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CLEAN ENERGY PIPELINE
3Q15: GLOBAL CLEAN ENERGY REVIEWANALYTICS AND GRAPHS
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For any questions regarding the information contained herewith or to request additional data / information, please contact:
Thomas Sturge, Head of ResearchClean Energy [email protected]+44 (0) 20 7970 4941London, UK
Note: This material is protected by UK and international copyright. You may reproduce this material citing “Clean Energy Pipeline” as a source. Clean Energy Pipeline is a division of VB/Research Ltd.
CONTACT CLEAN ENERGY PIPELINE
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3Q15: GLOBAL CLEAN ENERGY REVIEW
TOTAL NEW CLEAN ENERGY INVESTMENT 4VENTURE CAPITAL & PRIVATE EQUITY 5 MERGERS & ACQUISITIONS 9PROJECT / ASSET FINANCE 19GREEN BONDS 30PUBLIC MARKETS 36
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TOTAL NEW CLEAN ENERGY INVESTMENT 1Q09 TO 3Q15
Note: This excludes corporate M&A transactions and private equity buyouts. Project finance includes debt and equity invested in projects above 1MW.
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VENTURE CAPITAL & PRIVATE EQUITY
5
GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 1Q09 TO 3Q15
Note: This excludes private equity buyouts.
AVERAGE QUARTERLY VC/PE INVESTMENT
Venture Capital (early-stage)Venture Capital (late -stage)Private Equity (development capital)
1Q09 to 3Q15
$960 million$520 million$872 million
AVERAGE DEAL SIZE Venture Capital (early-stage)Venture Capital (late -stage)Private Equity (development capital)
1Q09 to 3Q15
$6.5 million$21.1 million$43.4 million
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GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR
$2.2 BILLION
93 DEALS
PERCENTAGE OF TOTAL DEAL VALUE
PERCENTAGE OF NUMBER OF DEALS
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24% 25%
18%
16%
Green transportation Solar
Energy efficiency Energy storageBiofuels BiofuelsSolar Energy efficiencyRecycling & waste Recycling & waste
Other Other
9%
8%
33%27%
14%
12%8%6%
3Q15
TOP TEN VENTURE CAPITAL/PRIVATE EQUITY TRANSACTIONS 3Q15
COMPANY
NextEV
View
Enerkem Technologies
Silicor Materials
Sunlight Financial
Aihuishou
Clean Fund
Sunseap
AMCS Group
Quadran Energies Libres
COUNTRY
China
USA
Canada
USA
USA
China
USA
Singapore
Ireland
France
INVESTOR(S)
Joy Capital, Sequoia Capital
Madrone Capital Partners, Corning, New Zealand Superannuation Fund
Integrated Asset Management
Hudson Clean Energy Partners
Hudson Clean Energy Partners, Tiger Management
Morningside Technology Ventures, International Finance Corporation, Tiantu Capital, JD.com
Undisclosed
DBS Bank, TRIREC
Insight Venture Partners
Demeter Partners, SORIDEC, ARKEA Capital Investissement, Bpifrance, UI Gestion
DEAL VALUE ($ MILLION)
500
150
115
105
80
60
60
56
51
51
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MERGERS & ACQUISITIONS
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GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 3Q15
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GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 3Q15
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GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 3Q15
AVERAGE M&A investment
Average quarterly M&A deal volumeAverage number of deals per quarterAverage M&A transaction value
1Q09 to 3Q15
$16.5 billion250 deals
$65.9 million
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GLOBAL MERGERS & ACQUISITIONS BY SECTOR 3Q15 VS 3Q14
DEAL VALUE ($ B I LL ION) NUMBER OF DEALS
