA www.hrg-ki.com INVESTMENT FOCUS:


INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Kaye Scholer LLP New York, NY, USA www.kayescholer.com

Kickstart Seed Fund Salt Lake City, UT, USA www.kickstartseedfund.com INVESTMENT FOCUS:


ADVISORY FOCUS:

Legal - Project finance KDC Solar LLC Bedminster, NJ, USA www.kdcsolar.com

Killik & Co. London, UK www.killik.com INVESTMENT FOCUS:


INVESTMENT FOCUS:

Project sponsor

67

DIRECTORY

Kinderhook Partners Ltd. Fort Lee, NJ, USA www.kinderhookpartners.com INVESTMENT FOCUS:

PIPE


L La Vina Ranch Madera, CA, USA

Lazard Ltd. New York, NY, USA www.lazard.com ADVISORY FOCUS:

Financial - M&A

INVESTMENT FOCUS:

Kirkland & Ellis LLP Chicago, IL, USA www.kirkland.com

Project sponsor

ADVISORY FOCUS:

Lacustrine Ltd. Kuala Lumpur, Malaysia

Legal - M&A

INVESTMENT FOCUS:

LDK Solar Co. Ltd. Xinyu City, China www.ldksolar.com INVESTMENT FOCUS:

Project sponsor

VC - Late Stage (Series D+) Klaveness Invest AS Oslo, Norway INVESTMENT FOCUS:


Lakeside Energy LLC Chicago, IL, USA www.lakesideenergy.com INVESTMENT FOCUS:

Kleiner Perkins Caufield & Byers Menlo Park, CA, USA www.kpcb.com INVESTMENT FOCUS:

PE - Development Capital, PIPE, VC Early Growth (Series A to C), VC - Late Stage (Series D+)

Leaf Clean Energy Company George town, Cayman Islands www.leafcleanenergy.com INVESTMENT FOCUS:


Minority / Partnership Lambert Private Equity LLC Solvang, CA, USA www.lambertfunds.com INVESTMENT FOCUS:


Lehman Brothers Holdings Inc. New York, NY, USA www.lehman.com ADVISORY FOCUS:

Financial - Venture capital and private equity Levensohn Venture Partners San Francisco, CA, USA www.levp.com

INVESTMENT FOCUS:

Landesbank Hessen-Thueringen Girozentrale Frankfurt, Germany www.helaba.de

PE - Development Capital, PIPE

INVESTMENT FOCUS:


Kodiak Capital Group LLC New York, NY, USA www.kodiak-capital.com

INVESTMENT FOCUS:

Debt project finance Kohl’s Corp. Menomonee Falls, WI, USA www.kohls.com INVESTMENT FOCUS:

Lanxess AG Leverkusen, Germany www.lanxess.de

Project sponsor

INVESTMENT FOCUS:

Life Sciences Partners Amsterdam, Netherlands www.lspvc.com INVESTMENT FOCUS:


VC - Early Growth (Series A to C) Kolohala Ventures Honolulu, HI, USA www.kolohala.com INVESTMENT FOCUS:

Latham & Watkins LLP London, UK www.lw.com


ADVISORY FOCUS:

Kraft Group LLC Foxborough, MA, USA www.thekraftgroup.com INVESTMENT FOCUS:

Project sponsor

Legal - M&A, Legal - Venture capital and private equity Laurel Capital Partners Radnor, PA, USA www.laurelcapitalpartners.com INVESTMENT FOCUS:

Life Technologies Corp. Carlsbad, CA, USA www.lifetechnologies.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Lightspeed Venture Partners LLC Menlo Park, CA, USA www.lightspeedvp.com INVESTMENT FOCUS:


Kuhns Brothers Securities Corp. Salisbury, CT, USA www.kuhnsbrothers.com


ADVISORY FOCUS:

Lazard Freres & Co. LLC New York, NY, USA www.lazard.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

Lincoln Park Capital Fund LLC Chicago, IL, USA www.lincolnparkcapital.com



Lightstorm Entertainment Inc. Santa Monica, CA, USA Equity Project Finance

INVESTMENT FOCUS:

PIPE

68


Linzer Products Corp. West Babylon, NY, USA www.arroworthy.com

DIRECTORY

M

MaRS Cleantech Fund LP Toronto, ON, Canada www.marsvf.com

Macquarie Bank Ltd. Sydney, Australia www.macquarie.com.au

INVESTMENT FOCUS:

Livingstone Partners London, UK www.livingstonepartners.com

INVESTMENT FOCUS:

Martinez-Ayme Securities Miami, FL, USA www.martinezayme.com

ADVISORY FOCUS:

Macquarie Capital Sydney, Australia www.macquarie.com.au

INVESTMENT FOCUS:

Lloyds Banking Group plc London, UK www.lloydsbankinggroup.com

ADVISORY FOCUS:

Maryland Board of Public Works Annapolis, MD, USA www.bpw.state.md.us

INVESTMENT FOCUS:

INVESTMENT FOCUS:

ADVISORY FOCUS:

Macquarie Capital (USA) Inc. New York, NY, USA www.macquarie.com


ADVISORY FOCUS:

Maryland Energy Administration Annapolis, MD, USA www.energy.state.md.us

INVESTMENT FOCUS:

Project sponsor

Financial - M&A



Financial - M&A

Financial - M&A Loop Capital LLC Chicago, IL, USA www.loopcap.com

Madrone Capital Partners Menlo Park, CA, USA

ADVISORY FOCUS:

INVESTMENT FOCUS:

Financial - M&A


Lorem Partners Calgary, AB, Canada www.lorempartners.com INVESTMENT FOCUS:

Mage Solar GmbH Ravensburg, Germany www.magesolar.de


INVESTMENT FOCUS:


PIPE


INVESTMENT FOCUS:

Debt project finance Massachusetts Clean Energy Center Boston, MA, USA www.masscec.com INVESTMENT FOCUS:

Grant & Government Funding, Project sponsor

Project sponsor Low Carbon Accelerator Ltd. London, UK www.lowcarbonaccelerator.com INVESTMENT FOCUS:


Malaysian Life Sciences Capital Fund Kuala Lumpur, Malaysia www.mlscf.com INVESTMENT FOCUS:

Lowe’s Companies Inc. Mooresville, NC, USA www.lowes.com


INVESTMENT FOCUS:

Manheim Atlanta, GA, USA www.manheim.com


Massachusetts Department of Energy Resources Boston, MA, USA www.mass.gov INVESTMENT FOCUS:

Project sponsor Massachusetts Green Energy Fund LP Brookline, MA, USA www.massgreenenergy.com INVESTMENT FOCUS:


LS Power Group New York, NY, USA www.lspower.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Marathon Capital LLC Bannockburn, IL, USA www.marathon-cap.com

Massachusetts Institute of Technology Cambridge, MA, USA www.mit.edu

Lux Capital Management New York, NY, USA www.luxcapital.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

Financial - M&A


INVESTMENT FOCUS:

Marlin Equity Partners Los Angeles, CA, USA www.marlinequity.com

Matrix Partners Waltham, MA, USA www.matrixpartners.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PE - Buyout


Project sponsor


Project sponsor

69

DIRECTORY


Maverick Angels Agoura Hills, CA, USA www.maverickangels.com

Menlo Ventures Menlo Park, CA, USA www.menloventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

MidAmerican Energy Holdings Company Des Moines, IA, USA www.midamericanenergy.com

Angel Funding


INVESTMENT FOCUS:

Maxim Group LLC Woodbury, NY, USA www.maximgrp.com

Mercia Fund Management Ltd. Birmingham, UK www.merciafund.co.uk

ADVISORY FOCUS:

INVESTMENT FOCUS:


Seed Financing

Project sponsor

Maxus Capital Group LLC Cleveland, OH, USA www.maxuscapital.com INVESTMENT FOCUS:

ADVISORY FOCUS:

Mercury Solar Systems Inc. Port Chester, NY, USA www.mercurysolarsystems.com INVESTMENT FOCUS:

Project sponsor

Debt project finance Mayer Brown LLP Chicago, IL, USA www.mayerbrown.com ADVISORY FOCUS:

Legal - M&A

Milbank, Tweed, Hadley & McCloy LLP New York, NY, USA www.milbank.com Legal - M&A, Legal - Project finance Mill Road Capital LP Greenwich, CT, USA www.millroadcapital.com INVESTMENT FOCUS:

MetLife Inc. New York, NY, USA www.metlife.com INVESTMENT FOCUS:


PE - Buyout Millbrook Capital Management Inc. New York, NY, USA www.millcap.com INVESTMENT FOCUS:

