European Clean Energy Investment Guide 2012

European Clean Energy 

Investment Guide 2012 

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ii smart at work

Disclaimer 

League Tables and Directory Entries are based on our online databases and information 

collected by our team of analysts for the period 1 January 2011 to 31 March 2012. 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 for which our team has been notified. 

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 whichever format available to ensure that all relevant deals are 

reflected in the Clean Energy pipeline League Tables. All submissions should be sent to our 

Head of Research, Thomas Sturge at thomas.sturge@vbresearch.com. Clean Energy pipeline 

reserves the rights to decline inclusion of deals that it deems fall outside our definitions or 

methodology. 

No company, investor or advisor has paid for inclusion in the League Tables or Directory. 

While every care is taken in compiling the content, the publisher assumes no responsibility for 

effects arising from this publication. The opinions expressed in this guide are not necessarily 

those of the publishers, but of individual writers. The publishers do not accept responsibility 

for errors in advertisements or third-party offers. 

Terms of Use 

The contents of this directory may not be used for the purposes of mass marketing. Clean 

Energy pipeline, a division of VB/Research Ltd. takes no responsibility for the use of this 

directory by third parties after publication. 

All data is compiled from publicly available sources. 

All listed investors, project sponsors, corporates and banks have placed capital in a European 

clean energy company or project between January 1st 2011 and March 31st 2012. Advisors 

listed have provided financial and/or legal advisory services to companies involved in European 

clean energy project finance, venture capital and private equity and M&A transactions during 

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

are also included. This data has been extracted directly from Clean Energy pipeline’s online 

platform containing venture capital and private equity, project finance, M&A, public market 

deals and directory databases. 

Copyright © 2005-2012 

VB/Research Ltd. 

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. 

iii

www.cleanenergypipeline.com 

European Clean Energy Investment Guide 2012 

Published by 

Clean Energy pipeline 

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Copyright © 2005-2012 VB/Research Ltd. 

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.



Managing Editor: 

Estelle Lloyd 

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Thomas Sturge 

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Tom Naylor 

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Published by: 





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without prior permission of the 

publishers, this includes hosting all 

or part of this publication online. 

Contents 

Foreword.......................................................................................................1 

Challenges are opportunities.....................................................................3 

Dr Guenther Dobrauz and Dieter Wirth 

PricewaterhouseCoopers AG 

Planning an Exit...........................................................................................8 

Ian Thomas and Francis Wright 

Turquoise International Limited 

Our View of the European Market...........................................................13 

Trevor Ingle 

Squire Sanders 

Comparing the Quality of Solar Power Projects....................................17 

Joachim Baumgaertner 

Green Rhino Energy 


European Offshore Wind..........................................................................19 

Project cost and financing outlook 

League Tables............................................................................................23 

Clean Energy: Europe 

Market Analysis.........................................................................................34 

European Venture Capital & Private Equity Investment 2011 Overview 

Directory.....................................................................................................43 

v

Get your share of tomorrow’s 

booming cleantech market 

Denmark has passed Europe’s most ambitious energy agreement, ensuring the energy 

and cleantech sectors an excellent business and investment framework. If you 

want your share of a market in rapid growth, Copenhagen Capacity knows how. 

Passing one of the world’s most ambitious energy agreements, Denmark has strengthened and improved 

its market conditions for green first movers and energy-efficient technologies that empower a society free 

of oil, coal and natural gas. These include solutions within production, buildings, consumption, smart grid, 

transport and heating. 

� By 2020, 50% of Denmark’s energy consumption must come from wind power 

� By 2020, Denmark’s CO2 emissions must be 34% lower than in 1994 

� Renewable energy sources and biogas should increasingly replace fossil fuels 

These objectives are supported by multi-billion euro investment programmes that visionary investors 

are invited to be part of. If you want to know more about your business and investment opportunities, 

Copenhagen Capacity will help you. Financed by governmental funds, we provide professional consultancy 

free of charge that lets your company identify and exploit its opportunities on the Danish markets. 

Visit us at www.copcap.com to arrange a personal meeting about your business opportunities. 

vi

Clean energy pipeline 

Foreword 

Douglas Lloyd, Founder & CEO, Clean Energy pipeline 

Douglas Lloyd 

Founder & CEO 


We launch our inaugural European Clean Energy Investment Guide as Europe wrestles with 

fundamental questions about its economic and political future. Sovereign default looms 

ominously over an increasingly disparate group of countries, while the survival of the euro 

itself is being called into question. Naturally, this impacts any company’s ability to secure 

investment, merge, acquire or dispose of assets. It also severely disrupts the institutional 

investment fund fundraising environment. 

At its core, the European Clean Energy Investment Guide includes a comprehensive directory of investors, advisers and 

projects developers active in the European clean energy sector between 1 January 2011 and 31 March 2012. It also provides 

detailed league tables that rank the most active venture capital and private equity funds, banks, project sponsors and law 

firms over the same period. 

This data is supplemented by valuable white papers contributed by our sponsors: Green Rhino Energy; 

PricewaterhouseCoopers; Turquoise International; and Squire Sanders. 

Foreword 

Guenther Dobrauz and Dieter Wirth, of PricewaterhouseCoopers, have written an exhaustive analysis of the most taxefficient 

way to structure a European clean energy investment fund. Ian Thomas and Francis Wright, of Turquoise 

International, share their extensive experience in raising capital and securing an exit in the clean energy sector. Trevor 

Ingle, of Squire Sanders, provides a much-needed overview of policy and investment trends across the European clean 

energy market. Finally Joachim Baumgaertner, of Green Rhino Energy, explains his company’s methodology for analysing 

and comparing the quality of solar projects. These four white papers are complemented by an analysis of European clean 

energy investment trends based on data extracted directly from Clean Energy pipeline’s online deal databases. On a 

positive note, I am delighted to report that venture capital and private equity investment in the European clean energy 

sector increased by 3% to $1.86 billion in 2011. 

In this economic climate, we believe more than ever in the importance of providing information and data that can be 

trusted as a reference source to make the right business decisions. That is why we have produced this guide. We hope you 

find the content valuable. As ever, we welcome any feedback. 

Douglas Lloyd 

Founder & CEO 


1

2 

Forums 

Symposium 

6 - 8 June 2012 

Barcelona, Spain 

Venture Capital Forum 

11 - 12 October 2012 

Amsterdam, Netherlands 

Investor Seminar 

3 – 5 December 2012 

North America 

Responsible Investment Summit 

29 January 2013 

Brussels, Belgium 

Investors’ Forum 

13 - 14 March 2013 

Geneva, Switzerland 

Networking Event 

La Clusaz, France 

Academy 

About the EVCA 

European Private Equity & Venture Capital Association 

Technical & Financial Management of 

EU-Funded Projects Course 

19 - 20 June, 2012 


Foundation Course for Support Staff 

27 - 29 June 2012 

Prague, Czech Republic 

Finance & Administration Course 

7 - 9 November 2012 


Building & Managing Boards Master 

Class 

6 - 7 December 2012 


EVCA is the voice of European private equity and venture capital. We promote the interests 

of our more than 1,300 members, to ensure they can conduct their business effectively. 

EVCA engages policymakers and promotes the industry among key stakeholders, including 

institutional investors, entrepreneurs and employee representatives. EVCA develops 

professional standards, research reports and holds professional training and networking 

events. EVCA covers the whole range of private equity, from early-stage venture capital to 

the largest buyouts. 

