Global clean energy investment rebounded in 2014, reaching $310 billion which exceeded expectations. This was driven by increases in solar, wind, and biofuel investments globally. Quarterly trends show investment increasing across all regions over the past decade, particularly in the US, Europe, and China, with solar and wind making up the majority of investments.

1. GLOBAL TRENDS IN
CLEAN ENERGY
INVESTMENT
Rebound in clean energy investment
in 2014 beats expectations
Luke Mills
09 January 2015

2. 1
CONTENTS
8 January 2015
1. Annual clean energy investment overview
2. Quarterly trends in clean energy: new investment
3. Quarterly trends in clean energy: funds in circulation
4. Clean energy indexes

3. ANNUAL CLEAN
ENERGY
INVESTMENT
OVERVIEW

4. 3
Note: Total values include estimates for undisclosed deals. AF = asset finance,
SDC = small distributed capacity.
Source: Bloomberg New Energy Finance
8 January 2015
CLEAN ENERGY INVESTMENT TYPES & FLOWS
2014 ($BN)
Technology
development
Equipment
manufacturing/ scale-up
Projects
Asset and company
mergers, acquisitions,
refinancing, buy-outs
etc.
+2
+15
+14 +3
+19 53 -4
+171
+17
+74 310
+75 385
VC CorpRD&D GovR&D PE Publicmarkets
newequity
Total
company
investment
Re-invested Renewable
energyAF
Digitalenergy
&storageAF
SDC Total
investment
M&A/buy-outs
etc.
Total
transactions

5. 4
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
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY
2004-14 ($BN)
$60bn
$88bn
$128bn
$175bn
$205bn $206bn
$272bn
$318bn
$294bn
$268bn
$310bn
46%
46%
36%
17%
0.5%
32%
17%
-7%
-9%
16%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

6. 5
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
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY BY REGION
2004-14 ($BN)
$28bn $39bn
$53bn
$75bn
$90bn $91bn
$124bn $132bn
$109bn
$74bn $78bn$13bn
$23bn
$44bn
$59bn
$63bn $50bn
$69bn
$86bn
$71bn
$68bn
$78bn
$19bn
$26bn
$31bn
$41bn
$52bn $65bn
$79bn
$99bn
$113bn
$126bn
$154bn
46%
46%
36%
17%
0.5%
32%
17%
-7%
-9%
16%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EMEA AMER APAC

7. 6
Notes: ‘Sovereign, supranational & agency’ includes bonds issued by issued by international financial institutions,
agencies and provinces to finance green projects. ‘Labelled corporate’ includes bonds issued by companies and explicitly
labelled as green. ‘US municipal’ refers to bonds issued by US municipalities to finance green projects. ‘Project’ refers to
project bonds backed by renewable energy projects. ‘ABS’ refers to asset-backed securities whose cashflows come from
a portfolio of underlying receivables such as loans, leases and PPAs associated with green projects. Source: Bloomberg New Energy Finance
ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY
TYPE, 2007-14 ($BN)
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014
ABS
Project
US municipal
Labelled corporate
Supranational,
sovereign & agency

8. QUARTERLY TRENDS
IN CLEAN ENERGY:
NEW INVESTMENT

9. 8
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
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY
Q1 2004-Q4 2014 ($BN)
9.3
12.2
9.0
10.6
13.2
20.5
15.7
20.621.8
27.3
23.2
37.1
27.8
35.4
37.6
52.4
35.9
51.9
46.0
44.4
30.4
50.6
47.6
44.8
50.4
56.2
58.6
68.9
57.3
77.7
73.8
64.8
54.0
71.6
60.2
64.4
43.1
64.6
54.8
61.5
59.3
72.1
65.1
67.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average

10. 9
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
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY BY REGION
Q1 2004-Q4 2014 ($BN)
9.3
12.2
9.0
10.6
13.2
20.5
15.7
20.6
21.8
27.3
23.2
37.1
27.8
35.4
37.6
52.4
35.9
51.9
46.0
44.4
30.4
50.6
47.6
44.8
50.4
56.2
58.6
68.9
57.3
77.7
73.8
64.8
54.0
71.6
60.2
64.4
43.1
64.6
54.8
61.5
59.3
72.1
65.1
67.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EMEA AMER APAC

