Global Clean Energy Review 3Q11 Analytics and Graphs. VB/Research Ltd All rights reserved

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1 Global Clean Energy Review 3Q11 Analytics and Graphs VB/Research Ltd All rights reserved

2 Contacts For any questions regarding the information contained herewith or request additional data / information, please contact: Douglas Lloyd, CEO Clean Energy pipeline douglas.lloyd@vbresearch.com +44 (0) London Rashmi Nelson rashmi.nelson@vbresearch.com New York 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. 2

3 Deal value ($ billion) Global Venture Capital and Private Equity Investment 1Q09 to 3Q Average Quarterly VC/PE investment: 1Q09 to 3Q11 Venture capital (early-stage) $1.2 billion Venture capital (late-stage) $0.7 billion Private equity (development capital) $1.0 billion 4.0 Average VC/PE Deal Size: 1Q09 to 3Q11 Venture capital (early-stage) $9.0 million Venture capital (late-stage) $20.4 million Private equity (development capital) $55.5 million 3.0 Private equity (development capital) 2.0 Venture capital (late-stage)[b] Venture capital (early-stage)[a] 1.0 Note: [a] Venture capital (early-stage) comprises Series A C funding rounds [b] Venture capital (late-stage) comprises Series D and later funding rounds 0.0 3

4 Deal vallue ($ billion) Global Private Equity Buyouts 1Q09 to 3Q Q11: Top 5 Private Equity Buyouts Target Country Sector Wind farm (190MW) - Enbridge, Ontario Canada, Wind farm (99MW) - Talbot, Solar plant (80MW) - Sarnia Deal value ($ million) Canada Wind 1,230.0 Wind farms (443MW) - Castilla y Leon province Spain Wind Wind farms (140MW) Spain Wind Nuova Rete Solare Srl Italy Solar Renewable Power International Spain Hydro Deals over $0.5 billion Deals less than $0.5 billion 0 4

5 Global Venture Capital by Sector 3Q11 30% 25% 20% 15% 10% 5% 0% % of total deal volume % of total deal numbers 5

6 Top 10 Venture Capital Transactions 3Q11 Project Country Sector Investment Stage Deal value ($ million) Bloom Energy Inc. USA Energy Storage VC - Late Stage (Series D+) HelioVolt Corp. USA Solar VC - Late Stage (Series D+) 85.0 ClearEdge Power Inc. USA Energy Storage VC - Late Stage (Series D+) 73.5 BridgeLux Inc. USA Environmental Services & Remediation VC - Late Stage (Series D+) 60.0 OneRoof Energy USA Solar VC - Early Growth (Series A to C) 50.0 Elevance Renewable Sciences Inc. USA Biofuels VC - Late Stage (Series D+) 50.0 Coda Automotive Inc. USA Green Transportation VC - Late Stage (Series D+) 40.0 INRIX Inc. USA Green Transportation VC - Late Stage (Series D+) 37.0 OPX Biotechnologies Inc. USA Advanced Materials & Technologies VC - Early Growth (Series A to C) 36.5 Coda Automotive Inc. USA Green Transportation VC - Late Stage (Series D+)

7 Deal value ($ billion) Global Mergers & Acquisitions 1Q09 to 3Q Average M&A investment: 1Q09 to 3Q11 Average quarterly M&A deal volume: $20.1 billion Average number of deals per quarter: 170 Average M&A transaction value: $118.1 million Number of deals Deals more than $500 million Deals less than $500 million Number of Deals

8 Global Mergers & Acquisitions by Sector 3Q11 Wind Water & Waste Water Treatment Recycling & Waste Solar Advanced Materials & Technologies Energy Efficiency Hydro Agriculture Biofuels Geothermal Green Transportation Biomass Environmental Services & Remediation Clean Coal Energy Storage Other cleantech products & services Other renewables 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 8

9 Top 5 Mergers & Acquisitions Transactions 3Q11 1 Target: Nalco Holding Co. Acquirer: Ecolab Inc. $5,670.0 million Country: USA Sector: Advanced Materials & Technologies 2 Target: Progressive Waste Solutions Ltd. Acquirer: Republic Services Inc. $3,297.0 million Country: Canada Sector: Recycling & Waste 3 Target: Wind farm (190MW) - Enbridge, Ontario Canada, Wind farm (99MW) - Talbot, Solar plant (80MW) - Sarnia Acquirer: Enbridge Income Fund Holdings Inc. $1,291.5 million Country: Canada Sector: Wind 4 Target: VACUUMSCHMELZE GmbH & Co. KG Acquirer: OM Group Inc. $1,047.8 million Country: Germany Sector: Advanced Materials & Technologies 5 Target: Wind farms (443MW) - Castilla y Leon province, Spain Acquirer: Bridgepoint $893.6 million Country: Spain Sector: Wind 9

