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GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT
Rebound in clean energy investment
in 2014 beats expectations
Luke Mills
09 January 2015
1
CONTENTS
8 January 2015
1. Annual clean energy investment overview
2. Quarterly trends in clean energy: new investment
3. Quarterly trends in clean energy: funds in circulation
4. Clean energy indexes
ANNUAL CLEAN ENERGY INVESTMENT OVERVIEW
3
Note: Total values include estimates for undisclosed deals. AF = asset finance,
SDC = small distributed capacity. Source: Bloomberg New Energy Finance
8 January 2015
CLEAN ENERGY INVESTMENT TYPES & FLOWS 2014 ($BN)
Technology
development
Equipment
manufacturing/ scale-up
Projects
Asset and company
mergers, acquisitions,
refinancing, buy-outs
etc.
+2
+15
+14 +3
+19 53 -4
+171
+17
+74 310
+75 385
VC Corp RD&D Gov R&D PE Public markets new equity
Total company investment
Re-invested Renewable energy AF
Digital energy & storage AF
SDC Total investment
M&A/buy-outs etc.
Total transactions
4
Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for
digital energy and energy storage projects (not reported in quarterly statistics). Source: Bloomberg New Energy Finance
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY 2004-14 ($BN)
$60bn
$88bn
$128bn
$175bn
$205bn $206bn
$272bn
$318bn
$294bn
$268bn
$310bn
46%
46%
36%
17%
0.5%
32%
17%-7%
-9%
16%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
5
Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for
digital energy and energy storage projects (not reported in quarterly statistics). Source: Bloomberg New Energy Finance
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY BY REGION 2004-14 ($BN)
$28bn $39bn$53bn
$75bn$90bn $91bn
$124bn $132bn$109bn
$74bn $78bn$13bn
$23bn
$44bn
$59bn
$63bn$50bn
$69bn
$86bn
$71bn
$68bn$78bn
$19bn
$26bn
$31bn
$41bn
$52bn $65bn
$79bn
$99bn
$113bn
$126bn
$154bn
46%
46%
36%
17%
0.5%
32%
17%
-7%
-9%
16%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EMEA AMER APAC
6
Notes: Sovereign, supranational & agency includes bonds issued by issued by international financial institutions, agencies and provinces to finance green projects. Labelled corporate includes bonds issued by companies and explicitly labelled as green. US municipal refers to bonds issued by US municipalities to finance green projects. Project refers to project bonds backed by renewable energy projects. ABS refers to asset-backed securities whose cashflows come from a portfolio of underlying receivables such as loans, leases and PPAs associated with green projects. Source: Bloomberg New Energy Finance
ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY TYPE, 2007-14 ($BN)
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014
ABS
Project
US municipal
Labelled corporate
Supranational,sovereign & agency
QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT
8
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q4 2014 ($BN)
9.3
12.2
9.010.6
13.2
20.5
15.7
20.621.8
27.323.2
37.1
27.8
35.4
37.6
52.4
35.9
51.9
46.044.4
30.4
50.6
47.6
44.8
50.4
56.2
58.6
68.9
57.3
77.7
73.8
64.8
54.0
71.6
60.2
64.4
43.1
64.6
54.8
61.559.3
72.1
65.1
67.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
9
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY BY REGION Q1 2004-Q4 2014 ($BN)
9.312.2
9.010.6
13.2
20.5
15.7
20.621.8
27.3
23.2
37.1
27.8
35.437.6
52.4
35.9
51.9
46.044.4
30.4
50.647.6
44.8
50.4
56.258.6
68.9
57.3
77.7
73.8
64.8
54.0
71.6
60.2
64.4
43.1
64.6
54.8
61.559.3
72.1
65.1
67.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EMEA AMER APAC
10
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY IN EUROPE Q1 2004-Q4 2014 ($BN)
4.4
7.9
4.1
5.46.0
10.9
7.48.27.8
13.9
7.9
16.0
9.6
16.914.2
24.4
13.9
23.2 22.3
19.9
12.4
27.4
22.3
17.0
22.9
25.4
29.431.0
27.3
33.9
29.8
26.5
21.5
23.8
19.0
22.3
15.9
13.0
13.3
11.7
13.9 13.1
9.2
17.8
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
11
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY IN THE US Q1 2004-Q4 2014 ($BN)
1.21.60.81.72.0
4.0
2.13.6
6.36.46.5
10.2
7.37.5
9.4
11.3
9.610.9
8.37.3
3.3
8.9
6.55.66.6
9.5
7.3
12.9
6.1
16.7
18.6
10.09.2
14.7
7.97.2
4.0
9.8
6.6
16.1
9.5
12.9
10.2
8.2
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
12
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY IN CHINA Q1 2004-Q4 2014 ($BN)
0.60.30.60.91.4
2.11.5
