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3Q11: European Renewable Energy Investment Review
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3Q11: European Renewable Energy Investment Review
Contents
Venture Capital & Private Equity ............................................................................ 03
Mergers & Acquisitions ........................................................................................... 08
Project and Asset Finance ...................................................................................... 11
Public Markets .......................................................................................................... 17
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| 03
Source: Clean Energy pipeline
Venture Capital and Private EquityEuropean Venture Capital and Private Equity Investment: 3Q09 to 3Q11
0
100
200
300
400
500
600
700
800
3Q112Q111Q114Q103Q102Q101Q104Q093Q09
Dea
l val
ue (
$ m
illion
)
n Private equity (development capital)
n Venture capital (late-stage)[b]
n Venture capital (early-stage)[a]
Average Quarterly VC/PE Investment: 3Q09 to 3Q11 ($ million)
Venture capital (early-stage) 89.1
Venture capital (late-stage) 33.2
Private equity (development capital) 224.2
Average deal size 3Q09-3Q11 ($ million)
Venture capital (early-stage) 7.4
Venture capital (late-stage) 15.1
Private equity (development capital) 47.3
Note: [a] Venture capital (early-stage) comprises Series A – C funding rounds[b] Venture capital (late-stage) comprises Series D and later funding rounds
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Source: Clean Energy pipeline
Venture Capital and Private Equity3Q11: Top Ten venture capital deals
Company Country Sector Investor(s) Amount ($ million)
A Shade Greener Ltd. UK Solar GE Capital 32.0
Tidal Energy Ltd. UK Marine Eco2 Ltd. 18.0
Aquamarine Power Ltd.*
UK Marine SSE Renewables Holdings Ltd.ABB GroupScottish Enterprise
10.8
Amantys Ltd. UK Solar Moonray InvestorsARM Holdings PLC
7.0
Green Power Technologies SL
Spain Wind Invercaria SL 5.8
Lumicity Ltd. UK Solar Novus Modus Ltd.Ludgate Environmental Fund Ltd.
3.3
Ardenham Energy Ltd.
UK Solar Bridges Ventures 3.2
Cap Vert Energie France Solar Undisclosed 3.2
Burcote Wind Ltd. UK Wind Hotbed Fund Managers Ltd. 2.4
Oxford Photovoltaics UK Solar MTI Partners Ltd. Parkwalk Advisors Ltd. World Gold Council
1.0
*formerly known as Marine Power Projects Ltd.
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Venture Capital and Private EquityEuropean Private Equity Buyouts: 3Q09 to 3Q11 ($ billion)
3Q09-3Q11: Top Ten private equity buyouts
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
3Q112Q111Q114Q103Q102Q101Q104Q093Q09
0
5
10
15
20
25
30
Dea
l val
ue (
$ b
illion
) Num
ber of deals
n Deals of over $100 million
n Deals of under $100 million
— Number of deals
Target Deal value ($ million)
Ansaldo Energia Spa 1718.6
Anholt Offshore wind farm (400MW) - Denmark 1130.0
Rete Rinnovabile Srl 932.9
Onshore wind farms (443MW) - Castilla y Leon province, Spain 851.0
Solar (PV) plants (80MW) - Italy 402.8
Nuova Rete Solare Srl 375.9
Renewable Power International 329.4
Kallista Energies Renouvelables SAS, Kallista France 317.0
Onshore wind farms (140MW) - Galicia, Castilla-La Mancha, Catalunia and La Rioja, Spain
314.7
Swedish District Heating Business 264.0
Average Private Equity Buyout Investment: 3Q09 to 3Q11
Average Quarterly PE Buyout Volume ($ billion) 1.7
Average Number of Deals per Quarter 18.0
Average PE Buyout transaction value ($ million) 88.3
Source: Clean Energy pipeline
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| 06
Source: Clean Energy pipeline
Venture Capital and Private Equity3Q11: Top Eight European Private Equity Buyouts
1 Target: Onshore wind farms (443MW) - Castilla y Leon province
$851 million
Country: Spain Sector: Wind
2 Target: Onshore wind farms (140MW) - Galicia, Castilla-La Mancha, Catalunia and La Rioja
$396.2 million
Country: Spain Sector: Wind
3 Target: Nuova Rete Solare Srl $375.9 million
Country: Italy Sector: Solar
4 Target: Renewable Power International $329.4 million
Country: Spain Sector: Hydro
5 Target: Solar (PV) plants (34MW) - Carlino, Troina and Piazza Armerina
$260.0 million
Country: Italy Sector:Solar
6 Target: Solar (PV) plants (40MW) - Finsterwalde 2 and 3
$87.3 million
Country: Germany Sector: Solar
7 Target: Solar (PV) plant (15.3MW) - Toledo
$77.0 million
Country: Spain Sector: Solar
8 Target: Solar (PV) plants (13.2MW) - Tortona and Alessandria, Piamonte
$75.0 million
Country: Italy Sector: Solar
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Source: Clean Energy pipeline
Venture Capital and Private EquityEuropean Venture Capital Investment by Sector
European Venture Capital Investment by Country
0 10 20 30 40 50 60 70 80 90 100
France
Germany
UK
Deal value ($ million)
0 10 20 30 40 50 60 70 80 90 100
Biofuels
Biomass
Solar
Wind
Deal value ($ million)
n 3Q11
n 2Q11
n 3Q10
n 3Q11
n 2Q11
n 3Q10
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Source: Clean Energy pipeline
Mergers and AcquisitionsEuropean M&A Activity: 3Q09 to 3Q11
0
1
2
3
4
5
6
7
8
9
3Q112Q111Q114Q103Q102Q101Q104Q093Q09
0
10
20
30
40
50
60
70
80
90
Dea
l val
ue (
$ b
illion
) Num
ber of deals
n Deals of over $500 million
n Deals of under $500 million
— Number of deals
Clean Energy pipeline calculates M&A activity based on announced transactions within each quarter.
