Clean Energy Europe FinanceGuide 2013 - Clean Energy Pipeline

Clean Energy Europe 

Finance Guide 2013 

Second edition 

Sponsored by: 

Distributed by:

Disclaimer 

No company, investor or advisor has paid for inclusion in the Clean Energy Europe Finance 

Guide 2013 league tables or directory. 

League tables are based on deals that were announced during the 2012 calendar year. The 

exception are the league tables ranking legal and financial advisors, which are based on 

deals that have completed in 2012. This approach has been adopted as advisors are often 

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All data is compiled from publicly available sources. 

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in or acquired a European-based clean energy company or project in the 2012 calendar year. 

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during the same period. Government agencies that provided grant funding during the same 

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Contents 



Managing Editor: 

Estelle Lloyd 

Research Director: 

Thomas Sturge 

Production Editor: 

Tom Naylor 

Business Development Manager: 

Chris White 



Published by: 



Wells Point 


London, W1T 3QN 

UK 

Copyright © 2005-2013 


+44 (0) 207 251 8000 (EMEA) 

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publication may be reproduced, 

in English or other languages, 

stored in a retrieval system 

or transmitted, in any form or 

by any means, without prior 

permission of the publishers. This 

includes hosting all or part of this 

publication online. 

Foreword....................................................................................................3 

Douglas Lloyd 


Opportunities in Cleantech Investing......................................................4 

Ian Thomas 

Turquoise International Ltd. 

How to Identify Real Sustainable Investments?..................................10 

Volkmar Liebig 

Sustainability Intelligence Ltd. 

Liechtenstein: Financial Centre of the Future......................................15 

Simon Tribelhorn 

Liechtenstein Bankers Association 

Maximise Yield | Minimise Risks......................................................... 20 

Thomas Götz 

SMA Solar Technology AG 

Offshore Renewable Energy Opportunities in the ..............................24 

Isle of Man Territorial Seas 

League Tables.........................................................................................27 

Market Analysis..................................................................................... 39 

○○ 

Project Finance Investment Analysis 

○○ 

Mergers & Acquisitions Analysis 

○○ 

Venture Capital & Private Equity Investment Analysis 

Directory................................................................................................. 53 

1

ONTARIO, CANADA 

A powerhouse for alternative energy and clean technology growth 

Producing nearly 40% of Canada’s GDP, the Province of Ontario is the engine of Canadian 

innovation. The Ontario Clean Technology Alliance provides the spark for that engine and serves 

as the gateway to North America’s $17 trillion (GDP) economy. 

In 2009, as part of the Green Energy Act (GEA), Ontario introduced the feed-in tariff program, 

North America’s first comprehensive guaranteed pricing structure for renewable electricity 

production. Offering stable prices under long-term contracts for biomass, biogas, landfill gas, 

onshore wind, solar photovoltaic and waterpower energy, the feed-in tariff program is driving 

renewable energy in Ontario. 

As a global centre of excellence and opportunity for renewable energy and environmental 

efficiency, Ontario supports over 2,700 environmental industry companies that generate $8 

billion annually and employ over 65,000 people. 

Supported by nearly $3 billion in spending over eight years and a focus on seizing market 

opportunities, Ontario’s innovation agenda builds on the strengths of the province’s diverse 

culture, creative, highly skilled talent pool and world-class education system. 

THE ONTARIO CLEAN TECHNOLOGY ALLIANCE OFFERS: 

• excellent growth opportunities to companies 

• a low-risk business environment 

• and generous R&D tax credits that are the envy of other G-8 countries 

The Ontario Clean Technology Alliance is a collaboration of the Department of Foreign Affairs 

and International Trade Canada, the Ontario Ministry of Economic Development, Trade and 

Employment, and many Ontario communities that have a shared goal: to attract and assist 

foreign cleantech companies establish a presence in one of our respective communities. 

To learn more about how we can help you establish your business in Ontario, please visit: 

www.ontariocleantechalliance.com 

2


Foreword 

Foreword 


Douglas Lloyd 

Founder & CEO 


When it comes to the clean energy sector the glass sometimes seems half empty. But is it really? 

We could focus on the fact that total investment in the European clean energy sector was lower in 2012 than the previous 

year. We could also bemoan government policy u-turns and ever decreasing subsidies. But let’s look at the sector from a longer 

term standpoint. 

During the last three years, the system cost of renewable energy has decreased significantly. According to the German Solar 

Industry Association, rooftop solar PV systems cost only Eur1.8/Wp in 4Q12, a 46% decrease on the cost three years ago. That 

has very positive implications for the future of the sector, not least the fact that installations are now at grid parity in regions 

with strong solar resources such as Italy. This is also persuading more risk-averse financing sources, such as pension funds, to 

consider clean energy projects as an investment grade asset class. 

Given the importance of the offshore wind sector to the European clean energy sector as a whole, it was also encouraging to 

see some really sizeable project debt financings in the sector in 2012. Project debt financing packages arranged for the 270MW 

Lincs offshore wind farm and the 400MW MEG 1 offshore wind farm stand out as examples of growing support for the sector. 

As you might have already guessed, at Clean Energy Pipeline we like to take a longer term view. 

This is the first in a series of “second edition” region and country specific guides that will be launched in the coming few 

months. The purpose of the guide hasn’t changed, namely to provide companies, investors, banks and advisors with valuable 

insight into the European clean energy investment landscape. However, the content has been enhanced to ensure that these 

guides remain valuable for as long as possible. Please let us know what we can do to continue to improve it further. 

Lastly I would like to thank our sponsors, Turquoise Associates, SMA Solar, the Liechtenstein Bankers Association, Sustainable 

Intelligence Ltd and the Ontario Clean Technology Alliance for their contributions to this guide as well as my research team, 

who have worked tirelessly to bring this guide together. 

I look forward to seeing some of you at the guide’s launch at Marsh’s offices in London on 18 April. 

Douglas Lloyd 

Founder & CEO 



3

Thought leadership 

Turquoise International Limited 

Opportunities in 

Cleantech Investing 

looking beyond wind and solar 

Ian Thomas 

Managing Director 


Ian Thomas is a Managing Director of Turquoise International, a London-based merchant 

bank specialising in Energy and Environment. Turquoise is active in corporate finance 

advisory, including fundraising and M&A, as well as venture capital investments through 

the Low Carbon Innovation Fund (LCIF) and Turquoise Capital. LCIF is an £18.5 million fund, 

based at the University of East Anglia and backed by the European Regional Development 

Fund, which has to date invested in nine companies over 15 investment rounds. 

Around a decade ago, renewable energy/cleantech 

emerged as a recognised investment class distinct from 

the broader power and technology sectors. Since then, 

the vast majority of investment into the sector, both 

quoted and unquoted, has been deployed in wind and 

solar, encompassing project assets, technology and the 

manufacturing/supply chain. Indeed, according to data 

compiled by Clean Energy Pipeline, more than 73% of 

all cleantech and renewables investment since 2009 has 

flowed to wind and solar. This is not an unreasonable 

outcome given the relative maturity of those technologies; 

however, the fact that the overall allocation of investment 

to the sector has been very limited compared to other 

industries (i.e. oil & gas, traditional power, etc.) means that 

there has been significant underfunding of other parts of 

the cleantech and renewables universe. 

The concentration of money in wind and solar contributed 

to overvaluation of many investments in those sectors, 

particularly in the solar technology and manufacturing 

supply chain. When combined with structural changes 

in those industries, primarily the entrance of Chinese 

manufacturers, the result was significant losses for some 

investors (although early entrants did enjoy a number of 

notable successes). More recently, this has been exacerbated 

by the under-pricing of political risk, as manifested 

in unanticipated changes to regulation and levels of 

government subsidy: prominent examples include the 

Spanish renewables sector (effectively changing tariffs 

retroactively) and the UK solar sector (last minute policy 

change). This experience has caused a number of investors 

to reduce or discontinue their investment across the 

cleantech/renewables sector as whole. 

“There is a perception among some investors 

that geothermal is a high risk activity because 

of the need to drill wells.” 

However, there may be a outcome to these 

developments. Those investors who remain committed 

to cleantech and renewables, as well as new entrants to 

the asset class, should recognise the existence of a diverse 

range of other sub-sectors outside wind and solar and 

that the risk profile of investments in these areas is not 

as great as has been generally perceived. A number of 

other technologies are now reaching maturity and, in 

many cases, enjoy strong commercial drivers that are 

independent of direct government support. Investment 

in them brings the benefits of diversification and risk 

reduction across the portfolio. 

4



Below we explore some of the many areas in which 

Turquoise sees significant growth potential. These 

opportunities can be broadly grouped together as: (a) 

renewable energy generation (including associated supply 

chains) outside wind and solar; and (b) resource efficiency, 

including energy, water and materials (including both 

manufacturing and recycling). 

Heating up – investing in geothermal 

On the energy generation side, one of our preferred areas 

is geothermal. While this is not a new technology, and has 

been widely deployed globally, it remains underexploited 

in some geographies and in certain applications. Turquoise 

has been involved in raising funds for a project developer 

targeting deep hot water reservoirs for combined heat and 

power in southern Germany, where there are significant 

proven geothermal resources yet to be developed and an 

attractive tariff. In addition, the Low Carbon Innovation 

Fund is finalising an investment in a developer of 

geothermal heat projects in the UK, targeting mediumdepth 

hot water resources to feed district heating networks 

to be built out by a leading utility and benefiting from the 

Renewable Heat Inc.entive (RHI). Although both business 

models do depend to a large extent on public subsidy, they 

are operating in niche areas where the total cost to the 

relevant government is very limited, making radical change 

unlikely. 

There is a perception among some investors that geothermal 

is a high risk activity because of the need to drill wells. This 

ignores the vast pool of expertise that exists within the 

oil & gas industry, as well as specialist geothermal service 

providers, which substantially de-risks what are, by oil & gas 

standards, technically straightforward wells (being onshore 

and not excessively deep). Moreover, the insurance industry 

is able to provide a range of risk mitigation options for 

drilling. Lastly, for heat applications, there is less resource 

risk as heating networks can function with lower water 

temperatures than are required for electricity generation. 

Energy in motion – wave and tidal 

Marine energy is another sector that holds significant 

potential even though financial investors have, to date, 

found it to be extremely challenging. The main issues 

surround the cost and timescale for bringing a complete 

marine energy generation system to market, as well as 

difficulties in evaluating the best technical approach 

among the huge variety of different designs being 

proposed. However, a considerable amount of money has 

already been spent across the marine energy sector in 

finding out what does work, what might work and what 

doesn’t work and these learnings can be capitalised on by 

later entrants to produce more effective designs at lower 

development cost. 

Particular areas of opportunity include specific components 

or sub-systems such as platforms or other infrastructure 

which reduce the cost of both the initial installation and ongoing 

maintenance of the core energy generation system. 

Examples of companies active in this field are Oceanflow 

Energy (www.oceanflowenergy.com) and Sustainable 

Marine Energy (www.sustainablemarineenergy.com). 

This approach translates into a play on the industry as a 

whole by addressing one of the key cost barriers to large 

scale deployment of marine turbines whilst avoiding the 

need to pick the winning generation technologies. There 

is also potential in niche generation applications such as 

Trident Energy (www.tridentenergy.co.uk), which attaches 

to existing offshore platforms and harvests wave energy to 

supply power to oil & gas and wind farm installations. 

5



Beyond food vs. fuel – sustainable biofuels 

There are interesting investment opportunities in the 

biofuels sector, created in part by a lack of understanding of 

the complexity surrounding different categories of biofuel, 

sources of feedstock, process technologies and regulation. As 

with the marine sector, significant amounts of capital have 

been lost in biofuels in the past, predominantly in European 

biodiesel and US ethanol. However, for new investors to the 

sector, there is an opportunity to learn from this experience 

and exploit new areas of opportunity. 

In terms of first generation biofuels, the main opportunity 

is in European bioethanol where, despite proposed changes 

to regulation, current installed capacity is inadequate to 

meet mandated blending requirements for road transport 

fuel. Project developers such as Vireol (www.vireol.com), 

who have secured prime locations in large petrol markets 

and that are close to feedstock and transport hubs, are 

well placed to benefit in the period through to 2020. In the 

biodiesel sector, which has experienced the greatest pressure 

on feedstock prices and food-versus-fuel conflicts, there is a 

pressing need for second generation technologies that use 

non-food feedstocks. There is also a large opportunity in 

cellulosic ethanol in the US and Brazil in particular for the 

retrofitting of new technologies to existing first generation 

plants in order to significantly improve yields and/or 

convert them fully to second generation processes. A range 

of companies in the US and Europe are now developing 

biofuel and renewable chemicals technologies, some of 

which have reached commercial operations. 

The push for resource efficiency 

The scale of the opportunity in resource efficiency is 

immense. The key drivers are different to the energy 

generation market in that they are typically less reliant on 

direct financial subsidy (and hence less exposed to political 

risk) and more based upon pure cost/benefit considerations. 

Government regulation has an important role to play 

in some areas – for example, landfill tax and emissions 

reduction mandates – but the long term cost of fossil energy 

(whether oil, gas or coal) is the prime motivator. The impact 

of energy prices is felt across all areas of industry that 

produce or consume raw materials whose manufacture 

requires significant energy consumption and, hence, creates 

a huge market for efficiency technologies and alternative 

materials. Similarly, in the water sector, increasingly tight 

regulation creates ever greater costs associated with cleanup 

and re-use. 

Companies seeking a competitive advantage are 

increasingly looking to more efficient and lower-cost 

supply chains, as well as minimising the cost of waste 

through recycling and/or conversion to energy. This is 

fundamentally about commercial considerations albeit 

reinforced by the influence of corporate social responsibility 

(CSR). The range of solutions is very broad and includes 

the intersection of cleantech and information technology 

(the ‘greenweb’) that is now many investors’ preferred way 

to gain exposure to the clean energy sector because of the 

lower capital intensity of the relevant business models. 

In the flow – opportunities in water 

The water sector has multiple drivers for resource efficiency, 

in that water itself is a precious and increasingly expensive 

commodity and water utilities are large energy consumers, 

particularly as regards the processing and treatment of 

waste water. Technologies that can address one or both 

of these needs have a global market, albeit one that is 

historically not known for a culture of innovation. Two 

examples of very different approaches to this market are 

LCIF portfolio companies, Bactest (www.bactest.co.uk) and 

Syrinix (www.syrinix.com). 

Bactest has developed a platform technology for the 

detection of bacterial contamination in clean and waste 

water that can be deployed in a portable device and, in 

the longer term, in situ in waste water treatment plants. 

6



The advantages of the process are its flexibility and speed 

of detection, which is substantially shorter than existing 

laboratory-based equipment. The portable device can be 

used by non-specialist staff to test for microbial activity in 

anything from potable water tanks at music concerts to 

newly-installed pumps in a utility’s clean water mains. The 

in situ device is aimed at achieving real-time monitoring 

of waste water, such that utilities can precisely control the 

aeration of activated sludge and significantly reduce energy 

consumption. 

“‘Big data’ is another example of a 

‘non-invasive’ technology that can assist 

utilities, in the power sector in the first 

instance, to generate value.” 

Syrinix supplies sensing and signal processing systems to 

utilities to allow detection of leakage in water trunk mains. 

Using data aggregation, the product provides an early 

warning and facilitates rapid intervention by the utility 

before the problem becomes critical. As well as the obvious 

benefits of extending the life of installed assets and reducing 

water losses, there are savings to be obtained through 

eliminating unnecessary pipeline maintenance. 

Both Bactest and Syrinix combine sophisticated physical 

hardware with software to produce advanced solutions for 

the water industry that do not require large new capital 

investments. In many cases, they can be deployed in 

parallel with existing equipment and processes to provide 

information in a faster and more actionable form. They 

do not require significant regulatory approvals or involve 

utilities fundamentally changing their current operational 

protocols. Both offer clear cost benefits and returns on 

investment without being disruptive to an industry which 

does not value that particular quality. 

Making the most of data 

‘Big data’ is another example of a ‘non-invasive’ technology 

that can assist utilities, in the power sector in the first 

instance, to generate value. In this case, sophisticated 

analytical techniques can be applied to data generated from 

smart meters and other sources in order to allow utilities to 

respond more effectively to real-time changes in demand 

and/or to influence consumer behaviour in order to 

change demand profiles and implement energy efficiency 

measures. This can also allow the creation of ‘virtual power 

plants’ by smoothing out peaks in demand to increase the 

overall utilisation of existing generation assets and reduce 

the need for new builds. Investors coming from the software 

world instinctively feel more comfortable with this type of 

business model compared with financing capital-intensive 

energy infrastructure. 

Particularly interesting are technologies like those 

being developed by ONZO (www.onzo.com) which use 

proprietary algorithms to identify electricity consumption 

of individual electrical devices from a single sensor (or smart 

meter) that monitors aggregate energy usage within the 

home. This use of high resolution data assists both utilities 

and consumers to identify energy efficiency measures 

that have sensible paybacks (such as replacing inefficient 

domestic appliances and altering energy use patterns to 

make use of cheaper, off-peak supply) as well as, in the 

longer term, added–value applications in areas such as 

home security (monitoring for unexpected changes in 

energy use within the home that might indicate that an 

accident or intrusion has taken place). 

The building sector 

Heating and cooling of buildings is an area ripe for energy 

saving, although the different financial interests of owners 

and tenants often act as a barrier to investing in some of the 

more obvious solutions for existing building stock (such 

as replacing old HVAC systems with more efficient units). 

7



New build, however, offers the opportunity to optimise 

energy consumption through intelligent design, both in 

terms of renewable on-site energy generation and efficiency 

measures. One example of the latter is Breathing Buildings 

(www.breathingbuildings.com), whose ventilation design 

technology allows more efficient mixing of outgoing 

hot air and incoming cool air in order to reduce energy 

consumption and improve air quality. Savings can be 

quantified to establish a clear commercial case for adoption 

in preference to traditional systems. 

Lighting is another large energy consumer in the building 

sector, where LEDs are now gaining market traction in a 

variety of applications. While the LED lamp itself may well 

become a commodity product over time, there are a range 

of interesting technologies relating to the surrounding 

electrical systems which represent a large proportion of 

the total cost of ownership. Companies such as iSotera 

(www.isotera.com) produce LED-based lighting systems 

with innovative power distribution and control architecture 

that have a much lower installation cost and higher 

efficiency than standard systems. The product is designed to 

appeal to electrical contractors by making the installation 

process much easier, faster and less wasteful. 

“Techniques that improve the effectiveness 

of manufacturing processes are not unique to 

cleantech but, in most cases, they contribute 

to savings in energy and/or materials 

consumption.” 

Sustainable materials and manufacturing 

The construction industry can also benefit from the switch 

away from traditional, energy-intensive materials to more 

sustainable replacements. Hunton Fiber (www.hunton.no) 

is a supplier of insulation products manufactured from 

wood fibre that displace traditional materials such as stone 

and mineral fibre, particularly for construction of Passive 

Housing. Although there are clear sustainability benefits to 

using a renewable feedstock, the market is typically not yet 

prepared to pay for it; hence, the products compete on the 

basis of their superior insulation properties at comparable 

cost. From an investment perspective, it is critical that these 

genuine commercial drivers exist rather than relying upon 

expectations of a ‘green premium’ which does not (yet) exist 

outside of products aimed at a small group of consumers 

who buy on personal conviction rather than price. 

Techniques that improve the effectiveness of manufacturing 

processes are not unique to cleantech but, in most cases, 

they contribute to savings in energy and/or materials 

consumption. Where these technologies can be deployed in 

the renewables supply chain, there is a particularly strong 

case for investment by clean energy-focused investors. One 

example of this is TeraView (www.teraview.com), which 

uses terahertz wavelength light for inspection and fault 

detection in (among many applications) the manufacture 

of solar cells. By identifying flaws in blocks of silicon, as 

well as in the coatings of the crucibles used to produce 

crystalline solar wafers, this process acts as a quality control 

mechanism and reduces waste along the production line. 

The technology also enjoys the benefit of being applicable 

to a range of other industries, with the potential for diverse 

revenue streams. 

“In energy-from-waste, advanced thermal 

treatments such as pyrolysis and gasification 

have earned a bad reputation in the eyes 

of some investors due to the gap between 

theoretical effectiveness and real-life 

operational performance.” 

Apart from the well-known opportunity to address fertilizer 

usage, the agricultural sector is a large consumer of other 

energy-intensive and environmentally-unfriendly 

chemicals in the form of herbicides and pesticides, 

creating the opportunity for switching to alternative 

materials. LCIF has invested in Weeding Technologies 

(www.weedingtech.com), which supplies weed control 

systems based upon organic, non-toxic foams and steam as 

an alternative to chemical herbicides. The value proposition 

to farmers is lower and/or less volatile pricing, as well as the 

ability to deploy the product close to sensitive areas such as 

waterways, roads and populated areas. 

The automotive sector’s drive for fuel efficiency was 

energised by the EU’s introduction of strict targets and 

financial penalties for CO2 emission reductions (with 

other parts of the world now following). Turquoise Capital 

has been a long-standing investor in Controlled Power 

Technologies (www.cpowert.com), which has developed 

a low-cost, ‘mild-hybrid’ system for passenger cars that 

achieves the performance of a full hybrid at approximately 

one-quarter of the cost. 

From waste to value 

Recycling is one of the most well established parts of 

the cleantech industry and, in many aspects, works very 

effectively by deploying relatively basic technological 

processes. However, there are numerous opportunities to 

address waste fractions that have traditionally been difficult 

to handle or where there is potential for conversion into 

higher value-added products (including energy). Though 

in many cases not yet fully commercial, some of these 

technologies have reached the tipping point and are now 

emerging at commercial scale. 

In energy-from-waste, advanced thermal treatments such as 

pyrolysis and gasification have earned a bad reputation in 

the eyes of some investors due to the gap between theoretical 

effectiveness and real-life operational performance (typically 

due to an inability to deal with residues such as tar and 

to consistently control emissions). Here too, later entrants 

(both technology developers and investors) have had the 

8



opportunity to learn from the mistakes of early movers 

and there are now a range of processes that are being 

built out at small commercial scale. Examples include 

ITI Energy (www.iti-energy.com) and Environmental 

Power International (www.epienergy.com) which have, 

respectively, differentiated gasification and pyrolysis 

technologies for efficient electricity and heat generation. 

An excellent example of a very hard-to-recycle waste 

material is fly ash, produced in enormous quantities over 

decades from coal-fired power stations across the globe. 

Despite many attempts to develop processes to beneficiate 

this material such that it can be reused, only a very small 

fraction has ever been recovered for commercial use 

(predominantly as a low-value filler in cement). Turquoise 

is working with RockTron (www.rktron.com), which 

has a novel process for cleaning and separating fly ash 

into a series of recoverable products, all of which can be 

sold commercially (in some cases with very high valueadded 

applications). The technology has been developed 

over many years and is an excellent example of genuine 

innovation directed at addressing a major environmental 

issue resulting in a very large commercial opportunity. 

The future of cleantech and renewables 

The sectors and companies described above represent only 

a fraction of the potential to be discovered within cleantech 

and renewables once investors look beyond the obvious 

and familiar opportunities in wind and solar. We believe 

that risk/reward considerations are now starting to favour 

increased investment in these areas as the underlying 

technologies and business models achieve greater maturity 

and investors acknowledge the risks of over-exposure to 

assets that rely on direct public subsidy to generate an 

acceptable return. Over the long term it is opportunities, 

such as resource efficiency, which are fundamentally 

economic and can be realised through an acceptable 

amount of technological innovation that will attract 

significant and enduring investment. 


Website: 

Contact: 

Position: 

Email: 

Telephone: 

www.turquoiseassociates.com 

Ian Thomas 

Managing Director 

ian.thomas@turquoiseassociates.com 

+44 (0)20 7248 7503 

Turquoise International is a merchant bank specialising 

in Energy and the Environment. Established in 2002, 

Turquoise offers in-depth industry knowledge and 

extensive capital raising, transaction advisory, and 

investment management expertise and track record. 

For capital raising, our advisory clients are 

predominantly private companies or listed companies 

seeking funding via private placements across a range 

of business segments including technology, project 

development, manufacturing and services. Turquoise 

assists clients in raising funds across the capital 

structure including equity and debt. We source funds 

for our clients from a diverse range of investors located 

in Europe and internationally. 

Turquoise advises corporate clients and their 

shareholders on transactions such as mergers, 

acquisitions, disposals and joint ventures assisting in 

areas such as strategy, identification of opportunities, 

valuation and transaction execution. 

In fund management, Turquoise provides a range of 

services to investors, ranging from advice in relation 

to individual investments to discretionary investment 

management for a portfolio of investments. Turquoise 

invests directly through Turquoise Capital (seed stage 

proprietary investments) and manages the European 

Regional Development Fund-backed Low Carbon 

Innovation Fund (venture investments in the East of 

England). 

