Trends In Renewable Energy Investment

Figure 1 Global new investment in renewable energy by asset class, 2004-2014 $bn

Asset finance* Small distributed capacity Public markets VC/PE Government R&D Corporate R&D Total % Growth

2004 30 9 0 1 2 3 45 -

2005 52 10 4 2 2 3 73 62%

2006 84 9 9 4 2 3 112 54%

2007 107 14 21 6 3 3 154 37%

2008 132 22 11 10 3 4 182 18%

2009 118 33 13 5 5 4 178 -2%

2010 149 62 11 6 5 4 237 33%

2011 178 76 10 5 5 5 279 18%

2012 160 79 4 4 4 5 256 -8%

2013 153 55 11 2 5 7 232 -10%

Footnote:

*Asset finance volume adjusts for re-invested equity. Total values include estimates for undisclosed deals

Source:

UNEP, Bloomberg New Energy Finance

2014 167 74 15 3 5 7 270 17%

Figure 2 Global transactions in renewable energy, 2014 $bn

VC Corp RD&D Gov R&D PE Public markets new equity Total company investment Re-invested Asset finance SDC Total investment M&A/buy-outs etc. Total transactions

2014 1 7 5 2 15 30 (4) 171 74 270 69 339

Footnote:

SDC = small distributed capacity. Total values include estimates for undisclosed deals. Figures may not add up exactly to totals, due to rounding.

Source:


Figure 3. Global Trends In Renewable Energy Investment 2014 data table, $bn

1 1.1 1.2 2 2.1 2.1.1 2.1.2 2.1.3 2.2 2.2.1 2.2.2 2.3 2.3.1 2.3.3

3 3.1 3.2 3.3 3.4 4 4.1 4.2 4.3 4.4 4.5 4.6 4.7 5 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8

Year Category Unit Total Investment New investment Total transactions New Investment by Value Chain Technology development Venture capital Government R&D Corporate RD&D Equipment Manufacturing Private equity expansion capital Public markets Projects Asset finance Of which re-invested equity Small distributed capacity Total Financial Investment Gov't R&D, corporate RD&D, small projects Total New Investment M&A Transactions Private equity buy-outs Public markets investor exits Corporate M&A Project acquistion & refinancing New Investment by Sector Wind Solar Biofuels Biomass & w-t-e Small hydro Geothermal Marine Total New Investment by Geography United States Brazil AMER (excl. US & Brazil) Europe Middle East & Africa China India ASOC (excl. China & India) Total

