CONTENTS
TOTAL NEW CLEAN ENERGY INVESTMENT
3
PROJECT / ASSET FINANCE
11
MERGERS & ACQUISITIONS
19
VENTURE CAPITAL & PRIVATE EQUITY
30
PUBLIC MARKETS
35
GREEN BRONDS
41
ABOUT CLEAN ENERGY PIPELINE
49
CONTACTS
53
2
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL CLEAN ENERGY INVESTMENT
2009 TO 2016
400
350 344 322 300 295 285
Deal value ($ billion)
275 263
250
248
200 184 150
100
50
0 2009
2010
2011
2012
2013
2014
2015
2016
Global clean energy investment
Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds. 3
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL CLEAN ENERGY INVESTMENT BY ASSET CLASS
2009 TO 2016
400
350 7 16 15 15
Deal value ($ billion)
300
8 5
12
250
24
8 16 6 14
80
78
9 15
81
76
92 200
150
63
79
5 11 38 239
100
198
50
187
185
167
161
146
111
0 2009
2010 Project finance
2011
2012
2013
Small-scale project investment
Public markets
2014
2015
2016
Venture capital & private equity
Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds. 4
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL CLEAN ENERGY INVESTMENT BY REGION
2009 TO 2016
400
350 15 8 17
300
Deal value ($ billion)
19
14 16
250
89
14 12
14 99
10 14
21
66
86
74
81
200
9 14
77
6 17
96 113
150
86 76
55
89
106
77
100 69
50
95
98 71
57
116
108
2015
2016
86
38 0 2009
2010 Asia Pacific
2011 Europe
2012
2013
North America
Latin & Central America
2014 Africa & Middle East
Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds. 5
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL CLEAN ENERGY INVESTMENT BY SECTOR
2009 TO 2016
400
350 35 16
300 74
27
Deal value ($ billion)
34 250 82
31
17
15
14
31
14
150
14
200
124
9 130 150
127
106
62 119
89 6 100
48 143
50
95
101
2010
2011
112
110
129
84
69 0 2009
2012 Wind
2013
Solar
Biomass
2014
2015
2016
Other
Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds. 6
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL CLEAN ENERGY INVESTMENT
1Q09 TO 4Q16
120
100
90
80
Deal value ($ billion)
89 87
86
87 81
78
68
60
74
72
72
72
70
70
67
64
63
62
60
64
64 60
57 52
81
77
77
56
53 51
40 38
20
24
0
Global clean energy investment
Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds. 7
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL CLEAN ENERGY INVESTMENT BY ASSET CLASS
1Q09 TO 4Q16
120
100
Deal value ($ billion)
80
60
40
20
0
Project finance
Small-scale project investment
Public markets
Venture capital & private equity
Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds. 8
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL CLEAN ENERGY INVESTMENT BY REGION
1Q09 TO 4Q16
120
100
Deal value ($ billion)
80
60
40
20
0
Asia Pacific
Europe
North America
Latin & Central America
Africa & Middle East
Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds. 9
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL CLEAN ENERGY INVESTMENT BY SECTOR
1Q09 TO 4Q16
120
100
Deal value ($ billion)
80
60
40
20
0
Wind
Solar
Biomass
Other
Note: Total clean energy investment is defined as the sum of utility & small scale project/asset finance, and private & public investments in companies in the clean energy sector. This excludes corporate M&A transactions, private equity buyouts and green bonds. 10
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL ROJECT / ASSET FINANCE BY SECTOR
2009 TO 2016
300
250
Deal value ($ billion)
200
150
100
50
0 2009
2010
2011
2012 Wind
2013
Solar
Biomass
12
2014
2015
2016
Other
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL PROJECT / ASSET FINANCE BY SECTOR
1Q09 TO 4Q16
80
70
Deal value ($ billion)
60
50
40
30
20
10
0
Wind
Solar
Biomass
13
Other
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL PROJECT / ASSET FINANCE BY REGION
2009 TO 2016
300.00
250.00
Deal value ($ billion)
200.00
150.00
100.00
50.00
0.00 2009
2010 Asia Pacific
2011 Europe
2012 North America
2013 Latin & Central America
14
2014
2015
2016
Africa & Middle East
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL PROJECT / ASSET FINANCE BY REGION
1Q09 TO 4Q16
80
70
Deal value ($ billion)
60
50
40
30
20
10
0
Asia Pacific
Europe
North America
Latin & Central America
15
Africa & Middle East
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL PROJECT / ASSET FINANCE BY SECTOR
2016 VS 2015
87.4 Onshore wind 96.6
45.4 Solar PV 74.7
29.8 Offshore wind 29.0
14.3 Other 21.0
11.6 Biomass 13.2
1.2 Solar thermal 7.4
2016
2015
NOTE: FIGURES ARE IN $ BILION 16
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL PROJECT / ASSET FINANCE BY REGION
2016 VS 2015
75.5 Asia Pacific 84.9
58.7 Europe 68.5
36.1 North America 59.2
12.7
Latin & Central America 16.4
6.7 Africa & Middle East 13.0
2016
2015
NOTE: FIGURES ARE IN $ BILION 17
(c) 2016 Clean Energy Pipeline. All rights reserved.
