Clean Energy Investment Trends, 3Q 2018...Clean Energy Investment Trends, 3Q 2018 Jonathan ,ardiner...

Clean EnergyInvestment Trends,3Q 2018

Jonathan Gardiner

October 9, 2018

Electric vehicle company fundings are bright spotas clean energy investment slips in third quarter

$67.8bn

120%

Global clean energyinvestment in 3Q 2018

Increase in public marketinvestments compared to 3Q 2017

Electric vehicle company fundingsare bright spot in 3Q 2018

Global new investment in clean energy

Clean energy investment was $67.8 billion in the third quarter of 2018,down 6% from the same period last year.

• Total investment for the year so far has been $211.4 billion, 2%below that of the first 9 months of 2017.

• Significant contributions for 3Q were from offshore wind financingsand from equity raising by electric vehicle companies.

• Public markets investments in clean energy jumped 120% to $3.1billion, boosted by the initial public offering by NIO, the electric vehiclemanufacturer.

• Wind power investments included the $2.6 billon 860MW Triton Knollin U.K. waters, the Enel Green Power South Africa portfolio, at $1.4billion for 706MW, and the Guohua Dongtai offshore wind farm phasefour in Chinese waters, at $1.2 billion for 300MW.

• Solar investment in China slipped back in the third quarter asgovernment action to cool off the country's solar boom started to havean effect.

• Overall investment numbers shows China as yet again the largestinvestor in clean energy in 3Q at $26.7 billion, a fraction above thesame period of 2017.

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Four quarter running average

Contents

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Definitions and FAQs

Quarterly Trends, New Investment

Quarterly Trends, Funds in Circulation

Top Deals

Annual Trends, New Investment

Quarterly Trends,New InvestmentQuarterly trends since 1Q 2005

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Global New Investment in CleanEnergy1Q 2005 - 3Q 2018

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Global New Investment in CleanEnergy, by Region1Q 2005 - 3Q 2018

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Global New Investment in CleanEnergy, by Asset Class1Q 2005 - 3Q 2018

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Global New Investment in CleanEnergy, VC/PE1Q 2005 - 3Q 2018

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Global New Investment in CleanEnergy, Public Markets1Q 2005 - 3Q 2018

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Global New Investment in CleanEnergy, AMER1Q 2005 - 3Q 2018

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Global New Investment in CleanEnergy, EMEA1Q 2005 - 3Q 2018

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Global New Investment in CleanEnergy, APAC1Q 2005 - 3Q 2018

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New Investment in Clean EnergyUnited States1Q 2005 - 3Q 2018

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New Investment in Clean EnergyUnited States, by Sector1Q 2005 - 3Q 2018

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New Investment in Clean EnergyEurope1Q 2005 - 3Q 2018

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New Investment in Clean EnergyEurope, by Sector1Q 2005 - 3Q 2018

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New Investment in Clean EnergyChina1Q 2005 - 3Q 2018

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New Investment in Clean EnergyChina, by Sector1Q 2005 - 3Q 2018

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New Investment in Clean EnergyAustralia1Q 2005 - 3Q 2018

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New Investment in Clean EnergyBrazil1Q 2005 - 3Q 2018

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New Investment in Clean EnergyFrance1Q 2005 - 3Q 2018

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New Investment in Clean EnergyGermany1Q 2005 - 3Q 2018

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New Investment in Clean EnergyIndia1Q 2005 - 3Q 2018

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New Investment in Clean EnergyJapan1Q 2005 - 3Q 2018

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New Investment in Clean EnergyUnited Kingdom1Q 2005 - 3Q 2018

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Quarterly Trends,Funds in CirculationQuarterly trends since 1Q 2005

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Global Clean Energy, Funds inCirculation, by Region1Q 2005 - 3Q 2018