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GLOBAL MERGERS & ACQUISITIONS BY ACQUIRER TYPE 3Q15 VS 3Q14
34%
6%36%
15%
8%
1%
37%
6%33%
15%
9%
14%
2% 1%
42%
19%
22%
$28.5BILLION
215 DEALS
278 DEALS
16%
10%
22%35%
17%
$11.1BILLION
3Q15
3Q14
3Q15
3Q14
DEAL VALUE NUMBER OF DEALS
CORPORATE
YIELDCO
IPP/UTILITY
INFRASTRUCTURE/PE FUND
INSTITUTIONAL INVESTOR
OTHER
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GLOBAL MERGERS & ACQUISITIONS BY TARGET TYPE 3Q15 VS 3Q14
42%$28.5BILLION
215 DEALS
278 DEALS
$11.1BILLION
59%
14%
63%
24%
16%
60%
23%
75%
11%
14%
8%
33%
DEAL VALUE NUMBER OF DEALS
PROJECTS
SUPPLY CHAIN TARGETS
CLEAN TECHNOLOGY TARGETS
3Q15
3Q14
3Q15
3Q14
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GLOBAL MERGERS & ACQUISITIONS OF RENEWABLE PROJECTS 1Q09 TO 3Q15
PRE-CONSTRUCTION
UNDER CONSTRUCTION
IN OPERATION
Effe
ctiv
e ca
paci
ty a
cqui
red
(GW
)
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TOP 5 CORPORATE M&A TRANSACTIONS 3Q15
TARGET(S)
Elster Group
Vivint Solar
Arizona Chemical
Terni hydro portfolio (527MW)
Four Brothers solar PV plant (320MW)
SECTOR
Energy Efficiency
Solar
Biofuels
Hydro
Solar
COUNTRY
Germany
USA
USA
Italy
USA
ACQUIRER(S)
Honeywell International
SunEdison
Kraton Performance Polymers
ERG
Dominion
DEAL VALUE ($ MILLION)
5,100
2,200
1,370
1,040
500
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TOP 5 PE BUYOUT TRANSACTIONS 3Q15
TARGET(S)
Invenergy’s wind portfolio (930MW)
Energy Developments
Finerge Gestão de Projectos Energéticos
Vivint Solar’s rooftop solar portfolio (523MW)
Gode Wind I offshore wind farm (330MW)
SECTOR
Wind
Biomass
Wind
Solar
Wind
COUNTRY
Canada
Australia
Portugal
USA
Germany
ACQUIRER(S)
TerraForm Power
DUET Group
First State Investments
TerraForm Power
Global Infrastructure Partners
DEAL VALUE ($ MILLION)
2,000
1,037
1,012
922
872
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PROJECT / ASSET FINANCE
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GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND SECTOR 1Q09 TO 3Q15
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GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION 1Q09 TO 3Q15
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ASIA - PACIFIC PROJECT / ASSET FINANCE 1Q09 TO 3Q15
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EUROPEAN PROJECT / ASSET FINANCE 1Q09 TO 3Q15
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NORTH AMERICAN PROJECT / ASSET FINANCE 1Q09 TO 3Q15
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LATIN AMERICA PROJECT / ASSET FINANCE 1Q09 TO 3Q15
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AFRICA & MIDDLE EAST PROJECT / ASSET FINANCE 1Q09 TO 3Q15
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GLOBAL PROJECT / ASSET FINANCE BY SECTOR 3Q15 VS 3Q14
Note: Figures are in $ billion
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TOP 10 PROJECT FINANCE TRANSACTIONS 3Q15
PROJECT
Gode Wind II offshore wind farm (252MW)
SunEdison WSIP Warehouse Facility
Ashalim solar thermal plant (110MW)
Rudong H12 offshore wind farm (300MW)
Desert Stateline solar PV plant (300MW)
COUNTRY
Germany
USA
Israel
China
USA
DEBT PROVIDER(S)
Deutsche Bank / Bank of America / Morgan Stanley
European Investment Bank / Overseas Private Investment Corporation / Bank Hapoalim / Bank Leumi Le Israel
PROJECT SPONSORS
DONG Energy / PKA / Industriens Pensionsforsikring / Lærernes Pension / Lægernes Pensionskasse
SunEdison / Goldman Sachs
Abengoa / Shikun & Binui Renewable Energy
China HuaNeng Group
First Solar / Southern Power
INVESTMENT ($ MILLION)
1,316
1,000
1,000
882
801
NOTES
Gode Wind II is being funded on-balance-sheet.