11. 10
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
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY IN EUROPE
Q1 2004-Q4 2014 ($BN)
4.4
7.9
4.1
5.46.0
10.9
7.4
8.27.8
13.9
7.9
16.0
9.6
16.9
14.2
24.4
13.9
23.2 22.3
19.9
12.4
27.4
22.3
17.0
22.9
25.4
29.4
31.0
27.3
33.9
29.8
26.5
21.5
23.8
19.0
22.3
15.9
13.0
13.3
11.7
13.9 13.1
9.2
17.8
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average

12. 11
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
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY IN THE US
Q1 2004-Q4 2014 ($BN)
1.21.6
0.8
1.72.0
4.0
2.1
3.6
6.36.46.5
10.2
7.37.5
9.4
11.3
9.6
10.9
8.3
7.3
3.3
8.9
6.55.6
6.6
9.5
7.3
12.9
6.1
16.7
18.6
10.0
9.2
14.7
7.9
7.2
4.0
9.8
6.6
16.1
9.5
12.9
10.2
8.2
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average

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
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY IN CHINA
Q1 2004-Q4 2014 ($BN)
0.60.30.60.91.4
2.1
1.5
2.51.92.1
3.13.13.13.9
5.2
3.53.8
7.8
6.76.4
8.0
7.4
10.3
12.7
7.5
9.8
11.0
10.1
10.1
14.0
11.8
11.6
10.6
19.9
16.4
14.4
8.4
18.6
17.7
15.7
14.4
25.5
24.3
17.0
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
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
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY BY SECTOR
Q1 2004-Q4 2014 ($BN)
9.3
12.2
9.0
10.6
13.2
20.5
15.7
20.6
21.8
27.3
23.2
37.1
27.8
35.4
37.6
52.4
35.9
51.9
46.044.4
30.4
50.6
47.6
44.8
50.4
56.2
58.6
68.9
57.3
77.7
73.8
64.8
54.0
71.6
60.2
64.4
43.1
64.6
54.8
61.5
59.3
72.1
65.1
67.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Wind Solar Biofuels Other

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
8 January 2015
EMEA NEW INVESTMENT IN CLEAN ENERGY BY
SECTOR Q1 2004-Q4 2014 ($BN)
4.4
8.2
4.2
5.5
6.3
11.1
7.58.4 7.9
14.0
8.3
16.6
10.0
17.4
14.8
25.5
14.4
23.623.0
20.7
12.8
27.9
22.6
17.5
24.1
25.9
29.8
33.1
28.5
34.5
30.0
27.3
22.2
24.6
21.5
28.7
16.717.1
14.2
14.6
16.0
15.5
11.3
23.7
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Wind Solar Other

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
8 January 2015
AMER NEW INVESTMENT IN CLEAN ENERGY BY
SECTOR Q1 2004-Q4 2014 ($BN)
1.62.01.82.42.8
5.2
3.9
6.2
8.38.48.8
13.3
11.2
10.3
13.5
17.3
12.4
15.8
11.9
13.7
5.5
12.0
9.910.5
11.7
14.7
10.9
18.9
10.4
20.2
22.4
17.4
12.7
18.3
12.4
12.6
6.7
14.7
10.9
20.1
14.8
18.8
14.5
14.9
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Wind Solar Other

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
8 January 2015
APAC NEW INVESTMENT IN CLEAN ENERGY BY
SECTOR Q1 2004-Q4 2014 ($BN)
3.3
2.0
3.02.6
4.14.24.3
6.05.65.0
6.1
7.36.6
7.8
9.39.69.0
12.5
11.1
10.0
12.1
10.7
15.1
16.8
14.6
15.7
17.9
16.9
18.5
22.9
21.3
20.1
19.1
28.7
26.3
23.2
19.7
32.8
29.8
26.7
28.6
37.7
39.3
29.1
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Wind Solar Other

18. 17
*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
8 January 2015
NEW INVESTMENT IN CLEAN ENERGY BY ASSET
CLASS Q1 2004-Q4 2014 ($BN)
9.3
12.2
9.0
10.6
13.2
20.5
15.7
20.6
21.8
27.3
23.2
37.1
27.8
35.4
37.6
52.4
35.9
51.9
46.0
44.4
30.4
50.6
47.6
44.8
50.4
56.2
58.6
68.9
57.3
77.7
73.8
64.8
54.0
71.6
60.2
64.4
43.1
64.6
54.8
61.5
59.3
72.1
65.1
67.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Asset finance* Public markets VC/PE Small distributed capacity