European Private Equity & Venture Capital Association 

Bastion Tower, Place du Champ de Mars 5 

B-1050 Brussels, Belgium 

EVCA Forthcoming Events 

49 

T +32 2 715 00 20 F +32 2 725 07 04 

info@evca.eu 

www.evca.eu

pricewaterhouseCoopers ag 

Challenges are opportunities 

How strategic structuring of investment vehicles helps European cleantech and 

renewable energy funds succeed 

A case study 

Summary 

Dr Guenther Dobrauz 


Dieter Wirth 


ThoughT leadership 

Cleantech and renewable energy investing are probably the most worthwhile and at the same 

time the most difficult investment strategies to pursue. The creation of efficient, value-adding 

and sustainable vehicles to encapsulate these strategies is extremely challenging. To be equally 

attractive to different types of investors, equally effective when faced with different types 

of income as well as being continuously compliant in a rapidly changing and increasingly 

complex and restrictive regulatory environment, it is usually necessary to set up multijurisdictional 

structures. In-depth cross-disciplinary knowhow and experience is essential to 

design and implement these structures in an optimal manner. Using a case study synthesised 

from a wealth of such assignments, this paper will demonstrate how a best-practice fund set-up 

for the cleantech and renewable energy investment industry can be tailored. 

Background 

At present, cleantech investing and, in particular, its 

renewable energy sub-segment, may justifiably be regarded 

as the most worthwhile investment strategy since the sector 

offers attractive returns in addition to addressing significant 

energy-related, environmental and economic challenges. 

At the same time this asset class must qualify as one of the 

hardest in which to achieve success. Unpredictable political 

decisions and interventions often seriously impact and alter 

the rationale and business models underlying investment 

decisions. Uncertainty relating to regulatory policies 

and support frameworks constitutes a huge challenge for 

strategic and financial planning. The more long-term the 

investment horizon, the more difficult it becomes to take 

these factors into account. 

The variety of different potential income streams derived 

from cleantech and renewable energy investments, as 

well as the diverging expectations of different investor 

types with regard to the classification or modus of returns, 

makes it almost impossible to find a one-size-fits-all 

solution when structuring investment vehicles for this 

asset class. Sustainability is the overarching theme of this 

asset class and this should also be built into the DNA of the 

investment vehicle – not an easy task in an investment 

world increasingly challenged by a rapidly changing 

regulatory and tax environment. Conversely, of course, 

these challenges offer opportunities if one is prepared. 

Sustainability is the overarching theme of this 

asset class and this should also be built into the 

DNA of the investment vehicle. 

“ 

” 

By applying cross-disciplinary know-how and thorough 

strategic planning throughout the entire process it is 

possible to tailor sustainable solutions which meet the 

requirements of any type of investor, fit the agreed strategy 

and the investments targeted, and lay the groundwork for 

success. 

This is highlighted in the example we are covering in 

this article. For this purpose we have created a synthesis 

of a number of projects in which we have been actively 

3


involved in recent months. Clearly, no two funds are 

identical - our primary purpose is to provide a generic 

example of how challenges should be approached and in 

what order rather than to present a universal solution. 

An up-to-date tool kit for vehicle design 

When designing a new investment vehicle, we endeavour, 

as far as possible, to take the following objectives into 

account: 

4 

• Compliance with potential investors’ requirements 

• Maximum tax efficiency of the entire investment 

structure and in so doing optimising returns to 

investors, target investment originators and potential 

co-investors 

• Ongoing vehicle sustainability in a rapidly changing 

regulatory environment for collective investment 

schemes and their managers 

The attributes of the targeted investors typically provide 

a very clear set of requirements as far as fund structures 

and, in particular, their domicile and qualifications are 

concerned. European institutional investors, funds of funds 

and family offices increasingly require European vehicles. 

As a consequence, classical offshore jurisdictions as the 

Cayman Islands, the British Virgin Islands or Bermuda are 

rapidly becoming less suitable. Whilst European offshore 

domiciles such as the Channel Islands are currently still 

acceptable, their future will largely depend on how they will 

be qualified once the transpositions of the EU Alternative 

Investment Fund Managers Directive (AIFMD) enter into 

force in the member states of the harmonised EU market in 

the summer of 2013. 

Already today, we generally see a strong preference for 

EU alternative investment fund (AIF) structures among 

We generally see a strong preference for EU 

alternative investment fund (AIF) structures among 

European institutional investors such as insurance 

companies and pension funds. 

“ 

” 

European institutional investors such as insurance 

companies and pension funds. Currently, the most widely 

used vehicles in this category are Luxembourg Specialised 

Investment Funds (SIFs) and Irish Qualifying Investor Funds 

(QIFs). Malta-based Professional Investor Funds (PIFs) and 

vehicles available in the Principality of Liechtenstein are also 

increasingly attracting interest. 

So far, the managers of AIFs have generally not been 

regulated. Typically either self-managed vehicles or 

low-substance asset management entities in offshore 

jurisdictions have been employed with the know-how of 

the actual managers being included in the set-up through 

advisory contracts. These advisory contracts have usually 

been concluded between the respective onshore advisory 


entities and either the fund itself (in the case of selfmanaged 

vehicles) or the official management entity (in 

the case of externally managed funds) such as, for example, 

the General Partner (GP) in a Limited Partnership (LP) setup. 

In line with the experience following the introduction 

of the UCITS standard for retail funds, we expect that the 

AIFMD requirements will have a similar effect on manager 

branding, and indeed differentiation, when it comes 

into force. In the future, we believe that fund vehicles 

targeting EU institutional investors will necessarily 

have to be managed by properly licensed and supervised 

Alternative Investment Fund Managers (AIFMs). This in 

turn means that when funds are being set up, they must 

be structured in a manner allowing the AIFMs to obtain 

this qualification. Since one of the key criteria for this will 

be the ability to prove substance and competence at the 

effective place of management, this essentially means that 

using self-managed vehicles in jurisdictions far from the 

actual manager’s domicile and/or having managers based 

in locations which are not or are not initially participating 

in the EU AIFM framework, will potentially become 

problematic from an ongoing vehicle sustainability point 

of view. Since it will be impossible to sub-delegate asset 

management or risk management functions to non-AIFMDcompliant 

entities, structures of this type could encounter 

significant problems. 

Tax efficiency at all levels of the investment structure is 

clearly always an issue, since it directly affects overall 

product performance. In the context of cleantech and 

renewable energy funds this problem is often magnified as 

revenues derived from investments are often received in 

the form of steady cash flows such as recurring dividends or 

interest payments rather than as capital gains triggered by 

the one-off disposal of assets. This is obviously not attractive 

for all investors from a tax standpoint. Particularly when 

investing in projects in jurisdictions with less political 

stability or legal certainty, investors often require that 

investments are made via special purpose vehicles (SPVs) 

rather than directlyThis ensures that the law governing the 

fund’s investment is known. 

Since in such instances the shareholdings of potential 

project originators in the target jurisdictions are also 

transferred over to the SPV, so as to avoid weakly defended 

points of entry for raiders, such transfers – and the future 

benefits derived from them – also have to be tax optimal 

for the project originators concerned. Investing via SPVs 

may also be necessary to address certain investment 

restrictions which may apply in certain jurisdictions 

or with regard to certain projects. The SPV approach, in 

turn, may itself potentially result in certain undesirable 

tax consequences, and these must also be addressed. 

While we are not advocating aggressive tax planning, 

we firmly believe in the benefits of designing structures 

which consider tax implications at all levels and for all 

jurisdictions and players involved. Proactive use of multijurisdictional 

set-ups also allows almost all potential 

needs in this area to be addressed, and the strategic, tax 

and regulatory benefits typically outweigh the increased 

administrative complexity.


