Global Clean Energy Investments Fall Again

MarineLink.com
Thursday, January 16, 2014
  • New global clean energy investment decreases 20% in 2013 to $212 billion
  • Project finance posts 22% quarterly increase to $34.3 billion - wind dominates
  • Public market issuances reach ten-quarter high of $4.5 billion


Clean Energy Pipeline, the online daily financial news and data service dedicated to the clean energy sector, released its preliminary analysis of venture capital, private equity, project finance, mergers and acquisitions and public markets activity during 4Q13 and 2013.

New investment in the global clean energy sector totalled $58.2 billion in 4Q13, a 15% increase on the $50.7 billion invested in 3Q13 but a 21% decrease on the $74.1 billion recorded in the corresponding period in 2012. Despite the quarterly increase, total investment throughout 2013 decreased 20% year-on-year to $212 billion. Total investment in the global clean energy sector has now fallen for two consecutive years.

“We expected investment levels in 2013 to be disappointing” commented Douglas Lloyd, CEO of Clean Energy Pipeline. “With low gas prices in the US and ongoing policy uncertainty globally, it is no surprise that investment declined in 2013.”

Project finance posts 22% quarterly increase due to large European wind deals


Project finance totalled $34.3 billion in 4Q13, a 22% increase on the $28.2 billion recorded in the previous quarter but a 27% decrease on the $47.3 billion invested in 4Q12. Despite the quarterly increase, project finance throughout 2013 declined 25% year-on-year to $119 billion, the lowest annual investment volume since 2009.

The quarterly increase was underpinned by a 26% surge in European wind project finance to $5.2 billion. This was due to $1.3 billion debt financing allocated to four large offshore wind transmission assets (Greater Gabbard, HelWin1, SylWin1 and DolWin1), $697 million debt finance being invested in two offshore wind farms (London Array and Gemini), and the refinancing of some large onshore wind farm portfolios, including the $525 million loan secured by Infinis Ltd for its 274 MW portfolio of operational UK assets.

In the US, wind energy project finance posted a 6% quarterly increase to $2.7 billion as a series of utility-scale wind farms raised finance to ensure they could commence construction by the end of 2013, thereby qualifying for the Production Tax Credit. Notable deals included the debt and tax equity financing of Invenergy’s 288.6 MW Miami Wind Energy Centre in December 2013 and its 200.6 MW Prairie Breeze wind farm in October 2013 (value undisclosed). This contributed to project finance across the US increasing 22% quarter-on-quarter to $5.5 billion.

Public markets activity reaches ten-quarter high

Clean energy companies secured $4.5 billion on the public markets in 4Q13 through a mixture of IPOs, secondaries and convertible notes. This is the largest quarterly volume raised since 3Q11. This contributed to public markets activity trebling year-on-year to $13.0 billion in 2013.

Notable companies to execute deals included: Meridian Energy, which raised $1.6 billion through its IPO on the New Zealand Stock Exchange in October 2013; Darling International, which secured $760 million through a secondary offering on the New York Stock Exchange in December 2013; and China Everbright International, which netted $473 million through a secondary offering on the Hong Kong Stock Exchange in December 2013.

M&A deal values increase as wind activity surges

Clean energy M&A activity totalled $12.6 billion in 4Q13, a 6% increase on the $11.9 billion recorded in 3Q13 but a 39% decrease on $20.6 billion compared with the corresponding period in 2012. The number of transactions was high by historical standards - some 249 M&A deals were announced in 4Q13, an 11% increase on the quarterly average number of announced deals (225) recorded since the beginning of 2009.

Significantly, the value of wind M&A activity more than doubled to $3.4 billion in 4Q13 due to a series of acquisitions of large portfolios of operating wind farms in Europe. Notable deals include PensionDanmark’s acquisition of a 49% stake in a 273 MW portfolio of six operating UK-based wind farms for $251 million and Crédit Agricole Assurances’ acquisition of a 50% stake in a 440 MW wind farm portfolio (value undisclosed).

Venture capital and private equity still struggling


Venture capital and private equity investment in clean energy (excluding buyouts) totalled $1.5 billion in 4Q13, a 29% quarterly increase. However, investment levels are still 38% below the quarterly average value during the past five years ($2.4 billion). This contributed to investment decreasing 24% year-on-year to $6.1 billion in 2013. Annual investment has now fallen for two consecutive years from a peak of $15.6 billion in 2011.

The dramatic fall in activity is principally due to the absence of capital intensive investments in solar manufacturing companies. Only $106 million was invested in solar companies in 4Q13, substantially below the $633 million average quarterly investment volume tracked between 2009 and 2011.

cleanenergypipeline.com
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

Abu Dhabi Ports Try to Lure Chinese Businessmen

Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa

Environmental

US Navy Updated Zika Virus Infection Guidance

Navy Medicine released updated Zika Virus Infection guidance in NAVADMIN 121/16, May 26, communicating current information, travel precautions, and risk reduction

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

Energy

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

News

Seized Hanjin Shipping Vessel Resumes Operation in South Africa

Hanjin Paradip resume  its sailing from South Africa as talks continue with owner over unpaid charter fees. The ship had been detained in Richards Bay, South Africa

Deployment: The Transpacific Trade Steps Up To The Plate

In 2015, it was the Asia-Europe route which was the focus of changing deployment trends, says Clarksons Research.   This year, it is the Transpacific trade which

US Navy Updated Zika Virus Infection Guidance

Navy Medicine released updated Zika Virus Infection guidance in NAVADMIN 121/16, May 26, communicating current information, travel precautions, and risk reduction

Mergers & Acquisitions

CBP, AMO Unveils New Interceptor Vessel

U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO) and SAFE Boat International celebrated the unveiling of AMO’s newest coastal interceptor vessel (CIV) Thursday.

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

Konecranes-Terex Deal to Proceed as Zoomlion Drops Rival Bid

China's Zoomlion Heavy Industry Science and Technology Co Ltd has abandoned its $3.4 billion bid for U.S. crane maker Terex Corp , clearing the way for a smaller

Offshore Energy

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

Höegh LNG FSRUs on Strong Ground

Höegh LNG is upbeat on the group’s FSRU prospects as its profit rise comes on the back of an almost tripled average regasification flow rate on Höegh LNG’s FSRU

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1318 sec (8 req/sec)