Clean Energy Europe FinanceGuide 2013 - Clean Energy Pipeline

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Clean Energy Europe Finance Guide 2013 Second edition

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Disclaimer No company, investor or advisor has paid for inclusion in the Clean Energy Europe Finance Guide 2013 league tables or directory. League tables are based on deals that were announced during the 2012 calendar year. The exception are the league tables ranking legal and financial advisors, which are based on deals that have completed in 2012. This approach has been adopted as advisors are often not disclosed until after a transaction has been completed. It is not possible to buy an entry into this publication. As our online platform is updated in real time, league table rankings may differ from the time of this release and the data found in our online platform at a later date. The Clean Energy Pipeline league tables are based on deal information which has been collected by or provided to our team. Clean Energy Pipeline endeavours to guarantee the accuracy of the deal information used to compile the league tables. At the end of each quarter, organisations are invited to email us a quarterly deal summary in any format to ensure that all relevant deals are reflected in the Clean Energy Pipeline league tables. All submissions should be emailed to Thomas Sturge at [email protected]. Clean Energy Pipeline reserves the rights to decline inclusion of deals that it deems fall outside its definitions or methodology. While every care is taken in compiling the content, the publisher assumes no responsibility form effects arising from this publication. The opinions expressed in this guide are not necessarily those of the publishers, but of individual writers. The publishers do not accept responsibility for errors in advertisements or third-party offers.

Terms of Use The contents of this directory may not be used for the purposes of mass marketing. Clean Energy Pipeline, a division of VB/Research Ltd. takes no responsibility for the use of this directory by third parties after publication. All data is compiled from publicly available sources. Investors, project sponsors, corporates and banks listed in the directory have placed capital in or acquired a European-based clean energy company or project in the 2012 calendar year. Advisors listed have provided financial and/or legal advisory services to companies involved in European clean energy project finance, venture capital and private equity or M&A transactions during the same period. Government agencies that provided grant funding during the same period are also included. This data has been extracted directly from Clean Energy Pipeline’s online platform containing venture capital and private equity, project finance, M&A, public market deals and directory databases.

Copyright © 2005 – 2013 VB/Research Ltd. All rights reserved. No parts of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without prior permission of the publishers. This includes hosting all or part of this publication online.

Clean Energy Europe Finance Guide 2013

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Published by Clean Energy Pipeline A division of VB/Research Ltd. Wells Point 79 Wells Street London, W1T 3QN, UK Copyright © 2005-2013 VB/Research Ltd. All rights reserved. No parts of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without prior permission of the publishers, this includes hosting all or part of this publication online.

Contents Clean Energy Europe Finance Guide 2013 Managing Editor: Estelle Lloyd Research Director: Thomas Sturge Production Editor: Tom Naylor Business Development Manager: Chris White

Clean Energy Europe Finance Guide 2013 Published by: Clean Energy Pipeline A division of VB/Research Ltd. Wells Point 79 Wells Street London, W1T 3QN UK Copyright © 2005-2013 VB/Research Ltd.

Foreword....................................................................................................3 Douglas Lloyd Clean Energy Pipeline Opportunities in Cleantech Investing......................................................4 Ian Thomas Turquoise International Ltd. How to Identify Real Sustainable Investments?..................................10 Volkmar Liebig Sustainability Intelligence Ltd. Liechtenstein: Financial Centre of the Future......................................15 Simon Tribelhorn Liechtenstein Bankers Association Maximise Yield | Minimise Risks......................................................... 20 Thomas Götz SMA Solar Technology AG Offshore Renewable Energy Opportunities in the ..............................24 Isle of Man Territorial Seas League Tables.........................................................................................27 Market Analysis..................................................................................... 39

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Directory................................................................................................. 53

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ONTARIO, CANADA A powerhouse for alternative energy and clean technology growth Producing nearly 40% of Canada’s GDP, the Province of Ontario is the engine of Canadian innovation. The Ontario Clean Technology Alliance provides the spark for that engine and serves as the gateway to North America’s $17 trillion (GDP) economy. In 2009, as part of the Green Energy Act (GEA), Ontario introduced the feed-in tariff program, North America’s first comprehensive guaranteed pricing structure for renewable electricity production. Offering stable prices under long-term contracts for biomass, biogas, landfill gas, onshore wind, solar photovoltaic and waterpower energy, the feed-in tariff program is driving renewable energy in Ontario. As a global centre of excellence and opportunity for renewable energy and environmental efficiency, Ontario supports over 2,700 environmental industry companies that generate $8 billion annually and employ over 65,000 people. Supported by nearly $3 billion in spending over eight years and a focus on seizing market opportunities, Ontario’s innovation agenda builds on the strengths of the province’s diverse culture, creative, highly skilled talent pool and world-class education system. THE ONTARIO CLEAN TECHNOLOGY ALLIANCE OFFERS: •

excellent growth opportunities to companies



a low-risk business environment



and generous R&D tax credits that are the envy of other G-8 countries

The Ontario Clean Technology Alliance is a collaboration of the Department of Foreign Affairs and International Trade Canada, the Ontario Ministry of Economic Development, Trade and Employment, and many Ontario communities that have a shared goal: to attract and assist foreign cleantech companies establish a presence in one of our respective communities. To learn more about how we can help you establish your business in Ontario, please visit: www.ontariocleantechalliance.com

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Clean Energy Pipeline

Foreword

Foreword

Clean Energy Pipeline

Douglas Lloyd Founder & CEO Clean Energy Pipeline

When it comes to the clean energy sector the glass sometimes seems half empty. But is it really? We could focus on the fact that total investment in the European clean energy sector was lower in 2012 than the previous year. We could also bemoan government policy u-turns and ever decreasing subsidies. But let’s look at the sector from a longer term standpoint. During the last three years, the system cost of renewable energy has decreased significantly. According to the German Solar Industry Association, rooftop solar PV systems cost only Eur1.8/Wp in 4Q12, a 46% decrease on the cost three years ago. That has very positive implications for the future of the sector, not least the fact that installations are now at grid parity in regions with strong solar resources such as Italy. This is also persuading more risk-averse financing sources, such as pension funds, to consider clean energy projects as an investment grade asset class. Given the importance of the offshore wind sector to the European clean energy sector as a whole, it was also encouraging to see some really sizeable project debt financings in the sector in 2012. Project debt financing packages arranged for the 270MW Lincs offshore wind farm and the 400MW MEG 1 offshore wind farm stand out as examples of growing support for the sector. As you might have already guessed, at Clean Energy Pipeline we like to take a longer term view. This is the first in a series of “second edition” region and country specific guides that will be launched in the coming few months. The purpose of the guide hasn’t changed, namely to provide companies, investors, banks and advisors with valuable insight into the European clean energy investment landscape. However, the content has been enhanced to ensure that these guides remain valuable for as long as possible. Please let us know what we can do to continue to improve it further. Lastly I would like to thank our sponsors, Turquoise Associates, SMA Solar, the Liechtenstein Bankers Association, Sustainable Intelligence Ltd and the Ontario Clean Technology Alliance for their contributions to this guide as well as my research team, who have worked tirelessly to bring this guide together. I look forward to seeing some of you at the guide’s launch at Marsh’s offices in London on 18 April.

Douglas Lloyd Founder & CEO Clean Energy Pipeline www.cleanenergypipeline.com

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Thought leadership

Turquoise International Limited

Opportunities in Cleantech Investing looking beyond wind and solar

Ian Thomas Managing Director Turquoise International Limited

Ian Thomas is a Managing Director of Turquoise International, a London-based merchant bank specialising in Energy and Environment. Turquoise is active in corporate finance advisory, including fundraising and M&A, as well as venture capital investments through the Low Carbon Innovation Fund (LCIF) and Turquoise Capital. LCIF is an £18.5 million fund, based at the University of East Anglia and backed by the European Regional Development Fund, which has to date invested in nine companies over 15 investment rounds. Around a decade ago, renewable energy/cleantech emerged as a recognised investment class distinct from the broader power and technology sectors. Since then, the vast majority of investment into the sector, both quoted and unquoted, has been deployed in wind and solar, encompassing project assets, technology and the manufacturing/supply chain. Indeed, according to data compiled by Clean Energy Pipeline, more than 73% of all cleantech and renewables investment since 2009 has flowed to wind and solar. This is not an unreasonable outcome given the relative maturity of those technologies; however, the fact that the overall allocation of investment to the sector has been very limited compared to other industries (i.e. oil & gas, traditional power, etc.) means that there has been significant underfunding of other parts of the cleantech and renewables universe. The concentration of money in wind and solar contributed to overvaluation of many investments in those sectors, particularly in the solar technology and manufacturing supply chain. When combined with structural changes in those industries, primarily the entrance of Chinese manufacturers, the result was significant losses for some investors (although early entrants did enjoy a number of notable successes). More recently, this has been exacerbated by the under-pricing of political risk, as manifested in unanticipated changes to regulation and levels of

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government subsidy: prominent examples include the Spanish renewables sector (effectively changing tariffs retroactively) and the UK solar sector (last minute policy change). This experience has caused a number of investors to reduce or discontinue their investment across the cleantech/renewables sector as whole.

“There is a perception among some investors that geothermal is a high risk activity because of the need to drill wells.” However, there may be a outcome to these developments. Those investors who remain committed to cleantech and renewables, as well as new entrants to the asset class, should recognise the existence of a diverse range of other sub-sectors outside wind and solar and that the risk profile of investments in these areas is not as great as has been generally perceived. A number of other technologies are now reaching maturity and, in many cases, enjoy strong commercial drivers that are independent of direct government support. Investment in them brings the benefits of diversification and risk reduction across the portfolio.

Turquoise International Limited

Below we explore some of the many areas in which Turquoise sees significant growth potential. These opportunities can be broadly grouped together as: (a) renewable energy generation (including associated supply chains) outside wind and solar; and (b) resource efficiency, including energy, water and materials (including both manufacturing and recycling). Heating up – investing in geothermal On the energy generation side, one of our preferred areas is geothermal. While this is not a new technology, and has been widely deployed globally, it remains underexploited in some geographies and in certain applications. Turquoise has been involved in raising funds for a project developer targeting deep hot water reservoirs for combined heat and power in southern Germany, where there are significant proven geothermal resources yet to be developed and an attractive tariff. In addition, the Low Carbon Innovation Fund is finalising an investment in a developer of geothermal heat projects in the UK, targeting mediumdepth hot water resources to feed district heating networks to be built out by a leading utility and benefiting from the Renewable Heat Inc.entive (RHI). Although both business models do depend to a large extent on public subsidy, they are operating in niche areas where the total cost to the relevant government is very limited, making radical change unlikely. There is a perception among some investors that geothermal is a high risk activity because of the need to drill wells. This ignores the vast pool of expertise that exists within the oil & gas industry, as well as specialist geothermal service providers, which substantially de-risks what are, by oil & gas standards, technically straightforward wells (being onshore and not excessively deep). Moreover, the insurance industry

Thought leadership

is able to provide a range of risk mitigation options for drilling. Lastly, for heat applications, there is less resource risk as heating networks can function with lower water temperatures than are required for electricity generation. Energy in motion – wave and tidal Marine energy is another sector that holds significant potential even though financial investors have, to date, found it to be extremely challenging. The main issues surround the cost and timescale for bringing a complete marine energy generation system to market, as well as difficulties in evaluating the best technical approach among the huge variety of different designs being proposed. However, a considerable amount of money has already been spent across the marine energy sector in finding out what does work, what might work and what doesn’t work and these learnings can be capitalised on by later entrants to produce more effective designs at lower development cost. Particular areas of opportunity include specific components or sub-systems such as platforms or other infrastructure which reduce the cost of both the initial installation and ongoing maintenance of the core energy generation system. Examples of companies active in this field are Oceanflow Energy (www.oceanflowenergy.com) and Sustainable Marine Energy (www.sustainablemarineenergy.com). This approach translates into a play on the industry as a whole by addressing one of the key cost barriers to large scale deployment of marine turbines whilst avoiding the need to pick the winning generation technologies. There is also potential in niche generation applications such as Trident Energy (www.tridentenergy.co.uk), which attaches to existing offshore platforms and harvests wave energy to supply power to oil & gas and wind farm installations.

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Beyond food vs. fuel – sustainable biofuels There are interesting investment opportunities in the biofuels sector, created in part by a lack of understanding of the complexity surrounding different categories of biofuel, sources of feedstock, process technologies and regulation. As with the marine sector, significant amounts of capital have been lost in biofuels in the past, predominantly in European biodiesel and US ethanol. However, for new investors to the sector, there is an opportunity to learn from this experience and exploit new areas of opportunity. In terms of first generation biofuels, the main opportunity is in European bioethanol where, despite proposed changes to regulation, current installed capacity is inadequate to meet mandated blending requirements for road transport fuel. Project developers such as Vireol (www.vireol.com), who have secured prime locations in large petrol markets and that are close to feedstock and transport hubs, are well placed to benefit in the period through to 2020. In the biodiesel sector, which has experienced the greatest pressure on feedstock prices and food-versus-fuel conflicts, there is a pressing need for second generation technologies that use non-food feedstocks. There is also a large opportunity in cellulosic ethanol in the US and Brazil in particular for the retrofitting of new technologies to existing first generation plants in order to significantly improve yields and/or convert them fully to second generation processes. A range of companies in the US and Europe are now developing biofuel and renewable chemicals technologies, some of which have reached commercial operations. The push for resource efficiency The scale of the opportunity in resource efficiency is immense. The key drivers are different to the energy generation market in that they are typically less reliant on direct financial subsidy (and hence less exposed to political risk) and more based upon pure cost/benefit considerations. Government regulation has an important role to play

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Turquoise International Limited

in some areas – for example, landfill tax and emissions reduction mandates – but the long term cost of fossil energy (whether oil, gas or coal) is the prime motivator. The impact of energy prices is felt across all areas of industry that produce or consume raw materials whose manufacture requires significant energy consumption and, hence, creates a huge market for efficiency technologies and alternative materials. Similarly, in the water sector, increasingly tight regulation creates ever greater costs associated with cleanup and re-use. Companies seeking a competitive advantage are increasingly looking to more efficient and lower-cost supply chains, as well as minimising the cost of waste through recycling and/or conversion to energy. This is fundamentally about commercial considerations albeit reinforced by the influence of corporate social responsibility (CSR). The range of solutions is very broad and includes the intersection of cleantech and information technology (the ‘greenweb’) that is now many investors’ preferred way to gain exposure to the clean energy sector because of the lower capital intensity of the relevant business models. In the flow – opportunities in water The water sector has multiple drivers for resource efficiency, in that water itself is a precious and increasingly expensive commodity and water utilities are large energy consumers, particularly as regards the processing and treatment of waste water. Technologies that can address one or both of these needs have a global market, albeit one that is historically not known for a culture of innovation. Two examples of very different approaches to this market are LCIF portfolio companies, Bactest (www.bactest.co.uk) and Syrinix (www.syrinix.com). Bactest has developed a platform technology for the detection of bacterial contamination in clean and waste water that can be deployed in a portable device and, in the longer term, in situ in waste water treatment plants.

Turquoise International Limited

The advantages of the process are its flexibility and speed of detection, which is substantially shorter than existing laboratory-based equipment. The portable device can be used by non-specialist staff to test for microbial activity in anything from potable water tanks at music concerts to newly-installed pumps in a utility’s clean water mains. The in situ device is aimed at achieving real-time monitoring of waste water, such that utilities can precisely control the aeration of activated sludge and significantly reduce energy consumption.

“‘Big data’ is another example of a ‘non-invasive’ technology that can assist utilities, in the power sector in the first instance, to generate value.” Syrinix supplies sensing and signal processing systems to utilities to allow detection of leakage in water trunk mains. Using data aggregation, the product provides an early warning and facilitates rapid intervention by the utility before the problem becomes critical. As well as the obvious benefits of extending the life of installed assets and reducing water losses, there are savings to be obtained through eliminating unnecessary pipeline maintenance. Both Bactest and Syrinix combine sophisticated physical hardware with software to produce advanced solutions for the water industry that do not require large new capital investments. In many cases, they can be deployed in parallel with existing equipment and processes to provide information in a faster and more actionable form. They do not require significant regulatory approvals or involve utilities fundamentally changing their current operational protocols. Both offer clear cost benefits and returns on investment without being disruptive to an industry which does not value that particular quality.

Thought leadership

Making the most of data ‘Big data’ is another example of a ‘non-invasive’ technology that can assist utilities, in the power sector in the first instance, to generate value. In this case, sophisticated analytical techniques can be applied to data generated from smart meters and other sources in order to allow utilities to respond more effectively to real-time changes in demand and/or to influence consumer behaviour in order to change demand profiles and implement energy efficiency measures. This can also allow the creation of ‘virtual power plants’ by smoothing out peaks in demand to increase the overall utilisation of existing generation assets and reduce the need for new builds. Investors coming from the software world instinctively feel more comfortable with this type of business model compared with financing capital-intensive energy infrastructure. Particularly interesting are technologies like those being developed by ONZO (www.onzo.com) which use proprietary algorithms to identify electricity consumption of individual electrical devices from a single sensor (or smart meter) that monitors aggregate energy usage within the home. This use of high resolution data assists both utilities and consumers to identify energy efficiency measures that have sensible paybacks (such as replacing inefficient domestic appliances and altering energy use patterns to make use of cheaper, off-peak supply) as well as, in the longer term, added–value applications in areas such as home security (monitoring for unexpected changes in energy use within the home that might indicate that an accident or intrusion has taken place). The building sector Heating and cooling of buildings is an area ripe for energy saving, although the different financial interests of owners and tenants often act as a barrier to investing in some of the more obvious solutions for existing building stock (such as replacing old HVAC systems with more efficient units).

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Thought leadership

New build, however, offers the opportunity to optimise energy consumption through intelligent design, both in terms of renewable on-site energy generation and efficiency measures. One example of the latter is Breathing Buildings (www.breathingbuildings.com), whose ventilation design technology allows more efficient mixing of outgoing hot air and incoming cool air in order to reduce energy consumption and improve air quality. Savings can be quantified to establish a clear commercial case for adoption in preference to traditional systems. Lighting is another large energy consumer in the building sector, where LEDs are now gaining market traction in a variety of applications. While the LED lamp itself may well become a commodity product over time, there are a range of interesting technologies relating to the surrounding electrical systems which represent a large proportion of the total cost of ownership. Companies such as iSotera (www.isotera.com) produce LED-based lighting systems with innovative power distribution and control architecture that have a much lower installation cost and higher efficiency than standard systems. The product is designed to appeal to electrical contractors by making the installation process much easier, faster and less wasteful.

“Techniques that improve the effectiveness of manufacturing processes are not unique to cleantech but, in most cases, they contribute to savings in energy and/or materials consumption.” Sustainable materials and manufacturing The construction industry can also benefit from the switch away from traditional, energy-intensive materials to more sustainable replacements. Hunton Fiber (www.hunton.no) is a supplier of insulation products manufactured from wood fibre that displace traditional materials such as stone and mineral fibre, particularly for construction of Passive Housing. Although there are clear sustainability benefits to using a renewable feedstock, the market is typically not yet prepared to pay for it; hence, the products compete on the basis of their superior insulation properties at comparable cost. From an investment perspective, it is critical that these genuine commercial drivers exist rather than relying upon expectations of a ‘green premium’ which does not (yet) exist outside of products aimed at a small group of consumers who buy on personal conviction rather than price. Techniques that improve the effectiveness of manufacturing processes are not unique to cleantech but, in most cases, they contribute to savings in energy and/or materials consumption. Where these technologies can be deployed in the renewables supply chain, there is a particularly strong case for investment by clean energy-focused investors. One example of this is TeraView (www.teraview.com), which uses terahertz wavelength light for inspection and fault detection in (among many applications) the manufacture

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Turquoise International Limited

of solar cells. By identifying flaws in blocks of silicon, as well as in the coatings of the crucibles used to produce crystalline solar wafers, this process acts as a quality control mechanism and reduces waste along the production line. The technology also enjoys the benefit of being applicable to a range of other industries, with the potential for diverse revenue streams.

“In energy-from-waste, advanced thermal treatments such as pyrolysis and gasification have earned a bad reputation in the eyes of some investors due to the gap between theoretical effectiveness and real-life operational performance.” Apart from the well-known opportunity to address fertilizer usage, the agricultural sector is a large consumer of other energy-intensive and environmentally-unfriendly chemicals in the form of herbicides and pesticides, creating the opportunity for switching to alternative materials. LCIF has invested in Weeding Technologies (www.weedingtech.com), which supplies weed control systems based upon organic, non-toxic foams and steam as an alternative to chemical herbicides. The value proposition to farmers is lower and/or less volatile pricing, as well as the ability to deploy the product close to sensitive areas such as waterways, roads and populated areas. The automotive sector’s drive for fuel efficiency was energised by the EU’s introduction of strict targets and financial penalties for CO2 emission reductions (with other parts of the world now following). Turquoise Capital has been a long-standing investor in Controlled Power Technologies (www.cpowert.com), which has developed a low-cost, ‘mild-hybrid’ system for passenger cars that achieves the performance of a full hybrid at approximately one-quarter of the cost. From waste to value Recycling is one of the most well established parts of the cleantech industry and, in many aspects, works very effectively by deploying relatively basic technological processes. However, there are numerous opportunities to address waste fractions that have traditionally been difficult to handle or where there is potential for conversion into higher value-added products (including energy). Though in many cases not yet fully commercial, some of these technologies have reached the tipping point and are now emerging at commercial scale. In energy-from-waste, advanced thermal treatments such as pyrolysis and gasification have earned a bad reputation in the eyes of some investors due to the gap between theoretical effectiveness and real-life operational performance (typically due to an inability to deal with residues such as tar and to consistently control emissions). Here too, later entrants (both technology developers and investors) have had the

Turquoise International Limited

opportunity to learn from the mistakes of early movers and there are now a range of processes that are being built out at small commercial scale. Examples include ITI Energy (www.iti-energy.com) and Environmental Power International (www.epienergy.com) which have, respectively, differentiated gasification and pyrolysis technologies for efficient electricity and heat generation. An excellent example of a very hard-to-recycle waste material is fly ash, produced in enormous quantities over decades from coal-fired power stations across the globe. Despite many attempts to develop processes to beneficiate this material such that it can be reused, only a very small fraction has ever been recovered for commercial use (predominantly as a low-value filler in cement). Turquoise is working with RockTron (www.rktron.com), which has a novel process for cleaning and separating fly ash into a series of recoverable products, all of which can be sold commercially (in some cases with very high valueadded applications). The technology has been developed over many years and is an excellent example of genuine innovation directed at addressing a major environmental issue resulting in a very large commercial opportunity. The future of cleantech and renewables The sectors and companies described above represent only a fraction of the potential to be discovered within cleantech and renewables once investors look beyond the obvious and familiar opportunities in wind and solar. We believe that risk/reward considerations are now starting to favour increased investment in these areas as the underlying technologies and business models achieve greater maturity and investors acknowledge the risks of over-exposure to assets that rely on direct public subsidy to generate an acceptable return. Over the long term it is opportunities, such as resource efficiency, which are fundamentally economic and can be realised through an acceptable amount of technological innovation that will attract significant and enduring investment.

Thought leadership

Turquoise International Limited Website: Contact: Position: Email: Telephone:

www.turquoiseassociates.com Ian Thomas Managing Director [email protected] +44 (0)20 7248 7503

Turquoise International is a merchant bank specialising in Energy and the Environment. Established in 2002, Turquoise offers in-depth industry knowledge and extensive capital raising, transaction advisory, and investment management expertise and track record. For capital raising, our advisory clients are predominantly private companies or listed companies seeking funding via private placements across a range of business segments including technology, project development, manufacturing and services. Turquoise assists clients in raising funds across the capital structure including equity and debt. We source funds for our clients from a diverse range of investors located in Europe and internationally. Turquoise advises corporate clients and their shareholders on transactions such as mergers, acquisitions, disposals and joint ventures assisting in areas such as strategy, identification of opportunities, valuation and transaction execution. In fund management, Turquoise provides a range of services to investors, ranging from advice in relation to individual investments to discretionary investment management for a portfolio of investments. Turquoise invests directly through Turquoise Capital (seed stage proprietary investments) and manages the European Regional Development Fund-backed Low Carbon Innovation Fund (venture investments in the East of England).

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Sustainability Intelligence Ltd.

How to Identify Real Sustainable Investments? Breaking down a big barrier for investors

Volkmar Liebig Professor Emeritus and Managing Partner Sustainability Intelligence Ltd., Berlin

1 Background, Facts and Problems Thinking sustainably is not a new trend. Historically it has been shown that unsustainable behaviour, where no care is shown for future generations, has destroyed economies and environments. Such behaviour won’t allow our children and grandchildren to satisfy their needs in a comparable form to today.

“In the long run sustainable investments are more profitable than unsustainable investments. From an economic point of view it makes economic sense that all investments should be fully verified according to sustainability criteria.” The overconsumption of resources and world population growth represent a new dimension of challenge. We currently consume more fossil energy in one year than is created in one million years. The gap between rich and poor has never been so extreme. The world’s climate has never been influenced by humanity so strongly. Social problems such as migration at the current scale are unprecedented. These problems can partially be solved by a redirection of capital. But how can one identify truly sustainable

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investments? Sustainable investing will surely increase if investors have clarity on investments that provide sustainable returns. In the long run sustainable investments are more profitable than unsustainable investments. From an economic point of view it makes sense that all investments should be fully verified according to sustainability criteria. The key question is how to create a comprehensive review of sustainability that is plausible and transparent. 2 The Solution: The EC²SE Technique It is imperative to understand two things when creating a method to test the sustainability of investments – what defines sustainability and how investments can be assessed to ensure that they are in accordance with these definitions? Following research undertaken in collaboration with the Technical University of Munich, we created the EC²SE Technique, which is based on the four aspects of sustainability - economic, ecological, social and ethical. These four aspects are fundamental with regards to entropy and Pareto Optimum. We have to assess whether any investment accelerates entropy, for example by consuming fossil energy, and whether global inequality is enhanced or reduced. At the end of the process, a ranking of sustainability with seven levels (A to G) is generated. This is designed to be equivalent to well known ratings, such as washing machine energy efficiency rating

Sustainability Intelligence Ltd.

standards. Investors can modify ratings by weighting, which allow them to integrate their own perspective of sustainability into the valuation.

FIGURE 1 The EC²SE technique schematically FACTS, DATA, INFORMATION, RESEARCH, INTERVIEWS...

GENERAL PERSPECTIVE

ETHICAL

SOCIAL

ECOLOGICAL

ECONOMIC

Figure 1 shows the EC²SE Technique schematically. The first part of the process involves a real assessment and the second part determines a rating. The identification of ratings is carried out on the basis of the portfolio theory and not in terms of asset allocation. Finally, an individual rating is determined by the position in the final portfolio. The two rating steps F and G are defined as nonsustainable.

Thought leadership

ENTROPY

“The EC²SE Technique makes it possible to reconstruct the rating process. Important questions relating to why a particular financial instrument has received a rating or which measures are necessary to improve investments’ rating can be answered easily.”

PARETO OPTIMUM Characteristics of the criteria SUB-PORTFOLIOS

FINAL PORTFOLIO

POSITION II

One of our first projects was to verify the sustainability of Tecosol GmbH. The company is a medium-sized enterprise with annual revenues of Eur120 million. Tecosol produces biodiesel based on a patented technology that processes waste from slaughter houses. The EU requires the use of biodiesel in the European Community. The entire supply and value chain is certified by international standards.

POSITION I

3 Case Study: The Sustainability of Tecosol GmbH

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Ranked into one of seven levels NOT SUSTAINABLE

LEVEL POSITION

A

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G

© 2013 Sustainability Intelligence Ltd. NOTE Entropy refers to the irreversibility of processes. Investments can either accelerate or decelerate entropy, but not avoid it. A society is Pareto-Optimal if no-one can gain without someone else’s loss. There exist structures on earth that are far away from being Pareto-Optimal. An investment that pushes entropy instead of moderating it or that does not contribute to an improvement of current structures towards Pareto-Optimality cannot be sustainable.

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Sustainability Intelligence Ltd.

The firm is issuing profit participation certificates to accelerate growth. The EC²SE label should help the company find investors.