9



How to Identify Real 

Sustainable Investments? 

Breaking down a big barrier for investors 

Volkmar Liebig 

Professor Emeritus and 

Managing Partner 

Sustainability Intelligence Ltd., Berlin 

1 Background, Facts and Problems 

Thinking sustainably is not a new trend. Historically it 

has been shown that unsustainable behaviour, where 

no care is shown for future generations, has destroyed 

economies and environments. Such behaviour won’t 

allow our children and grandchildren to satisfy their 

needs in a comparable form to today. 

“In the long run sustainable investments 

are more profitable than unsustainable 

investments. From an economic point of view 

it makes economic sense that all investments 

should be fully verified according to 

sustainability criteria.” 

The overconsumption of resources and world population 

growth represent a new dimension of challenge. We 

currently consume more fossil energy in one year than 

is created in one million years. The gap between rich and 

poor has never been so extreme. The world’s climate has 

never been influenced by humanity so strongly. Social 

problems such as migration at the current scale are 

unprecedented. 

These problems can partially be solved by a redirection 

of capital. But how can one identify truly sustainable 

investments? Sustainable investing will surely increase 

if investors have clarity on investments that provide 

sustainable returns. 

In the long run sustainable investments are more 

profitable than unsustainable investments. From 

an economic point of view it makes sense that all 

investments should be fully verified according to 

sustainability criteria. The key question is how to 

create a comprehensive review of sustainability that is 

plausible and transparent. 

2 The Solution: The EC²SE Technique 

It is imperative to understand two things when creating 

a method to test the sustainability of investments – what 

defines sustainability and how investments can be 

assessed to ensure that they are in accordance with these 

definitions? 

Following research undertaken in collaboration with 

the Technical University of Munich, we created the 

EC²SE Technique, which is based on the four aspects 

of sustainability - economic, ecological, social and 

ethical. These four aspects are fundamental with regards 

to entropy and Pareto Optimum. We have to assess 

whether any investment accelerates entropy, for example 

by consuming fossil energy, and whether global inequality 

is enhanced or reduced. At the end of the process, a ranking 

of sustainability with seven levels (A to G) is generated. 

This is designed to be equivalent to well known ratings, 

such as washing machine energy efficiency rating 

10



standards. Investors can modify ratings by weighting, 

which allow them to integrate their own perspective of 

sustainability into the valuation. 

FIGURE 1 

The EC²SE technique schematically 

Figure 1 shows the EC²SE Technique schematically. The 

first part of the process involves a real assessment and 

the second part determines a rating. The identification 

of ratings is carried out on the basis of the portfolio 

theory and not in terms of asset allocation. Finally, an 

individual rating is determined by the position in the final 

portfolio. The two rating steps F and G are defined as nonsustainable. 

GENERAL 

PERSPECTIVE 

ECONOMIC 

FACTS, DATA, INFORMATION, 

RESEARCH, INTERVIEWS... 

ECOLOGICAL 

SOCIAL 

ETHICAL 

ENTROPY 

“The EC²SE Technique makes it possible to 

reconstruct the rating process. Important 

questions relating to why a particular 

financial instrument has received a 

rating or which measures are necessary 

to improve investments’ rating can be 

answered easily.” 

PARETO 

OPTIMUM 

Characteristics 

of the criteria 

SUB-PORTFOLIOS 

I 

II 

3 Case Study: The Sustainability of Tecosol GmbH 

One of our first projects was to verify the sustainability of 

Tecosol GmbH. The company is a medium-sized enterprise 

with annual revenues of Eur120 million. Tecosol produces 

biodiesel based on a patented technology that processes 

waste from slaughter houses. The EU requires the use of 

biodiesel in the European Community. The entire supply 

and value chain is certified by international standards. 

Ranked into one 

of seven levels 

LEVEL 

POSITION 

FINAL 

PORTFOLIO 

POSITION I 

POSITION II 

NOT SUSTAINABLE 

A B C D E F G 

© 2013 Sustainability Intelligence Ltd. 

NOTE 

Entropy refers to the irreversibility of processes. Investments can either accelerate or decelerate entropy, but not avoid it. A society is Pareto-Optimal if no-one 

can gain without someone else’s loss. There exist structures on earth that are far away from being Pareto-Optimal. An investment that pushes entropy instead of 

moderating it or that does not contribute to an improvement of current structures towards Pareto-Optimality cannot be sustainable. 

11



The firm is issuing profit participation certificates to 

accelerate growth. The EC²SE label should help the 

company find investors. 

“The methodological approach, the 

completeness, the transparency and the 

possibility to weight the sustainability 

aspects are the unique features of the EC²SE 

Technique.” 

The verification process takes place in seven steps which 

are shown in Figure 2. The first two steps involve selecting 

the investments to be verified and researching existing data 

and facts. The verification takes place within steps three and 

four. Steps five to seven allow for individual positioning 

in relation to the four aspects of sustainability. Finally, the 

financial instruments are given a sustainability rating. 

In addition, our example should determine the particular 

non-financial risks of the investments. The entrepreneur 

was responsible for the production process and collected 

FIGURE 2 

The seven Steps of the EC²SE Technique 

1. SELECTION 

2. IDENTIFICATION 

Selection of investments to verify. 

Supply of data and facts. 

Identification of relevant facts and 

data in the four aspects of EC 2 SE 

based on research and provided 

documents. 

3. EVALUATING 

4. JUDGEMENT 

Evaluating the identified data and 

facts, uncovering deficiencies. Check 

for completeness, validity and 

credibility of the documents. 

Judgement of existing data and facts 

according to the given scheme (Total 

Quality Management System), with a 

scale of four levels is used. 

5. CLASSIFICATION 

6. RANKING 

7. RATING 

Classification of results EC 2 and SE 

in the form of sub-portfolios. The 

result leads to the positioning of 

evaluation aspects. It allows for 

comparison with other investments. 

Ranking of all portfolio allocations 

EC 2 and SE in a portfolio of results. 

This allows for classification of all 

aspects in a single portfolio. 

Rating on a scale of seven levels of 

sustainability of investments. Two 

steps are defined as non-sustainable. 

The other five levels indicate the 

degree of sustainability. 


12



FIGURE 3 

Example: Tecosol GmbH 

RESULTS OF THE AUDIT ON SUSTAINABILITY 

PERSPECTIVE 

ECONOMIC 

ECOLOGICAL 

SOCIAL 

ETHICAL 

1 3 

1 3 

1 3 

1 2 

ENTROPY 

2 2 

2 2 

2 2 

2 2 

3 2 

3 2 

3 2 

3 3 

PARETO 

OPTIMUM 

1 3 

2 2 

3 2 

1 3 

2 3 

3 2 

1 2 

2 2 

3 2 

1 2 

2 2 

3 1 

RESULTS 

∑ 14 ∑ 15 ∑ 13 

∑ 12 

TIER 

3 

3 2 

2 

I 

II 

3 0 2 3 

3+ 

3 

0 2 3 

3+ 

2 

0 

1+ 2+ 

3 

2 

0 

1+ 2+ 

3 

ECONOMIC 

1 0 1 

0 

0 

0 

1+ 

0 

2 

0 

SOCIAL 

1 

0 

0 1 1+ 2 

0 0 0 0 

0 

1 

2 

3 0 1 2 3 

ECOLOGICAL 

ETHICAL 

3 

D 

B 

A 

FINAL PORTFOLIO 

2 

E 

C 

B 

1 

F 

E 

D 

1 2 3 

COMPANY TECOSOL GMBH HAS RATING B 


substantial and relevant documents. He provided us with 

all necessary information and was able to answer all of 

our questions. Figure 3 shows the summarized results of 

the comprehensive audit of sustainability by the EC²SE 

Technique. 

Economic and Ecological have the highest positions in the 

sub-portfolio number I and Social and Ethical occupy the 

second highest position in the sub-portfolio number II. 

These two positions are transferred into the final portfolio. 

In this example, the company Tecosol gets the sustainability 

rating level B. 

The EC²SE Technique makes it possible to reconstruct the 

rating process. Important questions relating to why a 

particular financial instrument has received a rating or 

which measures are necessary to improve investments’ 

rating can be answered easily. In addition, investors may 

13



consider weighting sustainability aspects by, for example, 

giving a higher weighting to ethical considerations. 

The methodological approach, the completeness, the 

transparency and the possibility to weight the sustainability 

aspects are the unique features of the EC²SE Technique. 

We believe that the EC²SE Technique has the potential to 

become the standard method for fully verifying sustainable 

investments worldwide. 

For more information please visit: 

www.sustainability-intelligence.de 

or send us an e-mail at: info@sustainability-intelligence.de 


Branch Office 

Mohrenstraße 34, 

10117 Berlin, Germany 


Website: 

Contact: 

Position: 

Email: 

Telephone: 


Prof. Volkmar Liebig / Oliver N. Hagedorn 

Managing Partners 

info@sustainability-intelligence.de 

+49 (0)30 28 87 67 - 16 

Sustainability Intelligence Ltd. was founded in 

early 2013. The company is an independent provider 

of information and evaluation services for investment 

auditing with respect to comprehensive sustainability. 

It is based on the EC²SE method - developed as a joint 

project with the Technical University of Munich 

- which enables Sustainability Intelligence Ltd. to 

provide transparent and reproducible certification 

of sustainable investments. Capital investments are 

examined as to whether they generate economic, 

ecological, social or ethical value. 

The range of services includes: 

• the granting of licenses for the use of the EC²SE method 

• the development of additional services for the 

research and representation of financial instrument 

sustainability 

• the operation of an internet platform with digital 

services 

More information is available at: 


14

Liechtenstein 


Liechtenstein: 

Financial Centre of the Future 

Committed to Sustainability, Location of 

Choice for Impact Investors 

An influx of ever expanding regulations is a trend that continues to increase. However, 

Liechtenstein has decided to view regulation first and foremost as an opportunity. The 

Liechtenstein financial centre is reinventing itself. The way forward is being redefined, 

business models rethought and new paths explored. In this process, Liechtenstein benefits 

from an excellent political and legal framework which forms the basis for an innovative, 

stable and sustainable financial centre. 

Excellent framework conditions 

Thanks to Liechtenstein’s membership in the European single 

market, financial intermediaries based in Liechtenstein enjoy 

full freedom of services throughout the entire European 

Economic Area (EEA). As a consequence Liechtenstein’s 

financial service providers benefit from the free movement of 

capital and services. This makes it possible to offer financial 

products from Liechtenstein that are based on Swiss francs, 

and which are authorised throughout the entire European 

Union (EU). The country’s membership of the EEA and close 

relationship with Switzerland, as part of the Swiss economic 

area, is unique worldwide and enables the Liechtenstein 

financial centre to offer its clients the combination of 

financial strength, stability and the so-called EU passport. 

On the other hand, the same legal requirements apply 

to banks and funds service providers in Liechtenstein as 

in all EU countries. As of October 2012, Liechtenstein has 

implemented 99.6% of the EU single market directives 

according to the EFTA Surveillance Agency (ESA) and 

therewith ranks under the top-five countries EU/EEA-wide. 

The new AIFM law 

In 2012, Liechtenstein implemented the AIFM Directive 

(Directive on Alternative Investment Fund Managers). 

The new AIFM law will enter into force on July 22, 2013 

and brings about fundamental changes to the business of 

alternative investment funds. The AIFM law is open to 

international legal structures. With these new conditions 

Liechtenstein offers an ideal platform for AIF promoters. 

More specific information on the implementation of the 

AIFM Directive in Liechtenstein can be found on the 

website of the Liechtenstein Financial Market Authority 

(see http://www.fma-li.li/en/financial-center/licences-andauthorizations.html). 

“Liechtenstein law will allow for several 

different investment fund structures 

which are EU-compatible and preserve the 

individuality of investments for retail and 

professional investors.” 

Alternative Investments to bridge the funding gap 

The trend towards sustainability is unstoppable. In the 

financial industry more and more institutions and investors 

will look toward and follow the theme of ‘sustainability’. 

Financial intermediaries and alternative investments 

will play an important role in bridging the funding gap 

15


Liechtenstein 

The Liechtenstein Bankers Association supports the 

activities of the banks, correlates the efforts involved and 

is committed to cross-industry projects. For example, the 

Association is one of the co-founders of the LIFE Climate 

Foundation, together with the government, the Association 

of Professional Trustees, the Investment Fund Association 

and the University of Liechtenstein. Established in 2009, the 

foundation’s purpose is to be a driving force in the area of 

sustainability by providing solutions to the needs of future 

generations and developing and promoting market-based 

instruments in the area of climate protection. 

between cleantech projects and investors. For many of the 

latter, especially the younger generation, the concept of the 

private sphere is no longer dominant. They increasingly 

want to take on more responsibility for people and the 

environment and consequently also want to invest their 

money in a meaningful and secure way. 

“Liechtenstein is prepared for Alternative 

Investments which will play a more and more 

important role in the field of cleantech and 

sustainable investments.” 

Liechtenstein intermediaries are committed to sustainability 

Values such as sustainability are at the top of the list, and 

considered part of the long-term, strategic orientation of 

the financial centre. While the details of how to implement 

sustainability concepts vary from intermediary to 

intermediary, the institutions agree on the basic principle: 

sustainability means long-term and future-oriented answers 

to clients’ individual needs in the form of customised 

products and top services, while at the same time giving 

consideration to social, economic and environmental 

responsibility. 

Step by step towards a centre of competence for 

sustainability and responsible investing 

The primary challenges in the next few years are to establish 

internationally recognised standards and cooperation 

between business and governments. Another milestone 

will be to generate more awareness and facilitate ‘capacity 

building’, for which expertise is often still lacking, for 

clients as well as institutions and providers. To that end, a 

number of measures are being undertaken in Liechtenstein 

to develop such expertise. Liechtenstein has successfully 

launched several initiatives in the field of responsible 

investing and is on the way to becoming a centre for 

sustainability. 

“Banks are striving to meet the growing 

demands of quality-conscious clients and 

being able to compete internationally.” 

The Bankers Association’s commitment has also led in part 

to the creation of the Microfinance Initiative Liechtenstein 

(MIL). The initiative promotes activity in the area of 

microcredit, which contributes significantly to the fight 

against poverty. Last but not least, the Liechtenstein Bankers 

Association played an important role in establishing the 

first International Sustainability Rating Foundation, the 

CARLO FOUNDATION. 

The foundation was named after Hans Carl von Carlowitz, 

who was the first to formulate the principle of sustainability 

and is considered to be the father of sustainable 

development. The goal of the CARLO FOUNDATION is 

to build and maintain an independent financial product 

rating system that can support sustainable business models 

and increase the public’s awareness of, and interest in, 

sustainable investment opportunities. 

The establishment of the foundation was preceded 

by several months of evaluation, which showed that 

awareness of sustainability has increased measurably in the 

last five years. However contributions to a sustainable way 

of life are often hard to define due a lack of transparency. A 

holistic and transparent sustainability rating will provide 

the necessary transparency to the market and guidance to 

customers. 

Liechtenstein Bankers Association 

Website: 

Contact: 

Position: 

Email: 

Telephone: 

www.bankenverband.li 

Simon Tribelhorn 

CEO 

info@bankenverband.li 

+423 230 13 23 

The Liechtenstein Bankers Association (LBA) was 

founded in 1969 and is the voice of the banks 

operating in Liechtenstein, at home and abroad. It 

is one of the most important support organisations 

in the country and implements important functions 

ensuring the successful development of the financial 

centre. Through membership of the European 

Banking Federation (EBF) and the European 

Payments Council (EPC), the Liechtenstein Bankers 

Association is an integral part of key bodies at the 

European level, and plays an active role in the 

European legislative process. 

16

Liechtenstein 


CASE STUDY 

Dr. Stefan Lindemann 

Head of Fund Management 

Company 

LGT Fondsleitung AG 

Question: Can you give us some background on LGT Bank 

and your role? 

Answer: LGT Bank is owned by the Princely Family and 

is the biggest bank in Liechtenstein. The bank has a clear 

business model of focusing on private banking and asset 

management services. We don’t do any investment banking 

at all. I am the Chairman of the Executive Board of the LGT 

Fondsleitungs AG. This division provides the frameworks 

that are necessary to set up funds for third parties. We 

can establish fund frameworks within a number of legal 

structures, including UCITS (Undertakings for Collective 

Investments in Transferable Securities), and in the future 

also AIFs (Alternative Investment Funds). We can also 

offer specialised structured funds according to the needs of 

investors. 

Question: What are the main benefits Liechtenstein can offer 

as a fund domicile over competing countries? 

Answer: There are some clear advantages of Liechtenstein as 

a fund domicile. First and most important is the clear political 

commitment of Liechtenstein as a fund domicile to further 

develop a viable, industry-oriented and EU-compliant AIFM 

(Alternative Investment Fund Manager) and AIF market. 

This legal certainty is increasing in importance as investors 

do not like uncertainty. The financial sector is very important 

for Liechtenstein and this has resulted in the Government 

outlining a clear strategy for the country to grow as a fund 

domicile. 

Second, we are a member of the European Economic Area, 

which gives investment funds based here the possibility 

of easy access to the European market. We are not the only 

fund domicile that has this advantage but crucially we 

are the only one that has the Swiss Franc, which could be 

advantageous given the situation with the Euro. 

Liechtenstein also offers investors advantages in actually 

setting up an investment fund. It is a very time- and costefficient 

market to set up funds due to the Financial Markets 

Supervisory Authority. For the application approval 

procedure, the Financial Markets Supervisory Authority 

has clear binding timelines for processing and responding 

to applications. In Switzerland there are no timelines and it 

can be very time consuming to get a sophisticated product 

approved. 

Last but not least there are tax advantages. Liechtenstein 

does not impose any tax on a fund level, either in the 

form of income tax, capital gains tax or distribution tax. 

This is superior to Luxembourg, where a 1 or 5 bps tax (tax 

d’abonnement) is applied on all assets under management 

depending on the type of fund. In an equity fund you will 

probably not notice a 5 bps tax. But for a money market fund 

where the margins are low, 5 bps is an issue to be considered 

closely. 

Additionally the corporate tax rate in Liechtenstein for a fund 

management company is 12.5% at the maximum for a selfgoverning 

company and CHF 1,200 (Eur 977) for a non-selfgoverning 

company. In Luxembourg the corporate tax rate 

for management companies is still 28.8%. 

Question: For which types of fund structures can 

Liechtenstein become a major domicile? 

Answer: There will be new competition under the future 

AIFMD (Alternative Investment Fund Managers Directive) 

regulatory regime, which basically covers all funds not 

structured under the UCITS regime. Liechtenstein has 

the ambition and the infrastructure to be a strong player 

under this new regime. For small to medium sized funds 

Liechtenstein is in a good position because funds can be 

established here in a cost and tax efficient way. 

Question: To what extent is Liechtenstein facing competition 

from Switzerland as a fund domicile? 

Answer: As a Swiss citizen it can hurt to see the challenges 

in the fund industry in Switzerland. These days it is difficult 

for a politician to stand up and speak for the financial 

community. As a consequence, there are now some Swiss 

funds looking to Liechtenstein as the situation in Switzerland 

is still unclear. Switzerland will likely not have easy access 

to the European Market for AIFs in the next two years, so 

that will affect the type of business model you can run on 

a fund domiciled in Switzerland. Liechtenstein seeks a 

synergetic relationship with Switzerland by providing early 

access to the European market for products and a domicile in 

particular for small to mid-size but viable AIFMs. 

Besides, fund managers want to have a broad range of 

possibilities for the legal setup of their funds. Liechtenstein 

will implement several structures for AIFs according to 

European law and has not imposed additional operating 

limitations or any additional risk management requirements. 

This is different from other countries, which impose 

additional requirements as they think they need more 

investor protection. The costs of additional regulations will 

necessarily be shifted towards the end-consumers, i.e. the 

investors in the funds. Financial markets authorities have 

basically two tasks, firstly to guarantee the functioning and 

stability of financial markets and second, the protection 

of investors. The first task should not be forgotten over the 

second. 

LGT Fondsleitung AG 

Website: www.lgt.com 

Phone: +423 235 21 44 

Location: Vaduz, Liechtenstein 

17


Liechtenstein 

CASE STUDY 

Natalie Epp 

Head of Fund Services 

LLB Fund Services 

Question: Can you give us some background on LLB Fund 

Services? 

Answer: We operate as a custodian bank for all types 

of funds, including traditional ones like the UCITS 

funds as well as the new AIFM funds (so-called AIFs). 

We act as a custodian bank not only for our own fund 

management company but also for third party fund 

management companies. We offer all services concerned 

with structuring, advising, launching, administrating and 

liquidating funds in Liechtenstein. 

Most of our clients are Swiss-domiciled external asset 

managers but we are also securing more and more EEAdomiciled 

asset managers as clients. We have a lot of 

Swiss clients due to our tightly linked history and shared 

currency. We are also only one hour away from Zurich 

and Geneva, the financial centre of Switzerland. Under 

the AIFM regulation, which will be implemented in the 

coming weeks, we think we can attract fund managers 

from other domiciles. 

“When the AIFM regulation is implemented, 

everyone in the EU will have to abide more or 

less by the same regulations, so the legal basis 

and advantages of different fund domiciles in 

Europe will be more or less the same.” 

Question: What are the main benefits Liechtenstein can 

offer as a fund domicile over competing countries? 

Answer: Liechtenstein is part of the European Economic 

Area, which is a very important for offshore, or non- 

EU funds. When the AIFM regulation is implemented, 

everyone in the EU will have to abide more or less by the 

same regulations, so the legal basis and advantages of 

different fund domiciles in Europe will be more or less the 

same. Liechtenstein’s primary advantage is its tininess. If we 

want to ask a question then the answer from, for example, 

the financial market authority, will come back very quickly. 

Also, when Liechtenstein creates a new law, everyone 

is around one table with the representatives of the 

fund association, the bankers association, the financial 

market authority and the government. So we have 

the opportunity before any law is introduced to really 

exchange our requirements and expertise. This also means 

that we are well prepared when a new law regarding the 

way funds are administered or managed is introduced. 

Question: To what extent is fund administration an easier 

and less costly process in Liechtenstein compared with 

other fund domiciles? 

Answer: With the UCITS structure there is really no 

difference between Liechtenstein and other domiciles as 

there are regulations that require the relevant authorities to 

license and authorise fund structures within a set number of 

days. But for non-UCITS funds, it can take much longer for 

funds to be licensed in other countries. Our Swiss colleagues 

tell us that it can be a very protracted process there. 

Also, there are a lot more detailed and complex 

documents which have to be handed over to the 

Financial Market authority, particularly for offshore 

funds. In Liechtenstein the legal documentation is much 

shorter. Normally, Liechtenstein implements what is 

has to in terms of fund regulation. But where the EU 

directives say you ‘may’ or you ‘can’ implement a rule, 

Liechtenstein will normally do what it can to retain a 

competitive advantage. 

LLB Fund Services 

Website: www.llb.li 

Phone: +423 236 94 00 

Location: Vaduz, Liechtenstein 

18

Liechtenstein 


CASE STUDY 

Walfried Kraher 

Member of the Executive Board 

Valartis Fund Management 

Question: Can you give us some background on Valartis 

Fund Management? 

Answer: Valartis Fund Management was founded in 2008 

and currently employs seven people. We focus exclusively 

on private label funds and our primary role is to help clients 

set up and administer funds, whereby we identify the right 

structure, assist with administration and fulfil all regulatory 

duties, and liaise with external advisors and auditors. 

Valartis Fund Management serves fund promoters and 

asset managers from all over the world, although most of 

them are from Europe, and specifically from Switzerland, 

Germany, Austria and Russia. 

We work very closely with family offices because we set up 

structures for very rich individuals, which is very different 

to setting up funds for retail clients. Our biggest mandate is 

a very complex US life settlement fund that has a net asset 

value of $350 million, which we manage for German and 

Dutch investors. 

Question: What are the main benefits Liechtenstein can 

offer as a fund domicile over competing countries? 

Answer: The primary advantage of Liechtenstein is that 

it is both a member of the European Economic Area (EEA) 

as well as the European Free Trade Association (EFTA), a 

union between Liechtenstein, Switzerland, Norway and 

Iceland. Furthermore it is in a monetary and economic 

union with Switzerland. Liechtenstein therefore offers 

non-discriminating access to the EEA-countries as well as 

Switzerland and the EFTA-countries. 

Liechtenstein offers various advantages as a fund domicile: 

• Funds can be launched in an unbureaucratic 

and systematic way, for example simplified 

procedures for qualified investors. 

Lichtenstein was the first country in Europe to publish 

a draft national law for Alternative Investment Fund 

Managers (AIFMs) when it did so in March 2012, and thus 

has a head start on other countries on the AIFM regime. The 

law in Liechtenstein will take effect from July 2013 and will 

apply to all AIFMs managing all types of funds that are not 

already covered by the UCITS law. 

We are already hearing from some managers who are 

thinking about moving their business from classical 

offshore centres to Liechtenstein because this simplifies the 

entry to the European Union from a country that has the 

same kind of economic structure as Switzerland. 

Question: Are any particular fund structures becoming more 

attractive? 

Answer: With respect to the new AIFM regime I think 

there will be three main legal forms. The first is the classical 

SICAV structure, where there is a shared company with 

variable capital. We already have a couple of funds in this 

structure and I think it will become very popular. 

The second will be in the form of a trust. Liechtenstein is 

the only country within the European Union that can offer 

such a legal form because it is virtually unknown in all 

other countries. The trust is typically an Anglo-Saxon form 

and Liechtenstein is the only country that has this form 

already in place. 

The third will be limited partnerships, which until now 

have not been commonplace and have only been set up 

with specific permission from the financial authority. But 

limited partnerships are very popular in Anglo-Saxon 

countries. Liechtenstein will be able to offer this structure 

more widely from July 2013. Valartis is actually one of the 

very few companies in Liechtenstein that currently has a 

limited partnership under management. 

Valartis Fund Management 

Website: www.valartisfunds.li 

Phone: +423 388 10 00 

Location: Gamprin-Bendern, Liechtenstein 

• The legal framework is very flexible and allows 

for various tailor made fund structures. 

• Liechtenstein has very stringent investor 

protection rules for the fund business. The 

business activities of fund management 

companies are regularly verified by the regulatory 

authority and the statutory audit firm. 

• Liechtenstein has a very advantageous tax 

regime because funds are totally tax exempt. 

• Liechtenstein has a very capable and stable banking 

system with capitalizations among the highest in 

Europe and even in the world. 

19



▲Maximise Yield 

Minimise Risks ▼ 

Thomas Götz 

Vice President Sales, 

Power Plant Solutions 


Multi-megawatt PV projects will continue to be an attractive investment for many years to 

come. PV projects can meet the electricity demands of millions of people and guarantee longterm 

independence from conventional energy types. However, due to the cessation of state 

subsidies in several countries, reliable and trustworthy partners boasting first-class technical 

solutions and experience are now more important than ever in order to maximize energy and 

financial yields and to ensure predictable and stable cash-flows. 

Besides the established European PV markets, the booming regions of the world’s sunbelt 

are extremely attractive for large-scale PV projects. The highly populated countries within 

the global sunbelt need more and more energy to supply their booming economies. 

This represents a great opportunity but also a great challenge for the effective planning, 

implementation and operation of PV power plants. 

Quality is Key 

Inverters are the intelligent central component at the 

heart of every PV system and their quality and reliability 

determine the performance of the entire PV power plant. 

Their performance greatly influences yield in kilowatt 

hours as unexpected power losses and frequent failures 

combined with inconvenient service have a direct effect on 

the economic viability of an entire project. 

“Only inverters with excellent technical 

properties, which operate in a smooth and 

uninterrupted manner over a long period of 

time in extreme conditions, will guarantee the 

long-term success of PV projects.” 

Challenging environmental conditions 

Countries in South America and countries such as South 

Africa, India, Thailand or states in the Middle East with 

booming economies need a great deal more energy than 

can actually be produced. Difficult climates often require 

specially designed inverters and other PV components. 

Temperatures can reach over 50 degrees Celsius in India or 

South Africa, while the difficulties of installing PV inverters 

at high altitudes in countries in South America impose 

technical challenges. Temperatures far below freezing, 

sand and dust, or humidity combined with corrosive effects 

of salty air, as is often the case in Japan, determine the 

necessary properties of PV power plant inverters. 

In addition to efficiency and energy consumption, SMA 

central inverters are designed for extreme conditions of this 

kind. Only inverters with excellent technical properties, 

20



which operate in a smooth and uninterrupted manner 

over a long period of time in extreme conditions, will 

guarantee the long-term success of PV projects in the 

sunbelt and other climatically challenging regions of the 

world. The prerequisites are high efficiency, even under 

extreme conditions, and low energy consumption through 

intelligent temperature management. 

“The ability of inverters to perform grid 

management functions is also a decisive factor 

in the success of large-scale PV projects.” 

Secure Utility Grid Connection 

The ability of inverters to perform grid management 

functions is also a decisive factor in the success of large-scale 

PV projects due to increasingly strict grid code regulations 

and the heightened threat of disconnection. Only inverters 

with the ability to execute required measures within 

milliseconds guarantee grid feed-in without interruption 

and yield losses. In countries with strict grid connection 

regulations like South Africa, PV plants will only be allowed 

to feed power into local utility grids if they adhere to grid 

connection rules. 

With their comprehensive technical functions, SMA 

central inverters have been meeting the requirements and 

regulations of country-specific connection conditions for 

years in a number of countries, including Germany, Japan 

and the USA. As a leader in the area of grid integration, 

SMA’s experts work together worldwide with various bodies 

and committees to establish the necessary regulations. 

Ongoing Optimisation 

Central inverters and system solutions from SMA Solar 

Technology AG are installed worldwide in numerous solar 

projects, including at projects of more than 250 MW. SMA 

is the global market leader in PV inverters and system 

technology and has been supplying PV power plants 

The case for quality inverters 

In the example below, a higher investment of Eur200,000 (depicted as the dark blue bar) in inverters with higher efficiency and 

lower self energy consumption increases the net present value of the asset by Eur445,036. This is achieved through increasing 

energy yields and decreasing energy generation costs over the 20-year lifetime of the asset. 

1,000,000 

800,000 

600,000 

Euro (€) 

400,000 

Eur445,035.52 

200,000 

- 

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 

-200,000 

-400,000 

Investment Energy Costs Yield Total Net Present Profit 

21



around the globe for over 20 years, building on more than 

30 years experience in the PV inverter sector. SMA has over 

1,000 research and development employees that work daily 

to further develop our products and technologies. Only 

through continuous optimisation of all components will PV 

power plants become even more reliable and future-proof. 

Local Support – Worldwide 

At SMA, all development, testing and production processes 

are developed through scrupulous ongoing quality control. 

Inspection and optimisation of all inverter components is 

carried out at every step of the production process, starting 

with the qualification of suppliers. SMA guarantees 

thoroughly tested and certified quality from the very first 

step in production to the final packaging. 

Above and beyond the production process, optimal 

maintenance and support is imperative for the success 

of a PV power plant. Our global service organisation, 

SMA Service, has 90 stations across four continents. A 

long operational inverter life is thus ensured through 

preventative maintenance and global spare part logistics 

with local warehouses. 


Website: 

Contact: 

Email: 

Telephone: 

www.SMA.de 


Sonnenallee 1, 34266 Niestetal, Germany 

info@SMA.de 

+49 (0)561 9522-0 

The SMA Group is the global market leader in solar 

inverters and an energy management group that 

offers innovative key technologies for future power 

supply systems. SMA offers first-class products, 

comprehensive system solutions and worldwide 

servicing to every type of PV installation. In 2012 

the SMA Group generated sales of € 1.5 billion. It is 

headquartered in Niestetal, near Kassel, Germany, 

and is represented internationally in 21 countries on 

six continents. The Group employs more than 5,000 

people and maintains 90 service stations worldwide. 

SMA’s product portfolio includes a broad spectrum of 

inverters for both grid connected and off-grid systems 

of all types and sizes. 

Since 2008, the Group’s parent company, SMA 

Solar Technology AG, has been listed on the Prime 

Standard of the Frankfurt Stock Exchange (S92) and 

also in the TecDAX index. In recent years, SMA has 

received numerous awards for excellence as an 

employer and achieved first place in the nationwide 

“Great Place to Work®” competition in 2011 and 2012. 

More than 30 years of experience and PV power 

plant projects in the megawatt range in more than 30 

countries show the outstanding competence of the 

company. Some 1000 R&D experts are working on the 

optimisation and the development of new products 

and technologies. PV power plant projects such as 

the 85 MWP Montalto di Castro solar farm in Italy, 

a 260 MWP project in California, USA, and several 

European PV projects in the triple megawatt range 

benefit from SMA experience and quality. 

PV power plants are optimally equipped with 

powerful outdoor devices from the Sunny Central 

CP XT inverter series. With an efficiency of 98 

percent, the Sunny Central CP XT is the most efficient 

representative of this family. As a pioneer in grid 

integration, SMA furthermore offers worldwide 

tailor-made solutions that fulfill the rising demands 

of PV power plants. The safety and security of the 

supply grids and local grid operators are given 

particular consideration. SMA central inverters with 

their outstanding characteristics play a central role in 

guaranteeing grid stability and actively managing PV 

power plants. 

22

Protect your future: 

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and key contacts, EWEA provides its members with the knowledge and 

guidance to make the right decisions. 

Become a member of EWEA and be part of the most powerful wind 

energy network in Europe and gain a sustainable competitive advantage. 

www.ewea.org/membership 

23

Advertorial 

Isle of Man 

Offshore Renewable Energy 

Opportunities in the Isle of Man 

Territorial Seas 

The Isle of Man Government owns its territorial seas out 

to the 12 nautical mile limit, and as such has responsibility 

for marine spatial planning and zoning over 4,000 km2 of 

seabed in the Irish Sea. Due to the central location in the 

Irish Sea the Isle of Man has an opportunity to contribute 

to the generation of renewable energy and also the grid 

infrastructure to meet its own future needs and export 

renewable energy to neighbouring countries including 

the UK. Significant recent progress has been made to 

develop the Isle of Man Marine Spatial Plan to create a 

stringent consenting regime which will give consent for 

all types of future energy developments within the marine 

environment. 

Combined Cycle Gas Turbine plant 

The isle of man 

Isle of Man 

United 

Kingdom 

The Island has developed a state of the art power 

infrastructure which is owned and operated by the Manx 

Electricity Authority (MEA). This includes a Combined 

Cycle Gas Turbine (CCGT) plant and a 90kV 67MW 

alternating subsea cable to the UK which is connected to 

the 132kV distribution network at Bispham near Blackpool. 

The MEA exports to the UK approximately 20% of the 

electricity generated on the Island and scope exists for 

further exports using the existing subsea cable. 

ISLE OF MAN. 

WHERE YOU CAN 

ADD NEW ENERGY TO YOUR 

CLEAN TECH BUSINESS 

• Strong diverse economy 

• Effective relationship between 

public and private sectors 

• World-class regulatory environment 

• Advanced telecoms and power infrastructure 

• World-class professional services 

• Excellent quality of life 

www.whereyoucan.im/cleantech 

24

Isle of Man 

Advertorial 

The Isle of Man also has an Energy-from-Waste (EfW) 

plant which is operated and managed by SITA (IOM) Ltd 

with a Power Purchase Agreement to supply the MEA with 

electricity generated from the facility. Use of the EfW plant 

avoids the need for domestic landfill on the Island. 

Energy-from-Waste (EfW) plant 

proposed “joint projects” in the EU Renewable Energy 

Directive, the Isle of Man Government is investigating 

opportunities to generate renewable energy for export 

to the UK. This is consistent with the British Irish Council 

Energy Ministers previous agreement to cooperate to 

deliver an “All Islands Approach” to develop renewable 

energy resources for use within the British Isles and for 

export to Europe. The significant opportunities for the Isle 

of Man include: 

• Leasing the Isle of Man seabed for offshore wind and 

marine renewable energy developments. This will 

allow the Island to become a major net exporter of 

power and assist neighbouring jurisdictions to meet 

national and EU targets. 

• The Isle of Man has the potential to become an 

interconnector hub in the central location in the 

Irish Sea, connecting offshore projects to the GB 

electricity grid. 

The significant wind and tidal resource around the Island 

creates an opportunity to develop offshore renewable 

energy projects in the Isle of Man territorial seas. Using 

• The Isle of Man also has the potential to become 

an operation and maintenance hub in the central 

location in the Irish Sea, providing facilities for 

projects in the Isle of Man territorial seas and those in 

close proximity in neighbouring jurisdictions. 

Isle of man territorial seas 

For further details of Clean Tech opportunities in 

the Isle of Man, contact: 

Ken Milne 

Senior Manager for Energy Policy 

Email: ken.milne@gov.im 

Tel: + 44 (0)1624 687142 

ISLE OF MAN. WHERE YOU CAN 

Department of Economic Development 

St George’s Court, Upper Church Street 

Douglas, Isle of Man, IM1 1EX, British Isles 

Tel: + 44 (0)1624 686400 (General Enquiries) 

www.whereyoucan.im/cleantech 

www.whereyoucan.im 

25

$8.4 billion 

the value of M&A activity in 

Europe’s wind energy sector 

in 2012 

26

League Tables 

Methodology 

League tables are based on deals that were announced during the 2012 calendar year. The 

only exception is the league table ranking legal and financial advisors, which is based on 

deals that have completed in 2012. This approach has been adopted as advisors are often 

not disclosed until after a transaction has been completed. 

Qualifying transactions must be classified within at least one of the following sub-sectors: 

advanced materials & technologies; sustainable agriculture; biofuels; biomass; clean coal; 

energy efficiency; environmental services & remediation; geothermal; green transportation; 

hydro; hydrogen generation; marine; microgeneration; recycling & waste; solar; water & 

wastewater treatment; and wind. For a full description of our sector definitions please visit 

www.cleanenergypipeline.com. 

Number of deals ranking: for investor league tables, this is defined as the number of 

individual companies invested in (not individual investments or transactions) during 2012. 

For advisor league tables, this is defined as the number of individual transactions that have 

been completed in which an advisor has been involved. Where more than one adviser or 

investor has been involved in the same number of transactions, the higher ranking is given to 

the adviser or investor associated with the highest aggregate deal value. 

Deal value: the deal value accredited to an investor is calculated for each transaction by 

dividing the total value of a transaction by the number of investors participating in the 

fundraising. Deals of an undisclosed size are assigned a deal value of zero, apart from M&A 

transactions involving operational onshore wind and solar PV assets. In such transactions, 

a deal value is estimated on the basis of installed capacity using Clean Energy Pipeline’s 

multiples. 

Deal value for legal and financial advisors is calculated using the same methodology. If more 

than one advisor represents one party in a deal, the deal value is divided equally between 

the advisors. For project sponsors, the total value of project finance secured is divided by the 

number of sponsors. 

As our online platform is updated in real time, league table rankings may differ from the 

time of this release and the data found in our online platform at a later date. The Clean 

Energy Pipeline league tables are based on deal information which has been collected by or 

provided to our team. Clean Energy Pipeline endeavours to guarantee the accuracy of the deal 

information used to compile the league tables. At the end of each quarter, organisations are 

invited to email us a quarterly deal summary in any format to ensure that all relevant deals 

are reflected in the Clean Energy Pipeline league tables. All submissions should be emailed to 

Thomas Sturge at thomas.sturge@vbresearch.com. Clean Energy Pipeline reserves the rights 

to decline inclusion of deals that it deems fall outside its definitions or methodology. 

Copyright © 2005 – 2013 


All rights reserved. No parts of this publication may be reproduced, stored in a retrieval system or transmitted, 

in any form or by any means, without prior permission of the publishers. This includes hosting all or part of this 

publication online. 

27

League tables 


League Tables 

Clean Energy: Europe 

The following league tables rank the most active investors, banks, project sponsors and law 

firms in the European clean energy sector in 2012. Rankings are based on deals involving 

Europe-based investee companies, M&A targets or projects tracked by Clean Energy 

Pipeline’s deal data team. Our methodology is described on the previous page. 

Project / Asset Finance 

Top 20 project finance debt providers by deal value 

Rank Debt Provider Number of Deals Total Deal Value ($ million) 

1 European Investment Bank 21 952 

2 Deutsche Bank AG 3 853 

3 HSH Nordbank AG 8 525 

4 UBS AG 1 476 

5 EIG Global Energy Partners 1 476 

6 Lloyds Banking Group plc 6 372 

7 KfW IPEX-Bank 5 345 

8 Royal Bank of Scotland Group plc 5 341 

9 ING Bank NV 7 293 

10 Export-Import Bank of Malaysia 1 208 

11 Capital Corp Merchant Banking 1 193 

12 Nordea Bank AB 4 178 

13 Bank Pekao SA 1 162 

14 Unicredit SpA 5 161 

15 Banco Santander SA 4 161 

16 Nord LB 4 154 

17 DnB NOR Bank ASA 3 142 

18 Sumitomo Mitsui Banking Corp. 1 138 

19 MPS Capital Services Banca per le Imprese SpA 1 138 

20 Landesbank Baden-Württemberg 2 133 

28


League tables 

Top 20 project finance debt providers by deal numbers 






5 Co-operative Bank 6 105 




9 National Australia Bank Ltd. 5 121 



12 Nord LB 4 154 

13 Nordic Investment Bank 4 124 

14 Centrobanca SpA 4 107 

15 KfW Bankengruppe 4 81 



18 Siemens Bank GmbH 3 103 

19 Bayern LB 3 102 

20 Landesbank Baden-Württemberg 2 133 

Top 20 project sponsors by deal value 

Rank Project Sponsor Number of Deals Total Deal Value ($ million) 

1 Windreich AG 1 2,038 

2 Enel Green Power SpA 23 901 

3 Statkraft SF 2 762 

4 Statoil ASA 1 650 

5 Colruyt Group 1 531 

6 Aspiravi NV 1 531 

7 CEZ Group 2 513 

8 3Power Energy Group 1 500 

9 EDF Energies Nouvelles SA 5 447 

10 Cory Environmental Ltd. 1 396 

11 Wheelabrator Technologies Inc. 1 396 

12 GDF SUEZ SA 6 365 

13 Bord Gáis Energy 7 318 

14 Enerjisa Enerji Üretim AŞ 1 304 

15 Peterborough Renewable Energy Ltd. 1 297 

16 Parabel AG 3 273 

17 SunEdison LLC 2 238 

18 Mohring Energie GmbH 1 233 

19 Alto Holding AS 1 227 

20 Jæren Energi AS 1 223 

29

League tables 


Top 20 project sponsors by number of projects financed 



2 Hive Energy Ltd. 9 115 



5 Wattner AG 6 138 

6 Sharp Solar Energy S.r.l. 6 30 


8 Infinis Ltd. 5 110 

9 AES Solar Energy Ltd. 4 186 

10 ACS Actividades de Construcción y Servicios SA 4 103 

11 West Coast Energy Ltd. 4 81 


13 RWE Innogy GmbH 3 173 

14 Electrawinds NV/SA 3 32 

15 Conergy AG 3 19 




19 Arise Windpower AB 2 220 

20 EDF EN Italia SpA 2 220 

Top 10 project finance legal advisors by deal value 

Rank Legal Advisor Number of Deals Total Deal Value ($ million) 

1 Linklaters LLP 13 2,169 

2 Norton Rose LLP 13 2,034 

3 Watson, Farley & Williams LLP 7 1,801 

4 Allen & Overy LLP 17 1,681 

5 White & Case LLP 1 1,061 

6 Ashurst LLP 7 524 

7 Freshfields Bruckhaus Deringer LLP 5 512 

8 DLA Piper 2 300 

9 Pinsent Masons LLP 2 250 

10 SNR Denton 4 229 

Top 10 project finance legal advisors by deal numbers 


1 Allen & Overy LLP 17 1,681 


3 Norton Rose LLP 13 2,034 

4 Eversheds LLP 13 13 

5 Burges Salmon LLP 8 170 

6 Watson, Farley & Williams LLP 7 1,801 



9 SNR Denton 4 229 

10 Burness Paull & Williamsons LLP 3 144 

30


League tables 

Project / Asset Finance – solar in focus 

Top 10 solar energy project finance debt providers by deal value 






5 Bremer Landesbank Kreditanstalt Oldenburg-Girozentrale 1 109 


7 Nord LB 1 86 


9 International Finance Corp. 1 69 

10 Overseas Private Investment Corp. 1 69 

Top 10 solar energy project finance debt providers by number of projects financed 







6 Centrobanca SpA 3 52 



9 OSEO 2 39 

10 Deutsche Kreditbank AG 2 27 

Top 10 solar energy project sponsors by deal value 


1 3Power Energy Group 1 500 



4 Mohring Energie GmbH 1 233 

5 Activ Solar GmbH 2 204 

6 Astronergy 1 193 

7 Abengoa SA 1 193 

8 JGC Corp. 1 193 


10 Enerparc AG 2 155 

31

League tables 


Top 10 solar energy project sponsors by number of projects financed 



2 Hive Energy Ltd. 9 115 


4 Sharp Solar Energy S.r.l. 6 30 

5 KGAL GmbH & Co KG 4 285 



8 Conergy AG 3 19 


10 Activ Solar GmbH 2 204 

Project / Asset Finance – WIND in focus 

Top 10 wind energy project finance debt providers by deal value 



2 UBS AG 1 476 

3 EIG Global Energy Partners 1 476 








Top 10 wind energy project finance debt providers by deal numbers 




3 Co-operative Bank 6 105 


5 National Australia Bank Ltd. 5 121 





10 Nord LB 3 68 

32


League tables 

Top 10 wind energy project sponsors by deal value 


1 Windreich AG 1 2,038 


3 Statoil ASA 1 650 

4 Colruyt Group 1 531 

5 Aspiravi NV 1 531 





10 Enerjisa Enerji Üretim AŞ 1 304 

Top 10 wind energy project sponsors by number of projects financed 




3 Infinis Ltd. 5 110 


5 West Coast Energy Ltd. 4 81 


7 RWE Innogy GmbH 3 173 

8 KGAL GmbH & Co KG 3 67 


10 Arise Windpower AB 2 220 

33

League tables 


Venture capital & Private Equity and M&A 

Top 10 investors in companies by deal value 

Rank Investor Number of Deals Total Deal Value ($ million) 

1 Aquila Capital 1 467 

2 Nordic Capital Ltd. 2 257 

3 HgCapital plc 2 229 

4 Fonds stratégique d'investissement SA 1 127 

5 Iren SpA 1 81 

6 F2I SGR SpA 1 81 

7 European CleanTech 1 SE 1 77 

8 ARKEA Capital Investissement 1 64 

9 Paine & Partners LLC 1 46 

10 Ombu Group 3 45 

Top 10 investors in companies by deal numbers 


1 Low Carbon Innovation Fund/Turquoise Asscoicates 9 5 

2 Chrysalix SET 8 4 

3 The North West Fund Ltd. 5 4 


5 Innogy Venture Capital 4 8 

6 Ombu Group 3 45 

7 Hermes GPE LLP 3 32 

8 Ludgate Environmental Fund Ltd. 3 20 

9 GIMV 3 10 

10 I2BF Venture Capital 3 6 

Top 10 investors in projects by deal value 


1 KIRKBI A/S 1 418 

2 Oticon Foundation 1 418 

3 Glennmont Partners 3 289 

4 Irish Infrastructure Fund 10 253 

5 Allianz Specialised Investments Ltd. 7 238 

6 Munich Re 9 234 

7 FP Lux Investments SA SICAV-SIF-Solar Infrastructure-I 1 187 

8 Marguerite Fund 5 144 

9 Foresight Group 3 130 


34


League tables 

Top 10 investors in projects by deal numbers 


1 Capital Dynamics 35 n/a 

2 Impax Asset Management Ltd. 15 37 




6 Capital Stage AG 8 68 

7 Conetwork Erneuerbare Energien Holding GmbH & Co. KgaA 8 39 

8 KGAL GmbH & Co KG 8 n/a 


10 Solar21 6 32 

Top 10 investors in solar energy projects by deal value 







6 Adenium Energy Capital 1 79 



9 Chorus GmbH 1 36 

10 Solar21 6 32 

Top 10 investors in solar energy projects by deal numbers 



2 Impax Asset Management Ltd. 9 n/a 


4 Solar21 6 32 







35

League tables 


Top 10 investors in wind energy projects by deal value 


1 KIRKBI A/S 1 418 

2 Oticon Foundation 1 418 




6 Wurttembergische Lebensversicherung AG 3 73 

7 Aviva plc 1 57 

8 SachsenFonds GmbH 1 57 



Top 10 investors in wind energy projects by deal numbers 







6 Wurttembergische Lebensversicherung AG 3 73 

7 Marguerite Fund 3 n/a 

8 Conetwork Erneuerbare Energien Holding GmbH & Co. KgaA 3 n/a 

9 Capital Stage AG 2 n/a 

10 Glennmont Partners 2 n/a 

Top 10 M&A and VC/PE legal advisors by deal value 


1 Hengeler Mueller 10 3,526 


3 DLA Piper 3 1,176 

4 Watson, Farley & Williams LLP 19 803 



7 Hogan Lovells Internatioanl LLP 1 318 

8 Clifford Chance LLP 7 211 


10 Jones Day 2 165 

36


League tables 

Top 10 M&A and VC/PE legal advisors by deal numbers 



2 Watson, Farley & Williams LLP 19 803 


4 Beiten Burkhardt 14 13 

5 Burges Salmon LLP 11 148 

6 Hengeler Mueller 10 3,526 


8 Clifford Chance LLP 7 211 

9 CMS Hasche Sigle 6 82 


Top 10 M&A and VC/PE financial advisors by deal value 

Rank Financial Advisor Number of Deals Total Deal Value ($ million) 

1 PricewaterhouseCoopers International Ltd. 3 850 

2 Greentech Capital Advisors Securities LLC 1 850 


4 Freitag & Co. 1 389 

5 Augusta & Co plc 2 306 

6 BNP Paribas Corporate Finance 1 262 

7 UniCredit SpA 1 262 

8 Deutsche Bank Securities Inc. 1 165 

9 Arctic Securities ASA 3 110 

10 Climate Change Capital Ltd. 1 97 

Top 10 M&A and VC/PE financial advisors by deal numbers 

Rank Financial Advisor Number of Deals Total Deal Value ($ million) 

1 Turquoise Associates 9 9 

2 WHEB Infrastructure 9 n/a 


4 PricewaterhouseCoopers International Ltd. 3 850 

5 Arctic Securities ASA 3 110 

6 Augusta & Co plc 2 306 

7 Altium Capital Ltd. 2 2 

8 Greentech Capital Advisors Securities LLC 1 850 

9 Freitag & Co 1 389 

10 Deutsche Bank Securities Inc. 1 165 

37

33% 

of 

European project 

finance was allocated to 

the solar sector in 2012 

38


Market Analysis 

Project Finance 

Investment Analysis 

Europe 

This section analyses project finance deal activity in Europe’s clean energy sector in 2012. 

The analysis is based on deals tracked by Clean Energy Pipeline’s deal data team. European 

clean energy project finance activity totalled $30.1 billion in 2012, almost half the $59.5 

billion recorded in 2011. The decrease was caused by a 24% decline in the number of projects 

financed and a slump in utility-scale solar deals. 

The decrease in financing activity is a direct result of substantial feed-in tariff (FiT) cuts 

across Europe for solar photovoltaic (PV) projects, general malaise in the financial markets, 

particularly in the first half of the year, and continuing decreases in equipment costs, which 

lower the capital requirement of projects. 

Solar in focus 

Solar saw the largest decline in 

dollars invested Europe-wide, with 

only $10.4 billion allocated to the 

sector in 2012, under half the $21.4 

invested in 2011. This is a direct result 

of solar investment plummeting 

in Italy and Spain by 77% and 

86% respectively, where spiralling 

national debts and subsidy cuts have 

choked investment. 

In Spain, investors were stung by a 

raft of proposed measures, including 

a flat tax on renewables and a 

moratorium that was placed on clean 

energy subsidies by the Spanish 

government last year. The country 

is implementing punitive measures 

to cut the Eur28 billion tariff debt 

in the country’s electricity system, 

a hangover from years of heavily 

subsidised conventional power. 

Project / Asset finance in Europe 

(1Q09 to 4Q12) 

Deal value ($ billion) 

25 

20 

15 

10 

5 

0 0 

1Q09 

2Q09 

3Q09 

4Q09 

Deal value 

1Q10 

2Q10 

3Q10 

4Q10 

1Q11 

2Q11 

3Q11 

4Q11 

1Q12 

2Q12 

3Q12 

4Q12 

Number of transactions 

300 

250 

200 

150 

100 

50 

Number of deals 

39



Investment in Italian solar projects 

primarily decreased due to declining 

FiTs. The Conto Energia V system for 

subsidising renewable energy, under 

which FiT rates for solar PV energy 

will fall by 35% on average, came 

into effect on August 27, 2012. The 

country is seeking to halt a boom of 

installations that has raised annual 

spending on solar subsidies to Eur6 

billion per year. New spending on 

solar subsidies has also been capped at 

Eur500 million per year. 

In contrast, solar project finance in 

Germany increased. Some $4.1 billion 

was invested in solar PV projects in 

2012, an 11% increase on the $3.7 

billion invested in 2011. This increase 

is a direct result of developers rushing 

to get projects financed, built and gridconnected 

before sizeable FiTs were 

enacted in April 2012. 

However, it is unlikely that these 

levels of investment will be 

maintained with the reduced FiTs. 

Indeed, while Germany experienced 

a record high in new solar PV 

installations in 2012, with 7.6 GW 

being installed (compared with 7.5 GW 

in 2011), installation levels dropped in 

the fourth quarter to less than one fifth 

of the total capacity installed during 

the same period in 2011. 

Sector breakdown – Project / asset finance in europe 

as a percentage of total deal value (2012) 

7% 

Biomass 

Solar 

33% 

Recycling & Waste 

1% 

Total project / asset finance in 

Europe (2012) 

$31.0 billion 

Water & Wastewater Treatment 

1% 

7% 

Other 

Biofuels 

1% 

Wind 

49% 

Geothermal 

1% 

Sector breakdown – Project / asset finance in europe 

as a percentage of total number of deals (2012) 

The largest solar PV project finance 

deal in 2012 was the $365 million 

secured for Solarhybrid AG’s 150 

MW solar PV project located in 

Neuhardenberg, Brandenburg. 

Equity investors in the project 

include Enerparc AG, ecos-energy 

GmbH, BaySolar AG and MEP Asset 

Management GmbH. Debt providers 

were not disclosed. 

Offshore wind in focus 

European offshore wind project 

financing totalled $5.7 billion in 2012, 

in line with the $5.6 billion invested 

in 2011. Most financing activity took 

place in the UK ($2.4 billion), where 

the 317 MW Sheringham Shoal and 

the 270 MW Lincs offshore wind farms 

both closed financing. In contrast 

German offshore wind finance shrunk 

by more than 50% to $2.1 billion, all 

of which was invested in the 400 MW 

MEG 1 offshore wind farm. 

Other 

1% 

Solar 

55% 

Biofuels 

1% 

Total number of project / asset finance 

transactions in Europe (2012) 

519 

Hydro 

1% 

9% Biomass 


3% 

Water & Wastewater 

Treatment 

2% 

Wind 

28% 

40



Geographic breakdown – pROJECT / aSSET FINANCE IN Europe (2012) 

Above $5 billion 

$2 billion to $5 billion 


$500 million to $1 billion 

$200 million to $500 million 


$0 to $100 million 

No investment 

The main trend in Europe’s offshore wind sector in 2012 was 

the loss of confidence in Germany due to lengthy delays 

in securing grid connection. Siemens announced a loss 

of ‘hundreds of millions of euros’ in January 2012 while 

RWE AG Chief Executive Peter Terium stated publicly that 

German offshore wind targets were not viable. Despite 

ambitious development plans that are continuing to be 

announced, EnBW, DONG and SuedWestStrom all delayed 

or withdrew from large-scale German offshore projects in 

4Q12. 

The most notable offshore wind project financed outside of 

Germany and the UK was Northwind’s 216 MW offshore 

wind farm, located off the coast of Belgium. Some Eur595 

million was provided by a club of commercial banks while 

the European Investment bank invested Eur350 million. 

A further Eur80.6 million in equity was supplied by the 

project’s owners, Colruyt Group and Aspiravi NV, and 

Eur174.4 million of quasi-equity was invested by additional 

undisclosed investors. 

Onshore wind in focus 

Onshore wind project finance in Europe totalled $9.6 billion 

in 2012, a 7% decrease on the $10.3 billion recorded in 2011. 

European onshore wind investment has now fallen for three 

consecutive years from a high point of $13.8 billion in 2009. 

While investment has fallen across the whole of Europe, 

some countries have witnessed a surge in wind project 

finance in recent years. For example, some $1.2 billion 

was allocated to Romania’s wind energy sector in 

2012, down from the $1.5 billion invested in 2011 but a 

significant increase on the $389 million and $285 million 

invested in 2010 and 2009 respectively. The surge results 

from the country’s approval of the green certificate 

programme in 2011, which offers generators a premium 

on electricity revenues. 

Biomass in focus 

European biomass project financing totalled $2.1 billion 

in 2012, a substantial decline on the $5.9 billion recorded 

in 2012. Investment fell in nearly every major European 

biomass market. In the UK, biomass project finance fell 

to $1.8 billion in 2012, a 21% decrease on the $2.3 billion 

invested in 2011. This was a direct result of uncertainty 

over government subsidies, most notably around the 

biomass co-firing Renewables Obligation Certificate 

(ROC) banding review and proposals of a supplier cap on 

dedicated biomass power. In Spain, biomass investment 

in 2012 subsided to $82 million, down from $1.6 billion in 

2011, largely as a result of subsidy cuts and the announced 

implementation of an energy tax. 

41



deal of the year – European clean energy project finance 

Project 

Location 

Project sponsor 

Financing raised 

Chirnogeni wind farm (80 MW) 

Southeast Romania 

EP Global Energy (20% ownership post equity financing) 

Eur130 million ($195 million) 

Date of round November 9, 2012 

Debt providers 

European Bank for Reconstruction and Development (Eur31 million), Erste Group Bank, ING Bank 

and Unicredit Bank Austria (Eur60 million) 

Equity investors Marguerite Fund (50%), EnerCap Power Fund (30%) 

Advisors 

Deal information 

Trinity International LLP (financial advisor to EP Global Energy) 

On November 9, 2012, EP Global Energy closed project financing for its 80MW wind farm located in 

the southeast of Romania. Construction will start before the end of 2012 and full commissioning is 

expected to take place in early 2014. The deal is notable as it is the first pure play renewable energy 

project to secure non-recourse project financing in Romania. 

42



Mergers & Acquisitions 

Analysis 


This section analyses clean energy M&A deal activity in Europe in 2012. The analysis is based 

on deals tracked by Clean Energy Pipeline’s deal data team. 

European clean energy M&A activity totalled $23.1 billion in 2012, a 39% decrease on the $38 

billion recorded in 2011. The decrease was caused by a 16% decline in deal numbers to 395 

and an absence of large deals. Only seven deals in excess of $500 million, totalling $8.8 billion, 

were announced in 2012, significantly less than the twelve deals totalling $17.5 billion, 

which were transacted in 2011. 

Wind dominates M&A landscape 

European wind M&A activity totalled 

$8.4 billion in 2012, a 13% decrease on 

the $9.7 billion recorded in 2011 but 

almost double the level of activity in 

2009 and 2010. Despite the year-onyear 

decrease, wind was by far the 

largest sector for M&A, accounting 

for 36% of the total value of all 

acquisitions. 

The increase during the last two 

years is a direct result of low-risk 

corporate and financial investors 

becoming increasingly attracted 

to the stable returns provided by 

operational onshore wind projects, a 

small number of large transactions 

involving utilities divesting stakes in 

offshore wind farms, and some large 

transactions in the offshore wind 

supply chain. 

Mergers & Acquisitions in Europe 

(1Q09 to 4Q12) 

Deal value ($ billion) 

20 

15 

10 

5 

0 

1Q09 

2Q09 

3Q09 

4Q09 

Deal value 

1Q10 

2Q10 

3Q10 

4Q10 

1Q11 

2Q11 

3Q11 

4Q11 


1Q12 

2Q12 

3Q12 

4Q12 

140 

120 

100 

80 

60 


40 

20 

0 

43



Sector breakdown – Mergers & Acquisitions activity IN Europe as a Percentage of 

total deal value (2012) 

Hydro 

12% 

Environmental 

Services & 

Remediation 

1% 

Biofuels 

1% 

Energy 

Efficiency 

16% 

European M&A activity in 2012 

$23.1 billion 

Recycling & 

Waste 

3% 

Biomass 

3% 

Wind 

36% 

Solar 

20% 

5% 

Water & Waste 

Water Treatment 

Advanced Materials 

& Technologies 

2% 

Sector breakdown – European M&A Activity (2012) 

European M&A activity by sector as a percentage of total deal value (2012) 

36% 

20% 16% 12% 5% 3% 3%2% 3% 

European M&A activity by sector as a percentage of total number of transactions (2012) 

31% 26% 9% 3% 2% 9% 6% 2% 12% 

Wind 

Solar 

Energy Efficiency 

Hydro 

Water & Waste Water Treatment 

Biomass 


Advanced Materials & Technologies 

Other 

The most notable project acquisition in 2012 was the 

purchase of a 50% stake in DONG Energy’s 277 MW Borkum 

Riffgrund I offshore wind farm by Danish investment 

groups the Oticon Foundation and KIRKBI A/S for $837 

million in February 2012. This transaction is indicative of 

a trend of large utilities divesting stakes in offshore wind 

farms to free up capital for new offshore investments. 

Indeed, following this divestment, DONG Energy acquired 

a portfolio of three offshore wind projects in Germany from 

PNE Wind AG for an upfront cash consideration of Eur57 

million and deferred payments of up to Eur100 million. 

The most notable deal in the supply chain was undoubtedly 

Japanese investors Marubeni Corp and Innovation Network 

of Japan’s purchase of UK offshore wind turbine installation 

company Seajacks International Ltd from private equity 

group Riverstone for approximately $850 million. 

There also continues to be a significant volume of M&A 

activity around offshore wind transmission assets, which is in 

part driven by EU unbundling requirements and in part by 

the need for transmission system operators to divest assets in 

order to free up capital for further investment. Five offshore 

wind transmission assets were acquired in 2012 totalling just 

under $1 billion, compared with four assets totalling $406 

million in 2011. 

Investors from the Far East take aim at Europe 

2012 was also notable for a surge in outbound M&A activity 

from the Far East to Europe. Acquirers from Japan, China 

and southeast Asia announced 18 acquisitions totalling $2.3 

billion in 2012, a sharp increase on the 15 deals totalling 

$963 million announced in 2011. This surge in activity 

is underpinned by Chinese solar OEMs acquiring pre- 

44



Geographic breakdown – Mergers & Acquisitions activity IN Europe (2012) 

Above $5 billion 



$500 million to $1 billion 






No investment 

construction stage projects as an outlet for their products, 

solar and wind manufacturers across Asia acquiring 

distressed manufacturing assets and Japanese industrial 

conglomerates and trading houses acquiring operational 

utility-scale generation assets that offer long term, low risk, 

stable returns. 

Two of the most significant deals involved the Japanese 

industrial conglomerate Mitsubishi, which signed a 

letter of intent to acquire a 49% stake in the HelWin2 and 

DolWin2 offshore wind grid connection projects from 

TenneT Holding BV for USD448.9 million in March 2012. 

This followed a similar transaction two months earlier 

when Mitsubishi acquired a 49% equity stake in two 

German offshore high-voltage cable projects - BorWin1 and 

BorWin2 – for $318 million. 

There were also a small number of deals in the solar sector. 

Hanergy Holding Group, China’s largest independent 

clean power producer, acquired Solibro, the solar thin-film 

subsidiary of bankrupt Q-Cells, in September 2012. One 

month later South Korean solar manufacturer Hanwha 

Group acquired Germany-based Q-Cells itself. 

Energy Efficiency activity plummets due to absence of large 

deals 

Energy efficiency M&A activity plummeted to $3.7 billion 

in 2012, under a third of the $12.4 billion recorded in 2011. 

The decrease was a direct result of an lack of $1 billion-plus 

deals. Melrose’s $2.3 billion acquisition of smart meter 

company Elster Group was the only deal in excess of $1 

billion in 2012. Last year there were four such acquisitions 

totalling $9.9 billion. The number of energy efficiency 

M&A deals also declined to 31 in 2012, down 21% on the 

previous year. 

The most popular area for acquisitions within energy 

efficiency is smart grid. Aside from Elster Group, smart 

grid companies QUNDIS GmbH and ZIV Aplicaciones y 

Tecnología SL were acquired in 2012, while Landis+Gyr 

AG was purchased in 2011. In many cases, the acquirers of 

smart grid companies are large industrial corporations keen 

to incorporate smart grid technology into their product set. 

There was also a significant volume of M&A activity in the 

green building sector in 2012, with the likes of Saia-Burgess 

Controls, Lumar IG and Celotex Insulation all being acquired. 

45



deal of the year – European clean energy Mergers & acquisitions 

Target 

Acquirer 

Seller 

Deal value 

Seajacks International Ltd 

Marubeni Corp, Innovation Network of Japan 

Riverstone Holdings 

$850 million 

Date announced March 2012 

Date completed May 2012 

Advisors 


Linklaters (Legal advisor to Marubeni Corp.), PwC (Financial advisor to Marubeni Corp.), Greentech 

Capital Advisors (Financial advisor to Riverstone Holdings) 

On May 28, 2012, Japanese trading conglomerate Marubeni and public-private partnership the 

Innovation Network of Japan (INCJ) completed a joint takeover of Seajacks International, a UK-based 

owner and operator of wind turbine installation vessels, from private equity firm Riverstone Holdings. 

Although the precise figure paid in the deal was undisclosed, Japanese daily Nikkei has stated that 

the amount was set to be in the region of $850 million. The deal marks the first full scale entry of a 

Japanese company into the offshore wind installation business. 

A syndicate of six Japanese and European banks financed the transaction, with Mizuho Corporate 

Bank acting as global coordinator. The same syndicate financed the construction of Zaratan, 

Seajacks’ third offshore-wind installation and oil & gas service vessel. 

46

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Venture Capital & Private 

Equity Investment Analysis 


This section analyses venture capital and private equity investment in Europe’s clean energy 

sector in 2012. The analysis is based on deals tracked by Clean Energy Pipeline’s deal data team. 

Venture capital and private equity investment (excluding buyouts) in European clean energy 

companies totalled $1.4 billion in 2012, a 28% decrease on the $1.9 billion recorded in 2011. 

The number of investments also decreased – only 132 investments were completed in 2012, 

significantly less than the 157 tracked in 2011. 

The decline in dollars invested is a 

direct result of a substantial decrease 

in the volume of investment in solar, 

energy efficiency and wind, which 

have historically been the largest 

sectors for investment. Between 2009 

and 2011 these three sectors attracted 

a combined total of $1.1 billion of 

investment per year. However in 2012 

only $317 million was invested across 

these industries. Investment in other 

clean energy sub-sectors rose in 2012, 

most notably in recycling, biomass, 

green transportation and water. 

However growth in investment in 

these sectors was insufficient to offset 

the large decline in investment in 

solar, energy efficiency and wind. 

The UK dominated the European 

clean energy investment landscape, 

accounting for 48% of total investment 

volume and 40% of the number of 

investments. France came in second 

place, accounting for 21% of European 

clean energy investment activity, 

followed by Germany (9%), Finland 

(5%) and Ireland (4%). 

Venture Capital & Private Equity Investment 

(1Q09 to 4Q12) 

Deal value ($ million) 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 

1Q09 

2Q09 

3Q09 

4Q09 

VC - Early Growth [a] 

VC - Late Stage [b] 

1Q10 

2Q10 

3Q10 

4Q10 

1Q11 

2Q11 

3Q11 

4Q11 

1Q12 

Note: 

[a] VC - Early Growth comprises Series A – C funding rounds 

[b] VC - Late Stage comprises Series D and later funding rounds 

2Q12 

3Q12 

4Q12 

PE - Development Capital 


90 

80 

70 

60 

50 

40 

30 

20 

10 

0 


48



Energy efficiency in focus 

Venture capital and private equity investment (excluding 

buyouts) in European energy efficiency companies totalled 

$160 million, a modest 6% decrease on the $171 million 

recorded in 2011 but a substantial 69% decline on the $510 

million recorded in 2010. Only 32 investments in European 

energy efficiency companies were executed in 2012, 

compared with 50 in 2010. 

The decline was partly caused by a decrease in investment 

in the energy efficient lighting vertical – venture capital 

and private equity firms invested $103 million in this 

sector in 2010, over nine times the $11 million invested in 

2012. One of the factors behind this decline is that highly 

efficient LED lighting is still some time away from mass 

commercialisation, with most sector players in agreement 

that commercial competitiveness will not be fully reached 

until 2014-2015 at the earliest. 

Energy efficiency investment in 2012 was also dented by 

a decline in investment in smart grid and monitoring and 

control companies to $75 million, down from $242 million 

in 2010. This is partly a result of the rapid growth of the 

sector in the last three years and the progression of many 

companies beyond the venture capital stage. For example 

Finnish smart meter manufacturer Landis+Gyr AG was 

acquired by Toshiba in early 2011. It had previously raised 

$171 million in 2010 and $100 million in 2009. 

Notable energy efficiency investments in 2012 include: 

Wireless Energy Management Systems (WEMS), a UKbased 

developer of building energy control systems, which 

secured $20.8 million from private equity firm WHEB 

Partners and asset management firm Hermes GPE; Power 

Plus Communications, a German provider of broadband 

communications systems for the smart grid, which secured 

$15.5 million from Climate Change Capital, Siemens 

Financial Services’ venture capital unit and British Gas; 

Sector breakdown – VENTURE CAPITAL & Private Equity INVESTMENT IN Europe as a 

Percentage of total deal value (2012) 

Agriculture 

1% 

Biomass 

15% 

6% Solar Recycling & Waste 

29% 

Water & Waste 

Water Treatment 

8% 

6% 

Total venture capital investment in 2012 

$1.4 billion 

Marine 

1% 

Hydro 

1% 

Energy 

Efficiency 

12% 

Green 

Transportation 

10% 

Energy Storage 

Environmental 

Services & 

Remediation 

1% 

5% Advanced 

Materials & 

Technologies 

6% Wind 

Biofuels 

1% 

Sector breakdown – VENTURE CAPITAL & Private Equity INVESTMENT IN Europe (2012) 

European venture capital & private equity activity by sector as a percentage of total deal value (2012) 

29% 

15% 12% 10% 8% 6% 6% 6% 5% 4% 

European venture capital & private equity activity by sector as a percentage of total number of transactions (2012) 

9% 10% 26% 7% 7% 7% 12% 4% 6% 12% 


Green Transportation 

Solar 

Other 

Biomass 

Water & Waste Water Treatment 

Energy Storage 

Energy Efficiency 

Wind 

Advanced Materials & Technologies 

49



Geographic breakdown – VENTURE CAPITAL & Private Equity INVESTMENT IN Europe (2012) 

Above $500 million 








No investment 

and Nujira Ltd., a UK-based developer of energy efficient 

transmitter technology, which secured $12 million from a 

consortium of investors including SAM Private Equity and 

Amadeus Capital Partners. 

Solar in focus 

Given the turmoil in the European solar supply chain 

it is no surprise that venture capital and private equity 

investment in this vertical has heavily subsided. Only 

$77 million was invested in European solar companies in 

2012, a fraction of the $657 million invested in 2011 and the 

$319 million invested in 2010. The number of investments 

also decreased significantly to 15 in 2012, almost half the 

number recorded in 2011. 

The decrease is a result of an anticipated decline in 

European solar PV installations over the next three 

years and increasing competition from China, which is 

heavily driving down module costs. This deadly cocktail 

has resulted in a swathe of insolvencies of some of 

Europe’s largest solar PV brands, including Q-Cells, Solon, 

SunConcept, Ralos, SolarHybrid and Odersun. 

The handful of European solar companies that did secure 

funding in 2012 include French solar tracking and CPV 

developer EXOSUN, which secured $15.6 million in May 

2012, German solar project developer Abakus Solar, which 

raised $12.9 million in January 2012, and NovoPolymers, a 

Belgian manufacturer of encapsulant solutions for the solar 

PV industry, which attracted $7.1 million in March 2012. 

Wind in focus 

Venture capital and private equity firms only invested 

$79 million in European wind energy companies in 2012, 

less than four times the $334 million invested in 2011 and 

significantly below the $439 million invested in 2009. The 

decrease is a result of the natural maturing of the sector 

from innovation towards mass commercialisation, an 

anticipation of reduced demand from major markets such 

as the USA and the spectre of increasing competition from 

China. 

Most investment in European wind energy companies 

was directed towards project developers and IPPs rather 

than in the supply chain. Indeed the largest European 

wind investments in 2012 were in German wind energy 

retailer Grundgrun Energie GmbH, which secured $24 

million from Mithril in February 2012, and Ireland-based 

international developer Mainstream Renewable Power, 

which secured $16.3 million from undisclosed Irish highnet-worth 

individuals in January 2012 and $21.5 million, 

also from undisclosed investors, in September 2012. 

50



Private equity buyouts 

Private equity firms completed 93 

buyouts of European companies 

and projects totalling $6.2 billion in 

2012, a significant decrease on the 

137 buyouts totalling $12.1 billion 

executed in 2011. The total volume of 

European buyouts decreased for the 

sixth consecutive quarter to only $1.1 

billion in 4Q12, down from a height 

on $3.8 billion in 2Q11. 

The largest deal in 2012 was the $837 

million acquisition of a majority stake 

in the 277 MW Borkum Riffgrund 

1 German offshore wind farm by 

Danish investment groups KIRKBI 

A/S and the Oticon Foundation. The 

second largest buyout was the $467 

million acquisition of AkfenHES 

Yatirimlari ve Enerji Uretim AS, a 

company formed to develop and 

operate the HEPP-1 portfolio of 

11 hydro power projects totalling 

131.67MW, by Aquila Hydropower II, 

an investment fund of Aquila Capital. 

Private Equity Buyouts (1Q09 to 4Q12) 

Deal Deal value value ($ billion) ($ billion) 

4.5 

4.5 

4.0 

4.0 

3.5 

3.5 

3.0 

3.0 

2.5 

2.5 

2.0 

2.0 

1.5 

1.5 

1.0 

1.0 

0.5 

0.5 

0.0 

0.0 

Deal value 

Deal value 

1Q092Q09 

2Q093Q09 

3Q094Q09 

4Q091Q10 

2Q10 

2Q10 3Q10 

3Q10 

4Q101Q11 

1Q112Q11 

2Q113Q11 

3Q114Q11 

4Q111Q12 

1Q122Q12 

2Q123Q12 



4Q12 

4Q12 

45 

45 

40 

40 

35 

35 

30 

30 

25 

25 

20 

20 

15 

15 

10 

10 

5 

5 

0 

0 

Number Number of deals of deals 

deal of the year – European clean energy venture capital and private equity 

Company 

Headquarters 

Funds raised 

Bluewater Bio International 

London, UK 

$36 million (£22.5 million) 

Date of round March 2012 

Investors 

Advisors 


Ombu Group, Hermes GPE Environmental Innovation Fund LP 

GP Bullhound Ltd (financial advisor to Bluewater Bio) 

On March 23, 2012, Bluewater Bio International, a UK-based developer of water and wastewater 

treatment technologies, secured $36 million (£22.5 million) from specialist clean energy investors 

Ombu Group and Hermes GPE Environmental Innovation Fund LP. The financing will be used to 

accelerate expansion into new and existing markets and potentially for acquisitions. The funding 

follows the agreement of an $8 million revolving convertible debt facility provided to the company by 

US investment firm Liberation Capital in November 2011. 

According to Clean Energy Pipeline data, the round was the largest growth capital financing raised by 

a pure-play water technology developer since the end of 2010 at the time of financial close. The only 

larger fundraising in the water technology sector in 2012 was acquired by NanoH2O, a Californiabased 

developer of thin-film membranes for water desalination, which secured a $40 million equity 

investment in May 2012. 

51

$210 million 

the value of venture capital 

& private equity investment in 

Europe’s biomass sector in 2012 

52


Directory 

Directory 

This directory lists every investor, acquirer, project sponsor, law firm and financial advisor 

that has executed or advised on a venture capital , private equity, project finance or M&A 

transaction in the European clean energy sector in the 2012 calendar year. The directory is 

based on transactions tracked by Clean Energy Pipeline’s deal data team. 

Subscribers to Clean Energy Pipeline can view news, data and other information on the 

companies, investors and advisors listed below on our website www.cleanenergypipeline.com. 

Non-subscribers should contact Sonja van Linden, at sonja.vanlinden@vbresearch.com, for 

more information on how to access the service. 

123 

3Power Energy Group Inc. 

Dubai, UAE 

www.3powerenergy.com 

Investment Focus: M&A - Acquirer, 


3volution LLP 

Leeds, UK 

www.3volutionllp.com 

Advisory Focus: Legal - Venture 

capital and private equity 

7C Solarparken N.V. 

Mechelen, Belgium 

www.solarparken.be 

Investment Focus: M&A - Acquirer 

9REN Group 

Madrid, Spain 

www.9ren.org 

Investment Focus: Project sponsor 

A 

Abantia Group 

Barcelona, Spain 

www.abantia.com 


ABB Group 

Zurich, Switzerland 

www.abb.com 


ABB Technology Ventures 


www.abb.com 

Investment Focus: VC - Early Growth 

(Series A to C) 

Abengoa SA 

Seville, Spain 

www.abengoa.com 


ABO Wind AG 

Wiesbaden, Germany 

www.abo-wind.com 


Academy of Sciences of Moldova ASM 

Chisinau, Moldova 

www.asm.md 


Accel Partners 

Palo Alto, CA, USA 

www.accel.com 



Acciona Energia SA 

Madrid, Spain 

www.acciona-energia.com 


Accura 

Hellerup, Denmark 

www.accura.eu 

Advisory Focus: Legal - M&A 

53

Directory 


ACS Actividades de Construcción y 

Servicios SA 

Madrid, Spain 

www.grupoacs.com 


Activ Solar GmbH 

Vienna, Austria 

www.activsolar.com 


Adapt Low Carbon Group 

Norwich, UK 

www.adaptlowcarbongroup.co.uk 



Adenium Energy Capital 

Dubai, UAE 

www.adeniumcapital.com 

Investment Focus: PE - Buyout 

Advanced Energy Industries Inc. 

Fort Collins, CO, USA 

www.advanced-energy.com 


Advanced Power Components plc 

Rochester, UK 

www.apc-plc.co.uk 


PE - Development Capital 

Advanta Capital Ltd. 


www.advanta-capital.com 


AES Solar Energy Ltd. 

Arlington, VA, USA 

www.aes-solar.com 


AES Wind Generation Inc. 

San Diego, CA, USA 

www.aeswind.co.uk 


AFC Energy plc 

Surrey, UK 

www.afcenergy.com 


AffaldVarme Aarhus 

Aarhus, Denmark 

www.aarhus.dk 


Agaoglu Group 

Istanbul, Turkey 

www.agaoglu.com 


agri.capital GmbH 

Munster, Germany 

www.agri-capital.de 


Agrokor Group 

Zagreb, Croatia 

www.agrokor.hr 


AIB Seed Capital Fund 

Dublin, Ireland 

www.aibseedcapitalfund.ie 

Investment Focus: Seed Financing 

Airport Development AS 

Copenhagen, Denmark 


Airvolution Energy Ltd. 

Helston, UK 

www.airvolution-projects.com 


ALBA Group 

Berlin, Germany 

www.albagroup.de 


Albion Ventures LLP 

London, UK 

www.albion-ventures.co.uk 

Investment Focus: Project sponsor, VC 

- Late Stage (Series D+) 

Alfa Finance Holding AD 

Sofia, Bulgaria 

www.alfafinance.bg 


Alkane Energy plc 

Edwinstowe, UK 

www.alkane.co.uk 


All Capital 

Amsterdam, Netherlands 



Allen & Overy LLP 

London, UK 

www.allenovery.com 

Advisory Focus: Legal - M&A, Project 

finance, Venture capital and private 

equity 

Allenby Capital Ltd. 

London, UK 

www.allenbycapital.com 

Advisory Focus: Financial - Venture 


Allianz Specialised Investments Ltd. 

Munich, Germany 

www.allianz.com 

Investment Focus: PE - Buyout, 


ALMI Företagspartner Väst AB 

Gothenburg, Sweden 

www.almi.se 

Investment Focus: Grant & 

Government Funding, VC - Early 

Growth (Series A to C) 

Alpiq Holding AG 

Olten, Switzerland 

www.alpiq.com 


Alstom Power SA 

Levallois-Perret, France 

www.alstom.com 


AltEnegro 

Russia 


Altium Capital Ltd. 

London, UK 

www.altiumcapital.com 



Alto Holding AS 


www.altoholding.com 


Altor Equity Partners 

Stockholm, Sweden 

www.altor.com 


Alubel SpA 

Bagnolo in Piano, Italy 

www.alubel.it 


Alvdalens och Sarna-Idre 

Besparingsskogar 

Sweden 

www.besparingen.com 


Alven Capital 

Paris, France 

www.alvencapital.com 



54


Directory 

Amadeus Capital Partners Ltd. 

Cambridge, UK 

www.amadeuscapital.com 

Investment Focus: VC - Late Stage 

(Series D+) 

Amber Infrastructure Ltd. 

London, UK 

www.amberinfrastructure.com 


Ambienta SGR SpA 

Milan, Italy 

www.ambientasgr.com 


PE - Buyout 

AMEC plc 

Knutsford, UK 

www.amec.com 


Ammonite Energy Ltd. 

Calgary, AB, Canada 


Amorim Energia BV 



AMP Capital Investors 

Sydney, Australia 

www.ampcapital.com 


Ampere Equity Fund 

Heerlen, Netherlands 

www.abp.nl 


Amplio Solar 

London, UK 

www.amplio-group.com 


Amundi Private Equity Funds 

Paris, France 

www.amundi-pef.com 



Anderson Strathern LLP 

Edinburgh, UK 

www.andersonstrathern.co.uk 



Andritz AG 

Graz, Austria 

www.andritz.com 


Anesco Ltd. 

Reading, UK 

www.anesco.co.uk 


Angel CoFund 

Sheffield, UK 

www.angelcofund.co.uk 

Investment Focus: Angel Funding 

Angelo, Gordon & Co. 

New York, NY, USA 

www.angelogordon.com 

Investment Focus: PE - Development 

Capital 

Api Nova Energia Srl 

Rome, Italy 

www.apinovaenergia.com 


Applied Superconductor Ltd. 

Blyth, UK 

www.appliedsuperconductor.com 


Aqton SE 

Hessen, Germany 


Aquafin NV 

Aartselaar, Belgium 

www.aquafin.be 


Aqualia Gestion Integral del Agua SA 

Madrid, Spain 

www.aqualia.es 


Aquila Capital 

Hamburg, Germany 

www.aquila-capital.de 



Aravis SA 


www.aravis.ch 

Advisory Focus: Financial - M&A 

ARCADIS NV 


www.arcadis.com 


Archangel Informal Investment Ltd. 

Edinburgh, UK 

www.archangelsonline.com 


Arctic Paper SA 

Kostrzyn, Poland 

www.arcticpaper.com 


AREVA SA 

Paris, France 

www.areva.com 


Arise Windpower AB 

Halmstad, Sweden 

www.arisewindpower.se 



Ariston Thermo SpA 

Fabriano, Italy 

www.ariston.com 


ARKEA Capital Investissement 

Brest, France 

www.arkea-capital-investissement.com 


Capital 

Ashfords LLP 

Exeter, UK 

www.ashfords.co.uk 



Ashurst LLP 

London, UK 

www.ashurst.com 

Advisory Focus: Legal - M&A, Legal - 

Project finance 

ASN Bank 

The Hague, Netherlands 

www.asnbank.nl 

Investment Focus: Debt project 

finance 

Aspiravi NV 

Bruges, Belgium 

www.aspiravi.be 


Aster Capital SA 

Paris, France 

www.aster.com 



Astronergy 

HangZhou, China 

www.astronergy.com 


55

Directory 


Augusta & Co plc 

London, UK 

www.augustaco.com 


Aurubis AG 


www.aurubis.com 


Avelar Energy Ltd. 


www.avelarenergy.com 


Avenue IP LLC 


www.avenuecapital.com 


Capital 

Aviva Investors 

London, UK 

www.avivainvestors.com 


Aviva plc 

London, UK 

www.aviva.co.uk 


Axcel 


www.axcel.dk 


B 

Babson Capital Management LLC 

Boston, MA, USA 

www.babsoncapital.com 


Capital 

BAE Systems 

London, UK 

www.baesystems.com 


Government Funding 

Baird Robert W. Baird & Co. 

Milwaukee, WI, USA 

www.rwbaird.com 


Baker & McKenzie LLP 

Chicago, IL, USA 

www.bakernet.com 


Balsorano Energia Srl 

Vicenza, Italy 


BaltCap 

Tallinn, Estonia 

www.baltcap.com 


BAM Deutschland AG 

Stuttgart, Germany 

www.bam-deutschland.de 


Banca IMI 

Milan, Italy 

www.bancaimi.com 


Banca Infrastrutture Innovazione e 

Sviluppo SpA 

Rome, Italy 

www.biis.com 


finance, Project sponsor 

Banco de Valencia SA 

Valencia, Spain 

www.bancodevalencia.es 


Banco Espírito Santo SA 

Lisboa, Portugal 

www.bes.pt 


Banco Popular Espanol SA 

Madrid, Spain 

www.bancopopular.es 


finance 

Banco Sabadell SA 


www.bancosabadell.com 


finance 

Banco Santander SA 

Madrid, Spain 

www.santander.com 


finance 

Banesto 

Madrid, Spain 

www.banesto.es 


finance 

Bank of America Merrill Lynch 


www.bankofamerica.com 


Bank of Ireland Seed and Early Stage 

Equity Fund 


www.bankofireland.co.uk 



Bank of Tokyo-Mitsubishi UFJ 

Tokyo, Japan 

www.bk.mufg.jp 


finance 

Bank Pekao SA 

Warsaw, Poland 

www.pekao.com.pl 


finance 

BankInvest Group 


www.bankinvest.com 


(Series D+) 

Banks Renewables 

Durham, UK 

www.banksgroup.co.uk/banks-group/ 

banks-renewables/ 


56


Directory 

Barclays Capital 

London, UK 

www.barcap.com 


Barclays Infrastructure Funds 

Management Ltd. 

London, UK 

www.barclaysinfrastructurefunds.com 



BARD Holding GmbH 

Emden, Germany 

www.bard-offshore.de 


BASF SE 

Ludwigshafen, Germany 

www.basf.com 


BATEG Energy GmbH 


www.bategenergy.com 


Baxi Partnership 

London, UK 

www.baxipartnership.co.uk 


BayBG 


www.baybg.de 



Bayern LB 


www.bayernlb.de 


finance 

BaySolar AG 


www.baysolar.ag 


BBVA 

Bilbao, Spain 

www.bbva.es 


finance 

BeCapital Private Equity SCAR 

Luxembourg City, Luxembourg 

www.becapitalpe.com 

Investment Focus: Minority / 

Partnership, PE - Development Capital 

Beechbrook Capital 

London, UK 

www.beechbrookcapital.com 


Capital 

Beiten Burkhardt 

Frankfurt, Germany 

www.bblaw.com 


finance 

Belectric Inc. 

Newark, NJ, USA 

www.belectric-usa.com 


Belectric Technology GmbH 

Kolitzheim, Germany 

www.belectric.com 



Beringea LLC 

Farmington Hills, MI, USA 

www.beringea.com 


Partnership 

Berliner Energieagentur GmbH 


www.berliner-e-agentur.de 


Berry Smith LLP 

Cardiff, UK 

www.berrysmith.com 


Berti Investments Ltd. 

London, UK 

www.bertiinvestments.com 


(Series A to C), VC - Late Stage (Series 

D+) 

betafabrik GmbH 

Köln, Germany 

www.betafabrik.de 



BGE SA 

Katowice, Poland 

www.bgesa.pl 


Big Society Capital 

London, UK 

www.bigsocietycapital.com 



Binani Industries Ltd. 

Mumbai, India 

www.binaniindustries.com 


Biogas Energy D.o.o. 

Beograd, Serbia 

www.biogasenergy.rs 


Biogas Hochreiter GmbH 

Schnaitsee, Germany 

www.biogas-hochreiter.de 


Biogas Nord AG 

Bielefeld, Germany 

www.biogas-nord.com 


BIOGEN UK Ltd. 

Milton Ernest, UK 

www.biogen.co.uk 


BK Giulini GmbH 

Ludwigshafen, Germany 

www.bk-giulini.com 


BlablaCar 

Paris, France 

www.comuto.com 


Blake Lapthorn 

London, UK 

www.bllaw.co.uk 


Blue Energy UK Ltd. 

Stornoway, UK 


Blue Orange 

Paris, France 

www.suez-environnement.com/ 

innovation/blue-orange-investingnew-technologies 



Bluefield Partners LLP 

London, UK 

www.bluefieldllp.com 



57

Directory 


BMR Energy Solutions GmbH 

Hückelhoven, Germany 

www.bmr-energy.com 


BNP Paribas SA 

Paris, France 

www.bnpparibas.com 


finance, PE - Buyout 

BOC Group plc 

Windlesham, UK 

www.boc-group.com 


Boels Zanders NV 

Maastricht, Netherlands 

www.boelszanders.nl 



Bond Pearce LLP 

Bristol, UK 

www.bondpearce.com 


finance 

Boralex Inc. 

Kingsey Falls, QC, Canada 

www.boralex.com 



Bord Gais Energy 


www.bordgaisenergy.ie 


Bord na Mona plc 

Newbridge, Ireland 

www.bnm.ie 


Bosch Solar Energy AG 

Arnstadt, Germany 

www.bosch-solarenergy.de 


Braemar Energy Ventures 


www.braemarenergy.com 



Bratschi Weiderkehr & Buob 


www.bratschi-law.ch 


Braveheart Investment Group plc 

Perth, UK 

www.braveheart-ventures.co.uk 



Bremer Landesbank Kreditanstalt 

Oldenburg-Girozentrale 

Bremen, Germany 

www.bremerlandesbank.de 


finance 

BR-Energy plc 

Kenilworth, UK 

www.br-energy.com 


Bridge Power Investments s.r.o. BPI 

Prague, Czech Republic 

www.bridgepi.com 


Bright Capital 

Moscow, Russia 

www.bright-capital.com 



British Gas plc 

Worthing, UK 

www.britishgas.co.uk 

Investment Focus: M&A - Acquirer, VC 

- Early Growth (Series A to C) 

Broadwind Energy Inc. 

Cicero, IL, USA 

www.broadwindenergy.com 


BT Pension Scheme Trustees Ltd. 

Chesterfield, UK 

www.btpensions.net 


Bulgarian municipality of Isperih 

Bulgaria 


Burgerservice GmbH 

Trier, Germany 

www.bues-trier.de 


Burges Salmon LLP 

Bristol, UK 

www.burges-salmon.com 



equity 

Burness Paull & Williamsons LLP 

Edinburgh, UK 

www.burnesspaull.com 

Advisory Focus: Legal - Project finance 

Business Development Asia LLC 


www.bdallc.com 


BVP Investments Ltd. 


www.simple.ie 



C 

C&C sp. z.o.o. 

Poland 


Cabiedes & Partners 

Madrid, Spain 



Cabot Corp. 


www.cabot-corp.com 


Caisse des Depots et Consignations 

Paris, France 

www.caissedesdepots.fr 



Calix Ltd. 

Pymble, Australia 

www.calix.com.au 


Cambridge Angels 

Cambridge, UK 

www.cambridgeangels.net 

Investment Focus: Angel Funding, 

VC - Early Growth (Series A to C) 

Cambridge Capital Group 

Cambridge, UK 

www.cambridgecapitalgroup.co.uk 


VC - Early Growth (Series A to C) 

Cambridge Enterprise Seed Funds 

Cambridge, UK 

www.challengefund.cam.ac.uk 


58


Directory 

Canadian Solar Inc. 

West Guelph, ON, Canada 

www.canadiansolar.com 


Canopy SAS 

Paris, France 

www.canopy-energy.com 


Cantor Fitzgerald Europe 

London, UK 

www.cantor.com 



Cap Vert Energie 

Marseille, France 

www.capvertenergie.com 


Capital Corp Merchant Banking 

Orlando, FL, USA 

www.capitalcorpmerchantbanking. 

com 


finance 

Capital Dynamics AG 

Zug, Switzerland 

www.capdyn.com 


Capital Stage AG 


www.capitalstage.com 



Capman Green Energy Fund AD 


www.capman.bg 


Capricorn Venture Partners NV 

Leuven, Belgium 

www.capricorn.be 

Investment Focus: PE - Buyout, VC - 

Early Growth (Series A to C) 

Captive Audience Display Solutions plc 



Carbon Free Developments Ltd. 

Stirling, UK 

www.carbonfreedevelopments.co.uk 


Carbon Friendly Solutions Inc. 

Vancouver, BC, Canada 

www.carbonfriendly.com 


Carbon Trust 

London, UK 

www.carbontrust.com 


Government Funding, PIPE, VC - Late 

Stage (Series D+) 

Carpevigo AG 

Holzkirchen, Germany 

www.carpevigo.de 


Casa de Investitii ALIANTA 

Bistrita, Romania 

www.alianta.net 


Catalan Energy Institute 

Spain 


CBD Energy Ltd. 


www.cbdenergy.com.au 


CDC Entreprises 

Paris, France 

www.cdcentreprises.fr 



Cedar Fund 

Herzelia, Israel 

www.cedarfund.com 


Cencorp Oyj 

Mikkeli, Finland 

www.cencorp.com 


Central Europe Oil Company – CEOC Ltd. 

London, UK 

www.ceoc.co.uk 


Centralschweizerische Kraftwerke AG 

Lucerne, Switzerland 

www.ckw.ch 


Centrica plc 

Windsor, UK 

www.centricaenergy.com 


Centrobanca SpA 

Milan, Italy 

www.centrobanca.it 


finance 

Centrosolar Group AG 


www.centrosolar.com 


CEZ Group a.s. 


www.cez.cz 



Chardan Capital Markets LLC 


www.chardancm.com 

Advisory Focus: Financial - Project 

finance 

Chargemaster plc 

Luton, UK 

www.chargemasterplc.com 


Charles Russell LLP 

London, UK 

www.charlesrussell.co.uk 


China Development Bank 

Beijing, China 

www.cdb.com.cn 


finance 

China Energy Conservation and 

Environmental Protection Group 


www.cecic.cn 


China Investment Corp. 


www.china-inv.cn 


China Sunergy Co. Ltd. 

Nanjing, China 

www.chinasunergy.com 


China Three Gorges Corp. 


www.ctgpc.com.cn 


59

Directory 


Chiomenti Studio Legale 

Rome, Italy 

www.chiomenti.net 


Chiyoda Corp. 

Yokohama, Japan 

www.chiyoda-corp.com 


Partnership 

Chorus Group 


www.chorus-gruppe.de 



Chrysalix SET 


www.setvp.com 


(Series A to C), VC - Late Stage (Series D+) 

CIC Investissement 

Paris, France 

www.cic.fr/fr/banques/entreprises/ 

investissement/ 



Clean Technology Fund 

Washington D.C., USA 

www.climateinvestmentfunds.org/ 

cif/node/2 


finance 

Clifford Chance LLP 

London, UK 

www.cliffordchance.com 



Climate Change Capital Ltd. 

London, UK 

www.climatechangecapital.com 




D+) 

CLSA Capital Partners 

Hong Kong, China 

www.clsacapital.com 


Capital 

Clydesdale Bank 

Glasgow, UK 

www.cbonline.co.uk 



CMS Cameron McKenna 

London, UK 

www.cms-cmck.com 

Advisory Focus: Legal - M&A, Venture 


CMS Hasche Sigle 


www.cms-hs.com 


Cofely SA 

Nanterre, France 



COFRA Holding AG 


www.cofraholding.com 


Financial Transaction Managers in Energy 

Managers of the M-Wind sub. loan fund for wind farms 

www.finance-energy.com 

60


Directory 

Colruyt Group 

Brussels, Belgium 

www.colruytgroup.com 


Comsa SA 


www.comsaemte.com 


Concord Blue Engineering GmbH 

Düsseldorf, Germany 

www.concordblueenergy.com 


Conergy AG 


www.conergy.com 


Conetwork Erneuerbare Energien 

Holding GmbH & Co. KgaA 


www.cee-holding.de 



Constellation Capital AG 

Schwyz, Switzerland 

www.constellation.ch 


Construcciones y Auxiliar de 

Ferrocarriles SA 

Beasain, Spain 

www.caf.es 


Constructim SA 

Timisoara, Romania 

www.constructim.ro 


Contino Wind Partners Sp. z o.o. 



Convert Italia SpA 

Rome, Italy 

www.convertitalia.com 


Coolrec BV 

Eindhoven, Netherlands 

www.coolrec.com 


Co-operative Bank plc 

Manchester, UK 

www.co-operativebank.co.uk 



Cory Environmental Ltd. 

London, UK 

www.coryenvironmental.co.uk 


Credit Agricole Corporate and 

Investment Bank 

Paris, France 

www.ca-cib.com 


finance 

Credit Cooperatif 

Paris, France 

www.credit-cooperatif.coop 


finance 

Credit Mutuel 

Strasbourg, France 

www.creditmutuel.fr 


finance 

Crompton Greaves Ltd. 

Mumbai, India 

www.cgglobal.com 


Cuatrecasas, Gonaalves Pereira 

Madrid, Spain 

www.cuatrecasas.com 


Cummins Inc. 

Columbus, OH, USA 

www.cummins.com 


Cynar plc 

London, UK 

www.cynarplc.com 


D 

Daimler AG 


www.daimler.com 


Minority / Partnership 

Dalkia International 

Paris, France 

www.dalkia.com 


Danish Energy Agency 


www.ens.dk 



DCNS 

Paris, France 

www.dcnsgroup.com 


DELSOL Avocats 

Lyon, France 

www.delsolavocats.com 



Delta Energy BV 

Middelburg, Netherlands 

www.delta.nl 


Demeter Partners 

Paris, France 

www.demeter-partners.com 



Det Norske Veritas DNV 

Hovik, Norway 

www.dnv.com 


Deutsche Bahn AG 


www.deutschebahn.com 


Deutsche Bank AG 


www.db.com 

Advisory Focus: Financial - M&A, 



finance 

61

Directory 

OCEAN ENERGY for EUROPE 

The European Ocean Energy Association is a fast-growing membership organisation set up - with Commission support 

- to represent the sector to the European Commission, Parliament and Council of Members. We act as a hub for 

information and networking. 

Our goal is to unite the key European players behind a common plan for commercialising ocean energy technologies, 

which can be used to leverage strategic investment from the private and public sectors between now and 2020. We 

will also work closely with the Commission and member state governments to promote a level playing fi eld for ocean 

energy developers in the single European market. 

On the industry front members include 10 large utilities such as E.On, EDF, EDP, SSE and Iberdrola. We also count 

8 large international engineering and manufacturing fi rms such as Alstom, DCNS, Voith Hydro and Andritz Hydro; 

together with 16 of the world’s leading SME technology developers in our membership. Between them our members 

have made signifi cant progress in the last 7 years: 

• €600m private sector investment in the last 7 years 

• EU installed capacity has tripled in 4 years: representing signifi cant technical progress; with over 10MW of 

operational devices installed today[i], compared with 3.5MW four years ago[ii]. Many of these devices have 

rated capacity of over 1MW. 

• 2GW of projects in the planning pipelines of Europe’s largest utilities and renewable energy project 

developers. 

Capitalising on this progress will, however, depend on creating the right market and investment conditions across Europe 

in the future. 

National trade associations and development agencies from Spain, Ireland, Norway, Scotland, the UK, France, 

Portugal, Holland, Denmark and Sweden are also members. They believe Ocean Energy will play an essential part in 

meeting clean energy targets; as well as securing national export revenue and inward investment. Our members also 

represent experts from engineering departments at leading European Universities. 

We promote all technologies designed for extracting energy from the ocean: 

Tidal power - tidal streams and currents offer a consistent source of kinetic energy caused by regular tidal cycles 

infl uenced by the phases of the moon. Tidal barrages exploit the rise and fall of tides in estuaries and bays to produce 

electricity. 

Wave power – devices are located different distances from the shoreline, either on the sea-bed or surface-fl oating. All 

derive energy from the movement and power of ocean waves. 

Ocean thermal energy conversion – OTEC – devices exploit the temperature difference between deep cold ocean water 

and warm tropical surface waters. OTEC plants pump large quantities of deep cold seawater and surface seawater to run 

a power cycle and produce electricity. 

Salinity Gradient - power generation from salinity gradients utilizes the difference in salt content between fresh water 

and seawater to provide a steady base load of electricity from plants located close to the end-consumer. 

Sian George 

CEO 

EU-OEA 

62


Directory 

Deutsche Eco AG 


www.deutsche-eco.de 


Deutsche Kreditbank AG 


www.dkb.de 


finance 

Deutsche Windtechnik AG 


www.deutsche-windtechnik.de 


Devon Wind Power Ltd. 

St. Albans, UK 

www.devonwindpower.co.uk 


Dexia Crediop SpA 

Rome, Italy 

www.dexia-crediop.it 


finance 

DHV Group 

Amersfoort, Netherland 

www.dhv.com 


Diacheirisis Aporrimaton Ditikis 

Makedonias SA 

Kozani, Greece 

www.diadyma.gr 


Dimensional Fund Advisors 

Austin, TX, USA 

www.dimensional.com 


DLA Piper 

London, UK 

www.dlapiper.com 


DnB NOR Bank ASA 

Oslo, Norway 

www.dnbnor.com 




finance 

Dodds Ltd. 

Driffield, UK 

www.doddslimited.co.uk 


DONG Energy AS 

Fredericia, Denmark 

www.dongenergy.com 



dPixel Srl 

Milan, Italy 

www.dpixel.it 



Dragon Hydro Ltd. 

Bedford, UK 

www.dragonhydro.com 


Drozapol-Profil SA 

Torunska, Poland 

www.drozapol.pl 



Drumlin Wind Energy Co-operative Ltd. 

Belfast, UK 

www.drumlin.coop 


Duchy of Cornwall 

Cornwall, UK 

www.duchyofcornwall.org 


Capital 

Dulas Ltd. 

Machynlleth, UK 

www.dulas.org.uk 


Dundas & Wilson LLP 

London, UK 

www.dundas-wilson.com 


Dutch Greentech Fund 


www.dutchgreentechfund.nl 



Dutchess Capital LLC 


www.dutchesscapital.com 

Investment Focus: PIPE 

DZ Bank AG 


www.dzbank.com 


finance 

E 

E.ON AG 

Dusseldorf, Germany 

www.eon.com 



EBM 

Munchenstein, Switzerland 

www.ebm.ch 



eCAPITAL entrepreneurial Partners AG 

Munster, Germany 

www.ecapital.de 



ECI Partners 

London, UK 

www.ecipartners.com 


Capital 

Eco Ventures Group Inc. 

Groveland, FL, USA 

www.ecoventuresgroup.com 


Eco Wind Power Ltd. 


www.ecowindpower.com 


Eco2 Ltd. 

Cardiff, UK 

www.eco2uk.com 


EcoEridania Srl 

Genova, Italy 

www.ecoeridania.it 


Ecomobilite Ventures 

Paris, France 

www.nvlc.fr 



Eco-Optima Ltd. 

Lviv, Ukraine 


63

Directory 


EDF Energies Nouvelles SA 

Paris, France 

www.edf-energies-nouvelles.com 


Minority / Partnership, Project 

sponsor 

EDF Renewable Energy 


www.edf-re.com 


Edisun Power Europe AG 


www.edisunpower.com 


EDP Renovaveis SA 

Oviedo, Spain 

www.edprenovaveis.com 


EGJ Development Ltd. 

Silkeborg, Denmark 

www.egjudvikling.dk 



EGL AG 

Dietikon, Switzerland 

www.axpo.ch 


EIDC Ltd. 

London, UK 

www.eidc.co.uk 


(Series D+) 

EIG Global Energy Partners 


www.eigpartners.com 


finance 

Ekokem Oy Ab 

Riihimaeki, Finland 

www.ekokem.fi 


Ekoloska Erergija d.o.o. 

Usora, Bosnia-Herzegovina 


Ekopal sp. z.o.o 

Masurian, Poland 

www.ekopal.pl 


Eksport Kredit Fonden EKF 


www.ekf.dk 


finance 

El Grupo SCA 

Granada, Spain 

www.elgrupo-sca.com 


Eland Private Equity SA 

Madrid, Spain 

www.elandprivateequity.com 


Elecnor Group 

Madrid, Spain 

www.elecnor.es 



Electrabel SA 


www.electrabel.com 


Electranova Capital 

Paris, France 

www.electranovacapital.com 



Electrawinds NV/SA 

Oostende, Belgium 

www.electrawinds.be 



Electricity Supply Board of Ireland 


www.esb.ie 


Electrovaya Inc. 

Mississauga, ON, Canada 

www.electrovaya.com 


Elektra Baselland 

Liestal, Switzerland 

www.ebl.ch 



Element Power 

Portland, OR, USA 

www.elpower.com 


Ellomay Capital Ltd. 

Tel Aviv, Israel 

www.ellomay.com 



Emerald Biogas 

Newton Aycliffe, UK 

www.emeraldbiogas.com 


Emertec Gestion 

Grenoble, France 

www.emertec.fr 



EnBW Energie Baden-Württemberg AG 

Karlsruhe, Germany 

www.enbw.com 



Ence SA 

Madrid, Spain 

www.ence.es 


Endeavour Vision SA 

Geneva, Switzerland 

www.endeavourvision.com 



Enea SA 

Poznan, Poland 

www.enea.pl 


Eneco Holding NV 

Rotterdam, Netherlands 

www.eneco.nl 


Enel Green Power S.p.A 

Rome, Italy 

www.enelgreenpower.com 


EnerCap Capital Partners 


www.enercap.com 


Energa SA 

Gdansk, Poland 

www.energa.pl 



64


Directory 

Energias de Portugal SA EDP 

Lisbon, Portugal 

www.edp.pt 


Energie Brabant Wallon SA 

Wavre, Belgium 

www.energiebw.be 



Energie Wasser Bern 

Bern, Switzerland 

www.ewb.ch 



Energiecontracting Heidelberg GmbH 

Heidelberg, Germany 

www.ech-heidelberg.de 


Energiegenossenschaft KlarModul eG 

Forchtenberg, Germany 

www.klarmodul.com 


Energiekontor AG 


www.energiekontor.de 


Energiepark Bruck 

Leitha, Austria 

www.energiepark.at 


Energo AB 

Nacka Strand, Sweden 

www.afconsult.com 


Energowind d.o.o. 

Vrsac, Serbia 

www.energowind.rs 


The Energy Solutions Group 

Cheshire, UK 

www.theenergysolutionsgroup.co.uk 


Energy Technologies Institute LLP 

Loughborough, UK 

www.energytechnologies.co.uk 


(Series D+) 

Energy4All Ltd. 

Barrow-in-Furness, UK 

www.energy4all.co.uk 


Enerjisa Enerji Üretim AS 


www.enerjisa.com.tr 


Enerparc AG 


www.enerparc.de 


EnerSys 

Reading, PA, USA 

www.enersys.com 


Enhol Group 

Tudela, Spain 

www.grupoenhol.es 


Enova Energy Group LLC 

Atlanta, GA, USA 

www.enovaenergygroup.com 


Enovos Luxembourg SA 

Luxembourg, Germany 

www.enovos.eu 


Enterprise Investors 


www.ei.com.pl 


Enterprise Ireland 


www.enterprise-ireland.com 



Enterprise Ventures Ltd. 


www.enterprise-ventures.co.uk 



Environmental Investment Centre 

Tallinn, Estonia 

www.kik.ee 


Environmental Scientifics Group 

Burton-on-Trent, UK 

www.esg.co.uk 


Environmental Technologies Fund LP 

London, UK 

www.etf.eu.com 


(Series D+) 

EnviTec Biogas AG 

Lohne, Germany 

www.envitec-biogas.de 


Eole-Res SA 

Avignon, France 

www.eoleres.com 


Eolia Renovables SA 

Madrid, Spain 

www.eolia.com 


Eolica Galenova SL 

Vigo, Spain 


Eolus Vind AB 

Hässleholm, Sweden 

www.eolusvind.com 



Eoxis UK Ltd. 

London, UK 

www.eoxisenergy.com 



EP Global Energy Ltd. 

Nicosia, Cyprus 

www.epglobalenergy.com 


EPA Wind 

Szczecin, Poland 

www.epawind.pl 


Epuramat SA 

Contern, Luxembourg 

www.epuramat.com 



EPURON Holding GmbH & Co. KG 


www.epuron.de 



EPV Energia Oy 

Vaasa, Finland 

www.epv.fi 


Equity Gap 

Edinburgh, UK 

www.equitygap.co.uk 


65

Directory 

www.greenpowerconferences.com 

+44 (0)20 7099 0600 

World Biomass Power 

Markets 

CONFERENCE AND EXHIBITION 

Cogen 

Po 

15-17 May 2013 

Okura Hotel, Amsterdam, Netherlands 

THE WORLD'S LEADING 

BIOMASS-TO-POWER EVENT 

Power plant 

Pellets 

Bioelectricity Thermal power 

tion 

B 

Torrefaction 

Feedstock 

Part of the: 

WORLD BIOMASS POWER 

GLOBAL SERIES 

Green Power’s World Biomass Power Markets will be the world’s largest 

conference and exhibition focused exclusively on biomass for thermal 

power and heat generation. Previously known as Biopower Generation and 

co-located with our World Biofuels event in Rotterdam, this year the event 

will stand alone. 

The only global industry forum for the entire biopower supply chain: 

Utilities, IPPs, Project Developers, Pellet Producers, Chipping and Pelleting 

Equipment, Boiler Suppliers, EPCs and Engineers, Financiers, Investors, 

Politicians, Regulators and Freight & Logistics. 

A top-level, large scale forum for the entire biomass-to-power sector to 

debate the issues that matter to your business: 

How Will Regulatory Change and Policy Uncertainty Affect the 

Biomass Power Sector? 

Evaluating the Viability of a Project from the Point of View of Different 

Risks Along the Supply Chain 

Using Pellet Standardisation Criteria as a Tool to Influence 

Policy in Europe 

New Feedstocks and New Supply Chains 

How Impurities in Feedstock Affect Lifetime Quality of Plant 

Equipment 

How Can the Biomass Power Sector Co-Ordinate More 

Effectively to Better Promote the Emissions and Sustainability 

Credentials of the Industry? 

TECHNOLOGY & INNOVATION SCALING UP FLEXIBLE 

CONVERSION TECHNOLOGIES & FEEDSTOCK PRODUCTION 

Jun 25 - Jun 26 2013 

Okura Hotel, Copenhagen Marriott Hotel, Copenhagen, Denmark 

www.worldbiomarkets.com 

World Bio Markets 

Technology and Innovation 

PREPARING FOR THE NEXT WAVE OF INNOVATION AS 

BRAZIL'S BIOECONOMY TRANSFORMS 

Sep 17 - Sep 18 2013 

São Paulo, Brazil 


World Bio 

Markets Brazil 

66 

THE RACE FOR SCALE 

Oct 29 - Oct 30 2013 

San Francisco, United States 


World Bio 

Markets USA 

wwww.worldbiomasspower.com


Directory 

ERG SpA 

Genoa, Italy 

www.erg.it 



Ergon Energy 

Townsville, Australia 

www.ergon.com.au 


Ergyca Sun Srl 

Milan, Italy 

www.ergycasun.com 


Ernst & Young LLP 

London, UK 

www.ey.com 


Erste Group Bank AG 


www.erstegroup.com 


finance 

Ervington Investments Ltd. 

Russia 


PIPE 

ESB Novusmodus 

London, UK 

www.greencoat-capital.com 



ESB Wind Development UK Ltd. 

London, UK 

www.esb.ie 


Esthesis Energy Srl 

Satu Mare, Romania 


ET Solar Group Corp. 


www.etsolar.com 


Ethanol Ventures Ltd. 

London, UK 

www.ethanol-ventures.com 


Euro Scrap Alliance BV 

Gravendeel, Netherlands 


EuroConsult Inc. 


www.euroconsult-inc.com 


EuroEnergy 

London, UK 

www.euroenergy.com 


EUROFIDEME 2 

Paris, France 

www.eurofideme2.com 


Eurofil 

Serbia 


Europe Solar Utility 

Paris, France 

www.europesolarutility.eu 


European Bank for Reconstruction 

and Development 

London, UK 

www.ebrd.com 


finance, VC - Early Growth (Series A 

to C) 

European CleanTech 1 SE 

Monterey, Luxembourg 

www.ectse.com 


European Commission 


www.ec.europa.eu 


Government Funding, Project sponsor 

European Investment Bank 

Konrad Adenauer, Luxembourg 

www.eib.org 


finance 

European Regional Development Fund 

www.gov.uk/government/policies/ 

supporting-economic-growththrough-managing-the-europeanregional-development-fund 


European Union 


www.europa.eu 



European Wind Investment A/S 

Horsens, Denmark 

www.europeanwindinvestment.com 


Eurowind Energy AS 

Hobro, Denmark 

www.ewe.dk/GB 


Eversheds LLP 

London, UK 

www.eversheds.com 


finance 

EVN AG 

Maria Enzersdorf, Austria 

www.evn.at 


EWR Neue Energien GmbH 

Worms, Germany 

www.ewr-neue-energien-gmbh.de 


Excelestar Ventures 

Andover, MA, USA 

www.excelestarventures.com 


Capital 

Expansion Capital Partners 


www.expansioncapital.com 



Export-Import Bank of Malaysia Berhad 

Kuala Lumpur, Malaysia 

www.exim.com.my 


finance 

Export-Import Bank of the United States 


www.exim.gov 


finance 

67

Renewable Energy Association 

The REA’s mission is to bring renewables into the mainstream. 

More renewable energy in the UK means less reliance on energy 

imports, more jobs and lower greenhouse gas emissions. 

Benefits of membership 

• Promote your business through our website and weekly 

newsletter 

• Have your say in policy development 

• Make connections with leading figures in industry and policy 

• Keep up to date with the need-to-know industry and policy 

developments 

• Access to technical and policy support from the REA’s team of 

experts 

• Exclusive events and discounts 

To find out more, visit 

www.r-e-a.net/membership 

The REA represents renewable energy producers and promotes the 

use of all forms of renewable energy in the UK. 

A trusted voice for the industry, we are the only trade body 

representing the full range of technologies across all applications 

ranging from major multinationals through to sole traders. 

Join us now! 

www.r-e-a.net 

membership@r-e-a.net 

The voice of the 

UK renewables industry 

68


Directory 

F 

F2I SGR SpA 

Milan, Italy 

www.f2isgr.it 


Fair-Lead Partners 

London, UK 

www.fair-lead.com 



Fajr Capital Limited 

Dubai, UAE 

www.fajrcapital.com 


Capital 

Falck Renewables SpA 

Milan, Italy 

www.falckrenewables.eu 


FCC Group 

Madrid, Spain 

www.fcc.es 


Federal Ministry of Transport, 

Building and Urban Development 

Germany 

www.bmvbs.de 



Federale Participatie- en 

Investeringsmaatschappij 

Bruxelles, Belgium 

www.sfpi-fpim.be 



Finance Yorkshire 

Barnsley, UK 

www.finance-yorkshire.com 



Finanziaria Internazionale Holding SpA 

Conegliano, Italy 

www.finint.it 


Finnvera Venture Capital 

Kuopio, Finland 

www.finnvera.fi 



Fjord Capital Partners Ltd. 

Limassol, Cyprus 

www.fjordcap.com 



Fomco Solar Systems Srl 

Strada Principala, Romania 


Fomentinvest SGPS SA 

Lisbon, Portugal 

www.fomentinvest.com 


Fondo Italiano d’Investimento SGR SpA 

Milan, Italy 

www.fondoitaliano.it 



Fondo PPP italia 

Torino, Italy 

www.equiterspa.com 


Capital, Project sponsor 

Fonds stratégique d’investissement SA 

Paris, France 

www.fonds-fsi.fr 


Capital 

Fonroche Energie SAS 

Roquefort, France 

www.fonroche.fr 


Foresight Group 

Sevenoaks, UK 

www.foresightgroup.eu 



Fortis Holding NV 



finance 

Fortum Oyj 

FORTUM, Finland 

www.fortum.com 



Foster Wheeler AG 

Baar, Switzerland 

www.fwc.com 


Fotowoltaika Gryzliny 

Olsztyn, Poland 


Foundation Capital 

Menlo Park, CA, USA 

www.foundationcapital.com 


FP Lux Investments SA SICAV-SIF 

Luxembourg 

www.lux-solar.lu 


Fraunhofer Venture 


www.fraunhoferventure.de 



Fred. Olsen Ltd. 

London, UK 

www.fredolsen.co.uk 



French Environment and Energy 

Management Agency 

Paris, France 

www.ademe.fr 



Freshfields Bruckhaus Deringer LLP 

London, UK 

www.freshfields.com 


FuelCell Energy Solutions GmbH 

Dresden, Germany 

www.fces.de 


Fugro NV 

Leidschendam, Netherlands 

www.fugro.com 


Fuhrländer AG 

Liebenscheid, Germany 

www.fuhrlaender.de 


Fusion IP plc 

Sheffield, UK 

www.fusionip.co.uk 



69

Directory 


Future Capital Partners Ltd. 

London, UK 

www.futurecapitalpartners.com 


G 

G24i Power Ltd. 

Cardiff, UK 

www.g24i.com 


Gaelectric Developments Ltd. 


www.gaelectric.ie 


Gamesa Corporación Tecnológica SA 

Vizcaya, Spain 

www.gamesacorp.com 



Gas Natural Fenosa 


www.gasnaturalfenosa.com 


Gascom Renew SpA 

Padova, Italy 

www.gascomrenew.it 


GASEO Environnement 

Le Bourget du Lac, France 

www.gaseo.fr 


Gasum Oy 

Espoo, Finland 

www.gasum.com 


Gazprombank 


www.gazprombank.ru 


GDF SUEZ SA 

Paris, France 

www.gdfsuez.com 



GE Energy 


www.ge-energy.com 


GE Energy Financial Services 

Stamford, CT, USA 

www.geenergyfinancialservices.com 


Gehrlicher Solar AG 

Coburg, Germany 

www.gehrlicher.com 


Genia Global Energy 


www.geniaglobal.com 


Genomatica Inc. 


www.genomatica.com 


GEOSOL Gesellschaft für Solarenergie mbH 


www.geosol.de 


GES Deutschland GmbH 


www.services-ges.com 


Gestamp Biomass 

Madrid, Spain 

www.gestampbiotermica.com 


Gestamp Solar 

Madrid, Spain 

www.gestampsolar.com 


GETEC green energy AG 

Magdeburg, Germany 

www.getec-greenenergy.de 


Gianni, Origoni, Grippo, Cappelli & 

Partners 

Rome, Italy 

www.gop.it 


GIEK 

Oslo, Norway 

www.giek.no 


finance 

GIMV 

Antwerpen, Belgium 

www.gimv.com 



Giordano Industries 

Aubagne, France 

www.giordano.fr 


Gleiss Lutz 


www.gleisslutz.com 



Glennmont Partners 

London, UK 

www.glennmont.com 



GN Energy Solutions Ltd. 

UK 

www.gnenergysolutions.com 


Goldman Sachs & Co. 


www.goldmansachs.com 


Górnoslaskie Przedsiebiorstwo 

Wodociagow SA 


www.gpw.katowice.pl 


GP Bullhound LLP 

London, UK 

www.gpbullhound.com 



GP Joule GmbH 

Reußenköge, Germany 

www.gp-joule.de 


Graess Solartechnik GmbH & Co. KG 

Bubesheim, Germany 

www.graess.eu 


Grand Sud-Ouest Capital 

Bordeaux, France 

www.gsocapital.com 



Green Automotive Company, Inc. 

Newport Beach, CA, USA 

www.thegreenautomotivecompany.com 


70


Directory 

Green Building Group GmbH 

Graz, Austria 

www.greenbuildinggroup.eu 


Green GECCO GmbH & Co KG 

Essen, Germany 

www.greengecco.de 



Green Giraffe Energy Bankers GGEB 

Paris, France 

www.green-giraffe.eu 


finance 

Green Power Development sp. z o.o. 

Krakow, Poland 

www.green-power.com.pl 


Green Source Poland SP 


www.sniace.com 


Greenchoice BV 


www.greenchoice.nl 


Greenfield development GmbH 


www.greenfield-development.de 


Greenfoot 

Bussum, Netherlands 

www.greenfoot.nl 



GreenPower 

Alloa, UK 

www.greenpowerinternational.com 


Greenstart 

San Francisco, CA, USA 

www.greenstart.com 


Greentech Capital Advisors Securities LLC 


www.greentechcapital.com 


Greentech d.o.o. 

Novi Sad, Serbia 

www.greentech.rs 


Greentech Energy Systems A/S 


www.greentech.dk 


Greenworx Holding N.V. 

Gooik, Belgium 

www.greenworx.eu 


Groupe Pizzorno Environnement SA 

Draguignan, France 

www.pizzorno.com 


Grupa Polskie Biogazownie SA 


www.polskiebiogazownie.pl 


Grupo Dominguis 


www.grupodominguis.com 


Grupo Ibereolica 

Madrid, Spain 

www.grupoibereolica.com 


Grupo Isolux Corsan SA 

Madrid, Spain 

www.isoluxcorsan.com 


Grupo Ortiz 

Madrid, Spain 

www.grupoortiz.com 


Gruppo AB 

Orzinuovi, Italy 

www.gruppoab.it 


Gruppo Hera 

Bologna, Italy 

www.gruppohera.it 


GSR Ventures 


www.gsrventures.com 


Capital 

Guangdong Aiko Solar Energy 

Technology Co. Ltd. 

FoShan, China 

www.aikosolar.com 


Güris Insaat ve Mühendislik A.S. 

Ankara, Turkey 

www.guris.com.tr 


Gwynedd Council 

Gwynedd, UK 

www.gwynedd.gov.uk 


H 

Hallwick Energy 

Bridgnorth, UK 

www.hallwickenergy.com 


Hamburger Hungaria Kft. 

Dunaújváros, Hungary 

www.hamburger-hungaria.com 


Hanergy Holding Group 


www.hanergy.com 


Hans Andersson Group AB 


www.hansandersson.se 


Hanwha SolarOne Co. Ltd. 

Shanghai, China 

www.hanwha-solarone.com 



Hareon Solar Technology Co. Ltd. 

Jiangyin, China 

www.hareonsolar.com 


Hazel Capital LLP 

London, UK 

www.hazelcapital.com 


Heliocentris Energy Solutions AG 


www.heliocentris.com 


PIPE 

Helios Strategia 

Paris, France 

www.heliostrategia.com 


71

Directory 


Helius Energy plc 

London, UK 

www.heliusenergy.com 


Hengeler Mueller 


www.hengeler.com 



Herbert Smith Freehills LLP 

London, UK 

www.herbertsmithfreehills.com 


Hermes GPE LLP 

London, UK 

www.hermesgpe.com 


Capital, VC - Early Growth (Series A to C) 

HEUSSEN Rechtsanwaltsgesellschaft 

mbH 


www.heussen-law.de 


finance 

HgCapital plc 

London, UK 

www.hgcapital.com 



Highgate Tech Fund LLP 

London, UK 

www.highgatetechfund.com 



High-Tech Gründerfonds GmbH 

Bonn, Germany 

www.high-tech-gruenderfonds.de 



Himin Solar Energy Group Co. Ltd. 

Dezhou, China 

www.himinsun.com 


Hitachi Ltd. 

Tokyo, Japan 

www.hitachi.com 


Hive Energy Ltd. 

East Wellow, UK 

www.hiveenergy.co.uk 


Hogan Lovells International LLP 

London, UK 

www.hoganlovells.com 


Holcim Group 


www.holcim.com 


Honeywell International Inc. 

Morristown, NJ, USA 

www.honeywell.com 


HSBC Holdings plc 

London, UK 

www.hsbc.com 


finance 

72 

Meet us at the next 

EUREC College of Members 

27 June 2013 in Brussels 

info@eurec.be


Directory 

HSH Nordbank AG 


www.hsh-nordbank.de 


finance 

Huawei Technologies Co. Ltd. 

Shenzhen, China 

www.huawei.com 


Huisman Equipment BV 

Schiedam, Netherlands 

www.huismanequipment.com 


Partnership 

Humming Bird Ventures 

Antwerp, Belgium 

www.hummingbird-ventures.com 



HVC Group 

Alkmaar, Netherlands 

www.hvcgroep.com 


Hyperion Energy Investments SL 

Madrid, Spain 

www.hyperion-st.com 


I 

I2BF Venture Capital 

London, UK 

www.i2bf.com 



D+) 

ib vogt GmbH 


www.vogtgroup.com 


IBC Solar AG 

Staffelstein, Germany 

www.ibc-solar.de 


Iberdrola Renovables SA 

Bizkaia, Spain 

www.iberdrolarenovables.es 


ICCO Brasov 

Brasov, Romania 

www.icco.ro 


Iderma Generation 

ZARAGOZA, Spain 

www.idermageneracion.com 


Idreg Piemonte SpA 

Asti, Italy 


IFE Eriksen AG 

Oldenburg, Germany 

www.ife-eriksen.de 


IKEA Group 

Delft, Netherlands 

www.ikea.com 


Impax Asset Management Group plc 

London, UK 

www.impaxam.com 



Imperial Innovations Limited 

London, UK 

www.imperialinnovations.co.uk 



Indaver NV 

Mechelen, Belguim 

www.indaver.be 


Index Ventures 

London, UK 

www.indexventures.com 



Industrielle Werke Basel 

Basel, Switzerland 

www.iwb.ch 


Infinergy Ltd. 

Wimborne, UK 

www.infinergy.co.uk 


Infinis Ltd. 

Northampton, UK 

www.infinis.com 



InfraRed Capital Partners Ltd. 

London, UK 

www.ircp.com 


ING Bank NV 


www.ing.com 



finance 

Innogy Venture Capital 


www.innogy-ventures.com 



Innova Capital 


www.innovacap.com 



Innovation Network Corporation of 

Japan 

Tokyo, Japan 

www.incj.co.jp 


Innovation Norway 

Oslo, Norway 

www.innovasjonnorge.no 



73

Directory 


Inspired Energy plc 

Lancashire, United Kingdom 

www.inspiredenergy.co.uk 


Instituto de Credito Oficial 

Madrid, Spain 

www.ico.es 


finance 

Intel Capital Corp. 

Santa Clara, CA, USA 

www.intel.com/capital 



Intermarche 

France 

www.intermarche.com 


International Finance Corp. 


www.ifc.org 


finance, PE - Development Capital 

International Power Ltd. 

London, UK 

www.ipplc.com 



International Public Partnerships Ltd. 

Guernsey, UK 

www.internationalpublicpartnerships.com 


Intesa Sanpaolo SpA 

Torino, Italy 

www.intesasanpaolo.com 


finance, PE - Buyout 

Inverduero SL 

Valladolid, Spain 

www.inverduero.com 


Investec Bank plc 

London, UK 

www.investec.com 


finance 

Invus Financial Advisors LLC 


www.invus.com 



Iona Capital 

London, UK 

www.ionacapital.co.uk 



IP Group plc 

London, UK 

www.ipgroupplc.com 



Iren SpA 

Reggio Emilia, Italy 

www.gruppoiren.it 


Irish Infrastructure Fund 

Ireland 

www.ampcapital.com/our-funds/ 

irish-infrastructure-fund 


ISAI 

Paris, France 

www.isai.fr 



Iso Inter 

France 

www.iso-inter.fr 


Itochu Corporation 

Tokyo, Japan 

www.itochu.co.jp 


iXO Private Equity 

Toulouse, France 

www.ixope.fr 


Capital 

J 

J&A Garrigues SLP 

Madrid, Spain 

www.garrigues.com 


J. Sainsbury plc 

London, UK 

www.j-sainsbury.co.uk 


J.P. Morgan Chase & Co. 


www.jpmorgan.com 


Jaeren Energi AS 

Stavanger, Norway 


James Cowper LLP 

Reading, UK 

www.jamescowper.co.uk 



James Cropper plc 

Kendal, UK 

www.cropper.com 


Jämtkraft AB 

Annandag, Sweden 

www.jamtkraft.se 


Jendra Power 

Baar, Switzerland 

www.jendra-power.ch 


PE - Buyout 

JGC Corp. 

Tokyo, Japan 

www.jgc.co.jp 


Jiangsu Zongyi Co. Ltd. 

Tongzhou, China 

www.600770.com 


JMB Energie Inc. 

Villeneuve les Beziers, France 

www.jmbenergie.com 


74


Directory 

John Laing plc 

London, UK 

www.laing.com 



Jones Day 


www.jonesday.com 


Jones Lang LaSalle 


www.joneslanglasalle.com 


juwi GmbH 

Wörrstadt, Germany 

www.juwi.de 


K 

K&L Gates LLP 

Pennsylvania, PA, USA 

www.klgates.com 


Kaiserwetter Invest GmbH 


www.kaiserwetter.eu 


Karatzis SA 

Heraklion-Crete, Greece 

www.karatzis.gr 


Kedco plc 

Cork, Ireland 

www.kedco.com 


Keppel Corporation Ltd. 

Singapore, Singapore 

www.kepcorp.com 


Kernel Management Partners Ltd. 


www.kernelcapital.ie 



KfW Bankengruppe 


www.kfw.de 


finance, VC - Early Growth (Series A 

to C) 

KfW IPEX-Bank 


www.kfw-ipex-bank.de 


finance 

KGAL GmbH & Co KG 

Gruenwald, Germany 

www.kgal-gruppe.de 



Kier Group plc 

Sandy, UK 

www.kier.co.uk 


Partnership 

Kinstellar 

Budapest, Hungary 

www.kinstellar.com 


KIRKBI A/S 

Billund, Denmark 

www.kirkbi.com 



KKR Kohlberg Kravis Roberts & Co. LP 


www.kkr.com 


Kleiner Perkins Caufield & Byers 


www.kpcb.com 


KNM Group Berhad 

Selangor, Malaysia 

www.knm.com.my 



Kongsberg Maritime AS 

Kongsberg, Norway 

www.km.kongsberg.com 


Korea Electric Power Corp. 

Seoul, South Korea 

www.kepco.co.kr 


Korea Southern Power Co. Ltd. 

Seoul, Korea 

www.kospo.co.kr 


Koskienergia Oy 

Äänekoski, Finland 

www.koskienergia.fi 


KPMG Corporate Finance LLC 


www.kpmgcorporatefinance.com 


Kronos Solar 


www.kronos-solar.de 


KStudio Associato 

Milan, Italy 


KTG Energie AG 


www.ktg-energie.de 


Kujalan Komposti Oy 

Lahti, Finland 

www.kujalankomposti.fi 


Kurion Inc. 

California, CA, USA 

www.kurion.com 


75

Directory 


L 

La Caixa d’Estalvis i Pensions de 

Barcelona 


www.lacaixa.com 


finance 

Lagan Construction 

Belfast, UK 

www.laganconstruction.com 


Lagercrantz Group AB 


www.lagercrantz.com 


Lahmeyer International GmbH 

Bad Vilbel, Germany 

www.lahmeyer.de 


Landesbank Baden-Wuerttemberg 


www.lbbw.de 


finance 

Landsvirkjun 

Reykjavik, Iceland 

www.landsvirkjun.com 


Langa Solar 

France 

www.langa-solar.com 


Lanxess AG 

Leverkusen, Germany 

www.lanxess.de 


Lark Energy Ltd. 

Lincolnshire, UK 

www.larkenergy.co.uk 


Latham & Watkins LLP 

London, UK 

www.lw.com 


Lazard Frères Banque SA 

Pairs, France 


LDK Solar Co. Ltd. 

Xinyu City, China 

www.ldksolar.com 


PIPE, Project sponsor 

Leasint SpA 

Milan, Italy 

www.leasint.it 


Legance Studio Legale Associato 

Rome, Italy 

www.legance.it 


Leonidas Associates GmbH 

Bayern, Germany 

www.leonid-as.com 


LIFE+ 




Lifeline Ventures 

Helsinki, Finland 

www.lifelineventures.com 



Lightsource Renewable Energy Ltd. 

London, UK 

www.lightsource-re.co.uk 


Lime Rock Partners 

Westport, CT, USA 

www.lrpartners.com 



Linden Energy GmbH 


www.lindenenergy.com 


Linklaters LLP 

London, UK 

www.linklaters.com 



equity 

Lloyds Banking Group plc 

London, UK 

www.lloydsbankinggroup.com 


finance 

Lockheed Martin Corp. 

Maryland, MD, USA 

www.lockheedmartin.com 


London Business Angels 

London, UK 

www.lbangels.co.uk 

Investment Focus: Angel Funding, VC 


London Waste and Recycling Board 

London, UK 

www.lwarb.gov.uk 


finance 

The Low Carbon Innovation Fund 

Norwich, UK 

www.lowcarbonfund.co.uk 

Investment Focus: Seed Financing, VC 


Low Carbon Ltd. 

London, UK 

www.lowcarbon.com 


Capital 

LS Industrial Systems LSIS 

Gyeonggi-do, South Korea 

www.lsis.biz 


Ludgate Environmental Fund Ltd. 

London, UK 

www.ludgateenvironmental.com 


Capital, VC - Early Growth (Series A 

to C) 

LUKErg Renew 




Lunds Energikoncernen AB 

Lund, Sweden 

www.lundsenergikoncernen.se 


Luxcara Asset Management GmbH 


www.luxcara.com 


76


Directory 

M 

M+W Group GmbH 


www.mwgroup.net 


Macquarie Capital 


www.macquarie.com.au 


Mainport Innovation Fund 


www.mainportinnovationfund.nl 



Malaby Biogas Ltd. 

Bradford, UK 

www.malabybiogas.com 


MAN Ferrostaal AG 


www.ferrostaal.com 


Mannheimer Swartling 


www.mannheimerswartling.se 


Marguerite Fund 

Luxembourg, Luxemburg 

www.margueritefund.eu 



Mark Group Ltd. 

Leicester, UK 

www.markgroup.co.uk 


Martifer Solar Srl 

Oliveira de Frades, Portugal 

www.martifersolar.com 


Martlet 

Cambridge, UK 

www.martlet.org.uk 



Marubeni Corp. 

Tokyo, Japan 

www.marubeni.com 


Masdar 

Abu Dhabi, UAE 

www.masdar.ae 


Mayer Brown LLP 


www.mayerbrown.com 


MCG Management Capital Group 


www.mcg-group.de 


McGrigors LLP 

Edinburgh, UK 

www.mcgrigors.com 


McNally Bharat Engineering Co. Ltd. 

Kolkata, India 

www.mcnallybharat.com 


mdp GmbH 


www.mdp-group.com 


MEAG AG 


www.meag.com 


Meewind NV 

Haarlem, Netherlands 

www.meewind.nl 


Melrose plc 

London, UK 

www.melroseplc.net 


MEP Asset Management GmbH 

Kunzelsau, Germany 

www.mep-asset-management.de 


Meram Elektrik Dagıtım AS MEDAS 


www.meramedas.com.tr 


Mercer International 

Vancouver, BC, Canada 

www.mercerint.com 


Messerschmitt-Bolkow-Blohm 

Ottobrunn, Germany 


MEW SA 


www.mewsa.pl 


Microsol International LL FZE 

Fujairah, UAE 

www.microsolinternational.com 


Midven Ltd. 

Birmingham, UK 

www.midven.com 



Mithril GmbH 

Darmstadt, Germany 


Capital 

MITIE Group plc 

Bristol, UK 

www.mitie.com 

Investment Focus: M&A - Acquirer, PE 

- Buyout, Project sponsor 

Mitsubishi Corp. 

Tokyo, Japan 

www.mitsubishicorp.com 


Mitsubishi UFJ Capital Co. Ltd. 

Tokyo, Japan 

www.mucap.co.jp 



Mittel Fjarrvarme AB 

Umea, Sweden 

www.mittel.se 


Miura Private Equity 


www.miuraequity.com 


Mizuho Corporate Bank Ltd. 

Tokyo, Japan 

www.mizuhocbk.co.jp 

Investment focus: Debt project finance 

MMC Ventures 

London, UK 

www.mmcventures.com 



77

Directory 


Mobivia Group 

Lesquin Cedex, France 

www.mobiviagroupe.com 



Mohring Energie GmbH 

Busenwurth, Germany 

www.moehring-energie.de 


Moncada Energy Group Srl 

Aragon, Italy 

www.moncadaenergy.com 


MONIER Group Services GmbH 

Oberursel, Germany 

www.monier.com 


Moonray Investors 

London, UK 

www.moonrayinvestors.com 



Morgan Stanley 


www.morganstanley.com 


Mornflake 

Cheshire, UK 

www.mornflake.com 


Mountain Cleantech AG 


www.mountain-cleantech.ch 



Moventas Oy 

Jyväskylä, Finland 

www.moventas.com 


MP Bank 

Reykjavik, Iceland 

www.english.mp.is 


MPS Capital Services Banca per le 

Imprese SpA 

Firenze, Italy 

www.mpsbancaimpresa.it 


finance 

MR RENT-Investment GmbH 



MTI Partners Ltd. 

London, UK 

www.mtifirms.com 



Müller-Wrede & Partner 

Rechtsanwälte 


www.mwp-berlin.de 


Munich Re 


www.munichre.com 


Mutares AG 


www.mutares.de 


MVV Energie AG 

Mannheim, Germany 

www.mvv-energie.de 


Mytilineos Holdings SA 

Athens, Greece 

www.mytilineos.gr 


N 

N. Kornilakis MEPE 



Nabarro LLP 

London, UK 

www.nabarro.com 


finance 

Naftna Industrija Srbije NIS 

Novi Sad, Serbia 

www.nis.rs 



National Australia Bank Ltd. 

Docklands, Australia 

www.nab.com.au 


finance 

National Electric Vehicle Sweden AB 

Trollhättan, Sweden 

www.saabcars.com 


National Fund for Environmental 

Protection and Water Management 


www.nfosigw.gov.pl 


finance 

National Grid plc 

London, UK 

www.nationalgrid.com 


Natixis 

Paris, France 

www.natixis.com 



Natureo Finance SAS 

Paris, France 

www.natureofinance.com 



NCB Stockbrokers Ltd. 


www.ncb.ie 



78


Directory 

NCTM Studio Legale Associato 

Milan, Italy 

www.nctm.it 



Neilston Development Trust 

Neilston, UK 

www.neilstontrust.co.uk 


Neoen - Direct Energie 

Paris, France 

www.neoen.fr 


Neste Oil 

Espoo, Finland 

www.nesteoil.com 


NEW WAVE VENTURES LLP 

London, UK 

www.nwventures.co.uk 



NIBC European Infrastructure Fund 

The Hague, Netherlands 

www.nibc.com 


Nivelinvest SA 

Louvain-la-Neuve, Belgium 

www.nivelinvest.be 



NLAB Solar AB 


www.nlabsolar.com 


Noerr LLP 


www.noerr.de 



Nomura Holdings Inc. 

Tokyo, Japan 

www.nomura.com 


Norddeutsche Landesbank 

Hanover, Germany 

www.nordlb.de 


finance 

Nordea Bank AB 


www.nordea.com 



finance 

Nordex SE 


www.nordex-online.com 


Nordic Capital Ltd. 

Jersey, UK 

www.nordiccapital.com 


Nordic Investment Bank 


www.nib.int 


finance 

Nordisk Vindkraft AB 


www.nordiskvindkraft.se 


Norner AS 

Stathelle, Norway 

www.norner.no 



North British Windpower Ltd. 

Edinburgh, UK 


NorthStar Ventures 

Newcastle upon Tyne, UK 

www.northstarventures.co.uk 



Northwest Energy Angels 

Seattle, WA, USA 

www.nwenergyangels.com 


The North West Fund Ltd. 

Warrington, UK 

www.thenorthwestfund.co.uk 



D+) 

Norton Rose LLP 

London, UK 

www.nortonrose.com 


Norvestor Equity AS 

Oslo, Norway 

www.norvestor.no 


Novamont SpA 

Novara, Italy 

www.novamont.com 


NovEnergia II 

Luxembourg 

www.novenergia.com 


Novoazovsky Wind Park Company 

Kiev, Ukraine 


Novozymes AS 

Bagsvaerd, Denmark 

www.novozymes.com 


NPG Energy N.V. 

Tongeren, Belgium 

www.npgenergy.be 


NRW.Bank 


www.nrwbank.de 



79

Directory 


O 

Oak Investment Partners LP 


www.oakvc.com 


Capital 

Oakapple Renewable Energy 

Leeds, UK 

www.oakapple-energy.co.uk 


Octopus Investments Ltd. 

London, UK 

www.octopusinvestments.com 



Offshore Wind Power Marine 

Services Ltd. 


www.offshorewindpower.co.uk 


O-Gen UK Ltd. 

Stoke-on-Trent, UK 

www.web.ogenuk.com 


Oman Oil Company SAOC 

Muscat, Oman 

www.oman-oil.com 


Ombu Group 

London, UK 

www.ombugroup.com 


Capital, VC - Early Growth (Series A to 

C), VC - Late Stage (Series D+) 

Omnes Capital 

Paris, France 

www.omnescapital.com 



to C) 

Ondra Partners LLP 

London, UK 

www.ondrapartners.com 


Oranjewoud N.V. 

Heerenveen, Netherlands 

www.oranjewoud.nl 


Oregon Angel Fund 


www.oregonangelfund.com 



Organic Power Ltd. 

Skibbereen, Ireland 

www.organicpower.ie 


OSEO 

Maison Alfort, France 

www.oseo.fr 


finance 

Osspower Ltd. 

Midlothian, UK 


Ostwind Group 

Regensburg, Germany 

www.ostwind.de 


Oticon Foundation 

Smørum, Denmark 

www.oticonfonden.dk 



Overseas Private Investment Corp. 


www.opic.gov 


finance 

Oxford Capital Partners LLP 

Oxford, UK 

www.oxcp.com 


(Series D+) 

P 

P2 Solar Inc. 

Surrey, BC, Canada 

www.p2solar.com 



Paine & Partners LLC 

San Mateo, CA, USA 

www.painepartners.com 


Palexpo SA 


www.palexpo.ch 


Panduit Corp. 

Tinley Park, IL, USA 

www.panduit.com 


Pannone LLP 

London, UK 

www.pannone.com 



Panoramic Growth Equity Fund 

Management LLP 

London, UK 

www.pgequity.com 



Parabel AG 


www.parabel-solar.com 


Pareto Staur Energy 

Norway 


Capital 

Parker Hannifin Corp. 

Cleveland, OH, USA 

www.parker.com 


Parkwalk Advisors Ltd. 

London, UK 

www.parkwalkadvisors.com 



80


Directory 

Partners Group AG 


www.partnersgroup.com 


Capital 

Partnerships for Renewables Ltd. 

London, UK 

www.pfr.co.uk 


Paul, Weiss, Rifkind, Wharton & 

Garrison LLP 


www.paulweiss.com 


PDM Group Prosper de Mulder Ltd. 

Doncaster, UK 

www.pdm-group.co.uk 


Peak Boys Renewable Energy 

Investment GmbH 


www.peakboys.com 


Pedersoli e Associati 

Milan, Italy 

www.pedersoli.it 


Peel Energy 


www.peelenergy.co.uk 


Pelican Venture SAS 

Paris, France 


PensionDanmark AS 

Denmark 

www.pension.dk 


finance 

Pentair Inc. 

Minneapolis, MN, USA 

www.pentair.com 



Perceva Capital 

Paris, France 

www.percevacapital.com 


Perusa GmbH 


www.perusa-partners.de 


Peterborough Renewable Energy Ltd. 

Peterborough, UK 

www.greenenergyparks.co.uk 


PFP Group 

Harrogate, UK 

www.pfpg.co.uk 


PGGM 

Zeist, Netherlands 

www.pggm.nl 


Philicon 97 SA 

Plovdiv, Bulgaria 

www.philicon.net 


Phono Solar Technology Co Ltd. 


www.phonosolar.com 


Pims Group Ltd. 

Farnborough, UK 

www.pimsgroup.co.uk 


Pinsent Masons LLP 

London, UK 

www.pinsentmasons.com 


finance 

Pivotal Investments LLC 


www.pivotal-investments.com 



PKO Bank Polski SA 


www.pkobp.pl 


finance 

Plaan Czech s.r.o. 


www.plaan.cz 


Plan-net d.o.o. 

Preserje, Slovenia 

www.plan-net-solar.si 


Platina Partners LLP 

London, UK 

www.platinapartners.com 


Plessey Semiconductors Ltd. 

Plymouth, UK 

www.plesseysemiconductors.com 


Pohjolan Voima Oy 


www.pohjolanvoima.fi 


Polaris Private Equity 


www.polarisequity.dk 


Polska Grupa Energetyczna SA 


www.pgesa.pl 


Power Integrations Inc. 

San Jose, CA, USA 

www.powerint.com 


Premier Power Renewable Energy Inc. 

El Dorado Hills, CA, USA 

www.premierpower.com 


Preneal SA /Grupo Preneal 

Madrid, Spain 

www.preneal.es 


Pretersa-Prenavisa 

La Pueble de Hijar, Spain 

www.pretersa.com 


PricewaterhouseCoopers 

International Ltd. 

London, UK 

www.pwc.com 


Primus Capital ZRT 

Budapest, Hungary 

www.primuscapitalpartners.com 



Principia SGR 

Milan, Italy 

www.principiasgr.it 



81

Directory 


Prosolia SL 


www.prosolia.eu 


Proventus Renewables plc 

Bedford, UK 

www.proventus.co 


Prysmian SpA 

Milan, Italy 

www.prysmian.com 


Public Power Corporation SA 


www.dei.gr 


Pufin SpA 

Frigento, Italy 

www.pufin.it 


Q 

Qi3 Ltd. 

Cambridge, UK 

www.qi3.co.uk 



Quadia SA 


www.quadia.ch 


(Series D+) 

Quayle Munro Holdings plc 

Edinburgh, UK 

www.quaylemunro.com 


finance 

Quercus Assets Selection Sàrl 

Luxembourg, Luxembourg 

www.quercusassetselection.com 


R 

Rabbalshede Kraft AB 

Rabbalshede, Sweden 

www.rabbalshedekraft.se 


Rabo Ventures BV 


www.raboprivateequity.nl 



Rabobank 


www.rabobank.com 



Raedthuys Groep 

Enschede, Netherlands 

www.raedthuys.nl 


Raiffeisen Bank International AG 


www.rbinternational.com 



Raz Energie 

Toulouse, France 

www.raz-energie.com 


RBC Capital Markets 

Toronto, ON, Canada 

www.rbccm.com 


finance 

RCS & RDS SA 

Bucharest, Romania 

www.rcs-rds.ro 


ReCap 

Cambridge, UK 

www.recap.co.uk 



REGAIN Polymers Ltd. 

Castleford, UK 

www.regainpolymers.com 


Regional Growth Fund 

London, UK 

www.bis.gov.uk 


Remondis AG & Co. KG 

Lünen, Germany 

www.remondis.com 


RENA GmbH 

Gütenbach, Germany 

www.rena.com 


RENERCO Renewable Energy 

Concepts AG 


www.renerco.de 


ReneSola Co. Ltd. 


www.renesola.com 


Renewable Energy Generation Ltd. 

St Helier, UK 

www.renewableenergygeneration.co.uk 


Renewable Energy Systems Ltd. 

Kings Langley, UK 

www.res-group.com 


Rengy Development Ltd. 

Kiev, Ukraine 

www.rengydevelopment.com.ua 


Renova AB 

Göteborg, Sweden 

www.renova.se 


Renovalia Energy SA 

Madrid, Spain 

www.renovaliaenergy.es 


REpower Systems SE 


www.repower.de 


Repsol YPF SA 

Madrid, Spain 

www.repsol.com 


Rete Rinnovabile Srl 

Rome, Italy 

www.rtrenergy.it 


82


Directory 

RF Energy SA 


www.rf-energy.com 


Rheinland Venture Capital GmbH & 

Co. KG. 

Germany 

www.intelligent-venture-capital.de 



Ricardo plc 

Shoreham-by-Sea, UK 

www.ricardo.com 


Rickitt Mitchell & Partners Ltd. 


www.rickittmitchell.com 



RIOS renovables SL 

Fustinana, Spain 

www.riosrenovables.com 


RIT Capital Partners plc 

London, UK 

www.ritcap.co.uk 


Capital 

RK Wind Pvt. Ltd. 

Gurgaon, India 

www.rkwind.com 


Robert Bosch GmbH 


www.bosch.com 


Robert Bosch Venture Capital GmbH 


www.rbvc.com 



Robert Gordon University 

Aberdeen, UK 

www.rgu.ac.uk 



Rock Energy AS 

Lysaker, Norway 

www.rockenergy.no 


Rockworth Managements Partners Ltd. 

Oxford, UK 

www.rockworth.co.uk 


Romita Energie Vergde Srl 

Cluj-Napoca, Romania 

www.romitaenergieverde.ro 


Rothschild 

London, UK 

www.rothschild.com 


Roundstone Properties Ltd. 

Canterbury, UK 


Royal Bank of Scotland Group plc 

Edinburgh, UK 

www.rbs.co.uk 



finance 

RP Global Holdings SL 


www.rp-global.com 


RUSNANO 


www.rusnano.com 


(Series D+) 

RWE AG 


www.rwe.com 


RWE Innogy GmbH 


www.rweinnogy.com 



S 

S.A.G. Solarstrom AG 

Freiburg, Germany 

www.solarstromag.com 


S.C. Ecohornet Srl 

Chiajna, Romania 

www.ecohornet.ro 


SA Industrias Celulosa Aragonesa 

Zaragoza, Spain 

www.saica.com 


SachsenFonds GmbH 


www.sachsenfonds.com 


Sagemcom SAS 

Rueil-Malmaison, France 

www.sagemcom.com 


Sagewerke Christen AG 

Luthern, Switzerland 

www.saegewerkechristen.ch 


Saint Gobain SA 

Courbevoie, France 

www.saint-gobain.com 


Salans LLP / Dentons 

Paris, France 

www.dentons.com 


finance 

SAM Private Equity AG 


www.robecosam.com 


Capital, VC - Late Stage (Series D+) 

Samkraft AB 

Gävle, Sweden 

www.samkraft.se 



Samsung C&T Corp. 

Seoul, South Korea 

www.samsungcnt.com 


83

Directory 


Samsung Heavy Industries Co. Ltd. 

Seoul, Korea 

www.shi.samsung.co.kr 


Sankaty Advisors LLC 


www.sankaty.com 


Capital 

SARIA Bio-Industries GmbH & Co. 

Verwaltungs- und Beteiligungs KG 

Selm, Germany 

www.saria.de 


Sasol New Energy Holdings Pty Ltd. 

Johannesburg, South Africa 

www.sasol.com 


Partnership 

SCA Svenska Cellulosa Aktiebolaget 


www.sca.com 


Scheldewind BV 

Woensdrecht, Netherlands 

www.scheldewind.nl 


Schjodt 

Oslo, Norway 

www.schjodt.no 


Schneider Electric SA 

Paris, France 

www.schneider-electric.com 


Schoeller Holding GmbH 

Pullach, Germany 

www.schoeller.org 


Scholz AG 

Essingen, Germany 

www.scholz-ag.de 


Schönherr v.o.s 


www.schoenherr.eu 


SCHOTT Solar AG 

Mainz, Germany 

www.schottsolar.com 


Schultze & Braun GmbH 

Achern, Germany 

www.schubra.de 


Scintec AG 

Rottenburg, Germany 

www.scintec.com 


Scotrenewables Tidal Power Ltd. 

Orkney, UK 

www.scotrenewables.com 


Scottish Enterprise 

Glasgow, UK 

www.scottish-enterprise.com 


Grant & Government Funding, VC - 


Scottish Equity Partners LLP 

Glasgow, UK 

www.sep.co.uk 



Scottish Government 

Edinburgh, UK 

www.scotland.gov.uk 



Scottish Power plc 

Glasgow, UK 

www.scottishpower.com 


ScottishPower Renewables 

Glasgow, UK 

www.scottishpowerrenewables.com 


Sechilienne-Sidec SA 

Courbevoie, France 

www.sechilienne-sidec.com 


Sembcorp Marine Ltd. 

Singapore, Singapore 

www.sembcorpmarine.com.sg 


Semtech Corp. 

Camarillo, CA, USA 

www.semtech.com 



Sener Group 


www.sener.es 


Sensus USA Inc. 

Raleigh, NC, USA 

www.sensus.com 



Shanghai Chaori Solar Energy Science 

& Technology Co. Ltd. 


www.chaorisolar.com 


Sharp Corp. 

Tokyo, Japan 

www.Sharp-world.com 


Shore Energy 

Perthshire, UK 

www.shore-energy.co.uk 


Sidley Austin LLP 


www.sidley.com 


Siemens Energy AG 


www.energy.siemens.com 


Siemens Financial Services Ltd. 


www.finance.siemens.com 


finance, Project Sponsor, VC - Early 


Sierra Wireless 

Richmond, BC, Canada 

www.sierrawireless.com 


Silver Lake 


www.silverlake.com 


Simmons & Company International 

Houston, TX, USA 

www.simmonsco-intl.com 



84


Directory 

Simmons & Simmons 

London, UK 

www.simmons-simmons.com 


Simpson Thacher & Bartlett LLP 


www.stblaw.com 


Siparex 

Lyon, France 

www.siparex.com 



Sistema Solare Srl 

Manfredonia, Italy 

www.sistemasolaresrl.it 


SITA UK Ltd. 

Maidenhead, UK 

www.sita.co.uk 


Sitra 


www.sitra.fi 



Skandinaviska Enskilda Banken AB 


www.sebgroup.com 


finance 

Skanska AB 

Solna, Sweden 

www.skanska.com 

Investment Focus: Project sponsor, 

M&A - Acquirer 

Skion GmbH 

Bad Homburg, Germany 



Smart Holding 

Kiev, Ukraine 

www.smart-holding.com 


Smartenergy Invest AG 

Pfäffikon, Switzerland 

www.smartenergyag.com 


Social Investment Scotland 

Edinburgh, UK 

www.socialinvestmentscotland.com 


finance 

Soitec SA 

Bernin, France 

www.soitec.com 



Solaer SL 

Madrid, Spain 

www.solaer.net 


Solairedirect 

Paris, France 

www.solairedirect.fr 


Solar Power Inc. 

Roseville, CA, USA 

www.solarpowerinc.net 



Solar Star 

Bugojno, Bosnia-Herzegovina 


Solar21 


www.solar21.ie 


SolarBay AG 



solarcomplex AG 

Singen, Germany 

www.solarcomplex.de 


Solarezo SAS 

Lyon, France 

www.solarezo.fr 


Solaria Energia y Medio Ambiente SA 

Madrid, Spain 

www.solariaenergia.com 


Solarig Holding 

Soria, Spain 

www.solarig.com 


Solarpro Holding AD 


www.solarpro.bg 


solarSTEP GmbH & Co. KG 


www.solarstep.de 


SolarWorld AG 

Bonn, Germany 

www.solarworld.de 


Solea AG 

Plattling, Germany 

www.solea-ag.com 


Solektra 

Nedelisce, Croatia 

www.solektra.hr 


Solidium Oy 


www.solidium.fi 


Soligest 

Montelimar, France 

www.soligest.com 


SOLON Energy GmbH 


www.solon.com 


Sonnedix Solar Ltd. 

Milan, Italy 

www.sonnedix.com 



Sopray Solar Co. Ltd. 

Zhejiang, China 

www.sopraysolar.com 


SORIDEC 

Montpellier, France 

www.soridec.fr 



South Europe Infrastructure Equity 

Finance 

Luxembourg City, Luxembourg 

www.epimgroup.eu 


85

Directory 

EVCA Forthcoming Events 

EVCA Academy – Courses 

Valuation Guidelines Master Class 

25-26 April 2013 


Foundation Course for Investment 

Professionals -Venture Only 

5-7 June 2013 


Foundation Course for Support Staff 



Finance & Administration Course 

29-31 October 2013 


Integrating Responsible Investment 

14-15 November 2013 


Building & Managing Boards Master Class 

5-6 December 2013 


Fundraising & Investor Relations 

Masterclass 

TBC 


EVCA Events 

EVCA CFO-COO Summit 

14-15 May 2013 


The 30th Anniversary EVCA Symposium 



Venture Capital Forum 

TBC 


About the EVCA 

The EVCA is the voice of European private equity. 

Our membership covers the full range of private equity activity, from early-stage venture capital to the 

largest private equity firms, investors such as pension funds, insurance companies, fund-of-funds and 

family offices and associate members from related professions. We represent 700 member firms and 400 

associate members. 

The EVCA shapes the future direction of the industry, while promoting it to stakeholders such as 

entrepreneurs, business owners and employee representatives. 

We explain private equity to the public and help shape public policy, so that our members can conduct 

their business effectively. 

86


Directory 

South West Angel and Investor 

Network 

Bristol, UK 

www.swain.org.uk 


The South West Devon Waste Partnership 

Plymouth, UK 


Sovello AG 

Thalheim, Germany 

www.sovello.com 


Soventix GmbH 

Duisberg, Germany 

www.soventix.com 


Space Station Self Storage Ltd. 

Brentford, UK 

www.space-station.co.uk 


Squire Sanders 

Cleveland, OH, USA 

www.squiresanders.com 


SRIW SA 

Liège, Belgium 

www.sriw.be 



SRU Solar AG 

Berga, Germany 

www.sru-solar-ag.de 


SSE plc 

Perth, UK 

www.sse.co.uk 



Stadtwerke Mainz AG 

Mainz, Germany 

www.stadtwerke-mainz.de 


Stadtwerke Munchen GmbH 


www.swm.de 



Stadtwerke Trier SWT 


www.swt.de 


State Grid Corporation of China 


www.sgcc.com.cn 


Statkraft SF 

Oslo, Norway 

www.statkraft.com 



Statoil ASA 

Stavanger, Norway 

www.statoil.com 



STEAG GmbH 


www.steag.com 



Stirling Square Capital Partners LLP 

London, UK 

www.stirlingsquare.com 


Storas Uibhist 

Isle of South Uist, UK 

www.storasuibhist.com 


Stornoway Trust 

Isle of Lewis, UK 

www.stornowaytrust.org.uk 


Succes Europe 

Sophia Antipolis, France 

www.succes-europe.com 


(Series D+) 

Sudwestdeutsche Stromhandels GmbH 

Tübingen, Germany 

www.suedweststrom.de 


Südzucker AG 

Mannheim, Germany 

www.suedzucker.de 


Sumitomo Corp. 

Tokyo, Japan 

www.sumitomoCorp.co.jp 


(Series D+) 

Sumitomo Mitsui Banking Corp. 

Tokyo, Japan 

www.smbc.co.jp 


finance 

SunEdison LLC 

Belmont, CA, USA 

www.sunedison.com 


SunEnergy Europe GmbH 


www.sunenergy.eu 


SUNfarming GmbH 

Erkner, Germany 

www.sunfarming.co.uk 


SunPower Corp. 


www.sunpowercorp.com 



Sunsolar Energy Ltd. 

Birmingham, UK 

www.sunsolarenergy.co.uk 


Sunway Technology Investment Co. Ltd. 

China 


Surprise Valley Electrification Corp. 

Alturas, CA, USA 

www.surprisevalleyelectric.org 


Sustainable Technology Investments Ltd. 

London, UK 

www.poweradvisers.com 



to C) 

Svenska Handelsbanken AB 


www.handelsbanken.se 


finance 

Sviluppo Imprese Centro Italia sgr SpA 

Florence, Italy 

www.fondisici.it 



87

Directory 


Swedish Energy Agency 

Energimyndigheten 

Eskilstuna, Sweden 

www.energimyndigheten.se 


finance, Grant & Government 

Funding, VC - Early Growth (Series A 

to C) 

Swedish International Development 

Cooperation Agency 


www.sida.se 


finance 

Swiss Power Renewables AG 


www.swisspower.ch 


Swisscom AG 

Worblaufen, Switzerland 

www.swisscom.ch 



Syddansk Teknologisk Innovation A/S 

Odense, Denmark 

www.sdti.dk 



Synergy Energy Ltd. 

London, UK 

www.synergy-energy.co 



Synthos SA 

Oswiecim, Poland 

www.synthosgroup.com 


Partnership 

T 

Taiga Mistral SL 

Madrid, Spain 

www.taigamistral.com 


Tamar Energy LLP 

London, UK 

www.tamar-energy.com 


Target Partners GmbH 


www.targetpartners.de 



Tauron Polska Energia SA 


www.tauron-pe.pl 


Taylor Vinters LLP 

Cambridge, UK 

www.taylorvinters.com 



Taylor Wessing LLP 

London, UK 

www.taylorwessing.com 



Technische Werke Schussental GmbH 

& Co KG 

Ravensburg, Germany 

www.tws.de 


The Technology Strategy Board 

Swindon, UK 

www.innovateuk.org 



The TEG Group plc 

Chorley, UK 

www.theteggroup.plc.uk 


Terna Energy SA 


www.terna-energy.gr 


TerniEnergia SpA 

Terni, Italy 

www.ternienergia.com 


Terravent AG 

Dietikon, Switzerland 

www.terravent.ch 


TGC Renewables 

Bristol, UK 

www.tgcrenewables.com 


Thames Water Utilities Ltd. 

Reading, UK 

www.thameswater.co.uk 


Theolia SA 

Aix-en-Provence, France 

www.theolia.com 

Investment Focus: Project sponsor, 

M&A - Acquirer 

Thermovolt AG 

Rostock, Germany 

www.thermovolt.de 


Thorsager Invest ApS 

Gedser, Denmark 


Thuga Erneuerbare Energien GmbH 

& Co. KG 


ee.thuega.de 


Titan Wind Energy Suzhou Co Ltd. 

Taicang, China 

www.titanmetal.com.cn 


TLM-TPP d.o.o. 

Sibenik, Croatia 

www.tlm-tpp.hr 


Tokyo Electron Ltd. 

Tokyo, Japan 

www.tel.com 


Total SA 

Paris, France 

www.total.com 



Tranas Stadshus AB 

Sweden 


88


Directory 

Transmission Capital Partners 

London, UK 

www.transmissioncapital.com 


Tre & Partners 

Italy 

www.tre-partners.com 


Trierer Energiegenossenschaft eG 


www.treneg-trier.de 


Trinity International LLP 

London, UK 

www.trinityllp.com 


Triodos Bank NV 

Zeist, Netherlands 

www.triodos.co.uk 


finance 

Truffle Capital 

Paris, France 

www.truffle.com 



Turquoise Associates 

London, UK 

www.turquoiseassociates.com 


finance 

TuuliWatti Ltd. 


www.tuuliwatti.fi 


TÜV SÜD Management Service GmbH 


www.tuev-sued.de 


Typhoon Capital BV 


www.typhooncapital.nl 


U 

U.S. Department of Energy 

Washington DC, USA 

www.energy.gov 



U.S. Trade and Development Agency 

Arlington, TX, USA 

www.ustda.gov 



UBS AG 


www.ubs.com 


finance 

UISPAC Srl 

Chisinau, Moldova 

www.uispac.md 


UK Department of Energy and 

Climate Change DECC 

London, UK 

www.decc.gov.uk 



UK Department for Environment, 

Food and Rural Affairs 

London, UK 

www.defra.gov.uk 


finance, Grant & Government Funding 

UK Green Investment Bank 

London, UK 

www.greeninvestmentbank.com 


finance 

UL LLC 

Camas, WA, USA 

www.ul.com 


UniCredit Bank Austria AG 


www.bankaustria.at 


finance 

UniCredit SpA 

Milan, Italy 

www.unicredit.eu 


finance 

Unilever Ventures Ltd. 

London, UK 

www.unileverventures.com 



Unipension I/S 

Gentofte, Denmark 

www.unipension.dk 



UNW LLP 


www.unw.co.uk 


finance 

UPM Corp. 


www.upm.com 


Upsolar Europe SAS 

Paris, France 

www.upsolar.com 


Urmet Engineering Srl 

Turin, Italy 

www.urmetengineering.it 


Usine d’electricite de Metz UEM 

Metz, France 

www.uem-metz.fr 


Utilitywise plc 

South Shields, UK 

www.utilitywise.com 


89

Directory 


V 

Vaekstfonden 

Hellerup, Denmark 

www.vf.dk 


Government Funding, VC - Early 


Valfortec SL 

Castellón, Spain 

www.valfortec.com 


Value8 NV 

Bussum, Netherlands 

www.value8.com 



Varnamo Energi AB 

Värnamo, Sweden 

www.varnamoenergi.se 


Vaskiluodon Voima Oy 


www.vv.fi 


Vattenfall AB 


www.vattenfall.com 



VEI Capital 

Vicenza, Italy 

www.palladiofinanziaria.it 



Velocita Energy Developments 

London, UK 

www.velocitaenergy.com 


Vensol Neue Energien GmbH 

Babenhausen, Germany 

www.vensol.de 


Ventech Engineers International LLC 

Pasadena, CA, USA 

www2.ventech-eng.com 


vento ludens GmbH & Co. KG 

Jettingen-Scheppach, Germany 

www.ventoludens.de 


Ventotec GmbH 

Leer, Germany 

www.ventotec.de 


Ventrex Automotive GmbH 

Graz, Austria 

www.ventrex.com 



VentureTech Alliance LLC 


www.vtalliance.com 



VERBIO Vereinigte BioEnergie AG 

Leipzig, Germany 

www.verbio.de 


Verbund AG 


www.verbund.at 


Victoria Group A.D. 

Belgrade, Serbia 

www.victoriagroup.rs 


Viessmann Werke GmbH & Co. KG 

Allendorf, Germany 

www.viessmann.de 


VINNOVA 


www.vinnova.se 



Vireol Ltd. 

Knaresborough, UK 

www.vireol.com 


Viridor Waste Management Ltd. 

Taunton, UK 

www.viridor.co.uk 



Vital Energi Ltd. 

Blackburn, UK 

www.vitalenergi.co.uk 


VIVES SA 

Louvain-la-Neuve, Belgium 

www.vivesfund.com 



VNT Management Oy 


www.vntm.com 



voestalpine AG 

Linz, Austria 

www.voestalpine.com 


Volta Avocats 

Paris, France 

www.volta-avocats.fr 


Voltiq B.V. 

Utrecht, Netherlands 

www.voltiq.com 

Advisory Focus: Financial - M&A, 

Financial - Project finance 

Vorndran Mannheim Capital 

Dusseldorf, Germany 

www.vmcap.de 


Capital 

90


Directory 

W 

WABCO Europe BVBA 


www.wabco-auto.com 


Wachtell, Lipton, Rosen & Katz 


www.wlrk.com 


Wallenstam AB 


www.wallenstam.se 


Ward Hadaway 


www.wardhadaway.com 


Wasabi Energy Ltd. 

Melbourne, Australia 

www.wasabienergy.com 



Waste & Resources Action Programme 

Banbury, UK 

www.wrap.org.uk 


finance 

Waste management project: Montana, 

Ruse and Silistra Regions 

Montana, Ruse, Silistra, Bulgaria 


Wastewater treatment plant - Mezitli, 

Turkey 

Mersin, Turkey 


Watson, Farley & Williams LLP 

London, UK 

www.wfw.com 


Project finance, Legal - Venture capital 

and private equity 

Wattner AG 

Köln, Germany 

www.wattner.de 



WEB Windenergie AG 

Pfaffenschlag, Austria 

www.windenergie.at 


West Coast Energy Ltd. 

Mold, UK 

www.westcoastenergy.co.uk 


Westmill Solar Co-operative Ltd. 

UK 

www.westmillsolar.coop 



WHEB Infrastructure 

London, UK 

www.whebinfrastructure.com 

Advisory Focus: Financial advisory- 

Project finance, Financial - M&A 

WHEB Partners 

London, UK 

www.whebventures.com 



to C) 

Wheelabrator Technologies Inc. 

Hampton, NH, USA 

www.wheelabratortechnologies.com 


White & Case LLP 


www.whitecase.com 


Whysol Investments 

Milan, Italy 

www.whysol.it 


Willkie Farr & Gallagher LLP 


www.willkie.com 


Wilson Renewables LLP 

Ayrshire, UK 


Wind Prospect Ltd. 

Bristol, UK 

www.windprospect.com 


Wind Ventures 

Reading, UK 

www.windventures.co.uk 



Wind Works Power Corp. 

Ottawa, ON, Canada 

www.windworkspower.com 


Windreich GmbH 

Wolfschlugen, Germany 

www.windreich.ag 


Windwärts Energie Gmbh 

Hannover, Germany 

www.windwaerts.de 


Winvast BV 

Odijk, Netherlands 

www.winvast.nl 


Wirsol Solar AG 

Waghausel-kirrlach, Germany 

www.wirsol.de 


WKN AG 

Husum, Germany 

www.wkn-ag.de 


Wolf Theiss 


www.wolftheiss.com 


Woodside Capital Partners 


www.woodsidecap.com 


The World Bank 

Washington DC, USA 

www.worldbank.org 


finance 

World Energy Solutions, Inc. 

Worcester, MA, USA 

www.worldenergy.com 


Wren Capital LLP 

London, UK 

www.wrencapital.co.uk 


WSB Neue Energien GmbH 

Dresden, Germany 

www.wsb.de 


91

Directory 


WSW Energie & Wasser AG 

Wuppertal, Germany 

www.wsw-online.de 


Wurttembergische 

Lebensversicherung AG 


www.ww-ag.com 


X 

Xenon Private Equity Ltd. 

Milan, Italy 

www.xenonpe.com 



Xiamen Grace Solar Technology Co 

Ltd. 

Fujian, China 

www.gracesolar.com 


Xylem Inc. 

White Plains, NY, USA 

www.xyleminc.com 


Y 

Yellow&Blue Investment 

Management BV 

Utrecht, Netherlands 

www.yellowandblue.nl 



Yorkshire Water Services Ltd. 

Bradford, UK 

www.yorkshirewater.com 


Z 

Zero Waste Scotland 

Stirling, UK 

www.zerowastescotland.org.uk 



Zhejiang International Buiness Group 

Co. Ltd. 

HangZhou, China 

www.zibchina.com 


Zipcar Inc. 

Cambridge, MA, USA 

www.zipcar.com 


Zonnefabriek 


www.zonnefabriek.nl 


Zorg Biogas AG 


www.zorg-biogas.com 


92

Directory 

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Directory 

Clean Energy Europe Finance Guide 2013 


Published by 



Wells Point 


London, W1T 3QN, UK 

Copyright © 2005-2013 VB/Research Ltd.. 

94 

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Clean Energy Europe FinanceGuide 2013 - Clean Energy Pipeline

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