Case study 

For the purpose of our case study we have assumed the 

following set of conditions and requirements: the objective 

is to create a cleantech/renewable energy fund focused on 

large-scale, infrastructure-intensive projects chiefly in Eastern 

Europe with particular focus on Russia. The main investment 

targets are projects which are not entirely greenfield in 

nature, but already have certain infrastructure in place, 

thus avoiding the need to devote substantial resources to 

obtaining the relevant permits and licences while at the 

same time offering the potential to improve and develop 

the investments further. This also means that there will be 

project originators and the structures used will also have 

to ensure their continued and tax-efficient participation. 

In return for the investment, the country of domicile offers 

guaranteed repayment of the invested capital and attractive 

feed-in tariffs. In addition, profits will be derived from the 

actual project operations themselves. After a number of 

years following the complete repayment of the original 

investments, the investment projects will have to be handed 

over to their governments of domicile, thus leaving no 

opportunity for disposal via sale or IPO. 

Base Case 

Corporate 

equity 

Project originators 

(Russia) 

green = equity investment 

blue = debt investment 

red = income 

Life Insurers Private Tax exempt 

equity 

dividend 

income 

SICAV SIF Fund Advisor 

PPL 

income 

from 

voting 

PPL 

rights 

CyprusCo I 

100% 

equity 

Russian 

target 

100% equity 

CyprusCo II 

100% 

debt 

dividend 

income 

interest 

income 

from debt 

Generally we assume that potential investors will fall into 

one of the following four classes: (i) ordinary corporate 

investors, (ii) life insurers, (iii) private investors or (iv) taxexempt 

investors. These distinctions are relevant from a tax 

perspective. The following suggested investment structure 

(Option 1, Image 1) is ideal for all investors with the exception 

of those from Germany or Austria, for whom two amended 

structures will be recommended in order to increase tax 

efficiency (Option 2, Image 2 and Option 3, Image 3). 

We would recommend setting the fund up in the legal 

form of a société en commandite par actions (SCA), under 

the regulatory status of a SICAV (société d’investissement 

à capital variable) SIF, domiciled in Luxembourg so as to 

be eligible for the majority of European investors. If there 

are plans to create a number of similar vehicles, this can of 

course be structured as an umbrella fund (i.e. with various 

sub-funds) to allow maximum benefit from synergies 


at the vehicle level. In order to meet the diversification 

requirements under Luxembourg law, a minimum of three 

investments must be undertaken. If all of these were in 

Russia the investment structure outlined below would have 

to be replicated for all three investments. 

In order to reduce the tax base in Russia, the underlying 

investment project in Russia should, if possible, largely be 

funded with debt. Moreover, to reduce the withholding tax 

burden in Russia the funding should be routed through 

a Cyprus-based SPV (CyprusCo). In order to avoid the 

loan being classified as back-to-back from a Russian tax 

perspective, and in order to address the issues relating to 

the beneficial ownership of the interest received in Cyprus, 

a structure with two Cyprus corporations (CyprusCo I and 

CyprusCo II) should be implemented. This will help to 

structure the investments into Russia tax-efficiently and will 

also improve the tax situation in Cyprus. 

The key features of the Cyprus double structure are: CyprusCo 

I holds CyprusCo II and makes its investment in the Russian 

target entity as a pure equity investment and in return for 

100% of its shares. No debt financing should be provided by 

CyprusCo I to the Russian target. The 100% participation/ 

equity funding of CyprusCo I in the Russian target entity 

should represent 25% of the total project funding. The other 

75% of the project funding should be provided by CyprusCo 

II, which grants loans, i.e. makes a pure debt investment. 

This would ensure that CyprusCo II would receive 0% of 

the shares of the Russian target entity, i.e., hold no equity 

position in it. Interest paid by the Russian investment target 

- unless reclassified as dividends due to excessive use of debt, 

i.e., over ¾ of total capitalisation - will be deductible on the 

Russian tax return. In the best-case scenario, no tax will be 

withheld from the interest payments to Cyprus. 

The equity in CyprusCo I should be held by the pre-existing 

Russian investors/project originators, who would establish 

CyprusCo I by contributing their shares in the existing Russian 

Project Company as an exchange in kind for the newly issued 

shares. In order to ensure that the fund managers remain 

in control of CyprusCo I its shares should be issued in two 

different classes: Class A shares (which would have no voting 

rights but would confer dividend rights) for the pre-existing 

Russian investors, and Class B shares (with no dividend rights, 

but full voting rights) for the fund managers or fund advisors. 

Once CyprusCo I is incorporated, the fund should provide 

CyprusCo I with a profit participating loan (PPL) which should 

have a convertible element which would convert the loan into 

shares of CyprusCo I in certain circumstances, such as default. 

Having received the PPL monies from the fund, CyprusCo I 

would then establish CyprusCo II by paying cash in exchange 

for newly issued shares of CyprusCo II. CyprusCo II would 

then finance the Russian investment with debt. 

We believe that establishing two Cyprus companies in order 

to separate the debt and equity financing of the Russian 

investment target would strengthen the entire investment 

structure. The main reason for this is that Russian tax 

authorities often currently question group structures in which 

income is received by a foreign company, e.g. a CyprusCo, 

which has mirroring (i.e. almost identical) expenses. In such 

a case there is some danger that the CyprusCo may not be 

regarded as the beneficial owner of the income and therefore 

5


not entitled to claim treaty relief under the double tax treaty 

between Russia and Cyprus (beneficial ownership approach). 

Since the double CyprusCo structure involves CyprusCo I 

receiving a loan which is then pushed down to CyprusCo 

II as equity and Cyprus Co II, in turn, then grants a loan to 

the Russian project company, the Russian tax authorities 

should find it difficult to apply the beneficial ownership 

approach to this structure, since CyprusCo II will indeed 

receive interest income but may legitimately claim that it 

has no matching interest expense, since CyprusCo II pays 

dividends, but no interest, to CyprusCo I. 

It should also be noted that the currency employed 

throughout the whole investment structure should be the 

same, i.e. Russian roubles. There are two reasons for this. 

Firstly, it is likely that any feed-in tariffs or subsidies will be 

fixed in roubles. Secondly, the tax-deductibility of interest 

payments on rouble-denominated loans is potentially more 

generous than for that on loans in other currencies. 

Unfortunately, this is not tax efficient for all types of 

investors. German and Austrian investors, in particular, 

would potentially face the risk of so-called CFC taxation. 

The German controlled foreign company rules (CFC rules) 

could prohibit ordinary corporate investors and private 

individuals from claiming beneficial tax rates on the 

income generated. Moreover, those rules would probably 

have a negative impact on insurers’ liquidity positions. 

To allow such investors to participate in the fund in an 

optimal manner we recommend that a separate share 

class be created for them. Special structures should be 

incorporated into this share class in order to obviate 

these risks. 

Option 2 

6 

Corporate 

Trust 

equity 


(Russia) 

joussiance right 

voting 

shares 

LuxCo 



red = income 


equity 

dividend 

income 


100% 

equity 

PPL 

CyprusCo I 

Russian 

target 

100% equity 

income from 

joussiance right 

interest 

income 

from debt 

CyprusCo II 

100% 

debt 

voting 

rights 

dividend 

income 

interest 

income 

from debt 

The first alternative (Option 2) uses a trust arrangement. 

This approach also adds a Luxembourg SPV (LuxCo) to 

the structure. In this set up, the fund grants a jouissance 

right to the LuxCo, which, as a classical hybrid instrument, 

qualifies as equity for German tax purposes but as debt for 

Luxembourg tax purposes. The voting shares of the LuxCo 

initially held by the SICAV SIF are transferred – legally and 

economically – to a charitable trust before the end of the 

business year. These steps should support the position that 

the income earned at the fund level constitutes active income 

- dividend income from shares rather than interest income 

from debt - and should therefore not trigger CFC taxation. 

