Global trends in clean energy investment...1 CONTENTS 10 April 2015 1. Annual clean energy investment overview 2. Quarterly trends in clean energy: new investment 3. Quarterly trends

GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT

South Africa stands out in subdued

Q1 for clean energy investment

Luke Mills

10 April 2015

1

CONTENTS

10 April 2015

1. Annual clean energy investment overview

2. Quarterly trends in clean energy: new investment

3. Quarterly trends in clean energy: funds in circulation

4. Clean energy indexes

ANNUAL CLEAN ENERGY INVESTMENT OVERVIEW

3

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

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

10 April 2015

2014 CLEAN ENERGY INVESTMENT TYPES & FLOWS ($BN)

Technology

development

Equipment

manufacturing/ scale-up

Projects

Asset and company

mergers, acquisitions,

refinancing, buy-outs

etc.

+2

+15

+14 +3

+19 53 -4

+171

+17

+74 310

+75 385

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

Total company investment

Re-invested Renewable energy AF

Digital energy & storage AF

SDC Total investment

M&A/buy-outs etc.

Total transactions

4

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

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

10 April 2015

NEW INVESTMENT IN CLEAN ENERGY 2004-14 ($BN)

$60bn

$88bn

$128bn

$175bn

$205bn $206bn

$272bn

$318bn

$294bn

$268bn

$310bn

46%

46%

36%

17%

0.5%

32%

17%-7%

-9%

16%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

5

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

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

10 April 2015

NEW INVESTMENT IN CLEAN ENERGY BY REGION 2004-14 ($BN)

$28bn $39bn$53bn

$75bn$90bn $91bn

$124bn $132bn$109bn

$76bn $80bn$13bn

$23bn

$44bn

$59bn

$63bn$50bn

$69bn

$86bn

$71bn

$66bn$75bn

$19bn

$26bn

$31bn

$41bn

$52bn $65bn

$79bn

$99bn

$113bn

$127bn

$154bn

46%

46%

36%

17%

0.5%

32%

17%

-7%

-9%

16%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

EMEA AMER APAC

6

Notes: The funds raised by green bonds are neither entirely inclusive nor exclusive of figures for clean energy asset finance. Bloomberg New Energy Finance will release additional

further details on green bond investment activity in a future press release. ‘Sovereign, supranational & agency’ includes bonds issued by issued by international financial institutions,

agencies and provinces to finance green projects. ‘Labelled corporate’ includes bonds issued by companies and explicitly labelled as green. ‘US municipal’ refers to bonds issued by US

municipalities to finance green projects. ‘Project’ refers to project bonds backed by renewable energy projects. ‘ABS’ refers to asset-backed securities whose cashflows come from a

portfolio of underlying receivables such as loans, leases and PPAs associated with green projects. Source: Bloomberg New Energy Finance

ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY TYPE, 2007-14 ($BN)

0

5

10

15

20

25

30

35

40

2007 2008 2009 2010 2011 2012 2013 2014

ABS

Project

US municipal

Labelled corporate

Supranational,sovereign & agency

QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT

8

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

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

10 April 2015

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

9.3

12.2

9.010.6

13.2

20.5

15.7

20.621.8

27.323.2

37.1

27.8

35.4

37.6

52.4

35.9

51.9

46.044.4

30.4

50.6

47.6

44.8

50.4

56.2

58.6

68.9

57.3

77.7

73.8

64.8

54.0

71.6

60.2

64.4

43.1

64.6

54.8

61.559.3

72.1

65.1

67.6

50.5

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

9

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

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

10 April 2015

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

9.312.2

9.010.6

13.2

20.5

15.7

20.621.8

27.3

23.2

37.1

27.8

35.437.6

52.4

35.9

51.9

46.044.4

30.4

50.647.6

44.8

50.4

56.258.6

68.9

57.3

77.7

73.8

64.8

54.0

71.6

60.2

64.4

43.1

64.6

54.8

61.5

59.3

72.1

65.1

67.6

50.5

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

EMEA AMER APAC

10

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

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

10 April 2015

NEW INVESTMENT IN CLEAN ENERGY IN EUROPE Q1 2004-Q1 2015 ($BN)

4.4

7.9

4.15.46.0

10.9

7.48.27.8

13.9

7.9

16.0

9.6

16.914.2

24.4

13.9

23.2 22.3

19.9

12.4

27.4

22.3

17.0

22.9

25.4

29.431.0

27.3

33.9

29.8

26.5

21.5

23.8

19.0

22.3

15.9

13.013.3

11.7

13.9 13.1

9.2

17.8

9.7

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

11

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

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

10 April 2015

NEW INVESTMENT IN CLEAN ENERGY IN THE US Q1 2004-Q1 2015 ($BN)

