GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY

BY ASSET CLASS, 200414 ($BN)

Growth:
62% 54% 37% 18% -2% 33% 18% -8% -10% 17%
279

270
256

237

232
Corporate R&D

182 178

Government R&D

154

VC/PE
Public markets

112

Small distributed capacity

Asset finance*

73
45

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Note: *Asset finance volume adjusts for re-invested equity. Total values include estimates for undisclosed deals
2

Source: Bloomberg New Energy Finance

Global Trends in Renewable Energy Investment, 2015

GLOBAL TRANSACTIONS IN RENEWABLE ENERGY,

2014 ($BN)
69
74

339
Asset and company
mergers, acquisitions,
refinancing, buy-outs etc.

270

171

Projects

15
1

VC

Corp
RD&D

Gov
R&D

PE

30

(4)

Total
RePublic
company invested
markets
new equity investment

Equipment manufacturing/
scale-up
Technology development

Asset
finance

SDC*

Total
investment

M&A
/B-O
etc.

Note: SDC = small distributed capacity. Total values include estimates for undisclosed deals. Figures may not add
up exactly to totals, due to rounding.
3

Total
transactions

Source: Bloomberg New Energy Finance;

UNEP

Global Trends in Renewable Energy Investment, 2015

GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY:

DEVELOPED VS. DEVELOPING, 200414($BN)
190
162
149
139
131

135
121
108

113

107
97

89

83

75
61

53

66

46

36

29
20
9

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Developed

Developing

Note: New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals.
Developed volumes are based on OECD countries excluding Mexico, Chile, and Turkey.
4

Source: Bloomberg New Energy Finance;

UNEP

Global Trends in Renewable Energy Investment, 2015

GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY

BY SECTOR, 2014 AND GROWTH ON 2013 ($BN)
Growth:
150

Solar

Wind

99

Biomass & w-t-e

Biofuels

Small hydro

Geothermal

Marine

25%

11%

-10%

-8%

-17%

23%

0.4

110%

Note: New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals.

Source: Bloomberg New Energy Finance;

UNEP

Global Trends in Renewable Energy Investment, 2015

VC/PE NEW INVESTMENT IN RENEWABLE ENERGY BY

SECTOR, 2014 ($BN)
Small hydro
Geothermal
0.01
Marine
n/a
0.03

Wind
0.3

Biomass
& w-t-e
0.2

Solar
1.6

Biofuels
0.6

Note: VC/PE new investment excludes PE buy-outs. Total values include estimates for undisclosed deals.

Source: Bloomberg New Energy Finance;

UNEP
Global Trends in Renewable Energy Investment, 2015

PUBLIC MARKETS NEW INVESTMENT IN RENEWABLE

ENERGY BY SECTOR, 2014 ($BN)
Biomass & w-t-e
0.1
Small Hydro
0.4

Marine
0.05

Geothermal
0.01

Biofuels
0.8

Solar
8.3

Wind
5.4

Source: Bloomberg New Energy Finance;

UNEP
7

Global Trends in Renewable Energy Investment, 2015

ASSET FINANCE OF NEW-BUILD RENEWABLE ENERGY

ASSETS BY SECTOR, 2014 ($BN)
Geothermal
Small hydro 2.4
Biofuels
3.8
1.7
Biomass & w-t-e
7.4

Solar
62.8

Wind
92.4

Note: Small distributed solar is not included under asset finance. Total values include estimates for undisclosed deals.

Source: Bloomberg New Energy Finance;

UNEP

Global Trends in Renewable Energy Investment, 2015

GLOBAL AVERAGE LEVELISED COST OF ELECTRICITY

FOR WIND AND PV, Q3 2009 TO H1 2015, $ PER MWH
350

300

250

200

150

100

50

Q3

Q4

2009

Q1

Q2

Q3

Q4

Q1

Q3

Q4

Q1

2011

2010
PV - thin film

Q2

PV - c-Si

Q2

Q3

Q4

H2

2013

2012

PV - c-Si tracking

H1

Onshore wind

H1

H2

2014

H1
2015

Offshore wind

Source: Bloomberg New Energy Finance

Note: PV-c-Si stands for crystalline silicon photovoltaics

9

Global Trends in Renewable Energy Investment, 2015

GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY

BY REGION, 2014 ($BN)
Brazil, 7.6
India, 7.4

Middle East &

Africa, 12.6
AMER (excl. US &
Brazil), 12.4

China
83.3

United States
35.8

ASOC
(excl. China &
India)
43.3

Europe
57.5

Source: Bloomberg New Energy Finance;

UNEP
10

Global Trends in Renewable Energy Investment, 2015

GLOBAL NEW INVESTMENT IN RENEWABLE ENERGY

BY REGION, 200414 ($BN)

120.7
111.1

Europe

81.681.2

89.6

66.4

United States

46.7
33.6
23.6

50.0
35.1 35.1
33.0
29.1
24.3

83.3

China

57.5
57.3

62.8 62.6
49.1
39.5

38.2 38.3
36.0

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

11.6
5.4

3.0

8.2

38.7

25.7
16.6
11.1

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

Middle East & Africa

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

ASOC (excl. China

& India)

