绿色能源2014.pdfVIP

Green Energy 2014 Renewable Energy MA in the United States and Canada Contents Foreword 1 Executive summary 3 The evolving renewable energy MA landscape 4 looking in the rear view mirror: the main MA trends in 2013 MA activity poised to keep growing Who’s buying and selling? 6 the rise of the y ieldCo Institutional investors warming to renewable energy assets Utilities and IPPs still acquiring renewable energy assets European utility divestments slowing Focusing on deal terms 11 liquidity back at 2007 levels new investors compressing returns Solar in focus 13 United States – MA opportunities a plenty Canada – opportunity limited to ontario Wind in focus 15 United States – PtC uncertainty to catalyze MA activity Canada – ontario and Quebec offer immediate investment opportunities Foreword Over the last few years we have seen a strong evolution in the renewable energy sector, from investment value being created upstream and throughout various elements of the supply chain, to value being more concentrated downstream at either the project level, or developers and/or financiers enabling utility and distributed generation assets. The ongoing attractiveness of challenges that are leading to both biofuels with interest now waning investment yield associated with consolidation and rationalization. with limited commercial success renewable generation assets is New venture capital investment beyond some of the initial ethanol fueling continued capital flows into into the sector has slowed and and biodiesel players. Some of projects and pipelines of projects. focused on funding existing portfolio that investment and acquisition These capital flows have been evident companies. Corporations in the appetite has been captured in next- in new investment vehicles into the United St