2004-14 CAGR %

2005 $bn

2006 $bn

2007 $bn

2008 $bn

2009 $bn

2010 $bn

2011 $bn

2012 $bn

2013 $bn

2014 $bn

45.1 53.9

72.9 99.1

112.1 148.1

153.9 212.5

181.8 241.1

178.5 242.7

237.2 295.7

278.8 352.3

256.4 324.1

231.8 298.6

270.2 339.0

17% 13%

20% 20%

0.4 1.9 3.2

0.6 2.0 2.9

1.2 2.2 3.1

2.1 2.7 3.5

3.2 2.8 4.0

1.6 5.3 4.1

2.5 4.7 4.2

2.5 4.6 5.1

2.4 4.5 5.0

0.7 4.9 6.6

1.0 5.1 6.6

39% 3% 1%

11% 10% 7%

0.3 0.3

1.0 3.7

3.0 9.1

3.6 20.7

6.8 10.9

2.9 13.1

3.1 11.4

2.5 10.1

1.7 3.9

1.4 10.5

1.7 15.1

20% 43%

18% 50%

30.4 0.0 8.6 31.4 13.7 45.1

52.5 0.2 10.3 57.6 15.3 72.9

84.7 0.7 9.5 97.3 14.8 112.1

110.4 3.1 14.1 133.7 20.2 153.9

135.4 3.7 22.3 152.7 29.1 181.8

120.0 1.9 33.4 135.6 42.8 178.5

154.6 5.6 62.2 166.1 71.2 237.2

181.2 3.3 76.1 192.9 85.9 278.8

163.2 2.9 78.8 168.1 88.3 256.4

154.6 1.9 54.9 165.4 66.4 231.8

170.7 3.6 73.5 185.0 85.2 270.2

10% 90% 34% 12% 28% 17%

19% 24% 19% 20% 20%

0.8 0.4 2.4 5.3

3.7 2.4 7.6 12.5

1.8 2.7 12.3 19.1

3.6 4.0 20.3 30.6

5.4 1.0 17.6 35.4

2.2 2.5 21.8 37.8

2.0 4.9 19.4 32.1

3.1 0.2 30.1 40.1

3.3 0.4 10.1 53.8

0.6 1.8 15.2 49.3

2.5 1.9 9.8 54.5

335% 6% -35% 11%

12% 18% 15% 26%

17.9 12.0 3.9 7.4 2.6 1.2 0.0 45.1

29.1 16.3 9.6 9.6 7.2 1.0 0.1 72.9

39.6 22.1 28.4 12.1 7.6 1.5 0.9 112.1

61.6 38.0 28.7 15.8 7.1 2.0 0.8 153.9

75.2 60.8 19.2 16.9 7.8 1.7 0.2 181.8

81.2 63.7 10.2 13.9 6.3 2.9 0.3 178.5

98.9 103.3 10.1 16.0 5.7 3.0 0.3 237.2

84.2 155.7 10.4 17.4 7.2 3.7 0.3 278.8

84.1 144.3 7.0 12.4 6.4 1.8 0.3 256.4

89.3 119.8 5.5 9.3 5.5 2.2 0.2 231.8

99.5 149.6 5.1 8.4 4.5 2.7 0.4 270.2

11% 25% -8% -10% -17% 23% 110% 17%

19% 29% 3% 1% 6% 9% 24% 20%

5.4 0.8 1.7 23.6 0.6 3.0 2.7 7.2 45.1

11.6 3.1 3.3 33.6 0.8 8.2 3.1 9.2 72.9

29.1 5.2 3.9 46.7 1.1 11.1 4.9 10.0 112.1

33.0 11.8 5.0 66.4 2.4 16.6 6.3 12.5 153.9

35.1 12.1 5.8 81.6 2.3 25.7 5.6 13.6 181.8

24.3 7.9 5.8 81.2 1.7 39.5 4.3 13.7 178.5

35.1 7.7 12.2 111.1 4.2 38.7 9.0 19.3 237.2

50.0 10.1 9.2 120.7 2.9 49.1 12.7 24.1 278.8

38.2 7.2 10.2 89.6 10.4 62.8 7.4 30.5 256.4

36.0 3.9 12.2 57.3 8.7 62.6 6.4 44.7 231.8

38.3 7.6 14.8 57.5 12.6 83.3 7.4 48.7 270.2

7% 93% 21% 0% 46% 33% 14% 9% 17%

22% 25% 24% 9% 36% 39% 10% 21% 20%

Footnote: New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals.

Source: UNEP, Bloomberg New Energy Finance

2013-14 Growth %

2004 $bn

Figure 4 Global new investment in renewable energy: developed v developing countries, 2004-2014 $bn

Developed Developing Total % Growth

2004 36 9 45 -

2005 53 20 73 62%

2006 83 29 112 54%

2007 108 46 154 37%

2008 121 61 182 18%

2009 113 66 178 -2%

2010 162 75 237 33%

2011 190 89 279 18%

2012 149 107 256 -8%

2013 135 97 232 -10%

Footnote:

New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals. Developed volumes are based on OECD countries excluding Mexico, Chile, and Turkey.

Source:


2014 139 131 270 17%

Figure 5 Global new investment in renewable energy by sector, 2014, and growth on 2013 $bn

Marine Geothermal Small hydro Biofuels Biomass & w-t-e Wind Solar

2014 0.4 3 5 5 8 99 150

% growth on 2013 110% 23% -17% -8% -10% 11% 25%

2013 blank series 0.2 0 2 0 5 0 5 0 9 0 89 0 120 0

Footnote:

New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals.

Source:


Figure 6 VC/PE new investment in renewable energy by sector, 2014 $bn

Solar Biofuels Wind Biomass & w-t-e Marine Small hydro Geothermal

2014 1.6 0.6 0.3 0.2 0.03 0.01 0.00

% growth on 2013 225% 96% -70% -8% -11% -50% -100%

2013 blank series 0.5 0 0.3 0 1.1 0 0.2 0 0.0 0 0.0 0 0.1 0

Footnote:

VC/PE new investment excludes PE buy-outs. Total values include estimates for undisclosed deals.

Source:


Figure 7 Public markets new investment in renewable energy by sector, 2014 $bn

Solar Wind Biofuels Small Hydro Biomass & w-t-e Marine Geothermal

2014 8.3 5.4 0.8 0.4 0.1 0.05 0.01

% growth on 2013 73% 120% -34% 6656% -79% 4332% -99%

2013 4.76 2.47 1.29 0.0 0.5 0.0 1.5

Footnote: Source:


Figure 8 Asset finance of renewable energy assets by sector, 2014 $bn

Wind Solar Biomass & w-t-e Small hydro Geothermal Biofuels Marine

2014 92.4 62.8 3.8 2.4 1.7 0.1

% growth on 2013 10% -27% 587% -11% 0 in 2013

2013 blank series 84.4 0 - - 5.1 0 0.3 0 2.0 0 0

Footnote:

Total values include estimates for undisclosed deals

Source:


-

Figure 9 Asset finance of renewable energy assets and small distributed capacity by sector, 2014, and growth on 2013 $bn

Marine Geothermal Biofuels Small hydro Biomass & w-t-e Wind Solar

2014 0.1 2.4 3.8 7.4 92.4 136.3

% growth on 2013 0 in 2013 -27% -10% 10% 25%

2013 blank series 0 --5 0 8 0 84 0 109 0

Footnote:

Total values include estimates for undisclosed deals.

Source:


-

Figure 10 Global average levelised cost of electricity for wind and PV, Q3 2009 to H1 2015, $ per MWh

2009 PV - thin film PV - c-Si PV - c-Si tracking Onshore wind Offshore wind

Q3 291 96 151

2010 Q4 291 90 169

Q1 291 86 178

Q2 275 86 176

Footnote: PV-c-Si stands for crystalline silicon photovoltaics

Source:

Bloomberg New Energy Finance

2011 Q3 272 93 185

Q4 230 249 211 82 176

Q1 239 235 219 84 184

Q2 231 245 229 87 190

2012 Q3 194 201 166 82 208

Q4 194 197 163 75 219

Q1 179 188 161 77 226

Q2 158 164 148 80 228

2013 Q3 144 166 135 82 220

Q4 148 162 132 83 219

H1 127 135 123 81 218

15

2014 H2 123 137 124 78 213

H1 149 149 148 82 212

H2 143 143 142 82 203

H1 143 129 139 85 176

Figure 11 Global new investment in renewable energy: developed v developing countries, 2014, and total growth on 2013 $bn

Marine Geothermal Small hydro Biofuels Biomass & w.t.e Wind Solar

2014 0.4 1 3 6 41 87

Developed % growth on 2013 8% -18% -1% -2.0% 9%

2014 4 2 3 58 63

Developing % growth on 2013 -21% 23% -25% 23.3% 58%

Total Developed % growth on 2013 2013 -17% 1 -8% 4 -10% 6 11% 42 25% 80

Footnote:

Total values include estimates for undisclosed deals. New investment volume adjusts for re-invested equity. Includes estimates for small distributed capacity, corporate and government R&D. Developed volumes are based on OECD countries excluding Mexico, Chile, and Turkey.