The SunEdison WSIP Warehouse Facility is being funded by equity ($300 million) and term loans ($700 million). The debt comprises a $500 million 5-year tranche and a $200 million 4-year revolving facility.
Ashalim - the largest solar thermal plant in Israel - is being funded with sponsor equity & non-recourse construction term loan. The debt-to-equity ratio was undisclosed.
Rudong H12 is being funded with sponsor equity & local bank debt.
Desert Stateline is being funded with sponsor equity and tax equity provided by Southern Power, using unlevered tax equity partnership flip structure.
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TOP 10 PROJECT FINANCE TRANSACTIONS (CONT) 3Q15
PROJECT
Jiangjiasha offshore wind farm (300MW)
Four Brothers solar PV plant (320MW)
Babcock Ranch, Citrus & Manatee solar PV plants (222MW)
Dongtai Concession offshore wind farm (200MW)
Tranquillity solar PV plant (200MW)
COUNTRY
China
USA
USA
China
USA
DEBT PROVIDER(S)
Deutsche Bank
Nord/LB / Santander / Rabobank / KeyBank / CIT Bank / CIBC
PROJECT SPONSORS
China Longyuan Power Group
SunEdison / Dominion Power
Florida Power & Light Company
Shandong Luneng Group
Canadian Solar / Southern Power
INVESTMENT ($ MILLION)
759
650
593
571
534
NOTES
Jiangjiasha is being funded with sponsor equity & local bank debt.
Four Brothers is being funded with sponsor equity provided by SunEdison, tax equity provided by Dominion Power & non-recourse 4-year term loan ($150 million).
Babcock Ranch, Citrus & Manatee are being funded on-balance-sheet. The investment volume has been estimated by Clean Energy Pipeline.
Dongtai Concession is being funded with sponsor equity & local bank debt.
Tranquillity is being funded with sponsor equity & non-recourse construction and back-leveraged loan ($337 million). The investment volume has been estimated by Clean Energy Pipeline.
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GREEN BONDS
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GREEN BOND ISSUANCES 2007 TO DATE
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GREEN BOND ISSUANCES BY ISSUER NATIONALITY 3Q15 VS 3Q14
North America Europe Asia Pacific
62%
32%
6%
$6 BILLION
3Q15 3Q14
30%
61%
9%
$10.7 BILLION
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GREEN BOND ISSUANCES BY ISSUE TYPE 3Q15 VS 3Q14
Note: Figures are in $ billion
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TOP 10 GREEN BOND ISSUANCES
ISSUER
Sound Transit
TerraForm
Global Inc.
KfW
Bankengruppe
European
Investment Bank
Wolfe Island &
Melancthon wind
farms (398MW)
DATE
Aug-15
Jul-15
Jul-15
Aug-15
Sep-15
COUNTRY
USA
USA
Germany
Luxembourg
Canada
ISSUE TYPE
Government/Municipality
Corporate
Multilateral financial
organisation
Multilateral financial
organisation
Project bond
DEAL SIZE ($ MILLION)
923
810
781
663
331
KEY HIGHLIGHTS
This is the largest ever issuance of municipal green bonds. The sale
included fixed-rate bonds at an all-in cost of 3.88% and approximately
$150 million in variable rate bonds.
TerraForm Global isused $810 million aggregate principal amount of
9.75% senior notes due 2022
This is KfW Bankengruppe’s first GBP-denominated green bond. The bond
will mature in June 2020 and the coupon rate of 1.625% per annum is
paid annually in arrears.
The European Investment Bank issued a EUR 600 million Climate
Awareness Bond (CAB). The issue carries an annual coupon rate of 0.5%
and has a final maturity date of 15 November 2023.
The C$442 million amortising bonds have an interest rate of 3.834% per
annum and mature in December 2028.
3Q15
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TOP 10 GREEN BOND ISSUANCES (CONT)
ISSUER
Solaben 1 & 6
solar thermal plants
(100MW)
TerraForm Power Inc.
