CLEAN ENERGY PIPELINE

GLOBAL CLEAN ENERGY REVIEW4Q13 ANALYTICS AND GRAPHS

CONTACT CLEAN ENERGY PIPELINE

For any questions regarding the information contained herewith or to request additional data / information, please contact:

Douglas LloydFounder and CEOClean Energy Pipelinedouglas.lloyd@vbresearch.com+44 (0) 20 7251 8000London, UK

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.

VB/Research Ltd © 2013 All rights reserved

2 VB/Research Ltd © 2013 All rights reserved

2

TOTAL NEW CLEAN ENERGY INVESTMENT

0

10

20

30

40

50

60

70

80

90

100

Dea

l val

ue ($

bill

ion)

Project finance Small-scale project investment Public markets Venture capital & private equity

Note: This excludes corporate M&A transactions and private equity buyouts. Project finance includes debt and equity invested in projects above 1MW.

1Q09 TO 4Q13

VB/Research Ltd © 2013 All rights reserved

3

VB/Research Ltd © 2013All rights reserved

VENTURE CAPITAL & PRIVATE EQUITY

4 VB/Research Ltd © 2013 All rights reserved

4

AVERAGE QUARTERLY VC/PE INVESTMENT 1Q09 to 4Q13

Venture Capital (early-stage) $1.0 billion

Venture Capital (late-stage) $537.2 million

Private Equity (development capital) $803.4 million

AVERAGE DEAL SIZE 1Q09 to 4Q13

Venture Capital (early-stage) $7.0 million

Venture Capital (late-stage) $19.5 million

Private Equity (development capital) $40.7 million

0

50

100

150

200

250

300

0

1

2

3

4

5

6

Num

ber of deals

Dea

l val

ue ($

bill

ion)

VC - Early Growth (Series A to C) VC - Late Stage (Series D+) PE - Development Capital Deal number

Note: This excludes private equity buyouts.

GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENT 1Q09 TO 4Q13

VB/Research Ltd © 2013 All rights reserved

5

TOP TEN VENTURE CAPITAL TRANSACTIONS2Q13

COMPANY COUNTRY DATE OF ROUND INVESTOR(S) DEAL VALUE ($ MILLION)

eRecyclingCorps LLC USA 28/10/2013 Kleiner Perkins Caufield & Byers, Silver Lake Kraftwerk L.P. 105.0

Telogis Inc USA 01/10/2013 Kleiner Perkins Caufield & Byers 93.0

SimpliVity Corp. USA 18/11/2013 Accel Partners, Kleiner Perkins Caufield & Byers, Charles River Ventures, Draper Fisher Jurvetson, Meritech Capital Partners, Swisscom AG

58.0

Ogin Inc. USA 27/11/2013 New Zealand Superannuation Fund 55.0

Intelligent Energy Ltd. UK 17/10/2013 Undisclosed 51.0

Anaergia Inc. Canada 07/10/2013 Export Development Canada, Tandem Expansion, Macquarie Capital, Global H2O Investments

46.1

Achates Power Inc. USA 09/10/2013 Rockport Capital Partners, InterWest Partners LLC, Madrone Capital Partners, Sequoia Capital, Triangle Peak Partners

35.2

Winters Bros. Waste Systems of CT

USA 27/11/2013 Clairvest Group Inc. 28.5

Archimede Solar Energy Srl Italy 18/12/2013 FAL Holdings Arabia Co. Ltd. 27.5

Green Biologics Ltd. UK 02/12/2013 Capricorn Venture Partners NV, Morningside Technology Ventures Ltd., Sofinnova Partners, Oxford Capital Partners Ltd., Swire Pacific Ltd.

25.2

TOP TEN VENTURE CAPITAL TRANSACTIONS 4Q13

VB/Research Ltd © 2013 All rights reserved

6

GLOBAL PRIVATE EQUITY BUYOUTS1Q09 TO 2Q13

AVERAGE PRIVATE EQUITY (BUYOUT) ACTIVITY 1Q09 to 4Q13

Average quarterly deal volume $3.3 billion

Average deal size $84.8 million

GLOBAL PRIVATE EQUITY BUYOUTS 1Q09 TO 4Q13

0

10

20

30

40

50

60

70

0

1

2

3

4

5

6

7

8

9

Num

ber of deals

Dea

l val

ue ($

mill

ion)

Deals under $500 million Deals over $500 million Number of deals

VB/Research Ltd © 2013 All rights reserved

7

COMPANY / PROJECT DATE OF ROUND COUNTRY INVESTOR(S) DEAL VALUE ($ MILLION)