1.21.60.8

1.72.0

4.0

2.13.6

6.36.46.5

10.2

7.37.5

9.4

11.3

9.610.9

8.37.3

3.3

8.9

6.55.66.6

9.5

7.3

12.9

6.1

16.7

18.6

10.09.2

14.7

7.97.2

4.0

9.8

6.6

16.1

9.5

12.9

10.2

8.2

9.6

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

12

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

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

10 April 2015

NEW INVESTMENT IN CLEAN ENERGY IN CHINA Q1 2004-Q1 2015 ($BN)

0.60.30.60.91.42.1

1.52.51.92.1

3.13.13.13.9

5.2

3.53.8

7.86.76.4

8.07.4

10.3

12.7

7.5

9.811.0

10.110.1

14.011.8

11.6

10.6

19.9

16.414.4

8.4

18.6

17.7

15.7

14.4

25.5

24.3

17.0

11.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

13

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

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

10 April 2015

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

9.312.2

9.010.6

13.2

20.5

15.7

20.6

21.8

27.3

23.2

37.1

27.8

35.437.6

52.4

35.9

51.9

46.044.4

30.4

50.647.6

44.8

50.4

56.258.6

68.9

57.3

77.7

73.8

64.8

54.0

71.6

60.2

64.4

43.1

64.6

54.8

61.559.3

72.1

65.1

67.6

50.5

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Wind Solar Biofuels Other

14

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

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

10 April 2015

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

4.4

8.2

4.25.5

6.3

11.1

7.58.47.9

14.0

8.3

16.6

10.0

17.4

14.8

25.5

14.4

23.623.0

20.7

12.8

27.9

22.6

17.5

24.1

25.9

29.8

33.1

28.5

34.5

30.0

27.3

22.2

24.6

21.5

28.7

16.717.1

14.2

14.616.0

15.5

11.3

23.7

14.1

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Wind Solar Other

15

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

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

10 April 2015

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

1.62.01.82.42.8

5.23.9

6.2

8.38.48.8

13.3

11.210.3

13.5

17.3

12.4

15.8

11.9

13.7

5.5

12.0

9.910.511.7

14.7

10.9

18.9

10.4

20.2

22.4

17.4

12.7

18.3

12.412.6

6.7

14.7

10.9

20.1

14.8

18.8

14.5

14.9

12.7

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Wind Solar Other

16

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

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

10 April 2015

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

3.32.0

3.02.64.14.24.3

6.05.65.0

6.17.36.6

7.89.39.69.0

12.511.1

10.0

12.110.7

15.1

16.8

14.615.7

17.916.9

18.5

22.921.3

20.119.1

28.7

26.3

23.2

19.7

32.8

29.8

26.7

28.6

37.7

39.3

29.1

23.8

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Wind Solar Other

17

*Asset finance adjusted for re-invested equity

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

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

10 April 2015

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

9.312.2

9.010.6

13.2

20.5

15.7

20.621.8

27.3

23.2

37.1

27.8

35.437.6

52.4

35.9

51.9

46.044.4

30.4

50.647.6

44.8

50.4

56.258.6

68.9

57.3

77.7

73.8

64.8

54.0

71.6

60.2

64.4

43.1

64.6

54.8

61.559.3

72.1

65.167.6

50.5

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Asset finance* Public markets VC/PE Small distributed capacity

18

Source: Bloomberg New Energy Finance

10 April 2015

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

Note: Total values include estimates for undisclosed deals.

