Global trends in clean energy investment · 08/10/2015 · 6 October 2015 1. Annual clean energy...

GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT

Luke Mills

October 2015

1

CONTENTS

6 October 2015

1. Annual clean energy investment overview

2. Quarterly trends in clean energy: new investment

3. Quarterly trends in clean energy: funds in circulation

4. Clean energy indexes

ANNUAL CLEAN ENERGY INVESTMENT OVERVIEW

3

Note: Total values include estimates for undisclosed deals. AF = asset finance,

SDC = small distributed capacity. Source: Bloomberg New Energy Finance

6 October 2015

2014 CLEAN ENERGY INVESTMENT TYPES & FLOWS($BN)

Technology

development

Equipment

manufacturing/ scale-up

Projects

Asset and company

mergers, acquisitions,

refinancing, buy-outs

etc.

+2

+15

+14 +3

+20 54 -4

+188

+17

+63 318

+94 412

VC Corp RD&D Gov R&D PE Public markets new equity

Total company investment

Re-invested Renewable energy AF

Digital energy & storage AF

SDC Total investment

M&A/buy-outs etc.

Total transactions

4

Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for

digital energy and energy storage projects (not reported in quarterly statistics). Source: Bloomberg New Energy Finance

6 October 2015

NEW INVESTMENT IN CLEAN ENERGY2004-14 ($BN)

$60bn

$88bn

$128bn

$175bn

$205bn

$206bn

$273bn

$318bn$295bn

$268bn

$318bn

46%

46%

36%

17%

0.4%

33%

16%

-7%

-9%

19%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

5

Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for

digital energy and energy storage projects (not reported in quarterly statistics). Source: Bloomberg New Energy Finance

6 October 2015

NEW INVESTMENT IN CLEAN ENERGY BY REGION2004-14 ($BN)

$28bn$39bn

$53bn$75bn

$90bn $91bn

$126bn $133bn$109bn

$75bn $83bn$13bn

$24bn

$44bn

$58bn

$62bn$50bn

$68bn

$85bn

$74bn

$65bn$74bn

$19bn

$26bn

$31bn

$42bn

$52bn$65bn

$80bn

$99bn

$113bn

$127bn

$161bn

46%

46%

36%

17%

0.4%

33%

16%

-7%

-9%

19%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

EMEA AMER APAC

6

Notes: (1) The funds raised by green bonds are neither entirely inclusive nor exclusive of figures for clean energy asset finance. (2) 'Corporate', 'sovereign, supranational and

agency' and ‘US municipal’ include only bonds explicitly labelled as green and which meet the criteria for receiving a green bond ‘tag’ on the Bloomberg Terminal. (3) 'Project'

includes bonds backed by the cash flows of an underlying renewable energy project or portfolio of projects. (4) 'ABS' includes asset-backed securities whose cash flows come

from a portfolio of underlying receivables such as loans, leases and PPAs where the receivables are associated with green (eg, renewable energy, energy efficiency) projects.

Source: Bloomberg New Energy Finance

ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY TYPE, 2007-15 YTD ($BN)

0

5

10

15

20

25

30

35

40

2007 2008 2009 2010 2011 2012 2013 2014 2015Q1-Q3

ABS

Project

US municipal

Corporate

Supranational,sovereign & agency

QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT

8

Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for

digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance

6 October 2015

NEW INVESTMENT IN CLEAN ENERGYQ1 2004-Q3 2015 ($BN)

9



6 October 2015

NEW INVESTMENT IN CLEAN ENERGY BY REGIONQ1 2004-Q3 2015 ($BN)

10



6 October 2015

NEW INVESTMENT IN CLEAN ENERGY IN EUROPEQ1 2004-Q3 2015 ($BN)

11



6 October 2015

NEW INVESTMENT IN CLEAN ENERGY IN THE USQ1 2004-Q2 2015 ($BN)

12



6 October 2015

NEW INVESTMENT IN CLEAN ENERGY IN CHINAQ1 2004-Q3 2015 ($BN)

13



6 October 2015

NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q3 2015 ($BN)

9.312.2

9.010.6

13.5

20.4

15.6

20.6

21.9

27.4

23.2

37.1

27.9

35.537.7

52.2

35.9

52.0

46.044.5

30.4

50.547.7

44.8

50.4

56.358.4

70.4

57.7

77.6

73.7

64.6

53.9

71.8

60.4

65.2

43.0

64.5

54.8

61.4

57.9

73.670.7

70.0

54.4

73.570.2

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Wind Solar Biofuels Other

14



6 October 2015

EMEA NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q3 2015 ($BN)

15



6 October 2015

AMER NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q3 2015 ($BN)

16



6 October 2015

APAC NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q3 2015 ($BN)

17

*Asset finance adjusted for re-invested equity



6 October 2015

NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS Q1 2004-Q3 2015 ($BN)

18


6 October 2015

PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q3 2015 ($BN)

Note: Total values include estimates for undisclosed deals.

0.20.1 0.40.80.90.7

2.61.8

4.3

1.3

3.33.34.23.9

13.2

1.1

6.9

2.8

1.00.4

4.84.0

5.9

1.4

3.33.5

5.44.54.3

1.41.00.8

1.51.9

0.61.0

3.8

2.1

5.4

6.9

4.95.9

2.5 2.3

4.53.7

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Four quarter running average

19


6 October 2015

TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q3 2015

Organisation Stock exchange SectorType of

transaction

New equity

raised

Total

offering size

Tesla Motors IncNASDAQ Global Select

Market (GS)Electrified Transport Secondary $750.m $750.m

TerraForm Global IncNASDAQ Global Select

Market (GS)Solar IPO $675.m $675.m

Sunedison IncNew York Stock Exchange

(NYSE)Solar Convertible $650.m $650.m

Sunrun IncNASDAQ Global Select

Market (GS)Solar IPO $244.8m $250.6m

GCL-Poly Energy

Holdings Ltd

Hong Kong Stock

Exchange (HKEX)Solar Convertible $225.m $225.m

20

Note: Total values include estimates for undisclosed deals. Source: Bloomberg New Energy Finance

6 October 2015

VC/PE NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q3 2015 ($BN)

0.20.60.30.30.50.70.40.81.11.61.8

1.22.0

1.51.82.62.4

3.14.2

2.6

1.3

1.82.21.4

2.72.81.6

4.1

2.02.31.91.91.81.91.21.4 1.41.10.60.91.2

1.41.0

1.30.8 0.9

2.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


21


6 October 2015

TOP VC/PE TRANSACTIONS OF THE QUARTER Q3 2015

Organisation Country Sector Type of transaction Value

NextEV China Electrified Transport VC Early Stage $500.m

View United StatesEfficiency: Built

EnvironmentVC Late Stage $150.m

Enerkem Canada Biofuels PE Expansion Capital $115.4m

Silicor Materials United States Solar PE Expansion Capital $105.m

Sunlight Financial United States Solar VC Early Stage $80.m

22

Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage

projects (reported in annual statistics only). Source: Bloomberg New Energy Finance

6 October 2015

ASSET FINANCING FOR NEW BUILD RENEWABLE ENERGY ASSETS Q1 2004-Q3 2015 ($BN)

23


6 October 2015

TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER Q3 2015

Project name Country Sector Type of transaction Capacity Value

Qinghai STEG Power Group

Haixi Geermu

Wutumeirenxiang Boliqi STEG

Plant

China Solar Term loan 200MW $866.4m

Ashalim II Sun Negev STEG

PlantIsrael Solar Term loan 110MW $866.m

Longyuan Haian Jiangjiasha

Offshore Wind FarmChina Wind Term loan 300MW $856.7m

Datang Renewable & Jiangsu

Guoxin Investment Binhai

Offshore Wind Farm

China Wind Term loan 300MW $843.8m

SolarReserve Redstone STEG

PlantSouth Africa Solar Term loan 100MW $748.9m

QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION

25

Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage

projects (reported in annual statistics only). Source: Bloomberg New Energy Finance

