The document is a fact pack providing an overview of clean energy investment trends in Q4 2015. It includes sections on annual clean energy investment, quarterly trends in new clean energy investment, funds in circulation, and clean energy indexes. The first section shows that global clean energy investment in 2015 totaled $329 billion, a 4% increase over 2014. Asia-Pacific accounted for the largest portion at $179 billion.

1. CLEAN ENERGY
INVESTMENT: Q4 2015
FACTPACK
Luke Mills
Joseph Byrne
January 2016

2. 1
CONTENTS
14 January 2016
2. Annual clean energy investment overview
3. Quarterly trends in clean energy: new investment
4. Quarterly trends in clean energy: funds in circulation
5. Clean energy indexes
1. Clean energy coverage and definitions

3. CLEAN ENERGY
COVERAGE &
DEFINITIONS

4. 3Source: Bloomberg New Energy Finance14 January 2016
CLEAN ENERGY COVERAGE
Technology / Services
Asset
Finance
(1MW+)
Small Scale
Finance
(<1MW)
Public
Markets
VCPE M&A
Re-Invested
Equity
Corporate
R&D
Government
R&D
Biofuels       
Biomass & Waste       
Geothermal       
Marine       
Small hydro       
Solar        
Wind       
Offshore wind transmission 
Carbon Markets   
General Finance & Legal Services   
Services & Support (Clean Energy)   
Digital Energy    
Efficiency: Built Environment   
Efficiency: Industry   
Efficiency: Supply Side   
Electrified Transport   
Energy Storage    
Fuel Cells   
Hydrogen   
EnergySmart
Technologies
Low
Carbon
Services
Renewables
TotalCleanEnergy
 
 
Asset Class
Key:
Renewable  Quarterly
Clean Energy  Annual Only

5. 4
Source: Bloomberg New Energy Finance
14 January 2016
DEFINITIONS: ASSET CLASSES
Venture capital &
private equity (VCPE)
Early and late stage VC funding rounds as well as funds raised privately for the purposes of expansion by
companies that are primarily involved in the clean energy industry according to BNEF exposure ratings.
Public markets (PM) New equity raised on capital or over-the-counter markets by publicly quoted companies that are primarily
involved in the clean energy industry according to BNEF exposure ratings . This may be through initial public
offerings (IPOs) or follow-on offerings (secondary, PIPEs, convertibles etc).
Asset finance (AF) The new-build financing of renewable energy generating projects. This includes both electricity generating and
biofuel production assets. Projects may be financed via the balance sheets of the project owners, or through
financing mechanisms such as syndicated equity from institutional investors, or project debt from banks.
Asset finance (EST) Same as above, but for digital energy and energy storage sub categories of the Energy Smart Technologies
sector. We only calculate this on an annual basis, so will not be included in quarterly investment estimates.
Re-invested equity Isolates values for balance-sheet-financed project investments (AF) by companies that have raised money
through VC/PE investors or on the capital markets over the past 12 months. The purpose of this calculation is to
prevent double-counting upon aggregation of project investments and company investments when calculating
total new financial investment in clean energy.
Small-scale solar Rooftop solar PV below 1MW in capacity. Given the difficulty in tracking individual residential-scale projects, our
main asset finance database excludes projects below a certain threshold. This threshold for most tracked
sectors is around 1MW. To compensate for this, we add back top-level estimates for missed deals of this nature.
Government R&D Government R&D figures are sourced from the IEA, IMF, OECD, various government agencies and the BNEF
green stimulus dataset.
Corporate R&D The Bloomberg terminal is used to source Corporate R&D figures for key quoted companies in each clean
energy sector, supplemented by data from the BNEF desktop and insight.