“The methodological approach, the completeness, the transparency and the possibility to weight the sustainability aspects are the unique features of the EC²SE Technique.” The verification process takes place in seven steps which are shown in Figure 2. The first two steps involve selecting the investments to be verified and researching existing data and facts. The verification takes place within steps three and four. Steps five to seven allow for individual positioning in relation to the four aspects of sustainability. Finally, the financial instruments are given a sustainability rating. In addition, our example should determine the particular non-financial risks of the investments. The entrepreneur was responsible for the production process and collected

FIGURE 2 The seven Steps of the EC²SE Technique 1. SELECTION 2. IDENTIFICATION

3. EVALUATING

4. JUDGEMENT

5. CLASSIFICATION

6. RANKING

7. RATING

Selection of investments to verify. Supply of data and facts. Identification of relevant facts and data in the four aspects of EC2SE based on research and provided documents. Evaluating the identified data and facts, uncovering deficiencies. Check for completeness, validity and credibility of the documents. Judgement of existing data and facts according to the given scheme (Total Quality Management System), with a scale of four levels is used. Classification of results EC2 and SE in the form of sub-portfolios. The result leads to the positioning of evaluation aspects. It allows for comparison with other investments. Ranking of all portfolio allocations EC2 and SE in a portfolio of results. This allows for classification of all aspects in a single portfolio. Rating on a scale of seven levels of sustainability of investments. Two steps are defined as non-sustainable. The other five levels indicate the degree of sustainability.

© 2013 Sustainability Intelligence Ltd. 12

Sustainability Intelligence Ltd.

Thought leadership

FIGURE 3 Example: Tecosol GmbH RESULTS OF THE AUDIT ON SUSTAINABILITY

PARETO OPTIMUM

RESULTS

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ETHICAL

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COMPANY TECOSOL GMBH HAS RATING B © 2013 Sustainability Intelligence Ltd.

substantial and relevant documents. He provided us with all necessary information and was able to answer all of our questions. Figure 3 shows the summarized results of the comprehensive audit of sustainability by the EC²SE Technique. Economic and Ecological have the highest positions in the sub-portfolio number I and Social and Ethical occupy the second highest position in the sub-portfolio number II.

These two positions are transferred into the final portfolio. In this example, the company Tecosol gets the sustainability rating level B. The EC²SE Technique makes it possible to reconstruct the rating process. Important questions relating to why a particular financial instrument has received a rating or which measures are necessary to improve investments’ rating can be answered easily. In addition, investors may

13

Thought leadership

consider weighting sustainability aspects by, for example, giving a higher weighting to ethical considerations. The methodological approach, the completeness, the transparency and the possibility to weight the sustainability aspects are the unique features of the EC²SE Technique. We believe that the EC²SE Technique has the potential to become the standard method for fully verifying sustainable investments worldwide.

Sustainability Intelligence Ltd.

For more information please visit: www.sustainability-intelligence.de or send us an e-mail at: [email protected] Sustainability Intelligence Ltd. Branch Office Mohrenstraße 34, 10117 Berlin, Germany

Sustainability Intelligence Ltd. Website: Contact: Position: Email: Telephone:

www.sustainability-intelligence.de Prof. Volkmar Liebig / Oliver N. Hagedorn Managing Partners [email protected] +49 (0)30 28 87 67 - 16

Sustainability Intelligence Ltd. was founded in early 2013. The company is an independent provider of information and evaluation services for investment auditing with respect to comprehensive sustainability. It is based on the EC²SE method - developed as a joint project with the Technical University of Munich - which enables Sustainability Intelligence Ltd. to provide transparent and reproducible certification of sustainable investments. Capital investments are examined as to whether they generate economic, ecological, social or ethical value.

14

The range of services includes:

• the granting of licenses for the use of the EC²SE method • the development of additional services for the research and representation of financial instrument sustainability • the operation of an internet platform with digital services More information is available at: www.sustainability-intelligence.de

Liechtenstein

Thought leadership

Liechtenstein: Financial Centre of the Future Committed to Sustainability, Location of Choice for Impact Investors

An influx of ever expanding regulations is a trend that continues to increase. However, Liechtenstein has decided to view regulation first and foremost as an opportunity. The Liechtenstein financial centre is reinventing itself. The way forward is being redefined, business models rethought and new paths explored. In this process, Liechtenstein benefits from an excellent political and legal framework which forms the basis for an innovative, stable and sustainable financial centre.

Excellent framework conditions Thanks to Liechtenstein’s membership in the European single market, financial intermediaries based in Liechtenstein enjoy full freedom of services throughout the entire European Economic Area (EEA). As a consequence Liechtenstein’s financial service providers benefit from the free movement of capital and services. This makes it possible to offer financial products from Liechtenstein that are based on Swiss francs, and which are authorised throughout the entire European Union (EU). The country’s membership of the EEA and close relationship with Switzerland, as part of the Swiss economic area, is unique worldwide and enables the Liechtenstein financial centre to offer its clients the combination of financial strength, stability and the so-called EU passport. On the other hand, the same legal requirements apply to banks and funds service providers in Liechtenstein as in all EU countries. As of October 2012, Liechtenstein has implemented 99.6% of the EU single market directives according to the EFTA Surveillance Agency (ESA) and therewith ranks under the top-five countries EU/EEA-wide. The new AIFM law In 2012, Liechtenstein implemented the AIFM Directive (Directive on Alternative Investment Fund Managers). The new AIFM law will enter into force on July 22, 2013

and brings about fundamental changes to the business of alternative investment funds. The AIFM law is open to international legal structures. With these new conditions Liechtenstein offers an ideal platform for AIF promoters. More specific information on the implementation of the AIFM Directive in Liechtenstein can be found on the website of the Liechtenstein Financial Market Authority (see http://www.fma-li.li/en/financial-center/licences-andauthorizations.html).

“Liechtenstein law will allow for several different investment fund structures which are EU-compatible and preserve the individuality of investments for retail and professional investors.” Alternative Investments to bridge the funding gap The trend towards sustainability is unstoppable. In the financial industry more and more institutions and investors will look toward and follow the theme of ‘sustainability’. Financial intermediaries and alternative investments will play an important role in bridging the funding gap

15

Thought leadership

Liechtenstein

The Liechtenstein Bankers Association supports the activities of the banks, correlates the efforts involved and is committed to cross-industry projects. For example, the Association is one of the co-founders of the LIFE Climate Foundation, together with the government, the Association of Professional Trustees, the Investment Fund Association and the University of Liechtenstein. Established in 2009, the foundation’s purpose is to be a driving force in the area of sustainability by providing solutions to the needs of future generations and developing and promoting market-based instruments in the area of climate protection. between cleantech projects and investors. For many of the latter, especially the younger generation, the concept of the private sphere is no longer dominant. They increasingly want to take on more responsibility for people and the environment and consequently also want to invest their money in a meaningful and secure way.

The Bankers Association’s commitment has also led in part to the creation of the Microfinance Initiative Liechtenstein (MIL). The initiative promotes activity in the area of microcredit, which contributes significantly to the fight against poverty. Last but not least, the Liechtenstein Bankers Association played an important role in establishing the first International Sustainability Rating Foundation, the CARLO FOUNDATION.

“Liechtenstein is prepared for Alternative Investments which will play a more and more important role in the field of cleantech and sustainable investments.”

The foundation was named after Hans Carl von Carlowitz, who was the first to formulate the principle of sustainability and is considered to be the father of sustainable development. The goal of the CARLO FOUNDATION is to build and maintain an independent financial product rating system that can support sustainable business models and increase the public’s awareness of, and interest in, sustainable investment opportunities.

Liechtenstein intermediaries are committed to sustainability Values such as sustainability are at the top of the list, and considered part of the long-term, strategic orientation of the financial centre. While the details of how to implement sustainability concepts vary from intermediary to intermediary, the institutions agree on the basic principle: sustainability means long-term and future-oriented answers to clients’ individual needs in the form of customised products and top services, while at the same time giving consideration to social, economic and environmental responsibility. Step by step towards a centre of competence for sustainability and responsible investing The primary challenges in the next few years are to establish internationally recognised standards and cooperation between business and governments. Another milestone will be to generate more awareness and facilitate ‘capacity building’, for which expertise is often still lacking, for clients as well as institutions and providers. To that end, a number of measures are being undertaken in Liechtenstein to develop such expertise. Liechtenstein has successfully launched several initiatives in the field of responsible investing and is on the way to becoming a centre for sustainability.

“Banks are striving to meet the growing demands of quality-conscious clients and being able to compete internationally.”

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The establishment of the foundation was preceded by several months of evaluation, which showed that awareness of sustainability has increased measurably in the last five years. However contributions to a sustainable way of life are often hard to define due a lack of transparency. A holistic and transparent sustainability rating will provide the necessary transparency to the market and guidance to customers.

Liechtenstein Bankers Association Website: Contact: Position: Email: Telephone:

www.bankenverband.li Simon Tribelhorn CEO [email protected] +423 230 13 23

The Liechtenstein Bankers Association (LBA) was founded in 1969 and is the voice of the banks operating in Liechtenstein, at home and abroad. It is one of the most important support organisations in the country and implements important functions ensuring the successful development of the financial centre. Through membership of the European Banking Federation (EBF) and the European Payments Council (EPC), the Liechtenstein Bankers Association is an integral part of key bodies at the European level, and plays an active role in the European legislative process.

Liechtenstein

Thought leadership

CASE STUDY Dr. Stefan Lindemann Head of Fund Management Company LGT Fondsleitung AG

Question: Can you give us some background on LGT Bank and your role? Answer: LGT Bank is owned by the Princely Family and is the biggest bank in Liechtenstein. The bank has a clear business model of focusing on private banking and asset management services. We don’t do any investment banking at all. I am the Chairman of the Executive Board of the LGT Fondsleitungs AG. This division provides the frameworks that are necessary to set up funds for third parties. We can establish fund frameworks within a number of legal structures, including UCITS (Undertakings for Collective Investments in Transferable Securities), and in the future also AIFs (Alternative Investment Funds). We can also offer specialised structured funds according to the needs of investors. Question: What are the main benefits Liechtenstein can offer as a fund domicile over competing countries? Answer: There are some clear advantages of Liechtenstein as a fund domicile. First and most important is the clear political commitment of Liechtenstein as a fund domicile to further develop a viable, industry-oriented and EU-compliant AIFM (Alternative Investment Fund Manager) and AIF market. This legal certainty is increasing in importance as investors do not like uncertainty. The financial sector is very important for Liechtenstein and this has resulted in the Government outlining a clear strategy for the country to grow as a fund domicile. Second, we are a member of the European Economic Area, which gives investment funds based here the possibility of easy access to the European market. We are not the only fund domicile that has this advantage but crucially we are the only one that has the Swiss Franc, which could be advantageous given the situation with the Euro. Liechtenstein also offers investors advantages in actually setting up an investment fund. It is a very time- and costefficient market to set up funds due to the Financial Markets Supervisory Authority. For the application approval procedure, the Financial Markets Supervisory Authority has clear binding timelines for processing and responding to applications. In Switzerland there are no timelines and it can be very time consuming to get a sophisticated product approved. Last but not least there are tax advantages. Liechtenstein does not impose any tax on a fund level, either in the form of income tax, capital gains tax or distribution tax. This is superior to Luxembourg, where a 1 or 5 bps tax (tax d’abonnement) is applied on all assets under management

depending on the type of fund. In an equity fund you will probably not notice a 5 bps tax. But for a money market fund where the margins are low, 5 bps is an issue to be considered closely. Additionally the corporate tax rate in Liechtenstein for a fund management company is 12.5% at the maximum for a selfgoverning company and CHF 1,200 (Eur 977) for a non-selfgoverning company. In Luxembourg the corporate tax rate for management companies is still 28.8%. Question: For which types of fund structures can Liechtenstein become a major domicile? Answer: There will be new competition under the future AIFMD (Alternative Investment Fund Managers Directive) regulatory regime, which basically covers all funds not structured under the UCITS regime. Liechtenstein has the ambition and the infrastructure to be a strong player under this new regime. For small to medium sized funds Liechtenstein is in a good position because funds can be established here in a cost and tax efficient way. Question: To what extent is Liechtenstein facing competition from Switzerland as a fund domicile? Answer: As a Swiss citizen it can hurt to see the challenges in the fund industry in Switzerland. These days it is difficult for a politician to stand up and speak for the financial community. As a consequence, there are now some Swiss funds looking to Liechtenstein as the situation in Switzerland is still unclear. Switzerland will likely not have easy access to the European Market for AIFs in the next two years, so that will affect the type of business model you can run on a fund domiciled in Switzerland. Liechtenstein seeks a synergetic relationship with Switzerland by providing early access to the European market for products and a domicile in particular for small to mid-size but viable AIFMs. Besides, fund managers want to have a broad range of possibilities for the legal setup of their funds. Liechtenstein will implement several structures for AIFs according to European law and has not imposed additional operating limitations or any additional risk management requirements. This is different from other countries, which impose additional requirements as they think they need more investor protection. The costs of additional regulations will necessarily be shifted towards the end-consumers, i.e. the investors in the funds. Financial markets authorities have basically two tasks, firstly to guarantee the functioning and stability of financial markets and second, the protection of investors. The first task should not be forgotten over the second.

LGT Fondsleitung AG Website: Phone: Location:

www.lgt.com +423 235 21 44 Vaduz, Liechtenstein

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Thought leadership

Liechtenstein

CASE STUDY Natalie Epp Head of Fund Services LLB Fund Services

Question: Can you give us some background on LLB Fund Services? Answer: We operate as a custodian bank for all types of funds, including traditional ones like the UCITS funds as well as the new AIFM funds (so-called AIFs). We act as a custodian bank not only for our own fund management company but also for third party fund management companies. We offer all services concerned with structuring, advising, launching, administrating and liquidating funds in Liechtenstein. Most of our clients are Swiss-domiciled external asset managers but we are also securing more and more EEAdomiciled asset managers as clients. We have a lot of Swiss clients due to our tightly linked history and shared currency. We are also only one hour away from Zurich and Geneva, the financial centre of Switzerland. Under the AIFM regulation, which will be implemented in the coming weeks, we think we can attract fund managers from other domiciles.

“When the AIFM regulation is implemented, everyone in the EU will have to abide more or less by the same regulations, so the legal basis and advantages of different fund domiciles in Europe will be more or less the same.”

Question: To what extent is fund administration an easier and less costly process in Liechtenstein compared with other fund domiciles?

Question: What are the main benefits Liechtenstein can offer as a fund domicile over competing countries?

Answer: With the UCITS structure there is really no difference between Liechtenstein and other domiciles as there are regulations that require the relevant authorities to license and authorise fund structures within a set number of days. But for non-UCITS funds, it can take much longer for funds to be licensed in other countries. Our Swiss colleagues tell us that it can be a very protracted process there.

Answer: Liechtenstein is part of the European Economic Area, which is a very important for offshore, or nonEU funds. When the AIFM regulation is implemented, everyone in the EU will have to abide more or less by the same regulations, so the legal basis and advantages of different fund domiciles in Europe will be more or less the same. Liechtenstein’s primary advantage is its tininess. If we want to ask a question then the answer from, for example, the financial market authority, will come back very quickly.

Also, there are a lot more detailed and complex documents which have to be handed over to the Financial Market authority, particularly for offshore funds. In Liechtenstein the legal documentation is much shorter. Normally, Liechtenstein implements what is has to in terms of fund regulation. But where the EU directives say you ‘may’ or you ‘can’ implement a rule, Liechtenstein will normally do what it can to retain a competitive advantage.

Also, when Liechtenstein creates a new law, everyone is around one table with the representatives of the fund association, the bankers association, the financial market authority and the government. So we have the opportunity before any law is introduced to really exchange our requirements and expertise. This also means that we are well prepared when a new law regarding the way funds are administered or managed is introduced.

18

LLB Fund Services Website: Phone: Location:

www.llb.li +423 236 94 00 Vaduz, Liechtenstein

Liechtenstein

Thought leadership

CASE STUDY Walfried Kraher Member of the Executive Board Valartis Fund Management

Question: Can you give us some background on Valartis Fund Management? Answer: Valartis Fund Management was founded in 2008 and currently employs seven people. We focus exclusively on private label funds and our primary role is to help clients set up and administer funds, whereby we identify the right structure, assist with administration and fulfil all regulatory duties, and liaise with external advisors and auditors. Valartis Fund Management serves fund promoters and asset managers from all over the world, although most of them are from Europe, and specifically from Switzerland, Germany, Austria and Russia. We work very closely with family offices because we set up structures for very rich individuals, which is very different to setting up funds for retail clients. Our biggest mandate is a very complex US life settlement fund that has a net asset value of $350 million, which we manage for German and Dutch investors. Question: What are the main benefits Liechtenstein can offer as a fund domicile over competing countries? Answer: The primary advantage of Liechtenstein is that it is both a member of the European Economic Area (EEA) as well as the European Free Trade Association (EFTA), a union between Liechtenstein, Switzerland, Norway and Iceland. Furthermore it is in a monetary and economic union with Switzerland. Liechtenstein therefore offers non-discriminating access to the EEA-countries as well as Switzerland and the EFTA-countries. Liechtenstein offers various advantages as a fund domicile:



Funds can be launched in an unbureaucratic and systematic way, for example simplified procedures for qualified investors.



The legal framework is very flexible and allows for various tailor made fund structures.



Liechtenstein has very stringent investor protection rules for the fund business. The business activities of fund management companies are regularly verified by the regulatory authority and the statutory audit firm.



Liechtenstein has a very advantageous tax regime because funds are totally tax exempt.



Liechtenstein has a very capable and stable banking system with capitalizations among the highest in Europe and even in the world.

Lichtenstein was the first country in Europe to publish a draft national law for Alternative Investment Fund Managers (AIFMs) when it did so in March 2012, and thus has a head start on other countries on the AIFM regime. The law in Liechtenstein will take effect from July 2013 and will apply to all AIFMs managing all types of funds that are not already covered by the UCITS law. We are already hearing from some managers who are thinking about moving their business from classical offshore centres to Liechtenstein because this simplifies the entry to the European Union from a country that has the same kind of economic structure as Switzerland. Question: Are any particular fund structures becoming more attractive? Answer: With respect to the new AIFM regime I think there will be three main legal forms. The first is the classical SICAV structure, where there is a shared company with variable capital. We already have a couple of funds in this structure and I think it will become very popular. The second will be in the form of a trust. Liechtenstein is the only country within the European Union that can offer such a legal form because it is virtually unknown in all other countries. The trust is typically an Anglo-Saxon form and Liechtenstein is the only country that has this form already in place. The third will be limited partnerships, which until now have not been commonplace and have only been set up with specific permission from the financial authority. But limited partnerships are very popular in Anglo-Saxon countries. Liechtenstein will be able to offer this structure more widely from July 2013. Valartis is actually one of the very few companies in Liechtenstein that currently has a limited partnership under management.

Valartis Fund Management Website: www.valartisfunds.li Phone: +423 388 10 00 Location: Gamprin-Bendern, Liechtenstein

19

Thought leadership

SMA Solar Technology AG

▲Maximise Yield Minimise Risks ▼ Thomas Götz Vice President Sales, Power Plant Solutions SMA Solar Technology AG

Multi-megawatt PV projects will continue to be an attractive investment for many years to come. PV projects can meet the electricity demands of millions of people and guarantee longterm independence from conventional energy types. However, due to the cessation of state subsidies in several countries, reliable and trustworthy partners boasting first-class technical solutions and experience are now more important than ever in order to maximize energy and financial yields and to ensure predictable and stable cash-flows. Besides the established European PV markets, the booming regions of the world’s sunbelt are extremely attractive for large-scale PV projects. The highly populated countries within the global sunbelt need more and more energy to supply their booming economies. This represents a great opportunity but also a great challenge for the effective planning, implementation and operation of PV power plants.

Quality is Key

Challenging environmental conditions

Inverters are the intelligent central component at the heart of every PV system and their quality and reliability determine the performance of the entire PV power plant. Their performance greatly influences yield in kilowatt hours as unexpected power losses and frequent failures combined with inconvenient service have a direct effect on the economic viability of an entire project.

Countries in South America and countries such as South Africa, India, Thailand or states in the Middle East with booming economies need a great deal more energy than can actually be produced. Difficult climates often require specially designed inverters and other PV components. Temperatures can reach over 50 degrees Celsius in India or South Africa, while the difficulties of installing PV inverters at high altitudes in countries in South America impose technical challenges. Temperatures far below freezing, sand and dust, or humidity combined with corrosive effects of salty air, as is often the case in Japan, determine the necessary properties of PV power plant inverters.

“Only inverters with excellent technical properties, which operate in a smooth and uninterrupted manner over a long period of time in extreme conditions, will guarantee the long-term success of PV projects.” 20

In addition to efficiency and energy consumption, SMA central inverters are designed for extreme conditions of this kind. Only inverters with excellent technical properties,

SMA Solar Technology AG

Thought leadership

with the ability to execute required measures within milliseconds guarantee grid feed-in without interruption and yield losses. In countries with strict grid connection regulations like South Africa, PV plants will only be allowed to feed power into local utility grids if they adhere to grid connection rules.

which operate in a smooth and uninterrupted manner over a long period of time in extreme conditions, will guarantee the long-term success of PV projects in the sunbelt and other climatically challenging regions of the world. The prerequisites are high efficiency, even under extreme conditions, and low energy consumption through intelligent temperature management.

With their comprehensive technical functions, SMA central inverters have been meeting the requirements and regulations of country-specific connection conditions for years in a number of countries, including Germany, Japan and the USA. As a leader in the area of grid integration, SMA’s experts work together worldwide with various bodies and committees to establish the necessary regulations.

“The ability of inverters to perform grid management functions is also a decisive factor in the success of large-scale PV projects.”

Ongoing Optimisation Secure Utility Grid Connection Central inverters and system solutions from SMA Solar Technology AG are installed worldwide in numerous solar projects, including at projects of more than 250 MW. SMA is the global market leader in PV inverters and system technology and has been supplying PV power plants

The ability of inverters to perform grid management functions is also a decisive factor in the success of large-scale PV projects due to increasingly strict grid code regulations and the heightened threat of disconnection. Only inverters

The case for quality inverters In the example below, a higher investment of Eur200,000 (depicted as the dark blue bar) in inverters with higher efficiency and lower self energy consumption increases the net present value of the asset by Eur445,036. This is achieved through increasing energy yields and decreasing energy generation costs over the 20-year lifetime of the asset. 1,000,000

800,000

Euro (€)

600,000 Eur445,035.52 400,000

200,000

-

0

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-400,000

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Thought leadership

around the globe for over 20 years, building on more than 30 years experience in the PV inverter sector. SMA has over 1,000 research and development employees that work daily to further develop our products and technologies. Only through continuous optimisation of all components will PV power plants become even more reliable and future-proof. Local Support – Worldwide At SMA, all development, testing and production processes are developed through scrupulous ongoing quality control. Inspection and optimisation of all inverter components is carried out at every step of the production process, starting with the qualification of suppliers. SMA guarantees thoroughly tested and certified quality from the very first step in production to the final packaging. Above and beyond the production process, optimal maintenance and support is imperative for the success of a PV power plant. Our global service organisation, SMA Service, has 90 stations across four continents. A long operational inverter life is thus ensured through preventative maintenance and global spare part logistics with local warehouses.

SMA Solar Technology AG

SMA Solar Technology AG Website: Contact: Email: Telephone:

www.SMA.de SMA Solar Technology AG Sonnenallee 1, 34266 Niestetal, Germany [email protected] +49 (0)561 9522-0

The SMA Group is the global market leader in solar inverters and an energy management group that offers innovative key technologies for future power supply systems. SMA offers first-class products, comprehensive system solutions and worldwide servicing to every type of PV installation. In 2012 the SMA Group generated sales of € 1.5 billion. It is headquartered in Niestetal, near Kassel, Germany, and is represented internationally in 21 countries on six continents. The Group employs more than 5,000 people and maintains 90 service stations worldwide. SMA’s product portfolio includes a broad spectrum of inverters for both grid connected and off-grid systems of all types and sizes. Since 2008, the Group’s parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and also in the TecDAX index. In recent years, SMA has received numerous awards for excellence as an employer and achieved first place in the nationwide “Great Place to Work®” competition in 2011 and 2012. More than 30 years of experience and PV power plant projects in the megawatt range in more than 30 countries show the outstanding competence of the company. Some 1000 R&D experts are working on the optimisation and the development of new products and technologies. PV power plant projects such as the 85 MWP Montalto di Castro solar farm in Italy, a 260 MWP project in California, USA, and several European PV projects in the triple megawatt range benefit from SMA experience and quality. PV power plants are optimally equipped with powerful outdoor devices from the Sunny Central CP XT inverter series. With an efficiency of 98 percent, the Sunny Central CP XT is the most efficient representative of this family. As a pioneer in grid integration, SMA furthermore offers worldwide tailor-made solutions that fulfill the rising demands of PV power plants. The safety and security of the supply grids and local grid operators are given particular consideration. SMA central inverters with their outstanding characteristics play a central role in guaranteeing grid stability and actively managing PV power plants.

22

Protect your future: Make a strong investment

An investment for now and the future In times of economic turbulence, you want to be sure that any financial decision you make will have lasting benefits. With 30 years of experience, a dedicated team of skilled professionals and key contacts, EWEA provides its members with the knowledge and guidance to make the right decisions. Become a member of EWEA and be part of the most powerful wind energy network in Europe and gain a sustainable competitive advantage.

www.ewea.org/membership

23

Advertorial

Isle of Man

Offshore Renewable Energy Opportunities in the Isle of Man Territorial Seas The Isle of Man Government owns its territorial seas out to the 12 nautical mile limit, and as such has responsibility for marine spatial planning and zoning over 4,000 km2 of seabed in the Irish Sea. Due to the central location in the Irish Sea the Isle of Man has an opportunity to contribute to the generation of renewable energy and also the grid infrastructure to meet its own future needs and export renewable energy to neighbouring countries including the UK. Significant recent progress has been made to develop the Isle of Man Marine Spatial Plan to create a stringent consenting regime which will give consent for all types of future energy developments within the marine environment.

Combined Cycle Gas Turbine plant

The isle of man Isle of Man

United Kingdom

The Island has developed a state of the art power infrastructure which is owned and operated by the Manx Electricity Authority (MEA). This includes a Combined Cycle Gas Turbine (CCGT) plant and a 90kV 67MW alternating subsea cable to the UK which is connected to the 132kV distribution network at Bispham near Blackpool. The MEA exports to the UK approximately 20% of the electricity generated on the Island and scope exists for further exports using the existing subsea cable.

ISLE OF MAN. WHERE YOU CAN ADD NEW ENERGY TO YOUR CLEAN TECH BUSINESS • Strong diverse economy • Effective relationship between public and private sectors • World-class regulatory environment • Advanced telecoms and power infrastructure • World-class professional services • Excellent quality of life

24

www.whereyoucan.im/cleantech

Isle of Man

The Isle of Man also has an Energy-from-Waste (EfW) plant which is operated and managed by SITA (IOM) Ltd with a Power Purchase Agreement to supply the MEA with electricity generated from the facility. Use of the EfW plant avoids the need for domestic landfill on the Island.

Energy-from-Waste (EfW) plant

The significant wind and tidal resource around the Island creates an opportunity to develop offshore renewable energy projects in the Isle of Man territorial seas. Using

Advertorial

proposed “joint projects” in the EU Renewable Energy Directive, the Isle of Man Government is investigating opportunities to generate renewable energy for export to the UK. This is consistent with the British Irish Council Energy Ministers previous agreement to cooperate to deliver an “All Islands Approach” to develop renewable energy resources for use within the British Isles and for export to Europe. The significant opportunities for the Isle of Man include:



Leasing the Isle of Man seabed for offshore wind and marine renewable energy developments. This will allow the Island to become a major net exporter of power and assist neighbouring jurisdictions to meet national and EU targets.



The Isle of Man has the potential to become an interconnector hub in the central location in the Irish Sea, connecting offshore projects to the GB electricity grid.



The Isle of Man also has the potential to become an operation and maintenance hub in the central location in the Irish Sea, providing facilities for projects in the Isle of Man territorial seas and those in close proximity in neighbouring jurisdictions.

