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Global clean energy investment falls for second consecutive year

Clean Energy Pipeline has 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 over £35 billion in 4Q13, a 15 per cent increase on the £30.8 billion invested in 3Q13 but a 21% decrease on the £45 billion recorded in the corresponding period in 2012. Despite the quarterly increase, total investment throughout 2013 decreased 20 per cent year-on-year to £128.9 billion. Total investment in the global clean energy sector has now fallen for two consecutive years.

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

The quarterly increase in project finance was underpinned by a 26 per cent surge in European wind project finance. This was due to the debt financing allocated to four large offshore wind transmission assets (Greater Gabbard, HelWin1, SylWin1 and DolWin1).

Significantly, the value of wind M&A activity more than doubled 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 per cent stake in a 273 MW portfolio of six operating UK-based wind farms and Crédit Agricole Assurances’ acquisition of a 50 per cent stake in a 440 MW wind farm portfolio.

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