A look-through at the LuxCo level should also not be 

possible for CFC tax purposes since the jouissance right 

should not qualify as a participation right under the CFC 

rules. In essence, the jouissance right issued by the fund 

will be treated as debt from a Luxembourg perspective, 

but as equity from a German point of view. It should also 

be pointed out that the debt instrument used to fund 

CyprusCo I derives interest income which is generally 

taxable at the LuxCo level. However, the interest payment 

with respect to the jouissance right should compensate for 

the taxable income at the LuxCo level. It should also be 

noted that, since the LuxCo will effectively be performing 

an intra-group on-lending financing activity with regard 

to the jouissance right and the shareholder loan, this will 

fall within the scope of the Luxembourg transfer pricing 

rules. This means that an arm’s length margin will have 

to be realised by the LuxCo on its financing activities. In 

addition, the LuxCo will also need to comply with certain 

substance and equity requirements. 

Option 3 

Corporate 

convertible loan 


(Russia) 



red = income 


equity 

dividend 

income 


PPL 

interest 

income voting 

from debt rights 

CyprusCo I 

100% 

equity 

Russian 

target 


100% equity 

CyprusCo II 

100% 

debt 

dividend 

income 

interest 

income 

from debt 

However, current discussions in Germany may result 

in a change in the law which could in turn trigger a 

change in the treatment of hybrid instruments. Already 

today the structure outlined in Option 2 is not entirely 

compatible with Austrian CFC legislation. We have thus 

created a third option to address this. In this structure, the 

fund would create a compartment for investors requiring 

this facility which would allow for participation via 

convertibles. In aggregate, this option should mitigate 

the CFC risk. In addition, this set-up should ensure tax 

deductibility of losses in the event that the investment 

does not perform, and it should also enable investors 

to claim participation exemption on capital gains if the 

investment performs well. This structure should also 

improve the tax deductibility of refinancing expenses. 

Finally, we believe that this set-up could potentially be 

attractive to insurance companies from a regulatory point 

of view under Solvency II.


In our case example, we have assumed that the fund 

promoters are Swiss-based, as is often the case in our 

assignments. They would initially be included in the 

set-up as advisors. Additionally (though this aspect is not 

illustrated in the diagrams), the advisory entity could 

be held by a holding company in a Swiss canton with 

a favourable overall tax rate, which would also allow 

for the preferential treatment of future income, such 

as dividends. Once the national transpositions of the 

AIFMD come into force, it may prove advisable to seek 

the appropriate qualification in Luxembourg as a first 

step. If this proves impracticable in Luxembourg due to 

lack-of-substance considerations, but there is still a need 

to establish a qualification before the AIFMD regime is 

extended to Switzerland as a third country from an EU 

perspective, an attractive alternative exists in nearby 

Liechtenstein. Promoters based in the German-speaking 

or Italian-speaking parts of Switzerland might create their 

AIFM entity there. Given the geographical proximity it 

would be possible to create substance there and constitute 

an effective place of management. The newly introduced 

administrator model, in particular, which is more closely 

directed towards the needs of the alternative investment 

industry and which will replace the previous more 

retail-focused fund management concept, will allow for 

the flexible structuring of AIFM entities, since non-core 


Tax & Regulatory Supporter 

www.pwc.ch 

PwC Switzerland (www.pwc.ch) provides industryfocused 

assurance, tax, legal and advisory services to 

build public trust and enhance value for its clients and 

their stakeholders. 169,000 people in 158 countries across 

the global network of PwC firms share their thinking, 

experience and solutions to develop fresh perspectives 

and practical advice. 

“PwC” is the brand under which member firms of 

PricewaterhouseCoopers International Limited (PwCIL) 

operate and provide services. Together, these firms form 

the PwC network. Each firm in the network is a separate 

legal entity and does not act as agent of PwCIL or any 

other member firm. PwCIL does not provide any services 

to clients. PwCIL is not responsible or liable for the acts 

or omissions of any of its member firms nor can it control 

the exercise of their professional judgment or bind them 

in any way. 

Dr. Guenther Dobrauz is a Senior Manager with PwC 

Zurich’s Regulatory and Compliance Services, where 

he is responsible for the Asset Management practice. 

He holds a PhD in international investment protection 

Dieter Wirth, 

Partner, Asset Management 

Leader Switzerland 

dieter.wirth@ch.pwc.com 

+41 58 792 4488 


activities can be credibly outsourced to a pre-existing 

wealth of specialised and recognised service providers. 

In this case example, we have set out to demonstrate that 

regardless of the inherent complexity of an asset class or 

investment modus - and despite an increasingly restrictive 

regulatory and tax environment requiring more and more 

“ The German controlled foreign company rules (CFC 

rules) could prohibit ordinary corporate investors 

and private individuals from claiming beneficial tax 

rates on the income generated. 

” 

transparency and supervision - it is nevertheless possible 

to tailor investment vehicles which are not only suitable 

but which will also generate additional and potentially 

differentiating benefits. We trust that we have been able 

to illustrate this, while at the same time demonstrating 

that the single most important success factor for this is the 

application of cross-disciplinary and multi-jurisdictional 

thinking and in-depth knowhow. 

Dr Guenther Dobrauz, 

Senior Manager 

guenther.dobrauz@ch.pwc.com 

+41 58 792 1497 

law and an MBA. Before joining PwC, he practised 

with another Big 4 company as well as in court and 

with a leading business law firm. For a number of 

years he also served as legal counsel to a Swiss venture 

capital firm and an international hedge fund group. 

Guenther Dobrauz is also a lecturer on alternative 

investment law at the University of Liechtenstein. 

Dieter Wirth is a partner in PwC Zurich’s Tax and Legal 

practice as well as the Asset Management Industry 

Leader of PwC Switzerland. He is an attorney-at-law, 

a Swiss certified tax expert and a board member of the 

Swiss Private Equity & Corporate Finance Association 

(SECA). Guenther Dobrauz and Dieter Wirth are both 

based in Zurich, Switzerland and have provided crossdisciplinary 

and cross-jurisdictional one-stop-shop 

support to numerous investment firms in structuring 

their investment vehicles. 

7


Planning an Exit 

8 

Turquoise international limited 

Turquoise International (Turquoise) is a specialist merchant bank for energy and the 

environment. Established in 2002, Turquoise offers corporate finance advisory and fund 

management services. Turquoise is also a founding member of Turquoise Capital LLP, a 

seed-stage investor, and acts as fund manager or adviser to a number of other funds and 

investors. For more information about Turquoise and associated companies, please refer to 

www.turquoiseassociates.com 

This article explores the key issues involved in achieving successful exits including a case study 

of Controlled Power Technologies, a company with which Turquoise has been involved since 

2007 as a founder investor and corporate finance adviser. 

Exits are the issue 

Ian Thomas 

Turquoise International 

Limited 

Most venture capital and private equity investors in 

European cleantech would say that the greatest challenge 

facing the sector is poor overall investment returns. Within 

this, many would identify a lack of profitable exits as the 

key underlying issue. The more obvious explanations 

for this include the relative immaturity of the sector, 

regulatory uncertainty, a lack of appetite in public markets 

for clean energy IPOs and the financial crisis. Whilst these 

macro factors are certainly relevant, a significant part of 

the problem lies at the micro level, specifically a failure to 

conceive and execute early enough a viable exit strategy for 

each individual investment. 

Preparation starts on day one 

In a few cases, success will generate its own exit 

opportunities. Some companies are so obviously unique 

and/or valuable that they have the option to either IPO, 

“ A significant part of the problem lies at the micro 

level, specifically a failure to conceive and execute 

early enough a viable exit strategy for each 

individual investment. 

