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CLEAN ENERGY PIPELINE

3Q15: GLOBAL CLEAN ENERGY REVIEWANALYTICS AND GRAPHS

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For any questions regarding the information contained herewith or to request additional data / information, please contact:

Thomas Sturge, Head of ResearchClean Energy [email protected]+44 (0) 20 7970 4941London, UK

Note: This material is protected by UK and international copyright. You may reproduce this material citing “Clean Energy Pipeline” as a source. Clean Energy Pipeline is a division of VB/Research Ltd.

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3Q15: GLOBAL CLEAN ENERGY REVIEW

TOTAL NEW CLEAN ENERGY INVESTMENT 4VENTURE CAPITAL & PRIVATE EQUITY 5 MERGERS & ACQUISITIONS 9PROJECT / ASSET FINANCE 19GREEN BONDS 30PUBLIC MARKETS 36


3

TOTAL NEW CLEAN ENERGY INVESTMENT 1Q09 TO 3Q15

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


4

VB/Research Ltd © 2015All rights reserved

VENTURE CAPITAL & PRIVATE EQUITY

5

GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 1Q09 TO 3Q15

Note: This excludes private equity buyouts.

AVERAGE QUARTERLY VC/PE INVESTMENT

Venture Capital (early-stage)Venture Capital (late -stage)Private Equity (development capital)

1Q09 to 3Q15

$960 million$520 million$872 million

AVERAGE DEAL SIZE Venture Capital (early-stage)Venture Capital (late -stage)Private Equity (development capital)

1Q09 to 3Q15

$6.5 million$21.1 million$43.4 million


6

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

$2.2 BILLION

93 DEALS

PERCENTAGE OF TOTAL DEAL VALUE

PERCENTAGE OF NUMBER OF DEALS


7

24% 25%

18%

16%

Green transportation Solar

Energy efficiency Energy storageBiofuels BiofuelsSolar Energy efficiencyRecycling & waste Recycling & waste

Other Other

9%

8%

33%27%

14%

12%8%6%

3Q15

TOP TEN VENTURE CAPITAL/PRIVATE EQUITY TRANSACTIONS 3Q15

COMPANY

NextEV

View

Enerkem Technologies

Silicor Materials

Sunlight Financial

Aihuishou

Clean Fund

Sunseap

AMCS Group

Quadran Energies Libres

COUNTRY

China

USA

Canada

USA

USA

China

USA

Singapore

Ireland

France

INVESTOR(S)

Joy Capital, Sequoia Capital

Madrone Capital Partners, Corning, New Zealand Superannuation Fund

Integrated Asset Management

Hudson Clean Energy Partners

Hudson Clean Energy Partners, Tiger Management

Morningside Technology Ventures, International Finance Corporation, Tiantu Capital, JD.com

Undisclosed

DBS Bank, TRIREC

Insight Venture Partners

Demeter Partners, SORIDEC, ARKEA Capital Investissement, Bpifrance, UI Gestion

DEAL VALUE ($ MILLION)

500

150

115

105

80

60

60

56

51

51


8


MERGERS & ACQUISITIONS

9

GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 3Q15


10



11


AVERAGE M&A investment

Average quarterly M&A deal volumeAverage number of deals per quarterAverage M&A transaction value