TOP 10 PROJECT / ASSET FINANCE TRANSACTIONS
2016
PROJECT
COUNTRY
SPONSOR(S)
INVESTMENT ($M)
Interconnector – North Sea Link
UK/Norway
Statnett / National Grid
2,100
Belgium
Eneco Holding NV / Mitsubishi Corp. / Elicio NV
1275
Binhai North H2 offshore wind farm (400MW)
China
State Power Investment Corporation
965
Jingxia 4th (A,B,C) onshore wind farm (600MW)
China
Guohua New Energy
864
Fujian Putian Zhongming Pinghai Bay Phase II offshore wind farm (250MW)
China
Fujian Investment & Development Co. Ltd
812
Nine projects in the US solar PV plants (339.4MW)
USA
sPower (Sustainable Power Group)
786
Canada
Enercon GmbH / Niagara Region Wind Corp.
723
USA
Geronimo Energy
668
Phanes Group Solar PV plant (300MW)
Nigeria
Phanes Group
648
Zhoushan Putuo 6# onshore wind farm (250MW)
China
China Guodian Corp.
647
Norther offshore wind farm (370MW)
Niagara Region onshore wind farm (230MW) Grand Prairie onshore wind farm (400MW)
18
(c) 2016 Clean Energy Pipeline. All rights reserved.
1Q09 TO 4Q16
45
450
40
400
35
350
30
300
25
250
20
200
15
150
10
100
5
50
0
0
Asia - Pacific
Europe
North America
Latin America
20
Africa & Middle East
Number of deals
Deal value ($ billion)
GLOBAL MERGERS & ACQUISITIONS BY REGION
Number of deals
(c) 2016 Clean Energy Pipeline. All rights reserved.
2009 TO 2016
140
1400
120
1200
100
1000
80
800
60
600
40
400
20
200
0
Number of deals
Deal value ($ billion)
GLOBAL MERGERS & ACQUISITIONS BY REGION
0 2009 Asia - Pacific
2010
2011 Europe
2012 North America
2013 Latin America
21
2014
2015
Africa & Middle East
2016 Number of deals
(c) 2016 Clean Energy Pipeline. All rights reserved.
2009 TO 2016
140
1400
120
1200
100
1000
80
800
60
600
40
400
20
200
0
Number of deals
Deal value ($ billion)
GLOBAL MERGERS & ACQUISITIONS BY DEAL TYPE
0 2009
2010
2011 Corporate M&A
2012
2013 Private Equity
22
2014
2015
2016
Number of deals
(c) 2016 Clean Energy Pipeline. All rights reserved.