” 

Francis Wright 


Limited 

be taken over at a premium or raise capital and build 

themselves into a blue chip enterprise. The vast majority, 

however, require a defined exit plan and the capability to 

make it happen. And the broad outlines of that plan need 

to be established at the outset as it impacts on so many 

critical aspects of the business, including commercial 

strategy, funding requirements and management 

recruitment. 

Investors are all too familiar with companies in the 

cleantech sector that have a (sometimes great) solution 

to a problem that either doesn’t exist or which no-one 

will pay to solve. Equally, companies sometimes have a 

clearer and more accurate vision of the market place than 

investors. In either case, understanding the underlying 

drivers behind a business (at least one with external 

investors) must involve identifying the parties who have, 

or will have in the future, an interest in acquiring it. 

Whilst our view is that trade buyers do, and will continue 

to, account for the majority of that interest, financial 

investors (whether private equity or the IPO market) 

should not be ignored. 

Over time, there may be several potential exit points for 

a business, each with different challenges and, crucially, 

valuations. Company owners and managers should be 

clear at the outset about the level of reward they are 

seeking and the risk they are prepared to assume to 

realise that goal. This will have a significant impact on 

business strategy, fundraising and timing of exit. At any 

point in time, shareholders should be able to answer the


question: how much would I sell this company for right 

now? In too many cases, this issue is either ignored or the 

answer is ill thought out and unrealistic. 

Define your ambition 

Some companies can be built into world leaders. The 

reality that the vast majority will not does not mean they 

will be failures. The financial outcome for founders and 

outside investors will depend upon balancing growth 

with the resource requirement required to support it, in 

particular the need for new capital and the valuation at 

which it can be raised. Some industry segments (marine 

energy, for example) are highly capital intensive and the 

greatest value for early stage companies may be achieved 

by exiting relatively quickly to an industrial player. Others 

are “capital-lite” but with low barriers to entry. Therefore 

exits may best be achieved by scaling up as fast as possible. 

The key is understanding what an acquirer is seeking and 

will pay for. 

Some parts of the cleantech sector could usefully borrow 

from the oil & gas industry which is often similarly risky, 

equally or more capital intensive and much longer 

established. There it is common for early stage players, 

by applying expertise and technology to assets, to work 

up new prospects and opportunities using limited capital 

expenditure and to sell them on to larger companies. Often 

this is achieved via a “farm out”, where the incoming 

investor funds the future capital investment requirement 

and the developer receives a carried interest (i.e. unfunded 

equity participation) in the results of that investment 

programme. The art is to identify and secure the opportunity 

in the first place (often by focusing on frontier areas that 

have yet to attract the interest of the majors) and apply a 

disciplined technical and commercial approach geared to 

the requirements of other industry players. This involves 

an acceptance that the implementation phase is inherently 

risky and best left to the big boys who, as a consequence, 

will take the lion’s share of any upside (and bear the brunt 

of any losses). 

The funding challenge 

Funding can make or (in more cases) break a business. It is 

surprising how otherwise very capable entrepreneurs get 

this aspect of their business so wrong. There are a number 

of reasons but one that crops up time and again is the 

lack of a professional, coordinated approach. The reality is 

that fundraising is much like any other process – it works 

best when based on a coherent strategy (proactive not 

reactive), using an appropriate level of external support and 

balancing the need for senior management to lead the effort 

whilst at the same time focusing on running the business. 

There are many routes to securing funding and there is no 

one-size-fits-all approach. Clearly a first time entrepreneur 

is in a very different situation to a “third-time-round” 

management team seeking to replicate past successes 

and avoid past mistakes. Businesses based on intellectual 

property are different to asset development plays. 

Companies that sell software-as-a-service that happens 


to have an environmental application are in a different 

marketplace to those that convert municipal waste into 

methane. In reality cleantech is not a uniform sector, just a 

series of sometimes overlapping industry segments of which 

only some are of interest to any individual investor. 

However, there are some universal themes relating to 

funding that are worth examining: 

Allow enough time 

It used to be the case that fundraising would require around 

three months from launch (i.e. after preparation of investor 

presentation, business plan, financial projections and other 

key due diligence information, which can itself take several 

months). Now, partly because of adverse market conditions, 

it is prudent to allow six months. And that is to get to a 

commitment, not necessarily availability of cash. Of course, 

It is advisable to maintain a minimum of six (and 

preferably twelve) months of operating runway at 

all times. 

“ 

” 

if the funding is being raised wholly or largely from existing 

shareholders then the process can be much quicker. But 

in most cases, such investors will value (or even require) 

the participation of new investors to provide independent 

validation of the business and/or its valuation. Likewise, 

from the company’s perspective, it is usually desirable to 

have an element of competition to keep those existing 

shareholders who are reinvesting honest. 

Don’t run out of money 

It is a truism that banks prefer to lend to cash-rich borrowers 

who don’t need the money and try to avoid those who do. 

Likewise, adequately funded businesses are better placed 

to raise further equity funding. It is advisable to maintain 

a minimum of six (and preferably twelve) months of 

operating runway at all times. This allows for the time 

consuming nature of a fundraising process as well as for 

the fact that management’s focus should be on the business 

itself rather than a permanent effort to raise money. 

The temptation to prioritise minimising dilution above 

all else should be resisted. (External investors can be as 

guilty of this as founders.) Being realistic on valuation 

and allowing scope for new investors to achieve their 

(reasonable) return requirements is a price worth paying to 

avoid the risk of running out of money - which is precisely 

the circumstance under which shareholders will suffer the 

most on valuation. 

Choose your investors 

Admittedly this is much easier said than done, as many 

companies don’t have the luxury of picking and choosing 

amongst investors. However, experience suggests that a small 

syndicate of investors generally works better than either 

a sole investor or a large investor group (although both of 

those scenarios can also create success). Diversity of approach, 

9


experience and connections can yield great benefits for an 

investee company as well as creating some protection for 

founders and other early shareholders against dominant 

later stage investors. Clearly, the ability of any shareholder to 

provide follow on funding is an important consideration. 

Investors come in many shapes and sizes – high net 

worth individuals, angel networks, family offices, venture 

capital funds, private equity, trade investors, public funds, 

sovereign funds and so on. Each type of investor will have 

its own view of the industry and investment landscape and 

even within the same category there can be wildly different 

approaches to investment (often down to the personal style 

of the individuals involved). It is important to understand 

investor motivations and objectives as this will serve as a 

guide to their behaviour once they are a part of the business. 

Investment structure 

Investment structure (voting rights, liquidation preferences, 

etc.) should be appropriate to the particular circumstances 

of each investment. Simplicity often produces the best result 

for all parties, largely because the only certainty is that 

things will not turn out as planned and that flexibility will 

be required further down the line. Of course, investors will 

“ Any adviser worth their salt will spend time (both 

pre and post being mandated) due diligencing 

the company, highlighting strengths and probing 

for weaknesses, asking the kind of questions that 

investors will ask. 

” 

legitimately require reasonable protection for themselves 

and, in some cases, this will involve complexity. However, 

investment agreements that constrain a business from 

taking normal commercial decisions without requiring 

board or shareholder input or which allow individual 

shareholders a disproportionate amount of influence over 

key matters such as capital raising can lead to stalemate, 

often with disastrous consequences. 

Engage an experienced adviser 

Whereas companies typically would not negotiate contracts 

without taking legal advice, register patents without input 

from a patent agent or issue share options without consulting 

a tax expert review, they often somewhat inconsistently take 

the view that fundraising is best undertaken either entirely 

in-house (whereupon the CEO and CFO end up spending the 

majority of their time on a non-core activity) or by engaging 

simultaneously with a vast range of finders/introducers/ 

placement agents (often without a track record in the sector). 

Whilst such approaches can sometimes be successful in 

raising funds, it is a high risk strategy. 