1Q09 to 3Q15

$16.5 billion250 deals

$65.9 million


12

GLOBAL MERGERS & ACQUISITIONS BY SECTOR 3Q15 VS 3Q14

DEAL VALUE ($ B I LL ION) NUMBER OF DEALS


13

GLOBAL MERGERS & ACQUISITIONS BY ACQUIRER TYPE 3Q15 VS 3Q14

34%

6%36%

15%

8%

1%

37%

6%33%

15%

9%

14%

2% 1%

42%

19%

22%

$28.5BILLION

215 DEALS

278 DEALS

16%

10%

22%35%

17%

$11.1BILLION

3Q15

3Q14

3Q15

3Q14

DEAL VALUE NUMBER OF DEALS

CORPORATE

YIELDCO

IPP/UTILITY

INFRASTRUCTURE/PE FUND

INSTITUTIONAL INVESTOR

OTHER


14

GLOBAL MERGERS & ACQUISITIONS BY TARGET TYPE 3Q15 VS 3Q14

42%$28.5BILLION

215 DEALS

278 DEALS

$11.1BILLION

59%

14%

63%

24%

16%

60%

23%

75%

11%

14%

8%

33%

DEAL VALUE NUMBER OF DEALS

PROJECTS

SUPPLY CHAIN TARGETS

CLEAN TECHNOLOGY TARGETS

3Q15

3Q14

3Q15

3Q14


15

GLOBAL MERGERS & ACQUISITIONS OF RENEWABLE PROJECTS 1Q09 TO 3Q15

PRE-CONSTRUCTION

UNDER CONSTRUCTION

IN OPERATION

Effe

ctiv

e ca

paci

ty a

cqui

red

(GW

)


16

TOP 5 CORPORATE M&A TRANSACTIONS 3Q15

TARGET(S)

Elster Group

Vivint Solar

Arizona Chemical

Terni hydro portfolio (527MW)

Four Brothers solar PV plant (320MW)

SECTOR

Energy Efficiency

Solar

Biofuels

Hydro

Solar

COUNTRY

Germany

USA

USA

Italy

USA

ACQUIRER(S)

Honeywell International

SunEdison

Kraton Performance Polymers

ERG

Dominion


5,100

2,200

1,370

1,040

500


17

TOP 5 PE BUYOUT TRANSACTIONS 3Q15

TARGET(S)

Invenergy’s wind portfolio (930MW)

Energy Developments

Finerge Gestão de Projectos Energéticos

Vivint Solar’s rooftop solar portfolio (523MW)

Gode Wind I offshore wind farm (330MW)

SECTOR

Wind

Biomass

Wind

Solar

Wind

COUNTRY

Canada

Australia

Portugal

USA

Germany

ACQUIRER(S)

TerraForm Power

DUET Group

First State Investments

TerraForm Power

Global Infrastructure Partners


2,000

1,037

1,012

922

872


18


PROJECT / ASSET FINANCE

19

GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND SECTOR 1Q09 TO 3Q15


20

GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION 1Q09 TO 3Q15


21

ASIA - PACIFIC PROJECT / ASSET FINANCE 1Q09 TO 3Q15


22

EUROPEAN PROJECT / ASSET FINANCE 1Q09 TO 3Q15


23

NORTH AMERICAN PROJECT / ASSET FINANCE 1Q09 TO 3Q15


24

LATIN AMERICA PROJECT / ASSET FINANCE 1Q09 TO 3Q15


25

AFRICA & MIDDLE EAST PROJECT / ASSET FINANCE 1Q09 TO 3Q15


26

GLOBAL PROJECT / ASSET FINANCE BY SECTOR 3Q15 VS 3Q14

Note: Figures are in $ billion


27

TOP 10 PROJECT FINANCE TRANSACTIONS 3Q15

PROJECT

Gode Wind II offshore wind farm (252MW)

SunEdison WSIP Warehouse Facility

Ashalim solar thermal plant (110MW)

Rudong H12 offshore wind farm (300MW)

Desert Stateline solar PV plant (300MW)

COUNTRY

Germany

USA

Israel

China

USA

DEBT PROVIDER(S)

Deutsche Bank / Bank of America / Morgan Stanley

European Investment Bank / Overseas Private Investment Corporation / Bank Hapoalim / Bank Leumi Le Israel

PROJECT SPONSORS

DONG Energy / PKA / Industriens Pensionsforsikring / Lærernes Pension / Lægernes Pensionskasse

SunEdison / Goldman Sachs

Abengoa / Shikun & Binui Renewable Energy

China HuaNeng Group

First Solar / Southern Power

INVESTMENT ($ MILLION)

1,316

1,000

1,000

882

801

NOTES

Gode Wind II is being funded on-balance-sheet.