Average M&A investment: 3Q09 to 3Q11
Average quarterly M&A deal volume ($ billion) 5.0
Average number of deals per quarter 65
Average M&A transaction value ($ million) 78.2
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| 09
Source: Clean Energy pipeline
Mergers and AcquisitionsEuropean M&A Activity by Country
European M&A Activity by Sector
0.0 0.5 1.0 1.5 2.0 2.5 3.0
France
Germany
Italy
Spain
UK
Deal value ($ billion)
0.0 1.0 2.0 3.0 4.0 5.0
Wind
Solar
Biomass
Deal value ($ billion)
n 3Q11
n 2Q11
n 3Q10
n 3Q11
n 2Q11
n 3Q10
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| 10
Source: Clean Energy pipeline
Mergers and Acquisitions3Q11: Top Five European M&A Transactions
1 Target: Onshore wind farms (443MW) - Castilla y Leon province
Acquirer: Bridgepoint $851.0 million
Country: Spain Sector: Wind
2 Target: Hansen Transmissions International NV
Acquirer: ZFHN Zukunftsfonds Heilbronn GmbH & Co. KG
$731.4 million
Country: Belgium Sector: Wind
3 Target: Onshore wind farms (140MW) - Galicia, Castilla-La Mancha, Catalunia and La Rioja
Acquirer: Canepa Asset Management
$396.2 million
Country: Spain Sector: Wind
4 Target: Nuova Rete Solare Srl Acquirer: Terra Firma Capital Partners Ltd.
$375.9 million
Country: Italy Sector: Solar
5 Target: Renewable Power International
Acquirer: Demeter Partners, Cube Infrastructure Fund
$329.4 million
Country: Spain Sector: Hydro
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Source: Clean Energy pipeline
Project and Asset FinanceEuropean Project Finance Deal Volume: 3Q09 to 3Q11
0
2
4
6
8
10
12
14
16
18
3Q112Q111Q114Q103Q102Q101Q104Q093Q09
Dea
l val
ue (
$ b
illion
)
n Northern Europe
n Central & Eastern Europe
n Western Europe
n Southern Europe
Project Country
Amount ($ million)
Global Tech 1 Offshore wind farm (400MW) Germany 2444.0
Thornton Bank (Phases 2 & 3) Offshore wind farm (295MW) Belgium 1723.4
Meerwind Offshore wind farm (288MW) Germany 1709.0
NextEra Extremadura Solar thermal plant (100MW) Spain 1145.0
Boguchanskaya Hydro plant (1,000MW) Russia 1097.8
ENEOP 2, Phase 1 Onshore wind farms (480MW) Portugal 1028.0
Boyabat Hydro plant (513MW) Turkey 1000.0
Borkum West II Offshore wind farm (200MW) Germany 920.0
Belwind, Phase 1 Offshore wind farm (165MW) Belgium 875.0
Burgo de Ebro Biomass plant (50MW) Spain 862.1
Ten Largest Project Finance Deals: 3Q09-3Q11
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Source: Clean Energy pipeline
Project and Asset Finance3Q11: European Project Finance by Sector as a Percentage of Total Deal Volume / Total Deals
Wind o�shore
Solar PV
Solar thermal
Wind onshore
Hydro
Biomass
Marine
Biofuels
Geothermal0%
1%
1%
0%
2%
0%
7%
9%
8%
16%
7%
26%
52%
31%
2%
5%
13%
21%
n % of total deal volume
n % of total deals
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Source: Clean Energy pipeline
Project and Asset FinanceEuropean Project Finance – Top Five Countries
3Q10
2Q11
3Q11
Total: $5.7 billion
Total: $7.3 billion
Total: $13.2 billion
France 13%
Germany 17%
Italy 16%
Spain 29%
UK25%
France 6%
Germany 14%
Italy 14%
Spain 48%
UK18%
France 5%
Germany 43%
Italy 16%
Spain 30%
UK6%
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Source: Clean Energy pipeline
Project and Asset FinanceEuropean Project Finance – Top Five Sectors
3Q10
2Q11
3Q11
Total: $7.8 billion
Total: $9.8 billion
Total: $14.1 billion
Biomass12%
Biomass16%
Biomass7%
Solar PV31%
Solar PV28%
Solar PV28%
Solar thermal13%
Solar thermal
30%
Solar thermal18%
Wind o�shore14%
Wind o�shore
0%
Wind o�shore
33%
Wind onshore30%