1Q09 TO 4Q16
45
450
40
400
35
350
30
300
25
250
20
200
15
150
10
100
5
50
0
0
Corporate M&A
Private Equity
23
Number of deals
Deal value ($ billion)
GLOBAL MERGERS & ACQUISITIONS BY DEAL TYPE
Number of deals
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL MERGERS & ACQUISITIONS OF RENEWABLE ENERGY PROJECTS
2009 TO 2016
100
90
80
Effective capacity (GW)
70
60
50
40
30
20
10
0 2009
2010
2011 In operation
2012
2013
Under construction
24
2014
2015
2016
Pre-contruction
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL MERGERS & ACQUISITIONS OF RENEWABLE ENERGY PROJECTS
1Q09 TO 4Q16
35
30
Effective capacity (GW)
25
20
15
10
5
0
In operation
Under construction
25
Pre-contruction
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL MERGERS & ACQUISITIONS BY SECTOR
2016 VS 2015
2015
2016
4.0
5.6
8.4 3.8
4.1
25.5
3.9
6.8 38.8
$87.3 BILLION
$79.8 BILLION
7.4
7.8 9.1 20.2
21.6
Wind
Solar
Hydro
Wind
Solar
Hydro
Energy Efficiency
Recycling & Waste
Biomass
Energy Efficiency
Recycling & Waste
Biomass
Other
Other
26
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL MERGERS & ACQUISITIONS BY ACQUIRER TYPE
2016 VS 2015
2015
2016
0.3
6.6
9.0
0.5
18.3
5.0
8.4
24.9 $79.8 BILLION
$87.3 BILLION 19.7 22.8
32.0
19.9
Corporate
PE/Infrastructure Fund
IPP/Utility
Corporate
PE/Infrastructure Fund
IPP/Utility
Yieldco
Institutional Investor
Other
Yieldco
Institutional Investor
Other
27
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL MERGERS & ACQUISITIONS BY TARGET TYPE
2016 VS 2015
2015
2016
3.5
4.6
21.1 25.1 $87.3 BILLION
$79.8 BILLION
51.3 61.7
Renewable energy projects
Supply chain targets
Renewable energy projects Supply chain targets
Clean technology targets
Clean technology targets
28
(c) 2016 Clean Energy Pipeline. All rights reserved.
TOP 10 M&A TRANSACTIONS
TARGET
2016
SECTOR
COUNTRY
ACQUIRER
DEAL VALUE ($M)
Westar Energy
Wind
USA
Great Plains Energy
8600
CPFL Energia
Wind
Brazil
China's State Grid International Development
2300
Isagen
Hydro
Colombia
Brookfield Renewable Energy Partners
2200
Philips Lumileds Lighting Company
Energy Efficiency
USA
Apollo Global Management
2000
SolarCity
Solar
USA
Tesla Motors
2000
Race bank wind farm (580MW) and its transmission line
Wind
UK
Macquarie Group
1979
Sensus USA Inc.
Energy Efficiency
USA
Xylem
1700
LM Wind Power Group
Wind
Denmark
General Electric
1675
EEW Energy from Waste
Biomass
Germany
Beijing Enterprises Holdings
1600
Urbaser
Recycling & Waste
Spain
Firion Investments
1530
29
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL VENTURE CAPITAL & PRIVATE EQUITY BY REGION
2009-2016
18
16
14
Deal value ($ billion)
12
10
8
6
4
2
0 2009
2010
2011 Asia Pacific
2012 Europe
2013 North America
31
2014
2015
2016
Rest of the World
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL VENTURE CAPITAL & PRIVATE EQUITY BY REGION
1Q09 TO 4Q16
6.00
5.00
Deal value ($ billion)
4.00
3.00
2.00
1.00
0.00
Asia Pacific
Europe
North America
32
Rest of the World
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL VENTURE CAPITAL & PRIVATE EQUITY BY SECTOR
2016 VS 2015
2015
2016
1.4 1.8
3.0
0.6
$6.9 BILLION
$9.7 BILLION
1.3
1.9
0.4 1.2
0.5 1.8
1.5
1.0
Solar
Energy Efficiency
Green Transportation Solar
Wind
Green Transportation
Wind
Energy Efficiency
Other
Advanced Materials & Technologies
Other
Energy Storage
33
(c) 2016 Clean Energy Pipeline. All rights reserved.
TOP TEN VENTURE CAPITAL & PRIVATE EQUITY TRANSACTIONS
2016
COMPANY
COUNTRY
DATE
DEAL VALUE ($M)
LeSee
China
2016-09
1,080
WM Motor
China
2016-08
1,000
Senvion SE
Germany
2016-03
585
GMR Energia
Brazil
2016-05
300
Sunnova Energy Corp.
USA
2016-03
300
Mosaic Inc.
USA
2016-08
220
Altus Power America
USA
2016-10
205
Dividend Solar
USA
2016-06
200
United Wind Inc.
USA
2016-01
200
Sigfox
France
2016-11
159
34
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL PUBLIC MARKETS BY QUARTER
2009-2016
25
Deal value ($ billion)
20
15
10
5
2009
2010
2011
2012 Q1
2013
Q2
36
Q3
2014
2015
2016
Q4
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL PUBLIC MARKETS BY REGION
2009-2016
25
Deal value ($ billion)
20
15
10
5
0 2009
2010
2011 Asia Pacific
Europe
2012
2013
North America
37
Latin & Central America
2014
2015
2016
Middle East
(c) 2016 Clean Energy Pipeline. All rights reserved.