0.20.1 0.40.80.90.7

2.61.8

4.3

1.0

3.23.23.83.8

13.2

1.1

6.9

2.8

1.00.4

4.84.0

5.9

1.4

3.33.6

5.54.54.4

1.51.00.8

1.51.9

0.61.0

3.8

2.1

5.4

6.4

5.25.3

1.72.2

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

19

Source: Bloomberg New Energy Finance

10 April 2015

TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q1 2015

Organisation Stock exchange Sector Type of

transaction

New equity

raised

Total

offering size

SunEdison New York Stock

Exchange (NYSE) Solar Convertible $460m $460m

TerraForm Power NASDAQ Global Select

Market (GS) Solar Secondary $404.8m $404.8m

Pattern Energy NASDAQ Global Select

Market (GS) Wind Secondary $204.8m $351.m

Xinyi Solar Holdings Hong Kong Stock

Exchange (HKEX) Solar Secondary $148.2m $148.2m

SolarEdge Technologies NASDAQ Global Select

Market (GS) Solar IPO $144.9m $144.9m

20

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

10 April 2015

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

0.20.60.30.30.60.70.40.81.11.51.8

1.22.1

1.51.82.62.4

3.1

4.2

2.6

1.3

1.82.21.4

2.82.81.61.92.02.32.01.91.81.9

1.21.5 1.51.10.60.91.2

1.51.0

1.11.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

21

Source: Bloomberg New Energy Finance

10 April 2015

TOP VC/PE TRANSACTIONS OF THE QUARTER Q1 2015

Organisation Country Sector Type of transaction Value

Green Biologics UK Biofuels PE Expansion Capital $76m

Leaf Solar Power US Solar PE Expansion Capital $75m

Renmatix US Biofuels VC Late Stage $50m

Apex Clean Energy US Wind PE Expansion Capital $50m

Conergy Germany Solar PE Expansion Capital $45m

22

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

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

10 April 2015

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

6.89.4

6.57.7

9.5

16.3

12.1

14.716.7

19.218.4

30.3

20.2

27.2

29.2

33.8

27.5

37.4

34.835.7

20.9

36.1

33.3

29.7

32.2

36.5

39.1

46.8

32.3

53.051.9

44.1

31.9

49.1

38.4

43.7

27.3

46.6

38.7

42.0

34.6

47.9

40.9

47.3

27.9

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

23

Source: Bloomberg New Energy Finance

10 April 2015

TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER Q1 2015

Project name Country Sector Type of transaction Capacity Value

Nordsee 1 Offshore Wind

Farm Germany Wind Term loan 332MW $1279m

Xina Solar One STEG Plant South Africa Solar Term loan 100MW $888m

Ilangalethu Karoshoek Solar

Valley STEG Plant South Africa Solar Term loan 100MW Undisclosed

Apex Kay Wind Farm US Wind Construction loan 300MW $427m

Balko Wind Farm US Wind Construction loan 300MW Undisclosed

QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION

25

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

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

10 April 2015

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

2.93.3

1.6

4.04.5

8.47.1

12.6

9.0

10.9

5.6

14.0

9.5

14.7

18.6

21.9

18.3

11.8

14.4

17.5

12.3

17.7

15.9

20.1

16.8

11.6

13.7

19.7

12.2

18.1

29.4

20.8

19.2

15.1

12.0

25.3

20.3

18.0

16.2

16.7

18.4

18.9

21.3

16.6

19.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

26

Source: Bloomberg New Energy Finance

10 April 2015

TOP TRANSACTIONS FOR FUNDS IN CIRCULATION Q1 2015

Organisation Country Sector Type of

transaction Acquirer Value

First Wind Holdings US Wind Equity (company) SunEdison, TerraForm Power $1898m

Ormat Industries Israel Geothermal Equity (company) Ormat Technologies $1642m

NRG Energy US Wind Asset NRG Yield $1226m

Saeta Yield Spain Wind Investor Exit Undisclosed $503m

NRG US Portfolio NRG Yield

Acquisition US Wind Balance Sheet NRG Yield

Undisclosed

(785MW)

27

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

10 April 2015

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

1.21.00.92.1

1.4

5.5

2.0

4.54.73.5

2.7

3.63.74.8

7.2

9.3

7.6

3.1

5.5

3.5

5.4

3.0

6.2

8.27.3

3.74.6

6.2

3.4

7.6

16.6

8.8

5.4

2.92.23.1

4.74.7

4.9

2.6

6.6

3.1 3.62.4

8.6

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

28

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

10 April 2015

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

1.41.70.6

1.51.71.5

2.8

6.5

3.94.0

2.4

8.9

3.2

6.9

9.810.8

9.9

6.26.9

12.3

6.7

12.7

8.79.7

8.17.1

7.89.17.8

10.0

11.311.0

12.711.0

9.0

21.1

15.2

10.410.5

13.2

10.7

14.0

16.6

13.2

8.2

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 '15

Four quarter running average

CLEAN ENERGY INDEXES

30 10 April 2015

Note: Values as of 09 April 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003 Source: Bloomberg New Energy Finance

NEX CLEAN ENERGY INDEX 2003–15 YTD

S&P 500NASDAQNEX

0

100

200

300

400

500

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

31 10 April 2015

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

NEX CLEAN ENERGY INDEX 2012–15 YTD

S&P 500NASDAQNEX

40

60

80

100

120

140

160

180

200

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

32 10 April 2015

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

NEX CLEAN ENERGY INDEX 2013–15 YTD

S&P 500NASDAQNEX

40

60

80

100

120

140

160

180

200

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

33 10 April 2015

Note: Values as of 10 April 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance

NEX CLEAN ENERGY INDEX 2014–15 YTD

S&P 500NASDAQNEX

80

90

100

110

120

130

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

S&P 500NASDAQNEX

40

60

80

100

120

140

160

180

200

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

34

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

10 April 2015

NYSE BNEF REGIONAL CLEAN ENERGY INDEXES 2006-15 YTD

0

500

1,000

1,500

2,000

2,500

3,000

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

NYSE NEF AMERIndex

NYSE NEF APACIndex

NYSE NEF EMEAIndex

MSCI World &Emerging

35

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

10 April 2015

NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES 2006-15 YTD

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

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

NYSE BNEFWind Index

NYSE BNEFSolar Index

NYSE BNEFEST Index

MSCI World &Emerging

36

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10 April 2015

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