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CLEAN ENERGY PIPELINE

GLOBAL CLEAN ENERGY REVIEW 3Q13 ANALYTICS AND GRAPHS

CONTACT CLEAN ENERGY PIPELINE For any questions regarding the information contained herewith or to request additional data / information, please contact: Douglas Lloyd Founder and CEO Clean Energy Pipeline [email protected] +44 (0) 20 7251 8000 London, UK Note: This material is protected by UK and international copyright. You may reproduce this material citing “Clean Energy Pipeline” as a source. Clean Energy Pipeline is a division of VB/ Research Ltd.

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VB/Research VB/Research Ltd Ltd © ©2013 2013 All rights reserved All

TOTAL NEW CLEAN ENERGY INVESTMENT

1Q09 TO 3Q13

100 Note: This excludes corporate M&A transactions and private equity buyouts. Project finance includes debt and equity invested in projects above 1MW.

90 80

Deal value ($ billion)

70 60 50 40 30 20 10 0

Project finance

Small-scale project investment

Public markets

3

Venture capital & private equity

VB/Research Ltd © 2013 All rights reserved

VENTURE CAPITAL & PRIVATE EQUITY

4


GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 6

300

5

AVERAGE QUARTERLY VC/PE INVESTMENT

250

4

200

3

150

2

100

1

50

0

0

VC - Early Growth (Series A to C)

VC - Late Stage (Series D+)

PE - Development Capital

Number of deals

5

Number of deals


1Q09 TO 3Q13 1Q09 to 3Q13

Venture Capital (early-stage)

$1.0 billion

Venture Capital (late-stage)

$0.6 billion

Private Equity (development capital)

$0.9 billion

AVERAGE DEAL SIZE

1Q09 to 3Q13

Venture Capital (early-stage)

$7.5 million

Venture Capital (late-stage)

$20.9 million

Private Equity (development capital)

$45.2 million

Note: This excludes private equity buyouts.


TOP TEN VENTURE CAPITAL TRANSACTIONS

3Q13 DEAL VALUE ($ MILLION)

COMPANY

COUNTRY

DATE OF ROUND

INVESTOR(S)

Eagle Creek Renewable Energy LLC

USA

17/09/2013

Macquarie Capital

Kaiima Ltd.

Israel

03/09/2013

Kleiner Perkins Caufield & Byers, Draper Fisher Jurvetson, Mitsui & Co Ltd., Musea Ventures, International Finance Corp., Infinity Group, Horizons Ventures Ltd., DFJ Tamir Fishman Ventures

65

Solexel Inc.

USA

23/08/2013

Undisclosed

40

Onesource Water LLC

USA

24/07/2013

HV Capital Investors

31

Irrico International Ltd.

Kenya

13/09/2013

ADM Capital

30

Altair Semiconductor Ltd.

Israel

01/07/2013

Bessemer Venture Partners LLC, BRM Group, Jerusalem Venture Partners, Giza Venture Capital, Pacific Technology Partners LLC

25

eSolar Inc.

USA

17/09/2013

Oak Investment Partners LP

22

Fluidic Energy

USA

25/07/2013

Undisclosed

21

Gradient Resources

USA

06/09/2013

Denham Capital Management LP

20

Space-Time Insight Inc.

USA

11/09/2013

Novus Energy Partners LP, EnerTech Capital, Zouk Capital LLP, Opus Capital

20

100

Hydro

Agriculture

Solar

Other cleantech products & services Agriculture

Advanced Materials & Technologies Solar

Energy Storage Geothermal

Energy Efficiency

Note: Clean Energy Pipeline has excluded Uber Technologies’ $258 million funding round from this analysis. While vehicle sharing software companies have clean credentials, they do not fall within our definition of clean technology or renewable energy.