Source:


Figure 12 Global new investment in renewable energy by region, 2004-2014 $bn

United States Brazil AMER (excl. US & Brazil) Europe Middle East & Africa China India ASOC (excl. China & India) Total Footnote:

Source:

2004 5.4 0.8 23.6 0.6 3.0 2.7 7.2

2005 11.6 33.6 0.8 8.2 3.1 9.2

2006 29.1 46.7 1.1 11.1 4.9 10.0

2007 33.0 66.4 2.4 16.6 6.3 12.5

2008 35.1 81.6 2.3 25.7 5.6 13.6

2009 24.3 81.2 1.7 39.5 4.3 13.7

2010 35.1 7.7 12.2 111.1 4.2 38.7 9.0 19.3

2011 50.0 10.1 9.2 120.7 2.9 49.1 12.7 24.1

New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals. UNEP, Bloomberg New Energy Finance

2012 38.2 7.2 10.2 89.6 10.4 62.8 7.4 30.5

2013 36.0 3.9 12.2 57.3 8.7 62.6 6.4 44.7

2014 38.3 7.6 14.8 57.5 12.6 83.3 7.4 48.7

Figure 13 Global new investment in renewable energy by region, 2014 $bn

China Europe ASOC (excl. China & India) United States AMER (excl. US & Brazil) Middle East & Africa Brazil India

2014 83.3 57.5 38.3 14.8 12.6 7.6 7.4

% growth on 2013 33% 7% 21% 46% 93% 14%

2013 62.6

36.0 12.2 8.7 3.9 6.4

Footnote:

New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals.

Source:


Figure 14 New investment in renewable energy by country and asset class, 2014, and growth on 2013 $bn

Rank 10 9 8 7 6 5 4 3 2 1

South Africa Netherlands India Brazil Canada Germany United Kingdom Japan United States China

Asset finance* 5.5 5.6 5.7 6.4 8.1 11.9 6.2 14.0 71.8

SDC 0.0 0.0 1.0 3.0 1.1 28.1 12.9 7.6

Public markets 0.0 1.6 0.5 0.2 0.9 0.0 7.6 1.5

VC/PE 0.0 0.2 0.1 0.1 0.0 0.0 1.7 0.0

2014 Total 5.5 7.4 8.0 11.4 13.9 34.3 36.3 81.0

% growth on 2013 5% 97% 31% 4% 1% 11% 7% 34%

Footnote:

Top 10 countries. *Asset finance volume adjusts for re-invested equity. Excludes corporate and government R&D

Source:


2013 5.2 1.8 6.3 3.8 6.1 11.0 13.7 30.9 34.0 60.3

Asset finance of renewable energy assets by country, 2015, and growth on 2013 $bn

South Africa Netherlands Brazil Japan India Canada Germany United Kingdom United States China

2014 5.5 5.6 6.2 6.3 6.4 8.1 12.0 15.5 73.0

% growth on 2013 4% -30% 5% 20% 28% 13% -25% 23%

2013 5.2 8.8 6.0 5.3 6.4 10.6 20.6 59.3

blank series

0 0 0 0 0 0

Footnote:

Top 10 countries. Total values include estimates for undisclosed deals

Source:


Small distributed capacity investment by country, 2014, and growth on 2013 $bn

Austria Canada Italy United Kingdom France Australia Germany China United States Japan

2014 0.8 1.0 1.1 1.9 2.1 3.0 7.6 12.9 28.1

% growth on 2013 0% -5% 85% -11% -34% 555% 66% 27%

2013 0.8 1.2 1.0 2.4 4.5 1.2 7.8 22.1

blank series 0

0 0 0 0

Footnote:

Top 10 countries. Represents investments in solar PV projects with capacities below

Source:


Figure 17 VC/PE, public markets, and asset finance investment in renewable energy in the United States by sector, 2014 $bn

Solar Wind Biofuels Geothermal Biomass & w.t.e Small hydro Marine Total

Asset finance* 7.5 5.9 0.2 0.04 0.02 13.7

Public markets 5.9 0.0 0.01 5.9

VC/PE 1.3 0.03 0.01 0.002 1.4

Total 14.8 0.2 0.1 0.03 0.02 15.1

Footnote:

*Asset finance volume adjusts for re-invested equity. Small distributed capacity is not included here

Source:


Figure 18 VC/PE, public markets, and asset finance investment in renewable energy in Europe by sector , 2014 $bn

Wind Biomass & w-t-e Solar Small hydro Biofuels Marine Geothermal Total

Asset finance* 27.2 4.7 0.1 0.1 0.1 0.1 32

Public markets 1.8 0.1 0.1 0.03 2

Footnote:

*Asset finance volume adjusts for re-invested equity

Source:


VC/PE 0.01 0.02 0.0

Total 29.0 0.1 29

Figure 19 VC/PE, public markets, and asset finance investment in renewable energy in China by sector, 2014 $bn

Wind Solar Small hydro Biomass & w-t-e Biofuels Total

Asset finance* 37.9 29.7 1.1 0.7 69.4

Public markets 0.3 0.3

Footnote:

*Asset finance volume adjusts for re-invested equity

Source:


VC/PE -

Total 38.2 1.1 0.7 40.1

Figure 20 Total VC/PE, public markets, and asset finance investment in renewable energy in Africa by country, 2014 $bn

Burkina Faso Mauritius Tanzania Nigeria* Egypt Algeria Kenya South Africa

2014 0.1 0.1 0.2 0.2 0.4 1.3 5.5

Footnote:

Omits countries with less than $0.1bn investment. Investment volume adjusts for re-invested equity *Includes the Kashimbila small hydro plant whoes financing was confirmed after the global investment totals had been compiled

Source:


Figure 21 Total VC/PE, public markets, and asset finance investment in renewable energy in Latin America (excl. Brazil) by country, 2014 $bn

Guatemala Peru Honduras Costa Rica Panama Uruguay Chile Mexico

2014 0.2 0.3 0.5 0.6 0.9 1.4 2.0

Footnote:

Omits countries with less than $0.1bn investment. Investment volume adjusts for re-invested equity

Source:


Figure 22 Total VC/PE, public markets, and asset finance investment in renewable energy in non-OECD Asia (excl. China & India) by country, 2014 $bn

Nepal Singapore Taiwan Kazakhstan Pakistan Thailand Sri Lanka Philippines Myanmar Indonesia

2014 0.1 0.1 0.3 0.3 0.4 0.4 0.5 0.6 1.8

Footnote:

Omits countries with less than $0.1bn investment. Investment volume adjusts for re-invested equity

Source:


Figure 23 Renewable power generation and capacity as a share of global power, 2006-2014, %

2007 Renewables capacity change as a % of global power capacity change20% (net) Renewable power as a % of global power capacity 8% Renewable power as a % of global power generation -

2008 27% -

2009 42% -

2010 32% -

2011 40% -

Renewables figure excludes large hydro. Capacity and generation based on Bloomberg New Energy Finance global totals.

Source: Bloomberg New Energy Finance

2012 49% -

2013 40% 14% 9%

2014 48% 15% 9%

Figure 24 Renewable power investment compared to gross fossil-fuel power investment, 2008-2014, $bn

Renewable energy Fossil fuel (gross) Fossil fuel (net)

Note:

2008 141 254 106 -

2009 147 293 -

2010 210 307 -

2011 250 303 -

2012 238 309 -

2013 208 270 -

2014 242 289 132

Nominal values. Renewable energy total excludes large hydro, investment


Figure 25 Indexed power sector CO2 emissions, 2013-30, million tonnes of CO2

Europe US China

Source:

2013 100 100 -

2014 97 -

2015 96 -


2016 92 -

2017 89 -

2018 86 -

2019 82 98 125

2020 76 94 131

2021 74 94 135

2022 69 94 137

2023 65 93 140

2024 60 93 143

2025 56 95 145

2026 53 95 145

2027 50 93 145

2028 47 91 145

2029 45 90 145

2030 44 87 143

Figure 26 Global new investment in energy-smart technologies by asset class, 2004-2014

Asset finance* Public markets VC/PE Government R&D Corporate R&D Total % Growth

2004 0.2 0.5 2.8 8.7 12 -

2005 0.2 3.2 7.9 11 -7%

2006 0.2 3.6 7.9 12 3%

2007 0.3 3.9 9.0 13 13%

2008 3.4 4.3 9.9 18 34%

2009 5.8 7.3 9.4 23 28%

2010 11.5 2.2 3.3 6.2 10.2 33 48%

2011 14.4 1.4 3.2 5.6 10.6 35 5%

2012 14.4 1.0 2.2 7.2 10.5 35 1%

Footnote:

*Digital energy and smart grid asset finance only. Total values include estimates for undisclosed deals

Source:


2013 15.6 1.7 1.9 7.2 7.5 34 -4%

2014 16.8 3.4 1.9 7.3 7.7 37 5%

Figure 27 Results of Climatescope questionnaire of policy-makers and investors in developing countries

Does your country have these policies in place to aid off-grid power investment? % saying yes Mini-grids: requirements and licence 89 Cost-reflective tariffs Dedicated regulator 63 Mini-grids: threshold 63 PPAs of sufficient duration 54 Duration of tariffs 50 Tariff deregulation 50 Clear rules on interconnection 48 Purchase obligation 39 Light-handed regulatory framework 37 Quality of service standards 35 Small power plants allowed to deliver financial services 33 Standardised PPAs 28 Dedicate team within utility 24 Clear rules on arrival of main grid 22

PPA = power purchase agreement

Source: Bloomberg New Energy Finance Climatescope 2014

Capital expenditure on renewable energy by major European utilities, $bn

SSE Iberdrola Enel E.ON RWE EDP EDF

Source:

2009 0.82 3.11 1.44 0.62 2.58 1.77

2010 1.26 1.54 0.81 1.86 1.53

2011 1.37 1.55 1.15 1.15 1.68

2012 0.61 2.30 1.28 0.78 1.39

2013 0.53 1.37 1.43 0.83 1.25

Source: Bloomberg New Energy Finance, annual reports

Figure 29 Clean energy fund price performance, 2013 and 2014 (% change)

-

Source:

-


-

-

-

-

Figure 30 Clean energy project bonds, 2014

-

Source:

-

-

-

Bloomberg New Energy Finance, company filings

-

-

Figure 31 Green bond issuance 2007-2014, by type, $bn

Supranational, sovereign & agency Labelled corporate US municipal Project Asset-backed security


2007 0.8 0.0 0.0 0.0

2008 0.4 0.0 0.0

2009 0.5 0.0 0.0

2010 2.2 1.1 0.0

2011 0.9 1.8 0.0

2012 1.8 2.0 0.1

2013 8.3 2.6 0.4 3.5 0.2

2014 18.9 13.7 2.6 0.6 3.0

Figure 32 Institutional investment in European renewable energy projects, 2007-2014, $bn

Direct Project bond Quoted fund PE/infrastructure fund


2007 150 605 648

2008 88 977

2009 585 555

2010 330 1634

2011 1191 583

2012 1524 2446

2013 1796 112 1518 589

2014 2845 77 1456 668

Figure 33 Asset financing new investment in renewable energy by type of security, 2004-2013 $bn

Balance sheet Project finance Bond/other Disclosed deal count Total deal count Total Footnote:

2004 2005 2006 2007 2008 26.0 38.9 61.9 78.5 87.6 4.4 13.6 22.6 31.8 47.6 0.1 0.0 0.1 0.0 0.3 223 504 687 904 958 1114 1620 2007 2204 2386 30.4 52.5 84.7 110.4 135.4 Total values include estimates for undisclosed deals.