Good corporate finance advisers with a relevant track 

record will add value in a number of ways, of which 

providing access to investors is only one. Any adviser 

10 

worth their salt will spend time (both pre and post being 

mandated) due diligencing the company, highlighting 

strengths and probing for weaknesses, asking the kind of 

questions that investors will ask. They will review and 

challenge financial projections and valuations. They will 

invariably help the company to improve its business 

plan and investor presentation materials (even where 

those are well put together, which in most cases they 

aren’t). They will reduce the burden on management and 

bring structure to the fundraising process. And although 

securing investment will always ultimately depend on 

the quality of the company’s underlying investment 

proposition, the adviser will play a significant role in 

helping to reach a deal between investee and investor(s) 

on terms that are acceptable to both. 

The exit 

If a company manages to navigate a path through the 

challenges described above then exit will become a 

possibility. The next priority is getting the timing, process 

and valuation right. 

Cashflow is key 

Having positive cashflow, and demonstrable prospects for 

future growth in cash generation, is for many acquirers the 

single most important factor governing whether and how 

much they will pay for an acquisition. Companies that do 

not have cashflow will need additional investment in the 

future which adds financial risk. Most financial investors 

(e.g. private equity) will not look at such situations. Trade 

investors are more flexible and will buy pre-profit or even 

pre-revenue companies that fill gaps in their portfolio. 

However, even in these cases a lack of cashflow will 

severely impact valuations. 

Get to the right scale 

Undersized businesses are typically characterised by 

poor EBITDA margins due to central overheads having a 

disproportionate impact on profitability. These companies 

are also often regarded as having unproven management 

teams, overreliance on a limited number of customers and 

insufficient market presence to withstand competition. In 

this situation, a company should consider whether there 

are opportunities to acquire or merge with other relevant 

businesses in order to scale up more rapidly than can be 

achieved via organic growth. 

Timing 


Companies should try to get themselves on the radar screen 

of potential acquirers long before they want to exit. This can 

be achieved by engaging with those parties commercially 

or, in some cases, by bringing them in as a minority investor. 

The latter requires careful consideration as it can actually 

restrict exit options later on. It is not always necessary to 

actually consummate a relationship during this period of 

time - demonstrating the ability and willingness to walk 

away from a potential transaction because of a failure to 

agree terms can act as a powerful incentive for the other 

party to come back later as an acquirer.


Generate competition 

Competitive tension is usually the most powerful means 

of achieving best value. This does not necessarily require 

the company to be put up for a public auction, although 

that may be the best approach in some cases. For example, 

a proposed IPO may provoke unsolicited interest from 

trade buyers and starting a dialogue with a potential 

strategic buyer can be used to generate proposals from its 

competitors. One key aspect is not to jump immediately 

into exclusivity with any party and certainly not until they 

have provided a detailed set of terms. As with fundraising, 

using an adviser can yield significant benefits including 

reaching a much wider audience of potential acquirers and 

adding structure to the sales process. In particular, in M&A 

situations the adviser can have discussions and float ideas 

that do not come from the selling company directly in order 

to explore ways of reaching a mutually acceptable deal. 

Case study – Controlled Power Technologies (CPT) 

Controlled Power 

Technologies 

(www.CpowerT.com) is an 

automotive technology 

business that designs and 

manufactures components 

to improve fuel efficiency and reduce CO2 emissions in 

passenger vehicles. The company deploys advanced motor 

and electronics technology to significantly improve the 

energy efficiency of internal combustion engine-powered 

vehicles. 

CPT was founded in 2007 by Turquoise Capital working 

together with a team of senior managers from the 

automotive industry as a vehicle to acquire a series 

of advanced technologies from Visteon Corporation, a 

global supplier that was at the time refocusing on other 

areas. Turquoise’s analysis of the automotive market had 

highlighted the likely impact of (at that stage impending) 


EU regulation of automotive emissions, specifically 

that manufacturers would be under significant pressure 

to achieve meaningful CO2 reductions in the volume 

segments of the passenger car market and that hybrid and 

electric technologies were not going to have a significant 

impact in the short to medium term. 

The seed capital required to set up CPT and extensively 

structure, due diligence and negotiate the acquisition 

from Visteon was provided by Turquoise Capital which 

also then invested in the company’s first funding round 

From the outset, the strategic plan for CPT was to 

build the business to the point where the company 

was working with manufacturing partners to 

supply major car manufacturers, before seeking an 

exit for financial investors. 

“ 

” 

as part of a syndicate of investors arranged by Turquoise. 

Finding investors who were prepared to invest in the 

automotive sector was challenging, largely because many 

had previous bad experiences of backing new technologies 

that failed to achieve commercial traction. Two critical 

differences were overlooked by most of these parties - 

firstly, that the CPT technologies had been developed 

by a Tier 1 automotive supplier over many years and at 

significant cost specifically to comply with the industry’s 

demanding technical and commercial requirements 

and, secondly, that EU legislation was going to create 

unprecedented financial drivers for the adoption of low- 

CO2 technologies. 

From the outset, the strategic plan for CPT was to build 

the business to the point where the company was 

working with manufacturing partners to supply major 

car manufacturers, before seeking an exit for financial 

investors. As part of this strategy, rigorous development 

11


plans were devised for each of the company’s product 

lines, and target customers, suppliers and manufacturing 

partners were identified and kept under constant review. 

Key objectives for the company were defined in terms of 

reaching specified development milestones leading into 

sales contracts and manufacturing. It was recognised 

that the level of interest from trade partners and the 

value they would ascribe to the company as part of 

any collaboration would be heavily influenced by CPT 

being able to demonstrate a credible plan to introduce its 

products into the market. In parallel, there was a strong 

focus on making sure that the company was adequately 

funded to achieve this objective through a number of 

fundraising rounds. 

The initial core group of investors was relatively large – 

seven in total including Turquoise Capital – but brought 

wide ranging experience to bear. Key shareholders 

included experienced early stage investors, sovereign 

wealth funds, a specialist in industrial spin-outs, family 

offices and the investment arm of an international oil 

company. Turquoise acted as CPT’s corporate finance 

adviser throughout, responsible for coordinating 

fundraising activity (amongst both original investor 

group and new investors) and M&A opportunities. With 

such a diversified group of shareholders this proved to 

be essential, particularly as the business had to confront 

the impact of the 2008-9 financial crisis on both capital 

raising and the contraction of the automotive market. 

Having strong shareholders working together allowed 

CPT to continue to raise funds through this period to 

maintain its operating runway, which was important 

in demonstrating to commercial counterparties that the 

company would be a reliable partner. Importantly, a 

relatively uncomplicated investment structure allowed 

for a helpful degree of flexibility in terms of decision 

making and securing capital from new investors. 

In late 2011, CPT sold one of its four product-based 

business divisions (responsible for its passenger vehicle 

electric supercharger) for £30 million to Valeo, a French 

Tier 1 supplier to the automotive industry. This was the 

culmination of a long period of engagement with the 

acquirer and other parties regarding various potential 

projects and partnerships. Ultimately, it became clear 

that an earlier than planned, outright sale of one 

specific product would be the best outcome for CPT, its 

customers and Valeo and, by extension, the company’s 

shareholders. 

12 

Disposal 

2011 

Fundraising 

2011 

Investment 

2011 

Turquoise International Limited 

Financial Advisor Supporter 

Website: 

Contact: 

Position: 

Email: 

Telephone: 


CPT has recently concluded a further round of fundraising 

and continues to work on developing its remaining 

business units including the ‘SpeedStart’ stop-start system, 

‘TIGERS’ exhaust energy capture system and ‘COBRA’ 

electric supercharger for larger vehicles. 


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), manages the Low Carbon 

Innovation Fund (early stage investments in the East 

of England) and advises the Anglo Platinum PGM 

Development Fund. 


