Cement, Energy & Environment

( technology costs. While solar photovoltaic (PV) module prices fell by around 50 per cent, onshore wind turbine prices fell by between 5 per cent and 10 per cent. These changes helped in bringing wind and solar closer to being cost competitive with fossil fuels such as coal and gas. The other key feature was a weakening in policy support for RE in many developed countries, largely owing to austerity measures in Europe, and a legislative deadlock in the US. Table 1: Global Trends in REInvestment 2011 , .. , . - -· ~-.: ·:rvear:r ::2004 2005 2006 2007 '2008 2009 2010 2011 2010-11 2004-11 '.~~~QC?ry . Unit Sbn Sbn :. Sbn Sbn Sbn Sbn Sbn Sbn Growth CAGR ~'c, % .. 1.1 New investment 39.5 96.5 132.8 160.9 257.5 17% 31% 1.2 Total transactions 48.6 85.2 132.2 191.9 231.2 226.1 325.9 14% 31% 2 New Investment by Value Chain 2.1 Technology development 1 0.6 2.1.1 Venture capital 0.4 1.2 2.1 , 3.0 1.5 2.4 2.5 5% 30% 2.1.2 Government R&D 1.9 I ::~ 2.2 2.5 2.6 3.5 5.3 4.6 -13% 14% 2.1.3 Corporate AD& D 5.1 , 2.9 1 2.7 3.9 4.0 1 4.6 3.7 -19% 1 -5% 2.2 Equipment I I Manufacturing I 2.1.2 Private equity I I I expansion capital 0.3 , 1.0 1 3.0 3.2 , 6.9 2.8 2.9 2.5 I -15% 33% 2.2.2 Public markets I o.3 3.5 1 9.4 1 22.7 11.6 1 11.7 I 11.3 10.1 1 -10% 1 69% ' 2.3 Projects I I 121 .5 , 108.6 2.3.1 Asset finance I 22.8 40.5 71.7 92.0 138.8 164.4 j 18% 33% Of which re-invested 1 0.0 lu equity 0.0 5.7 4.5 2.4 6.0 6.1 3% 2.3.3 Small distributed capacity 8.6 10.8 7.2 13.4 21.6 31.2 60.4 75.8 25% 36% Total Financial 23.8 45.5 1 84.3 114.2 138.5 , 122.2 I 149.5 173.4 16% 33% Investment Gov't R&D, corporate 15.6 ' 15.3 12.2 18.5 28.1 38.7 70.3 84.1 20% 27% RD&D, small projects Total New 60.8 96.5 132.8 166.6 160.9 219.8 257.5 17% 31% Investment 3 M&A Transactions 3.1 Private equity buy- outs 0.9 3.8 1.7 3.6 5.6 2.6 1.9 3.4 77% 21% 3.2 Public markets 0.0 1.3 2.7 4.3 1.2 2.6 5.3 0.2 -97% investor exits 1 20.2 1 21.7 1 34% 3.3 Corporate M&A 2.6 6.9 12.9 18.7 1 21 .1 28.4 1 40% 3.4 Project acquisition & refinancing I 5.5 12.3 18.5 31.0 39.0 38.3 37.0 36.5 -1% 31% 4 New Investment by Sector 4.1 Wind 13.3 22.9 32.0 51.1 67.7 74.6 95.5 83.8 -12% 30% 4.2 Solar 13.8 16.4 19.5 37.7 57.4 58.0 I 96.9 1 147.4 52% 40% 4.3 Biofuels 3.5 , 8.2 1 26.6 1 24.5 19.2 9.1 J 8.5 6.8 j -20% 10% 4.4 Biomass & w-t-e 6.1 7.8 10.8 11.8 13.6 12.2 I 12.0 , 10.6 -12% 8% 4.5 Small hydro 1.4 4.4 1 5.4 5.5 6.6 4.7 , 3.6 5.8 1 59% 1 22% 4.6 Geothermal 1.4 1.0 1.4 1.4 1.9 2.0 I:: 2.9 -5% 12% 4.7 Marine 0.0 0.0 1 0.9 1 0.7 0.2 0.3 0.2 -5% 30% Total 39.5 60.8 96.5 132.8 166.6 160.9 219.8 257.5 17% 31% Table Contd... 17 ~