Isle of man territorial seas

For further details of Clean Tech opportunities in the Isle of Man, contact: Ken Milne Senior Manager for Energy Policy Email: [email protected] Tel: + 44 (0)1624 687142

ISLE OF MAN. WHERE YOU CAN

Department of Economic Development St George’s Court, Upper Church Street Douglas, Isle of Man, IM1 1EX, British Isles Tel: + 44 (0)1624 686400 (General Enquiries) www.whereyoucan.im/cleantech

www.whereyoucan.im 25

$8.4 billion the value of M&A activity in Europe’s wind energy sector in 2012

26

League Tables Methodology League tables are based on deals that were announced during the 2012 calendar year. The only exception is the league table ranking legal and financial advisors, which is based on deals that have completed in 2012. This approach has been adopted as advisors are often not disclosed until after a transaction has been completed. Qualifying transactions must be classified within at least one of the following sub-sectors: advanced materials & technologies; sustainable agriculture; biofuels; biomass; clean coal; energy efficiency; environmental services & remediation; geothermal; green transportation; hydro; hydrogen generation; marine; microgeneration; recycling & waste; solar; water & wastewater treatment; and wind. For a full description of our sector definitions please visit www.cleanenergypipeline.com. Number of deals ranking: for investor league tables, this is defined as the number of individual companies invested in (not individual investments or transactions) during 2012. For advisor league tables, this is defined as the number of individual transactions that have been completed in which an advisor has been involved. Where more than one adviser or investor has been involved in the same number of transactions, the higher ranking is given to the adviser or investor associated with the highest aggregate deal value. Deal value: the deal value accredited to an investor is calculated for each transaction by dividing the total value of a transaction by the number of investors participating in the fundraising. Deals of an undisclosed size are assigned a deal value of zero, apart from M&A transactions involving operational onshore wind and solar PV assets. In such transactions, a deal value is estimated on the basis of installed capacity using Clean Energy Pipeline’s multiples. Deal value for legal and financial advisors is calculated using the same methodology. If more than one advisor represents one party in a deal, the deal value is divided equally between the advisors. For project sponsors, the total value of project finance secured is divided by the number of sponsors. As our online platform is updated in real time, league table rankings may differ from the time of this release and the data found in our online platform at a later date. The Clean Energy Pipeline league tables are based on deal information which has been collected by or provided to our team. Clean Energy Pipeline endeavours to guarantee the accuracy of the deal information used to compile the league tables. At the end of each quarter, organisations are invited to email us a quarterly deal summary in any format to ensure that all relevant deals are reflected in the Clean Energy Pipeline league tables. All submissions should be emailed to Thomas Sturge at [email protected]. Clean Energy Pipeline reserves the rights to decline inclusion of deals that it deems fall outside its definitions or methodology.

Copyright © 2005 – 2013 VB/Research Ltd. All rights reserved. No parts of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without prior permission of the publishers. This includes hosting all or part of this publication online.

27

League tables

Clean Energy Pipeline

League Tables Clean Energy: Europe

The following league tables rank the most active investors, banks, project sponsors and law firms in the European clean energy sector in 2012. Rankings are based on deals involving Europe-based investee companies, M&A targets or projects tracked by Clean Energy Pipeline’s deal data team. Our methodology is described on the previous page.

Project / Asset Finance Top 20 project finance debt providers by deal value Rank Debt Provider

Number of Deals

Total Deal Value ($ million)

1

European Investment Bank

21

952

2

Deutsche Bank AG

3

853 525

3

HSH Nordbank AG

8

4

UBS AG

1

476

5

EIG Global Energy Partners

1

476

6

Lloyds Banking Group plc

6

372

7

KfW IPEX-Bank

5

345

8

Royal Bank of Scotland Group plc

5

341

9

ING Bank NV

7

293

10

Export-Import Bank of Malaysia

1

208

11

Capital Corp Merchant Banking

1

193

12

Nordea Bank AB

4

178

13

Bank Pekao SA

1

162

14

Unicredit SpA

5

161

15

Banco Santander SA

4

161 154

16

Nord LB

4

17

DnB NOR Bank ASA

3

142

18

Sumitomo Mitsui Banking Corp.

1

138

19

MPS Capital Services Banca per le Imprese SpA

1

138

20

Landesbank Baden-Württemberg

2

133

28

Clean Energy Pipeline

League tables

Top 20 project finance debt providers by deal numbers Rank Debt Provider 1

European Investment Bank

Number of Deals

Total Deal Value ($ million)

21

952

2

HSH Nordbank AG

8

525

3

ING Bank NV

7

293

4

Lloyds Banking Group plc

6

372

5

Co-operative Bank

6

105

6

KfW IPEX-Bank

5

345 341

7

Royal Bank of Scotland Group plc

5

8

Unicredit SpA

5

161

9

National Australia Bank Ltd.

5

121

10

Nordea Bank AB

4

178

11

Banco Santander SA

4

161

12

Nord LB

4

154

13

Nordic Investment Bank

4

124

14

Centrobanca SpA

4

107

15

KfW Bankengruppe

4

81

16

Deutsche Bank AG

3

853

17

DnB NOR Bank ASA

3

142

18

Siemens Bank GmbH

3

103

19

Bayern LB

3

102

20

Landesbank Baden-Württemberg

2

133

Number of Deals

Total Deal Value ($ million)

Top 20 project sponsors by deal value Rank Project Sponsor 1

Windreich AG

1

2,038

2

Enel Green Power SpA

23

901

3

Statkraft SF

2

762

4

Statoil ASA

1

650

5

Colruyt Group

1

531 531

6

Aspiravi NV

1

7

CEZ Group

2

513

8

3Power Energy Group

1

500

9

EDF Energies Nouvelles SA

5

447

10

Cory Environmental Ltd.

1

396

11

Wheelabrator Technologies Inc.

1

396

12

GDF SUEZ SA

6

365

13

Bord Gáis Energy

7

318

14

Enerjisa Enerji Üretim AŞ

1

304

15

Peterborough Renewable Energy Ltd.

1

297

16

Parabel AG

3

273

17

SunEdison LLC

2

238

18

Mohring Energie GmbH

1

233

19

Alto Holding AS

1

227

20

Jæren Energi AS

1

223

29

League tables

Clean Energy Pipeline

Top 20 project sponsors by number of projects financed Rank Project Sponsor

Number of Deals

Total Deal Value ($ million)

1

Enel Green Power SpA

23

901

2

Hive Energy Ltd.

9

115

3

Bord Gáis Energy

7

318

4

GDF SUEZ SA

6

365

5

Wattner AG

6

138

6

Sharp Solar Energy S.r.l.

6

30

7

EDF Energies Nouvelles SA

5

447

8

Infinis Ltd.

5

110

9

AES Solar Energy Ltd.

4

186

10

ACS Actividades de Construcción y Servicios SA

4

103

11

West Coast Energy Ltd.

4

81

12

Parabel AG

3

273

13

RWE Innogy GmbH

3

173

14

Electrawinds NV/SA

3

32

15

Conergy AG

3

19

16

Statkraft SF

2

762

17

CEZ Group

2

513

18

SunEdison LLC

2

238

19

Arise Windpower AB

2

220

20

EDF EN Italia SpA

2

220

Number of Deals

Total Deal Value ($ million)

Top 10 project finance legal advisors by deal value Rank Legal Advisor 1

Linklaters LLP

13

2,169

2

Norton Rose LLP

13

2,034 1,801

3

Watson, Farley & Williams LLP

7

4

Allen & Overy LLP

17

1,681

5

White & Case LLP

1

1,061 524

6

Ashurst LLP

7

7

Freshfields Bruckhaus Deringer LLP

5

512

8

DLA Piper

2

300

9

Pinsent Masons LLP

2

250

10

SNR Denton

4

229

Number of Deals

Total Deal Value ($ million) 1,681

Top 10 project finance legal advisors by deal numbers Rank Legal Advisor 1

Allen & Overy LLP

17

2

Linklaters LLP

13

2,169

3

Norton Rose LLP

13

2,034

4

Eversheds LLP

13

13

5

Burges Salmon LLP

8

170

6

Watson, Farley & Williams LLP

7

1,801 524

7

Ashurst LLP

7

8

Freshfields Bruckhaus Deringer LLP

5

512

9

SNR Denton

4

229

10

Burness Paull & Williamsons LLP

3

144

30

Clean Energy Pipeline

League tables

Project / Asset Finance – solar in focus Top 10 solar energy project finance debt providers by deal value Rank Debt Provider

Number of Deals

Total Deal Value ($ million)

1

HSH Nordbank AG

8

525

2

Deutsche Bank AG

2

377

3

European Investment Bank

5

208

4

Unicredit SpA

4

126

5

Bremer Landesbank Kreditanstalt Oldenburg-Girozentrale

1

109

6

Bayern LB

3

102

7

Nord LB

1

86

8

DnB NOR Bank ASA

2

76

9

International Finance Corp.

1

69

10

Overseas Private Investment Corp.

1

69

Top 10 solar energy project finance debt providers by number of projects financed Rank Debt Provider

Number of Deals

Total Deal Value ($ million)

1

HSH Nordbank AG

8

525

2

European Investment Bank

5

208

3

Unicredit SpA

4

126

4

Bayern LB

3

102

5

KfW Bankengruppe

3

57

6

Centrobanca SpA

3

52

7

Deutsche Bank AG

2

377

8

DnB NOR Bank ASA

2

76

9

OSEO

2

39

10

Deutsche Kreditbank AG

2

27

Number of Deals

Total Deal Value ($ million) 500

Top 10 solar energy project sponsors by deal value Rank Project Sponsor 1

3Power Energy Group

1

2

Parabel AG

3

273

3

SunEdison LLC

2

238

4

Mohring Energie GmbH

1

233 204

5

Activ Solar GmbH

2

6

Astronergy

1

193

7

Abengoa SA

1

193

8

JGC Corp.

1

193

9

AES Solar Energy Ltd.

4

186

10

Enerparc AG

2

155

31

League tables

Clean Energy Pipeline

Top 10 solar energy project sponsors by number of projects financed Rank Project Sponsor

Number of Deals

Total Deal Value ($ million)

1

Enel Green Power SpA

15

177

2

Hive Energy Ltd.

9

115

3

Wattner AG

6

138

4

Sharp Solar Energy S.r.l.

6

30

5

KGAL GmbH & Co KG

4

285

6

AES Solar Energy Ltd.

4

186

7

Parabel AG

3

273

8

Conergy AG

3

19

9

SunEdison LLC

2

238

10

Activ Solar GmbH

2

204

Project / Asset Finance – WIND in focus Top 10 wind energy project finance debt providers by deal value Rank Debt Provider

Number of Deals

Total Deal Value ($ million)

1

Deutsche Bank AG

1

476

2

UBS AG

1

476

3

EIG Global Energy Partners

1

476

4

European Investment Bank

11

440

5

ING Bank NV

6

261

6

Lloyds Banking Group plc

5

234

7

KfW IPEX-Bank

4

222

8

Royal Bank of Scotland Group plc

4

202

9

Nordea Bank AB

4

178

10

Banco Santander SA

4

161

Top 10 wind energy project finance debt providers by deal numbers Rank Debt Provider

Number of Deals

Total Deal Value ($ million)

1

European Investment Bank

11

440

2

ING Bank NV

6

261

3

Co-operative Bank

6

105 234

4

Lloyds Banking Group plc

5

5

National Australia Bank Ltd.

5

121

6

KfW IPEX-Bank

4

222

7

Royal Bank of Scotland Group plc

4

202

8

Nordea Bank AB

4

178

9

Banco Santander SA

4

161

10

Nord LB

3

68

32

Clean Energy Pipeline

League tables

Top 10 wind energy project sponsors by deal value Rank Project Sponsor

Number of Deals

Total Deal Value ($ million) 2,038

1

Windreich AG

1

2

Statkraft SF

2

762

3

Statoil ASA

1

650

4

Colruyt Group

1

531

5

Aspiravi NV

1

531

6

Enel Green Power SpA

7

517

7

CEZ Group

1

500 367

8

EDF Energies Nouvelles SA

4

9

Bord Gáis Energy

7

318

10

Enerjisa Enerji Üretim AŞ

1

304

Top 10 wind energy project sponsors by number of projects financed Rank Project Sponsor

Number of Deals

Total Deal Value ($ million)

1

Enel Green Power SpA

7

517

2

Bord Gáis Energy

7

318

3

Infinis Ltd.

5

110 367

4

EDF Energies Nouvelles SA

4

5

West Coast Energy Ltd.

4

81

6

GDF SUEZ SA

3

196

7

RWE Innogy GmbH

3

173

8

KGAL GmbH & Co KG

3

67

9

Statkraft SF

2

762

10

Arise Windpower AB

2

220

33

League tables

Clean Energy Pipeline

Venture capital & Private Equity and M&A Top 10 investors in companies by deal value Rank Investor

Number of Deals

Total Deal Value ($ million) 467

1

Aquila Capital

1

2

Nordic Capital Ltd.

2

257

3

HgCapital plc

2

229

4

Fonds stratégique d'investissement SA

1

127

5

Iren SpA

1

81

6

F2I SGR SpA

1

81

7

European CleanTech 1 SE

1

77 64

8

ARKEA Capital Investissement

1

9

Paine & Partners LLC

1

46

10

Ombu Group

3

45

Number of Deals

Total Deal Value ($ million)

Top 10 investors in companies by deal numbers Rank Investor 1

Low Carbon Innovation Fund/Turquoise Asscoicates

9

5

2

Chrysalix SET

8

4

3

The North West Fund Ltd.

5

4

4

KfW Bankengruppe

4

11

5

Innogy Venture Capital

4

8

6

Ombu Group

3

45

7

Hermes GPE LLP

3

32

8

Ludgate Environmental Fund Ltd.

3

20

9

GIMV

3

10

10

I2BF Venture Capital

3

6

Number of Deals

Total Deal Value ($ million)

Top 10 investors in projects by deal value Rank Investor 1

KIRKBI A/S

1

418

2

Oticon Foundation

1

418 289

3

Glennmont Partners

3

4

Irish Infrastructure Fund

10

253

5

Allianz Specialised Investments Ltd.

7

238

6

Munich Re

9

234

7

FP Lux Investments SA SICAV-SIF-Solar Infrastructure-I

1

187

8

Marguerite Fund

5

144

9

Foresight Group

3

130

10

Wattner AG

10

124

34

Clean Energy Pipeline

League tables

Top 10 investors in projects by deal numbers Rank Investor

Number of Deals

Total Deal Value ($ million) n/a

1

Capital Dynamics

35

2

Impax Asset Management Ltd.

15

37

3

Irish Infrastructure Fund

10

253

4

Wattner AG

10

124 234

5

Munich Re

9

6

Capital Stage AG

8

68

7

Conetwork Erneuerbare Energien Holding GmbH & Co. KgaA

8

39

8

KGAL GmbH & Co KG

8

n/a

9

Allianz Specialised Investments Ltd.

7

238

10

Solar21

6

32

Top 10 investors in solar energy projects by deal value Rank Investor

Number of Deals

Total Deal Value ($ million)

1

Glennmont Partners

3

289

2

FP Lux Investments SA SICAV-SIF-Solar Infrastructure-I

1

187

3

Marguerite Fund

2

144

4

Foresight Group

3

130

5

Wattner AG

10

124

6

Adenium Energy Capital

1

79

7

Capital Stage AG

6

68

8

Conetwork Erneuerbare Energien Holding GmbH & Co. KgaA

5

39

9

Chorus GmbH

1

36

10

Solar21

6

32

Top 10 investors in solar energy projects by deal numbers Rank Investor

Number of Deals

Total Deal Value ($ million)

1

Wattner AG

10

124

2

Impax Asset Management Ltd.

9

n/a

3

Capital Stage AG

6

68

4

Solar21

6

32

5

Conetwork Erneuerbare Energien Holding GmbH & Co. KgaA

5

39

6

KGAL GmbH & Co KG

4

n/a

7

Foresight Group

3

130

8

Glennmont Partners

3

289

9

Marguerite Fund

2

144

10

FP Lux Investments SA SICAV-SIF-Solar Infrastructure-I

1

187

35

League tables

Clean Energy Pipeline

Top 10 investors in wind energy projects by deal value Rank Investor

Number of Deals

Total Deal Value ($ million)

1

KIRKBI A/S

1

418

2

Oticon Foundation

1

418

3

Irish Infrastructure Fund

10

253

4

Allianz Specialised Investments Ltd.

7

238

5

Munich Re

9

234

6

Wurttembergische Lebensversicherung AG

3

73

7

Aviva plc

1

57

8

SachsenFonds GmbH

1

57

9

Impax Asset Management Ltd.

5

37

10

KGAL GmbH & Co KG

5

n/a

Top 10 investors in wind energy projects by deal numbers Rank Investor

Number of Deals

Total Deal Value ($ million)

1

Irish Infrastructure Fund

10

253

2

Munich Re

9

234

3

Allianz Specialised Investments Ltd.

7

238

4

Impax Asset Management Ltd.

6

37

5

KGAL GmbH & Co KG

5

n/a

6

Wurttembergische Lebensversicherung AG

3

73

7

Marguerite Fund

3

n/a

8

Conetwork Erneuerbare Energien Holding GmbH & Co. KgaA

3

n/a

9

Capital Stage AG

2

n/a

10

Glennmont Partners

2

n/a

Top 10 M&A and VC/PE legal advisors by deal value Rank Legal Advisor

Number of Deals

Total Deal Value ($ million)

1

Hengeler Mueller

10

3,526

2

Linklaters LLP

14

1,608 1,176

3

DLA Piper

3

4

Watson, Farley & Williams LLP

19

803

5

Ashurst LLP

7

679

6

Freshfields Bruckhaus Deringer LLP

5

512

7

Hogan Lovells Internatioanl LLP

1

318

8

Clifford Chance LLP

7

211

9

Eversheds LLP

29

196

10

Jones Day

2

165

36

Clean Energy Pipeline

League tables

Top 10 M&A and VC/PE legal advisors by deal numbers Rank Legal Advisor

Number of Deals

Total Deal Value ($ million)

1

Eversheds LLP

29

196

2

Watson, Farley & Williams LLP

19

803 1,608

3

Linklaters LLP

14

4

Beiten Burkhardt

14

13

5

Burges Salmon LLP

11

148

6

Hengeler Mueller

10

3,526

7

Ashurst LLP

7

679

8

Clifford Chance LLP

7

211

9

CMS Hasche Sigle

6

82

10

Freshfields Bruckhaus Deringer LLP

5

512

Top 10 M&A and VC/PE financial advisors by deal value Rank Financial Advisor

Number of Deals

Total Deal Value ($ million)

1

PricewaterhouseCoopers International Ltd.

3

850

2

Greentech Capital Advisors Securities LLC

1

850

3

DnB NOR Bank ASA

6

572

4

Freitag & Co.

1

389

5

Augusta & Co plc

2

306

6

BNP Paribas Corporate Finance

1

262

7

UniCredit SpA

1

262

8

Deutsche Bank Securities Inc.

1

165

9

Arctic Securities ASA

3

110

10

Climate Change Capital Ltd.

1

97

Number of Deals

Total Deal Value ($ million)

Top 10 M&A and VC/PE financial advisors by deal numbers Rank Financial Advisor 1

Turquoise Associates

9

9

2

WHEB Infrastructure

9

n/a

3

DnB NOR Bank ASA

6

572

4

PricewaterhouseCoopers International Ltd.

3

850

5

Arctic Securities ASA

3

110

6

Augusta & Co plc

2

306

7

Altium Capital Ltd.

2

2

8

Greentech Capital Advisors Securities LLC

1

850

9

Freitag & Co

1

389

10

Deutsche Bank Securities Inc.

1

165

37

33%

38

of European project finance was allocated to the solar sector in 2012

Clean Energy Pipeline

Market Analysis

Project Finance Investment Analysis Europe

This section analyses project finance deal activity in Europe’s clean energy sector in 2012. The analysis is based on deals tracked by Clean Energy Pipeline’s deal data team. European clean energy project finance activity totalled $30.1 billion in 2012, almost half the $59.5 billion recorded in 2011. The decrease was caused by a 24% decline in the number of projects financed and a slump in utility-scale solar deals. The decrease in financing activity is a direct result of substantial feed-in tariff (FiT) cuts across Europe for solar photovoltaic (PV) projects, general malaise in the financial markets, particularly in the first half of the year, and continuing decreases in equipment costs, which lower the capital requirement of projects.

300 250

20

200 15 150 10

100

5

50

09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12

09

4Q

3Q

09

0 09

0 2Q

Deal value ($ billion)

In Spain, investors were stung by a raft of proposed measures, including a flat tax on renewables and a moratorium that was placed on clean energy subsidies by the Spanish government last year. The country is implementing punitive measures to cut the Eur28 billion tariff debt in the country’s electricity system, a hangover from years of heavily subsidised conventional power.

25

Number of deals

Solar saw the largest decline in dollars invested Europe-wide, with only $10.4 billion allocated to the sector in 2012, under half the $21.4 invested in 2011. This is a direct result of solar investment plummeting in Italy and Spain by 77% and 86% respectively, where spiralling national debts and subsidy cuts have choked investment.

Project / Asset finance in Europe (1Q09 to 4Q12)

1Q

Solar in focus

Deal value

Number of transactions

39

Market Analysis

Investment in Italian solar projects primarily decreased due to declining FiTs. The Conto Energia V system for subsidising renewable energy, under which FiT rates for solar PV energy will fall by 35% on average, came into effect on August 27, 2012. The country is seeking to halt a boom of installations that has raised annual spending on solar subsidies to Eur6 billion per year. New spending on solar subsidies has also been capped at Eur500 million per year. In contrast, solar project finance in Germany increased. Some $4.1 billion was invested in solar PV projects in 2012, an 11% increase on the $3.7 billion invested in 2011. This increase is a direct result of developers rushing to get projects financed, built and gridconnected before sizeable FiTs were enacted in April 2012. However, it is unlikely that these levels of investment will be maintained with the reduced FiTs. Indeed, while Germany experienced a record high in new solar PV installations in 2012, with 7.6 GW being installed (compared with 7.5 GW in 2011), installation levels dropped in the fourth quarter to less than one fifth of the total capacity installed during the same period in 2011.

Clean Energy Pipeline

Sector breakdown – Project / asset finance in europe as a percentage of total deal value (2012)

7%

Biofuels

1%

7%

Other

Geothermal

1%

33% Recycling & Waste

1%

Total project / asset finance in Europe (2012)

$31.0 billion

Wind

49%

Sector breakdown – Project / asset finance in europe as a percentage of total number of deals (2012)

9%

Other

55%

1%

Biofuels

1%

Total number of project / asset finance transactions in Europe (2012)

519

Biomass

Recycling & Waste

Solar

Offshore wind in focus

40

1%

Solar

The largest solar PV project finance deal in 2012 was the $365 million secured for Solarhybrid AG’s 150 MW solar PV project located in Neuhardenberg, Brandenburg. Equity investors in the project include Enerparc AG, ecos-energy GmbH, BaySolar AG and MEP Asset Management GmbH. Debt providers were not disclosed.

European offshore wind project financing totalled $5.7 billion in 2012, in line with the $5.6 billion invested in 2011. Most financing activity took place in the UK ($2.4 billion), where the 317 MW Sheringham Shoal and the 270 MW Lincs offshore wind farms both closed financing. In contrast German offshore wind finance shrunk by more than 50% to $2.1 billion, all of which was invested in the 400 MW MEG 1 offshore wind farm.

Water & Wastewater Treatment

Biomass

Hydro

1%

3%

Water & Wastewater Treatment

2%

Wind

28%

Clean Energy Pipeline

Market Analysis

Geographic breakdown – pROJECT / aSSET FINANCE IN Europe (2012) Above $5 billion $2 billion to $5 billion $1 billion to $2 billion $500 million to $1 billion $200 million to $500 million $100 million to $200 million $0 to $100 million No investment

The main trend in Europe’s offshore wind sector in 2012 was the loss of confidence in Germany due to lengthy delays in securing grid connection. Siemens announced a loss of ‘hundreds of millions of euros’ in January 2012 while RWE AG Chief Executive Peter Terium stated publicly that German offshore wind targets were not viable. Despite ambitious development plans that are continuing to be announced, EnBW, DONG and SuedWestStrom all delayed or withdrew from large-scale German offshore projects in 4Q12.

While investment has fallen across the whole of Europe, some countries have witnessed a surge in wind project finance in recent years. For example, some $1.2 billion was allocated to Romania’s wind energy sector in 2012, down from the $1.5 billion invested in 2011 but a significant increase on the $389 million and $285 million invested in 2010 and 2009 respectively. The surge results from the country’s approval of the green certificate programme in 2011, which offers generators a premium on electricity revenues.

The most notable offshore wind project financed outside of Germany and the UK was Northwind’s 216 MW offshore wind farm, located off the coast of Belgium. Some Eur595 million was provided by a club of commercial banks while the European Investment bank invested Eur350 million. A further Eur80.6 million in equity was supplied by the project’s owners, Colruyt Group and Aspiravi NV, and Eur174.4 million of quasi-equity was invested by additional undisclosed investors.

Biomass in focus

Onshore wind in focus Onshore wind project finance in Europe totalled $9.6 billion in 2012, a 7% decrease on the $10.3 billion recorded in 2011. European onshore wind investment has now fallen for three consecutive years from a high point of $13.8 billion in 2009.

European biomass project financing totalled $2.1 billion in 2012, a substantial decline on the $5.9 billion recorded in 2012. Investment fell in nearly every major European biomass market. In the UK, biomass project finance fell to $1.8 billion in 2012, a 21% decrease on the $2.3 billion invested in 2011. This was a direct result of uncertainty over government subsidies, most notably around the biomass co-firing Renewables Obligation Certificate (ROC) banding review and proposals of a supplier cap on dedicated biomass power. In Spain, biomass investment in 2012 subsided to $82 million, down from $1.6 billion in 2011, largely as a result of subsidy cuts and the announced implementation of an energy tax.

41

Market Analysis

Clean Energy Pipeline

deal of the year – European clean energy project finance Project

Chirnogeni wind farm (80 MW)

Location

Southeast Romania

Project sponsor

EP Global Energy (20% ownership post equity financing)

Financing raised

Eur130 million ($195 million)

Date of round

November 9, 2012

Debt providers

European Bank for Reconstruction and Development (Eur31 million), Erste Group Bank, ING Bank and Unicredit Bank Austria (Eur60 million)

Equity investors

Marguerite Fund (50%), EnerCap Power Fund (30%)

Advisors

Trinity International LLP (financial advisor to EP Global Energy)

Deal information

On November 9, 2012, EP Global Energy closed project financing for its 80MW wind farm located in the southeast of Romania. Construction will start before the end of 2012 and full commissioning is expected to take place in early 2014. The deal is notable as it is the first pure play renewable energy project to secure non-recourse project financing in Romania.

42

Clean Energy Pipeline

Market Analysis

Mergers & Acquisitions Analysis Europe

This section analyses clean energy M&A deal activity in Europe in 2012. The analysis is based on deals tracked by Clean Energy Pipeline’s deal data team. European clean energy M&A activity totalled $23.1 billion in 2012, a 39% decrease on the $38 billion recorded in 2011. The decrease was caused by a 16% decline in deal numbers to 395 and an absence of large deals. Only seven deals in excess of $500 million, totalling $8.8 billion, were announced in 2012, significantly less than the twelve deals totalling $17.5 billion, which were transacted in 2011.

120 15

100 80

10 60 40

5

09 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12

0

4Q

3Q

2Q

0

09 09

20

1Q

The increase during the last two years is a direct result of low-risk corporate and financial investors becoming increasingly attracted to the stable returns provided by operational onshore wind projects, a small number of large transactions involving utilities divesting stakes in offshore wind farms, and some large transactions in the offshore wind supply chain.

140

20

Number of deals

European wind M&A activity totalled $8.4 billion in 2012, a 13% decrease on the $9.7 billion recorded in 2011 but almost double the level of activity in 2009 and 2010. Despite the year-onyear decrease, wind was by far the largest sector for M&A, accounting for 36% of the total value of all acquisitions.