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1Q09 TO 3Q13

11

110

10

100

9

90

8

80

7

70

6

60

5

50

4

40

3

30

2

20

1

10

0

0

Deals under $500 million

Deals over $500 million

AVERAGE PRIVATE EQUITY (BUYOUT) ACTIVITY

1Q09 to 3Q13

Average quarterly deal volume

$4.2 billion

Average deal size

$107.2 million

Number of deals

Deal value ($ million)

GLOBAL PRIVATE EQUITY BUYOUTS

Number of deals

7


TOP FIVE PRIVATE EQUITY BUYOUTS


COMPANY / PROJECT

DATE OF ROUND

COUNTRY

INVESTOR(S)

Atlantic Energia Renovaveis SA

05/09/2013

Brazil

Actis

169

Microporous Products

30/09/2013

USA

Seven Mile Capital Partners

120

Solar plant (10MW) - Suelte, Mecklenburg, Solar plant (10MW) - Schwarzheide, Brandenburg, Solar plants (28MW) - Eastern Germany

08/08/2013

Germany

Wattner AG

80

Solar plant - Hardingham, Norfolk

04/09/2013

UK

Bluefield Partners LLP

26

Solar plant - southeastern England

06/08/2013

UK

Bluefield Partners LLP

18

Wind

Advanced Materials & Technologies

8


GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR

3Q13

PERCENTAGE OF TOTAL DEAL VALUE

ADVANCED MATERIALS & TECHNOLOGIES

11% BIOFUELS

5%

HYDRO

SOLAR

25%

TOTAL INVESTMENT

$1.0 BILLION 9

10% ENERGY EFFICIENCY

13%

AGRICULTURE

7%

ENERGY STORAGE

6%

OTHER

23% VB/Research Ltd © 2013 All rights reserved

GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR

3Q13

PERCENTAGE OF TOTAL NUMBER OF DEALS

OTHER CLEANTECH PRODUCTS & SERVICES

ENERGY STORAGE

8%

8%


10%

SOLAR

WATER & WASTE WATER TREATMENT

20%

TOTAL NUMBER OF DEALS

166

10

7%

ENERGY EFFICIENCY

16%

OTHER

20% RECYCLING & WASTE

6%

BIOFUELS

6%


MERGERS & ACQUISITIONS

11


1Q09 TO 3Q13

40

400

35

30

AVERAGE M&A INVESTMENT

1Q09 to 3Q13

350

Average quarterly M&A deal volume

$15.7 billion

300

Average number of deals per quarter

25

250

Average M&A transaction value

20

200

15

150

10

100

5

50

0

0

Deals under $500 million

Deals over $500 million

Number of deals


GLOBAL MERGERS & ACQUISITIONS

222 $70.7 million

Number of deals

12


GLOBAL MERGERS & ACQUISITIONS BY SECTOR

WIND

14%

BIOFUELS

12%

RECYCLING & WASTE

10%

TOTAL M&A ACTIVITY

$8.9 BILLION

ENERGY EFFICIENCY

11%

3Q13

SOLAR

29% 13


16% OTHER

10% VB/Research Ltd © 2013 All rights reserved

TOP TEN MERGERS & ACQUISITIONS TRANSACTIONS


TARGET(S)

GEOGRAPHY

DATE ANNOUNCED

ACQUIRER(S)

Rothsay

Canada

23/08/2013

Darling International Inc.

645

Volterra Semiconductor Corp.

USA

15/08/2013

Maxim Integrated Products Inc.

605

Zeoltek Companies Inc.

USA

27/09/2013

Toray Industries Inc.

584

Novaled AG

Germany

09/08/2013

Samsung Group

421

Solar plants (2300MW) - Romania

Romania

03/09/2013

Prime Acquisition Corp.

380

ecoATM Inc.

USA

02/07/2013

Outerwall Inc. (f.k.a. Coinstar Inc.)

350

iWatt Inc.

USA

02/07/2013

Dialog Semiconductor plc

310

Solar plants (49MW) - Chesterville, Pefferlaw, Springwater, Sudbury and Wyebridge

Canada

05/08/2013

Concord Pacific Group Inc.