2011 

Corporate Finance 

Advisory 

2010 


Since 2002

squire sanders 

Our View of the European Market 

Trevor Ingle 


Squire Sanders is an international law firm with 37 offices across 18 countries worldwide 

practicing law in more than 140 jurisdictions. The firm has a long established track record in the 

clean energy sector across the globe advising on all legal aspects of any given clean energy play. 

This article highlights some of the trends and prevailing themes which we are experiencing 

across the European clean energy marketplace. 

On one level, sceptics may be forgiven for questioning 

the prospects for the sector – concerns surrounding undue 

reliance on government subsidies married with tariff 

cuts, a pervasive mood of investor caution stemmed by 

continued European fiscal instability, wider political risk, 

weak public markets and the uncertainty surrounding the 

potential for development of European shale gas. All that 

said and done, and notwithstanding these challenges, 2011 

saw a further marked increase year on year both in terms 

of investment in the sector and M&A activity. 

Individual European countries may adopt a variety of 

approaches towards security of supply, carbon generation, 

new nuclear build and clean energy but what is clear 

throughout is the acknowledgement of the need for an 

energy mix of which clean energy is a valued component 

whether that be wind, solar, tidal, wave, hydro, 

geothermal, biomass, W2E, energy efficiency and storage, 

smart grids and metering, clean energy transportation or 

otherwise - the list goes on. Each individual market within 

Europe inevitably brings its own challenges, dynamics 

and opportunities. 

Whilst Germany continues to lead the pack in Europe, 

it is hoped that the launch by the German government 

development bank, KfW, of its Energy Turnaround Action 

Plan will provide yet further impetus in promoting 

energy efficiency and innovation. The dramatic drop 

in the cost of solar pv modules, coupled with tariff cuts 

and ever increasing competition, has hit German solar 

producers hard with the likes of Odersun, Q-Cells (once 

reputed to be the world’s largest solar cell manufacturer) 

and Solar Millennium filing for insolvency and further 

consolidation and market realignment being inevitable. 

So too this has thrown up opportunities on the M&A front 

and we have seen the likes of UAE’s Microsol acquire 


key assets of Solon and the Chinese manufacturer LDK 

Solar acquire a circa 70% holding in Sunways presumably 

as a route to market. Pending a breakthrough to the 

current political impasse, the government’s plans remain 

temporarily stalled in terms of further reductions in solar 

In the UK, the onshore wind and solar PV sectors 

continue to push forward notwithstanding a 

range of challenges over the past year, including 

highly publicised political opposition and 

feed-in tariff cuts. 

“ 

” 

FIT tariffs - the drive to reduce tariffs throughout many 

European countries being an attempt to equalise the 

market dynamics in the light of cheaper supply costs and 

eradicate subsidy differentials across energy technologies. 

In the offshore wind market, notwithstanding government 

initiatives timeline issues for grid installations still persist 

impeding the pace of growth. 

In the UK, the onshore wind and solar PV sectors 

continue to push forward notwithstanding a range 

of challenges over the past year, including highly 

publicised political opposition and feed-in tariff cuts. 

Offshore wind has continued to make good progress 

with a number of substantial projects either achieving 

commissioning, financial close or breaking ground. 

There was also some significant progress on major grid 

investment, including in relation to the construction 

of a 2.2MW sub-sea HVDC link between Scotland and 

England & Wales. On the policy front, the combination of 

13

ThoughT leadership squire sanders 

the confusion caused by the government’s approach to 

the initial timing of reductions in solar FIT tariffs (albeit 

successfully challenged), the uncertainty surrounding 

the introduction of contracts-for-difference and 

capacity payments under the current electricity market 

reform proposals and the unscheduled delays to the 

announcement of new ROC bandings have collectively 

created a climate of regulatory uncertainty for developers 

and investors alike. 

FIT cuts and long grid connection lead times in France 

led to lower levels of new solar installations in 2011 

compared to 2010. Likewise, wind energy installed 

capacity was also less. Renewed impetus came in April 

with the award of the Round 1 offshore licences with 

EDF, Alstom and Dong leading the consortia being 

awarded three of the licenses and the fourth being 

awarded to a consortia comprising Iberdrola, Eole and 

RES. Hollande’s pro- renewables stance coupled with the 

“ Further austerity measures have seen a cut in solar 

subsidies in Greece and Italy. 

” 

adoption of the “Grenelle 2” bill this May will hopefully 

incentivise greater green build and eco planning together 

with increased emphasis on hydropower, wind and 

biomass to seek to achieve the country’s revised goal of 

23% from renewable energy sources by 2020. 

In Spain there remains the ongoing suspension of new 

FIT contracts for solar, wind, cogeneration and waste 

incineration pending determination of a new strategy for 

the electricity sector as to how best to address the nation’s 

European Venture Capital and Private Equity Investment by 

Sector 

Green Transportation 

14 

Biomass Belgium 

Energy Efficiency France 

Solar Ireland 

Environmental 

Services & Germany 

Remediation 

Source: Clean Energy pipeline 

UK 

1Q12 

4Q11 

1Q11 

1Q12 

4Q11 

1Q11 

0 0 20 20 40 40 60 80 80 100 

Deal value Deal ($ value million) ($ million) 

electricity system deficit. Potential new oil reserves off the 

coasts of Fuerteventura and Lanzarote may also have a 

bearing on policy determination. 

Further austerity measures have seen a cut in solar subsidies 

in Greece and Italy. So too in Portugal, the government has 

recently announced that it will cut subsidies to the energy 

sector by “capping” excessive energy tariffs, anticipated to 

save consumers €1.8 billion by 2020. The end of 2011 also 

saw state controlled power giant, China Three Gorges, secure 

a 21% stake in utility EDP for €2.7 billion. 

Austria on the other hand has left its FIT tariffs unaffected 

with every prospect that its new Green Electricity Act, the 

Okostromgesetz 2012, due to take effect in July, should 

considerably improve the regime for wind and expand the 

support fund from which renewables FITs are sourced. In 

a similar vein, in April this year Poland back tracked on 

proposals to remove its guaranteed purchase price regime 

and committed to maintain current levels of subsidies for 

new and planned wind farms. There remains a buoyant 

market in Polish onshore wind as our Warsaw office can 

attest. This year has also seen the launch of Poland’s first 

offshore licensing programme with the award of 5 offshore 

licenses with a total capacity of 4500MW in the Polish 

Baltic. 

It remains to be seen how the new renewable energy 

product subsidy regime will play out in the Netherlands. 

Whilst only a snapshot this hopefully provides something 

of a flavour for prevailing themes across a sample of 

European territories. 

In terms of more generic observations, at the venture 

capital end of the market there continues to be a funding 

gap in terms of securing much needed finance for early 

European Venture Capital and Private Equity Investment by 

Country 

Belgium 

UK 

France 

Ireland 

Germany 

Belgium 

UK 

France 

Ireland 

Germany 

1Q12 

4Q11 

1Q11 

1Q12 

4Q11 

1Q11 

0 20 0 40 20 60 40 80 60 100 80 100 

Deal value ($ million) Deal value ($ million) 

Source: Clean Energy pipeline

squire sanders 

stage technology development and for pre-consented 

projects. This end of the market understandably seeks to 

avoid capital intensive projects. Across venture capital and 

private equity more generally, positive revenue and profit 

generation is a prerequisite to the majority of investment. 

Scalability and strong growth potential are key to 

attracting investment coupled usually with experienced 

and competent management and on the technology front 

robust intellectual property rights providing effective 

barriers to entry. 