Mayfield Fund Menlo Park, CA, USA www.mayfield.com INVESTMENT FOCUS:

Metropolitan Life Insurance Company New York, NY, USA www.metlife.com


INVESTMENT FOCUS:

McDermott Will & Emery LLP Chicago, IL, USA www.mwe.com

Debt project finance, PE - Buyout, Equity Project Finance

ADVISORY FOCUS:

MIC Solar Energy Holdings LLC New York, NY, USA

Legal - M&A

INVESTMENT FOCUS:

Project sponsor McGuireWoods LLP Richmond, VA, USA www.mcguirewoods.com ADVISORY FOCUS:

PE - Buyout Minden Gross LLP Toronto, ON, Canada www.mindengross.com ADVISORY FOCUS:

Legal - Venture capital and private equity Mingxin China Growth Fund I Beijing, China www.mcgf.com.cn INVESTMENT FOCUS:

Michigan Accelerator Fund Grand Rapids, MI, USA www.maf-1.com


INVESTMENT FOCUS:

MDB Capital Group LLC Santa Monica, CA, USA www.mdb.com

Michigan Economic Development Corporation Lansing, MI, USA www.themedc.org


VC - Late Stage (Series D+) Mintz Levin LLP Boston, MA, USA www.mintz.com ADVISORY FOCUS:

ADVISORY FOCUS:


INVESTMENT FOCUS:

Menlo Incubator Inc. Menlo Park, CA, USA www.menloincubator.com

Michigan Pre-Seed Capital Fund Ann Arbor, MI, USA www.annarborusa.org

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Seed Financing


Legal - Venture capital and private equity Mission Ventures San Diego, CA, USA www.missionventures.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Missouri Soybean Merchandising Council (MSMC) Jefferson City, MO, USA www.mosoy.org INVESTMENT FOCUS:


70


DIRECTORY

Mitsui & Co Ltd. Tokyo, Japan www.mitsui.com

Monsanto Company St. Louis, MO, USA www.monsanto.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Minority / Partnership, VC - Early Growth (Series A to C), Project sponsor


Mitsui & Co. Global Investment Ltd. Tokyo, Japan www.mitsui-global.com

Moore Venture Partners LP San Diego, CA, USA www.moorevp.com

INVESTMENT FOCUS:


N NanoDimensions Inc. Menlo Park, CA, USA www.nanodimension.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C), VC Late Stage (Series D+) Mitsui Sumitomo Insurance Venture Capital Tokyo, Japan www.ledengin.com INVESTMENT FOCUS:

VC - Late Stage (Series D+) Mizuho Corporate Bank Ltd. Tokyo, Japan www.mizuhocbk.co.jp

INVESTMENT FOCUS:

Mobelmagasinet Tvedt AS Stavanger, Norway INVESTMENT FOCUS:


National Consumer Cooperative Bank Washington DC, MD, USA www.ncb.coop

Mooreland Partners Greenwich, CT, USA www.moorelandpartners.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

National Grid Plc London, UK www.nationalgrid.com

Financial - M&A


Morgan Creek Capital Management LLC Chapel Hill, NC, USA www.morgancreekcap.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Natural Power and Energy Scottsdale, AZ, USA www.naturalpowerandenergy.com


INVESTMENT FOCUS:



PE - Development Capital, Project sponsor

Morgan Stanley New York, NY, USA www.morganstanley.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Debt project finance, VC - Early Growth (Series A to C)

Natural Resources Canada Ottawa, ON, Canada www.nrcan.gc.ca

Project sponsor

ADVISORY FOCUS:

INVESTMENT FOCUS:

Mobius Venture Capital Inc. Boulder, CO, USA www.mobiusvc.com



INVESTMENT FOCUS:

Mousse Partners New York, NY, USA

NaturEner SA Madrid, Spain www.naturener.net

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

MP2 Capital LLC San Francisco, CA, USA www.mp2capital.com

Nautilus Solar Energy LLC Chatham, NJ, USA www.nautilussolar.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

MVC Capital Inc. Purchase, NY, USA www.mvccapital.com

Navitas Capital Bilthoven, Netherlands www.navitascapital.nl

INVESTMENT FOCUS:

INVESTMENT FOCUS:



VC - Late Stage (Series D+) Moelis & Company LLC New York, NY, USA www.moelis.com ADVISORY FOCUS:

Financial - M&A, Financial - Venture capital and private equity Mohr Davidow Ventures Menlo Park, CA, USA www.mdv.com INVESTMENT FOCUS:

Seed Financing, VC - Late Stage (Series D+) Molibdenos y Metales S.A. (Molymet) Santiago, Chile www.molymet.cl

Naxos Capital Partners Luxembourg, Luxembourg www.naxoscapital.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


PIPE, VC - Early Growth (Series A to C)

71

DIRECTORY


New Atlantic Ventures Cambridge, MA, USA www.navfund.com

NewWorld Capital Group LLC New York, NY, USA www.newworldcapitalgroup.net

NJR Clean Energy Ventures Wall, NJ, USA www.njresources.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Equity Project Finance, VC - Early Growth (Series A to C)

New Energy Capital Corp. Hanover, NH, USA www.newenergycapital.com

Next View Capital LP Chicago, IL, USA www.nextviewcap.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

NMT Capital Quincy, MA, USA www.nmtcapital.com

Project sponsor

PIPE

INVESTMENT FOCUS:

New Enterprise Associates Inc. Menlo Park, CA, USA www.nea.com

NextEra Energy Resources LLC Juno Beach, FL, USA www.nexteraenergyresources.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Nokia Growth Partners Menlo Park, CA, USA www.nokiagrowthpartners.com


Project sponsor

INVESTMENT FOCUS:


New Fuel Systems Inc. Vancouver, BC, Canada www.newfuelsystemsinc.com

VC - Late Stage (Series D+) NextLife Asset Recovery Services Rogers, AR, USA www.nextlife.com INVESTMENT FOCUS:

Nomura Holdings Inc. Tokyo, Japan www.nomura.com

Project sponsor

ADVISORY FOCUS:

INVESTMENT FOCUS:

Project sponsor New Mexico Angels Inc. Albuquerque, NM, USA www.nmangels.com INVESTMENT FOCUS:


NGEN Partners LLC Santa Barbara, CA, USA www.ngenpartners.com INVESTMENT FOCUS:


Financial - Venture capital and private equity Nord LB Hanover, Germany www.nordlb.de INVESTMENT FOCUS:


New Mexico Renewable Energy Transmission Authority (RETA) Santa Fe, NM, USA www.nmreta.com

NGP Energy Technology Partners Washington DC, MD, USA www.ngpetp.com INVESTMENT FOCUS:

North American Development Bank San Antonio, TX, USA www.nadb.org

INVESTMENT FOCUS:


INVESTMENT FOCUS:

Debt project finance, Grant & Government Funding New Venture Partners LLC Murray Hill, NJ, USA www.nvpllc.com

Debt project finance Nidec Sankyo Corp. Nagano, Japan www.nidec-sankyo.co.jp INVESTMENT FOCUS:

North Bridge Venture Partners Waltham, MA, USA www.nbvp.com


INVESTMENT FOCUS:

INVESTMENT FOCUS:


Nihon Inter Electronics Corp. Tokyo, Japan www.niec.co.jp

New World Ventures Evanston, IL, USA www.newworldvc.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Nixon Peabody LLP Boston, MA, USA www.nixonpeabody.com

PE - Development Capital New York State Energy Research and Development Authority Albany, NY, USA www.nyserda.org INVESTMENT FOCUS:


72


VC - Early Growth (Series A to C), VC Late Stage (Series D+) North Castle Partners Greenwich, CT, USA www.northcastlepartners.com INVESTMENT FOCUS:

ADVISORY FOCUS:


VC - Early Growth (Series A to C) Northern Michigan Angels Traverse City, MI, USA www.northernmichiganangels.com INVESTMENT FOCUS:



DIRECTORY

Northgate Capital LLC Danville, CA, USA www.northgatecapital.com

NRG Solar LLC Carlsbad, CA, USA www.nrgsolarenergy.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Northwater Capital Management Inc. Toronto, ON, Canada www.northwatercapital.com

Northwest Energy Angels Seattle, WA, USA www.nwenergyangels.com INVESTMENT FOCUS:

Angel Funding, Seed Financing, VC Early Growth (Series A to C) NorthWestern Energy Sioux Falls, SD, USA www.northwesternenergy.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Oak Hill Capital Partners Stamford, CT, USA www.oakhillcapital.com