Siemens Water Technologies Corp. 15/10/2013 USA AEA Investors LLC 863.5

Solar plants (83MW) - East Anglia & southwest England

07/10/2013 UK Bluefield Partners LLP 153.7

Wind farm (61.5MW) - Yeong Yang 11/11/2013 South Korea Undisclosed 152.3

Solar plant (32.2MW) - Wymeswold Airfield, Leicestershire

11/11/2013 UK Foresight Solar Fund Ltd. 70.0

Solar plant (7MW) - Parsonage, Solar plant (5MW) - Marvel Farms

02/12/2013 UK The Renewables Infrastructure Group (TRIG)

34.4

TOP FIVE PRIVATE EQUITY BUYOUTS 4Q13

VB/Research Ltd © 2013 All rights reserved

8

RECYCLING & WASTE

10%

WIND

13%GREEN TRANSPORTATION

14% ENERGYEFFICIENCY

25% OTHER

26%

ADVANCEDMATERIALS &

TECHNOLOGIES

7%

SOLAR

7%

GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR

PERCENTAGE OF TOTAL DEAL VALUE

4Q13

TOTAL INVESTMENT

$1.5 BILLIONVB/Research Ltd © 2013

All rights reserved9

TOTAL NUMBER OF DEALS

187

GLOBAL VENTURE CAPITAL & PRIVATE EQUITY (EXCLUDING BUYOUTS) BY SECTOR

PERCENTAGE OF TOTAL NUMBER OF DEALS

4Q13

GREENTRANSPORTATION

6%

ENERGYSTORAGE

6%

WIND

6%BIOFUELS

7%

ADVANCEDMATERIALS &

TECHNOLOGIES

12%SOLAR

13%ENERGYEFFICIENCY

25% OTHER

25%VB/Research Ltd © 2013

All rights reserved10

VB/Research Ltd © 2013 All rights reserved

11

MERGERS & ACQUISITIONS

VB/Research Ltd © 2013 All rights reserved

11

0

50

100

150

200

250

300

350

400

0

5

10

15

20

25

30

35

40

Num

ber of deals

Dea

l val

ue ($

bill

ion)

Deals of under $500M Deal of over $500M Number of deals

AVERAGE M&A INVESTMENT 1Q09 to 4Q13

Average quarterly M&A deal volume $15.6 billion

Average number of deals per quarter 225

Average M&A transaction value $70.1 million

GLOBAL MERGERS & ACQUISITIONS 1Q09 TO 4Q13

VB/Research Ltd © 2013 All rights reserved

12

OTHER

11%

WATER & WASTEWATER TREATMENT

8%

AGRICULTURE

8%

BIOMASS

9%

SOLAR

26%TOTAL M&A ACTIVITY

$12.6 BILLION

GLOBAL MERGERS & ACQUISITIONS BY SECTOR 4Q13

RECYCLING & WASTE

11%WIND

27%VB/Research Ltd © 2013

All rights reserved13

TARGET(S) GEOGRAPHY DATE ANNOUNCED ACQUIRER(S) DEAL VALUE ($ MILLION)

The Climate Corporation USA 02/10/2013 Monsanto Company 930.0

Siemens Water Technologies Corp. USA 15/10/2013 AEA Investors LLC 863.5

Dalkia International France 28/10/2013 Veolia Environnement SA 747.0

Transpacific Industries Group Ltd. Australia 04/11/2013 Undisclosed 530.7

Suntech Power Holdings Co. Ltd China 25/10/2013 Shunfeng Photovoltaic International Ltd. 493.0

Veolia Environnement SA France 26/11/2013 Undisclosed 354.6

Wind farms (272.8MW) - Falck Renewables UK portfolio

UK 03/12/2013 Copenhagen Infrastructure Partners (CIP) 250.7

Hemlock Semiconductor Group USA 27/11/2013 Dow Corning Corp. 240.0

Wind farms (150.3MW) - Lower Saxony and Brandenburg

Germany 19/12/2013 Swisspower Renewables AG 216.1

Wind farm (182MW) - Panhandle 2, Wind farm (149MW) - Grand Renewable Energy Park

Canada 24/12/2013 Pattern Energy Group Inc. 202.4

TOP TEN MERGERS & ACQUISITIONS TRANSACTIONS 4Q13

VB/Research Ltd © 2013 All rights reserved

14

VB/Research Ltd © 2013 All rights reserved

PROJECT / ASSET FINANCE

15 VB/Research Ltd © 2013 All rights reserved

15

0

100

200

300

400

500

600

700

0

10

20

30

40

50

60

Num

ber of deals D

eal v

alue

($ b

illio

n)