19. 18
Source: Bloomberg New Energy Finance
8 January 2015
PUBLIC MARKET NEW INVESTMENT IN CLEAN
ENERGY Q1 2004-Q4 2014 ($BN)
0.20.10.00.40.80.90.7
2.6
1.8
4.3
1.0
3.23.2
3.83.8
13.2
1.1
6.9
2.8
1.0
0.4
4.8
4.0
5.9
1.4
3.33.6
5.5
4.54.4
1.5
1.00.8
1.51.9
0.61.0
3.8
2.1
5.4
6.4
5.2
5.3
1.7
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average

20. 19
Source: Bloomberg New Energy Finance
8 January 2015
TOP PUBLIC MARKET TRANSACTIONS OF THE
QUARTER Q4 2014
Organisation Stock exchange Sector
Type of
transaction
New equity
raised
Total
offering size
CS Wind
Korea Stock
Exchange (KOSPI)
Wind IPO $231.9m $231.9m
Huaneng Renewables
Hong Kong Stock
Exchange (HKEX)
Wind Secondary $225.3m $225.3m
Greencoat UK Wind
PLC/Fund
London Stock Exchange Wind Secondary $200.2m $200.2m
Bluefield Solar Income
Fund
London Stock Exchange Solar Secondary $192.3m $192.3m
NextEnergy Solar Fund London Stock Exchange Solar Secondary $149.2m $149.2m

21. 20
Note: Total values include estimates for undisclosed deals. Source: Bloomberg New Energy Finance
8 January 2015
VC/PE NEW INVESTMENT IN CLEAN ENERGY
Q1 2004-Q4 2014 ($BN)
0.2
0.60.30.30.60.70.40.81.11.51.8
1.2
2.1
1.51.8
2.62.4
3.1
4.2
2.6
1.3
1.82.2
1.4
2.82.8
1.6 1.92.02.32.01.9 1.81.9
1.21.5 1.5
1.1 0.60.9 1.2 1.5 1.0 1.1
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average

22. 21
Source: Bloomberg New Energy Finance
8 January 2015
TOP VC/PE TRANSACTIONS OF THE QUARTER
Q4 2014
Organisation Country Sector Type of transaction Value
Sunnova Energy United States Solar PE Expansion Capital $250.m
BluEarth Renewables Canada Wind PE Expansion Capital $71.4m
Lanzatech NZ New Zealand Biofuels VC Late Stage $60.m
Gebr Schmid Germany Solar PE Expansion Capital $40.m
Digital Lumens United States
Efficiency: Built
Environment
VC Late Stage $23.m

23. 22
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
8 January 2015
ASSET FINANCING FOR NEW BUILD RENEWABLE
ENERGY ASSETS Q1 2004-Q4 2014 ($BN)
6.89.4
6.5
7.7
9.5
16.3
12.1
14.7
16.7
19.2
18.4
30.3
20.2
27.2
29.2
33.8
27.5
37.4
34.8
35.7
20.9
36.1
33.3
29.7
32.2
36.5
39.1
46.8
32.3
53.0
51.9
44.1
31.9
49.1
38.4
43.7
27.3
46.6
38.7
42.0
34.6
47.9
40.9
47.3
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average

24. 23
Source: Bloomberg New Energy Finance
8 January 2015
TOP ASSET FINANCE TRANSACTIONS OF THE
QUARTER Q4 2014
Project name Country Sector Type of transaction Capacity Value
Dudgeon Offshore Wind Farm United Kingdom Wind Balance Sheet 402MW $2573m
Wikinger Offshore Wind Farm Germany Wind Balance Sheet 350MW $1712m
Sandbank Offshore Wind
Farm
Germany Wind Balance Sheet 288MW $1428m
Burbo Bank Offshore Wind
Farm Extension
United Kingdom Wind Balance Sheet 258MW Undisclosed
Xina Solar One STEG Plant South Africa Solar Term loan 100MW $1010m