AMER (excl. US &

Brazil)
0.6

Brazil

10.4 8.712.6
4.2 2.9
0.8 1.1 2.4 2.3 1.7

India

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

7.2

1.7 3.3

14.8
12.2 10.212.2
9.2
3.9 5.0 5.8 5.8

48.7
44.7

30.5
24.1
19.3
13.7
12.513.6
9.210.0

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

0.8

12.1
11.8
7.9 7.710.17.2
7.6
3.9
3.1 5.2

2.7 3.1 4.9

6.3 5.6 4.3

12.7
9.0
7.4 6.4 7.4

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

Note: New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals.
11

Source: Bloomberg New Energy Finance;

UNEP

Global Trends in Renewable Energy Investment, 2015

RENEWABLE POWER GENERATION AND CAPACITY AS

A PROPORTION OF GLOBAL POWER, 200714 (%)
60%

50%

49%

42%

40%

48%

40%

40%

32%

30%
27%

20%

10%

20%

8%

8%
5.2%

5.3%

9%

5.9%

10%
6.1%

11%
6.9%

13%

7.8%

14%

15%

8.5%

9.1%

0%
2007

2008

2009

2010

2011

2012

2013

2014

Renewables capacity change as a % of global power capacity change (net)

Renewable power as a % of global power capacity
Renewable power as a % of global power generation
Source: Bloomberg New Energy Finance,
EIA, IEA, UNEP

Note: Renewable power excludes large hydro.

12

Global Trends in Renewable Energy Investment, 2015

RENEWABLE POWER INVESTMENT VERSUS GROSS

FOSSIL-FUEL POWER INVESTMENT, 2008-14 ($BN)
350

300

Fossil fuel ($bn)

250

200
Renewable power ($bn)
150

100

50

2008

2009

2010

2011

Note: Renewables figure excludes large hydro.

2012

2013

2014

Source: Bloomberg New Energy Finance

13

Global Trends in Renewable Energy Investment, 2015

INDEXED POWER SECTOR CO2 EMISSIONS, 2013-30,

MILLION TONNES OF CO2
160
140
120

100
80
60

40
20
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Europe

US
14

China

Source: Bloomberg New Energy Finance

Global Trends in Renewable Energy Investment, 2015

ASSET FINANCE NEW INVESTMENT IN RENEWABLE

ENERGY BY REGION, 200414 ($BN)

181.2
170.7

163.2
154.6

154.6

135.4
120.0

Middle East & Africa

110.4

India
Brazil

84.7

AMER (excl. US & Brazil)

ASOC (excl. China & India)
52.5

United States
China

30.4

Europe

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Bloomberg New Energy Finance;
UNEP

Note: Total values include estimates for undisclosed deals.

15

Global Trends in Renewable Energy Investment, 2015

ASSET FINANCE NEW INVESTMENT IN RENEWABLE

ENERGY BY SECTOR, 200414 ($BN)

181.2
170.7

163.2
154.6

154.6

135.4
120.0
110.4

Marine
Geothermal

84.7

Small hydro
Biofuels

52.5

Biomass & w-t-e

Solar

30.4

Wind

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Bloomberg New Energy Finance;
UNEP

Note: Total values include estimates for undisclosed deals.

16

Global Trends in Renewable Energy Investment, 2015

SMALL DISTRIBUTED CAPACITY INVESTMENT,

200414 ($BN)
Growth:

21% -8% 49% 58% 50% 86% 22% 4% -30% 34%

76.1 78.8

73.5

62.2
54.9

33.4
22.3
8.6

10.3

14.1
9.5

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Bloomberg New Energy Finance,
various industry sources

Note: Represents investments in solar PV projects with capacities below 1MW.

17

Global Trends in Renewable Energy Investment, 2015

PUBLIC MARKET NEW INVESTMENT IN RENEWABLE

ENERGY BY STAGE, 200414 ($BN)

20.7

15.1
13.1
10.9

11.4

9.1

10.5

10.1

OTC
Convertible & other
3.9

3.7
0.3

Secondary & PIPE

IPO

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Bloomberg New Energy Finance;
UNEP

Note: PIPE = private investment in public equity, OTC = over-the-counter

18

Global Trends in Renewable Energy Investment, 2015

VC/PE NEW INVESTMENT IN RENEWABLE ENERGY BY

STAGE, 200414 ($BN)
Growth:
130% 171% 35% 75% -55% 26% -13% -18% -46% 27%

10.0

5.7
4.2

5.7
4.5

4.9
PE expansion capital

4.0
2.8

VC late stage

2.2
1.6
0.7

VC early stage

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Note: Buy-outs are not included as new investment. Total values include estimates for undisclosed deals.

19

Source: Bloomberg New Energy Finance;

UNEP
Global Trends in Renewable Energy Investment, 2015

ACQUISITION TRANSACTIONS IN RENEWABLE

ENERGY BY TYPE, 200414 ($BN)

73.5
67.7 66.8 68.8

64.2
58.5 59.3

58.4

PE buy-outs

36.0
26.2

Public market investor exits

Corporate M&A

8.8

Asset acquisitions & refinancing

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Bloomberg New Energy Finance

Note: Total values include estimates for undisclosed deals.

20

Global Trends in Renewable Energy Investment, 2015

For more information, contact:

Frankfurt School UNEP
Collaborating Centre for Climate &
Sustainable Energy Finance
Frankfurt School of Finance & Management
Sonnemannstrasse 9-1 1
60314 Frankfurt/ Main
Germany
Tel: +49 69 154008-647
E-mail: unep@fs.de
www.unep.fr/energy/finance
www.fs-unep-centre.org

Bloomberg New Energy Finance

Bloomberg LP
City Gate House
39-45 Finsbury Square
London EC2A 1PQ
email: info@bnef.com
www.bnef.com