Mergers & Acquisitions in Europe (1Q09 to 4Q12)

Deal value ($ billion)

Wind dominates M&A landscape

Deal value

Number of transactions

43

Market Analysis

Clean Energy Pipeline

Sector breakdown – Mergers & Acquisitions activity IN Europe as a Percentage of total deal value (2012) Recycling & Waste

Hydro

3%

12% Environmental Services & Remediation

1%

Solar

Energy Efficiency

16% Biofuels

1%

20%

Wind

36%

Biomass

3%

European M&A activity in 2012

$23.1 billion

5%

Water & Waste Water Treatment Advanced Materials & Technologies

2%

Sector breakdown – European M&A Activity (2012) European M&A activity by sector as a percentage of total deal value (2012) 20%

36%

16%

12%

5% 3% 3% 2% 3%

European M&A activity by sector as a percentage of total number of transactions (2012) 31%

26%

3% 2%

9%

6% 2%

12%

Wind

Hydro

Recycling & Waste

Solar

Water & Waste Water Treatment

Advanced Materials & Technologies

Energy Efficiency

Biomass

Other

The most notable project acquisition in 2012 was the purchase of a 50% stake in DONG Energy’s 277 MW Borkum Riffgrund I offshore wind farm by Danish investment groups the Oticon Foundation and KIRKBI A/S for $837 million in February 2012. This transaction is indicative of a trend of large utilities divesting stakes in offshore wind farms to free up capital for new offshore investments. Indeed, following this divestment, DONG Energy acquired a portfolio of three offshore wind projects in Germany from PNE Wind AG for an upfront cash consideration of Eur57 million and deferred payments of up to Eur100 million. The most notable deal in the supply chain was undoubtedly Japanese investors Marubeni Corp and Innovation Network of Japan’s purchase of UK offshore wind turbine installation company Seajacks International Ltd from private equity group Riverstone for approximately $850 million.

44

9%

There also continues to be a significant volume of M&A activity around offshore wind transmission assets, which is in part driven by EU unbundling requirements and in part by the need for transmission system operators to divest assets in order to free up capital for further investment. Five offshore wind transmission assets were acquired in 2012 totalling just under $1 billion, compared with four assets totalling $406 million in 2011. Investors from the Far East take aim at Europe 2012 was also notable for a surge in outbound M&A activity from the Far East to Europe. Acquirers from Japan, China and southeast Asia announced 18 acquisitions totalling $2.3 billion in 2012, a sharp increase on the 15 deals totalling $963 million announced in 2011. This surge in activity is underpinned by Chinese solar OEMs acquiring pre-

Clean Energy Pipeline

Market Analysis

Geographic breakdown – Mergers & Acquisitions activity IN Europe (2012) Above $5 billion $2 billion to $5 billion $1 billion to $2 billion $500 million to $1 billion $300 million to $500 million $200 million to $300 million $100 to $200 million $50 to $100 million $1 to $50 million No investment

construction stage projects as an outlet for their products, solar and wind manufacturers across Asia acquiring distressed manufacturing assets and Japanese industrial conglomerates and trading houses acquiring operational utility-scale generation assets that offer long term, low risk, stable returns. Two of the most significant deals involved the Japanese industrial conglomerate Mitsubishi, which signed a letter of intent to acquire a 49% stake in the HelWin2 and DolWin2 offshore wind grid connection projects from TenneT Holding BV for USD448.9 million in March 2012. This followed a similar transaction two months earlier when Mitsubishi acquired a 49% equity stake in two German offshore high-voltage cable projects - BorWin1 and BorWin2 – for $318 million. There were also a small number of deals in the solar sector. Hanergy Holding Group, China’s largest independent clean power producer, acquired Solibro, the solar thin-film subsidiary of bankrupt Q-Cells, in September 2012. One month later South Korean solar manufacturer Hanwha Group acquired Germany-based Q-Cells itself.

Energy Efficiency activity plummets due to absence of large deals Energy efficiency M&A activity plummeted to $3.7 billion in 2012, under a third of the $12.4 billion recorded in 2011. The decrease was a direct result of an lack of $1 billion-plus deals. Melrose’s $2.3 billion acquisition of smart meter company Elster Group was the only deal in excess of $1 billion in 2012. Last year there were four such acquisitions totalling $9.9 billion. The number of energy efficiency M&A deals also declined to 31 in 2012, down 21% on the previous year. The most popular area for acquisitions within energy efficiency is smart grid. Aside from Elster Group, smart grid companies QUNDIS GmbH and ZIV Aplicaciones y Tecnología SL were acquired in 2012, while Landis+Gyr AG was purchased in 2011. In many cases, the acquirers of smart grid companies are large industrial corporations keen to incorporate smart grid technology into their product set. There was also a significant volume of M&A activity in the green building sector in 2012, with the likes of Saia-Burgess Controls, Lumar IG and Celotex Insulation all being acquired.

45

Market Analysis

Clean Energy Pipeline

deal of the year – European clean energy Mergers & acquisitions Target

Seajacks International Ltd

Acquirer

Marubeni Corp, Innovation Network of Japan

Seller

Riverstone Holdings

Deal value

$850 million

Date announced

March 2012

Date completed

May 2012

Advisors

Linklaters (Legal advisor to Marubeni Corp.), PwC (Financial advisor to Marubeni Corp.), Greentech Capital Advisors (Financial advisor to Riverstone Holdings)

Deal information

On May 28, 2012, Japanese trading conglomerate Marubeni and public-private partnership the Innovation Network of Japan (INCJ) completed a joint takeover of Seajacks International, a UK-based owner and operator of wind turbine installation vessels, from private equity firm Riverstone Holdings. Although the precise figure paid in the deal was undisclosed, Japanese daily Nikkei has stated that the amount was set to be in the region of $850 million. The deal marks the first full scale entry of a Japanese company into the offshore wind installation business. A syndicate of six Japanese and European banks financed the transaction, with Mizuho Corporate Bank acting as global coordinator. The same syndicate financed the construction of Zaratan, Seajacks’ third offshore-wind installation and oil & gas service vessel.

46

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Market Analysis

Clean Energy Pipeline

Venture Capital & Private Equity Investment Analysis Europe

This section analyses venture capital and private equity investment in Europe’s clean energy sector in 2012. The analysis is based on deals tracked by Clean Energy Pipeline’s deal data team. Venture capital and private equity investment (excluding buyouts) in European clean energy companies totalled $1.4 billion in 2012, a 28% decrease on the $1.9 billion recorded in 2011. The number of investments also decreased – only 132 investments were completed in 2012, significantly less than the 157 tracked in 2011.

48

Deal value ($ million)

900

90

800

80

700

70

600

60

500

50

400

40

300

30

200

20

100

10

0

0

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12

The UK dominated the European clean energy investment landscape, accounting for 48% of total investment volume and 40% of the number of investments. France came in second place, accounting for 21% of European clean energy investment activity, followed by Germany (9%), Finland (5%) and Ireland (4%).

Venture Capital & Private Equity Investment (1Q09 to 4Q12)

VC - Early Growth [a]

PE - Development Capital

VC - Late Stage [b]

Number of transactions

Note: [a] VC - Early Growth comprises Series A – C funding rounds [b] VC - Late Stage comprises Series D and later funding rounds

Number of deals

The decline in dollars invested is a direct result of a substantial decrease in the volume of investment in solar, energy efficiency and wind, which have historically been the largest sectors for investment. Between 2009 and 2011 these three sectors attracted a combined total of $1.1 billion of investment per year. However in 2012 only $317 million was invested across these industries. Investment in other clean energy sub-sectors rose in 2012, most notably in recycling, biomass, green transportation and water. However growth in investment in these sectors was insufficient to offset the large decline in investment in solar, energy efficiency and wind.

Clean Energy Pipeline

Market Analysis

Energy efficiency in focus Venture capital and private equity investment (excluding buyouts) in European energy efficiency companies totalled $160 million, a modest 6% decrease on the $171 million recorded in 2011 but a substantial 69% decline on the $510 million recorded in 2010. Only 32 investments in European energy efficiency companies were executed in 2012, compared with 50 in 2010.

Energy efficiency investment in 2012 was also dented by a decline in investment in smart grid and monitoring and control companies to $75 million, down from $242 million in 2010. This is partly a result of the rapid growth of the sector in the last three years and the progression of many companies beyond the venture capital stage. For example Finnish smart meter manufacturer Landis+Gyr AG was acquired by Toshiba in early 2011. It had previously raised $171 million in 2010 and $100 million in 2009.

The decline was partly caused by a decrease in investment in the energy efficient lighting vertical – venture capital and private equity firms invested $103 million in this sector in 2010, over nine times the $11 million invested in 2012. One of the factors behind this decline is that highly efficient LED lighting is still some time away from mass commercialisation, with most sector players in agreement that commercial competitiveness will not be fully reached until 2014-2015 at the earliest.

Notable energy efficiency investments in 2012 include: Wireless Energy Management Systems (WEMS), a UKbased developer of building energy control systems, which secured $20.8 million from private equity firm WHEB Partners and asset management firm Hermes GPE; Power Plus Communications, a German provider of broadband communications systems for the smart grid, which secured $15.5 million from Climate Change Capital, Siemens Financial Services’ venture capital unit and British Gas;

Sector breakdown – VENTURE CAPITAL & Private Equity INVESTMENT IN Europe as a Percentage of total deal value (2012) Agriculture

Marine

1%

Hydro

1%

1%

1%

12%

Biomass

6%

Environmental Services & Remediation

Energy Efficiency

15%

5%

Solar

Recycling & Waste

Green Transportation

29%

Water & Waste Water Treatment

8%

Total venture capital investment in 2012

$1.4 billion

10%

6%

Advanced Materials & Technologies

6%

Wind

Biofuels

Energy Storage

1%

Sector breakdown – VENTURE CAPITAL & Private Equity INVESTMENT IN Europe (2012) European venture capital & private equity activity by sector as a percentage of total deal value (2012) 29%

15%

12%

10%

8%

6%

6%

6%

5%

4%

European venture capital & private equity activity by sector as a percentage of total number of transactions (2012) 9%

10%

26%

7%

7%

7%

12%

4%

6%

Recycling & Waste

Green Transportation

Solar

Biomass

Water & Waste Water Treatment

Energy Storage

Energy Efficiency

Wind

Advanced Materials & Technologies

12%

Other

49

Market Analysis

Clean Energy Pipeline

Geographic breakdown – VENTURE CAPITAL & Private Equity INVESTMENT IN Europe (2012) Above $500 million $300 million to $500 million $200 million to $300 million $100 million to $200 million $50 million to $100 million $10 million to $50 million $1 to $10 million $0 to $1 million No investment

and Nujira Ltd., a UK-based developer of energy efficient transmitter technology, which secured $12 million from a consortium of investors including SAM Private Equity and Amadeus Capital Partners.

2012, German solar project developer Abakus Solar, which raised $12.9 million in January 2012, and NovoPolymers, a Belgian manufacturer of encapsulant solutions for the solar PV industry, which attracted $7.1 million in March 2012.

Solar in focus

Wind in focus

Given the turmoil in the European solar supply chain it is no surprise that venture capital and private equity investment in this vertical has heavily subsided. Only $77 million was invested in European solar companies in 2012, a fraction of the $657 million invested in 2011 and the $319 million invested in 2010. The number of investments also decreased significantly to 15 in 2012, almost half the number recorded in 2011.

Venture capital and private equity firms only invested $79 million in European wind energy companies in 2012, less than four times the $334 million invested in 2011 and significantly below the $439 million invested in 2009. The decrease is a result of the natural maturing of the sector from innovation towards mass commercialisation, an anticipation of reduced demand from major markets such as the USA and the spectre of increasing competition from China.

The decrease is a result of an anticipated decline in European solar PV installations over the next three years and increasing competition from China, which is heavily driving down module costs. This deadly cocktail has resulted in a swathe of insolvencies of some of Europe’s largest solar PV brands, including Q-Cells, Solon, SunConcept, Ralos, SolarHybrid and Odersun. The handful of European solar companies that did secure funding in 2012 include French solar tracking and CPV developer EXOSUN, which secured $15.6 million in May

50

Most investment in European wind energy companies was directed towards project developers and IPPs rather than in the supply chain. Indeed the largest European wind investments in 2012 were in German wind energy retailer Grundgrun Energie GmbH, which secured $24 million from Mithril in February 2012, and Ireland-based international developer Mainstream Renewable Power, which secured $16.3 million from undisclosed Irish highnet-worth individuals in January 2012 and $21.5 million, also from undisclosed investors, in September 2012.

Clean Energy Pipeline

Market Analysis

Private equity buyouts

45

4.5 4.0

45 40

4.0 3.5

40 35

3.5 3.0

35 30

3.0 2.5

30 25

2.5 2.0

25 20

2.0 1.5

20 15

1.5 1.0

15 10

1.0 0.5

10 5

0.5 0.0

5 0

0.0

0

1Q 1Q 09 09 2Q 2Q 09 09 3Q 3Q 09 09 4Q 4Q 09 09 1Q 1Q 10 10 2Q 2Q 10 10 3Q 3Q 10 10 4Q 4Q 10 10 1Q 1Q 11 11 2Q 2Q 11 11 3Q 3Q 11 11 4Q 4Q 11 11 1Q 1Q 12 12 2Q 2Q 12 12 3Q 3Q 12 12 4Q 4Q 12 12

4.5

Deal value

Number of transactions

Deal value

Number of transactions

Number Number of deals of deals

The largest deal in 2012 was the $837 million acquisition of a majority stake in the 277 MW Borkum Riffgrund 1 German offshore wind farm by Danish investment groups KIRKBI A/S and the Oticon Foundation. The second largest buyout was the $467 million acquisition of AkfenHES Yatirimlari ve Enerji Uretim AS, a company formed to develop and operate the HEPP-1 portfolio of 11 hydro power projects totalling 131.67MW, by Aquila Hydropower II, an investment fund of Aquila Capital.

DealDeal value value ($ billion) ($ billion)

Private Equity Buyouts (1Q09 to 4Q12)

Private equity firms completed 93 buyouts of European companies and projects totalling $6.2 billion in 2012, a significant decrease on the 137 buyouts totalling $12.1 billion executed in 2011. The total volume of European buyouts decreased for the sixth consecutive quarter to only $1.1 billion in 4Q12, down from a height on $3.8 billion in 2Q11.

deal of the year – European clean energy venture capital and private equity Company

Bluewater Bio International

Headquarters

London, UK

Funds raised

$36 million (£22.5 million)

Date of round

March 2012

Investors

Ombu Group, Hermes GPE Environmental Innovation Fund LP

Advisors

GP Bullhound Ltd (financial advisor to Bluewater Bio)

Deal information

On March 23, 2012, Bluewater Bio International, a UK-based developer of water and wastewater treatment technologies, secured $36 million (£22.5 million) from specialist clean energy investors Ombu Group and Hermes GPE Environmental Innovation Fund LP. The financing will be used to accelerate expansion into new and existing markets and potentially for acquisitions. The funding follows the agreement of an $8 million revolving convertible debt facility provided to the company by US investment firm Liberation Capital in November 2011. According to Clean Energy Pipeline data, the round was the largest growth capital financing raised by a pure-play water technology developer since the end of 2010 at the time of financial close. The only larger fundraising in the water technology sector in 2012 was acquired by NanoH2O, a Californiabased developer of thin-film membranes for water desalination, which secured a $40 million equity investment in May 2012.

51

$210 million

the value of venture capital & private equity investment in Europe’s biomass sector in 2012

52

Clean Energy Pipeline

Directory

Directory

This directory lists every investor, acquirer, project sponsor, law firm and financial advisor that has executed or advised on a venture capital , private equity, project finance or M&A transaction in the European clean energy sector in the 2012 calendar year. The directory is based on transactions tracked by Clean Energy Pipeline’s deal data team. Subscribers to Clean Energy Pipeline can view news, data and other information on the companies, investors and advisors listed below on our website www.cleanenergypipeline.com. Non-subscribers should contact Sonja van Linden, at [email protected], for more information on how to access the service.

123 3Power Energy Group Inc. Dubai, UAE www.3powerenergy.com Investment Focus: M&A - Acquirer, Project sponsor 3volution LLP Leeds, UK www.3volutionllp.com Advisory Focus: Legal - Venture capital and private equity 7C Solarparken N.V. Mechelen, Belgium www.solarparken.be Investment Focus: M&A - Acquirer 9REN Group Madrid, Spain www.9ren.org Investment Focus: Project sponsor

A Abantia Group Barcelona, Spain www.abantia.com Investment Focus: Project sponsor ABB Group Zurich, Switzerland www.abb.com Investment Focus: M&A - Acquirer ABB Technology Ventures Zurich, Switzerland www.abb.com Investment Focus: VC - Early Growth (Series A to C) Abengoa SA Seville, Spain www.abengoa.com Investment Focus: Project sponsor

ABO Wind AG Wiesbaden, Germany www.abo-wind.com Investment Focus: Project sponsor Academy of Sciences of Moldova ASM Chisinau, Moldova www.asm.md Investment Focus: Project sponsor Accel Partners Palo Alto, CA, USA www.accel.com Investment Focus: VC - Early Growth (Series A to C) Acciona Energia SA Madrid, Spain www.acciona-energia.com Investment Focus: Project sponsor Accura Hellerup, Denmark www.accura.eu Advisory Focus: Legal - M&A

53

Directory

ACS Actividades de Construcción y Servicios SA Madrid, Spain www.grupoacs.com Investment Focus: Project sponsor Activ Solar GmbH Vienna, Austria www.activsolar.com Investment Focus: Project sponsor Adapt Low Carbon Group Norwich, UK www.adaptlowcarbongroup.co.uk Investment Focus: VC - Early Growth (Series A to C) Adenium Energy Capital Dubai, UAE www.adeniumcapital.com Investment Focus: PE - Buyout Advanced Energy Industries Inc. Fort Collins, CO, USA www.advanced-energy.com Investment Focus: M&A - Acquirer Advanced Power Components plc Rochester, UK www.apc-plc.co.uk Investment Focus: M&A - Acquirer, PE - Development Capital Advanta Capital Ltd. Zurich, Switzerland www.advanta-capital.com Investment Focus: Project sponsor AES Solar Energy Ltd. Arlington, VA, USA www.aes-solar.com Investment Focus: Project sponsor AES Wind Generation Inc. San Diego, CA, USA www.aeswind.co.uk Investment Focus: Project sponsor AFC Energy plc Surrey, UK www.afcenergy.com Investment Focus: Project sponsor AffaldVarme Aarhus Aarhus, Denmark www.aarhus.dk Investment Focus: Project sponsor Agaoglu Group Istanbul, Turkey www.agaoglu.com Investment Focus: Project sponsor 54

Clean Energy Pipeline

agri.capital GmbH Munster, Germany www.agri-capital.de Investment Focus: M&A - Acquirer Agrokor Group Zagreb, Croatia www.agrokor.hr Investment Focus: Project sponsor AIB Seed Capital Fund Dublin, Ireland www.aibseedcapitalfund.ie Investment Focus: Seed Financing Airport Development AS Copenhagen, Denmark Investment Focus: Project sponsor Airvolution Energy Ltd. Helston, UK www.airvolution-projects.com Investment Focus: Project sponsor ALBA Group Berlin, Germany www.albagroup.de Investment Focus: M&A - Acquirer Albion Ventures LLP London, UK www.albion-ventures.co.uk Investment Focus: Project sponsor, VC - Late Stage (Series D+) Alfa Finance Holding AD Sofia, Bulgaria www.alfafinance.bg Investment Focus: Project sponsor Alkane Energy plc Edwinstowe, UK www.alkane.co.uk Investment Focus: M&A - Acquirer All Capital Amsterdam, Netherlands Investment Focus: VC - Early Growth (Series A to C) Allen & Overy LLP London, UK www.allenovery.com Advisory Focus: Legal - M&A, Project finance, Venture capital and private equity Allenby Capital Ltd. London, UK www.allenbycapital.com Advisory Focus: Financial - Venture capital and private equity

Allianz Specialised Investments Ltd. Munich, Germany www.allianz.com Investment Focus: PE - Buyout, Project sponsor ALMI Företagspartner Väst AB Gothenburg, Sweden www.almi.se Investment Focus: Grant & Government Funding, VC - Early Growth (Series A to C) Alpiq Holding AG Olten, Switzerland www.alpiq.com Investment Focus: M&A - Acquirer Alstom Power SA Levallois-Perret, France www.alstom.com Investment Focus: M&A - Acquirer AltEnegro Russia Investment Focus: Project sponsor Altium Capital Ltd. London, UK www.altiumcapital.com Advisory Focus: Financial - Venture capital and private equity Alto Holding AS Istanbul, Turkey www.altoholding.com Investment Focus: Project sponsor Altor Equity Partners Stockholm, Sweden www.altor.com Investment Focus: PE - Buyout Alubel SpA Bagnolo in Piano, Italy www.alubel.it Investment Focus: Project sponsor Alvdalens och Sarna-Idre Besparingsskogar Sweden www.besparingen.com Investment Focus: M&A - Acquirer Alven Capital Paris, France www.alvencapital.com Investment Focus: VC - Early Growth (Series A to C)

Clean Energy Pipeline

Amadeus Capital Partners Ltd. Cambridge, UK www.amadeuscapital.com Investment Focus: VC - Late Stage (Series D+)

Directory

Anesco Ltd. Reading, UK www.anesco.co.uk Investment Focus: Project sponsor

Arctic Paper SA Kostrzyn, Poland www.arcticpaper.com Investment Focus: M&A - Acquirer

Angel CoFund Sheffield, UK www.angelcofund.co.uk Investment Focus: Angel Funding

AREVA SA Paris, France www.areva.com Investment Focus: M&A - Acquirer

Angelo, Gordon & Co. New York, NY, USA www.angelogordon.com Investment Focus: PE - Development Capital

Arise Windpower AB Halmstad, Sweden www.arisewindpower.se Investment Focus: M&A - Acquirer, Project sponsor

Api Nova Energia Srl Rome, Italy www.apinovaenergia.com Investment Focus: Project sponsor

Ariston Thermo SpA Fabriano, Italy www.ariston.com Investment Focus: Project sponsor

Ammonite Energy Ltd. Calgary, AB, Canada Investment Focus: Project sponsor

Applied Superconductor Ltd. Blyth, UK www.appliedsuperconductor.com Investment Focus: M&A - Acquirer

ARKEA Capital Investissement Brest, France www.arkea-capital-investissement.com Investment Focus: PE - Development Capital

Amorim Energia BV Amsterdam, Netherlands Investment Focus: M&A - Acquirer

Aqton SE Hessen, Germany Investment Focus: M&A - Acquirer

AMP Capital Investors Sydney, Australia www.ampcapital.com Investment Focus: Project sponsor

Aquafin NV Aartselaar, Belgium www.aquafin.be Investment Focus: Project sponsor

Ampere Equity Fund Heerlen, Netherlands www.abp.nl Investment Focus: Project sponsor

Aqualia Gestion Integral del Agua SA Madrid, Spain www.aqualia.es Investment Focus: Project sponsor

Amplio Solar London, UK www.amplio-group.com Investment Focus: Project sponsor

Aquila Capital Hamburg, Germany www.aquila-capital.de Investment Focus: PE - Buyout, Project sponsor

Amber Infrastructure Ltd. London, UK www.amberinfrastructure.com Investment Focus: M&A - Acquirer Ambienta SGR SpA Milan, Italy www.ambientasgr.com Investment Focus: M&A - Acquirer, PE - Buyout AMEC plc Knutsford, UK www.amec.com Investment Focus: Project sponsor

Amundi Private Equity Funds Paris, France www.amundi-pef.com Investment Focus: VC - Early Growth (Series A to C) Anderson Strathern LLP Edinburgh, UK www.andersonstrathern.co.uk Advisory Focus: Legal - Venture capital and private equity Andritz AG Graz, Austria www.andritz.com Investment Focus: M&A - Acquirer

Aravis SA Zurich, Switzerland www.aravis.ch Advisory Focus: Financial - M&A

Ashfords LLP Exeter, UK www.ashfords.co.uk Advisory Focus: Legal - Venture capital and private equity Ashurst LLP London, UK www.ashurst.com Advisory Focus: Legal - M&A, Legal Project finance ASN Bank The Hague, Netherlands www.asnbank.nl Investment Focus: Debt project finance Aspiravi NV Bruges, Belgium www.aspiravi.be Investment Focus: Project sponsor

ARCADIS NV Amsterdam, Netherlands www.arcadis.com Investment Focus: M&A - Acquirer

Aster Capital SA Paris, France www.aster.com Investment Focus: VC - Early Growth (Series A to C)

Archangel Informal Investment Ltd. Edinburgh, UK www.archangelsonline.com Investment Focus: Angel Funding

Astronergy HangZhou, China www.astronergy.com Investment Focus: Project sponsor

55

Directory

Augusta & Co plc London, UK www.augustaco.com Advisory Focus: Financial - M&A Aurubis AG Hamburg, Germany www.aurubis.com Investment Focus: Project sponsor Avelar Energy Ltd. Zurich, Switzerland www.avelarenergy.com Investment Focus: Project sponsor Avenue IP LLC New York, NY, USA www.avenuecapital.com Investment Focus: PE - Development Capital Aviva Investors London, UK www.avivainvestors.com Investment Focus: PE - Buyout Aviva plc London, UK www.aviva.co.uk Investment Focus: PE - Buyout Axcel Copenhagen, Denmark www.axcel.dk Investment Focus: M&A - Acquirer

Clean Energy Pipeline

B Babson Capital Management LLC Boston, MA, USA www.babsoncapital.com Investment Focus: PE - Development Capital BAE Systems London, UK www.baesystems.com Investment Focus: Grant & Government Funding Baird Robert W. Baird & Co. Milwaukee, WI, USA www.rwbaird.com Advisory Focus: Financial - M&A Baker & McKenzie LLP Chicago, IL, USA www.bakernet.com Advisory Focus: Legal - M&A Balsorano Energia Srl Vicenza, Italy Investment Focus: Project sponsor BaltCap Tallinn, Estonia www.baltcap.com Investment Focus: Project sponsor BAM Deutschland AG Stuttgart, Germany www.bam-deutschland.de Investment Focus: M&A - Acquirer Banca IMI Milan, Italy www.bancaimi.com Advisory Focus: Financial - M&A Banca Infrastrutture Innovazione e Sviluppo SpA Rome, Italy www.biis.com Investment Focus: Debt project finance, Project sponsor Banco de Valencia SA Valencia, Spain www.bancodevalencia.es Investment Focus: PE - Buyout Banco Espírito Santo SA Lisboa, Portugal www.bes.pt Advisory Focus: Financial - M&A

56

Banco Popular Espanol SA Madrid, Spain www.bancopopular.es Investment Focus: Debt project finance Banco Sabadell SA Barcelona, Spain www.bancosabadell.com Investment Focus: Debt project finance Banco Santander SA Madrid, Spain www.santander.com Investment Focus: Debt project finance Banesto Madrid, Spain www.banesto.es Investment Focus: Debt project finance Bank of America Merrill Lynch New York, NY, USA www.bankofamerica.com Advisory Focus: Financial - M&A Bank of Ireland Seed and Early Stage Equity Fund Dublin, Ireland www.bankofireland.co.uk Investment Focus: VC - Early Growth (Series A to C) Bank of Tokyo-Mitsubishi UFJ Tokyo, Japan www.bk.mufg.jp Investment Focus: Debt project finance Bank Pekao SA Warsaw, Poland www.pekao.com.pl Investment Focus: Debt project finance BankInvest Group Copenhagen, Denmark www.bankinvest.com Investment Focus: VC - Late Stage (Series D+) Banks Renewables Durham, UK www.banksgroup.co.uk/banks-group/ banks-renewables/ Investment Focus: Project sponsor

Clean Energy Pipeline

Barclays Capital London, UK www.barcap.com Advisory Focus: Financial - M&A

Directory

Beechbrook Capital London, UK www.beechbrookcapital.com Investment Focus: PE - Development Capital

Barclays Infrastructure Funds Management Ltd. London, UK www.barclaysinfrastructurefunds.com Investment Focus: PE - Buyout, Project sponsor

Beiten Burkhardt Frankfurt, Germany www.bblaw.com Advisory Focus: Legal - M&A, Project finance

BARD Holding GmbH Emden, Germany www.bard-offshore.de Investment Focus: Project sponsor

Belectric Inc. Newark, NJ, USA www.belectric-usa.com Investment Focus: Project sponsor

BASF SE Ludwigshafen, Germany www.basf.com Investment Focus: M&A - Acquirer

Belectric Technology GmbH Kolitzheim, Germany www.belectric.com Investment Focus: M&A - Acquirer, Project sponsor