Norwest Venture Partners Palo Alto, CA, USA www.nvp.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Oak Investment Partners LP Palo Alto, CA, USA www.oakvc.com


Noventi Ventures Menlo Park, CA, USA www.noventivc.com

INVESTMENT FOCUS:

PE - Buyout

Novozymes AS Bagsvaerd, Denmark www.novozymes.com INVESTMENT FOCUS:

VC - Late Stage (Series D+) Obsidian Finance Group LLC Lake Oswego, OR, USA www.obsidianfinance.com INVESTMENT FOCUS:

NTT Electronics Corp. Kanagawa-ku, Japan www.nel-world.com INVESTMENT FOCUS:


Project sponsor OceanShore Ventures Bellevue, WA, USA www.oceanshorevc.com INVESTMENT FOCUS:

NTT Facilities Tokyo, Japan www.ntt-f.co.jp INVESTMENT FOCUS:


INVESTMENT FOCUS:



INVESTMENT FOCUS:

NTR plc Dublin, Ireland www.ntrplc.com

INVESTMENT FOCUS:


Project sponsor

Nth Power Technologies LLC San Francisco, CA, USA www.nthpower.com

INVESTMENT FOCUS:

Project sponsor

O2 Energies Inc. Charlotte, NC, USA www.o2energies.com

NStar Boston, MA, USA www.nstar.com

INVESTMENT FOCUS:


O

VC - Early Growth (Series A to C) OCI Solar Power San Antonio, TX, USA www.ocisolarpower.com INVESTMENT FOCUS:

NYK Group (Nippon Yusen Kabushiki) Tokyo, Japan www.nyk.com

Project sponsor

INVESTMENT FOCUS:

Odyssey Investment Partners LLC New York, NY, USA www.odysseyinvestment.com

Project sponsor

INVESTMENT FOCUS:

Project sponsor

PE - Buyout

Novus Energy Partners LP Alexandria, VA, USA www.novusenergypartners.com

Ohana Holdings LLC Los Angeles, CA, USA

INVESTMENT FOCUS:


VC - Early Growth (Series A to C), VC Late Stage (Series D+) NRG Energy Inc. Princeton, NJ, USA www.nrgenergy.com

INVESTMENT FOCUS:

Old Dominion Freight Line Inc. Thomasville, NC, USA www.odfl.com INVESTMENT FOCUS:

Project sponsor

INVESTMENT FOCUS:

Debt project finance, Project sponsor, VC - Early Growth (Series A to C), VC Late Stage (Series D+)

Olympus Capital Partners Menlo Park, CA, USA www.olympusvc.com INVESTMENT FOCUS:


73

DIRECTORY


OMZEST Muscat, Sultanate of Oman www.omzest.com

Outerwall Inc. Bellevue, WA, USA www.outerwall.com

Palo Alto Investors LLC Palo Alto, CA, USA www.pa-investors.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:




Onpoint Technologies Winter Park, FL, USA www.onpoint.us

OVP Venture Partners Kirkland, WA, USA www.ovp.com

Pan Asia Solar London, UK www.panasiasolar.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Seed Financing

ONSET Ventures Menlo Park, CA, USA www.onset.com

Owl Investment Group Bryn Mawr, PA, USA www.bmcoig.blogs.brynmawr.edu

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Seed Financing

Open Prairie Ventures Effingham, IL, USA www.openprairie.com

Oxford Advisors LLC New York, NY, USA www.oxfordadvisorsllc.com

INVESTMENT FOCUS:

ADVISORY FOCUS:


Financial - M&A

OPENAIR Equity Partners Kansas City, MO, USA www.openairep.com

Oxford Bioscience Partners LLC Boston, MA, USA www.oxbio.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Oppenheimer & Co. Inc. New York, NY, USA www.opco.com

P

ADVISORY FOCUS:

Panasonic Corp. Osaka, Japan www.panasonic.net INVESTMENT FOCUS:

Project sponsor Pangaea Ventures Ltd. Vancouver, BC, Canada www.pangaeaventures.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Pantek Partners LLC San Diego, CA, USA www.pantekpartners.com ADVISORY FOCUS:

Financial - Venture capital and private equity Parcae Capital Corp. Danvers, MA, USA www.parcaecapitalcorp.com INVESTMENT FOCUS:


Pacific Crest Securities LLC Portland, OR, USA www.pacific-crest.com

Opus Capital Menlo Park, CA, USA www.opuscapital.com

ADVISORY FOCUS:


VC - Early Growth (Series A to C) Parsons & Whittemore Enterprises Corp. Rye Brook, NY, USA INVESTMENT FOCUS:


INVESTMENT FOCUS:


Pacific Gas and Electric (PG&E) San Francisco, CA, USA www.pge.com

Origis Energy Waregem, Belgium www.origisenergy.com

INVESTMENT FOCUS:

Partech International Inc. San Francisco, CA, USA www.partechvc.com

Project sponsor

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PacifiCorp Portland, OR, USA www.pacificorp.com

Project sponsor


Osage University Partners Bala Cynwyd, PA, USA www.osagepartners.com

INVESTMENT FOCUS:

Pasadena Angels Inc. Altadena, CA, USA www.pasadenaangels.com

Project sponsor

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Paladin Capital Group Washington, DC, USA www.paladincapgroup.com

VC - Late Stage (Series D+) OurCrowd Jerusalem, Israel www.ourcrowd.com INVESTMENT FOCUS:


74

Seed Financing

INVESTMENT FOCUS:

Passport Capital LLC San Francisco, CA, USA www.passportcapital.com


INVESTMENT FOCUS:



Pattern Energy Group LP San Francisco, CA, USA www.patternenergy.com INVESTMENT FOCUS:

Project sponsor

DIRECTORY

Pennsylvania Department of Community and Economic Development Harrisburg, PA, USA www.newpa.com

Physic Ventures LLC San Francisco, CA, USA www.physicventures.com INVESTMENT FOCUS:


INVESTMENT FOCUS:

Paul Hastings LLP Los Angeles, CA, USA www.paulhastings.com ADVISORY FOCUS:

Legal - M&A Paul, Weiss, Rifkind, Wharton & Garrison LLP New York, NY, USA www.paulweiss.com ADVISORY FOCUS:

Legal - M&A


PI Holdings Greenville, SC, USA

Pennsylvania Department of Environmental Protection Harrisburg, PA, USA www.depweb.state.pa.us

INVESTMENT FOCUS:

INVESTMENT FOCUS:


ADVISORY FOCUS:


Debt project finance, PE - Buyout

INVESTMENT FOCUS:

Grant & Government Funding Peoples Bank of Alabama Cullman, AL, USA www.peoplesbankal.com

INVESTMENT FOCUS:

Seed Financing

Financial - Venture capital and private equity Peak Rock Capital Austin, TX, USA www.peakrockcapital.com

INVESTMENT FOCUS:

Pegasus Capital Advisors LP Cos Cob, CT, USA www.pcalp.com

INVESTMENT FOCUS:

Peninsula Ventures Menlo Park, CA, USA www.peninsulaventures.com

Perella Weinberg Partners LP New York, NY, USA www.pwpartners.com ADVISORY FOCUS:

Project sponsor Piper Jaffray & Co. Minneapolis, MN, USA www.piperjaffray.com VC - Early Growth (Series A to C) ADVISORY FOCUS:

Financial - Venture capital and private equity Pivotal Investments LLC Portland, OR, USA www.pivotal-investments.com INVESTMENT FOCUS:


Financial - M&A Perrin Ranch Wind LLC Juno Beach, FL, USA www.nexteraenergyresources.com INVESTMENT FOCUS:

Plan B Ventures LLC Boston, MA, USA www.planbv.com INVESTMENT FOCUS:


Project sponsor Peterson Ventures Salt Lake City, UT, USA www.petersonventures.com INVESTMENT FOCUS:

Platinum Equity LLC Beverly Hills, CA, USA www.platiniumequity.com INVESTMENT FOCUS:

PE - Buyout


INVESTMENT FOCUS:


Pioneer Green Energy Austin, TX, USA www.pioneergreen.com

Project sponsor

INVESTMENT FOCUS:

PIPE


INVESTMENT FOCUS:

Pepco Energy Services Inc. Arlington, VA, USA www.pepcoenergy.com

INVESTMENT FOCUS:

PE - Buyout

Pinnacle Ventures Ltd. Palo Alto, CA, USA www.pinnacleven.com

INVESTMENT FOCUS:


ADVISORY FOCUS:

PIPE

INVESTMENT FOCUS:

Pentair Inc. Minneapolis, MN, USA www.pentair.com

PCG Clean Energy & Technology Fund La Jolla, CA, USA www.pcgfunds.com/cleanenergy. html

The Peakstone Group Chicago, IL, USA www.peakstonegroup.com

Pinetree Capital Ltd. Toronto, ON, Canada www.pinetreecapital.com INVESTMENT FOCUS:

PensionDanmark A/S Copenhagen, Denmark www.pension.dk INVESTMENT FOCUS:

Paulson Investment Company Portland, OR, USA www.paulsoninvestment.com


Phoenix Venture Partners San Mateo, CA, USA www.phoenix-vp.com INVESTMENT FOCUS:

PNB Equity Resource Corporation Sdn Bhd Kuala Lumpur, Malaysia INVESTMENT FOCUS:



75

DIRECTORY


PNC Financial Services Group Inc. Pittsburgh, PA, USA www.pnc.com

Presidio Venture Partners LLC Los Altos, CA, USA www.presidiovp.com

Public Service Enterprise Group Newark, NJ, USA www.pseg.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:




PNE Wind AG Cuxhaven, Germany www.pnewind.com

PVS Chemicals Inc. Detroit, MI, USA www.pvschemicals.com

INVESTMENT FOCUS:

PricewaterhouseCoopers International Ltd. London, UK www.pwc.com

Project sponsor

ADVISORY FOCUS:


INVESTMENT FOCUS:

Financial - M&A Poindexter Nut Selma, CA, USA www.poindexternut.com INVESTMENT FOCUS:

Princeton Properties Lowell, MA, USA www.princetonproperties.com

Project sponsor

INVESTMENT FOCUS:

Project sponsor Polaris Industries Inc. Medina, MN, USA www.polarisindustries.com

Q Quabbin Solar LLC Barre, MA, USA www.quabbinsolar.com INVESTMENT FOCUS:

INVESTMENT FOCUS:

Progress Energy Inc. Raleigh, NC, USA www.progress-energy.com.


INVESTMENT FOCUS:

Qualcomm Ventures San Diego, CA, USA www.qualcomm.com/ventures

Project sponsor Polaris Venture Partners Inc. Waltham, MA, USA www.polarisventures.com INVESTMENT FOCUS:

Protonic Capital LLC Encinitas, CA, USA www.protoniccapital.com

Project sponsor

INVESTMENT FOCUS:



INVESTMENT FOCUS:

Porter, White & Company Birmingham, AL, USA www.pwco.com

Prudential Capital Group Chicago, IL, USA www3.prudential.com/pcg

ADVISORY FOCUS:

INVESTMENT FOCUS:



ADVISORY FOCUS:

Porterville Unified School District (PUSD) Porterville, CA, USA www.dnn.portervilleschools.org

PSEG Solar Source LLC Newark, NJ, USA www.pseg.com/family/holdings/ global/solar_source/index.jsp

Rabobank Amsterdam, Netherlands www.rabobank.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Project sponsor

POSCO Power Seoul, South Korea www.poscopower.co.kr INVESTMENT FOCUS:

Public Service Company of New Mexico (PNM) Albuquerque, NM, USA www.pnm.com

PIPE

INVESTMENT FOCUS:


R Rabo Securities Amsterdam, Netherlands www.rabosecurities.com Financial - Project finance

INVESTMENT FOCUS:

Radiant Investment Management Ltd. Toronto, ON, Canada www.radiantinv.com INVESTMENT FOCUS:

PIPE

Project sponsor PrairieGold Venture Partners Sioux Falls, SD, USA www.pgvp.com INVESTMENT FOCUS:


Public Service Electric and Gas Company (PSE&G) Newark, NJ, USA www.pseg.com

Raymond James Ltd. St Petersburg, FL, USA www.raymondjames.com ADVISORY FOCUS:

Financial - M&A

INVESTMENT FOCUS:


Raytheon Co. Waltham, MA, USA www.raytheon.com INVESTMENT FOCUS:


76


DIRECTORY

RBC Capital Markets Inc. Toronto, ON, Canada www.rbccm.com

Revolution Energy Portsmouth, NH, USA www.rev-en.com

Rockport Capital Partners Boston, MA, USA www.rockportcap.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Seed Financing, VC - Early Growth (Series A to C), VC - Late Stage (Series D+)

ADVISORY FOCUS:

Financial - M&A, Project finance RBI Solar Inc. Cincinnati, OH, USA www.rbisolar.com

Reznick Capital Markets Securities LLC New York, NY, USA www.reznickcapitalmarkets.com ADVISORY FOCUS:

Rollcast Energy Inc. Charlotte, NC, USA www.rollcastenergy.com

Financial - M&A, Financial - Project finance

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Rho Ventures LP New York, NY, USA www.rho.com

Roth Capital Partners LLC Newport Beach, CA, USA www.roth.com

Project sponsor

INVESTMENT FOCUS:

ADVISORY FOCUS:



Richards, Layton & Finger PA Wilmington, DE, USA www.rlf.com

Rothschild Inc. New York, NY, USA www.rothschild.com

ADVISORY FOCUS:

ADVISORY FOCUS:

Legal - M&A


INVESTMENT FOCUS:

Project sponsor RC Cape May Holdings LLC Marmora, NJ, USA

Recurrent Energy Inc. San Francisco, CA, USA www.recurrentenergy.com INVESTMENT FOCUS:

Project sponsor Reed Smith LLP London, UK www.reedsmith.com ADVISORY FOCUS:

Legal - M&A Regeneration Finance LLC Harrison, NY, USA www.regenerationfinance.com INVESTMENT FOCUS:

Equity Project Finance Regus Advisors Inc. Dallas, TX, USA www.regusadvisors.com ADVISORY FOCUS:

Financial - M&A Reinet Investments S.C.A. Luxembourg City, Luxembourg www.reinet.com INVESTMENT FOCUS:

VC - Late Stage (Series D+) Renewable Social Benefit Funds L3C Denver, CO, USA www.rsbfunds.com

Ridgeline Energy LLC Seattle, WA, USA www.rl-en.com

Project sponsor

INVESTMENT FOCUS:

Royal Bank of Canada Toronto, ON, Canada www.rbc.com

Project sponsor

ADVISORY FOCUS:

Financial - Project finance The Riverside Company New York, NY, USA www.riversidecompany.com INVESTMENT FOCUS:

Royal Bank of Scotland Group plc Edinburgh, UK www.rbs.co.uk

PE - Buyout

INVESTMENT FOCUS:

Debt project finance Riverwood Capital LLC Menlo Park, CA, USA www.riverwoodcapital.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

Royal DSM N.V. Heerlen, Netherlands www.dsm.com

PIPE, VC - Late Stage (Series D+)


RLR Consultants LLC Englewood Cliffs, NJ, USA www.rlrconsultants.net

INVESTMENT FOCUS:

ADVISORY FOCUS:

Royal Dutch Shell plc The Hague, Netherlands www.shell.com

Financial - M&A


INVESTMENT FOCUS:

INVESTMENT FOCUS:

Rock Hill Capital Group Houston, TX, USA www.rockhillcap.com

Project sponsor

INVESTMENT FOCUS:

RPM Access West Des Moines, IA, USA www.rpmaccess.com

PE - Development Capital Rentech Nitrogen Partners, L.P (Rentech Inc) East Dubuque, IL, USA www.rentechnitrogen.com

Rockland Capital The Woodlands, TX, USA www.rocklandcapital.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

PE - Buyout, Equity Project Finance


INVESTMENT FOCUS:

Project sponsor

77

DIRECTORY


RRE Ventures LLC New York, NY, USA www.rre.com

Saw Mill Capital LLC Briarcliff Manor, NY, USA www.sawmillcapital.com

Sempra Generation San Diego, CA, USA www.semprageneration.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

PE - Development Capital, VC - Late Stage (Series D+)

PE - Buyout

Project sponsor

Sawaya Segalas & Co. LLC New York, NY, USA www.sawayasegalas.com

Sequoia Capital Menlo Park, CA, USA www.sequoiacap.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

Financial - M&A


Scottish Development International London, UK www. scottishdevelopmentinternational. com

Sermatec Zanini Sertãozinho, Brazil www.sermatec.com.br

INVESTMENT FOCUS:

Session Solar Inc. Scotts Valley, CA, USA www.sessionsolar.com

RUSNANO Moscow, Russia www.rusnano.com INVESTMENT FOCUS:


S Salt River Project Agricultural Improvement and Power District Phoenix, AZ, USA www.srpnet.com INVESTMENT FOCUS:

Project sponsor Samsung Venture Investment Corp. Seoul, Korea www.samsungventures.com INVESTMENT FOCUS:

PE - Development Capital, VC - Late Stage (Series D+)


INVESTMENT FOCUS:


SCRA Columbia, SC, USA www.scra.org

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Shanghai Alliance Investment Ltd.(arm of Shanghai Municipal Government Shanghai, China www.shanghai.gov.cn

VC - Early Growth (Series A to C) Second Avenue Partners Seattle, WA, USA www.secondave.com INVESTMENT FOCUS:

Project sponsor

INVESTMENT FOCUS:


VC - Early Growth (Series A to C) Shea Ventures LLC Walnut, CA, USA www.jfshea.com

San Lorenzo Unified School District San Lorenzo, CA, USA www.slzusd.org

Security Research Associates Inc. San Francisco, CA, USA www.sracap.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

Project sponsor



INVESTMENT FOCUS:

Sedgwick LLP San Francisco, CA, USA www.sdma.com

Shearman & Sterling LLP London, UK www.shearman.com


ADVISORY FOCUS:

ADVISORY FOCUS:

Legal - M&A

Legal - M&A

Seminole Financial Services LLC Belleair Bluffs, FL, USA www.seminolefinancialservices.com

ShoEi Foods USA Olivehurst, CA, USA www.shoeiyj.com.cn

Sand Hill Angels Inc. Menlo Park, CA, USA www.sandhillangels.com

Santander Infraestracturas FCR Madrid, Spain INVESTMENT FOCUS:


INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

SAS Investors New York, NY, USA www.sasinvestors.com


Project sponsor

INVESTMENT FOCUS:

Sempra Energy Group San Diego, CA, USA www.sempra.com

PIPE Saudi Basic Industries Corporation (SABIC) Ventures BV Sittard, Netherlands www.sabic.com/ventures INVESTMENT FOCUS:


78

INVESTMENT FOCUS:

Project sponsor

Sidley Austin LLP Chicago, IL, USA www.sidley.com ADVISORY FOCUS:

Legal - M&A


DIRECTORY

October 2013

July 2013 GeoPower Africa 2013

Jul 16 - Jul 17

Developing the Next Hot Geothermal Market

The Hyatt Regency, Dar es Salaam, United Republic of Tanzania

Asia Bio Markets

Oct 21 - Oct 23

Unlocking Bio-based Opportunities in Asia Puteri Pacific Hotel, Johor Bahru, Malaysia

TIREC 2013

Oct 22 - Oct 23

Accelerating clean energy development

September 2013

Wyndham Kalamis, Istanbul, Turkey

Solar Power Indaba

Sep 2 - Sep 5

South Africa’s Flagship Solar Congress Cape Town, South Africa

World Bio Markets USA

29 Oct - 30Oct

Connecting Renewable Fuels, Chemicals and Aviation Leaders with Partners and Purchasers San Francisco, United States

Optimising Wind Power O&M: Europe

Sep 3 - Sep 4

Manage costs, reduce downtime, maximise profit Manchester, United Kingdom

Chilean International Sep 10 - Sep 11 Renewable Energy Congress

Chile's Premier C-Level Renewable Energy Event Santiago, Chile

Solar Power Chile

Sep 10 - Sep 11

Chile's Premier C-Level Solar Energy Event Santiago, Chile

Wind Power Chile

Sep 10 - Sep 11

Chile's Premier C-Level Wind Energy Event

December 2013 Solar Brasil Conference and Exhibition

Dec 3 - Dec 4

Establishing a competitive solar industry Sao Paulo, Brazil

GeoPower Global Congress

Dec 3 - Dec 4

Global Opportunities for the Geothermal Industry The Hilton, Amsterdam, Netherlands

Wind Developer Congress

Dec 3 - Dec 4

Europe’s meeting place for board-level developers, operators and utilities Berlin, Germany

Santiago, Chile

World Bio Markets Brazil

Sep 17 - Sep 18

Preparing for the next wave of innovation as Brazil's bioeconomy transforms São Paulo, Brazil

Optimizing Wind Power O&M: USA

Sep 24 - Sep 25

Maximize efficiency, protect profitability. Chicago, United States

Wind Power Romania

Beat the market challenges

Jan 21 - Jan 22

JW Marriott, Bucharest, Romania

Solar Power Generation USA Jan 28 - Jan 29

Dedicated to US Solar Power San Diego, CA, United States

February 2014

November 2013 Biomass Power & Pellets Brazil

Nov 7 - Nov 8

The Start of the Brazilian Bioenergy Revolution Renaissance Hotel, Sao Paulo, Brazil

GeoPower Latin America

Nov 13 - Nov 14

Gigawatt growth opportunities in Latin America and the Caribbean Santiago, Chile

January 2014

World Biomass Power Markets 2014

Feb 3 - Feb 5

The World's Premier Biomass Power Event Amsterdam , Netherlands

May 2014 MIREC 2014

May 28 - May 29

Mexico’s Leading Renewable Energy Event Mexico City, Mexico

Contact us: +44 (0)20 7099 0600, [email protected]

www.greenpowerconferences.com

DIRECTORY


Siemens AG Erlangen, Germany www.siemens.com

SJF Ventures Durham, NC, USA www.sjfund.com

Soitec SA Bernin, France www.soitec.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor, VC - Late Stage (Series D+)


Project sponsor

Siemens Financial Services Ltd. Stoke Poges, UK www.siemens.com

Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates New York, NY, USA www.skadden.com

INVESTMENT FOCUS:

Debt project finance, VC - Early Growth (Series A to C) Siemens Venture Capital GmbH Munich, Germany www.siemensventurecapital.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C), VC Late Stage (Series D+) Sigma Capital Group plc Edinburgh, UK www.sigmacapital.co.uk

ADVISORY FOCUS:

Legal - M&A, Legal - Project finance, Legal - Venture capital and private equity

Sol Orchard LLC Carmel Valley, CA, USA INVESTMENT FOCUS:

Project sponsor Sol Systems LLC Washington, DC, USA www.solsystemscompany.com ADVISORY FOCUS:

Financial - Project finance Skagen Global Stavanger, Norway www.skagenfunds.com INVESTMENT FOCUS:

Solar Energy Systems LLC (SES) Brooklyn, NY, USA www.solaresystems.com


INVESTMENT FOCUS:

Project sponsor

INVESTMENT FOCUS:

Skyonic Corp. Austin, TX, USA www.skyonic.com


INVESTMENT FOCUS:

Solar Power & Light Miamisburg, OH, USA www.splsolar.com

Project sponsor

INVESTMENT FOCUS:

Sigma Partners LLC Boston, MA, USA www.sigmapartners.com INVESTMENT FOCUS:


Project sponsor Slater Technology Fund Providence, RI, USA www.slaterfund.com INVESTMENT FOCUS:

Solar Project Solutions LLC La Mirada, CA, USA www.spspv.com


INVESTMENT FOCUS:

INVESTMENT FOCUS:

Smart Energy Capital LLC Mount Kisco, NY, USA www.smartenergycapital.com

SolarCity Corp. Foster City, CA, USA www.solarcity.com

Project sponsor

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Smithfield Equity Partners Pittsburgh, PA, USA www.smithfieldtrust.com

SolarMax Technologies Inc. City of Industry, CA, USA www.solarmaxtech.com


INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Silver Lake Cupertino, CA, USA www.silverlake.com

Societe Generale Paris, France www.sgcib.com

SolarVision LLC Dublin, OH, USA www.solarvisionllc.net

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Project sponsor

Simpson Thacher & Bartlett LLP New York, NY, USA www.stblaw.com

Sofinnova Partners Paris, France www.sofinnova.fr

SolarWorld AG Bonn, Germany www.solarworld.de

ADVISORY FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Project sponsor

Silicon Ranch Corp. Nashville, TN, USA www.siliconranchcorp.com

Silicon Valley Bank Santa Clara, CA, USA www.svbank.com INVESTMENT FOCUS:

80

Project sponsor


DIRECTORY

Solis Partners Inc Manasquan, NJ, USA www.solispartners.com

Southern California Gas Company Los Angeles, CA, USA www.socalgas.com

Spring Ventures LLC San Francisco, CA, USA www.springventuresllc.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor



Solon SE Berlin, Germany www.solon.com

Southern Company Atlanta, GA, USA www.southerncompany.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

Project sponsor

Soltage LLC Jersey City, NJ, USA www.soltage.com INVESTMENT FOCUS:

Southern Sky Renewable Energy LLC Boston, MA, USA www.southernskyrenewable.com

Project sponsor

INVESTMENT FOCUS:

Sprott Global Resource Investments Ltd. Carlsbad, CA, USA www.sprottglobal.com ADVISORY FOCUS:

Project sponsor Solvay SA Brussels, Belgium www.solvay.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Sorenson Capital Partners Slat Lake City, UT, USA www.sorensoncapital.com

Financial - Venture capital and private equity Square 1 Bank Palo Alto, CA, USA www.square1bank.com INVESTMENT FOCUS:

Southern Ute Alternative Energy LLC Ignacio, CO, USA www.suaellc.com


INVESTMENT FOCUS:

INVESTMENT FOCUS:


PIPE

Southridge LLC Ridgefield, CT, USA www.southridgegroup.com

St. George Investments LLC Chicago, IL, USA

INVESTMENT FOCUS:

Standardkessel Baumgarte Contracting GmbH Duisburg, Germany www.standardkessel.de

Soros Fund Management LLC New York, NY, USA

PIPE

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Sovereign Bank Reading, PA, USA www.sovereignbank.com

INVESTMENT FOCUS:



Project sponsor

Source Capital Group Inc. Westport, CT, USA www.sourcegrp.com

INVESTMENT FOCUS:

ADVISORY FOCUS:

SPG Solar Inc. Novato, CA, USA www.spgsolar.com



INVESTMENT FOCUS:

INVESTMENT FOCUS:

South San Francisco Unified School District San Francisco, CA, USA www.ssfusd.k12.ca.us

Stanford Angels & Entrepreneurs Foundation Stanford, CA, USA stanfordangelsandentrepreneurs.com

Project sponsor

VC - Early Growth (Series A to C) Stanford University Stanford, CA, USA www.stanford.edu INVESTMENT FOCUS:


INVESTMENT FOCUS:

Spirox Corporation Hsinchu City, Taiwan www.spirox.com

Project sponsor

INVESTMENT FOCUS:

Start Garden Grand Rapids, MI, USA www.startgarden.com

VC - Early Growth (Series A to C) Southeast Renewable Energy Birmingham, AL, USA www.serenew.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

SPM Investment Group Maroochydore, Australia www.spmcapital.com.au

Project sponsor

INVESTMENT FOCUS:

Start Up Farms International Inc. (SUFI) Fremont, CA, USA www.startupfarms.com

VC - Early Growth (Series A to C) Southern California Edison Company Rosemead, CA, USA www.sce.com

Spring Mountain Capital LP New York, NY, USA www.springmountaincapital.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

PIPE


INVESTMENT FOCUS:


81

DIRECTORY

Stata Venture Partners Dover, MA, USA


Stonepeak Infrastructure Partners New York, NY, USA www.stonepeakpartners.com

SunEdison LLC Beltsville, MD, USA www.sunedison.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

State of Arizona Pheonix, AZ, USA www.az.gov

Stop & Shop Supermarket Company Quincy, MA, USA www.stopandshop.com.

Sungevity Inc. Berkeley, CA, USA www.sungevity.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor


Project sponsor

State of Ohio Columbus, OH, USA www.ohio.gov

Strata Solar LLC Chapel Hill, NC, USA www.solartechsouth.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor


State of Pennsylvania Harrisburg, PA, USA www.pa.gov

Sumitomo Corp. Tokyo, Japan www.sumitomoCorp.co.jp

SunRun Inc. San Francisco, CA, USA www.sunrunhome.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Project sponsor

State Street Corp. Boston, MA, USA www.statestreet.com

Sumitomo Corporation of America New York, NY, USA www.sumitomocorp.com

Sunshine PV Corp. Taipei, Taiwan www.sunshine-pv.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

PE - Buyout, Project sponsor


Stephens Inc. Little Rock, AR, USA www.stephens.com

Sumitomo Mitsui Banking Corp. Tokyo, Japan www.smbc.co.jp

Surrey Bank & Trust Mount Airy, NC, USA www.surreybank.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:




Summit Capital Seattle, WA, USA www.summitcapital.com INVESTMENT FOCUS:

Sustainable Development Technology Canada (SDTC) Ottawa, ON, Canada www.sdtc.ca


INVESTMENT FOCUS:

INVESTMENT FOCUS:


INVESTMENT FOCUS:

SunPower Corp. San Jose, CA, USA www.sunpowercorp.com INVESTMENT FOCUS:

ADVISORY FOCUS:

Financial - M&A Sterling Investment Partners LP Westport, CT, USA www.sterlinglp.com


INVESTMENT FOCUS:

PE - Buyout Stifel Nicolaus Weisel St. Louis, MO, USA www.stifel.com ADVISORY FOCUS:

Financial - M&A, Financial - Venture capital and private equity Stoel Rives LLP Portland, OR, USA www.stoel.com

Summit Power Development Group Seattle, WA, USA www.summitpower.com

Sustainable Energy Fund Allentown, PA, USA www.thesef.org

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Summit Partners Boston, MA, USA www.summitpartners.com

Sutter Hill Ventures Palo Alto, CA, USA www.shv.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Sun Mountain Capital LLC Santa Fe, NM, USA www.sunmountaincapital.com INVESTMENT FOCUS:

SWMF Life Science Venture Fund Kalamazoo, MI, USA www.southwestmichiganfirst.com/ swmf_life_science_fund.cfm


INVESTMENT FOCUS:

ADVISORY FOCUS:

Financial - M&A


82


DIRECTORY

Syngenta Ventures Basel, Switzerland www.syngenta.com

Tecta Solar Fort Washington, PA, USA www.tectasolar.com

ThinkEquity LLC San Francisco, CA, USA www.thinkequity.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

ADVISORY FOCUS:


Project sponsor

Financial - M&A

TELUS Burnaby, BC, Canada www.telus.com

Third Security LLC Radford, VA, USA www.thirdsecurity.com

T

INVESTMENT FOCUS:

INVESTMENT FOCUS:

T&P Farms Arbuckle, CA, USA



INVESTMENT FOCUS:

Temasek Holdings Singapore, Singapore www.temasekholdings.com.sg INVESTMENT FOCUS:

Thomas, McNerney & Partners LLC Stamford, CT, USA www.tm-partners.com

PIPE

INVESTMENT FOCUS:

Project sponsor Taiwan Semiconductor Manufacturing Co. Ltd Hsinchu, Taiwan www.tsmc.com INVESTMENT FOCUS:

PE - Development Capital Tamar Ventures Herzliya Pituach, Israel www.tamarventures.com INVESTMENT FOCUS:


VC - Early Growth (Series A to C) Tenaska Energy Inc. Omaha, NE, USA www.tenaska.com INVESTMENT FOCUS:

ThomasLloyd Capital LLC New York, NY, USA www.thomas-lloyd.com

Project sponsor

ADVISORY FOCUS:

Tenaya Capital Portola Valley, CA, USA www.tenayacapital.com INVESTMENT FOCUS:

Tao Venture Partners La Jolla, CA, USA www.taovp.com INVESTMENT FOCUS:



INVESTMENT FOCUS:



Legal - M&A TIAA-CREF Charlotte, NC, USA www.tiaa-cref.org INVESTMENT FOCUS:

Terra Firma Capital Partners Ltd. London, UK www.terrafirma.com INVESTMENT FOCUS:

TD Securities Inc. Toronto, ON, Canada www.tdsecurities.com

Thompson Hine LLP Cleveland, OH, USA www.thompsonhine.com ADVISORY FOCUS:

Tennessee Municipal Bond Fund Nashville, TN, USA www.tml1.org/bond-fund.php INVESTMENT FOCUS:

Tate & Lyle Ventures London, UK www.tateandlyleventures.com



PE - Buyout, Project sponsor Tioga Energy Inc. San Mateo, CA, USA www.tiogaenergy.com INVESTMENT FOCUS:

Project sponsor


Terra-Gen Power LLC New York, NY, USA www.terra-genpower.com

ADVISORY FOCUS:

INVESTMENT FOCUS:

Financial - M&A

Project sponsor

Tech Coast Angels Los Angeles, CA, USA www.techcoastangels.com

Texas Emerging Technology Fund Austin, TX, USA www.emergingtechfund.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Angel Funding, Seed Financing


Technology Partners Palo Alto, CA, USA www.technologypartners.com

Texas Instruments Inc. Dallas, TX, USA www.ti.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Tonka Bay Equity Partners LLC Minnetonka, MN, USA www.tonkabayequity.com

INVESTMENT FOCUS:

Toko Electric Corp. Tokyo, Japan www.tokodenki.co.jp INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Tokyo Electron Venture Capital Inc. Fremont, CA, USA www.tel.com VC - Early Growth (Series A to C)

INVESTMENT FOCUS:

PE - Buyout

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DIRECTORY


Topspin Partners LP Roslyn Heights, NY, USA www.topspinpartners.com

Trailblazer Capital Dallas, TX, USA www.trailblazercap.com

True Ventures Palo Alto, NY, USA www.trueventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Angel Funding



Torys LLP Toronto, ON, Canada www.torys.com

Tremco and Weatherproofing Technologies Inc. Beachwood, OH, USA www.tremcoroofing.com

Trump Securities LLC New York, NY, USA

ADVISORY FOCUS:


INVESTMENT FOCUS:

Toshiba Corp. Tokyo, Japan www.toshiba.co.jp

Tres Amigas LLC Santa Fe, NM, USA www.tresamigasllc.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

Total Energy Ventures International SAS Courbevoie, France

Triangle Capital Corporation Raleigh, NC, USA www.tcap.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:



Total Gas & Power Ltd London, UK www.totalgp.com INVESTMENT FOCUS:

Project sponsor

Trident Capital Palo Alto, CA, USA www.tridentcap.com

INVESTMENT FOCUS:

Minority / Partnership, PIPE, VC Early Growth (Series A to C), VC - Late Stage (Series D+)

VC - Late Stage (Series D+) TriLand Partners LP Boston, MA, USA www.trilandpartners.com Project sponsor Trinity Private Equity Group Southlake, TX, USA www.trinitypeg.com INVESTMENT FOCUS:

INVESTMENT FOCUS:

TriplePoint Capital LLC Menlo Park, CA, USA www.triplepointcapital.com INVESTMENT FOCUS:

INVESTMENT FOCUS:

True Green Capital Management LLC New York, NY, USA www.truegreencapital.com

TPG Biotech San Francisco, CA, USA www.tpgbiotech.com


INVESTMENT FOCUS:

Project sponsor

INVESTMENT FOCUS:


True North Venture Partners LP Chicago, IL, USA www.truenorthvp.com INVESTMENT FOCUS:


84

INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Tucson Electric Power Company Tucson, AZ, USA www.tucsonelectric.com INVESTMENT FOCUS:

Project sponsor Tulum Trust London, Uk www.tulumtrust.com INVESTMENT FOCUS:

Minority / Partnership Tur Partners LLC Chicago, IL, USA www.turpartners.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Turner Renewable Energy LLC Branchburg, NJ, USA www.tedturner.com/renewableenergy/ INVESTMENT FOCUS:

Project sponsor


Toyo-Thai Corpation Bangkok, Thailand www.toyo-thai.com VC - Early Growth (Series A to C)

Tsing Capital Beijing, China www.cefund.com

INVESTMENT FOCUS:

Toyota Tsusho Corp. Tokyo, Japan www.toyota-tsusho.com/enlgish/ VC - Late Stage (Series D+)


INVESTMENT FOCUS:

PIPE Total SA Courbevoie, France www.total.com

INVESTMENT FOCUS:

Two Oceans Sydney, Australia INVESTMENT FOCUS:



DIRECTORY

US National Science Foundation Arlington, VA, USA www.nsf.gov

United Refining Company Warren, PA, USA www.urc.com

US Air Force Washington DC, MD, USA www.airforce.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


M&A - Acquirer

INVESTMENT FOCUS:

US Navy Washington, DC, USA www.navy.mil

Universal Services Food Hort Inc. Fort Hood, TX, USA www.fthood-libertyvillage.com

US Army Washington DC, MD, USA www.army.mil

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

INVESTMENT FOCUS:

US Venture Partners Menlo Park, CA, USA www.usvp.com

Upsolar Group Co. Ltd Shanghai, China www.upsolar.com

US Department of Agriculture Washington DC, MD, USA www.usda.gov

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

INVESTMENT FOCUS:

UBS AG Zurich, Switzerland www.ubs.com

Urban Grid Holdings LLC Stevensville, MD, USA www.urbangridco.com

ADVISORY FOCUS:

INVESTMENT FOCUS:


Project sponsor

U



Grant & Government Funding US Department of Defense Washington DC, MD, USA www.defenselink.mil INVESTMENT FOCUS:

Grant & Government Funding US Department of Energy Washington DC, MD, USA www.energy.gov

UGI Energy Services Inc. Wyomissing, PA, USA www.ugies.com INVESTMENT FOCUS:

US Department of Transportation Washington DC, MD, USA www.dot.gov

INVESTMENT FOCUS:


Project sponsor

INVESTMENT FOCUS:


US Bancorp Minneapolis, MN, USA www.usbank.com

Ulu Ventures Palo Alto, CA, USA www.uluventures.com

US Department of Agriculture Washington DC, MD, USA www.usda.gov INVESTMENT FOCUS:



Unicredit Spa Milan, Italy www.unicredit.eu

US Ecology Inc. Boise, ID, USA www.americanecology.com

ADVISORY FOCUS:

INVESTMENT FOCUS:


M&A - Acquirer


Union Bank San Francisco, CA, USA www.unionbank.com

US Forest Service Washington DC, MD, USA www.fs.fed.us

US Department of Veteran Affairs Washington DC, MD, USA www.va.gov

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Debt project finance, PE - Buyout, Project sponsor

Project sponsor

INVESTMENT FOCUS:

ADVISORY FOCUS:



US Geothermal Inc. Boise, ID, USA www.usgeothermal.com

US Geothermal Inc. Boise, ID, USA www.usgeothermal.com

United Parcel Service (UPS) Atlanta, GA, USA www.ups.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

US Invest LLC Atlanta, GA, USA www.usainvestllc.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Grant & Government Funding US Department of Treasury Washington DC, MD, USA www.ustreas.gov INVESTMENT FOCUS:

Project sponsor

INVESTMENT FOCUS:


85

DIRECTORY

86



DIRECTORY

US National Nuclear Security Administration (NNSA) Washington DC, MD, USA www.nnsa.energy.gov

Vega Biofuels Inc. Norcross, GA, USA www.vegabiofuels.com

Viper Networks Inc. Troy, MI, USA www.vipernetworks.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor

M&A - Acquirer

Venrock Associates Palo Alto, CA, USA www.venrock.com

Virtual Sourcing Inc. Washington DC, MD, USA www.virtualsourcinginc.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


M&A - Acquirer

ventrillion Singapore, Singapore www.ventrillion.com

Vision Ridge Partners LLC Boulder, CO, USA

INVESTMENT FOCUS:

PIPE


Verdesian Life Sciences LLC Cary, NC, USA www.vlsci.com

Vocap Ventures New York, NY, USA www.vocapventures.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

M&A - Acquirer


Versalis Rome, Italy

Volvo Group Venture Capital Gothenburg, Sweden www.volvogroup.com/venturecapital

Grant & Government Funding US Renewables Group LLC Santa Monica, CA, USA www.usregroup.com INVESTMENT FOCUS:

VC - Early Growth (Series A to C) USA Recycling Industries Inc. Reading, PA, USA www.usarecyclingindustriesinc.com INVESTMENT FOCUS:

INVESTMENT FOCUS:

M&A - Acquirer USG Nevada LLC San Emidio, NV, USA www.usgeothermal.com INVESTMENT FOCUS:

Project sponsor

V

INVESTMENT FOCUS:

Minority / Partnership, VC - Late Stage (Series D+)

INVESTMENT FOCUS:

ADVISORY FOCUS:

Verso Paper Corp. Memphis, TN, USA www.versopaper.com

Voyager Capital Seattle, WA, USA www.voyagercapital.com

Financial - M&A

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor


The Valence Group New York, NY, USA www.valencegroup.com

Valero Energy Corp. San Antonio, TX, USA www.valero.com


INVESTMENT FOCUS:

Vertex Energy Inc. Houston, TX, USA www.vertexenergy.com


INVESTMENT FOCUS:

VTB Capital plc Moscow, Russia www.vtbcapital.com

M&A - Acquirer

INVESTMENT FOCUS:

Valhalla Partners Vienna, VA, USA www.valhallapartners.com


INVESTMENT FOCUS:

Vieste Energy, LLC Chicago, IL, USA www.viestellc.com


INVESTMENT FOCUS:

Vulcan Capital Seattle, WA, USA www.capital.vulcan.com

Project sponsor

INVESTMENT FOCUS:

Valor Equity Partners LP Chicago, IL, USA www.valorep.com INVESTMENT FOCUS:

ViewTrade Securities Inc. Boca Raton, FL, USA www.viewtrade.com


ADVISORY FOCUS:

VantagePoint Venture Partners San Bruno, CA, USA www.vpvp.com INVESTMENT FOCUS:



Financial - Venture capital and private equity Vinson & Elkins LLP London, UK www.velaw.com ADVISORY FOCUS:

Legal - M&A

87

DIRECTORY


Waste Connections Inc. Folsom, CA, USA www.wasteconnections.com

Wellington Financial LP Toronto, ON, Canada www.wellingtonfund.com

W2 Energy Inc. Toronto, ON, Canada www.w2energy.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

M&A - Acquirer


INVESTMENT FOCUS:

Waste Haulers Johnston, RI, USA www.wastehaulers.net

Wells Fargo & Company Palo Alto, CA, USA www.wellsfargo.com

Wabash Valley Power Association Indianapolis, IN, USA www.wvpa.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

M&A - Acquirer

INVESTMENT FOCUS:

Waste Management Inc. Houston, TX, USA www.wm.com

Debt project finance, Equity Project Finance, VC - Early Growth (Series A to C)

W

M&A - Acquirer

Project sponsor Wachtell Lipton Rosen & Katz New York, NY, USA www.wlrk.com ADVISORY FOCUS:

INVESTMENT FOCUS:

M&A - Acquirer, Project sponsor, VC Early Growth (Series A to C), VC - Late Stage (Series D+)

Wells Fargo Advisors LLC St. Louis, MO, USA www.wellsfargoadvisors.com ADVISORY FOCUS:

Financial - M&A

Legal - M&A Wakefern Food Corp. Keasbey, NJ, USA www.wakefern.com

Water Infrastructure Finance Authority of Arizona (WIFA) Phoenix, AZ, USA www.azwifa.gov

Wells Fargo Securities LLC Charlotte, NC, USA www.wellsfargo.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Financial - M&A

Project sponsor

Project sponsor

Walden International San Francisco, CA, USA www.waldenintl.com

Watershed Capital LLC Asheville, NC, USA www.watershedcapital.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


VC - Early Growth (Series A to C) ADVISORY FOCUS:

WalMart Bentonville, AR, USA www.walmart.com


INVESTMENT FOCUS:

WCA Waste Corp. Houston, TX, USA www.wcaa.com

Project sponsor

ADVISORY FOCUS:

WePOWER LLC Laguna Niguel, CA, USA www.wepower.us INVESTMENT FOCUS:

M&A - Acquirer WesTech Engineerin Inc. Salt Lake City, UT, USA www.westech-inc.com INVESTMENT FOCUS:

M&A - Acquirer Western Technology Investment (WTI) San Jose, CA, USA www.westerntech.com

Wal-Mart Stores Inc. Bentonville, AR, USA www.walmartstores.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

WegoWise Inc. Boston, MA, USA www.wegowise.com

INVESTMENT FOCUS:

Wanxiang Group HangZhou, China www.wanxiang.com.cn

INVESTMENT FOCUS:

Western Wind Energy Corp. Vancouver, BC, Canada www.westernwindenergy.com

INVESTMENT FOCUS:

Weinberg Capital Group Cleveland, OH, USA www.weinbergcap.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Westfield Group London, UK www.westfield.com

Project sponsor

M&A - Acquirer, Minority / Partnership, VC - Early Growth (Series A to C), VC - Late Stage (Series D+)

M&A - Acquirer

M&A - Acquirer

M&A - Acquirer, PE - Buyout


M&A - Acquirer, Project sponsor

Washington Gas Energy Services Inc. (WGES) Herndon, VA, USA www.wges.com

Wellcome Trust London, UK www.wellcome.ac.uk

INVESTMENT FOCUS:

INVESTMENT FOCUS:

INVESTMENT FOCUS:

Project sponsor


WestLB AG Düsseldorf, Germany www.westlb.de

Project sponsor

INVESTMENT FOCUS:


88


DIRECTORY

The Westly Group Menlo Park, CA, USA www.westlygroup.com

WindPower Innovations Inc. Queen Creek, AZ, USA www.windpowerinnovationsinc.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


M&A - Acquirer

Westport Innovations Inc. Vancouver, BC, Canada www.westport.com INVESTMENT FOCUS:

Windstone Capital Partners, Inc. Scottsdale, AZ, USA

INVESTMENT FOCUS:

Financial - Venture capital and private equity Winston & Strawn LLP New York, NY, USA www.winston.com

INVESTMENT FOCUS:

Project sponsor, VC - Early Growth (Series A to C) Wilmar International Ltd. Singapore, Singapore www.wilmar-international.com

Legal - M&A Wisconsin Energy Corp. Milwaukee, WI, USA www.wisconsinenergy.com

Wilson Electric Tucson, AZ, USA www.wilsonelectric.net

Project sponsor Xinjiang Goldwind Science & Technology Co. Ltd Urumqi, China www.goldwind.cn INVESTMENT FOCUS:

M&A - Acquirer, Project sponsor XMS Capital Partners Evanston, IL, USA www.xmscapital.com ADVISORY FOCUS:

Financial - M&A

INVESTMENT FOCUS:

M&A - Acquirer WK Technology Fund Taipei, Taiwan www.wktechfund.com INVESTMENT FOCUS:


INVESTMENT FOCUS:


INVESTMENT FOCUS:

ADVISORY FOCUS:

VC - Late Stage (Series D+) WGL Holdings Inc. Washington, DC, USA www.wglholdings.com

Xcel Energy Inc. Minneapolis, MN, USA www.xcelenergy.com

ADVISORY FOCUS:

M&A - Acquirer Wexford Capital LLC Greenwich, CT, USA www.wexford.com

X

Y York Plains Investment Corp. Toronto, ON, Canada www.yorkplains.com/Partners.aspx INVESTMENT FOCUS:

Woodburn And Wedge Reno, NV, USA www.woodburnandwedge.com ADVISORY FOCUS:

Legal - M&A

PIPE

Z

INVESTMENT FOCUS:

Project sponsor Wilson Sonsini Goodrich & Rosati Palo Alto, CA, USA www.wsgr.com

Wuxi WesTech Solar Wuxi, China www.westechsolar.com

Zachry Corp. San Antonio, TX, USA www.zachrycorp.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:

M&A - Acquirer


Wynnchurch Capital Ltd. Chicago, IL, USA www.wynnchurch.com

ZeaChem Inc. Lakewood, CO, USA www.zeachem.com

INVESTMENT FOCUS:

INVESTMENT FOCUS:


Project sponsor

INVESTMENT FOCUS:

VC - Early Growth (Series A to C) Wind Capital Group LLC St. Louis, MO, USA www.windcapitalgroup.com INVESTMENT FOCUS:

Project sponsor Wind Point Partners Chicago, IL, USA www.wppartners.com

Zeeland Farm Services Inc. Zeeland, MI, USA www.zfsinc.com INVESTMENT FOCUS:

M&A - Acquirer

INVESTMENT FOCUS:

M&A - Acquirer Wind Works Power Corp. Ottawa, ON, Canada www.windworkspower.com

Zentric Inc. South Melbourne, Australia www.zbatt.com INVESTMENT FOCUS:

M&A - Acquirer, Project sponsor

INVESTMENT FOCUS:

M&A - Acquirer

89

DIRECTORY


Zep Solar Inc. San Rafael, CA, USA www.zepsolar.com

Zhongjia Hechuang Investment Beijing, China INVESTMENT FOCUS:

Zouk Capital LLP London, UK www.zouk.com

INVESTMENT FOCUS:


INVESTMENT FOCUS:

Project sponsor Zhejiang Century Square Investment Co. Ltd HangZhou, China INVESTMENT FOCUS:

PIPE Zions SBIC Salt Lake City, UT, USA www.zionsbank.com INVESTMENT FOCUS:

ZS Fund L.P. New York, NY, USA www.zsfundlp.com


INVESTMENT FOCUS:

M&A - Acquirer Zheshang Fund HangZhou, China www.zsfund.com INVESTMENT FOCUS:

M&A - Acquirer

90

PE - Development Capital Zipcar Inc. Cambridge, MA, USA www.zipcar.com INVESTMENT FOCUS:



DIRECTORY

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DIRECTORY


Clean Energy USA Finance Guide (2014 Edition)

www.cleanenergypipeline.com

Published by Clean Energy Pipeline A division of VB/Research Ltd. Wells Point 79 Wells Street London, W1T 3QN, UK Copyright © 2005-2013 VB/Research Ltd.

92

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