The SunEdison WSIP Warehouse Facility is being funded by equity ($300 million) and term loans ($700 million). The debt comprises a $500 million 5-year tranche and a $200 million 4-year revolving facility.

Ashalim - the largest solar thermal plant in Israel - is being funded with sponsor equity & non-recourse construction term loan. The debt-to-equity ratio was undisclosed.

Rudong H12 is being funded with sponsor equity & local bank debt.

Desert Stateline is being funded with sponsor equity and tax equity provided by Southern Power, using unlevered tax equity partnership flip structure.


28

TOP 10 PROJECT FINANCE TRANSACTIONS (CONT) 3Q15

PROJECT

Jiangjiasha offshore wind farm (300MW)

Four Brothers solar PV plant (320MW)

Babcock Ranch, Citrus & Manatee solar PV plants (222MW)

Dongtai Concession offshore wind farm (200MW)

Tranquillity solar PV plant (200MW)

COUNTRY

China

USA

USA

China

USA

DEBT PROVIDER(S)

Deutsche Bank

Nord/LB / Santander / Rabobank / KeyBank / CIT Bank / CIBC

PROJECT SPONSORS

China Longyuan Power Group

SunEdison / Dominion Power

Florida Power & Light Company

Shandong Luneng Group

Canadian Solar / Southern Power

INVESTMENT ($ MILLION)

759

650

593

571

534

NOTES

Jiangjiasha is being funded with sponsor equity & local bank debt.

Four Brothers is being funded with sponsor equity provided by SunEdison, tax equity provided by Dominion Power & non-recourse 4-year term loan ($150 million).

Babcock Ranch, Citrus & Manatee are being funded on-balance-sheet. The investment volume has been estimated by Clean Energy Pipeline.

Dongtai Concession is being funded with sponsor equity & local bank debt.

Tranquillity is being funded with sponsor equity & non-recourse construction and back-leveraged loan ($337 million). The investment volume has been estimated by Clean Energy Pipeline.


29

GREEN BONDS


30

GREEN BOND ISSUANCES 2007 TO DATE


31

GREEN BOND ISSUANCES BY ISSUER NATIONALITY 3Q15 VS 3Q14

North America Europe Asia Pacific

62%

32%

6%

$6 BILLION

3Q15 3Q14

30%

61%

9%

$10.7 BILLION


32

GREEN BOND ISSUANCES BY ISSUE TYPE 3Q15 VS 3Q14

Note: Figures are in $ billion


33

TOP 10 GREEN BOND ISSUANCES

ISSUER

Sound Transit

TerraForm

Global Inc.

KfW

Bankengruppe

European

Investment Bank

Wolfe Island &

Melancthon wind

farms (398MW)

DATE

Aug-15

Jul-15

Jul-15

Aug-15

Sep-15

COUNTRY

USA

USA

Germany

Luxembourg

Canada

ISSUE TYPE

Government/Municipality

Corporate

Multilateral financial

organisation

Multilateral financial

organisation

Project bond

DEAL SIZE ($ MILLION)

923

810

781

663

331

KEY HIGHLIGHTS

This is the largest ever issuance of municipal green bonds. The sale

included fixed-rate bonds at an all-in cost of 3.88% and approximately

$150 million in variable rate bonds.

TerraForm Global isused $810 million aggregate principal amount of

9.75% senior notes due 2022

This is KfW Bankengruppe’s first GBP-denominated green bond. The bond

will mature in June 2020 and the coupon rate of 1.625% per annum is

paid annually in arrears.

The European Investment Bank issued a EUR 600 million Climate

Awareness Bond (CAB). The issue carries an annual coupon rate of 0.5%

and has a final maturity date of 15 November 2023.

The C$442 million amortising bonds have an interest rate of 3.834% per

annum and mature in December 2028.

3Q15


34

TOP 10 GREEN BOND ISSUANCES (CONT)

ISSUER

Solaben 1 & 6

solar thermal plants

(100MW)

TerraForm Power Inc.