BATEG Energy GmbH Berlin, Germany www.bategenergy.com Investment Focus: Project sponsor Baxi Partnership London, UK www.baxipartnership.co.uk Investment Focus: PE - Buyout BayBG Munich, Germany www.baybg.de Investment Focus: VC - Early Growth (Series A to C) Bayern LB Munich, Germany www.bayernlb.de Investment Focus: Debt project finance BaySolar AG Munich, Germany www.baysolar.ag Investment Focus: Project sponsor BBVA Bilbao, Spain www.bbva.es Investment Focus: Debt project finance BeCapital Private Equity SCAR Luxembourg City, Luxembourg www.becapitalpe.com Investment Focus: Minority / Partnership, PE - Development Capital

Beringea LLC Farmington Hills, MI, USA www.beringea.com Investment Focus: Minority / Partnership Berliner Energieagentur GmbH Berlin, Germany www.berliner-e-agentur.de Investment Focus: Project sponsor Berry Smith LLP Cardiff, UK www.berrysmith.com Advisory Focus: Legal - M&A Berti Investments Ltd. London, UK www.bertiinvestments.com Investment Focus: VC - Early Growth (Series A to C), VC - Late Stage (Series D+) betafabrik GmbH Köln, Germany www.betafabrik.de Investment Focus: VC - Early Growth (Series A to C) BGE SA Katowice, Poland www.bgesa.pl Investment Focus: M&A - Acquirer

Binani Industries Ltd. Mumbai, India www.binaniindustries.com Investment Focus: M&A - Acquirer Biogas Energy D.o.o. Beograd, Serbia www.biogasenergy.rs Investment Focus: Project sponsor Biogas Hochreiter GmbH Schnaitsee, Germany www.biogas-hochreiter.de Investment Focus: Project sponsor Biogas Nord AG Bielefeld, Germany www.biogas-nord.com Investment Focus: Project sponsor BIOGEN UK Ltd. Milton Ernest, UK www.biogen.co.uk Investment Focus: Project sponsor BK Giulini GmbH Ludwigshafen, Germany www.bk-giulini.com Investment Focus: M&A - Acquirer BlablaCar Paris, France www.comuto.com Investment Focus: M&A - Acquirer Blake Lapthorn London, UK www.bllaw.co.uk Advisory Focus: Legal - M&A Blue Energy UK Ltd. Stornoway, UK Investment Focus: Project sponsor Blue Orange Paris, France www.suez-environnement.com/ innovation/blue-orange-investingnew-technologies Investment Focus: VC - Early Growth (Series A to C) Bluefield Partners LLP London, UK www.bluefieldllp.com Investment Focus: PE - Buyout, Project sponsor

Big Society Capital London, UK www.bigsocietycapital.com Investment Focus: VC - Early Growth (Series A to C) 57

Directory

BMR Energy Solutions GmbH Hückelhoven, Germany www.bmr-energy.com Investment Focus: Project sponsor BNP Paribas SA Paris, France www.bnpparibas.com Investment Focus: Debt project finance, PE - Buyout BOC Group plc Windlesham, UK www.boc-group.com Investment Focus: M&A - Acquirer Boels Zanders NV Maastricht, Netherlands www.boelszanders.nl Advisory Focus: Legal - Venture capital and private equity Bond Pearce LLP Bristol, UK www.bondpearce.com Advisory Focus: Legal - M&A, Project finance Boralex Inc. Kingsey Falls, QC, Canada www.boralex.com Investment Focus: M&A - Acquirer, Project sponsor Bord Gais Energy Dublin, Ireland www.bordgaisenergy.ie Investment Focus: Project sponsor Bord na Mona plc Newbridge, Ireland www.bnm.ie Investment Focus: Project sponsor Bosch Solar Energy AG Arnstadt, Germany www.bosch-solarenergy.de Investment Focus: Project sponsor Braemar Energy Ventures New York, NY, USA www.braemarenergy.com Investment Focus: VC - Early Growth (Series A to C) Bratschi Weiderkehr & Buob Zurich, Switzerland www.bratschi-law.ch Advisory Focus: Legal - M&A

58

Clean Energy Pipeline

Braveheart Investment Group plc Perth, UK www.braveheart-ventures.co.uk Investment Focus: VC - Early Growth (Series A to C) Bremer Landesbank Kreditanstalt Oldenburg-Girozentrale Bremen, Germany www.bremerlandesbank.de Investment Focus: Debt project finance BR-Energy plc Kenilworth, UK www.br-energy.com Investment Focus: M&A - Acquirer Bridge Power Investments s.r.o. BPI Prague, Czech Republic www.bridgepi.com Investment Focus: Project sponsor Bright Capital Moscow, Russia www.bright-capital.com Investment Focus: VC - Early Growth (Series A to C) British Gas plc Worthing, UK www.britishgas.co.uk Investment Focus: M&A - Acquirer, VC - Early Growth (Series A to C)

Burness Paull & Williamsons LLP Edinburgh, UK www.burnesspaull.com Advisory Focus: Legal - Project finance Business Development Asia LLC New York, NY, USA www.bdallc.com Advisory Focus: Financial - M&A BVP Investments Ltd. Dublin, Ireland www.simple.ie Investment Focus: VC - Early Growth (Series A to C)

C C&C sp. z.o.o. Poland Investment Focus: Project sponsor Cabiedes & Partners Madrid, Spain Investment Focus: VC - Early Growth (Series A to C) Cabot Corp. Boston, MA, USA www.cabot-corp.com Investment Focus: M&A - Acquirer

Broadwind Energy Inc. Cicero, IL, USA www.broadwindenergy.com Investment Focus: Project sponsor

Caisse des Depots et Consignations Paris, France www.caissedesdepots.fr Investment Focus: VC - Early Growth (Series A to C)

BT Pension Scheme Trustees Ltd. Chesterfield, UK www.btpensions.net Investment Focus: PE - Buyout

Calix Ltd. Pymble, Australia www.calix.com.au Investment Focus: M&A - Acquirer

Bulgarian municipality of Isperih Bulgaria Investment Focus: Project sponsor

Cambridge Angels Cambridge, UK www.cambridgeangels.net Investment Focus: Angel Funding, VC - Early Growth (Series A to C)

Burgerservice GmbH Trier, Germany www.bues-trier.de Investment Focus: Project sponsor Burges Salmon LLP Bristol, UK www.burges-salmon.com Advisory Focus: Legal - M&A, Project finance, Venture capital and private equity

Cambridge Capital Group Cambridge, UK www.cambridgecapitalgroup.co.uk Investment Focus: Angel Funding, VC - Early Growth (Series A to C) Cambridge Enterprise Seed Funds Cambridge, UK www.challengefund.cam.ac.uk Investment Focus: Angel Funding

Clean Energy Pipeline

Directory

Canadian Solar Inc. West Guelph, ON, Canada www.canadiansolar.com Investment Focus: Project sponsor

Carbon Friendly Solutions Inc. Vancouver, BC, Canada www.carbonfriendly.com Investment Focus: M&A - Acquirer

Canopy SAS Paris, France www.canopy-energy.com Investment Focus: Project sponsor

Carbon Trust London, UK www.carbontrust.com Investment Focus: Grant & Government Funding, PIPE, VC - Late Stage (Series D+)

Cantor Fitzgerald Europe London, UK www.cantor.com Advisory Focus: Financial - Venture capital and private equity Cap Vert Energie Marseille, France www.capvertenergie.com Investment Focus: Project sponsor Capital Corp Merchant Banking Orlando, FL, USA www.capitalcorpmerchantbanking. com Investment Focus: Debt project finance Capital Dynamics AG Zug, Switzerland www.capdyn.com Investment Focus: PE - Buyout Capital Stage AG Hamburg, Germany www.capitalstage.com Investment Focus: PE - Buyout, Project sponsor Capman Green Energy Fund AD Sofia, Bulgaria www.capman.bg Investment Focus: PE - Buyout Capricorn Venture Partners NV Leuven, Belgium www.capricorn.be Investment Focus: PE - Buyout, VC Early Growth (Series A to C) Captive Audience Display Solutions plc Dublin, Ireland Investment Focus: M&A - Acquirer Carbon Free Developments Ltd. Stirling, UK www.carbonfreedevelopments.co.uk Investment Focus: Project sponsor

Carpevigo AG Holzkirchen, Germany www.carpevigo.de Investment Focus: M&A - Acquirer Casa de Investitii ALIANTA Bistrita, Romania www.alianta.net Investment Focus: Project sponsor Catalan Energy Institute Spain Investment Focus: M&A - Acquirer CBD Energy Ltd. Sydney, Australia www.cbdenergy.com.au Investment Focus: Project sponsor CDC Entreprises Paris, France www.cdcentreprises.fr Investment Focus: VC - Early Growth (Series A to C) Cedar Fund Herzelia, Israel www.cedarfund.com Investment Focus: Seed Financing Cencorp Oyj Mikkeli, Finland www.cencorp.com Investment Focus: M&A - Acquirer Central Europe Oil Company – CEOC Ltd. London, UK www.ceoc.co.uk Investment Focus: M&A - Acquirer Centralschweizerische Kraftwerke AG Lucerne, Switzerland www.ckw.ch Investment Focus: Project sponsor Centrica plc Windsor, UK www.centricaenergy.com Investment Focus: Project sponsor

Centrobanca SpA Milan, Italy www.centrobanca.it Investment Focus: Debt project finance Centrosolar Group AG Munich, Germany www.centrosolar.com Investment Focus: M&A - Acquirer CEZ Group a.s. Prague, Czech Republic www.cez.cz Investment Focus: M&A - Acquirer, Project sponsor Chardan Capital Markets LLC New York, NY, USA www.chardancm.com Advisory Focus: Financial - Project finance Chargemaster plc Luton, UK www.chargemasterplc.com Investment Focus: M&A - Acquirer Charles Russell LLP London, UK www.charlesrussell.co.uk Advisory Focus: Legal - M&A China Development Bank Beijing, China www.cdb.com.cn Investment Focus: Debt project finance China Energy Conservation and Environmental Protection Group Beijing, China www.cecic.cn Investment Focus: Project sponsor China Investment Corp. Beijing, China www.china-inv.cn Investment Focus: M&A - Acquirer China Sunergy Co. Ltd. Nanjing, China www.chinasunergy.com Investment Focus: M&A - Acquirer China Three Gorges Corp. Beijing, China www.ctgpc.com.cn Investment Focus: M&A - Acquirer

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Directory

Clean Energy Pipeline

Chiomenti Studio Legale Rome, Italy www.chiomenti.net Advisory Focus: Legal - M&A

Clean Technology Fund Washington D.C., USA www.climateinvestmentfunds.org/ cif/node/2 Investment Focus: Debt project finance

Chiyoda Corp. Yokohama, Japan www.chiyoda-corp.com Investment Focus: Minority / Partnership

Clifford Chance LLP London, UK www.cliffordchance.com Advisory Focus: Legal - M&A, Legal Project finance

Chorus Group Munich, Germany www.chorus-gruppe.de Investment Focus: PE - Buyout, Project sponsor Chrysalix SET Amsterdam, Netherlands www.setvp.com Investment Focus: VC - Early Growth (Series A to C), VC - Late Stage (Series D+) CIC Investissement Paris, France www.cic.fr/fr/banques/entreprises/ investissement/ Investment Focus: VC - Early Growth (Series A to C)

Climate Change Capital Ltd. London, UK www.climatechangecapital.com Advisory Focus: Financial - M&A Investment Focus: VC - Early Growth (Series A to C), VC - Late Stage (Series D+) CLSA Capital Partners Hong Kong, China www.clsacapital.com Investment Focus: PE - Development Capital

Clydesdale Bank Glasgow, UK www.cbonline.co.uk Investment Focus: Debt project finance, Project sponsor CMS Cameron McKenna London, UK www.cms-cmck.com Advisory Focus: Legal - M&A, Venture capital and private equity CMS Hasche Sigle Berlin, Germany www.cms-hs.com Advisory Focus: Legal - M&A Cofely SA Nanterre, France Investment Focus: VC - Early Growth (Series A to C) COFRA Holding AG Zug, Switzerland www.cofraholding.com Investment Focus: M&A - Acquirer

Financial Transaction Managers in Energy Managers of the M-Wind sub. loan fund for wind farms www.finance-energy.com 60

Clean Energy Pipeline

Directory

Colruyt Group Brussels, Belgium www.colruytgroup.com Investment Focus: Project sponsor

Cory Environmental Ltd. London, UK www.coryenvironmental.co.uk Investment Focus: Project sponsor

Comsa SA Barcelona, Spain www.comsaemte.com Investment Focus: Project sponsor

Credit Agricole Corporate and Investment Bank Paris, France www.ca-cib.com Investment Focus: Debt project finance

Concord Blue Engineering GmbH Düsseldorf, Germany www.concordblueenergy.com Investment Focus: M&A - Acquirer Conergy AG Hamburg, Germany www.conergy.com Investment Focus: Project sponsor Conetwork Erneuerbare Energien Holding GmbH & Co. KgaA Hamburg, Germany www.cee-holding.de Investment Focus: PE - Buyout, Project sponsor Constellation Capital AG Schwyz, Switzerland www.constellation.ch Investment Focus: PE - Buyout Construcciones y Auxiliar de Ferrocarriles SA Beasain, Spain www.caf.es Investment Focus: Project sponsor Constructim SA Timisoara, Romania www.constructim.ro Investment Focus: Project sponsor

Credit Cooperatif Paris, France www.credit-cooperatif.coop Investment Focus: Debt project finance Credit Mutuel Strasbourg, France www.creditmutuel.fr Investment Focus: Debt project finance Crompton Greaves Ltd. Mumbai, India www.cgglobal.com Investment Focus: M&A - Acquirer Cuatrecasas, Gonaalves Pereira Madrid, Spain www.cuatrecasas.com Advisory Focus: Legal - Project finance Cummins Inc. Columbus, OH, USA www.cummins.com Investment Focus: M&A - Acquirer Cynar plc London, UK www.cynarplc.com Investment Focus: Project sponsor

D Daimler AG Stuttgart, Germany www.daimler.com Investment Focus: M&A - Acquirer, Minority / Partnership Dalkia International Paris, France www.dalkia.com Investment Focus: Project sponsor Danish Energy Agency Copenhagen, Denmark www.ens.dk Investment Focus: Grant & Government Funding DCNS Paris, France www.dcnsgroup.com Investment Focus: M&A - Acquirer DELSOL Avocats Lyon, France www.delsolavocats.com Advisory Focus: Legal - Venture capital and private equity Delta Energy BV Middelburg, Netherlands www.delta.nl Investment Focus: Project sponsor Demeter Partners Paris, France www.demeter-partners.com Investment Focus: PE - Buyout, VC Early Growth (Series A to C)

Contino Wind Partners Sp. z o.o. Warsaw, Poland Investment Focus: Project sponsor

Det Norske Veritas DNV Hovik, Norway www.dnv.com Investment Focus: M&A - Acquirer

Convert Italia SpA Rome, Italy www.convertitalia.com Investment Focus: Project sponsor

Deutsche Bahn AG Berlin, Germany www.deutschebahn.com Investment Focus: Project sponsor

Coolrec BV Eindhoven, Netherlands www.coolrec.com Investment Focus: M&A - Acquirer

Deutsche Bank AG Frankfurt, Germany www.db.com Advisory Focus: Financial - M&A, Project finance Investment Focus: Debt project finance

Co-operative Bank plc Manchester, UK www.co-operativebank.co.uk Investment Focus: Debt project finance, Project sponsor

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Directory

OCEAN ENERGY for EUROPE The European Ocean Energy Association is a fast-growing membership organisation set up - with Commission support - to represent the sector to the European Commission, Parliament and Council of Members. We act as a hub for information and networking. Our goal is to unite the key European players behind a common plan for commercialising ocean energy technologies, which can be used to leverage strategic investment from the private and public sectors between now and 2020. We will also work closely with the Commission and member state governments to promote a level playing field for ocean energy developers in the single European market. On the industry front members include 10 large utilities such as E.On, EDF, EDP, SSE and Iberdrola. We also count 8 large international engineering and manufacturing firms such as Alstom, DCNS, Voith Hydro and Andritz Hydro; together with 16 of the world’s leading SME technology developers in our membership. Between them our members have made significant progress in the last 7 years: •

€600m private sector investment in the last 7 years



EU installed capacity has tripled in 4 years: representing significant technical progress; with over 10MW of operational devices installed today[i], compared with 3.5MW four years ago[ii]. Many of these devices have rated capacity of over 1MW.



2GW of projects in the planning pipelines of Europe’s largest utilities and renewable energy project developers.

Capitalising on this progress will, however, depend on creating the right market and investment conditions across Europe in the future. National trade associations and development agencies from Spain, Ireland, Norway, Scotland, the UK, France, Portugal, Holland, Denmark and Sweden are also members. They believe Ocean Energy will play an essential part in meeting clean energy targets; as well as securing national export revenue and inward investment. Our members also represent experts from engineering departments at leading European Universities. We promote all technologies designed for extracting energy from the ocean: Tidal power - tidal streams and currents offer a consistent source of kinetic energy caused by regular tidal cycles influenced by the phases of the moon. Tidal barrages exploit the rise and fall of tides in estuaries and bays to produce electricity. Wave power – devices are located different distances from the shoreline, either on the sea-bed or surface-floating. All derive energy from the movement and power of ocean waves. Ocean thermal energy conversion – OTEC – devices exploit the temperature difference between deep cold ocean water and warm tropical surface waters. OTEC plants pump large quantities of deep cold seawater and surface seawater to run a power cycle and produce electricity. Salinity Gradient - power generation from salinity gradients utilizes the difference in salt content between fresh water and seawater to provide a steady base load of electricity from plants located close to the end-consumer. Sian George CEO EU-OEA

62

Clean Energy Pipeline

Deutsche Eco AG Frankfurt, Germany www.deutsche-eco.de Investment Focus: Project sponsor Deutsche Kreditbank AG Berlin, Germany www.dkb.de Investment Focus: Debt project finance Deutsche Windtechnik AG Bremen, Germany www.deutsche-windtechnik.de Investment Focus: M&A - Acquirer Devon Wind Power Ltd. St. Albans, UK www.devonwindpower.co.uk Investment Focus: Project sponsor Dexia Crediop SpA Rome, Italy www.dexia-crediop.it Investment Focus: Debt project finance DHV Group Amersfoort, Netherland www.dhv.com Investment Focus: M&A - Acquirer Diacheirisis Aporrimaton Ditikis Makedonias SA Kozani, Greece www.diadyma.gr Investment Focus: Project sponsor Dimensional Fund Advisors Austin, TX, USA www.dimensional.com Investment Focus: PE - Buyout DLA Piper London, UK www.dlapiper.com Advisory Focus: Legal - M&A DnB NOR Bank ASA Oslo, Norway www.dnbnor.com Advisory Focus: Financial - Venture capital and private equity Investment Focus: Debt project finance Dodds Ltd. Driffield, UK www.doddslimited.co.uk Investment Focus: Project sponsor

Directory

DONG Energy AS Fredericia, Denmark www.dongenergy.com Investment Focus: M&A - Acquirer, Project sponsor dPixel Srl Milan, Italy www.dpixel.it Investment Focus: VC - Early Growth (Series A to C) Dragon Hydro Ltd. Bedford, UK www.dragonhydro.com Investment Focus: Project sponsor Drozapol-Profil SA Torunska, Poland www.drozapol.pl Investment Focus: M&A - Acquirer, Project sponsor Drumlin Wind Energy Co-operative Ltd. Belfast, UK www.drumlin.coop Investment Focus: Project sponsor Duchy of Cornwall Cornwall, UK www.duchyofcornwall.org Investment Focus: PE - Development Capital Dulas Ltd. Machynlleth, UK www.dulas.org.uk Investment Focus: M&A - Acquirer Dundas & Wilson LLP London, UK www.dundas-wilson.com Advisory Focus: Legal - M&A Dutch Greentech Fund Amsterdam, Netherlands www.dutchgreentechfund.nl Investment Focus: VC - Early Growth (Series A to C) Dutchess Capital LLC Boston, MA, USA www.dutchesscapital.com Investment Focus: PIPE DZ Bank AG Frankfurt, Germany www.dzbank.com Investment Focus: Debt project finance

E E.ON AG Dusseldorf, Germany www.eon.com Investment Focus: M&A - Acquirer, Project sponsor EBM Munchenstein, Switzerland www.ebm.ch Investment Focus: M&A - Acquirer, Project sponsor eCAPITAL entrepreneurial Partners AG Munster, Germany www.ecapital.de Investment Focus: VC - Early Growth (Series A to C) ECI Partners London, UK www.ecipartners.com Investment Focus: PE - Development Capital Eco Ventures Group Inc. Groveland, FL, USA www.ecoventuresgroup.com Investment Focus: M&A - Acquirer Eco Wind Power Ltd. Dublin, Ireland www.ecowindpower.com Investment Focus: Project sponsor Eco2 Ltd. Cardiff, UK www.eco2uk.com Investment Focus: Project sponsor EcoEridania Srl Genova, Italy www.ecoeridania.it Investment Focus: M&A - Acquirer Ecomobilite Ventures Paris, France www.nvlc.fr Investment Focus: VC - Early Growth (Series A to C) Eco-Optima Ltd. Lviv, Ukraine Investment Focus: Project sponsor

63

Directory

EDF Energies Nouvelles SA Paris, France www.edf-energies-nouvelles.com Investment Focus: M&A - Acquirer, Minority / Partnership, Project sponsor EDF Renewable Energy San Diego, CA, USA www.edf-re.com Investment Focus: Project sponsor Edisun Power Europe AG Zurich, Switzerland www.edisunpower.com Investment Focus: Project sponsor EDP Renovaveis SA Oviedo, Spain www.edprenovaveis.com Investment Focus: Project sponsor EGJ Development Ltd. Silkeborg, Denmark www.egjudvikling.dk Investment Focus: VC - Early Growth (Series A to C)

Clean Energy Pipeline

Eksport Kredit Fonden EKF Copenhagen, Denmark www.ekf.dk Investment Focus: Debt project finance

Ellomay Capital Ltd. Tel Aviv, Israel www.ellomay.com Investment Focus: PE - Buyout, Project sponsor

El Grupo SCA Granada, Spain www.elgrupo-sca.com Investment Focus: Project sponsor

Emerald Biogas Newton Aycliffe, UK www.emeraldbiogas.com Investment Focus: Project sponsor

Eland Private Equity SA Madrid, Spain www.elandprivateequity.com Investment Focus: Project sponsor

Emertec Gestion Grenoble, France www.emertec.fr Investment Focus: VC - Early Growth (Series A to C)

Elecnor Group Madrid, Spain www.elecnor.es Investment Focus: M&A - Acquirer, Project sponsor Electrabel SA Brussels, Belgium www.electrabel.com Investment Focus: M&A - Acquirer

EnBW Energie Baden-Württemberg AG Karlsruhe, Germany www.enbw.com Investment Focus: M&A - Acquirer, Project sponsor Ence SA Madrid, Spain www.ence.es Investment Focus: Project sponsor

EGL AG Dietikon, Switzerland www.axpo.ch Investment Focus: Project sponsor

Electranova Capital Paris, France www.electranovacapital.com Investment Focus: VC - Early Growth (Series A to C)

EIDC Ltd. London, UK www.eidc.co.uk Investment Focus: VC - Late Stage (Series D+)

Electrawinds NV/SA Oostende, Belgium www.electrawinds.be Investment Focus: M&A - Acquirer, Project sponsor

Enea SA Poznan, Poland www.enea.pl Investment Focus: M&A - Acquirer

EIG Global Energy Partners Washington D.C., USA www.eigpartners.com Investment Focus: Debt project finance

Electricity Supply Board of Ireland Dublin, Ireland www.esb.ie Investment Focus: Project sponsor

Eneco Holding NV Rotterdam, Netherlands www.eneco.nl Investment Focus: Project sponsor

Electrovaya Inc. Mississauga, ON, Canada www.electrovaya.com Investment Focus: M&A - Acquirer

Enel Green Power S.p.A Rome, Italy www.enelgreenpower.com Investment Focus: Project sponsor

Elektra Baselland Liestal, Switzerland www.ebl.ch Investment Focus: M&A - Acquirer, Project sponsor

EnerCap Capital Partners Prague, Czech Republic www.enercap.com Investment Focus: Project sponsor

Ekokem Oy Ab Riihimaeki, Finland www.ekokem.fi Investment Focus: M&A - Acquirer Ekoloska Erergija d.o.o. Usora, Bosnia-Herzegovina Investment Focus: Project sponsor Ekopal sp. z.o.o Masurian, Poland www.ekopal.pl Investment Focus: Project sponsor

64

Element Power Portland, OR, USA www.elpower.com Investment Focus: Project sponsor

Endeavour Vision SA Geneva, Switzerland www.endeavourvision.com Investment Focus: VC - Early Growth (Series A to C)

Energa SA Gdansk, Poland www.energa.pl Investment Focus: M&A - Acquirer, Project sponsor

Clean Energy Pipeline

Directory

Energias de Portugal SA EDP Lisbon, Portugal www.edp.pt Investment Focus: M&A - Acquirer

Enerjisa Enerji Üretim AS Istanbul, Turkey www.enerjisa.com.tr Investment Focus: Project sponsor

EnviTec Biogas AG Lohne, Germany www.envitec-biogas.de Investment Focus: Project sponsor

Energie Brabant Wallon SA Wavre, Belgium www.energiebw.be Investment Focus: VC - Early Growth (Series A to C)

Enerparc AG Hamburg, Germany www.enerparc.de Investment Focus: Project sponsor

Eole-Res SA Avignon, France www.eoleres.com Investment Focus: Project sponsor

EnerSys Reading, PA, USA www.enersys.com Investment Focus: M&A - Acquirer

Eolia Renovables SA Madrid, Spain www.eolia.com Investment Focus: Project sponsor

Enhol Group Tudela, Spain www.grupoenhol.es Investment Focus: Project sponsor

Eolica Galenova SL Vigo, Spain Investment Focus: Project sponsor

Energie Wasser Bern Bern, Switzerland www.ewb.ch Investment Focus: M&A - Acquirer, Project sponsor Energiecontracting Heidelberg GmbH Heidelberg, Germany www.ech-heidelberg.de Investment Focus: M&A - Acquirer Energiegenossenschaft KlarModul eG Forchtenberg, Germany www.klarmodul.com Investment Focus: Project sponsor Energiekontor AG Bremen, Germany www.energiekontor.de Investment Focus: Project sponsor Energiepark Bruck Leitha, Austria www.energiepark.at Investment Focus: Project sponsor

Enova Energy Group LLC Atlanta, GA, USA www.enovaenergygroup.com Investment Focus: Project sponsor Enovos Luxembourg SA Luxembourg, Germany www.enovos.eu Investment Focus: Project sponsor Enterprise Investors Warsaw, Poland www.ei.com.pl Investment Focus: Project sponsor

Eolus Vind AB Hässleholm, Sweden www.eolusvind.com Investment Focus: M&A - Acquirer, Project sponsor Eoxis UK Ltd. London, UK www.eoxisenergy.com Investment Focus: M&A - Acquirer, Project sponsor EP Global Energy Ltd. Nicosia, Cyprus www.epglobalenergy.com Investment Focus: Project sponsor

Enterprise Ireland Dublin, Ireland www.enterprise-ireland.com Investment Focus: VC - Early Growth (Series A to C)

EPA Wind Szczecin, Poland www.epawind.pl Investment Focus: Project sponsor

Energowind d.o.o. Vrsac, Serbia www.energowind.rs Investment Focus: Project sponsor

Enterprise Ventures Ltd. Manchester, UK www.enterprise-ventures.co.uk Investment Focus: VC - Early Growth (Series A to C)

Epuramat SA Contern, Luxembourg www.epuramat.com Investment Focus: VC - Early Growth (Series A to C)

The Energy Solutions Group Cheshire, UK www.theenergysolutionsgroup.co.uk Investment Focus: M&A - Acquirer

Environmental Investment Centre Tallinn, Estonia www.kik.ee Investment Focus: Project sponsor

EPURON Holding GmbH & Co. KG Hamburg, Germany www.epuron.de Investment Focus: M&A - Acquirer, Project sponsor

Energy Technologies Institute LLP Loughborough, UK www.energytechnologies.co.uk Investment Focus: VC - Late Stage (Series D+)

Environmental Scientifics Group Burton-on-Trent, UK www.esg.co.uk Investment Focus: M&A - Acquirer

Energo AB Nacka Strand, Sweden www.afconsult.com Investment Focus: M&A - Acquirer

Energy4All Ltd. Barrow-in-Furness, UK www.energy4all.co.uk Investment Focus: Project sponsor

Environmental Technologies Fund LP London, UK www.etf.eu.com Investment Focus: VC - Late Stage (Series D+)

EPV Energia Oy Vaasa, Finland www.epv.fi Investment Focus: Project sponsor Equity Gap Edinburgh, UK www.equitygap.co.uk Investment Focus: Angel Funding 65

www.greenpowerconferences.com +44 (0)20 7099 0600 Directory

World Biomass Power Markets CONFERENCE AND EXHIBITION 15-17 May 2013

Okura Hotel, Amsterdam, Netherlands

Co g Torre Feedstock fa ant c t r pl ectricity Ther ion we Bioel m Po a n l po tio w er

en

THE WORLD'S LEADING BIOMASS-TO-POWER EVENT Part of the:

WORLD BIOMASS POWER GLOBAL SERIES

Green Power’s World Biomass Power Markets will be the world’s largest conference and exhibition focused exclusively on biomass for thermal power and heat generation. Previously known as Biopower Generation and co-located with our World Biofuels event in Rotterdam, this year the event will stand alone. The only global industry forum for the entire biopower supply chain: Utilities, IPPs, Project Developers, Pellet Producers, Chipping and Pelleting Equipment, Boiler Suppliers, EPCs and Engineers, Financiers, Investors, Politicians, Regulators and Freight & Logistics. A top-level, large scale forum for the entire biomass-to-power sector to debate the issues that matter to your business: How Will Regulatory Change and Policy Uncertainty Affect the Biomass Power Sector? Evaluating the Viability of a Project from the Point of View of Different Risks Along the Supply Chain Using Pellet Standardisation Criteria as a Tool to Influence Policy in Europe New Feedstocks and New Supply Chains How Impurities in Feedstock Affect Lifetime Quality of Plant Equipment

ts lle Pe

How Can the Biomass Power Sector Co-Ordinate More Effectively to Better Promote the Emissions and Sustainability Credentials of the Industry?