2.51.92.13.13.13.1
3.9
5.2
3.53.8
7.86.76.4
8.07.4
10.3
12.7
7.5
9.8
11.010.1
10.1
14.011.8
11.6
10.6
19.9
16.4
14.4
8.4
18.617.7
15.7
14.4
25.5
24.3
17.0
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
13
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q4 2014 ($BN)
9.312.2
9.010.6
13.2
20.5
15.7
20.6
21.8
27.3
23.2
37.1
27.8
35.4
37.6
52.4
35.9
51.9
46.044.4
30.4
50.647.6
44.8
50.4
56.258.6
68.9
57.3
77.7
73.8
64.8
54.0
71.6
60.2
64.4
43.1
64.6
54.8
61.559.3
72.1
65.167.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Wind Solar Biofuels Other
14
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
EMEA NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q4 2014 ($BN)
4.4
8.2
4.25.5
6.3
11.1
7.58.4 7.9
14.0
8.3
16.6
10.0
17.4
14.8
25.5
14.4
23.623.0
20.7
12.8
27.9
22.6
17.5
24.1
25.9
29.8
33.1
28.5
34.5
30.0
27.3
22.2
24.6
21.5
28.7
16.717.1
14.2
14.616.0
15.5
11.3
23.7
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Wind Solar Other
15
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
AMER NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q4 2014 ($BN)
1.62.01.82.42.8
5.23.9
6.2
8.38.48.8
13.311.2
10.3
13.5
17.3
12.4
15.8
11.9
13.7
5.5
12.0
9.910.511.7
14.7
10.9
18.9
10.4
20.2
22.4
17.4
12.7
18.3
12.412.6
6.7
14.7
10.9
20.1
14.8
18.8
14.514.9
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Wind Solar Other
16
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
APAC NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q1 2004-Q4 2014 ($BN)
3.32.0
3.02.64.14.24.3
6.05.65.0
6.17.36.6
7.89.39.69.0
12.511.1
10.0
12.110.7
15.1
16.8
14.615.7
17.916.9
18.5
22.921.3
20.119.1
28.7
26.3
23.2
19.7
32.8
29.8
26.7
28.6
37.7
39.3
29.1
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Wind Solar Other
17
*Asset finance adjusted for re-invested equity
Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for
digital energy and energy storage projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS Q1 2004-Q4 2014 ($BN)
9.312.2
9.010.6
13.2
20.5
15.7
20.621.8
27.3
23.2
37.1
27.8
35.437.6
52.4
35.9
51.9
46.044.4
30.4
50.647.6
44.8
50.4
56.258.6
68.9
57.3
77.7
73.8
64.8
54.0
71.6
60.2
64.4
43.1
64.6
54.8
61.559.3
72.1
65.167.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Asset finance* Public markets VC/PE Small distributed capacity
18
Source: Bloomberg New Energy Finance
8 January 2015
PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q4 2014 ($BN)
0.20.10.00.40.8
0.90.7
2.61.8
4.3
1.0
3.23.23.83.8
13.2
1.1
6.9
2.8
1.00.4
4.84.0
5.9
1.4
3.33.6
5.5
4.54.4
1.51.00.8
1.51.90.61.0
3.8
2.1
5.4
6.4
5.25.3
1.7
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
19
Source: Bloomberg New Energy Finance
8 January 2015
TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q4 2014
Organisation Stock exchange Sector Type of
transaction
New equity
raised
Total
offering size
CS Wind Korea Stock
Exchange (KOSPI) Wind IPO $231.9m $231.9m
Huaneng Renewables Hong Kong Stock
Exchange (HKEX) Wind Secondary $225.3m $225.3m
Greencoat UK Wind
PLC/Fund London Stock Exchange Wind Secondary $200.2m $200.2m
Bluefield Solar Income
Fund London Stock Exchange Solar Secondary $192.3m $192.3m
NextEnergy Solar Fund London Stock Exchange Solar Secondary $149.2m $149.2m
20
Note: Total values include estimates for undisclosed deals. Source: Bloomberg New Energy Finance
8 January 2015
VC/PE NEW INVESTMENT IN CLEAN ENERGY Q1 2004-Q4 2014 ($BN)
0.20.60.30.30.60.70.4
0.81.11.51.81.2
2.11.51.8
2.62.43.1
4.2
2.6
1.3
1.82.2
1.4
2.82.81.6 1.92.0
2.32.01.9 1.81.91.21.5 1.51.1 0.60.9 1.2
1.5 1.0 1.1
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
21
Source: Bloomberg New Energy Finance
8 January 2015
TOP VC/PE TRANSACTIONS OF THE QUARTER Q4 2014
Organisation Country Sector Type of transaction Value
Sunnova Energy United States Solar PE Expansion Capital $250.m
BluEarth Renewables Canada Wind PE Expansion Capital $71.4m
Lanzatech NZ New Zealand Biofuels VC Late Stage $60.m
Gebr Schmid Germany Solar PE Expansion Capital $40.m
Digital Lumens United States Efficiency: Built
Environment VC Late Stage $23.m
22
Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage
projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
ASSET FINANCING FOR NEW BUILD RENEWABLE ENERGY ASSETS Q1 2004-Q4 2014 ($BN)
6.89.4
6.57.7
9.5
16.3
12.1
14.716.7
19.218.4
30.3
20.2
27.2
29.2
33.8
27.5
37.4
34.835.7
20.9
36.1
33.3