Goldwind Science &
Technology Co. Ltd
TELUS
Ygrene Energy Fund
DATE
Sep-15
Jul-15
Jul-15
Jul-15
Jul-15
COUNTRY
Spain
USA
China
Canada
USA
ISSUE TYPE
Project bond
Corporate
Corporate
Corporate
Green asset-backed
securities
DEAL SIZE ($ MILLION)
318
300
300
173
150
KEY HIGHLIGHTS
The EUR 285 million amortising bonds have an interst rate of 3.758% per
annum and mature in December 2034. The bond offering is the first for a
clean energy project in Spain.
The $300 million senior notes due 2025 have an interest rate of 6.125%
per annum.
The $300 million USD-denominated credit enhanced bonds have an
interest rate of 2.5% per annum and mature in July 2018.
The C$225 million bonds marked the first time in North America that
green mortgage bonds have been used to support real estate financing.
Ygrene Energy Fund closed a $150 million securitisation of PACE bonds
with a large undisclosed insurance partner through the issue of Class A
notes rated AA by Kroll Bond Rating Agency.
3Q15
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PUBLIC MARKETS
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GLOBAL PUBLIC MARKETS TRANSACTIONS BY DEAL TYPE 1Q09 TO 3Q15
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GLOBAL PUBLIC MARKETS TRANSACTIONS BY REGION OF STOCK EXCHANGE 1Q09 TO 3Q15
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PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF DEAL VALUE 3Q15 VS 3Q14
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49%
19%
4%
28%
62%17%
6%
15%
$3.8 BILLION
$3.7 BILLION
3Q15 3Q14
Solar Wind Energy efficiency Other
TOP FIVE PUBLIC MARKETS TRANSACTIONS 3Q15
ISSUER
TerraForm Global
Tesla Motor
SunEdison
SunRun
Pattern Energy
Group
DATE
Jul-15
Aug -15
Aug - 15
Aug - 15
Jul - 15
SECTOR
Solar & Wind
Green transportation
Solar & Wind
Solar
Wind & Solar
COUNTRY
USA
USA
USA
USA
USA
STOCK EXCHANGE
NASDAQ
NASDAQ
NASDAQ
NASDAQ
NASDAQ
ISSUE TYPE
IPO
Secondary
Convertible
IPO
Convertible
PROCEEDS ($ MILLION)
675
653
650
251
225
BOOKRUNNERS
Barclays / Citigroup / JP Morgan /
Morgan Stanley
Deutsche Bank / JP Morgan / Goldman
Sachs / Wells Fargo / Bank of America
Merrill Lynch / Morgan Stanley
Deutsche Bank / Goldman Sachs /
Macquarie Group / Bank of America
Merrill Lynch / J.P. Morgan Cazenove /
Morgan Stanley
Credit Suisse Group / Goldman Sachs /
RBC Capital Markets / Bank of America
Merrill Lynch / Morgan Stanley
Citigroup / Bank of America Merrill Lynch
/ BMO Financial Group
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TOP FIVE INITIAL PUBLIC OFFERINGS (IPOS) 3Q15
ISSUER
TerraForm Global
SunRun
Zhejiang Tengy
Environmental
Technology
Aqua Metals
Valoneo
DATE
Jul-15
Aug -15
Sep-15
Aug -15
Aug -15
SECTOR
Solar & Wind
Solar
Environmental
services
Recycling & waste
Recycling & waste
COUNTRY
USA
USA
China
USA
France
STOCK EXCHANGE
NASDAQ
NASDAQ
Hong Kong
Stock
Exchange
NASDAQ
Euronext
Paris
MARKET CAP AT IPO ($ MILLION)
1,880
1,357
329
67
18
PROCEEDS ($ MILLION)
675
251
70
33
17
BOOKRUNNERS
Barclays / Citigroup / JP Morgan /
Morgan Stanley
Credit Suisse Group / Goldman Sachs
/ RBC Capital Markets / Bank of
America Merrill Lynch / Morgan Stanley
Everbright Securities
National Securities
Atout Capital
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PUBLIC MARKETS PERFORMANCE 3Q14-3Q15
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For more information: www.cleanenergypipeline.com
@CEpipeline
Clean Energy PipelineWells Point79 Wells StreetLondonW1T 3QN
+44 (0) 207 251 8000
www.cleanenergypipeline.com
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