TECHNOLOGY & INNOVATION SCALING UP FLEXIBLE CONVERSION TECHNOLOGIES & FEEDSTOCK PRODUCTION Jun 25 - Jun 26 2013 Okura Hotel, Copenhagen Marriott Hotel, Copenhagen, Denmark www.worldbiomarkets.com PREPARING FOR THE NEXT WAVE OF INNOVATION AS BRAZIL'S BIOECONOMY TRANSFORMS Sep 17 - Sep 18 2013 São Paulo, Brazil www.worldbiomarkets.com THE RACE FOR SCALE Oct 29 - Oct 30 2013 San Francisco, United States www.worldbiomarkets.com

World Bio Markets

Technology and Innovation

World Bio Markets Brazil

World Bio Markets USA

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wwww.worldbiomasspower.com

Clean Energy Pipeline

ERG SpA Genoa, Italy www.erg.it Investment Focus: M&A - Acquirer, Project sponsor Ergon Energy Townsville, Australia www.ergon.com.au Investment Focus: M&A - Acquirer Ergyca Sun Srl Milan, Italy www.ergycasun.com Investment Focus: Project sponsor Ernst & Young LLP London, UK www.ey.com Advisory Focus: Financial - M&A Erste Group Bank AG Vienna, Austria www.erstegroup.com Investment Focus: Debt project finance Ervington Investments Ltd. Russia Investment Focus: M&A - Acquirer, PIPE ESB Novusmodus London, UK www.greencoat-capital.com Investment Focus: VC - Early Growth (Series A to C) ESB Wind Development UK Ltd. London, UK www.esb.ie Investment Focus: Project sponsor Esthesis Energy Srl Satu Mare, Romania Investment Focus: Project sponsor ET Solar Group Corp. Nanjing, China www.etsolar.com Investment Focus: Project sponsor Ethanol Ventures Ltd. London, UK www.ethanol-ventures.com Investment Focus: Project sponsor Euro Scrap Alliance BV Gravendeel, Netherlands Investment Focus: M&A - Acquirer

Directory

EuroConsult Inc. New York, NY, USA www.euroconsult-inc.com Advisory Focus: Financial - M&A

European Wind Investment A/S Horsens, Denmark www.europeanwindinvestment.com Investment Focus: M&A - Acquirer

EuroEnergy London, UK www.euroenergy.com Investment Focus: Project sponsor

Eurowind Energy AS Hobro, Denmark www.ewe.dk/GB Investment Focus: Project sponsor

EUROFIDEME 2 Paris, France www.eurofideme2.com Investment Focus: Project sponsor

Eversheds LLP London, UK www.eversheds.com Advisory Focus: Legal - M&A, Project finance

Eurofil Serbia Investment Focus: Project sponsor Europe Solar Utility Paris, France www.europesolarutility.eu Investment Focus: Project sponsor European Bank for Reconstruction and Development London, UK www.ebrd.com Investment Focus: Debt project finance, VC - Early Growth (Series A to C) European CleanTech 1 SE Monterey, Luxembourg www.ectse.com Investment Focus: PE - Buyout European Commission Brussels, Belgium www.ec.europa.eu Investment Focus: Grant & Government Funding, Project sponsor European Investment Bank Konrad Adenauer, Luxembourg www.eib.org Investment Focus: Debt project finance

EVN AG Maria Enzersdorf, Austria www.evn.at Investment Focus: M&A - Acquirer EWR Neue Energien GmbH Worms, Germany www.ewr-neue-energien-gmbh.de Investment Focus: M&A - Acquirer Excelestar Ventures Andover, MA, USA www.excelestarventures.com Investment Focus: PE - Development Capital Expansion Capital Partners New York, NY, USA www.expansioncapital.com Investment Focus: VC - Early Growth (Series A to C) Export-Import Bank of Malaysia Berhad Kuala Lumpur, Malaysia www.exim.com.my Investment Focus: Debt project finance Export-Import Bank of the United States Chicago, IL, USA www.exim.gov Investment Focus: Debt project finance

European Regional Development Fund www.gov.uk/government/policies/ supporting-economic-growththrough-managing-the-europeanregional-development-fund Investment Focus: Project sponsor European Union Brussels, Belgium www.europa.eu Investment Focus: Debt project finance, Project sponsor

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Renewable Energy Association The REA’s mission is to bring renewables into the mainstream. More renewable energy in the UK means less reliance on energy imports, more jobs and lower greenhouse gas emissions.

Benefits of membership •

Promote your business through our website and weekly newsletter



Have your say in policy development



Make connections with leading figures in industry and policy



Keep up to date with the need-to-know industry and policy developments



Access to technical and policy support from the REA’s team of experts



Exclusive events and discounts

To find out more, visit www.r-e-a.net/membership The REA represents renewable energy producers and promotes the use of all forms of renewable energy in the UK. A trusted voice for the industry, we are the only trade body representing the full range of technologies across all applications ranging from major multinationals through to sole traders.

Join us now! www.r-e-a.net [email protected] 68

The voice of the UK renewables industry

Clean Energy Pipeline

F F2I SGR SpA Milan, Italy www.f2isgr.it Investment Focus: PE - Buyout Fair-Lead Partners London, UK www.fair-lead.com Investment Focus: VC - Early Growth (Series A to C) Fajr Capital Limited Dubai, UAE www.fajrcapital.com Investment Focus: PE - Development Capital Falck Renewables SpA Milan, Italy www.falckrenewables.eu Investment Focus: Project sponsor FCC Group Madrid, Spain www.fcc.es Investment Focus: Project sponsor Federal Ministry of Transport, Building and Urban Development Germany www.bmvbs.de Investment Focus: Grant & Government Funding Federale Participatie- en Investeringsmaatschappij Bruxelles, Belgium www.sfpi-fpim.be Investment Focus: VC - Early Growth (Series A to C) Finance Yorkshire Barnsley, UK www.finance-yorkshire.com Investment Focus: VC - Early Growth (Series A to C) Finanziaria Internazionale Holding SpA Conegliano, Italy www.finint.it Investment Focus: Project sponsor Finnvera Venture Capital Kuopio, Finland www.finnvera.fi Investment Focus: VC - Early Growth (Series A to C)

Directory

Fjord Capital Partners Ltd. Limassol, Cyprus www.fjordcap.com Investment Focus: VC - Early Growth (Series A to C) Fomco Solar Systems Srl Strada Principala, Romania Investment Focus: Project sponsor Fomentinvest SGPS SA Lisbon, Portugal www.fomentinvest.com Investment Focus: M&A - Acquirer Fondo Italiano d’Investimento SGR SpA Milan, Italy www.fondoitaliano.it Investment Focus: VC - Early Growth (Series A to C) Fondo PPP italia Torino, Italy www.equiterspa.com Investment Focus: PE - Development Capital, Project sponsor

Fotowoltaika Gryzliny Olsztyn, Poland Investment Focus: Project sponsor Foundation Capital Menlo Park, CA, USA www.foundationcapital.com Investment Focus: PE - Buyout FP Lux Investments SA SICAV-SIF Luxembourg www.lux-solar.lu Investment Focus: PE - Buyout Fraunhofer Venture Munich, Germany www.fraunhoferventure.de Investment Focus: VC - Early Growth (Series A to C) Fred. Olsen Ltd. London, UK www.fredolsen.co.uk Investment Focus: VC - Early Growth (Series A to C)

Fonds stratégique d’investissement SA Paris, France www.fonds-fsi.fr Investment Focus: PE - Development Capital

French Environment and Energy Management Agency Paris, France www.ademe.fr Investment Focus: VC - Early Growth (Series A to C)

Fonroche Energie SAS Roquefort, France www.fonroche.fr Investment Focus: M&A - Acquirer

Freshfields Bruckhaus Deringer LLP London, UK www.freshfields.com Advisory Focus: Legal - M&A

Foresight Group Sevenoaks, UK www.foresightgroup.eu Investment Focus: PE - Buyout, Project sponsor

FuelCell Energy Solutions GmbH Dresden, Germany www.fces.de Investment Focus: M&A - Acquirer

Fortis Holding NV Brussels, Belgium Investment Focus: Debt project finance Fortum Oyj FORTUM, Finland www.fortum.com Investment Focus: Project sponsor, VC - Early Growth (Series A to C) Foster Wheeler AG Baar, Switzerland www.fwc.com Investment Focus: Project sponsor

Fugro NV Leidschendam, Netherlands www.fugro.com Investment Focus: M&A - Acquirer Fuhrländer AG Liebenscheid, Germany www.fuhrlaender.de Investment Focus: M&A - Acquirer Fusion IP plc Sheffield, UK www.fusionip.co.uk Investment Focus: VC - Early Growth (Series A to C)

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Directory

Future Capital Partners Ltd. London, UK www.futurecapitalpartners.com Investment Focus: Project sponsor

G G24i Power Ltd. Cardiff, UK www.g24i.com Investment Focus: M&A - Acquirer Gaelectric Developments Ltd. Dublin, Ireland www.gaelectric.ie Investment Focus: Project sponsor

Clean Energy Pipeline

GE Energy Financial Services Stamford, CT, USA www.geenergyfinancialservices.com Investment Focus: M&A - Acquirer

Giordano Industries Aubagne, France www.giordano.fr Investment Focus: M&A - Acquirer

Gehrlicher Solar AG Coburg, Germany www.gehrlicher.com Investment Focus: Project sponsor

Gleiss Lutz Stuttgart, Germany www.gleisslutz.com Advisory Focus: Legal - Venture capital and private equity

Genia Global Energy Valencia, Spain www.geniaglobal.com Investment Focus: Project sponsor Genomatica Inc. San Diego, CA, USA www.genomatica.com Investment Focus: Project sponsor

Gamesa Corporación Tecnológica SA Vizcaya, Spain www.gamesacorp.com Investment Focus: M&A - Acquirer, Project sponsor

GEOSOL Gesellschaft für Solarenergie mbH Berlin, Germany www.geosol.de Investment Focus: Project sponsor

Gas Natural Fenosa Barcelona, Spain www.gasnaturalfenosa.com Investment Focus: M&A - Acquirer

GES Deutschland GmbH Hamburg, Germany www.services-ges.com Investment Focus: M&A - Acquirer

Gascom Renew SpA Padova, Italy www.gascomrenew.it Investment Focus: Project sponsor

Gestamp Biomass Madrid, Spain www.gestampbiotermica.com Investment Focus: Project sponsor

GASEO Environnement Le Bourget du Lac, France www.gaseo.fr Investment Focus: Project sponsor

Gestamp Solar Madrid, Spain www.gestampsolar.com Investment Focus: Project sponsor

Gasum Oy Espoo, Finland www.gasum.com Investment Focus: Project sponsor

GETEC green energy AG Magdeburg, Germany www.getec-greenenergy.de Investment Focus: Project sponsor

Gazprombank Moscow, Russia www.gazprombank.ru Investment Focus: M&A - Acquirer

Gianni, Origoni, Grippo, Cappelli & Partners Rome, Italy www.gop.it Advisory Focus: Legal - M&A

GDF SUEZ SA Paris, France www.gdfsuez.com Investment Focus: M&A - Acquirer, Project sponsor GE Energy Atlanta, GA, USA www.ge-energy.com Investment Focus: M&A - Acquirer

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GIEK Oslo, Norway www.giek.no Investment Focus: Debt project finance GIMV Antwerpen, Belgium www.gimv.com Investment Focus: VC - Early Growth (Series A to C)

Glennmont Partners London, UK www.glennmont.com Investment Focus: PE - Buyout, Project sponsor GN Energy Solutions Ltd. UK www.gnenergysolutions.com Investment Focus: M&A - Acquirer Goldman Sachs & Co. New York, NY, USA www.goldmansachs.com Advisory Focus: Financial - M&A Górnoslaskie Przedsiebiorstwo Wodociagow SA Katowice, Poland www.gpw.katowice.pl Investment Focus: Project sponsor GP Bullhound LLP London, UK www.gpbullhound.com Advisory Focus: Financial - Venture capital and private equity GP Joule GmbH Reußenköge, Germany www.gp-joule.de Investment Focus: Project sponsor Graess Solartechnik GmbH & Co. KG Bubesheim, Germany www.graess.eu Investment Focus: Project sponsor Grand Sud-Ouest Capital Bordeaux, France www.gsocapital.com Investment Focus: VC - Early Growth (Series A to C) Green Automotive Company, Inc. Newport Beach, CA, USA www.thegreenautomotivecompany.com Investment Focus: M&A - Acquirer

Clean Energy Pipeline

Directory

Green Building Group GmbH Graz, Austria www.greenbuildinggroup.eu Investment Focus: M&A - Acquirer

Greentech Energy Systems A/S Copenhagen, Denmark www.greentech.dk Investment Focus: M&A - Acquirer

Güris Insaat ve Mühendislik A.S. Ankara, Turkey www.guris.com.tr Investment Focus: M&A - Acquirer

Green GECCO GmbH & Co KG Essen, Germany www.greengecco.de Investment Focus: M&A - Acquirer, Project sponsor

Greenworx Holding N.V. Gooik, Belgium www.greenworx.eu Investment Focus: M&A - Acquirer

Gwynedd Council Gwynedd, UK www.gwynedd.gov.uk Investment Focus: Project sponsor

Green Giraffe Energy Bankers GGEB Paris, France www.green-giraffe.eu Advisory Focus: Financial - Project finance Green Power Development sp. z o.o. Krakow, Poland www.green-power.com.pl Investment Focus: Project sponsor Green Source Poland SP Warsaw, Poland www.sniace.com Investment Focus: Project sponsor Greenchoice BV Rotterdam, Netherlands www.greenchoice.nl Investment Focus: Project sponsor Greenfield development GmbH Düsseldorf, Germany www.greenfield-development.de Investment Focus: Project sponsor Greenfoot Bussum, Netherlands www.greenfoot.nl Investment Focus: M&A - Acquirer, Project sponsor GreenPower Alloa, UK www.greenpowerinternational.com Investment Focus: Project sponsor Greenstart San Francisco, CA, USA www.greenstart.com Investment Focus: Seed Financing Greentech Capital Advisors Securities LLC New York, NY, USA www.greentechcapital.com Advisory Focus: Financial - M&A Greentech d.o.o. Novi Sad, Serbia www.greentech.rs Investment Focus: Project sponsor

Groupe Pizzorno Environnement SA Draguignan, France www.pizzorno.com Investment Focus: Project sponsor Grupa Polskie Biogazownie SA Katowice, Poland www.polskiebiogazownie.pl Investment Focus: Project sponsor Grupo Dominguis Valencia, Spain www.grupodominguis.com Investment Focus: M&A - Acquirer Grupo Ibereolica Madrid, Spain www.grupoibereolica.com Investment Focus: Project sponsor Grupo Isolux Corsan SA Madrid, Spain www.isoluxcorsan.com Investment Focus: M&A - Acquirer

H Hallwick Energy Bridgnorth, UK www.hallwickenergy.com Investment Focus: Project sponsor Hamburger Hungaria Kft. Dunaújváros, Hungary www.hamburger-hungaria.com Investment Focus: Project sponsor Hanergy Holding Group Beijing, China www.hanergy.com Investment Focus: M&A - Acquirer Hans Andersson Group AB Gothenburg, Sweden www.hansandersson.se Investment Focus: M&A - Acquirer

Grupo Ortiz Madrid, Spain www.grupoortiz.com Investment Focus: Project sponsor

Hanwha SolarOne Co. Ltd. Shanghai, China www.hanwha-solarone.com Investment Focus: M&A - Acquirer, Project sponsor

Gruppo AB Orzinuovi, Italy www.gruppoab.it Investment Focus: Project sponsor

Hareon Solar Technology Co. Ltd. Jiangyin, China www.hareonsolar.com Investment Focus: Project sponsor

Gruppo Hera Bologna, Italy www.gruppohera.it Investment Focus: M&A - Acquirer

Hazel Capital LLP London, UK www.hazelcapital.com Investment Focus: Project sponsor

GSR Ventures Beijing, China www.gsrventures.com Investment Focus: PE - Development Capital

Heliocentris Energy Solutions AG Berlin, Germany www.heliocentris.com Investment Focus: M&A - Acquirer, PIPE

Guangdong Aiko Solar Energy Technology Co. Ltd. FoShan, China www.aikosolar.com Investment Focus: M&A - Acquirer

Helios Strategia Paris, France www.heliostrategia.com Investment Focus: Project sponsor

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Directory

Helius Energy plc London, UK www.heliusenergy.com Investment Focus: Project sponsor Hengeler Mueller Berlin, Germany www.hengeler.com Advisory Focus: Legal - M&A, Venture capital and private equity Herbert Smith Freehills LLP London, UK www.herbertsmithfreehills.com Advisory Focus: Legal - Project finance Hermes GPE LLP London, UK www.hermesgpe.com Investment Focus: PE - Development Capital, VC - Early Growth (Series A to C) HEUSSEN Rechtsanwaltsgesellschaft mbH Berlin, Germany www.heussen-law.de Advisory Focus: Legal - M&A, Project finance

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Clean Energy Pipeline

HgCapital plc London, UK www.hgcapital.com Investment Focus: PE - Buyout, Project sponsor Highgate Tech Fund LLP London, UK www.highgatetechfund.com Investment Focus: VC - Early Growth (Series A to C) High-Tech Gründerfonds GmbH Bonn, Germany www.high-tech-gruenderfonds.de Investment Focus: VC - Early Growth (Series A to C) Himin Solar Energy Group Co. Ltd. Dezhou, China www.himinsun.com Investment Focus: Project sponsor Hitachi Ltd. Tokyo, Japan www.hitachi.com Investment Focus: M&A - Acquirer

Hive Energy Ltd. East Wellow, UK www.hiveenergy.co.uk Investment Focus: Project sponsor Hogan Lovells International LLP London, UK www.hoganlovells.com Advisory Focus: Legal - M&A Holcim Group Zurich, Switzerland www.holcim.com Investment Focus: Project sponsor Honeywell International Inc. Morristown, NJ, USA www.honeywell.com Investment Focus: M&A - Acquirer HSBC Holdings plc London, UK www.hsbc.com Investment Focus: Debt project finance

Meet us at the next EUREC College of Members 27 June 2013 in Brussels [email protected]

Clean Energy Pipeline

HSH Nordbank AG Hamburg, Germany www.hsh-nordbank.de Investment Focus: Debt project finance Huawei Technologies Co. Ltd. Shenzhen, China www.huawei.com Investment Focus: M&A - Acquirer Huisman Equipment BV Schiedam, Netherlands www.huismanequipment.com Investment Focus: Minority / Partnership Humming Bird Ventures Antwerp, Belgium www.hummingbird-ventures.com Investment Focus: VC - Early Growth (Series A to C) HVC Group Alkmaar, Netherlands www.hvcgroep.com Investment Focus: Project sponsor Hyperion Energy Investments SL Madrid, Spain www.hyperion-st.com Investment Focus: Project sponsor

Directory

I I2BF Venture Capital London, UK www.i2bf.com Investment Focus: VC - Early Growth (Series A to C), VC - Late Stage (Series D+) ib vogt GmbH Berlin, Germany www.vogtgroup.com Investment Focus: Project sponsor IBC Solar AG Staffelstein, Germany www.ibc-solar.de Investment Focus: Project sponsor Iberdrola Renovables SA Bizkaia, Spain www.iberdrolarenovables.es Investment Focus: Project sponsor ICCO Brasov Brasov, Romania www.icco.ro Investment Focus: Project sponsor Iderma Generation ZARAGOZA, Spain www.idermageneracion.com Investment Focus: Project sponsor Idreg Piemonte SpA Asti, Italy Investment Focus: M&A - Acquirer IFE Eriksen AG Oldenburg, Germany www.ife-eriksen.de Investment Focus: Project sponsor IKEA Group Delft, Netherlands www.ikea.com Investment Focus: Project sponsor Impax Asset Management Group plc London, UK www.impaxam.com Investment Focus: PE - Buyout, Project sponsor Imperial Innovations Limited London, UK www.imperialinnovations.co.uk Investment Focus: VC - Early Growth (Series A to C)

Indaver NV Mechelen, Belguim www.indaver.be Investment Focus: M&A - Acquirer Index Ventures London, UK www.indexventures.com Investment Focus: VC - Early Growth (Series A to C) Industrielle Werke Basel Basel, Switzerland www.iwb.ch Investment Focus: M&A - Acquirer Infinergy Ltd. Wimborne, UK www.infinergy.co.uk Investment Focus: Project sponsor Infinis Ltd. Northampton, UK www.infinis.com Investment Focus: M&A - Acquirer, Project sponsor InfraRed Capital Partners Ltd. London, UK www.ircp.com Investment Focus: PE - Buyout ING Bank NV Amsterdam, Netherlands www.ing.com Advisory Focus: Financial - M&A Investment Focus: Debt project finance Innogy Venture Capital Essen, Germany www.innogy-ventures.com Investment Focus: VC - Early Growth (Series A to C) Innova Capital Warsaw, Poland www.innovacap.com Investment Focus: VC - Early Growth (Series A to C) Innovation Network Corporation of Japan Tokyo, Japan www.incj.co.jp Investment Focus: M&A - Acquirer Innovation Norway Oslo, Norway www.innovasjonnorge.no Investment Focus: Grant & Government Funding 73

Directory

Inspired Energy plc Lancashire, United Kingdom www.inspiredenergy.co.uk Investment Focus: M&A - Acquirer Instituto de Credito Oficial Madrid, Spain www.ico.es Investment Focus: Debt project finance Intel Capital Corp. Santa Clara, CA, USA www.intel.com/capital Investment Focus: VC - Early Growth (Series A to C) Intermarche France www.intermarche.com Investment Focus: Project sponsor International Finance Corp. Washington D.C., USA www.ifc.org Investment Focus: Debt project finance, PE - Development Capital

Clean Energy Pipeline

Iona Capital London, UK www.ionacapital.co.uk Investment Focus: Project sponsor, VC - Early Growth (Series A to C) IP Group plc London, UK www.ipgroupplc.com Investment Focus: VC - Early Growth (Series A to C) Iren SpA Reggio Emilia, Italy www.gruppoiren.it Investment Focus: PE - Buyout Irish Infrastructure Fund Ireland www.ampcapital.com/our-funds/ irish-infrastructure-fund Investment Focus: PE - Buyout ISAI Paris, France www.isai.fr Investment Focus: VC - Early Growth (Series A to C)

International Power Ltd. London, UK www.ipplc.com Investment Focus: M&A - Acquirer, Project sponsor

Iso Inter France www.iso-inter.fr Investment Focus: M&A - Acquirer

International Public Partnerships Ltd. Guernsey, UK www.internationalpublicpartnerships.com Investment Focus: M&A - Acquirer

Itochu Corporation Tokyo, Japan www.itochu.co.jp Investment Focus: Project sponsor

Intesa Sanpaolo SpA Torino, Italy www.intesasanpaolo.com Investment Focus: Debt project finance, PE - Buyout

iXO Private Equity Toulouse, France www.ixope.fr Investment Focus: PE - Development Capital

Inverduero SL Valladolid, Spain www.inverduero.com Investment Focus: Project sponsor Investec Bank plc London, UK www.investec.com Investment Focus: Debt project finance Invus Financial Advisors LLC New York, NY, USA www.invus.com Investment Focus: VC - Early Growth (Series A to C)

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J J&A Garrigues SLP Madrid, Spain www.garrigues.com Advisory Focus: Financial - M&A J. Sainsbury plc London, UK www.j-sainsbury.co.uk Investment Focus: Project sponsor J.P. Morgan Chase & Co. New York, NY, USA www.jpmorgan.com Advisory Focus: Financial - M&A Jaeren Energi AS Stavanger, Norway Investment Focus: Project sponsor James Cowper LLP Reading, UK www.jamescowper.co.uk Advisory Focus: Financial - Venture capital and private equity James Cropper plc Kendal, UK www.cropper.com Investment Focus: Project sponsor Jämtkraft AB Annandag, Sweden www.jamtkraft.se Investment Focus: Project sponsor Jendra Power Baar, Switzerland www.jendra-power.ch Investment Focus: M&A - Acquirer, PE - Buyout JGC Corp. Tokyo, Japan www.jgc.co.jp Investment Focus: Project sponsor Jiangsu Zongyi Co. Ltd. Tongzhou, China www.600770.com Investment Focus: M&A - Acquirer JMB Energie Inc. Villeneuve les Beziers, France www.jmbenergie.com Investment Focus: M&A - Acquirer

Clean Energy Pipeline

Directory

John Laing plc London, UK www.laing.com Investment Focus: M&A - Acquirer, Project sponsor

KfW IPEX-Bank Frankfurt, Germany www.kfw-ipex-bank.de Investment Focus: Debt project finance

Jones Day Washington D.C., USA www.jonesday.com Advisory Focus: Legal - M&A

KGAL GmbH & Co KG Gruenwald, Germany www.kgal-gruppe.de Investment Focus: PE - Buyout, Project sponsor

Jones Lang LaSalle Chicago, IL, USA www.joneslanglasalle.com Advisory Focus: Financial - M&A juwi GmbH Wörrstadt, Germany www.juwi.de Investment Focus: Project sponsor

K K&L Gates LLP Pennsylvania, PA, USA www.klgates.com Advisory Focus: Legal - M&A Kaiserwetter Invest GmbH Hamburg, Germany www.kaiserwetter.eu Investment Focus: PE - Buyout Karatzis SA Heraklion-Crete, Greece www.karatzis.gr Investment Focus: Project sponsor

Kier Group plc Sandy, UK www.kier.co.uk Investment Focus: Minority / Partnership Kinstellar Budapest, Hungary www.kinstellar.com Advisory Focus: Legal - M&A

KPMG Corporate Finance LLC Atlanta, GA, USA www.kpmgcorporatefinance.com Advisory Focus: Financial - M&A Kronos Solar Munich, Germany www.kronos-solar.de Investment Focus: Project sponsor KStudio Associato Milan, Italy Advisory Focus: Legal - M&A KTG Energie AG Hamburg, Germany www.ktg-energie.de Investment Focus: M&A - Acquirer

KIRKBI A/S Billund, Denmark www.kirkbi.com Investment Focus: PE - Buyout, Project sponsor