GLOBAL PUBLIC MARKETS BY SECTOR
2009-2016
25
Deal value ($ billion)
20
15
10
5
0 2009
2010
2011 Wind
Solar
2012 Biomass
2013
Energy Efficiency
38
2014
Recycling & Waste
2015
2016
Other
(c) 2016 Clean Energy Pipeline. All rights reserved.
2009 TO 2016
16
80
14
70
12
60
10
50
8
40
6
30
4
20
2
10
0
Number of deals
Deal value ($ billion)
GLOBAL CLEAN ENERGY IPOS
0 2009
2010
2011
2012
2013
IPO
Number of deals
39
2014
2015
2016
(c) 2016 Clean Energy Pipeline. All rights reserved.
TOP 10 PUBLIC MARKET TRANSACTIONS
2016
ISSUER
DATE
STOCK EXCHANGE
ISSUE TYPE
PROCEEDS ($M)
DONG Energy
2016-06
OMX Nordic - Copenhagen
IPO
3,003
RWE Innogy
2016-10
Frankfurt Stock Exchange
IPO
2,242
BYD Co. Ltd.
2016-07
Shenzhen Stock Exchange
IPO
2,165
Tesla Motors
2016-05
Nasdaq Global Select Market
Secondary
1,403
Sungrow Power Supply
2016-08
Shanghai Stock Exchange
Secondary
400
NextEra Energy Partners LP
2016-09
New York Stock Exchange
Secondary
353
Advanced Disposal Services
2016-10
New York Stock Exchange
IPO
347
Senvion SE
2016-03
Frankfurt Stock Exchange
IPO
330
Datang Environment Industry Group
2016-11
Hong Kong Stock Exchange
IPO
328
Biffa
2016-10
London Stock Exchange
IPO
321
40
(c) 2016 Clean Energy Pipeline. All rights reserved.
2007-2016
120
300
100
250
80
200
60
150
40
100
20
50
-
Number of deals
Deal value ($ billion)
GLOBAL GREEN BOND ISSUANCES BY ISSUER TYPE
2007
2008
2009
2010
2011
2012
2013
2014
Development banks
Corporates
Governments/Municipalities
Project bonds
Green asset-backed securities
Number of deals
42
2015
2016
Investment/commercial banks
(c) 2016 Clean Energy Pipeline. All rights reserved.
2007-2016
120
300
100
250
80
200
60
150
40
100
20
50
0
Number of deals
Deal value ($ billion)
GLOBAL GREEN BOND ISSUANCES BY REGION
2007
2008
2009
Asia Pacific
2010 Europe
2011
2012
North America
43
2013 Rest of the World
2014
2015
2016
Number of deals
(c) 2016 Clean Energy Pipeline. All rights reserved.
TOP 10 GREEN BOND ISSUERS
Industrial Bank
Pudong Development Bank
Bank Of Communications
2016
7,803 0 7,550 0 4,400 0 3,811 3,512
European Investment Bank
Bank of China
3,500 0 2,737
KfW Bankengruppe
Iberdrola
4,071 2,708 0 2,551
TenneT Holding
1,089 2,140
Southern Power
Grupo Aeroportuario de la Ciudad de México
1,000 2,000 0
2016
2015
NOTE: FIGURES ARE IN $ MILION
44
(c) 2016 Clean Energy Pipeline. All rights reserved.
TOP 10 GREEN BOND ISSUERS
14,861
European Investment Bank
3,811 10,350
KfW Bankengruppe
World Bank
2007-2016
2,737 9,854 1,261 7,803 7,803
Industrial Bank Co. Ltd
7,550 7,550
Pudong Development Bank
International Finance Corporation (IFC)
Toyota Motor Corp.
5,004 1,388 4,600 1,600 4,400 4,400
Bank Of Communications Co. Ltd
NRW.Bank
Iberdrola S.A.
3,742 1,372 3,737 2,708
Total to date
2016
NOTE: FIGURES ARE IN $ MILION
45
(c) 2016 Clean Energy Pipeline. All rights reserved.