29.7
32.2
36.5
39.1
46.8
32.3
53.051.9
44.1
31.9
49.1
38.4
43.7
27.3
46.6
38.7
42.0
34.6
47.9
40.9
47.3
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
23
Source: Bloomberg New Energy Finance
8 January 2015
TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER Q4 2014
Project name Country Sector Type of transaction Capacity Value
Dudgeon Offshore Wind Farm United Kingdom Wind Balance Sheet 402MW $2573m
Wikinger Offshore Wind Farm Germany Wind Balance Sheet 350MW $1712m
Sandbank Offshore Wind
Farm Germany Wind Balance Sheet 288MW $1428m
Burbo Bank Offshore Wind
Farm Extension United Kingdom Wind Balance Sheet 258MW Undisclosed
Xina Solar One STEG Plant South Africa Solar Term loan 100MW $1010m
QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION
25
Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage
projects (reported in annual statistics only). Source: Bloomberg New Energy Finance
8 January 2015
FUNDS IN CIRCULATION IN CLEAN ENERGY Q1 2004-Q4 2014 ($BN)
2.93.3
1.6
4.04.5
8.47.1
12.6
9.0
10.9
5.6
14.0
9.5
14.7
18.6
21.9
18.3
11.8
14.4
17.5
12.3
17.7
15.9
20.1
16.8
11.6
13.7
19.7
12.2
18.1
29.4
20.8
19.2
15.1
12.0
25.3
20.3
18.0
16.2
16.7
18.4
18.9
21.3
16.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
26
Source: Bloomberg New Energy Finance
8 January 2015
TOP TRANSACTIONS FOR FUNDS IN CIRCULATION Q4 2014
Organisation Country Sector Type of
transaction Acquirer Value
E.ON US Wind Portfolio
Enbridge Acquisition United States Wind Balance Sheet Enbridge $650m
Acciona Energia
Internacional Spain Wind
PE - Buy-out / corp
spinoff KKR & Co $540m
Pinyon Pines Wind Portfolio
Refinancing United States Wind
Term loan; Short term
facility (revolver/LOC) Berkshire Hathaway $406m
Enel Green Power France France Wind Equity (company) Boralex $344m
EDC Burgos Wind Farm
Portfolio Refinancing Philippines Wind Term loan Energy Development Corp $315m
27
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
8 January 2015
CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY Q1 2004-Q4 2014 ($BN)
1.21.00.92.1
1.4
5.5
2.0
4.54.73.5
2.7
3.63.74.8
7.2
9.3
7.6
3.1
5.5
3.5
5.4
3.0
6.2
8.27.3
3.74.6
6.2
3.4
7.6
16.6
8.8
5.4
2.92.2
3.14.74.74.9
2.6
6.6
3.1 3.6 2.4
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
28
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
8 January 2015
RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING Q1 2004-Q4 2014 ($BN)
1.41.70.6
1.51.71.5
2.8
6.5
3.94.0
2.4
8.9
3.2
6.9
9.810.8
9.9
6.26.9
12.3
6.7
12.7
8.79.7
8.17.1
7.89.17.8
10.0
11.311.0
12.711.0
9.0
21.1
15.2
10.410.5
13.2
10.7
14.0
16.6
13.2
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average
CLEAN ENERGY INDEXES
30 8 January 2015
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX 200315 YTD
0
100
200
300
400
500
Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15
S&P 500NASDAQNEX
31 8 January 2015
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX 201215 YTD
40
60
80
100
120
140
160
180
200
Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15
S&P 500NASDAQNEX
32 8 January 2015
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX 201315 YTD
40
60
80
100
120
140
160
180
200
Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15
S&P 500NASDAQNEX
33 8 January 2015
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX 201415 YTD
80
90
100
110
120
130
Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15
S&P 500NASDAQNEX
34
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 30 December 2005 Source: Bloomberg New Energy Finance
8 January 2015
NYSE BNEF REGIONAL CLEAN ENERGY INDEXES 2006-15 YTD
0
50
100
150
200
250
300
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14
NYSE BNEFAMER Index
NYSE BNEFASOC Index
NYSE BNEFEMEA Index
MSCI World &Emerging
0
500
1,000
1,500
2,000
2,500
3,000
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15
35
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance
8 January 2015
NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES 2006-15 YTD
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Dec 05 Sep 06 Jun 07 Mar 08 Dec 08 Sep 09 Jun 10 Mar 11 Dec 11 Sep 12
NYSE BNEFWind Index
NYSE BNEFSolar Index
NYSE BNEFEST Index
MSCI World &Emerging
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15
36
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8 January 2015
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