Kujalan Komposti Oy Lahti, Finland www.kujalankomposti.fi Investment Focus: Project sponsor

KKR Kohlberg Kravis Roberts & Co. LP New York, NY, USA www.kkr.com Investment Focus: M&A - Acquirer

Kurion Inc. California, CA, USA www.kurion.com Investment Focus: M&A - Acquirer

Kleiner Perkins Caufield & Byers Menlo Park, CA, USA www.kpcb.com Investment Focus: PE - Buyout

Kedco plc Cork, Ireland www.kedco.com Investment Focus: M&A - Acquirer

KNM Group Berhad Selangor, Malaysia www.knm.com.my Investment Focus: M&A - Acquirer, Project sponsor

Keppel Corporation Ltd. Singapore, Singapore www.kepcorp.com Investment Focus: M&A - Acquirer

Kongsberg Maritime AS Kongsberg, Norway www.km.kongsberg.com Investment Focus: M&A - Acquirer

Kernel Management Partners Ltd. Dublin, Ireland www.kernelcapital.ie Investment Focus: VC - Early Growth (Series A to C)

Korea Electric Power Corp. Seoul, South Korea www.kepco.co.kr Investment Focus: Project sponsor

KfW Bankengruppe Frankfurt, Germany www.kfw.de Investment Focus: Debt project finance, VC - Early Growth (Series A to C)

Koskienergia Oy Äänekoski, Finland www.koskienergia.fi Investment Focus: M&A - Acquirer

Korea Southern Power Co. Ltd. Seoul, Korea www.kospo.co.kr Investment Focus: Project sponsor

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Directory

L La Caixa d’Estalvis i Pensions de Barcelona Barcelona, Spain www.lacaixa.com Investment Focus: Debt project finance Lagan Construction Belfast, UK www.laganconstruction.com Investment Focus: Project sponsor Lagercrantz Group AB Stockholm, Sweden www.lagercrantz.com Investment Focus: M&A - Acquirer Lahmeyer International GmbH Bad Vilbel, Germany www.lahmeyer.de Investment Focus: M&A - Acquirer Landesbank Baden-Wuerttemberg Stuttgart, Germany www.lbbw.de Investment Focus: Debt project finance Landsvirkjun Reykjavik, Iceland www.landsvirkjun.com Investment Focus: M&A - Acquirer Langa Solar France www.langa-solar.com Investment Focus: Project sponsor Lanxess AG Leverkusen, Germany www.lanxess.de Investment Focus: M&A - Acquirer Lark Energy Ltd. Lincolnshire, UK www.larkenergy.co.uk Investment Focus: Project sponsor Latham & Watkins LLP London, UK www.lw.com Advisory Focus: Legal - M&A Lazard Frères Banque SA Pairs, France Advisory Focus: Financial - M&A

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Clean Energy Pipeline

LDK Solar Co. Ltd. Xinyu City, China www.ldksolar.com Investment Focus: M&A - Acquirer, PIPE, Project sponsor Leasint SpA Milan, Italy www.leasint.it Investment Focus: Project sponsor Legance Studio Legale Associato Rome, Italy www.legance.it Advisory Focus: Legal - Project finance Leonidas Associates GmbH Bayern, Germany www.leonid-as.com Investment Focus: Project sponsor LIFE+ Brussels, Belgium Investment Focus: Grant & Government Funding Lifeline Ventures Helsinki, Finland www.lifelineventures.com Investment Focus: VC - Early Growth (Series A to C) Lightsource Renewable Energy Ltd. London, UK www.lightsource-re.co.uk Investment Focus: Project sponsor Lime Rock Partners Westport, CT, USA www.lrpartners.com Investment Focus: VC - Early Growth (Series A to C) Linden Energy GmbH Oldenburg, Germany www.lindenenergy.com Investment Focus: Project sponsor Linklaters LLP London, UK www.linklaters.com Advisory Focus: Legal - M&A, Project finance, Venture capital and private equity Lloyds Banking Group plc London, UK www.lloydsbankinggroup.com Investment Focus: Debt project finance

Lockheed Martin Corp. Maryland, MD, USA www.lockheedmartin.com Investment Focus: Project sponsor London Business Angels London, UK www.lbangels.co.uk Investment Focus: Angel Funding, VC - Early Growth (Series A to C) London Waste and Recycling Board London, UK www.lwarb.gov.uk Investment Focus: Debt project finance The Low Carbon Innovation Fund Norwich, UK www.lowcarbonfund.co.uk Investment Focus: Seed Financing, VC - Early Growth (Series A to C) Low Carbon Ltd. London, UK www.lowcarbon.com Investment Focus: PE - Development Capital LS Industrial Systems LSIS Gyeonggi-do, South Korea www.lsis.biz Investment Focus: Project sponsor Ludgate Environmental Fund Ltd. London, UK www.ludgateenvironmental.com Investment Focus: PE - Development Capital, VC - Early Growth (Series A to C) LUKErg Renew Vienna, Austria Investment Focus: M&A - Acquirer, Project sponsor Lunds Energikoncernen AB Lund, Sweden www.lundsenergikoncernen.se Investment Focus: Project sponsor Luxcara Asset Management GmbH Hamburg, Germany www.luxcara.com Investment Focus: Project sponsor

Clean Energy Pipeline

M M+W Group GmbH Stuttgart, Germany www.mwgroup.net Investment Focus: M&A - Acquirer Macquarie Capital Sydney, Australia www.macquarie.com.au Investment Focus: PE - Buyout Mainport Innovation Fund Amsterdam, Netherlands www.mainportinnovationfund.nl Investment Focus: VC - Early Growth (Series A to C) Malaby Biogas Ltd. Bradford, UK www.malabybiogas.com Investment Focus: Project sponsor MAN Ferrostaal AG Essen, Germany www.ferrostaal.com Investment Focus: M&A - Acquirer Mannheimer Swartling Stockholm, Sweden www.mannheimerswartling.se Advisory Focus: Legal - M&A

Directory

Masdar Abu Dhabi, UAE www.masdar.ae Investment Focus: Project sponsor Mayer Brown LLP Chicago, IL, USA www.mayerbrown.com Advisory Focus: Legal - M&A MCG Management Capital Group Berlin, Germany www.mcg-group.de Investment Focus: Project sponsor

MEW SA Warsaw, Poland www.mewsa.pl Investment Focus: M&A - Acquirer Microsol International LL FZE Fujairah, UAE www.microsolinternational.com Investment Focus: M&A - Acquirer

McGrigors LLP Edinburgh, UK www.mcgrigors.com Advisory Focus: Legal - Project finance

Midven Ltd. Birmingham, UK www.midven.com Investment Focus: VC - Early Growth (Series A to C)

McNally Bharat Engineering Co. Ltd. Kolkata, India www.mcnallybharat.com Investment Focus: M&A - Acquirer

Mithril GmbH Darmstadt, Germany Investment Focus: PE - Development Capital

mdp GmbH Oldenburg, Germany www.mdp-group.com Investment Focus: Project sponsor

MITIE Group plc Bristol, UK www.mitie.com Investment Focus: M&A - Acquirer, PE - Buyout, Project sponsor

MEAG AG Munich, Germany www.meag.com Investment Focus: M&A - Acquirer

Marguerite Fund Luxembourg, Luxemburg www.margueritefund.eu Investment Focus: PE - Buyout, Project sponsor

Meewind NV Haarlem, Netherlands www.meewind.nl Investment Focus: Project sponsor

Mark Group Ltd. Leicester, UK www.markgroup.co.uk Investment Focus: M&A - Acquirer

Melrose plc London, UK www.melroseplc.net Investment Focus: M&A - Acquirer

Martifer Solar Srl Oliveira de Frades, Portugal www.martifersolar.com Investment Focus: Project sponsor

MEP Asset Management GmbH Kunzelsau, Germany www.mep-asset-management.de Investment Focus: Project sponsor

Martlet Cambridge, UK www.martlet.org.uk Investment Focus: Angel Funding, VC - Early Growth (Series A to C)

Meram Elektrik Dagıtım AS MEDAS Istanbul, Turkey www.meramedas.com.tr Investment Focus: Project sponsor

Marubeni Corp. Tokyo, Japan www.marubeni.com Investment Focus: M&A - Acquirer

Messerschmitt-Bolkow-Blohm Ottobrunn, Germany Investment Focus: Project sponsor

Mercer International Vancouver, BC, Canada www.mercerint.com Investment Focus: Project sponsor

Mitsubishi Corp. Tokyo, Japan www.mitsubishicorp.com Investment Focus: M&A - Acquirer Mitsubishi UFJ Capital Co. Ltd. Tokyo, Japan www.mucap.co.jp Investment Focus: VC - Early Growth (Series A to C) Mittel Fjarrvarme AB Umea, Sweden www.mittel.se Investment Focus: M&A - Acquirer Miura Private Equity Barcelona, Spain www.miuraequity.com Investment Focus: PE - Buyout Mizuho Corporate Bank Ltd. Tokyo, Japan www.mizuhocbk.co.jp Investment focus: Debt project finance MMC Ventures London, UK www.mmcventures.com Investment Focus: VC - Early Growth (Series A to C) 77

Directory

Mobivia Group Lesquin Cedex, France www.mobiviagroupe.com Investment Focus: VC - Early Growth (Series A to C) Mohring Energie GmbH Busenwurth, Germany www.moehring-energie.de Investment Focus: Project sponsor

Clean Energy Pipeline

MR RENT-Investment GmbH Munich, Germany Investment Focus: M&A - Acquirer MTI Partners Ltd. London, UK www.mtifirms.com Investment Focus: VC - Early Growth (Series A to C)

Moncada Energy Group Srl Aragon, Italy www.moncadaenergy.com Investment Focus: Project sponsor

Müller-Wrede & Partner Rechtsanwälte Berlin, Germany www.mwp-berlin.de Advisory Focus: Legal - M&A

MONIER Group Services GmbH Oberursel, Germany www.monier.com Investment Focus: M&A - Acquirer

Munich Re Munich, Germany www.munichre.com Investment Focus: PE - Buyout

Moonray Investors London, UK www.moonrayinvestors.com Investment Focus: VC - Early Growth (Series A to C)

Mutares AG Munich, Germany www.mutares.de Investment Focus: M&A - Acquirer

Morgan Stanley New York, NY, USA www.morganstanley.com Advisory Focus: Financial - M&A Mornflake Cheshire, UK www.mornflake.com Investment Focus: Project sponsor Mountain Cleantech AG Zurich, Switzerland www.mountain-cleantech.ch Investment Focus: VC - Early Growth (Series A to C) Moventas Oy Jyväskylä, Finland www.moventas.com Investment Focus: M&A - Acquirer MP Bank Reykjavik, Iceland www.english.mp.is Advisory Focus: Financial - M&A MPS Capital Services Banca per le Imprese SpA Firenze, Italy www.mpsbancaimpresa.it Investment Focus: Debt project finance

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MVV Energie AG Mannheim, Germany www.mvv-energie.de Investment Focus: M&A - Acquirer Mytilineos Holdings SA Athens, Greece www.mytilineos.gr Investment Focus: Project sponsor

N N. Kornilakis MEPE Athens, Greece Investment Focus: Project sponsor Nabarro LLP London, UK www.nabarro.com Advisory Focus: Legal - M&A, Project finance Naftna Industrija Srbije NIS Novi Sad, Serbia www.nis.rs Investment Focus: M&A - Acquirer, Project sponsor National Australia Bank Ltd. Docklands, Australia www.nab.com.au Investment Focus: Debt project finance National Electric Vehicle Sweden AB Trollhättan, Sweden www.saabcars.com Investment Focus: M&A - Acquirer National Fund for Environmental Protection and Water Management Warsaw, Poland www.nfosigw.gov.pl Investment Focus: Debt project finance National Grid plc London, UK www.nationalgrid.com Investment Focus: Project sponsor Natixis Paris, France www.natixis.com Investment Focus: Debt project finance, Project sponsor Natureo Finance SAS Paris, France www.natureofinance.com Advisory Focus: Financial - Venture capital and private equity NCB Stockbrokers Ltd. Dublin, Ireland www.ncb.ie Advisory Focus: Financial - Venture capital and private equity

Clean Energy Pipeline

NCTM Studio Legale Associato Milan, Italy www.nctm.it Advisory Focus: Legal - M&A, Legal Project finance Neilston Development Trust Neilston, UK www.neilstontrust.co.uk Investment Focus: Project sponsor Neoen - Direct Energie Paris, France www.neoen.fr Investment Focus: Project sponsor Neste Oil Espoo, Finland www.nesteoil.com Investment Focus: Project sponsor NEW WAVE VENTURES LLP London, UK www.nwventures.co.uk Investment Focus: VC - Early Growth (Series A to C) NIBC European Infrastructure Fund The Hague, Netherlands www.nibc.com Advisory Focus: Financial - M&A Nivelinvest SA Louvain-la-Neuve, Belgium www.nivelinvest.be Investment Focus: VC - Early Growth (Series A to C) NLAB Solar AB Stockholm, Sweden www.nlabsolar.com Investment Focus: Project sponsor Noerr LLP Munich, Germany www.noerr.de Advisory Focus: Legal - M&A, Venture capital and private equity Nomura Holdings Inc. Tokyo, Japan www.nomura.com Advisory Focus: Financial - M&A Norddeutsche Landesbank Hanover, Germany www.nordlb.de Investment Focus: Debt project finance

Directory

Nordea Bank AB Stockholm, Sweden www.nordea.com Advisory Focus: Financial - M&A Investment Focus: Debt project finance Nordex SE Hamburg, Germany www.nordex-online.com Investment Focus: Project sponsor Nordic Capital Ltd. Jersey, UK www.nordiccapital.com Investment Focus: PE - Buyout Nordic Investment Bank Helsinki, Finland www.nib.int Investment Focus: Debt project finance Nordisk Vindkraft AB Gothenburg, Sweden www.nordiskvindkraft.se Investment Focus: M&A - Acquirer Norner AS Stathelle, Norway www.norner.no Investment Focus: VC - Early Growth (Series A to C)

Norvestor Equity AS Oslo, Norway www.norvestor.no Investment Focus: PE - Buyout Novamont SpA Novara, Italy www.novamont.com Investment Focus: Project sponsor NovEnergia II Luxembourg www.novenergia.com Investment Focus: Project sponsor Novoazovsky Wind Park Company Kiev, Ukraine Investment Focus: Project sponsor Novozymes AS Bagsvaerd, Denmark www.novozymes.com Investment Focus: M&A - Acquirer NPG Energy N.V. Tongeren, Belgium www.npgenergy.be Investment Focus: Project sponsor NRW.Bank Düsseldorf, Germany www.nrwbank.de Investment Focus: VC - Early Growth (Series A to C)

North British Windpower Ltd. Edinburgh, UK Investment Focus: Project sponsor NorthStar Ventures Newcastle upon Tyne, UK www.northstarventures.co.uk Investment Focus: VC - Early Growth (Series A to C) Northwest Energy Angels Seattle, WA, USA www.nwenergyangels.com Investment Focus: Seed Financing The North West Fund Ltd. Warrington, UK www.thenorthwestfund.co.uk Investment Focus: VC - Early Growth (Series A to C), VC - Late Stage (Series D+) Norton Rose LLP London, UK www.nortonrose.com Advisory Focus: Legal - Project finance

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O Oak Investment Partners LP Palo Alto, CA, USA www.oakvc.com Investment Focus: PE - Development Capital Oakapple Renewable Energy Leeds, UK www.oakapple-energy.co.uk Investment Focus: Project sponsor Octopus Investments Ltd. London, UK www.octopusinvestments.com Investment Focus: Project sponsor, VC - Early Growth (Series A to C) Offshore Wind Power Marine Services Ltd. Rotterdam, Netherlands www.offshorewindpower.co.uk Investment Focus: M&A - Acquirer O-Gen UK Ltd. Stoke-on-Trent, UK www.web.ogenuk.com Investment Focus: Project sponsor Oman Oil Company SAOC Muscat, Oman www.oman-oil.com Investment Focus: M&A - Acquirer Ombu Group London, UK www.ombugroup.com Investment Focus: PE - Development Capital, VC - Early Growth (Series A to C), VC - Late Stage (Series D+) Omnes Capital Paris, France www.omnescapital.com Investment Focus: PE - Development Capital, VC - Early Growth (Series A to C) Ondra Partners LLP London, UK www.ondrapartners.com Advisory Focus: Financial - M&A Oranjewoud N.V. Heerenveen, Netherlands www.oranjewoud.nl Investment Focus: M&A - Acquirer

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Clean Energy Pipeline

Oregon Angel Fund Portland, OR, USA www.oregonangelfund.com Investment Focus: VC - Early Growth (Series A to C) Organic Power Ltd. Skibbereen, Ireland www.organicpower.ie Investment Focus: Project sponsor OSEO Maison Alfort, France www.oseo.fr Investment Focus: Debt project finance Osspower Ltd. Midlothian, UK Investment Focus: Project sponsor Ostwind Group Regensburg, Germany www.ostwind.de Investment Focus: Project sponsor Oticon Foundation Smørum, Denmark www.oticonfonden.dk Investment Focus: PE - Buyout, Project sponsor Overseas Private Investment Corp. Washington D.C., USA www.opic.gov Investment Focus: Debt project finance Oxford Capital Partners LLP Oxford, UK www.oxcp.com Investment Focus: VC - Late Stage (Series D+)

P P2 Solar Inc. Surrey, BC, Canada www.p2solar.com Investment Focus: M&A - Acquirer, Project sponsor Paine & Partners LLC San Mateo, CA, USA www.painepartners.com Investment Focus: PE - Buyout Palexpo SA Geneva, Switzerland www.palexpo.ch Investment Focus: Project sponsor Panduit Corp. Tinley Park, IL, USA www.panduit.com Investment Focus: M&A - Acquirer Pannone LLP London, UK www.pannone.com Advisory Focus: Legal - Venture capital and private equity Panoramic Growth Equity Fund Management LLP London, UK www.pgequity.com Investment Focus: VC - Early Growth (Series A to C) Parabel AG Berlin, Germany www.parabel-solar.com Investment Focus: Project sponsor Pareto Staur Energy Norway Investment Focus: PE - Development Capital Parker Hannifin Corp. Cleveland, OH, USA www.parker.com Investment Focus: M&A - Acquirer Parkwalk Advisors Ltd. London, UK www.parkwalkadvisors.com Investment Focus: VC - Early Growth (Series A to C)

Clean Energy Pipeline

Partners Group AG Zug, Switzerland www.partnersgroup.com Investment Focus: PE - Development Capital Partnerships for Renewables Ltd. London, UK www.pfr.co.uk Investment Focus: M&A - Acquirer Paul, Weiss, Rifkind, Wharton & Garrison LLP New York, NY, USA www.paulweiss.com Advisory Focus: Legal - M&A PDM Group Prosper de Mulder Ltd. Doncaster, UK www.pdm-group.co.uk Investment Focus: Project sponsor Peak Boys Renewable Energy Investment GmbH Berlin, Germany www.peakboys.com Investment Focus: PE - Buyout Pedersoli e Associati Milan, Italy www.pedersoli.it Advisory Focus: Legal - M&A Peel Energy Manchester, UK www.peelenergy.co.uk Investment Focus: Project sponsor Pelican Venture SAS Paris, France Investment Focus: PE - Buyout PensionDanmark AS Denmark www.pension.dk Investment Focus: Debt project finance Pentair Inc. Minneapolis, MN, USA www.pentair.com Investment Focus: VC - Early Growth (Series A to C) Perceva Capital Paris, France www.percevacapital.com Investment Focus: PE - Buyout

Directory

Perusa GmbH Munich, Germany www.perusa-partners.de Investment Focus: PE - Buyout

Platina Partners LLP London, UK www.platinapartners.com Investment Focus: Project sponsor

Peterborough Renewable Energy Ltd. Peterborough, UK www.greenenergyparks.co.uk Investment Focus: Project sponsor

Plessey Semiconductors Ltd. Plymouth, UK www.plesseysemiconductors.com Investment Focus: M&A - Acquirer

PFP Group Harrogate, UK www.pfpg.co.uk Investment Focus: PE - Buyout

Pohjolan Voima Oy Helsinki, Finland www.pohjolanvoima.fi Investment Focus: Project sponsor

PGGM Zeist, Netherlands www.pggm.nl Investment Focus: Project sponsor

Polaris Private Equity Copenhagen, Denmark www.polarisequity.dk Investment Focus: PE - Buyout

Philicon 97 SA Plovdiv, Bulgaria www.philicon.net Investment Focus: Project sponsor

Polska Grupa Energetyczna SA Warsaw, Poland www.pgesa.pl Investment Focus: Project sponsor

Phono Solar Technology Co Ltd. Nanjing, China www.phonosolar.com Investment Focus: Project sponsor

Power Integrations Inc. San Jose, CA, USA www.powerint.com Investment Focus: M&A - Acquirer

Pims Group Ltd. Farnborough, UK www.pimsgroup.co.uk Investment Focus: M&A - Acquirer

Premier Power Renewable Energy Inc. El Dorado Hills, CA, USA www.premierpower.com Investment Focus: Project sponsor

Pinsent Masons LLP London, UK www.pinsentmasons.com Advisory Focus: Legal - M&A, Project finance

Preneal SA /Grupo Preneal Madrid, Spain www.preneal.es Investment Focus: Project sponsor

Pivotal Investments LLC Portland, OR, USA www.pivotal-investments.com Investment Focus: VC - Early Growth (Series A to C) PKO Bank Polski SA Warsaw, Poland www.pkobp.pl Investment Focus: Debt project finance Plaan Czech s.r.o. Prague, Czech Republic www.plaan.cz Investment Focus: Project sponsor Plan-net d.o.o. Preserje, Slovenia www.plan-net-solar.si Investment Focus: Project sponsor

Pretersa-Prenavisa La Pueble de Hijar, Spain www.pretersa.com Investment Focus: Project sponsor PricewaterhouseCoopers International Ltd. London, UK www.pwc.com Advisory Focus: Financial - M&A Primus Capital ZRT Budapest, Hungary www.primuscapitalpartners.com Investment Focus: VC - Early Growth (Series A to C) Principia SGR Milan, Italy www.principiasgr.it Investment Focus: VC - Early Growth (Series A to C) 81

Directory

Prosolia SL Valencia, Spain www.prosolia.eu Investment Focus: Project sponsor Proventus Renewables plc Bedford, UK www.proventus.co Investment Focus: M&A - Acquirer Prysmian SpA Milan, Italy www.prysmian.com Investment Focus: M&A - Acquirer

Clean Energy Pipeline

R Rabbalshede Kraft AB Rabbalshede, Sweden www.rabbalshedekraft.se Investment Focus: Project sponsor Rabo Ventures BV Amsterdam, Netherlands www.raboprivateequity.nl Investment Focus: VC - Early Growth (Series A to C)

Public Power Corporation SA Athens, Greece www.dei.gr Investment Focus: Project sponsor

Rabobank Amsterdam, Netherlands www.rabobank.com Investment Focus: Debt project finance, Project sponsor

Pufin SpA Frigento, Italy www.pufin.it Investment Focus: M&A - Acquirer

Raedthuys Groep Enschede, Netherlands www.raedthuys.nl Investment Focus: Project sponsor

Q Qi3 Ltd. Cambridge, UK www.qi3.co.uk Investment Focus: Angel Funding, VC - Early Growth (Series A to C) Quadia SA Geneva, Switzerland www.quadia.ch Investment Focus: VC - Late Stage (Series D+) Quayle Munro Holdings plc Edinburgh, UK www.quaylemunro.com Advisory Focus: Financial - Project finance Quercus Assets Selection Sàrl Luxembourg, Luxembourg www.quercusassetselection.com Investment Focus: Project sponsor

RENA GmbH Gütenbach, Germany www.rena.com Investment Focus: M&A - Acquirer RENERCO Renewable Energy Concepts AG Munich, Germany www.renerco.de Investment Focus: Project sponsor ReneSola Co. Ltd. Shanghai, China www.renesola.com Investment Focus: M&A - Acquirer Renewable Energy Generation Ltd. St Helier, UK www.renewableenergygeneration.co.uk Investment Focus: Project sponsor

Raiffeisen Bank International AG Vienna, Austria www.rbinternational.com Investment Focus: Debt project finance, Project sponsor

Renewable Energy Systems Ltd. Kings Langley, UK www.res-group.com Investment Focus: Project sponsor

Raz Energie Toulouse, France www.raz-energie.com Investment Focus: Project sponsor

Rengy Development Ltd. Kiev, Ukraine www.rengydevelopment.com.ua Investment Focus: Project sponsor

RBC Capital Markets Toronto, ON, Canada www.rbccm.com Advisory Focus: Financial - Project finance

Renova AB Göteborg, Sweden www.renova.se Investment Focus: M&A - Acquirer

RCS & RDS SA Bucharest, Romania www.rcs-rds.ro Investment Focus: M&A - Acquirer ReCap Cambridge, UK www.recap.co.uk Investment Focus: Grant & Government Funding REGAIN Polymers Ltd. Castleford, UK www.regainpolymers.com Investment Focus: M&A - Acquirer Regional Growth Fund London, UK www.bis.gov.uk Investment Focus: Project sponsor

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Remondis AG & Co. KG Lünen, Germany www.remondis.com Investment Focus: M&A - Acquirer

Renovalia Energy SA Madrid, Spain www.renovaliaenergy.es Investment Focus: Project sponsor REpower Systems SE Hamburg, Germany www.repower.de Investment Focus: M&A - Acquirer Repsol YPF SA Madrid, Spain www.repsol.com Investment Focus: M&A - Acquirer Rete Rinnovabile Srl Rome, Italy www.rtrenergy.it Investment Focus: M&A - Acquirer

Clean Energy Pipeline

Directory

RF Energy SA Athens, Greece www.rf-energy.com Investment Focus: Project sponsor

Rockworth Managements Partners Ltd. Oxford, UK www.rockworth.co.uk Advisory Focus: Financial - M&A

Rheinland Venture Capital GmbH & Co. KG. Germany www.intelligent-venture-capital.de Investment Focus: VC - Early Growth (Series A to C)

Romita Energie Vergde Srl Cluj-Napoca, Romania www.romitaenergieverde.ro Investment Focus: Project sponsor

Ricardo plc Shoreham-by-Sea, UK www.ricardo.com Investment Focus: M&A - Acquirer Rickitt Mitchell & Partners Ltd. Manchester, UK www.rickittmitchell.com Advisory Focus: Financial - Venture capital and private equity RIOS renovables SL Fustinana, Spain www.riosrenovables.com Investment Focus: Project sponsor RIT Capital Partners plc London, UK www.ritcap.co.uk Investment Focus: PE - Development Capital RK Wind Pvt. Ltd. Gurgaon, India www.rkwind.com Investment Focus: M&A - Acquirer Robert Bosch GmbH Stuttgart, Germany www.bosch.com Investment Focus: M&A - Acquirer Robert Bosch Venture Capital GmbH Stuttgart, Germany www.rbvc.com Investment Focus: VC - Early Growth (Series A to C)

Rothschild London, UK www.rothschild.com Advisory Focus: Financial - M&A Roundstone Properties Ltd. Canterbury, UK Investment Focus: PIPE Royal Bank of Scotland Group plc Edinburgh, UK www.rbs.co.uk Advisory Focus: Financial - M&A Investment Focus: Debt project finance RP Global Holdings SL Vienna, Austria www.rp-global.com Investment Focus: Project sponsor RUSNANO Moscow, Russia www.rusnano.com Investment Focus: VC - Late Stage (Series D+) RWE AG Essen, Germany www.rwe.com Investment Focus: Project sponsor RWE Innogy GmbH Essen, Germany www.rweinnogy.com Investment Focus: M&A - Acquirer, Project sponsor

S S.A.G. Solarstrom AG Freiburg, Germany www.solarstromag.com Investment Focus: Project sponsor S.C. Ecohornet Srl Chiajna, Romania www.ecohornet.ro Investment Focus: Project sponsor SA Industrias Celulosa Aragonesa Zaragoza, Spain www.saica.com Investment Focus: M&A - Acquirer SachsenFonds GmbH Munich, Germany www.sachsenfonds.com Investment Focus: PE - Buyout Sagemcom SAS Rueil-Malmaison, France www.sagemcom.com Investment Focus: M&A - Acquirer Sagewerke Christen AG Luthern, Switzerland www.saegewerkechristen.ch Investment Focus: Project sponsor Saint Gobain SA Courbevoie, France www.saint-gobain.com Investment Focus: M&A - Acquirer Salans LLP / Dentons Paris, France www.dentons.com Advisory Focus: Legal - M&A, Project finance SAM Private Equity AG Zurich, Switzerland www.robecosam.com Investment Focus: PE - Development Capital, VC - Late Stage (Series D+)