TOP 10 COUNTRIES OF ISSUERS
30,209
China
1,400 20,996
USA
13,578 6,393
Germany
8,507 5,996
Netherlands
4,273
4,660 4,463
France
3,811 3,512
Luxembourg
3,125
Sweden
1,429 2,782 1,896
Japan
Spain
Mexico
2016
2,708 318 2,158 500
2016
2015
NOTE: FIGURES ARE IN $ MILION
46
(c) 2016 Clean Energy Pipeline. All rights reserved.
TOP 10 COUNTRIES OF ISSUERS
57,298
USA
20,996 32,087 30,209
China 21,259
Germany
6,393 18,460
France
Luxembourg
4,660
14,861 3,811 12,198
Netherlands
Japan
Spain
Sweden
Canada
2007-2016
5,996 6,752 2,782 6,467 2,708 6,348 3,125 5,554 1,641
Total to date
2016
NOTE: FIGURES ARE IN $ MILION
47
(c) 2016 Clean Energy Pipeline. All rights reserved.
TOP 10 GREEN BOND ISSUANCES
ISSUER
2016
ISSUER COUNTRY
DATE
DEAL SIZE ($M)
ISSUER TYPE
Bank Of Communications
China
2016-11
4,400
Investment/commercial bank
Bank of China
China
2016-7
3,000
Investment/commercial bank
Pudong Development Bank
China
2016-1
3,000
Investment/commercial bank
Industrial Bank
China
2016-7
2,989
Investment/commercial bank
Industrial Bank
China
2016-11
2,899
Investment/commercial bank
Pudong Development Bank
China
2016-3
2,300
Investment/commercial bank
Pudong Development Bank
China
2016-7
2,250
Investment/commercial bank
Grupo Aeroportuario de la Ciudad de México
Mexico
2016-9
2,000
Corporate
EDF SA
France
2016-10
1,962
Corporate
State of North Rhine-Westphalia
Germany
2016-3
1,750
Government/municipality
48
(c) 2016 Clean Energy Pipeline. All rights reserved.
ONLINE DAILY NEWS AND DATA SERVICE
Clean Energy Pipeline, the online daily news and data service, is the leading independent source of news, data and analytics about the Clean Energy sector.
Our news team delivers real-time business news and identifies the latest and most relevant regulatory and policy announcements, investment, M&A and project finance news, new funds and fund closes. This news is supplemented with opinion-pieces based on in-depth interviews with senior-level executives, advisers, investors and policy-makers. We also publish a variety of reports and guides, including market reports, quarterly statistics, data insight reports, expert guides and bespoke research reports.. The site has a wealth of content available for free, and if you see anything that is of interest to you, please don't hesitate to contact Munir Bello on 020 7970 4144 or
[email protected]
50
(c) 2016 Clean Energy Pipeline. All rights reserved.
ONLINE TRANSACTION DATABASES
We cover the following transactions: •
Venture Capital & Private Equity completed investments from seed funding to buyouts.
•
Mergers & Acquisitions corporate M&A and private equity buyouts.
•
Project / Asset Finance - debt, equity and government funding of clean energy projects.
•
Public Markets - IPOs, secondary market offerings and convertibles.
•
Green Bonds - Labelled green bond issuances by the sovereign, supranational and agency sector and corporates.
The transaction databases are based on deal information which has been collected by or provided to our team.
Organisations are invited to email us the deals as they happen or a quarterly deal summary in any format to ensure that all relevant transactions are reflected in the platform. All submissions should be emailed to Thai Tran at
[email protected].
51
(c) 2016 Clean Energy Pipeline. All rights reserved.
RESEARCH & DATA INSIGHT
Clean Energy Pipeline offers a customised research service. Our team is available to produce thought leadership research, market and industry surveys, data mining & analysis, competitive positioning, company profiles, investment analytics and forecasting. Research output can be delivered in Excel spreadsheets, PowerPoint charts, PDF reports or any other suggested format. Our preferred research methodology is focused on the collection and analysis of primary information collected from surveys and interviews with industry experts. This approach enables us to offer unique insights on the sector. Our clients use our research to identify trends and analyse their impact on their business; to broaden their understanding of a particular market, technology, geography or asset; and to produce thought leadership reports and white papers.
Please do get in touch with Sonja van Linden Tol on 020 7970 4909 or
[email protected]
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(c) 2016 Clean Energy Pipeline. All rights reserved.
For any questions regarding the information contained herewith or to request additional data/information, please contact: Thomas Sturge Head of Research
[email protected]
Thai Tran Head of Data
[email protected] Sonja van Linden Tol Global Head of Sales
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