Global Clean Energy Review 2Q12 Analytics and Graphs VB/Research Ltd. 2012 All rights reserved
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Deal value ($ billion) Global Venture Capital and Private Equity Investment 1Q09 to 2Q12 7 6 Average Quarterly VC/PE Investment: 1Q09 to 2Q12 Venture capital (early-stage) $1.2 billion Venture capital (late-stage) $0.8 billion Private equity (development capital) $1.0 billion 5 4 Average VC/PE Deal Size: 1Q09 to 2Q12 Venture capital (early-stage) Venture capital (late-stage) Private equity (development capital) $8.3 million $21.1 million $43.7 million 3 2 PE - Development Capital Venture Capital (late stage) [b] Venture Capital (early-stage)[a] 1 0 Note: [a] Venture capital (early-stage) comprises Series A C funding rounds [b] Venture capital (late-stage) comprises Series D and later funding rounds 3
Deal value ($ billion) Global Private Equity Buyouts 1Q09 to 2Q12 10 70 2Q12: Top Five Private Equity Buyouts 9 8 7 60 50 Company Sector Country Wind farms (104MW) - Ireland and Northern Ireland QUNDIS GmbH Deal value ($million) Wind Ireland 253.00 Energy Efficiency Germany 210.99 6 5 4 3 40 30 20 Number of deals Continuum Energy Pte. Ltd Wind farm (235MW) - Chisholm View Solar plants (29MW) - Italy (Adenium and Foresight) Wind Singapore 208.00 Wind USA 191.00 Solar Italy 157.00 2 1 10 Deals over $500 million Deals under $500 million Number of deals 0 0 4
Global Venture Capital by Sector 2Q12 29% 20% 17% 15% 12% 12% 10% 8% 7% 10% 7% 8% 6% 6% 6% 6% 1% 5% 3% 3% 2% 2% 2% 1% 0% 0% 1% 0% 1% 0% % of deal numbers % deal value 5
Top Ten Venture Capital Transactions 2Q12 Company Country Sector Investment stage Deal value ($million) Sapphire Energy Inc. USA Biofuels VC - Early Growth (Series A to C) 144.00 Fisker Automotive Inc. USA Green Transportation VC - Late Stage (Series D+) 129.01 Harvest Power Inc. USA Biomass VC - Early Growth (Series A to C) 110.00 Nanosolar Inc. USA Solar VC - Late Stage (Series D+) 70.00 SunRun Inc. USA Solar VC - Late Stage (Series D+) 60.00 Soladigm Inc. USA Energy Efficiency VC - Late Stage (Series D+) 55.00 SunEdison LLC USA Solar PE - Development Capital 55.00 Coulomb Technologies Inc. USA Energy Storage VC - Late Stage (Series D+) 47.50 SmartDrive Systems Inc. USA Green Transportation VC - Late Stage (Series D+) 47.00 NanoH2O Inc. USA Water & Waste Water Treatment VC - Late Stage (Series D+) 40.00 6
Deal value ($ billion) Global Mergers & Acquisitions 1Q09 to 2Q12 45 40 35 30 350 300 250 Average M&A Investment: 1Q09 to 2Q12 Average quarterly M&A deal volume: $17.0 billion Average number of deals per quarter: 206 Average M&A transaction value: $82.5 million 25 20 200 150 Number of deals Deals over $500 million Deals under $500 million Number of Deals 15 10 100 5 50 0 0 7
Global Mergers & Acquisitions by Sector 2Q12 Energy Efficiency 37.7% Wind 19.9% Water & Waste Water Treatment Solar 11.1% 13.3% Hydro 8.8% Recycling & Waste Biomass Biofuels Energy Storage Environmental Services & Remediation Green Transportation Agriculture Geothermal Other renewables Advanced Materials & Technologies 3.0% 1.7% 1.4% 1.2% 0.7% 0.4% 0.3% 0.2% 0.1% 0.0% 8