277

Atlantic Energia Renovaveis SA

Brazil

05/09/2013

Actis

169

LDK Anhui

China

12/09/2013

Tongwei Group Co. Ltd

141

Biofuels

Advanced Materials & Technologies Advanced Materials & Technologies Energy Efficiency

Recycling & Waste Energy Efficiency

Wind

Solar

14


PROJECT / ASSET FINANCE

15


1Q09 TO 3Q13

70

700

60

600

50

500

40

400

30

300

20

200

10

100

Number of deals


GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION

0

0

Europe

North America

Asia

Rest of the world

16

Number of deals


GLOBAL PROJECT / ASSET FINANCE BY SECTOR

3Q13

PERCENTAGE OF TOTAL DEAL VALUE

OTHER

BIOMASS

5%

BIOFUELS

4%

WIND

SOLAR

37%

4%

50%

TOTAL PROJECT FINANCE

$24.7 BILLION 17


GLOBAL PROJECT / ASSET FINANCE BY SECTOR

3Q13

PERCENTAGE OF TOTAL NUMBER OF DEALS OTHER

WIND

4% BIOMASS

8%

SOLAR

32%

54%

TOTAL NUMBER OF PROJECT / ASSET FINANCE DEALS

378

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TOP FIVE PROJECT / ASSET FINANCE TRANSACTIONS


PROJECT

GEOGRAPHY

EQUITY PROVIDER

DEBT PROVIDER

DEVELOPER

Continental Wind Partners wind power assets portfolio

USA

N/A

RBS Securities Corp. / Barclays Capital Inc. / Citigroup Global Markets Inc.

N/A

613

Wind farm (420MW) Macarthur

Australia

AGL Energy Ltd. / Malakoff Corporation Berthad

ANZ Banking Group Ltd. / National Australia Bank Ltd. / Industrial and Commercial Bank of China Ltd. / Eksport Kredit Fonden (EKF) / Clean Energy Finance Corp. / Shinsei Bank

Leighton Contractors Pty Ltd.

481

Wind farm (218MW) Panhandle

USA

GE Energy Financial Services / Citigroup Energy Inc.

Nord LB / Societe Generale / RBC Capital Pattern Energy Markets Inc. / Landesbank BadenGroup LP Wuerttemberg / Royal Bank of Scotland Group plc / Bayern LB / Credit Agricole Corporate and Investment Bank

473

Wind farm (630MW) London Array, Phase 1

UK

Masdar

N/A

DONG energy, E.ON

402

Wind farm (600MW) Gemini (Buitengaats & ZeeEnergie)

Netherlands

Northland Power Inc.

N/A

Van Oord NV

400

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PUBLIC MARKETS

20


PUBLIC MARKETS PERFORMANCE

4Q12 TO 3Q13

210 200 190 180 170 160 150 140 130 120 110 100 90 80 70

FTSE100

NASDAQ-100

First Trust Global Wind Energy (FAN)

First Trust NASDAQ Clean Edge Green ETF

WilderHill New Energy Global Innovation Index

Ardour Solar Energy Index

MSCI China Broad

HSBC Climate Change Index

21


GLOBAL PUBLIC MARKETS TRANSACTIONS

1Q08 TO 3Q13

16

GEOGRAPHIC BREAKDOWN - PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF TOTAL DEAL NUMBERS 1Q08 TO 3Q13

14


12 28%

10

40%

8 6 31%

4 2 0

North America

Asia-Pacific

Europe

South America

Middle East

IPO

Secondary

Convertible

22


TOP FIVE PUBLIC MARKETS TRANSACTIONS

3Q13 PROCEEDS ($ MILLION)

ISSUER

SECTORS

COUNTRY

ISSUE TYPE

STOCK EXCHANGE

NRG Yield Inc.

Solar/Wind

USA

IPO

NYSE

495

CPFL Energias Renováveis Wind S.A.

Brazil

IPO

BM&Fbovespa

462

The Renewables Infrastructure Group (TRIG)

Wind

UK

IPO

Main Market

461

Pattern Energy Group Inc. (PEG)

Wind

USA

IPO

NASDAQ

336

SunEdison LLC

Solar

USA

Secondary

NYSE

250

Note: NGL Energy Partners’ USD300 million secondary offering has been tracked by Clean Energy Pipeline but is not included in the analysis. This is because only 37% of the company’s EBITDA is generated from clean energy activities.

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CLEAN ENERGY PIPELINE

GLOBAL CLEAN ENERGY REVIEW 3Q13 ANALYTICS AND GRAPHS For more information: www.cleanenergypipeline.com

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