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VB/Research Ltd. © 2012 All rights reserved
Global Clean Energy Review
2Q12 Analytics and Graphs
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For any questions regarding the information contained herewith or request additional data / information,
please contact:
Douglas Lloyd, CEO Clean Energy pipeline
+44 (0) 20 7251 8000
London, UK
Rashmi Nelson
+1 516 801 0536
New York, NY, USA
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.
Contacts
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Global Venture Capital and Private Equity Investment
1Q09 to 2Q12
Note: [a] Venture capital (early-stage) comprises Series
A – C funding rounds
[b] Venture capital (late-stage) comprises Series D
and later funding rounds
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
Average VC/PE Deal Size: 1Q09 to 2Q12
Venture capital (early-stage) $8.3 million
Venture capital (late-stage) $21.1 million
Private equity (development capital) $43.7 million
0
1
2
3
4
5
6
7
Deal valu
e ($ b
illio
n)
PE - Development Capital
Venture Capital (late stage) [b]
Venture Capital (early-stage)[a]
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Global Private Equity Buyouts
1Q09 to 2Q12
2Q12: Top Five Private Equity Buyouts
Company Sector Country Deal value
($million)
Wind farms (104MW) -
Ireland and Northern
Ireland
Wind Ireland 253.00
QUNDIS GmbH Energy
Efficiency
Germany 210.99
Continuum Energy
Pte. Ltd
Wind Singapore 208.00
Wind farm (235MW) -
Chisholm View
Wind USA 191.00
Solar plants (29MW) -
Italy (Adenium and
Foresight)
Solar Italy 157.00
0
10
20
30
40
50
60
70
0
1
2
3
4
5
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7
8
9
10
Num
ber o
f deals
Deal valu
e ($ b
illio
n)
Deals over $500 million
Deals under $500 million
Number of deals
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Global Venture Capital by Sector
2Q12
29%
15%
10%
7% 7% 6% 6% 6%
5%
3% 2% 2% 1% 1% 1%
20%
17%
8%
10%
12%
8%
1%
6%
3%
12%
2%
0% 0% 0% 0%
% of deal numbers
% deal value
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Top Ten Venture Capital Transactions
2Q12
Company Country Sector Investment stage Deal value
($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
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7
Global Mergers & Acquisitions
1Q09 to 2Q12
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: $82.5 million
0
50
100
150
200
250
300
350
0
5
10
15
20
25
30
35
40
45
Num
ber o
f deals
Deal valu
e ($ b
illio
n)
Deals over $500 million
Deals under $500 million
Number of Deals
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Global Mergers & Acquisitions by Sector
2Q12
0.0%
0.1%
0.2%
0.3%
0.4%
0.7%
1.2%
1.4%
1.7%
3.0%
8.8%
11.1%
13.3%
19.9%
37.7%
Advanced Materials & Technologies
Other renewables
Geothermal
Agriculture
Green Transportation
Environmental Services & Remediation
Energy Storage
Biofuels
Biomass
Recycling & Waste
Hydro
Solar
Water & Waste Water Treatment
Wind
Energy Efficiency
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9
Top Five Mergers & Acquisitions Transactions
2Q12
Target: Elster Group SE Acquirer: Melrose plc $2,300.0 million
Country: Germany Sector: Energy Efficiency
Target: Norit Holding BV Acquirer: Cabot Corp. $1100.0 million
Country: Netherlands Sector: Water & Waste Water Treatment
Target: Wind farms (104MW) - Ireland and Northern Ireland Acquirer: Irish Infrastructure Fund $253.0 million
Country: Ireland Sector: Wind
Target: QUNDIS GmbH Acquirer: HgCapital plc, HgCapital Trust plc $211.0 million
Country: Germany Sector: Energy Efficiency
Target: Continuum Energy Pte. Ltd Acquirer: Morgan Stanley Infrastructure Partners $208.3 million
Country: Singapore Sector: Wind
1
2
3
4
5
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10
Global Project Finance by Quarter and Region
1Q09 to 2Q12
0
10
20
30
40
50
60
Deal valu
e ($ b
illio
n)
Rest of the world
Asia
North America
Europe
Four quarter moving average
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Global Project Finance by Sector
2Q12
0.3%
0.0%
0.7%
0.3%
2.1%
0.0%
1.5%
0.2%
0.8%
7.5%
23.4%
63.2%
0.2%
0.2%
0.5%
0.7%
0.7%
0.7%
0.7%
1.0%
1.2%
10.2%
37.6%
46.1%
Energy Storage
Other renewables
Water & Waste Water Treatment
Biofuels
Energy Efficiency
Recycling & Waste
(blank)
Hydro
Geothermal
Biomass
Solar
Wind
% of number of deals
% of deal value
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12
Top Five Project Finance Transactions
2Q12
Project Country Developer(s) Equity provider(s) Debt provider(s) Deal value
($ million)
Wind farm (216MW) - Northwind
(f.k.a. Eldepasco)
Belgium Colruyt Group,
Aspiravi NV,
Vestas
Colruyt Group,
Aspiravi NV
European Investment Bank 1,061
Qatar Solar Technologies - Solar Grade
Polysilicon Plant in Ras Laffan Industrial City
Qatar Qatar Solar
Technologies
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
656
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
650
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
560
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13
Public Markets Performance
April 2011 to March 2012
0
20
40
60
80
100
120
140
Perc
enta
ge c
hange (%
)
FTSE100 NASDAQ
First Trust Global Wind Energy (FAN) First Trust NASDAQ Clean Edge Green ETF
WilderHill New Energy Global Innovation Index Ardour Solar Energy Index
HSBC Climate Change Index MSCI China Broad
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0
2000
4000
6000
8000
10000
12000
14000
16000
Deal valu
e ($ b
illio
n)
Convertible
Secondary
IPO
14
Global Public Markets Transactions by Issue Type
1Q08 to 1Q12
Global Public Markets Transactions by Geography
1Q08 to 1Q12
Asia 43%
North America
31%
Europe 26%
Middle East 0%
South America
0%
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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
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