Source:


2009 93.0 27.0 0.0 823 2321 120.0

2010 103.5 50.5 0.6 879 2800 154.6

2011 108.8 70.1 2.4 889 2991 181.2

2012 113.1 49.7 0.3 782 2821 163.2

2013 112.0 42.0 0.6 692 3061 154.6

2014 116.3 53.9 0.5 565 2155 170.7

Figure 34 Asset financing new investment in renewable energy by region, 2004-2014 $bn

Europe China United States ASOC (excl. China & India) AMER (excl. US & Brazil) Brazil India Middle East & Africa Disclosed deal count Total deal count Total Footnote:

2004 2005 2006 2007 2008 15.6 22.8 32.0 42.7 56.9 2.3 7.3 9.4 14.1 23.7 3.9 8.4 23.2 25.2 22.1 3.3 5.1 5.8 8.2 9.2 1.6 2.9 3.5 3.9 5.4 0.8 2.7 5.2 9.5 11.9 2.6 2.8 4.7 5.2 5.1 0.4 0.5 0.8 1.6 1.1 223 504 687 904 958 1114 1620 2007 2204 2386 30.4 52.5 84.7 110.4 135.4 Total values include estimates for undisclosed deals.

Source:

Bloomberg New Energy Finance, UNEP

2009 51.7 32.7 13.0 5.8 5.0 7.3 3.9 0.6 823 2321 120.0

2010 57.5 36.3 23.3 7.8 11.1 7.2 8.0 3.4 879 2800 154.6

2011 59.3 41.5 40.6 7.2 8.0 9.9 12.4 2.4 889 2991 181.2

2012 40.0 54.6 26.8 9.8 9.1 6.9 7.1 8.8 782 2821 163.2

2013 31.4 59.3 20.6 15.1 11.2 3.3 6.0 7.6 692 3061 154.6

2014 36.2 73.0 15.5 11.6 13.0 5.8 6.3 9.4 565 2155 170.7

Figure 35 Asset financing new investment in renewable energy by sector, 2004-2014 $bn

Wind Solar Biomass & w-t-e Biofuels Small hydro Geothermal Marine Disclosed deal count Total deal count Total Footnote:

2004 2005 2006 2007 2008 16.7 27.0 36.8 49.8 69.4 0.3 1.1 4.5 12.6 25.0 6.9 8.8 11.2 13.8 16.2 3.2 7.8 23.2 25.3 16.6 2.4 7.1 7.3 6.9 7.2 0.9 0.8 0.7 1.6 1.1 0.005 0.03 0.8 0.5 0.02 223 504 687 904 958 1114 1620 2007 2204 2386 30.4 52.5 84.7 110.4 135.4 Total values include estimates for undisclosed deals.

Source:


2009 75.2 17.7 12.4 6.7 5.9 1.9 0.2 823 2321 120.0

2010 95.1 30.0 14.8 7.3 4.8 2.7 0.0 879 2800 154.6

2011 79.6 68.7 15.8 7.2 6.9 2.9 0.1 889 2991 181.2

2012 82.0 58.7 11.2 4.0 6.0 1.2 0.1 782 2821 163.2

2013 84.4 54.5 8.3 2.0 5.1 0.3 692 3061 154.6

2014 92.4 62.8 7.4 1.7 3.8 2.4 0.1 565 2155 170.7

Figure 36 Asset finance of wind and solar projects worldwide, by sub-sector, 2001-2014 $bn

Offshore wind Onshore wind Solar (PV) Solar thermal

2004 0.2 16.5 0.3

2005 0.4 26.5 1.0 0.0


2006 1.8 35.0 3.1 1.4

2007 2.5 47.3 10.7 1.8

2008 3.6 65.9 20.9 4.1

2009 11.4 63.8 12.2 5.5

2010 12.8 82.2 27.6 2.4

2011 11.9 67.7 52.0 16.7

2012 6.3 75.7 53.7 5.0

2013 7.5 76.9 52.2 2.2

2014 18.6 73.8 59.0 3.7

Figure 36 Small distributed capacity investment, 2004-2014 $bn

2004 8.6

2005 10.3 21%

2006 9.5 -8%

2007 14.1 49%

2008 22.3 58%

2009 33.4 50%

2010 62.2 86%

Total % Growth blank series Footnote:

0 0 0 0 0 0 0 Represents investments in solar PV projects with capacities below 1MW

Source:


2011 76.1 22%

2012 78.8 4% 0

2013 54.9 -30% 0

2014 73.5 34% 0

0

Figure 38 Public system price benchmarks, 2008 - Q3 2014 ($/W)

2008 Germany California Australia (3kW ) Japan Chinese multi module

Source:

Q1 6.6 8.0 11.9 4.1

Q2 6.9 8.0 12.5 4.1

2009 Q3 6.6 8.0 11.7 3.8


Q4 5.8 8.1 8.9 3.4

Q1 5.3 8.1 6.6 6.6 2.8

Q2 5.1 7.8 7.5 6.3 2.5

2010 Q3 4.8 7.4 8.3 6.6 2.0

Q4 4.8 7.4 9.0 6.8 1.9

Q1 4.1 7.2 6.0 6.6 1.8

Q2 3.9 6.9 5.8 6.6 1.9

2011 Q3 3.8 6.9 6.0 6.7 1.9

Q4 3.9 7.0 5.5 6.8 1.8

Q1 3.6 6.9 6.6 6.6 1.8

Q2 3.7 6.9 7.0 6.7 1.6

2012 Q3 3.3 6.6 4.5 6.8 1.3

Q4 3.0 6.3 4.3 6.7 1.0

Q1 2.7 6.1 3.3 6.3 0.9

Q2 2.5 5.8 3.2 6.2 0.8

2013 Q3 2.3 5.3 3.3 6.0 0.8

Q4 2.3 5.1 3.0 5.6 0.6

Q1 2.2 5.1 2.8 4.8 0.7

Q2 2.2 5.0 2.7 4.4 0.8

2014 Q3 2.3 4.8 2.4 4.2 0.8

Q4 2.3 4.8 2.4 4.0 0.8

Q1 2.2 4.6 2.4 3.9 0.8

Q2 4.4 2.5 3.8 0.8

Q3 4.3 2.4 3.7 0.7

Q4 4.5 2.2 3.2 0.7

Figure 39 Small distributed capacity investment by country, 2014, and growth on 2013 $bn

Austria Canada Italy United Kingdom France Australia Germany China United States Japan

2014 0.8 1.0 1.0 1.1 1.9 2.1 3.0 7.6 12.9 28.1

% growth on 2013 0% 104% -71% -5% 85% -11% -34% 555% 66% 27%

2013 0.8 0.5 3.6 1.2 1.0 2.4 4.5 1.2 7.8 22.1

blank series 0 0 0 0 0 0 0 0 0 0

Footnote:

Top 10 countries. Represents investments in solar PV projects with capacities below 1MW

Source:


Figure 40 Public market new investment in renewable energy by stage, 2004-2014 $bn

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 IPO 0.2 2.2 5.4 12.2 3.2 3.1 5.4 4.1 1.2 3.9 3.1 Secondary & PIPE 0.1 0.7 2.7 4.7 1.8 6.0 3.4 3.3 1.8 3.7 6.2 Convertible & other 0.2 0.2 2.8 4.3 2.7 2.5 2.2 0.5 2.7 5.8 OTC 0.02 0.6 0.8 1.1 1.6 1.3 0.2 0.46 0.3 0.3 0.0 IPO/Secondary & PIPE/Convertible & Other/OTC deal count (6/8/0/4) (23/35/9/7) (39/55/8/18) (42/81/19/29) (16/49/21/20) (10/85/13/22) (30/74/22/14) (21/56/20/16) (17/56/19/2) (12/60/18/3) (15/62/23/7) Total 0.0 0.3 3.7 9.1 20.7 10.9 13.1 11.4 10.1 3.9 10.5 15.1 Footnote: PIPE = private investment in public equity, OTC = over-the-counter

Source:


Figure 41 NEX vs selected indices

Data Total Footnote:

n/a Index values as of 22 January 2015; Nasdaq and S&P 500 rebased to 100 on 1 January 2003

Source:

500

Bloomberg New Energy Finance NEX NASDAQ S&P 500

500 400

400 300

300 200

200 100

100 0 Jan 03

0 Jan 03

Jan 05

Jan 07

Jan 09

PRESENTATION TITLE, YEAR Jan 07 DAY MONTH Jan 09 / Jan / / /05

Jan 11

Jan 11

Jan 15

Jan 13

Jan 13

1 Jan 15

Figure 42 NEX vs selected indices


n/a Index values as of 22 January 2014; Nasdaq and S&P 500 rebased to 100 on 1 January 2012

Source:

500

Bloomberg New Energy Finance NEX NASDAQ S&P 500

190

170 400 150 300

130 110 200 90 100

70 500

Jan 03

30 Jan 12

Jan 05

Jul 12

Jan 07

Jan 13

Jan 09

Jul 13

/ / / / PRESENTATION TITLE, DAY MONTH YEAR

Jan 11

Jan 14

Jan 13

Jul 14

Jan 15

Jan 15 1

Figure 43 NYSE Bloomberg wind, solar and EST indicies


n/a Index values as of 12 December 2014; Indicies rebaced to 1000 on 1 July 2012

Source:


1,800 NYSE Bloomberg Global Wind Energy Index

1,600 1,400

NYSE Bloomberg Global Solar Energy Index

1,200 1,000

NYSE Bloomberg Global Energy Smart Technologies Index

800 600 Jul 12

Jan 13

Jul 13

Jan 14

Jul 14

Jan 15

Figure 44 Public market new investment in renewable energy by sector, 2004-2014 $bn

Solar Wind Geothermal Biofuels Biomass & w.t.e Small hydro Marine Total Total deal count

2004 0.1 0.0 0.1 0.02 0.01 0.02

2005 1.6 1.2 0.0 0.6 0.2 0.01

2006 3.7 1.5 0.5 3.3 0.2 0.02

0.3 18

3.7 74

9.1 120

2007 5.8 10.8 0.3 2.6 1.0 0.1 0.1 20.7 171

Footnote: Source:


2008 5.7 4.0 0.4 0.8 0.1 0.002 10.9 106

2009 7.1 4.4 0.4 0.2 0.7 0.2 0.01 13.1 130

2010 5.5 4.8 0.1 0.4 0.5 0.2 11.4 140

2011 4.3 4.3 0.4 0.8 0.2 0.1 0.004 10.1 113

2012 2.4 0.9 0.0 0.3 0.2 0.09 0.004 3.9 94

2013 4.8 2.5 1.5 1.3 0.5 0.01 0.001 10.5 93

2014 8.3 5.4 0.0 0.8 0.42 0.047 15.0 107

Figure 45 Public market new investment in renewable energy by sector, 2014, and growth on 2013 $bn