Wind onshore26%
Wind onshore14%
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Source: Clean Energy pipeline
Project and Asset Finance3Q11: Top Five European Project Finance Transactions
1 GERMANY - Wind offshore $2444.0 million
Project Wind farm (400MW) - Global Tech 1
Developer Esportes Offshore Beteiligungs GmbH GTU I GmbH HEAG Sudhessische Energie AG Windreich AG Norderland Projekt GmbH
FC Windenergy GmbH Elektrizitats-Gesellschaft Laufenburg AG Stadtwerke Munchen GmbHWetfeet Offshore Windenergy GmbH
Equity Provider
Stadtwerke Munchen GmbH HEAG Sudhessische Energie AG Elektrizitats-Gesellschaft Laufenburg AGNorderland Projekt GmbH
FC Windenergy GmbHEsportes Offshore Beteiligungs GmbHWindreich AGGTU I GmbH
Debt Provider Dexia Bank SARabobankHSH Nordbank AG KfW BankengruppeWestLB AGDZ Bank AGEuropean Investment Bank
HSBC Holdings plc Nord LBSociete GeneraleHelaba Landesbank Hessen-Thuringen GirozentraleLandesbank Baden-WurttembergNIBC Bank NV
2 GERMANY - Wind offshore $1709.0 million
Project Wind farm (288MW) - Meerwind
Developer Windland Energieerzeugungs GmbH / Blackstone Group LP
Equity Provider Windland Energieerzeugungs GmbH / Blackstone Group LP
Debt Provider KfW BankengruppeDexia Bank SABanco Santander SA Commerzbank AG
Bank of Tokyo-Mitsubishi UFJ Siemens Financial Services Ltd. Eksport Kredit Fonden Lloyds Banking Group plc
3 UKRAINE - Hydro $776.7 million
Project Hydro plants - Ukrhydroenergo Rehabilitation
Developer UkrHydroEnergo
Equity Provider UkrHydroEnergo / European Commission
Debt Provider European Investment Bank World BankEuropean Bank for Reconstruction and Development
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Source: Clean Energy pipeline
4 SPAIN - Solar thermal $751.8 million
Project Solar plant (100MW) - Helios 1 and 2
Developer Hyperion Energy Investments SL
Equity Provider Hyperion Energy Investments SL
Debt Provider Bankia BanestoKfW BankengruppeInstituto de Credito Oficial
Helaba Landesbank Hessen-Thuringen Girozentrale Banca Civica SAEuropean Investment BankBanco Santander SA
5 SPAIN - Solar thermal $725.0 million
Project Solar plant (100MW) - Castilla-La Mancha Solar Platform
Developer Abengoa Solar SA
Equity Provider Abengoa Solar SA
Debt Provider BankiaBanco Santander SAKfW BankengruppeInstituto de Credito Oficial
Helaba Landesbank Hessen-Thuringen GirozentraleBanif SGPS SABanestoBanca Civica SA
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Source: Clean Energy pipeline
Public Markets3Q11: European Public Markets Transactions
Company Country Issue Type Stock Exchange Sector Deal value ($ million)
Neo Solar Power Corp.
Taiwan Secondary Luxembourg Stock Exchange
Solar 132.0
Conergy AG Germany Secondary Frankfurt Stock Exchange Solar 20.0
Widok Energia SA
Poland IPO NewConnect Biomass 0.4
Number of Public Market Deals by Quarter
Analysis of Percentage Contribution of Total Funds Raised by Quarter between 3Q09 & 3Q11
2Q0
9
6 Deals 7 Deals 8 Deals 14 Deals 4 Deals 11 Deals 4 Deals 7 Deals 3 Deals
3Q0
9
4Q0
9
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q0
9
6% 19% 9% 7% 4% 49% 3%2%1%
4Q0
9
1Q0
9
3Q10
2Q10
4Q10
3Q11
1Q11
2Q11
3Q0
9
4Q0
9
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
2Q0
9
6 Deals 7 Deals 8 Deals 14 Deals 4 Deals 11 Deals 4 Deals 7 Deals 3 Deals
3Q0
9
4Q0
9
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q0
9
6% 19% 9% 7% 4% 49% 3%2%1%
4Q0
9
1Q0
9
3Q10
2Q10
4Q10
3Q11
1Q11
2Q11
3Q0
9
4Q0
9
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
NB
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