Goldwind Science &

Technology Co. Ltd

TELUS

Ygrene Energy Fund

DATE

Sep-15

Jul-15

Jul-15

Jul-15

Jul-15

COUNTRY

Spain

USA

China

Canada

USA

ISSUE TYPE

Project bond

Corporate

Corporate

Corporate

Green asset-backed

securities

DEAL SIZE ($ MILLION)

318

300

300

173

150

KEY HIGHLIGHTS

The EUR 285 million amortising bonds have an interst rate of 3.758% per

annum and mature in December 2034. The bond offering is the first for a

clean energy project in Spain.

The $300 million senior notes due 2025 have an interest rate of 6.125%

per annum.

The $300 million USD-denominated credit enhanced bonds have an

interest rate of 2.5% per annum and mature in July 2018.

The C$225 million bonds marked the first time in North America that

green mortgage bonds have been used to support real estate financing.

Ygrene Energy Fund closed a $150 million securitisation of PACE bonds

with a large undisclosed insurance partner through the issue of Class A

notes rated AA by Kroll Bond Rating Agency.

3Q15


35


PUBLIC MARKETS

36 VB/Research Ltd © 2015 All rights reserved

36

GLOBAL PUBLIC MARKETS TRANSACTIONS BY DEAL TYPE 1Q09 TO 3Q15


37

GLOBAL PUBLIC MARKETS TRANSACTIONS BY REGION OF STOCK EXCHANGE 1Q09 TO 3Q15


38

PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF DEAL VALUE 3Q15 VS 3Q14


39

49%

19%

4%

28%

62%17%

6%

15%

$3.8 BILLION

$3.7 BILLION

3Q15 3Q14

Solar Wind Energy efficiency Other

TOP FIVE PUBLIC MARKETS TRANSACTIONS 3Q15

ISSUER

TerraForm Global

Tesla Motor

SunEdison

SunRun

Pattern Energy

Group

DATE

Jul-15

Aug -15

Aug - 15

Aug - 15

Jul - 15

SECTOR

Solar & Wind

Green transportation

Solar & Wind

Solar

Wind & Solar

COUNTRY

USA

USA

USA

USA

USA

STOCK EXCHANGE

NASDAQ

NASDAQ

NASDAQ

NASDAQ

NASDAQ

ISSUE TYPE

IPO

Secondary

Convertible

IPO

Convertible

PROCEEDS ($ MILLION)

675

653

650

251

225

BOOKRUNNERS

Barclays / Citigroup / JP Morgan /

Morgan Stanley

Deutsche Bank / JP Morgan / Goldman

Sachs / Wells Fargo / Bank of America

Merrill Lynch / Morgan Stanley

Deutsche Bank / Goldman Sachs /

Macquarie Group / Bank of America

Merrill Lynch / J.P. Morgan Cazenove /

Morgan Stanley

Credit Suisse Group / Goldman Sachs /

RBC Capital Markets / Bank of America

Merrill Lynch / Morgan Stanley

Citigroup / Bank of America Merrill Lynch

/ BMO Financial Group


40

TOP FIVE INITIAL PUBLIC OFFERINGS (IPOS) 3Q15

ISSUER

TerraForm Global

SunRun

Zhejiang Tengy

Environmental

Technology

Aqua Metals

Valoneo

DATE

Jul-15

Aug -15

Sep-15

Aug -15

Aug -15

SECTOR

Solar & Wind

Solar

Environmental

services

Recycling & waste

Recycling & waste

COUNTRY

USA

USA

China

USA

France

STOCK EXCHANGE

NASDAQ

NASDAQ

Hong Kong

Stock

Exchange

NASDAQ

Euronext

Paris

MARKET CAP AT IPO ($ MILLION)

1,880

1,357

329

67

18

PROCEEDS ($ MILLION)

675

251

70

33

17

BOOKRUNNERS

Barclays / Citigroup / JP Morgan /

Morgan Stanley

Credit Suisse Group / Goldman Sachs

/ RBC Capital Markets / Bank of

America Merrill Lynch / Morgan Stanley

Everbright Securities

National Securities

Atout Capital


41

PUBLIC MARKETS PERFORMANCE 3Q14-3Q15


42


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