global clean energy investment by region [PDF]

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


GLOBAL CLEAN ENERGY INVESTMENT BY ASSET CLASS

2009 TO 2016

400

350 7 16 15 15


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



GLOBAL CLEAN ENERGY INVESTMENT BY REGION

2009 TO 2016

400

350 15 8 17

300


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



GLOBAL CLEAN ENERGY INVESTMENT BY SECTOR

2009 TO 2016

400

350 35 16

300 74

27


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



GLOBAL CLEAN ENERGY INVESTMENT

1Q09 TO 4Q16

120

100

90

80


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



GLOBAL CLEAN ENERGY INVESTMENT BY ASSET CLASS

1Q09 TO 4Q16

120

100


80

60

40

20

0

Project finance

Small-scale project investment

Public markets

Venture capital & private equity



GLOBAL CLEAN ENERGY INVESTMENT BY REGION

1Q09 TO 4Q16

120

100


80

60

40

20

0

Asia Pacific

Europe

North America


Africa & Middle East



GLOBAL CLEAN ENERGY INVESTMENT BY SECTOR

1Q09 TO 4Q16

120

100


80

60

40

20

0

Wind

Solar

Biomass

Other



GLOBAL ROJECT / ASSET FINANCE BY SECTOR

2009 TO 2016

300

250


200

150

100

50

0 2009

2010

2011

2012 Wind

2013

Solar

Biomass

12

2014

2015

2016

Other


GLOBAL PROJECT / ASSET FINANCE BY SECTOR

1Q09 TO 4Q16

80

70


60

50

40

30

20

10

0

Wind

Solar

Biomass

13

Other


GLOBAL PROJECT / ASSET FINANCE BY REGION

2009 TO 2016

300.00

250.00


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




1Q09 TO 4Q16

80

70


60

50

40

30

20

10

0

Asia Pacific

Europe

North America


15



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



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


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


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


Number of deals


GLOBAL MERGERS & ACQUISITIONS BY REGION

Number of deals


2009 TO 2016

140

1400

120

1200

100

1000

80

800

60

600

40

400

20

200

0

Number of deals


GLOBAL MERGERS & ACQUISITIONS BY REGION

0 2009 Asia - Pacific

2010

2011 Europe

2012 North America

2013 Latin America

21

2014

2015


2016 Number of deals


2009 TO 2016

140

1400

120

1200

100

1000

80

800

60

600

40

400

20

200

0

Number of deals


GLOBAL MERGERS & ACQUISITIONS BY DEAL TYPE

0 2009

2010

2011 Corporate M&A

2012

2013 Private Equity

22

2014

2015

2016

Number of deals


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


GLOBAL MERGERS & ACQUISITIONS BY DEAL TYPE

Number of deals


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


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


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


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


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


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


GLOBAL VENTURE CAPITAL & PRIVATE EQUITY BY REGION

2009-2016

18

16

14


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


GLOBAL VENTURE CAPITAL & PRIVATE EQUITY BY REGION

1Q09 TO 4Q16

6.00

5.00


4.00

3.00

2.00

1.00

0.00

Asia Pacific

Europe

North America

32

Rest of the World


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


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


GLOBAL PUBLIC MARKETS BY QUARTER

2009-2016

25


20

15

10

5

2009

2010

2011

2012 Q1

2013

Q2

36

Q3

2014

2015

2016

Q4


GLOBAL PUBLIC MARKETS BY REGION

2009-2016

25


20

15

10

5

0 2009

2010

2011 Asia Pacific

Europe

2012

2013

North America

37


2014

2015

2016

Middle East


GLOBAL PUBLIC MARKETS BY SECTOR

2009-2016

25


20

15

10

5

0 2009

2010

2011 Wind

Solar

2012 Biomass

2013

Energy Efficiency

38

2014

Recycling & Waste

2015

2016

Other


2009 TO 2016

16

80

14

70

12

60

10

50

8

40

6

30

4

20

2

10

0

Number of deals


GLOBAL CLEAN ENERGY IPOS

0 2009

2010

2011

2012

2013

IPO

Number of deals

39

2014

2015

2016


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


2007-2016

120

300

100

250

80

200

60

150

40

100

20

50

-

Number of deals


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


2007-2016

120

300

100

250

80

200

60

150

40

100

20

50

0

Number of deals


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


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


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


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


45


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


46


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


47


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



China

2016-1

3,000


Industrial Bank

China

2016-7

2,989


Industrial Bank

China

2016-11

2,899



China

2016-3

2,300



China

2016-7

2,250


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


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


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


RESEARCH & DATA INSIGHT

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Please do get in touch with Sonja van Linden Tol on 020 7970 4909 or [email protected]

52


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