6. 5Source: Bloomberg New Energy Finance14 January 2016
DEFINITIONS: SECTORS
Wind Included in this sector are players across the entire value chain of both onshore and offshore developments.
From direct investment into wind farms to funds raised by manufacturers of turbines, components and
subassemblies, developers, generators, utilities and engineering firms.
Solar All technologies that capture energy directly from the sun. These include production of electricity using
semiconductor-based photovoltaic (PV) materials, use of concentrated sunlight to heat fluid to drive power
generation equipment (solar thermal electricity generation or 'STEG'), and passive methods which use solar to
replace fossil fuel energy, e.g. to heat water. Whilst company level investment of passive methods is recorded,
investment in passive projects is not.
Biofuels Liquid transportation fuels including biodiesel and bioethanol. These can be derived from a range of biomass
sources, including sugar cane, rape seed (canola), soybean oil or cellulose. Our database excludes producers of
base biomass, but includes suppliers of everything from the processing technologies and equipment, through the
logistics of distribution, to manufacturers of energy systems that are specially adapted for the use of biofuels and
products, and the services on which they depend.
Biomass & waste Production and consumption of solid and gaseous fuels derived from biomass. Solid biomass for the energy
sector can include a number of specially-grown crops, such as elephant grass or coppiced willow, but it can also
consist of crop residues such as straw. We include in this sector processors of other waste matter for energy
generation, such as sewage waste, chemical by-products and biogas produced from municipal waste, as their
exploitation often involves the same technologies as grown-for-purpose biomass.
Other renewables Includes:
Small hydro – the generation of electric power from the movement of water, with project capacity between 1MW
and 50MW
Geothermal – the extraction of useful power from heat stored in the earth
Marine – the extraction of energy from the sea.
Energy smart
technologies (EST)
This sector covers a range of non-renewable clean energy technologies including digital energy and smart grids,
power storage, hydrogen and fuel cells, advanced transportation and energy efficiency on both the demand and
supply side. For more in depth definitions of these please visit our corporate website:
Other low-carbon tech
/ services
This sector covers clean energy service companies such as consultants, government agencies and policy
makers, NGOs, financial service providers, investors, and clean energy information providers (such as
ourselves). It also covers the corporate activity of organisations across the carbon capture and storage (CCS)
and carbon market value chains.

7. ANNUAL CLEAN
ENERGY
INVESTMENT
OVERVIEW

8. 7
Note: Total values include estimates for undisclosed deals. AF = asset finance,
SDC = small distributed capacity.
Source: Bloomberg New Energy Finance
14 January 2016
2015 CLEAN ENERGY INVESTMENT TYPES & FLOWS
($BN)
Technology
development
Equipment
manufacturing/ scale-up
Projects
Asset and company
mergers,
acquisitions,
refinancing, buy-outs
etc.
● This chart shows the full range of investment in
clean energy by asset class. It runs from the
early ‘tech’ stage corporate finance fund raisings
and R&D to the left, through to the roll-out phase
of new build asset finance (AF) in the middle
finishing with total secondary market, non-new
investment including corporate M&A, PE
buyouts, investor exits and asset refinancing and
acquisitions.
● Further explanations of each asset class can be
found throughout the fact pack.
+4
+15
+13 +2
+14 48 -6
+199
+20
+67 329
+97 425
VC CorpRD&D GovR&D PE Publicmarkets
newequity
Totalcompany
investment
Re-invested Renewable
energyAF
Digitalenergy&
storageAF
SDC Total
investment
M&A/buy-outs
etc.
Total
transactions

9. 8
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
14 January 2016
NEW INVESTMENT IN CLEAN ENERGY
2004-15 ($BN)
● Total annual new investment in clean energy. This includes
all asset classes in all clean energy sectors.
$62bn
$88bn
$128bn
$175bn
$206bn
$207bn
$274bn
$318bn
$297bn
$272bn
$316bn
$329bn
42%
46%
36%
18%
0.8%
32%
16%
-7%
-8%
16%
4%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

10. 9
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
14 January 2016
NEW INVESTMENT IN CLEAN ENERGY BY REGION
2004-15 ($BN)
● Total annual new investment in clean energy by region. This
includes all asset classes and all clean energy sectors.
$30bn $39bn
$53bn
$75bn
$91bn $92bn
$126bn $135bn
$109bn
$79bn $80bn $72bn$14bn
$24bn
$44bn
$58bn
$63bn $51bn
$68bn
$85bn
$75bn
$66bn $75bn
$78bn
$19bn
$25bn
$31bn
$42bn
$52bn $64bn
$80bn
$98bn
$113bn
$127bn
$161bn $179bn
​ 42%
46%
36%
18%
0.8%
32%
16%
-7%
-8%
16%
4%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
EMEA AMER APAC