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2010Q1

2010Q2

2010Q3

2010Q4

2011Q1

2011Q2

2011Q3

2011Q4

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

0

5

10

15

20

25

30

35

40

45

50

$bn

EMEA APAC AMER

27


Global Clean Energy, Funds inCirculation, by Sector1Q 2005 - 3Q 2018

2005Q1

2005Q2

2005Q3

2005Q4

2006Q1

2006Q2

2006Q3

2006Q4

2007Q1

2007Q2

2007Q3

2007Q4

2008Q1

2008Q2

2008Q3

2008Q4

2009Q1

2009Q2

2009Q3

2009Q4

2010Q1

2010Q2

2010Q3

2010Q4

2011Q1

2011Q2

2011Q3

2011Q4

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

0

5

10

15

20

25

30

35

40

45

50

$bn


28


Global Clean Energy, Funds inCirculation, by Asset Class1Q 2005 - 3Q 2018

2005Q1

2005Q2

2005Q3

2005Q4

2006Q1

2006Q2

2006Q3

2006Q4

2007Q1

2007Q2

2007Q3

2007Q4

2008Q1

2008Q2

2008Q3

2008Q4

2009Q1

2009Q2

2009Q3

2009Q4

2010Q1

2010Q2

2010Q3

2010Q4

2011Q1

2011Q2

2011Q3

2011Q4

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

0

5

10

15

20

25

30

35

40

45

50

$bn

Asset fin acq & refin Corporate m&a PM exits PE buy outs

29


Top Deals

Top Quarterly Deals for 3Q 2018

30

Top Asset Finance Deals3Q 2018

31

Top Deals

Project Name Country Sector Type of Transaction Capacity Value

Triton Knoll Offshore Wind Farm United Kingdom Wind Debt 860MW $2,592

Enel Green Power South Africa Onshore Wind Portfolio South Africa Wind Debt 706MW $1,376

Fryslan Offshore Wind Farm Netherlands Wind Equity 380MW $578

Guohua Dongtai Offshore Wind Farm Phase IV H2 China Wind Equity 300MW $0na

Top Venture Capital / Private Equity Deals3Q 2018

32

Top Deals

Project Name Country Sector Type of Transaction Value

Guangzhou Xiaopeng Motors Technology China Energy smart technologies VC - Series C / Third round $585

Zhejiang Dianka Automobile Technology China Energy smart technologies VC - Further / Pre-IPO round $294

Cypress Creek Renewables United States Solar PE - Expansion capital $200

Fred Olsen United Kingdom Wind PE - Expansion capital $155

Guzman Energy United States Low carbon services &support PE - Expansion capital $130

Sunpower Group China Solar PE - Expansion capital $120

Electrified Transport


Top Public Market Deals3Q 2018

33

Top Deals

Project Name Stock Exchange Sector Type of TransactionNew EquityRaised

China Everbright International Null Biomass & Waste Exercise of Rights $1,269

NIO Null Energy smart technologies IPO $1,002

Bloom Energy Corp. Null Energy smart technologies IPO $311

Jiangsu New Energy Development Null Wind IPO $159

Boralex Null Wind Secondary $158

Hong Kong Stock Exchange

New York Stock Exchange

New York Stock Exchange


Shanghai Stock Exchange

Toronto Stock Exchange

Annual Trends, NewInvestmentAnnual trends since 2005

34

Global New Investment in CleanEnergy2005 - 2017

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

129.2

182.2205.2 206.8

276.1

324.0290.7

268.6

321.3

360.3330.1 343.2

88.0

$bn

35


Global New Investment in CleanEnergy, by Region2005 - 2017

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

141

196

109

100 109126

158

195173

128

44

62

6249

67

83

7262

75

78

6978

4054

7791

93

32 43 53 6581

80

88

88

8870

25

23

$bn

APAC EMEA AMER

36


Global New Investment in CleanEnergy, by Sector2005 - 2017

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

109

164

100

123

120

106

136153

115141

175

137

25

28

20

23

2839

60

74

36

28

86

82

85

78

26

17

20

13 19

23

58 60

99

29

14

27

33

35

26

36

$bn


37


New Investment in Clean EnergyUnited States2005 - 2017

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

16.5

34.6

47.143.6

35.1

46.6

62.3

52.9

44.6

52.2

58.456.4 56.9

$bn

38


New Investment in Clean EnergyUnited States, by Sector2005 - 2017

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

16.5

34.6

47.143.6

35.1

46.6

62.3

52.9

44.6

52.2

58.456.4 56.9

$bn

Wind Solar Other

39


New Investment in Clean EnergyEurope2005 - 2017

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

38.9

52.5

75.2

88.3 91.3

123.1

137.8

98.4

70.278.5

73.877.7

58.4

$bn

40


New Investment in Clean EnergyEurope, by Sector2005 - 2017

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

38.9

52.5

75.2

88.3 91.3

123.1

137.8

98.4

70.278.5

73.877.7

58.4

$bn

Onshore Offshore Solar Other

41


New Investment in Clean EnergyChina2005 - 2017

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

8.8 11.216.8

25.6

38.745.0

51.5

62.666.9

89.6

125.4

107.2

132.0

$bn

42


New Investment in Clean EnergyChina, by Sector2005 - 2017

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

8.8 11.216.8

25.6

38.745.0

51.5

62.666.9

89.6

125.4

107.2

132.0

$bn

Solar Wind Other

43



How Bloomberg NEF defines clean energy

44

DefinitionsAsset Classes

45


Venture capital and private equity (VCPE)Early and late stage venture capital funding rounds of pure play clean energy companies as well as funds raised privately for the purposes ofexpansion.

Public markets (PM)Funds raised by publicly quoted or OTC quoted pure play clean energy companies on the capital markets. This may be through IPOs or follow-onofferings like secondary offerings, private investment in public equity or PIPEs, convertibles etc.

Asset financeThe new build financing of renewable energy generating projects as well as smart metering and energy storage projects - smart metering andenergy storage investment are only reported annually. Renewable energy generating projects includes both electricity generating and biofuelsproducing assets. Projects may be financed off the owner's balance sheet, or through financing mechanisms such as project finance, syndicatedequity from institutional investors, or project bonds underwritten by banks.

Re-invested equityIsolates values for balance sheet-financed project investments by companies who have raised money privately or publicly over the past 12months. The purpose of this category is to prevent double counting of money raised publicly or privately that has been invested in clean energyassets.

Small scale solarGiven the technical limitations in tracking small-scale solar projects, BNEF's asset finance database excludes projects below roughly 1MW.Unlike utility scale asset investment, small-scale solar investment is based on top-down analyst estimates.

Government r&dGovernment r&d figures are sourced from the IEA, IMF, OECD, and various government agencies.

Corporate r&dThe Bloomberg Terminal is used to source corporate r&d figures for key quoted companies in all clean energy sectors.

DefinitionsSectors

46


Wind Electricity generation using wind turbines. Included in this sector, are players across the entire value chain of both onshore and offshoredevelopments. From manufacturers of turbines, components and subassemblies to developers, generators, utilities and engineering firm.

SolarAll technologies which capture energy directly from the sun. These include production of electricity using semiconductor-based photovoltaic (pv)materials, use of concentrated sunlight to heat fluids that drive power generation equipment (solar thermal), and passive methods which usesunlight to heat water. Whilst company level investment of passive methods is recorded, investment in passive projects is not.

Biofuels Liquid transportation fuels including biodiesel and bioethanol. These can be derived from a range of biomass sources, including sugar cane, rapeseed, soybean oil or non-food cellulosic feedstock. Our database excludes producers of base biomass, but includes suppliers of everything fromthe processing technologies and equipment, through the logistics of distribution, to manufacturers of energy systems which are specially adaptedfor the use of biofuels and products, and the services on which they depend.

Biomass & wasteElectricity and/or heat produced with bio-based feedstocks, typically through incineration but also through more advanced processes likegasification or anaerobic digestion. This sector also includes waste-to-energy which includes energy produced through landfill gas projects andincineration of municipal and industrial waste.

Energy smart technologiesThis sector covers technologies like digital energy, smart grids, power storage, hydrogen and fuel cells, advanced transportation and energyefficiency on both the demand and supply side.

Other renewablesIncludes small hydro - hydro projects with capacities smaller or equal to 50MW; geothermal - extraction of useful power from heat stored in theearth; marine - the extraction of tidal, wave and thermal energy from the ocean.

FAQs

47


Q1: Why is there a difference between the sum of the quarterly figures and the annual figures?Quarterly figures do not include certain asset classes which we only produce annually. These asset classes are corporate and government r&dand asset finance for energy smart technologies, in other words, smart meters and energy storage investment

Q2: Which countries are included in Europe?Europe includes all 28 EU countries, and non-EU countries like Switzerland, Norway, Turkey and Russia. The majority of clean energyinvestment stems from the EU though

Download the underlying data andcreate your own chartsBloomberg NEF clients can navigate to the web platform (BNEF.com) or run BNEF <GO> in a terminal window to download the relevant data thatsupplies this publication. Customizable charts and data sets are available for further insight relating to clean energy investment.

48

Run BNEF <GO>, click "BNEF Tools", click "Clean Energy" and select"Investment"

Log onto BNEF.com, hover over "Flagship" and click"Clean Energy Investment"

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