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1
GlobalTrends in
SustainableInvestment
2009
Analysis of trends andissues in the financing of
renewable energy and
energy efficiency
2
Global New Investment in Sustainable Energy, 2002-2008, $ billions
Global Trends in Sustainable Energy Investment 2009
22 2735
60
93
148155
2002 2003 2004 2005 2006 2007 2008
S/RP, corp RD&D, gov R&D
Financial investment
Growth: 25% 29% 73% 54% 59% 5%
S/RP = small/residential projects. New investment volume adjusts forre-invested equity. Total values include estimates for undisclosed deals
Source: New Energy Finance
3
Global Transactions in Sustainable Energy, 2008, $ billions
Global Trends in Sustainable Energy Investment 2009
S/RP = small/residential projects. Total values include estimates for undisclosed deals. * data based on estimates from various industry sources
22367
15520
97
-342117
810
6
VC CorpRD&D*
Totalinvestment
S/RP*Assetfinance
GovR&D*
Publicmarkets
new equity
M&A/B-O etc.
Total transactions
Re-invested
Total company investment
PE
Technology development
Equipment manufacturing/scale-up
Projects
Asset and company mergers, acquisitions, refinancing, buy-outs etc.
Source: New Energy Finance
4
Global Financial New Investment Quarterly Trend, Q1 2002 - Q1 2009, $ billions
Global Trends in Sustainable Energy Investment 2009
New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals
Source: New Energy Finance
13
23
32
36
28
40
27
242322
15
19
1111
897
643
43
22
42212
Q1'02
Q2'02
Q3'02
Q4'02
Q1'03
Q2'03
Q3'03
Q4'03
Q1'04
Q2'04
Q3'04
Q4'04
Q1'05
Q2'05
Q3'05
Q4'05
Q1'06
Q2'06
Q3'06
Q4'06
Q1'07
Q2'07
Q3'07
Q4'07
Q1'08
Q2'08
Q3'08
Q4'08
Q1'09
4Q running average
5
Financial New Investment, by Technology, 2008 and growth on 2007, $ billions
Global Trends in Sustainable Energy Investment 2009
New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals
Source: New Energy Finance, UNEP SEFI
51.8
33.5
16.9
7.9
3.2
2.2
1.8
1.5
1%
49%
-9%
-25%
-5%
149%
-33%
-37%Other low carbon tech/services
Efficiency
Geothermal
Marine & small-hydro
Biomass & waste-to-energy
Biofuels
Solar
Wind
Growth:
6
VC/PE New Investment, by Stage, 2002-2008,$ billions
Global Trends in Sustainable Energy Investment 2009
Buy-outs are not included as new investment Total values include estimates for undisclosed deals
Source: New Energy Finance
0.6 1.01.7
3.0
7.4
9.8
13.5
2002 2003 2004 2005 2006 2007 2008
PIPE/OTC
PE expansion capital
VC late stage
VC early stage
Growth: 51% 77% 76% 146% 34% 37%
7
VC/PE New Investment, by Technology, 2008 $ billions
Global Trends in Sustainable Energy Investment 2009
Venture Capital/Private Equity new investment excludes PE buy-outs. Total values include estimates for undisclosed deals
Source: New Energy Finance, UNEP SEFI
Biomass & w-t-e
Marine & small-hydro, 0.3Geothermal
Other low carbon 1.2
Efficiency, 1.5
Wind, 1.8
Biofuels, 2.0
Solar, 5.5
0.70.5
8
Public Market New Investment, by Technology, 2002-2008,$ billions
Global Trends in Sustainable Energy Investment 2009
Source: New Energy Finance
11.4
23.4
11.0
4.1
0.70.40.3
2002 2003 2004 2005 2006 2007 2008
Marine & small-hydro
Biomass & w-t-e
Geothermal
Efficiency
Other low carbon
Biofuels
Wind
Solar
9
Public Markets New Investment, by Technology, 2008$ billions
Global Trends in Sustainable Energy Investment 2009
Source: New Energy Finance, UNEP SEFI
Other low carbon, 0.3
Efficiency, 0.3
Geothermal, 0.3
Biomass & w-t-e, 0.2
Marine & small-hydro, 0.0
Biofuels
Wind, 3.2 Solar, 6.4
0.7
10
Asset Financing New Build, by Technology, 2002-2008,$ billions
Global Trends in Sustainable Energy Investment 2009
Source: New Energy Finance
97
85
50
28
1410
6
2002 2003 2004 2005 2006 2007 2008
Geothermal
Marine & small-hydro
Biomass & w-t-e
Biofuels
Solar
Wind
Total values include estimates for undisclosed deals
11
Asset Finance New Build, by Technology, 2008$ billions
Global Trends in Sustainable Energy Investment 2009
Total values include estimates for undisclosed deals Source: New Energy Finance, UNEP SEFI
Marine & small-hydro
Geothermal, 1.9
Biomass & w-t-e
Biofuels, 14.9
Solar, 22.1
Wind, 47.9
3.67.4
12
Asset Financing New Build, by Region, 2002-2008,$ billions
Global Trends in Sustainable Energy Investment 2009
Source: New Energy FinanceTotal values include estimates for undisclosed deals
97
85
50
28
1410
6
2002 2003 2004 2005 2006 2007 2008
Middle East & Africa
South America
Asia & Oceania
North America
Europe
13
Financial New Investment by Region, 2002-2008$ billions
Global Trends in Sustainable Energy Investment 2009
Source: New Energy Finance, UNEP SEFINew investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals
14
Financial New Investment by Region, 2008$ billions
Global Trends in Sustainable Energy Investment 2009
Source: New Energy Finance, UNEP SEFI
Middle East & Africa, 2.6
South America
Asia & Oceania, 24.2
North America, 30.1
Europe, 49.7
12.3
New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals
15
Acquisition Transactions by Type, 2001-2008,$ billions
Global Trends in Sustainable Energy Investment 2009
Source: New Energy FinanceTotal values include estimates for undisclosed deals
6760
40
30
10863
2001 2002 2003 2004 2005 2006 2007 2008
PE buy-outs
Public market investor exits
Corporate M&A
Asset acquisitions & refinancing
16
Renewable power* Generation and Capacity as a proportion of global power, 2002-2008, % share
Global Trends in Sustainable Energy Investment 2009
Source: New Energy Finance, UNEP SEFI* Excluding Large Hydro
8%
10% 10%
19% 19%
25%
5%6% 6%
15%16%
23%
3.9% 4.0% 4.3% 4.5% 5.0% 5.4% 6.2%
2.9% 2.9% 3.1% 3.2% 3.6% 3.9% 4.4%
2002 2003 2004 2005 2006 2007 2008
Renewable power capacityaddition as a % of global powercapacity addition
Renewable power generationincrease as a % of global powergeneration increase
Renewable power as a % ofglobal power capacity
Renewable power as a % ofglobal power generation
17
For more information, contact:
UNEP DTIE
Energy Branch
Energy Finance Unit
Sustainable Energy Finance Initiative
15 rue de Milan
75441 Paris CEDEX 09
France
Tel: +33 1 4437 1450
Fax: +33 1 4437 1474
E-mail: sefi@unep.org
www.sefi.unep.org
www.unep.fr/energy/finance
New Energy Finance Ltd
New Penderel House
283 - 288 High Holborn
London WC1V 7HP
UK
Tel: +44 20 7092 8800
Fax: +44 20 7092 8801
E-mail: info@newenergyfinance.com
www.newenergyfinance.com
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