11. 10
Notes: (1) The funds raised by green bonds are neither entirely inclusive nor exclusive of figures for clean energy asset finance. (2) 'Corporate', 'sovereign, supranational and
agency' and ‘US municipal’ include only bonds explicitly labelled as green and which meet the criteria for receiving a green bond ‘tag’ on the Bloomberg Terminal. (3) 'Project'
includes bonds backed by the cash flows of an underlying renewable energy project or portfolio of projects. (4) 'ABS' includes asset-backed securities whose cash flows come
from a portfolio of underlying receivables such as loans, leases and PPAs where the receivables are associated with green (eg, renewable energy, energy efficiency) projects.
Source: Bloomberg New Energy Finance
ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY
TYPE, 2007-15 ($BN)
0
10
20
30
40
50
60
2007 2008 2009 2010 2011 2012 2013 2014 2015
ABS
Project
US municipal
Corporate
Supranational, sovereign &
agency

12. QUARTERLY TRENDS
IN CLEAN ENERGY:
NEW INVESTMENT

13. 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
14 January 2016
NEW INVESTMENT IN CLEAN ENERGY
Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
9.2
13.4
9.3
10.8
13.3
20.2
15.5
21.0
21.8
27.4
23.0
37.2
27.8
35.5
37.7
52.2
35.8
52.2
45.9
44.4
30.5
50.4
47.6
44.9
50.4
56.1
58.4
70.9
57.4
80.0
73.2
62.5
53.4
71.4
60.2
65.9
42.8
64.2
54.7
64.3
57.7
73.8 69.5
68.8
60.5
85.3
66.8
68.1
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

14. 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
14 January 2016
NEW INVESTMENT IN CLEAN ENERGY BY REGION
Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
9.2
13.4
9.3
10.8
13.3
20.2
15.5
21.021.8
27.4
23.0
37.2
27.8
35.5
37.7
52.2
35.8
52.2
45.944.4
30.5
50.4
47.6
44.9
50.4
56.1
58.4
70.9
57.4
80.0
73.2
62.5
53.4
71.4
60.2
65.9
42.8
64.2
54.7
64.3
57.7
73.8
69.5
68.8
60.5
85.3
66.8
68.1
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
EMEA AMER APAC

15. 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
14 January 2016
NEW INVESTMENT IN CLEAN ENERGY IN EUROPE
Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
4.2
8.9
4.3
5.46.3
10.9
7.0
8.17.8
13.9
7.9
16.1
9.7
16.8
14.3
24.8
14.0
23.5 22.1
20.0
13.5
27.6
22.3
17.1
22.4
25.1
29.6
33.6
27.6
34.5
30.7
26.7
21.3
23.6
19.3
21.7
15.6
12.9
13.0
14.7
13.6
16.4
11.3
18.2
10.0
16.1
6.3
13.9
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

16. 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
14 January 2016
NEW INVESTMENT IN CLEAN ENERGY IN THE US
Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
1.21.7
0.9
1.72.0
3.6
2.1
4.3
6.36.56.4
10.3
7.37.4
9.4
11.4
9.6
11.1
8.3
7.3
3.1
8.7
6.55.6
6.7
9.4
7.2
12.6
5.9
16.4
18.5
9.6
9.2
14.8
8.09.3
3.9
9.6
6.4
16.1
8.9
12.0
10.5
9.1
8.9
13.3
12.1
10.4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

17. 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
14 January 2016
NEW INVESTMENT IN CLEAN ENERGY IN CHINA
Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
0.60.30.60.81.4
2.2
1.5
2.42.12.1
3.13.13.13.9
5.2
3.63.8
7.8
6.66.37.27.3
10.3
12.7
7.5
10.2
10.9
10.8
10.5
15.0
10.7
9.7
10.1
19.8
16.3
13.9
7.9
18.7
17.4
15.7
14.1
24.5
26.0
20.7
18.9
32.9
25.7
23.7
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

18. 17
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
14 January 2016
NEW INVESTMENT IN CLEAN ENERGY BY SECTOR
Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
9.2
13.4
9.3
10.8
13.3
20.2
15.5
21.0
21.8
27.4
23.0
37.2
27.8
35.5
37.7
52.2
35.8
52.2
45.944.4
30.5
50.4
47.6
44.9
50.4
56.1
58.4
70.9
57.4
80.0
73.2
62.5
53.4
71.4
60.2
65.9
42.8
64.2
54.7
64.3
57.7
73.8
69.5
68.8
60.5
85.3
66.8
68.1
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Wind Solar Biofuels Other

19. 18
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
14 January 2016
EMEA NEW INVESTMENT IN CLEAN ENERGY BY
SECTOR Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
4.3
9.2
4.4
5.5
6.6
11.0
7.18.37.9
14.0
8.3
16.6
10.0
17.3
14.8
25.3
14.4
23.922.8
20.8
13.9
28.1
22.6
17.6
23.7
25.6
30.0
35.6
28.8
35.1
31.0
27.6
22.0
24.4
21.7
27.9
17.017.1
14.0
17.5
15.3
18.6
12.9
20.5
14.9
19.2
9.5
15.2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Wind Solar Other

20. 19
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
14 January 2016
AMER NEW INVESTMENT IN CLEAN ENERGY BY
SECTOR Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
1.62.11.92.52.7
4.9
3.9
6.9
8.18.48.5
13.2
11.2
10.1
13.6
17.2
12.4
15.8
12.0
13.7
5.2
11.6
9.9
10.4
12.1
14.4
10.6
17.8
9.7
20.9
22.1
16.9
12.6
18.5
12.4
15.1
6.6
14.4
11.0
20.0
14.1
17.7
15.5
14.1
12.7
18.7
17.3
15.5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Wind Solar Other

21. 20
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
14 January 2016
APAC NEW INVESTMENT IN CLEAN ENERGY BY
SECTOR Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
3.3
2.0
3.02.8
4.04.34.4
5.85.8
5.0
6.2
7.36.7
8.1
9.49.8
9.0
12.5
11.2
9.9
11.410.7
15.2
16.9
14.6
16.1
17.817.5
18.9
24.0
20.1
18.018.7
28.5
26.1
22.9
19.3
32.7
29.6
26.8
28.2
37.5
41.1
34.2
32.8
47.3
40.0
37.4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Wind Solar Other

22. 21
*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
14 January 2016
NEW INVESTMENT IN CLEAN ENERGY BY ASSET
CLASS Q1 2004-Q4 2015 ($BN)
● Quarterly new investment in clean energy. This includes
investment into all asset classes except EST asset finance
and R&D, which are compiled on an annual basis only.
9.2
13.4
9.3
10.8
13.3
20.2
15.5
21.0
21.8
27.4
23.0
37.2
27.8
35.5
37.7
52.2
35.8
52.2
45.9
44.4
30.5
50.4
47.6
44.9
50.4
56.1
58.4
70.9
57.4
80.0
73.2
62.5
53.4
71.4
60.2
65.9
42.8
64.2
54.7
64.3
57.7
73.8
69.5
68.8
60.5
85.3
66.8
68.1
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Asset finance* Public markets VC/PE Small distributed capacity

23. 22
Source: Bloomberg New Energy Finance
14 January 2016
PUBLIC MARKET NEW INVESTMENT IN CLEAN
ENERGY Q1 2004-Q4 2015 ($BN)
Note: Total values include estimates for undisclosed deals.
● New equity raised on capital or over-the-counter (OTC)
markets by publicly quoted companies that are primarily
involved in the clean energy industry. This may be through
initial public offerings (IPOs) or follow-on offerings
(secondary, PIPEs, convertibles etc).
0.20.1 0.40.80.90.7
2.5
1.8
4.3
1.0
3.43.3
4.23.9
13.2
1.1
6.8
2.7
1.0
0.4
4.6
4.0
5.9
1.4
3.33.5
5.4
4.64.3
1.4
1.00.8
1.51.9
0.61.0
3.8
2.0
5.1
6.7
5.0
5.7
2.3 2.3
6.2
3.8
2.1
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

24. 23
Source: Bloomberg New Energy Finance
14 January 2016
TOP PUBLIC MARKET TRANSACTIONS OF THE
QUARTER Q4 2015
Organisation Stock exchange Sector
Type of
transaction
New equity
raised
Total
offering size
Sanan Optoelectronics Shanghai Stock Exchange Solar Secondary $544m $544m
SunPower
NASDAQ Global Select
Market (GS)
Solar Convertible $400m $400m
Xiamen Changelight
Shenzhen Stock
Exchange - Main Board
Efficiency: Built
Environment
Secondary $125m $125m
Renewables
Infrastructure Group
London Stock Exchange Wind Secondary $119m $119m
SolarCity
NASDAQ Global Select
Market (GS)
Solar
Private Investment in
Public Equity (PIPE)
$113m $113m

25. 24
Note: Total values include estimates for undisclosed deals. Source: Bloomberg New Energy Finance
14 January 2016
VC/PE NEW INVESTMENT IN CLEAN ENERGY
Q1 2004-Q4 2015 ($BN)
● Early- and late-stage VC funding rounds as well as funds
raised privately for the purposes of expansion by companies
that are primarily involved in the clean energy industry
according to BNEF exposure ratings.
0.2
0.60.30.30.50.70.40.71.11.51.8
1.2
2.0
1.51.8
2.62.4
3.1
4.1
2.6
1.3
1.82.2
1.4
2.72.8
1.5
4.1
2.02.31.91.81.81.91.21.41.41.10.70.91.2
1.5
1.1
1.0
1.21.41.71.3
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

26. 25
Source: Bloomberg New Energy Finance
14 January 2016
TOP VC/PE TRANSACTIONS OF THE QUARTER
Q4 2015
Organisation Country Sector Type of transaction Value
Sunnova Energy United States Solar PE Expansion Capital $300m
Welspun Energy India Solar PE Expansion Capital $165m
Renovate America United States
Efficiency: Built
Environment
VC Late Stage $90m
Sungevity United States Solar PE Expansion Capital $50m
Younicos Germany Energy Storage PE Expansion Capital $50m

27. 26
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
14 January 2016
ASSET FINANCING FOR NEW-BUILD RENEWABLE
ENERGY ASSETS Q1 2004-Q4 2015 ($BN)
● The new-build financing of utility-scale renewable energy
generating projects. This includes both electricity and biofuel
production assets. Projects may be financed via the balance
sheets of the project owners, or through mechanisms such
as syndicated equity from institutional investors and project
debt from banks.
6.7
10.5
6.8
8.0
9.6
16.1
11.8
15.2
16.7
19.3
18.3
30.3
20.2
27.0
29.2
33.5
27.5
37.6
34.9
35.8
21.0
36.2
33.3
29.7
32.0
35.9
38.7
46.3
32.4
55.6
51.5
41.9
31.2
48.7
38.3
45.1
27.2
46.5
38.9
45.4
35.4
52.7
48.7
51.6
41.0
62.8
46.1
49.1
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

28. 27
Source: Bloomberg New Energy Finance
14 January 2016
TOP ASSET FINANCE TRANSACTIONS OF THE
QUARTER Q4 2015
Project name Country Sector Type of transaction Capacity Value
Galloper Offshore Wind Farm United Kingdom Wind Debt 336MW $2314m
Nafin Mexico Wind Farm
Portfolio
Mexico Wind Debt 1605MW na
Walney Island Offshore Wind
Farm Extension Phase I
United Kingdom Wind Equity 330MW na
Walney Island Offshore Wind
Farm Extension Phase II
United Kingdom Wind Equity 330MW na
Nobelwind Offshore Wind
Farm Phase II
Belgium Wind Debt 165MW $728m

29. QUARTERLY TRENDS
IN CLEAN ENERGY:
FUNDS IN
CIRCULATION

30. 29
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
14 January 2016
FUNDS IN CIRCULATION IN CLEAN ENERGY
Q1 2004-Q4 2015 ($BN)
● Global secondary market acquisition transactions. This
shows non-new investment in the clean energy industry
through corporate M&A, private equity buy-outs and public
market investor exits, as well as the refinancing or
acquisition of renewable assets.
2.93.3
1.6
4.04.5
8.4
7.1
12.6
8.5
11.1
5.7
14.2
9.5
14.6
18.6
22.0
17.9
11.2
14.0
18.9
12.3
17.7
15.8
20.2
16.8
11.5
13.6
20.0
12.1
17.7
30.7
20.2
19.2
15.1
12.0
25.2
21.8
16.6
17.3
15.4
17.5
24.4
19.8
32.1
26.4
21.6
17.8
30.7
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

