Table of Contents
Foreword ................................................................................................................ 5
List of Figures ....................................................................................................... 7
Methodology and Definitions ................................................................................... 8
Executive Summary ............................................................................................... 10
1. Overview of Investment Trends .......................................................................... 16
1.1 Global Investment in Sustainable Energy
1.2 Investment in Technology
1.3 Investment by Geographical Region
2. Putting Sustainable Energy into Perspective ...................................................... 22
3. Technology Incubators ....................................................................................... 26
4. Venture Capital and Private Equity ...................................................................... 28
5. Public Markets ................................................................................................... 32
6. Asset Financings ................................................................................................ 36
7. Corporate Mergers & Acquisitions ...................................................................... 39
8. Investment Funds .............................................................................................. 42
9. Carbon Finance ................................................................................................. 45
10. Investment in Developing Countries ................................................................. 48
10.1 Investment in Asia
10.2 Investment in Latin America
10.3 Investment in Africa
11. Special Focus Section – Green Stimulus Packages .......................................... 57
Glossary ................................................................................................................ 61
References ............................................................................................................ 62
Global Trends in Sustainable Energy Investment 2009 7
FIGURES
Figure 1: New Investment in Sustainable Energy, 2002-2008 ...................................................................................................................................................
Figure 2: Global Transactions in Sustainable Energy, 2008 ...........................................................................................................................................................
Figure 3: Renewable power generation and capacity as a proportion of global power, 2003-2008 ..................................................................
Figure 4: SEFI Global Trends in Sustainable Energy Investment 2009 ...................................................................................................................................
Figure 5: Financial new investment quarterly trend, Global, Q1 2002-Q1 2009 .............................................................................................................
Figure 6: Acquisition transactions quarterly trend, Global, Q1 2002-Q1 2009 ..............................................................................................................
Figure 7: Global New Investment in Sustainable Energy, 2002-2008 ...................................................................................................................................
Figure 8: Financial new investment by technology, 2008, and growth on 2007 ...............................................................................................................
Figure 9: Acquisition transactions by technology, 2008, and growth on 2007 ...................................................................................................................
Figure 10: VC/PE new investment by technology, 2008 ...............................................................................................................................................................
Figure 11: Public markets new investment by technology, 2008 .............................................................................................................................................
Figure 12: Asset finance new build by technology, 2008 .............................................................................................................................................................
Figure 13: Financial new investment by country region, 2008 ...................................................................................................................................................
Figure 14: Financial new investment by region, 2002-2008 .......................................................................................................................................................
Figure 15: Acquisition transactions by region, 2002-2008 ............................................................................................................................................................
Figure 16: Renewable power generation and capacity as a proportion of global power, 2003-2008 .................................................................
Figure 17. Renewable Energy Added and Existing Capacities, 2008 .....................................................................................................................................
Figure 18: Green Stimulus allocations to Sustainable Energy by Country, April 2009 .................................................................................................
Figure 20: Sustainable energy incubators by affiliation, 2008 ....................................................................................................................................................
Figure 21: Incubated sustainable energy companies by sector ................................................................................................................................................
Figure 22: VC/PE new investment by stage, 2002 - 2008 ............................................................................................................................................................

Figure 24: VC/PE new investment by sector, 2002-2008 .............................................................................................................................................................

Figure 27: VC/PE new investment by region, 2008, and growth on 2007 ..........................................................................................................................
Figure 28: Public market new investment by stage, 2002-2008 ..............................................................................................................................................
Figure 29: NEX vs selected indices, 2003-2009 ................................................................................................................................................................................

Figure 32: Public market new investment by region of exchange, 2002-2008 ................................................................................................................

Figure 35: Asset financing new investment by type of security, 2002-2008 ......................................................................................................................
Figure 36: Asset financing new investment by sector,2002-2008 ...........................................................................................................................................

Figure 41: Sustainable energy funds by focus and asset class, as at March 2009 ............................................................................................................
Figure 42: Sustainable energy funds by asset class, March 2009 ..............................................................................................................................................
Figure 43: Sustainable energy public equity funds launched, 2002-2008 ...........................................................................................................................

Figure 45: State of the CER pipeline, 2005-2009 number of projects at each stage ...................................................................................................
............................................................
Figure 47: CER Project pipeline, number at each stage by country, March 2009 ...........................................................................................................
Figure 48: Installed Renewable Energy Capacity and Targets in China ................................................................................................................................
Figure 49: Installed Renewable Energy Capacity and Targets in India ...................................................................................................................................

Figure 51: Break down of Global Stimulus allocation to Sustainable Energy, 2009 .......................................................................................................
Figure 52: Figure 52. Green Stimulus allocations to Sustainable Energy by Sector, April 2009 ..............................................................................