Europe North America Asia Rest of the world Number of deals

GLOBAL PROJECT / ASSET FINANCE BY QUARTER AND REGION 1Q09 TO 4Q13

VB/Research Ltd © 2013 All rights reserved

16

TOTAL PROJECT FINANCE

$34.3 BILLION

GLOBAL PROJECT / ASSET FINANCE BY SECTOR 4Q13

PERCENTAGE OF TOTAL DEAL VALUE

OTHER

5%

SOLAR

40% WIND

46%

BIOMASS

9%

VB/Research Ltd © 2013 All rights reserved

17

TOTAL NUMBER OF PROJECT / ASSET FINANCE DEALS

446

PERCENTAGE OF TOTAL NUMBER OF DEALS

GLOBAL PROJECT / ASSET FINANCE BY SECTOR 4Q13

WIND

31%SOLAR

53%BIOMASS

8%

OTHER

8%

VB/Research Ltd © 2013 All rights reserved

18

PROJECT GEOGRAPHY EQUITY PROVIDER DEBT PROVIDER DEVELOPER DEAL VALUE ($ MILLION)

DolWin1, HelWin1 & SylWin1 Transmission Projects

Germany n/a European Investment Bank Transpower Stromubertragungs GmbH

688.0

Wind farm (288.6MW) - Miami Wind Energy Center

USA Several Financial Institutions

Morgan Stanley Invenergy LLC 626.0

Greater Gabbard Transmission Line Project

UK AMP Capital Partners LLC / Balfour Beatty Investments / Equitix Ltd.

HSBC / Banco Santander SA AMP Capital Partners LLC / Balfour Beatty Investments (F.K.A. Balfour Beatty Capital) / Equitix Ltd.

567.6

Wind farm (200MW) - Jiangsu Dafeng C2 Phase I

China China Longyuan Power Group

n/a China Longyuan Power Group

567.0

Vivint Solar Plant Portfolio

USA n/a Two Major Financial Institutions Vivint Solar 540.0

TOP FIVE PROJECT / ASSET FINANCE TRANSACTIONS 4Q13

VB/Research Ltd © 2013 All rights reserved

19

VB/Research Ltd © 2013 All rights reserved

PUBLIC MARKETS

20 VB/Research Ltd © 2013 All rights reserved

20

50

100

150

200

250

Perc

enta

ge (%

)

FTSE100 NASDAQ-100 First Trust Global Wind Energy (FAN)

First Trust NASDAQ Clean Edge Green ETF WilderHill New Energy Global Innovation Index Ardour Solar Energy Index

MSCI China Broad HSBC Climate Change Index

PUBLIC MARKETS PERFORMANCE 1Q13 TO 4Q13

VB/Research Ltd © 2013 All rights reserved

21

GLOBAL PUBLIC MARKETS TRANSACTIONS1Q08 TO 2Q13

0

2

4

6

8

10

12

14

16

Dea

l val

ue ($

mill

ion)

Convertible IPO Secondary

GEOGRAPHIC BREAKDOWN - PUBLIC MARKETS TRANSACTIONS AS A PERCENTAGE OF TOTAL DEAL NUMBERS 1Q08 TO 4Q13

GLOBAL PUBLIC MARKETS TRANSACTIONS 1Q08 TO 4Q13

41%

30%

28%

North America Asia-Pacific Europe South America Middle East

VB/Research Ltd © 2013 All rights reserved

22

ISSUER SECTORS COUNTRY ISSUE TYPE STOCK EXCHANGE PROCEEDS ($ MILLION)

Meridian Energy Ltd. Hydro/Wind New Zealand IPO New Zealand Stock Exchange 1583.0

Darling International Inc. Recycling & Waste USA Secondary NYSE 760.0

China Everbright International

Environmental Services & Remediation

China Secondary Hong Kong Stock Exchange 473.0

SolarCity Corp. Solar USA Secondary + Convertibles

NASDAQ 412.0

Infinis Ltd. Biomass UK IPO London Stock Exchange 375.0

TOP FIVE PUBLIC MARKETS TRANSACTIONS 4Q13

VB/Research Ltd © 2013 All rights reserved

23

VB/Research Ltd © 2013 All rights reserved

For more information: www.cleanenergypipeline.com

Tweet: CEpipeline

Clean Energy PipelineWells Point79 Wells StreetLondonW1T 3QN

+44 (0) 207 251 8000

www.cleanenergypipeline.com

CLEAN ENERGY PIPELINE

GLOBAL CLEAN ENERGY REVIEW4Q13 ANALYTICS AND GRAPHS

VB/Research Ltd © 2013 All rights reserved

24