Geothermal Marine Biomass & w.t.e Small hydro Biofuels Wind Solar

2014 0.01 0.0 0.1 0.4 0.8 5.4 8.3

% growth on 2013 -99% 4332% -79% 6656% -34% 120% 73%

2013 1.5 0.0 0.5 0.0 1.3 2.5 4.8

Footnote: Source:


Figure 46 Public market new investment in renewable energy by exchange, 2014, and growth on 2013 $bn

Madrid Continuous Market Toronto Stock Exchange (TSX) National Stock Exchange - India (NSE) Copenhagen Stock Exchange (CSE) Shanghai Stock Exchange Hong Kong Stock Exchange (HKEX) London Stock Exchange São Paulo (BOVESPA) New York Stock Exchange (NYSE) NASDAQ Global Select Market (GS)

2014 0.3 0.4 0.6 0.7 0.7 0.7 0.9 1.6 3.3 4.0

% growth on 2013 0 in 2013 80% 0 in 2013 0 in 2013 0 in 2013 -38% -50% 790% 26% 228%

Footnote:

Top 10 exchanges

Source:


Figure 47 Public market new investment in renewable energy by company nationality, 2014, and growth on 2013 $bn

Korea (Republic) Bermuda Canada India Denmark United Kingdom Spain Brazil China United States

2014 0.3 0.3 0.4 0.6 0.7 0.9 1.1 1.6 2.5 5.5

% growth on 2013 326% 0 in 2013 24% 0 in 2013 0 in 2013 -53% 0 in 2013 790% 92% 20%

Footnote:

Top 10 countries

Source:


Figure 48 VC/PE new investment in renewable energy by stage, 2004-2013 $bn

VC early stage VC late stage PE expansion capital Total % Growth Disclosed deal count Total deal count

2004 0.2 0.2 0.3 0.7 55 75

2005 0.3 0.3 1.0 1.6 130% 80 101

2006 0.6 0.6 3.0 4.2 171% 140 177

2007 1.3 0.8 3.6 5.7 35% 214 249

2008 1.9 1.4 6.8 10.0 75% 247 290

2009 0.7 0.9 2.9 4.5 -55% 193 223

2010 1.0 1.6 3.1 5.7 26% 259 273

2011 0.8 1.7 2.5 4.9 -13% 259 283

2012 0.7 1.7 1.7 4.0 -18% 206 237

2013 0.2 0.5 1.4 2.2 -46% 144 157

Footnote:

Buy-outs are not included as new investment. Total values include estimates for undisclosed deals

Source:


2014 0.2 0.8 1.7 2.8 94 102

Figure 49 VC/PE new investment in renewable energy by stage, 2014, and growth on 2013 $bn

PE buy-out PE expansion capital VC bridge/interim VC further rounds VC series C VC series B VC series A VC seed/spin-off

2014 2.5 1.7 0.1 0.6 0.1 0.1 0.1 0.01

% growth on 2013 335% 20% -48% 256% -41% 0% -18% -34%

Disclosed deal count 10 30 12 11 5 10 23 3

Total deal count 16 32 13 11 5 11 27 3

Footnote:


Source:


2013 0.6 1.4 0.2 0.2 0.1 0.1 0.1 0.0

Figure 50 VC/PE new investment in renewable energy by sector, 2004-2014 $bn

Solar Biofuels Wind Biomass & w-t-e Geothermal Small hydro Marine Total

2004 0.2 0.1 0.3 0.1 0.0 0.0 0.0 0.7

2005 0.5 0.5 0.2 0.3 0.1 0.0 0.0 1.6

2006 1.4 1.4 0.9 0.3 0.1 0.1 0.1 4.2

2007 2.6 1.7 0.6 0.5 0.1 0.0 0.2 5.7

2008 5.0 1.7 2.0 0.6 0.2 0.4 0.1 10.0

2009 1.7 0.8 1.3 0.5 0.1 0.0 0.1 4.5

2010 2.3 0.8 1.6 0.4 0.1 0.5 0.1 5.7

2011 2.4 0.8 0.5 1.0 0.2 0.1 0.0 4.9

2012 1.4 1.0 0.6 0.5 0.3 0.1 0.0 4.0

Footnote:

Buy-outs are not included as new investment. Total values include estimates for undisclosed deals.

Source:


2013 0.5 0.3 1.1 0.2 0.1 0.0 0.0 2.2

2014 1.6 0.6 0.3 0.2 0.0 0.0 2.8

Figure 51 VC/PE new investment in renewable energy by sector, 2014, and growth on 2013 $bn Data: Units: $bn Geothermal Small hydro Marine Biomass & w-t-e Wind Biofuels Solar Total Footnote:

2014 % growth on 2013 0 -100% 0.01 -50% 0.0 -11% 0.2 -8% 0.3 -70% 0.61 96% 1.6 225% 2753 Buy-outs are not included as new

Source:


2013 0.1 0.0 0.0 0.2 1.1 0.3 0.5

blank series 0 0 0 0 0 0 0

investment. Total values include estimates for undisclosed deals

Figure 52 VC/PE new investment in renewable energy by region, 2004-2014 $bn

United States Europe Brazil China India AMER (excl. US & Brazil) ASOC (excl. China & India) Middle East & Africa total Footnote:

2004 2005 2006 2007 2008 2009 2010 2011 2012 0.1 0.9 1.8 2.4 5.4 2.4 3.4 2.8 2.7 0.5 0.5 1.3 1.4 2.5 1.1 0.9 0.9 0.7 0.8 0.4 0.5 0.6 0.1 0.1 0.7 0.4 0.6 0.1 0.1 0.3 0.0 0.05 0.1 0.2 0.5 0.2 0.1 0.3 0.2 0.04 0.1 0.2 0.2 0.2 0.1 0.5 0.3 0.1 0.02 0.02 0.1 0.2 0.2 0.1 0.1 0.0 0.3 0.01 0.001 0.002 0.04 0.3 0.04 0.1 0.1 0.1 0.7 1.6 4.2 5.7 10.0 4.5 5.7 4.9 4.0 Buy-outs are not included as new investment. Total values include estimates for undisclosed deals

Source:


2013 0.9 0.5 0.3 0.2 0.1 0.0 0.2 2.2

2014 1.7 0.3 0.2 0.1 0.1 0.2 0.2 2.8

Figure 53 VC/PE new investment in renewable energy by region, 2014, and growth on 2013 $bn

2014 0 0.1 0.1 0.2 0.2 0.2 0.3 1.7

% growth on 2013 0 in 2013 -72% 23% -41% -9% 3200% -39% 93%

China India AMER (excl. US & Brazil) Brazil Middle East & Africa ASOC (excl. China & India) Europe United States Total Footnote:


Source:


Figure 54 R&D investment in renewable energy, 2004-2014 $bn

CorpR&D GovR&D Total % Growth

2004 3 2 5.1 -

2005 3 2 4.9 -4%

2006 3 2 5.3 8%

2007 3 3 6.2 15%

2008 4 3 6.8 10%

2009 4 5 9.4 38%

2010 4 5 8.9 -4.8%

2011 5 5 9.8 9%

Footnote: Source:

Bloomberg, Bloomberg New Energy Finance, IEA, IMF, various government agencies

2012 5 4 9.4 -4%

2013 7 5 11.5 22%

2014 7 5 11.7 2%

Figure 55 Corporate and government R&D renewable energy investment by technology, 2014, and total growth on 2013 $bn

Marine Geothermal Small hydro Biomass & w-t-e Biofuels Wind Solar

2014 0.04 0.1 0.1 0.5 0.8 1.4 3.7

Corporate R&D % growth on 2013 132% 5% -3% 31% 0% -5% 0%

Government R&D 2014 % growth on 2013 0.1 2% 0.2 3% 0.2 6% 0.3 2% 1.2 1% 0.7 4% 2.3 4%

Footnote: Source:


Total Corporate R&D % growth on 2013 2013 17% 0.02 3% 0.1 3% 0.1 19% 0.4 1% 0.8 -2% 1.4 2% 3.7

Figure 56 Corporate and government R&D renewable energy investment by region, 2014, and growth on 2013 $bn

Middle East & Africa Brazil India AMER (excl. US & Brazil) United States China ASOC (excl. China & India) Europe

2014 0.003 0.02 0.2 0.0 1.3 0.7 1.5 2.9

Corporate R&D % growth on 2013 12% -4% 111% -2% 1% -2% 0% 0%

Government R&D 2014 % growth on 2013 0.0 0% 0.1 2% 0.1 5% 0.2 2% 0.8 2% 1.7 7% 0.9 1% 1.4 1.3%

Footnote: Source:


Total % growth on 2013 12% 1% 70% 1% 1% 4% 0% 0%

Figure 57 Acquisition transactions in renewable energy by type, 2004-2014 $bn

PE buy-outs Public market investor exits Corporate M&A Asset acquisitions & refinancing Total Disclosed deal count Total deal count

2004 0.8 0.4 2.4 5.3 8.8 44 95

2005 3.7 2.4 7.6 12.5 26.2 130 264

2006 1.8 2.7 12.3 19.1 36.0 170 371

2007 3.6 4.0 20.3 30.6 58.5 275 512

2008 5.4 1.0 17.6 35.4 59.3 291 544

Footnote:


Source:


2009 2.2 2.5 21.8 37.8 64.2 298 580

2010 2.0 4.9 19.4 32.1 58.4 289 631

2011 3.1 0.2 30.1 40.1 73.5 273 709

2012 3.3 0.4 10.1 53.8 67.7 254 681

2013 0.6 1.8 15.2 49.3 66.8 254 740

2014 2.5 1.9 9.8 54.5 68.8 254 589

Figure 58 Acquisition transactions in renewable energy by sector, 2004-2014 $bn

Wind Solar Small hydro Marine Geothermal Biomass & w-t-e Biofuels Total Footnote:

2004 5.3 0.7 1.3

2005 2006 2007 2008 16.7 22.3 33.3 38.9 2.0 4.5 10.7 10.3 2.0 0.9 1.0 2.0 0.1 0.0 0.1 0.3 0.9 0.6 6.1 1.1 1.0 3.6 1.9 2.2 2.6 0.2 0.9 5.7 5.2 4.2 8.8 26.2 36.0 58.5 59.3 Total values include estimates for undisclosed deals.

Source:


2009 34.5 15.9 2.8 0.1 1.4 2.7 6.9 64.2

2010 28.9 13.3 1.2 0.2 1.4 3.3 10.1 58.4

2011 38.8 23.7 2.2 0.1 0.4 2.1 6.2 73.5

2012 36.6 22.1 1.9 0.0 0.9 3.9 2.2 67.7

2013 34.8 20.7 3.5 0.2 0.8 4.1 2.8 66.8

2014 40.8 20.1 3.2 0.1 0.5 2.0 2.1 68.8

Figure 59 Acquisition transactions in renewable energy by sector, 2014, and growth on 2013 $bn

Marine Geothermal Biomass & w-t-e Biofuels Small hydro Solar Wind

2014 0.1 0.5 2.0 2.1 3.2 20.1 40.8

% growth on 2013 -72% -41% -52% -26% -8% -3% 17%

Footnote:


Source:
