GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT CHINA STARS AS QUARTERLY CLEAN ENERGY INVESTMENT NUMBERS REBOUND 24% OVER Q1
FACT PACK AS AT Q2 2012 11 JULY 2012
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GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
1
CONTENTS
1. Global clean energy new financial investment overview
2. Global clean energy acquisitions overview 3. Clean energy indexes 4. Appendix
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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NEW INVESTMENT IN CLEAN ENERGY Q1 2004–Q2 2012 ($BN) 72.5
70.9
63.8 55.5 46.2
46.7
34.3 32.9
18.2 19.0
8.6 7.8 7.7 9.7
21.6 21.0
41.2 41.2
58.2
52.3
47.6 48.5 45.0 44.9 42.4
59.6
48.0
33.3
27.6 26.1
25.3
15.7 13.2 11.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2004
2005
2006
2007
2008
2009
2010
2011
2012
Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D. Now includes small distributed capacity & adjustment for re-invested equity. NEW
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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NEW INVESTMENT IN CLEAN ENERGY BY REGION Q1 2004–Q2 2012 ($BN) 72.5
70.9
63.8 52.3
58.2
55.5 46.2
47.6 48.5 46.7 45.0 44.9 42.4 41.2 41.2
59.6
48.0
34.3 32.9 21.6 21.0 18.2 19.0
8.6 7.8 7.7 9.7
33.3
27.6 26.1
25.3
15.7 13.2 11.5
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 2004
2005
2006
2007 EMEA
2008 AMER
2009
2010
2011
2012
ASOC
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D. Now includes small distributed capacity & adjustment for re-invested equity. NEW
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004–Q2 2012 ($BN) 72.5
70.9
63.8 55.5 46.2
46.7 41.2
34.3
47.6
41.2
33.3 27.6 26.1
52.3
58.2
48.5
59.6
48.0
45.0 44.9 42.4
32.9 21.6 21.0 18.2 19.0
8.6 7.8 7.7 9.7
25.3
15.7 13.2 11.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2004
2005
2006
2007 Wind
2008 Solar
Biofuels
2009
2010
2011
2012
Other
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D. Now includes small distributed capacity & adjustment for re-invested equity. NEW
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS Q1 2004–Q2 2012 ($BN) 72.5
70.9
63.8 52.3
58.2
55.5 46.2
47.6 48.5
46.7
34.3
41.2 41.2
33.3 27.6 26.1
59.6
48.0
45.0 44.9 42.4
32.9 21.6 21.0 18.2 19.0
8.6 7.8 7.7 9.7
25.3
15.7 13.2 11.5
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 2004
2005
2006 Asset finance*
2007 Public markets
2008 VC/PE
2009
2010
2011
2012
Small distributed capacity
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D. Now includes small distributed capacity & adjustment for re-invested equity. NEW
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY Q1 2004–Q2 2012 ($BN)
13.5
6.9
5.6 4.4 4.2 3.8
4.4 2.5 0.7 0.9 0.7 0.2 0.1 0.0 0.4
1.9
3.4
3.9 3.8
2.9 1.7
1.3
5.6
1.0
3.2 3.5
1.5
1.4
0.4
4.4 4.8
0.9
0.6
1.2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2004
2005
2006
2007
2008
2009
2010
2011
2012
Four quarter running average Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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VC AND PE NEW INVESTMENT IN CLEAN ENERGY Q1 2004–Q2 2012 ($BN)
1.8 1.5 1.7 1.8 1.2 1.1 1.5 0.8 0.7 0.4 0.2 0.6 0.4 0.3 0.5
2.6 2.5
3.1
4.0
2.6
1.7 2.2 1.3
1.4
2.7 2.6
2.4 2.0 1.9 2.1 1.5 1.5 1.7 1.9
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 2004
2005
2006
2007
2008
2009
2010
2011
2012
Four quarter running average Note: Total values include estimates for undisclosed deals
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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ASSET FINANCING FOR NEW BUILD CLEAN ENERGY ASSETS, Q1 2004–Q2 2012 ($BN) 50.4 47.3 43.0 37.2
37.0
32.9 32.5 30.6 26.6
32.3
27.7 25.6 25.3
31.3 29.6 29.2 28.4
35.9
29.5 24.0
20.6 18.4 17.3 11.4 6.0
4.8 5.1
6.8 7.5
16.5
14.4 13.5 12.2 9.4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2004
2005
2006
2007
2008
2009
2010
2011
2012
Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes small distributed capacity and adjustment for re-invested equity.
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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CONTENTS
1. Global clean energy new financial investment overview
2. Global clean energy acquisitions overview 3. Clean energy indexes 4. Appendix
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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ACQUISITION TRANSACTIONS IN CLEAN ENERGY Q1 2004–Q2 2012 ($BN) 28.5
21.8 20.7 18.4
14.3
15.6
12.9 11.0
17.3
18.7
15.2 14.2
18.7 15.9
16.2
16.9 16.1 14.4
12.9
11.6
10.0
21.7
21.2
21.2
10.4
8.5 7.5 7.0 2.9
4.5
3.6
5.7
3.6
1.6
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 2004
2005
2006
2007
2008
2009
2010
2011
2012
Four quarter running average Note: Total values include estimates for undisclosed deals
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY, Q1 2004–Q2 2012 ($BN)
17.8
10.3 7.5 4.6 1.3 1.1 1.1
2.4
2.1
4.7 5.1 3.6 4.4 3.9 3.0 3.7
7.4
8.3 8.2
8.0
6.0
6.4 5.1
3.3
3.8
3.7
6.7
6.0
4.5
4.6 4.7
3.0
1.5
2.2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2004
2005
2006
2007
2008
2009
2010
2011
2012
Four quarter running average Note: Total values include estimates for undisclosed deals
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING, Q1 2004–Q2 2012 ($BN)
15.4 11.9
9.1
8.9 8.9
0.4
1.7 1.5 1.5
2.8
8.4
8.3
7.2
6.5
1.6 1.8
9.7
12.9
11.7
10.7
10.8 10.3 9.8 9.5 9.1
9.0
7.7
7.4
6.2
7.6
3.6
3.2 4.0
2.2
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 2004
2005
2006
2007
2008
2009
2010
2011
2012
Four quarter running average Note: Total values include estimates for undisclosed deals
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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CONTENTS
1. Global clean energy new financial investment overview
2. Global clean energy acquisitions overview 3. Clean energy indexes 4. Appendix
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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NEX CLEAN ENERGY INDEX 2003 – 2012 YTD
500
NEX NASDAQ S&P 500
400
300
200
100
0 Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Note: Values as of 1 July 2012; NASDAQ and S&P 500 rebased to 100 on 01 Jan 2003
Jan-10
Jan-11
Jan-12
Source: Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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NEX CLEAN ENERGY INDEX 2011 – 2012 YTD
150
NEX NASDAQ S&P 500
140 130 120 110
100 90 80 70 60 50 Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Note: Values as of 1 July 2012; NASDAQ and S&P 500 rebased to 100 on 01 Jan 2011
Jan-12
Mar-12
May-12
Source: Bloomberg New Energy Finance
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NYSE BNEF REGIONAL CLEAN ENERGY INDEXES 2006 – 2012 YTD 3,000 2,500
NYSE BNEF AMER Index
2,000
NYSE BNEF ASOC Index 1,500
NYSE BNEF EMEA Index
1,000
MSCI World & Emerging
500
0 Dec 05 Sep 06 Jun 07 Mar 08 Dec 08 Sep 09 Jun 10 Mar 11 Dec 11
Note: Values as of 5 July 2012; rebased to 1000 on 30 Dec 2005
Source: NYSE; Bloomberg New Energy Finance
/ / / / GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT, 11 JULY 2012
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NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES 2006 – 2012 YTD 4,000 3,500 NYSE BNEF Wind Index
3,000 2,500
NYSE BNEF Solar Index
2,000
NYSE BNEF EST Index
1,500 1,000
MSCI World & Emerging
500
0 Dec 05 Sep 06 Jun 07 Mar 08 Dec 08 Sep 09 Jun 10 Mar 11 Dec 11
Note: Values as of 5 July 2012; rebased to 1000 on 30 Dec 2005
Source: NYSE; Bloomberg New Energy Finance
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CONTENTS
1. Global clean energy new financial investment overview
2. Global clean energy acquisitions overview 3. Clean energy indexes 4. Appendix
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TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q2 2012 NEW EQUITY RAISED
TOTAL OFFERING SIZE
ORGANISATION
STOCK EXCHANGE
SECTOR
TYPE OF TRANSACTION
Ilika PLC
Shanghai Stock Exchange
Fuel Cells
IPO
$339.9m
$339.9m
American Superconductor Corp
Shenzhen Stock Exchange Main Board
Digital Energy
IPO
$157m
$157m
Finavera Wind Energy Inc
US - OTC Bulletin Board
Wind
OTC Secondary/PIPE
$88m
$88m
Lime Energy Co
Shenzhen Stock Exchange Main Board
Efficiency: Built Environment
IPO
$61m
$61m
Wind
Convertible
$50m
$50m
Unison Co Ltd/South Korea Nasdaq Global Select Market
Source: Bloomberg New Energy Finance
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GLOBAL ASSET FINANCE SUMMARY Q2 2012 TYPE OF INVESTMENT
AMOUNT
NO. OF DEALS
Total new build asset financing
$35.9bn
263
Refinancing Acquisition Total refinancing & acquisitions Total asset financing
$2.3bn
14
$5.3bn
45
$7.6bn
59
$43.5bn
322
REGION
AMOUNT
NO. OF DEALS
China
$16.0bn
131
United States
$6.8bn
28
Europe
$6.6bn
36
Other AMER
$2.6bn
16
India
$1.3bn
12
Brazil
$1.0bn
6
Other ASOC
$1.0bn
29
Other EMEA
$0.6bn
5
$35.9bn
263
AMOUNT
NO. OF DEALS
Wind
$21.5bn
126
Solar
$11.5bn
108
Biomass & Waste
$1.3bn
20
Small Hydro
$1.1bn
7
Biofuels
$0.5bn
1
Marine
$0.04bn
1
-
-
$35.9bn
263
Total new build asset financing
SECTOR
Geothermal Total new build asset financing
Note: Total values include estimates for undisclosed deals. Small distributed capacity excluded.
Source: Bloomberg New Energy Finance
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GLOBAL VC AND PE SUMMARY Q2 2012 STAGE/TYPE OF INVESTMENT
AMOUNT
NO. OF DEALS
REGION
AMOUNT
NO. OF DEALS
VC early stage.
$0.8bn
32
United States
$1.2bn
64
VC late stage.
$0.4bn
41
Europe
$0.2bn
17
China
$0.05bn
1
$1.2bn
73
India
$0.04bn
3
$0.3bn
17
Other AMER
$0.03bn
4
Other EMEA
$0.004bn
1
$1.5bn
90
Other ASOC
-
-
$0.6bn
6
Brazil
-
-
$1.5bn
90
$2.1bn
96 AMOUNT
NO. OF DEALS
Total VC PE expansion capital.. Total VCPE new investment in companies PE buy-out. Total VCPE for companies
Total VCPE new investment in companies SECTOR Energy smart technologies Solar Biofuels Biomass & Waste Low carbon services & support* Wind Marine Small Hydro Geothermal Total VCPE new investment in companies
Note: Total values include estimates for undisclosed deals
$0.6bn $0.5bn $0.3bn $0.1bn $0.05bn $0.03bn $0.01bn $0.004bn $0.002bn $1.5bn
35 25 13 7 4 2 2 1 1 90
Source: Bloomberg New Energy Finance
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