6 October 2015

FUNDS IN CIRCULATION IN CLEAN ENERGY Q1 2004-Q3 2015 ($BN)

2.93.3

1.6

4.04.5

8.47.1

12.6

9.0

10.9

5.6

14.0

9.6

14.7

18.5

21.9

18.2

11.8

14.4

17.7

12.3

17.7

15.8

20.1

16.7

11.6

13.6

19.9

12.3

18.4

29.4

20.5

19.3

15.0

11.9

25.3

19.8

17.3

18.016.0

17.5

24.2

19.3

32.8

24.3

21.1

19.6

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


26


6 October 2015

TOP TRANSACTIONS FOR FUNDS IN CIRCULATION Q3 2015

Organisation Country SectorType of

transactionAcquirer Value

Baltic II Offshore Wind Farm

Macquarie Capital AcquisitionGermany Wind Term loan Macquarie Capital $805.6m

REC Solar ASA Singapore Solar Equity (company) Bluestar Elkem $462.m

First Wind South Plains III

Wind Farm Tax EquityUnited States Wind Tax equity Citi, BHE Renewables $390.m

Rattlesnake Den Wind Farm

Phase I Tax EquityUnited States Wind Tax equity Bank of America $382.m

Renova Energia 2009 Auction

Wind Portfolio Sunedison

Acquisition

Brazil Wind Balance Sheet TerraForm Global $370.6m

27

Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance

6 October 2015

CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY Q1 2004-Q3 2015 ($BN)

1.11.00.92.1

1.4

5.5

2.0

4.54.73.5

2.7

3.63.84.9

7.1

9.3

7.6

3.1

5.4

3.6

5.4

3.0

6.2

8.27.3

3.64.6

6.3

3.4

7.6

16.6

8.8

5.4

2.92.23.1

4.64.2

4.8

2.3

6.7

3.1 4.63.2

11.5

3.3 2.5

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


28

Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance

6 October 2015

RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING Q1 2004-Q3 2015 ($BN)

1.51.70.6

1.51.71.5

2.8

6.5

3.94.0

2.4

8.9

3.2

6.9

9.810.8

9.9

6.16.9

12.4

6.6

12.7

8.79.7

8.17.1

7.79.27.8

10.3

11.3

10.6

12.8

11.0

9.0

21.1

14.8

10.2

12.5

12.8

9.8

19.3

13.6

28.5

9.3

17.617.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


CLEAN ENERGY INDEXES

306 October 2015

Note: Values as of 23 September 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003 Source: Bloomberg New Energy Finance

NEX CLEAN ENERGY INDEX2003–15 YTD

0

100

200

300

400

500

Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15

316 October 2015

Note: Values as of 23 September 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance


40

60

80

100

120

140

160

180

200

Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16

326 October 2015

Note: Values as of 09 July 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance


40

60

80

100

120

140

160

180

200

Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16

336 October 2015

Note: Values as of 23 Sebptember 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance


80

90

100

110

120

130

Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16

34

Note: Values as of 10 April 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance

6 October 2015

NYSE BNEF REGIONAL CLEAN ENERGY INDEXES2006-15 YTD

0

500

1,000

1,500

2,000

2,500

3,000

Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16

NYSE BNEF AMERIndex

NYSE BNEF APACIndex

NYSE BNEF EMEAIndex

MSCI World &Emerging

0

500

1,000

1,500

2,000

2,500

3,000

Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15

35

Note: Values as of 10 April 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance

6 October 2015

NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES2006-15 YTD

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16

NYSE BNEFWind Index

NYSE BNEFSolar Index

NYSE BNEFESTIndex

MSCI World &Emerging

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15

36

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COPYRIGHT AND DISCLAIMER

6 October 2015

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Transcript of Global trends in clean energy investment · 08/10/2015 · 6 October 2015 1. Annual clean energy...