Robert Gordon University Aberdeen, UK www.rgu.ac.uk Investment Focus: VC - Early Growth (Series A to C)

Samkraft AB Gävle, Sweden www.samkraft.se Investment Focus: M&A - Acquirer, Project sponsor

Rock Energy AS Lysaker, Norway www.rockenergy.no Investment Focus: Project sponsor

Samsung C&T Corp. Seoul, South Korea www.samsungcnt.com Investment Focus: M&A - Acquirer

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Clean Energy Pipeline

Samsung Heavy Industries Co. Ltd. Seoul, Korea www.shi.samsung.co.kr Investment Focus: Project sponsor

Schultze & Braun GmbH Achern, Germany www.schubra.de Advisory Focus: Legal - M&A

Sener Group Barcelona, Spain www.sener.es Investment Focus: Project sponsor

Sankaty Advisors LLC Boston, MA, USA www.sankaty.com Investment Focus: PE - Development Capital

Scintec AG Rottenburg, Germany www.scintec.com Investment Focus: M&A - Acquirer

Sensus USA Inc. Raleigh, NC, USA www.sensus.com Investment Focus: VC - Early Growth (Series A to C)

SARIA Bio-Industries GmbH & Co. Verwaltungs- und Beteiligungs KG Selm, Germany www.saria.de Investment Focus: Project sponsor Sasol New Energy Holdings Pty Ltd. Johannesburg, South Africa www.sasol.com Investment Focus: Minority / Partnership SCA Svenska Cellulosa Aktiebolaget Stockholm, Sweden www.sca.com Investment Focus: Project sponsor Scheldewind BV Woensdrecht, Netherlands www.scheldewind.nl Investment Focus: Project sponsor Schjodt Oslo, Norway www.schjodt.no Advisory Focus: Legal - Project finance Schneider Electric SA Paris, France www.schneider-electric.com Investment Focus: M&A - Acquirer Schoeller Holding GmbH Pullach, Germany www.schoeller.org Investment Focus: M&A - Acquirer Scholz AG Essingen, Germany www.scholz-ag.de Investment Focus: M&A - Acquirer Schönherr v.o.s Vienna, Austria www.schoenherr.eu Advisory Focus: Legal - Project finance SCHOTT Solar AG Mainz, Germany www.schottsolar.com Investment Focus: Project sponsor 84

Scotrenewables Tidal Power Ltd. Orkney, UK www.scotrenewables.com Investment Focus: Project sponsor Scottish Enterprise Glasgow, UK www.scottish-enterprise.com Investment Focus: Angel Funding, Grant & Government Funding, VC Early Growth (Series A to C) Scottish Equity Partners LLP Glasgow, UK www.sep.co.uk Investment Focus: PE - Buyout, VC Early Growth (Series A to C) Scottish Government Edinburgh, UK www.scotland.gov.uk Investment Focus: Grant & Government Funding Scottish Power plc Glasgow, UK www.scottishpower.com Investment Focus: Project sponsor

Shanghai Chaori Solar Energy Science & Technology Co. Ltd. Shanghai, China www.chaorisolar.com Investment Focus: Project sponsor Sharp Corp. Tokyo, Japan www.Sharp-world.com Investment Focus: Project sponsor Shore Energy Perthshire, UK www.shore-energy.co.uk Investment Focus: Project sponsor Sidley Austin LLP Chicago, IL, USA www.sidley.com Advisory Focus: Legal - M&A Siemens Energy AG Munich, Germany www.energy.siemens.com Investment Focus: M&A - Acquirer

ScottishPower Renewables Glasgow, UK www.scottishpowerrenewables.com Investment Focus: Project sponsor

Siemens Financial Services Ltd. Munich, Germany www.finance.siemens.com Investment Focus: Debt project finance, Project Sponsor, VC - Early Growth (Series A to C)

Sechilienne-Sidec SA Courbevoie, France www.sechilienne-sidec.com Investment Focus: M&A - Acquirer

Sierra Wireless Richmond, BC, Canada www.sierrawireless.com Investment Focus: M&A - Acquirer

Sembcorp Marine Ltd. Singapore, Singapore www.sembcorpmarine.com.sg Investment Focus: M&A - Acquirer

Silver Lake Menlo Park, CA, USA www.silverlake.com Investment Focus: PE - Buyout

Semtech Corp. Camarillo, CA, USA www.semtech.com Investment Focus: VC - Early Growth (Series A to C)

Simmons & Company International Houston, TX, USA www.simmonsco-intl.com Advisory Focus: Financial - Venture capital and private equity

Clean Energy Pipeline

Simmons & Simmons London, UK www.simmons-simmons.com Advisory Focus: Legal - M&A Simpson Thacher & Bartlett LLP New York, NY, USA www.stblaw.com Advisory Focus: Legal - M&A Siparex Lyon, France www.siparex.com Investment Focus: VC - Early Growth (Series A to C) Sistema Solare Srl Manfredonia, Italy www.sistemasolaresrl.it Investment Focus: Project sponsor SITA UK Ltd. Maidenhead, UK www.sita.co.uk Investment Focus: Project sponsor Sitra Helsinki, Finland www.sitra.fi Investment Focus: VC - Early Growth (Series A to C) Skandinaviska Enskilda Banken AB Stockholm, Sweden www.sebgroup.com Investment Focus: Debt project finance Skanska AB Solna, Sweden www.skanska.com Investment Focus: Project sponsor, M&A - Acquirer Skion GmbH Bad Homburg, Germany Investment Focus: PE - Buyout, VC Early Growth (Series A to C) Smart Holding Kiev, Ukraine www.smart-holding.com Investment Focus: Project sponsor Smartenergy Invest AG Pfäffikon, Switzerland www.smartenergyag.com Investment Focus: Project sponsor

Directory

Social Investment Scotland Edinburgh, UK www.socialinvestmentscotland.com Investment Focus: Debt project finance Soitec SA Bernin, France www.soitec.com Investment Focus: M&A - Acquirer, Project sponsor Solaer SL Madrid, Spain www.solaer.net Investment Focus: Project sponsor Solairedirect Paris, France www.solairedirect.fr Investment Focus: Project sponsor Solar Power Inc. Roseville, CA, USA www.solarpowerinc.net Investment Focus: M&A - Acquirer, Project sponsor Solar Star Bugojno, Bosnia-Herzegovina Investment Focus: Project sponsor Solar21 Dublin, Ireland www.solar21.ie Investment Focus: PE - Buyout SolarBay AG Munich, Germany Investment Focus: Project sponsor

Solarpro Holding AD Sofia, Bulgaria www.solarpro.bg Investment Focus: Project sponsor solarSTEP GmbH & Co. KG Frankfurt, Germany www.solarstep.de Investment Focus: Project sponsor SolarWorld AG Bonn, Germany www.solarworld.de Investment Focus: M&A - Acquirer Solea AG Plattling, Germany www.solea-ag.com Investment Focus: Project sponsor Solektra Nedelisce, Croatia www.solektra.hr Investment Focus: Project sponsor Solidium Oy Helsinki, Finland www.solidium.fi Investment Focus: M&A - Acquirer Soligest Montelimar, France www.soligest.com Investment Focus: Project sponsor SOLON Energy GmbH Berlin, Germany www.solon.com Investment Focus: Project sponsor

solarcomplex AG Singen, Germany www.solarcomplex.de Investment Focus: Project sponsor

Sonnedix Solar Ltd. Milan, Italy www.sonnedix.com Investment Focus: M&A - Acquirer, Project sponsor

Solarezo SAS Lyon, France www.solarezo.fr Investment Focus: Project sponsor

Sopray Solar Co. Ltd. Zhejiang, China www.sopraysolar.com Investment Focus: Project sponsor

Solaria Energia y Medio Ambiente SA Madrid, Spain www.solariaenergia.com Investment Focus: Project sponsor

SORIDEC Montpellier, France www.soridec.fr Investment Focus: VC - Early Growth (Series A to C)

Solarig Holding Soria, Spain www.solarig.com Investment Focus: Project sponsor

South Europe Infrastructure Equity Finance Luxembourg City, Luxembourg www.epimgroup.eu Investment Focus: Project sponsor 85

Directory

EVCA Forthcoming Events EVCA Academy – Courses Valuation Guidelines Master Class 25-26 April 2013 Brussels, Belgium Foundation Course for Investment Professionals -Venture Only 5-7 June 2013 Brussels, Belgium

Building & Managing Boards Master Class 5-6 December 2013 Brussels, Belgium Fundraising & Investor Relations Masterclass TBC Brussels, Belgium EVCA Events

Foundation Course for Support Staff 12-14 June 2013 Prague, Czech Republic

EVCA CFO-COO Summit 14-15 May 2013 Amsterdam, Netherlands

Finance & Administration Course 29-31 October 2013 Brussels, Belgium

The 30th Anniversary EVCA Symposium 26-28 June 2013 Istanbul, Turkey

Integrating Responsible Investment 14-15 November 2013 Brussels, Belgium

Venture Capital Forum TBC Berlin, Germany

About the EVCA The EVCA is the voice of European private equity. Our membership covers the full range of private equity activity, from early-stage venture capital to the largest private equity firms, investors such as pension funds, insurance companies, fund-of-funds and family offices and associate members from related professions. We represent 700 member firms and 400 associate members. The EVCA shapes the future direction of the industry, while promoting it to stakeholders such as entrepreneurs, business owners and employee representatives. We explain private equity to the public and help shape public policy, so that our members can conduct their business effectively. 86

Clean Energy Pipeline

South West Angel and Investor Network Bristol, UK www.swain.org.uk Investment Focus: Angel Funding The South West Devon Waste Partnership Plymouth, UK Investment Focus: Project sponsor Sovello AG Thalheim, Germany www.sovello.com Investment Focus: Project sponsor Soventix GmbH Duisberg, Germany www.soventix.com Investment Focus: Project sponsor Space Station Self Storage Ltd. Brentford, UK www.space-station.co.uk Investment Focus: Project sponsor Squire Sanders Cleveland, OH, USA www.squiresanders.com Advisory Focus: Legal - M&A SRIW SA Liège, Belgium www.sriw.be Investment Focus: VC - Early Growth (Series A to C) SRU Solar AG Berga, Germany www.sru-solar-ag.de Investment Focus: Project sponsor SSE plc Perth, UK www.sse.co.uk Investment Focus: M&A - Acquirer, Project sponsor Stadtwerke Mainz AG Mainz, Germany www.stadtwerke-mainz.de Investment Focus: Project sponsor Stadtwerke Munchen GmbH Munich, Germany www.swm.de Investment Focus: M&A - Acquirer, Project sponsor Stadtwerke Trier SWT Trier, Germany www.swt.de Investment Focus: Project sponsor

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State Grid Corporation of China Beijing, China www.sgcc.com.cn Investment Focus: M&A - Acquirer Statkraft SF Oslo, Norway www.statkraft.com Investment Focus: M&A - Acquirer, Project sponsor Statoil ASA Stavanger, Norway www.statoil.com Investment Focus: M&A - Acquirer, Project sponsor STEAG GmbH Essen, Germany www.steag.com Investment Focus: M&A - Acquirer, Project sponsor Stirling Square Capital Partners LLP London, UK www.stirlingsquare.com Investment Focus: PE - Buyout Storas Uibhist Isle of South Uist, UK www.storasuibhist.com Investment Focus: Project sponsor Stornoway Trust Isle of Lewis, UK www.stornowaytrust.org.uk Investment Focus: Project sponsor Succes Europe Sophia Antipolis, France www.succes-europe.com Investment Focus: VC - Late Stage (Series D+) Sudwestdeutsche Stromhandels GmbH Tübingen, Germany www.suedweststrom.de Investment Focus: Project sponsor

Sumitomo Mitsui Banking Corp. Tokyo, Japan www.smbc.co.jp Investment Focus: Debt project finance SunEdison LLC Belmont, CA, USA www.sunedison.com Investment Focus: Project sponsor SunEnergy Europe GmbH Hamburg, Germany www.sunenergy.eu Investment Focus: Project sponsor SUNfarming GmbH Erkner, Germany www.sunfarming.co.uk Investment Focus: Project sponsor SunPower Corp. San Jose, CA, USA www.sunpowercorp.com Investment Focus: M&A - Acquirer, Project sponsor Sunsolar Energy Ltd. Birmingham, UK www.sunsolarenergy.co.uk Investment Focus: Project sponsor Sunway Technology Investment Co. Ltd. China Investment Focus: PE - Buyout Surprise Valley Electrification Corp. Alturas, CA, USA www.surprisevalleyelectric.org Investment Focus: Project sponsor Sustainable Technology Investments Ltd. London, UK www.poweradvisers.com Investment Focus: PE - Development Capital, VC - Early Growth (Series A to C)

Südzucker AG Mannheim, Germany www.suedzucker.de Investment Focus: Project sponsor

Svenska Handelsbanken AB Stockholm, Sweden www.handelsbanken.se Investment Focus: Debt project finance

Sumitomo Corp. Tokyo, Japan www.sumitomoCorp.co.jp Investment Focus: VC - Late Stage (Series D+)

Sviluppo Imprese Centro Italia sgr SpA Florence, Italy www.fondisici.it Investment Focus: VC - Early Growth (Series A to C)

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Swedish Energy Agency Energimyndigheten Eskilstuna, Sweden www.energimyndigheten.se Investment Focus: Debt project finance, Grant & Government Funding, VC - Early Growth (Series A to C) Swedish International Development Cooperation Agency Stockholm, Sweden www.sida.se Investment Focus: Debt project finance Swiss Power Renewables AG Zurich, Switzerland www.swisspower.ch Investment Focus: M&A - Acquirer Swisscom AG Worblaufen, Switzerland www.swisscom.ch Investment Focus: VC - Early Growth (Series A to C) Syddansk Teknologisk Innovation A/S Odense, Denmark www.sdti.dk Investment Focus: VC - Early Growth (Series A to C) Synergy Energy Ltd. London, UK www.synergy-energy.co Investment Focus: VC - Early Growth (Series A to C) Synthos SA Oswiecim, Poland www.synthosgroup.com Investment Focus: Minority / Partnership

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T Taiga Mistral SL Madrid, Spain www.taigamistral.com Investment Focus: PE - Buyout Tamar Energy LLP London, UK www.tamar-energy.com Investment Focus: M&A - Acquirer Target Partners GmbH Munich, Germany www.targetpartners.de Investment Focus: VC - Early Growth (Series A to C) Tauron Polska Energia SA Katowice, Poland www.tauron-pe.pl Investment Focus: Project sponsor Taylor Vinters LLP Cambridge, UK www.taylorvinters.com Advisory Focus: Legal - Venture capital and private equity

TGC Renewables Bristol, UK www.tgcrenewables.com Investment Focus: Project sponsor Thames Water Utilities Ltd. Reading, UK www.thameswater.co.uk Investment Focus: Project sponsor Theolia SA Aix-en-Provence, France www.theolia.com Investment Focus: Project sponsor, M&A - Acquirer Thermovolt AG Rostock, Germany www.thermovolt.de Investment Focus: Project sponsor Thorsager Invest ApS Gedser, Denmark Investment Focus: PE - Buyout

Taylor Wessing LLP London, UK www.taylorwessing.com Advisory Focus: Legal - Venture capital and private equity

Thuga Erneuerbare Energien GmbH & Co. KG Hamburg, Germany ee.thuega.de Investment Focus: M&A - Acquirer

Technische Werke Schussental GmbH & Co KG Ravensburg, Germany www.tws.de Investment Focus: Project sponsor

Titan Wind Energy Suzhou Co Ltd. Taicang, China www.titanmetal.com.cn Investment Focus: M&A - Acquirer

The Technology Strategy Board Swindon, UK www.innovateuk.org Investment Focus: Grant & Government Funding The TEG Group plc Chorley, UK www.theteggroup.plc.uk Investment Focus: Project sponsor Terna Energy SA Athens, Greece www.terna-energy.gr Investment Focus: Project sponsor TerniEnergia SpA Terni, Italy www.ternienergia.com Investment Focus: M&A - Acquirer

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Terravent AG Dietikon, Switzerland www.terravent.ch Investment Focus: PE - Buyout

TLM-TPP d.o.o. Sibenik, Croatia www.tlm-tpp.hr Investment Focus: Project sponsor Tokyo Electron Ltd. Tokyo, Japan www.tel.com Investment Focus: M&A - Acquirer Total SA Paris, France www.total.com Investment Focus: Project sponsor, VC - Early Growth (Series A to C) Tranas Stadshus AB Sweden Investment Focus: Project sponsor

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Transmission Capital Partners London, UK www.transmissioncapital.com Investment Focus: M&A - Acquirer Tre & Partners Italy www.tre-partners.com Investment Focus: Project sponsor Trierer Energiegenossenschaft eG Trier, Germany www.treneg-trier.de Investment Focus: Project sponsor Trinity International LLP London, UK www.trinityllp.com Advisory Focus: Legal - Project finance Triodos Bank NV Zeist, Netherlands www.triodos.co.uk Investment Focus: Debt project finance Truffle Capital Paris, France www.truffle.com Investment Focus: VC - Early Growth (Series A to C) Turquoise Associates London, UK www.turquoiseassociates.com Advisory Focus: Financial - Project finance TuuliWatti Ltd. Helsinki, Finland www.tuuliwatti.fi Investment Focus: Project sponsor TÜV SÜD Management Service GmbH Munich, Germany www.tuev-sued.de Investment Focus: M&A - Acquirer Typhoon Capital BV Amsterdam, Netherlands www.typhooncapital.nl Investment Focus: Project sponsor

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U U.S. Department of Energy Washington DC, USA www.energy.gov Investment Focus: Grant & Government Funding U.S. Trade and Development Agency Arlington, TX, USA www.ustda.gov Investment Focus: Grant & Government Funding UBS AG Zurich, Switzerland www.ubs.com Investment Focus: Debt project finance UISPAC Srl Chisinau, Moldova www.uispac.md Investment Focus: Project sponsor UK Department of Energy and Climate Change DECC London, UK www.decc.gov.uk Investment Focus: Grant & Government Funding UK Department for Environment, Food and Rural Affairs London, UK www.defra.gov.uk Investment Focus: Debt project finance, Grant & Government Funding UK Green Investment Bank London, UK www.greeninvestmentbank.com Investment Focus: Debt project finance

Unilever Ventures Ltd. London, UK www.unileverventures.com Investment Focus: VC - Early Growth (Series A to C) Unipension I/S Gentofte, Denmark www.unipension.dk Investment Focus: VC - Early Growth (Series A to C) UNW LLP Newcastle upon Tyne, UK www.unw.co.uk Advisory Focus: Financial - Project finance UPM Corp. Helsinki, Finland www.upm.com Investment Focus: Project sponsor Upsolar Europe SAS Paris, France www.upsolar.com Investment Focus: Project sponsor Urmet Engineering Srl Turin, Italy www.urmetengineering.it Investment Focus: Project sponsor Usine d’electricite de Metz UEM Metz, France www.uem-metz.fr Investment Focus: Project sponsor Utilitywise plc South Shields, UK www.utilitywise.com Investment Focus: M&A - Acquirer

UL LLC Camas, WA, USA www.ul.com Investment Focus: M&A - Acquirer UniCredit Bank Austria AG Vienna, Austria www.bankaustria.at Investment Focus: Debt project finance UniCredit SpA Milan, Italy www.unicredit.eu Investment Focus: Debt project finance 89

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V Vaekstfonden Hellerup, Denmark www.vf.dk Investment Focus: Grant & Government Funding, VC - Early Growth (Series A to C) Valfortec SL Castellón, Spain www.valfortec.com Investment Focus: Project sponsor Value8 NV Bussum, Netherlands www.value8.com Investment Focus: VC - Early Growth (Series A to C) Varnamo Energi AB Värnamo, Sweden www.varnamoenergi.se Investment Focus: Project sponsor Vaskiluodon Voima Oy Vaasa, Finland www.vv.fi Investment Focus: Project sponsor

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Ventotec GmbH Leer, Germany www.ventotec.de Investment Focus: Project sponsor Ventrex Automotive GmbH Graz, Austria www.ventrex.com Investment Focus: VC - Early Growth (Series A to C)

voestalpine AG Linz, Austria www.voestalpine.com Investment Focus: M&A - Acquirer

VERBIO Vereinigte BioEnergie AG Leipzig, Germany www.verbio.de Investment Focus: Project sponsor

Volta Avocats Paris, France www.volta-avocats.fr Advisory Focus: Legal - M&A

Verbund AG Vienna, Austria www.verbund.at Investment Focus: M&A - Acquirer

Voltiq B.V. Utrecht, Netherlands www.voltiq.com Advisory Focus: Financial - M&A, Financial - Project finance

Victoria Group A.D. Belgrade, Serbia www.victoriagroup.rs Investment Focus: Project sponsor Viessmann Werke GmbH & Co. KG Allendorf, Germany www.viessmann.de Investment Focus: M&A - Acquirer

VEI Capital Vicenza, Italy www.palladiofinanziaria.it Investment Focus: PE - Buyout, Project sponsor

VINNOVA Stockholm, Sweden www.vinnova.se Investment Focus: Grant & Government Funding

Velocita Energy Developments London, UK www.velocitaenergy.com Investment Focus: Project sponsor

Vireol Ltd. Knaresborough, UK www.vireol.com Investment Focus: Project sponsor

Vensol Neue Energien GmbH Babenhausen, Germany www.vensol.de Investment Focus: Project sponsor

Viridor Waste Management Ltd. Taunton, UK www.viridor.co.uk Investment Focus: M&A - Acquirer, Project sponsor

vento ludens GmbH & Co. KG Jettingen-Scheppach, Germany www.ventoludens.de Investment Focus: Project sponsor 90

VNT Management Oy Vaasa, Finland www.vntm.com Investment Focus: VC - Early Growth (Series A to C)

VentureTech Alliance LLC San Jose, CA, USA www.vtalliance.com Investment Focus: VC - Early Growth (Series A to C)

Vattenfall AB Stockholm, Sweden www.vattenfall.com Investment Focus: M&A - Acquirer, Project sponsor

Ventech Engineers International LLC Pasadena, CA, USA www2.ventech-eng.com Investment Focus: PIPE

VIVES SA Louvain-la-Neuve, Belgium www.vivesfund.com Investment Focus: VC - Early Growth (Series A to C)

Vital Energi Ltd. Blackburn, UK www.vitalenergi.co.uk Investment Focus: M&A - Acquirer

Vorndran Mannheim Capital Dusseldorf, Germany www.vmcap.de Investment Focus: PE - Development Capital

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W WABCO Europe BVBA Brussels, Belgium www.wabco-auto.com Investment Focus: M&A - Acquirer Wachtell, Lipton, Rosen & Katz New York, NY, USA www.wlrk.com Advisory Focus: Legal - M&A Wallenstam AB Gothenburg, Sweden www.wallenstam.se Investment Focus: M&A - Acquirer Ward Hadaway Newcastle upon Tyne, UK www.wardhadaway.com Advisory Focus: Legal - Project finance Wasabi Energy Ltd. Melbourne, Australia www.wasabienergy.com Investment Focus: M&A - Acquirer, Project sponsor Waste & Resources Action Programme Banbury, UK www.wrap.org.uk Investment Focus: Debt project finance Waste management project: Montana, Ruse and Silistra Regions Montana, Ruse, Silistra, Bulgaria Investment Focus: Project sponsor Wastewater treatment plant - Mezitli, Turkey Mersin, Turkey Investment Focus: Project sponsor Watson, Farley & Williams LLP London, UK www.wfw.com Advisory Focus: Legal - M&A, Legal Project finance, Legal - Venture capital and private equity Wattner AG Köln, Germany www.wattner.de Investment Focus: PE - Buyout, Project sponsor WEB Windenergie AG Pfaffenschlag, Austria www.windenergie.at Investment Focus: Project sponsor

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West Coast Energy Ltd. Mold, UK www.westcoastenergy.co.uk Investment Focus: Project sponsor

Wind Works Power Corp. Ottawa, ON, Canada www.windworkspower.com Investment Focus: M&A - Acquirer

Westmill Solar Co-operative Ltd. UK www.westmillsolar.coop Investment Focus: M&A - Acquirer, Project sponsor

Windreich GmbH Wolfschlugen, Germany www.windreich.ag Investment Focus: Project sponsor

WHEB Infrastructure London, UK www.whebinfrastructure.com Advisory Focus: Financial advisoryProject finance, Financial - M&A WHEB Partners London, UK www.whebventures.com Investment Focus: PE - Development Capital, VC - Early Growth (Series A to C) Wheelabrator Technologies Inc. Hampton, NH, USA www.wheelabratortechnologies.com Investment Focus: Project sponsor White & Case LLP New York, NY, USA www.whitecase.com Advisory Focus: Legal - Project finance Whysol Investments Milan, Italy www.whysol.it Investment Focus: Project sponsor Willkie Farr & Gallagher LLP New York, NY, USA www.willkie.com Advisory Focus: Legal - M&A Wilson Renewables LLP Ayrshire, UK Investment Focus: Project sponsor Wind Prospect Ltd. Bristol, UK www.windprospect.com Investment Focus: Project sponsor Wind Ventures Reading, UK www.windventures.co.uk Investment Focus: M&A - Acquirer, Project sponsor

Windwärts Energie Gmbh Hannover, Germany www.windwaerts.de Investment Focus: Project sponsor Winvast BV Odijk, Netherlands www.winvast.nl Investment Focus: Project sponsor Wirsol Solar AG Waghausel-kirrlach, Germany www.wirsol.de Investment Focus: Project sponsor WKN AG Husum, Germany www.wkn-ag.de Investment Focus: Project sponsor Wolf Theiss Vienna, Austria www.wolftheiss.com Advisory Focus: Legal - M&A Woodside Capital Partners Palo Alto, CA, USA www.woodsidecap.com Advisory Focus: Financial - M&A The World Bank Washington DC, USA www.worldbank.org Investment Focus: Debt project finance World Energy Solutions, Inc. Worcester, MA, USA www.worldenergy.com Investment Focus: M&A - Acquirer Wren Capital LLP London, UK www.wrencapital.co.uk Investment Focus: Angel Funding WSB Neue Energien GmbH Dresden, Germany www.wsb.de Investment Focus: Project sponsor

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WSW Energie & Wasser AG Wuppertal, Germany www.wsw-online.de Investment Focus: Project sponsor Wurttembergische Lebensversicherung AG Stuttgart, Germany www.ww-ag.com Investment Focus: PE - Buyout

X Xenon Private Equity Ltd. Milan, Italy www.xenonpe.com Investment Focus: VC - Early Growth (Series A to C) Xiamen Grace Solar Technology Co Ltd. Fujian, China www.gracesolar.com Investment Focus: Project sponsor Xylem Inc. White Plains, NY, USA www.xyleminc.com Investment Focus: M&A - Acquirer

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Y Yellow&Blue Investment Management BV Utrecht, Netherlands www.yellowandblue.nl Investment Focus: VC - Early Growth (Series A to C) Yorkshire Water Services Ltd. Bradford, UK www.yorkshirewater.com Investment Focus: Project sponsor

Z Zero Waste Scotland Stirling, UK www.zerowastescotland.org.uk Investment Focus: Grant & Government Funding Zhejiang International Buiness Group Co. Ltd. HangZhou, China www.zibchina.com Investment Focus: Project sponsor Zipcar Inc. Cambridge, MA, USA www.zipcar.com Investment Focus: M&A - Acquirer Zonnefabriek Amsterdam, Netherlands www.zonnefabriek.nl Investment Focus: Project sponsor Zorg Biogas AG Zurich, Switzerland www.zorg-biogas.com Investment Focus: Project sponsor

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Clean Energy Europe Finance Guide 2013

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Published by Clean Energy Pipeline A division of VB/Research Ltd. Wells Point 79 Wells Street London, W1T 3QN, UK Copyright © 2005-2013 VB/Research Ltd..

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