31. 30
Source: Bloomberg New Energy Finance
14 January 2016
TOP TRANSACTIONS FOR FUNDS IN CIRCULATION
Q4 2015
Organisation Country Sector
Type of
transaction
Acquirer Value
Invenergy North American
Wind Portfolio TerraForm
Acquisition
Canada Wind Term loan TerraForm Power $2000m
MeerWind Sud und Ost
Offshore Wind Farm Phase I
Refinancing
Germany Wind Bond Blackstone Group $1067m
Benedict First State
Investment Portugal Wind
Farm Portfolio Acquisition
Portugal Wind Bond First State Wind Energy $1012m
Finerge-Gestao de Projectos
Energeticos
Portugal Wind Equity (company) First State Wind Energy $956m
GDF Suez Mitsui Axium
Infrastructure Canadian
Wind/Solar Portfolio
Refinancing
Canada Wind Term loan
Fiera Axium, IPR-GDF, Mitsui &
Co
$464m

32. 31
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
14 January 2016
CORPORATE M&A TRANSACTIONS IN CLEAN
ENERGY Q1 2004-Q4 2015 ($BN)
● Global mergers and acquisitions of companies that are
primarily involved in the clean energy industry according to
BNEF exposure ratings.
1.11.00.9
2.1
1.4
5.5
2.0
4.54.2
3.5
2.8
3.73.8
4.8
7.1
9.4
7.3
3.0
5.2
3.4
5.4
3.0
6.2
8.2
7.3
3.6
4.6
6.3
3.3
7.4
16.5
8.7
5.4
3.02.2
3.1
6.9
4.0
4.5
2.4
6.5
3.2 4.8
3.3
12.0
3.4
2.3
4.1
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

33. 32
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
14 January 2016
RENEWABLE ENERGY ASSET ACQUISITIONS &
REFINANCING Q1 2004-Q4 2015 ($BN)
● Global acquisitions or refinancing's of utility-scale (1MW+)
renewable energy generating assets.
1.41.7
0.7
1.51.81.5
2.8
6.5
4.04.1
2.4
9.0
3.1
6.9
9.8
10.9
9.9
5.9
6.9
13.8
6.7
12.7
8.7 9.7
8.1
7.1
7.7
9.4
7.7
9.7
12.7
10.4
12.7
11.0
9.0
21.0
14.5
9.8
12.0
12.3
10.1
19.5
13.8
27.8
10.7
18.0
15.4
25.3
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Four quarter running average

34. CLEAN ENERGY
INDEXES

35. 3414 January 2016
Note: Values as of 13 January 2016; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX
2003–16 YTD
● The WilderHill New Energy Global Innovation Index (NEX) is a modified dollar-weighted index of publicly traded
companies active in renewable and low-carbon energy, and which stand to benefit from responses to climate change
and energy security concerns. The majority of index members are quoted outside the US.
0
100
200
300
400
500
Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15

36. 3514 January 2016
Note: Values as of 13 January 2016; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX
2012–16 YTD
40
60
80
100
120
140
160
180
200
Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16

37. 3614 January 2016
Note: Values as of 13 January 2016; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX
2013–16 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 Apr 15 Jul 15 Oct 15 Jan 16

38. 3714 January 2016
Note: Values as of 13 January 2016; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX
2014–16 YTD
80
90
100
110
120
130
Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16 Mar 16

39. 38
Note: Values as of 13 January 2016; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance
14 January 2016
NYSE BNEF REGIONAL CLEAN ENERGY INDEXES
2006-16 YTD
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 Jan 16
NYSE Bloomberg
Americas Clean Energy
Index
NYSE Bloomberg Asia
Pacific Clean Energy
Index
NYSE Bloomberg
Europe, Middle East &
Africa Clean Energy
Index
MSCI World & Emerging

40. 39
Note: Values as of 13 January 2016; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance
14 January 2016
NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES
2006-16 YTD
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 Jan 16
NYSE Bloomberg Global
Wind Energy Index
NYSE Bloomberg Global
Solar Energy Index
NYSE Bloomberg Global
Energy Smart Technologies
Index
MSCI World & Emerging

41. 40
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