Top Five Mergers & Acquisitions Transactions 2Q12 1 Target: Elster Group SE Acquirer: Melrose plc $2,300.0 million Country: Germany Sector: Energy Efficiency 2 Target: Norit Holding BV Acquirer: Cabot Corp. $1100.0 million Country: Netherlands Sector: Water & Waste Water Treatment 3 Target: Wind farms (104MW) - Ireland and Northern Ireland Acquirer: Irish Infrastructure Fund $253.0 million Country: Ireland Sector: Wind 4 Target: QUNDIS GmbH Acquirer: HgCapital plc, HgCapital Trust plc $211.0 million Country: Germany Sector: Energy Efficiency 5 Target: Continuum Energy Pte. Ltd Acquirer: Morgan Stanley Infrastructure Partners $208.3 million Country: Singapore Sector: Wind 9
Deal value ($ billion) Global Project Finance by Quarter and Region 1Q09 to 2Q12 60 50 40 30 20 Rest of the world Asia North America Europe Four quarter moving average 10 0 10
Global Project Finance by Sector 2Q12 Wind 46.1% 63.2% Solar 23.4% 37.6% Biomass 10.2% 7.5% Geothermal Hydro (blank) Recycling & Waste Energy Efficiency Biofuels Water & Waste Water Treatment Other renewables Energy Storage 1.2% 0.8% 1.0% 0.2% 0.7% 1.5% 0.7% 0.0% 0.7% 2.1% 0.7% 0.3% 0.5% 0.7% 0.2% 0.0% 0.2% 0.3% % of number of deals % of deal value 11
Top Five Project Finance Transactions 2Q12 Project Country Developer(s) Equity provider(s) Debt provider(s) Wind farm (216MW) - Northwind (f.k.a. Eldepasco) Qatar Solar Technologies - Solar Grade Polysilicon Plant in Ras Laffan Industrial City Belgium Qatar Colruyt Group, Aspiravi NV, Vestas Qatar Solar Technologies Colruyt Group, Aspiravi NV Deal value ($ million) European Investment Bank 1,061 Masraf Al Rayan 1,000 Wind farm (270MW) - Lincs UK Centrica plc Banco Santander SA, BNP Paribas SA, Skandinaviska Enskilda Banken AB, Nordea Bank AB, DnB NOR Bank ASA, UniCredit Bank Austria AG, HSBC Holdings plc, Bank of Tokyo-Mitsubishi UFJ, Lloyds Banking Group plc, kfw IPEX Bank Wind farms (300MW) - Alta VII & IX USA Terra-Gen Power Bank of Montreal, Canadian Imperial Bank of Commerce, Key Capital Corp., Sumitomo Corp., Banco Santander SA, Bayern LB, DZ Bank AG, U.S. Department of Treasury, kfw IPEX Bank, Associated Bank Wind farm (167.9MW) - Ironwood, and Wind farm (131MW) - Cimarron II USA Duke Energy Renewables Duke Energy Renewables, Sumitomo Corporation of America Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank Ltd., Bank of Tokyo-Mitsubishi UFJ 656 650 560 12
Percentage change (%) Public Markets Performance April 2011 to March 2012 140 120 100 80 60 40 20 0 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
Deal value ($ billion) Global Public Markets Transactions by Issue Type 1Q08 to 1Q12 16000 Global Public Markets Transactions by Geography 1Q08 to 1Q12 14000 12000 Middle East 0% South America 0% 10000 8000 Europe 26% Asia 43% 6000 4000 North America 31% 2000 0 Convertible Secondary IPO 14
Top Five Public Market Transactions 2Q12 Company Country Issue Type Stock Exchange Sector Deal Value ($ million) Jiangsu Sunrain Solar Energy Co. Ltd China IPO Shanghai Stock Exchange Solar 338.00 Huadian Fuxin New Energy Co. Ltd China IPO Hong Kong Stock Exchange Wind, Solar, Nuclear 319.00 Dongjiang Environmental Company Ltd China IPO Shenzhen Stock Exchange Recycling & Waste 170.00 Wuhan HC SemiTek Co. Ltd China IPO Shenzhen Stock Exchange Energy Efficiency 157.00 Shenzhen Jiawei Photovoltaic Lighting Co.Ltd China IPO Shenzhen Stock Exchange Energy Efficiency 61.00 15
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