25. QUARTERLY TRENDS
IN CLEAN ENERGY:
FUNDS IN
CIRCULATION

26. 25
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
8 January 2015
FUNDS IN CIRCULATION IN CLEAN ENERGY
Q1 2004-Q4 2014 ($BN)
2.93.3
1.6
4.04.5
8.4
7.1
12.6
9.0
10.9
5.6
14.0
9.5
14.7
18.6
21.9
18.3
11.8
14.4
17.5
12.3
17.7
15.9
20.1
16.8
11.6
13.7
19.7
12.2
18.1
29.4
20.8
19.2
15.1
12.0
25.3
20.3
18.0
16.2
16.7
18.4
18.9
21.3
16.6
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average

27. 26
Source: Bloomberg New Energy Finance
8 January 2015
TOP TRANSACTIONS FOR FUNDS IN CIRCULATION
Q4 2014
Organisation Country Sector
Type of
transaction
Acquirer Value
E.ON US Wind Portfolio
Enbridge Acquisition
United States Wind Balance Sheet Enbridge $650m
Acciona Energia
Internacional
Spain Wind
PE - Buy-out / corp
spinoff
KKR & Co $540m
Pinyon Pines Wind Portfolio
Refinancing
United States Wind
Term loan; Short term
facility (revolver/LOC)
Berkshire Hathaway $406m
Enel Green Power France France Wind Equity (company) Boralex $344m
EDC Burgos Wind Farm
Portfolio Refinancing
Philippines Wind Term loan Energy Development Corp $315m

28. 27
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
8 January 2015
CORPORATE M&A TRANSACTIONS IN CLEAN
ENERGY Q1 2004-Q4 2014 ($BN)
1.21.00.9
2.1
1.4
5.5
2.0
4.54.7
3.5
2.7
3.63.7
4.8
7.2
9.3
7.6
3.1
5.5
3.5
5.4
3.0
6.2
8.2
7.3
3.7
4.6
6.2
3.4
7.6
16.6
8.8
5.4
2.92.2
3.1
4.74.74.9
2.6
6.6
3.1 3.6 2.4
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average

29. 28
Note: Total values include estimates for undisclosed deals Source: Bloomberg New Energy Finance
8 January 2015
RENEWABLE ENERGY ASSET ACQUISITIONS &
REFINANCING Q1 2004-Q4 2014 ($BN)
1.41.7
0.6
1.51.71.5
2.8
6.5
3.94.0
2.4
8.9
3.2
6.9
9.8
10.8
9.9
6.2
6.9
12.3
6.7
12.7
8.79.7
8.1
7.1
7.89.1
7.8
10.0
11.3
11.0
12.7
11.0
9.0
21.1
15.2
10.4
10.5
13.2
10.7
14.0
16.6
13.2
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Four quarter running average

30. CLEAN ENERGY
INDEXES

31. 308 January 2015
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2003 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX
2003–15 YTD
0
100
200
300
400
500
Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15
S&P 500
NASDAQ
NEX

32. 318 January 2015
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX
2012–15 YTD
40
60
80
100
120
140
160
180
200
Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15
S&P 500
NASDAQ
NEX

33. 328 January 2015
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX
2013–15 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
S&P 500
NASDAQ
NEX

34. 338 January 2015
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan 2011 Source: Bloomberg New Energy Finance
NEX CLEAN ENERGY INDEX
2014–15 YTD
80
90
100
110
120
130
Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15
S&P 500
NASDAQ
NEX

35. 34
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 30 December 2005 Source: Bloomberg New Energy Finance
8 January 2015
NYSE BNEF REGIONAL CLEAN ENERGY INDEXES
2006-15 YTD
0
50
100
150
200
250
300
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14
NYSE BNEF
AMER Index
NYSE BNEF
ASOC Index
NYSE BNEF
EMEA Index
MSCI World &
Emerging
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

36. 35
Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December 2005 Source: Bloomberg New Energy Finance
8 January 2015
NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES
2006-15 YTD
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Dec 05 Sep 06 Jun 07 Mar 08 Dec 08 Sep 09 Jun 10 Mar 11 Dec 11 Sep 12
NYSE BNEF
Wind Index
NYSE BNEF
Solar Index
NYSE BNEF
EST Index
MSCI World &
Emerging
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

37. 36
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