10 Deal value ($ billion) Global Project Finance by Quarter and Region 1Q09 to 3Q Rest of the World 30 North America Europe 20 Asia-Pacific 4-Quarter moving average

11 Global Project Finance by Sector 3Q11 Solar Wind Energy Efficiency Biomass Hydro Geothermal Biofuels Green Transportation % of total deal numbers % of total deal value Water & Waste Water Treatment Environmental Services & Remediation Recycling & Waste Marine Energy Storage Other renewables 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 11

12 Top 5 Project Finance Transactions 3Q11 Project Developer Equity provider Debt provider Deal value ($ million) GERMANY : Wind farm (400MW) - Global Tech 1 Wetfeet Offshore Windenergy GmbH / Elektrizitats-Gesellschaft Laufenburg AG / HEAG Sudhessische Energie AG / Windreich AG / Norderland Projekt GmbH / FC Windenergy GmbH / GTU I GmbH / Esportes Offshore Beteiligungs GmbH Stadtwerke Munchen GmbH / HEAG Sudhessische Energie AG / Elektrizitats-Gesellschaft Laufenburg AG / Norderland Projekt GmbH / FC Windenergy GmbH / Esportes Offshore Beteiligungs GmbH / Windreich AG / GTU I GmbH Dexia Bank SA / Rabobank / HSH Nordbank AG / KfW Bankengruppe / WestLB AG / DZ Bank AG / European Investment Bank / HSBC Holdings plc / Nord LB / Helaba Landesbank Hessen-Thuringen Girozentrale / Landesbank Baden-Wurttemberg / NIBC Bank NV 2,444.0 GERMANY : Wind farm (288MW) - Meerwind Windland Energieerzeugungs GmbH / Blackstone Group LP Windland Energieerzeugungs GmbH / Blackstone Group LP KfW Bankengruppe / Dexia Bank SA / Banco Santander SA / Commerzbank AG / Bank of Tokyo-Mitsubishi UFJ / Siemens Financial Services Ltd. / Eksport Kredit Fonden / Lloyds Banking Group plc 1,709.0 USA: Solar plant (250MW) - Genesis NextEra Energy Resources LLC NextEra Energy Resources LLC Bank of Tokyo-Mitsubishi UFJ / Helaba Landesbank Hessen-Thuringen Girozentrale / Credit Suisse Group AG / Nord LB / Unicredit Medio Credito Centrale Spa / Lloyds Banking Group plc / BBVA 1,300.0 USA: Solar plant (250MW) - Abengoa Mojave USA: Solar plant (290MW) - Agua Caliente Abengoa Solar SA Federal Financing Bank 1,200.0 NRG Energy Inc. NRG Energy Inc. Federal Financing Bank 1,

13 Public Markets Performance October 2010 to September FTSE100 First Trust Global Wind Energy (FAN) WilderHill New Energy Global Innovation Index HSBC Climate Change Index NASDAQ First Trust NASDAQ Clean Edge Green ETF Ardour Solar Energy Index MSCI China Broad 13

14 Deal value ($ billion) Global Public Market Transactions by Issue Type 1Q08 to 3Q Public Markets Transactions by Geography (1Q08 to 3Q11) North America 31% South America 0% Asia- Pacific 32% Middle East 0% Europe 37% 2 0 Secondary IPO Convertible 14

15 Top 5 Public Market Transactions 3Q11 Company Country Issue Type Stock Exchange Sector Deal value ($ million) GD Power Development Co. Ltd China Convertible Shanghai Stock Exchange Wind Beijing Jingyuntong Technology Co.Ltd China IPO Shanghai Stock Exchange Solar Shandong Longlive Bio-Technology Co. Ltd. China IPO Shenzhen Stock Exchange Biofuels Neo Solar Power Corp. Taiwan Secondary Luxembourg Stock Exchange Solar Jiangsu Akcome Solar Science & Technology Co. Ltd China IPO Shenzhen Stock Exchange Solar

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