Venture capital investment has remained below 2010 

levels whereas private equity investment showed a 

marked up turn in 2011 and private equity buy out activity 

an even greater increase in the period (in both cases largely 

focused on large wind, solar, hydro, advanced materials/ 

technology and water projects). 2012 levels are not to date 

achieving the same run rate. 

In the project finance arena, the Eurozone sovereign 

debt crisis continues to impact project finance volumes. 

Germany is a prime case in point with clean energy project 

financing falling over 50% to $622 million in 1Q12 v 4Q11. 

In the light of these challenging conditions companies 

are increasingly looking to alternative forms of financing 

including retail bonds and private placements and also 

focusing on co-venturing across the project chain with 

service providers and plant suppliers looking to take 

equity and/or debt stakes in projects as a route to market. 

Supply cost dynamics will continue to drive the move 

towards a cost and subsidy equilibrium as the supply 

chain continues to face greater competitive pricing 

challenges. We have already seen a dramatic drop in the 

price of solar modules as a consequence of global pricing 

pressures and excess supply and it remains to be seen 

European Venture Capital and Private Equity Investment by Sector and by Country 

Deal value ($ billion) 

20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 



whether the large Asian manufacturers have the appetite 

to permeate the European wind turbine market and supply 

chain more generally. January saw Korean engineering 

giant, Samsung, unveil plans to establish a turbine 

manufacturing facility in Fife, Scotland. February saw 

“ Supply cost dynamics will continue to drive the 

move towards a cost and subsidy equilibrium as the 

supply chain continues to face greater competitive 

pricing challenges. 

” 

Chinese owned XEMC Darwind and XEMC Windpower 

sign a contract for the supply of 10 of its 5MW turbines to 

Windkraft’s offshore site in the German North Sea. May 

this year saw the completion of the takeover by Marubeni 

and Innovation Network of Japan of UK based offshore 

wind service provider, Seajacks International. (This deal 

has also been hailed as the first LBO financing to cover 

a cross border acquisition of a European company by a 

Japanese entity.) 

M&A appetite for quality and respectably sized renewable 

generation assets appears to remain strong with the 

larger deals underpinning the increase in M&A volumes. 

Grid connection continues to remain a pivotal factor in 

relation to such projects. In the offshore wind market 

consortia arrangements are the name of the game with 

the increasing potential for institutional participation and 

increased mobility generally of consortia interests akin 

to farm-in and farm-outs in the oil and gas sector. As per 

the supply chain, we are also likely to see greater Asia 

outbound investment into generation and transmission 

Northern Europe 

Central and Eastern Europe 

Southern Europe 

Western Europe 

15

ThoughT leadership squire sanders 

assets. Marubeni’s acquisition of a 49.9%. stake in Dong 

Energy's 172MW Gunfleet sounds offshore wind farm 

and Mitsubishi’s purchase of the Helwin 2 and Dolwin 2 

offshore wind transmission assets being cases in point. 

Solar will no doubt continue to find its market 

equilibrium with further consolidation along the way 

and further inbound investment. As a case in point on 

the inbound side, we acted in 2011 for longstanding US 

client NextEra in relation to the circa €800m financing of 

two 49.9mw thermal solar plants and related facilities in 

Spain. 

Looking forward across clean energy in Europe for the 

balance of 2012, access to capital will clearly remain 

paramount, certain markets may remain constricted in 

the light of tariff cuts but in our view, and albeit perhaps 

European M&A activity by sector: 

16 

Wind 

Solar 

Energy Efficiency 

Biomass 


1Q12 

4Q11 

1Q11 

0.0 0.5 1.0 1.5 2.0 2.5 


without some of the spikes of 2011, the levels of overall 

investment, project development and M&A activity will 

remain respectable. Whatever short term hiccups may be 

experienced along the way, the sector is here to stay and 

the longer term prospects and opportunities still shine 

brightly. 


Legal Advisor Supporter 

Website: 

Contact: 

Position: 

Email: 

Telephone: 

www.squiresanders.com 

Trevor Ingle 

Partner 

trevor.ingle@squiresanders.com 

+44 20 7655 1514 

Squire Sanders is an international law firm with a 

long established track record in clean energy across 

the globe. Our team comprises lawyers across Europe, 

CIS, Middle East, North & South America, Asia 

and Australia. We have in-depth expertise across 

all relevant legal disciplines from project finance, 

M&A, venture capital, private equity and consortia 

arrangements to regulatory, technology protection 

and commercialisation, tax structuring, energy 

trading, permitting, environmental, property, offtake, 

grid connection, plant supply and procurement, 

construction and energy disputes resolution. Our 

clean energy clients include developers, technology 

companies, private equity and venture capital 

investors, banks, infrastructure funds, utilities, 

contractors and other major corporates.

green rhino energy 

Comparing the Quality of Solar Power 

Projects 





With many solar power projects being conceived in many countries, it is crucial for developers 

and investors alike to ferret out ‘good’ projects early in the development process before 

significant capital is committed. Having a lot of sunshine in the area is obviously positive, but 

by no means sufficient. In fact, such ‘good’ projects need to deliver on five dimensions, namely 

energy yield, tariff, 

Comparing 

cost, infrastructure 

the Quality of Solar 

and country 

Power Projects 

risk. 

With many solar power projects being conceived in many countries, it is crucial for developers and 

We have investors developed alike to ferret a out holistic ‘good’ projects tool early that on before allows significant the capital comparison is committed. Having of different a solar photovoltaic 

lot of sunshine in the area is obviously good, but by no means sufficient. In fact, such ‘good’ 

(PV) opportunities projects need to deliver in on a five graph. dimensions, It scores namely energy the yield, projects tariff, cost, along infrastructure those and five dimensions and depicts the 

country risk. 

resulting area in a diagram. A larger area implies potential greater opportunity. 

We have developed holistic tool that allows the comparison of different solar pv opportunities in a 

graph. It scores the projects along those five dimensions and depicts the resulting area in a 

diagram. A larger area implies potentially better opportunity. 

The 5 dimensions of a solar project 

aring the Quality of Solar Power Projects 

er projects being conceived in many countries, it is crucial for developers and 

et out ‘good’ projects early on before significant capital is committed. Having a 

area is obviously good, but by no means sufficient. In fact, such ‘good’ 

er on five dimensions, namely energy yield, tariff, cost, infrastructure and 

The first three dimensions relate to the non-risk adjusted 

economics including cost and revenues: 

Energy Yield: 

The specific energy [kWh/kWp] measures the estimated 

annual energy production in relation to the installed 

capacity. This energy yield is determined by solar 

irradiation as well as system design. It also takes into 

account losses incurred by non-optimal orientation of the 

panels if mounted on a roof or impact of shading through 

trees, houses or mountains. Hence, it is a combination of 

site selection and quality of the design and installation. 

Top locations in sunny countries can achieve in excess 

of 2,000kWh/kWp, more than twice the amount to be 

expected in the UK. 

holistic tool that allows the comparison The 5 dimensions of different of solar a solar pv opportunities project in a 

rojects along those five dimensions and depicts the resulting area in a 

a implies potentially better opportunity. The first three dimensions relate to the non-risk adjusted economics including cost and revenues: 

Energy Yield: The specific energy [kWh/kWp] measures the estimated annual energy production 

in relation to the installed capacity. This energy yield is determined by solar irradiation as well as 

system design. It also takes into account losses incurred by non-optimal Tariff: orientation of the panels if 

mounted on a roof or impact of shading through trees, houses or mountains. Hence, it is a 

combination of site selection and quality of the design and installation. Top locations in sunny 

In most instances, tariffs for PV systems are fixed for 15 – 

countries can achieve in excess of 2,000kWh/kWp, more than twice the amount to be expected in 

the UK. 

20 years either through a power purchase agreement or 

a regulated feed-in tariff. In line with costs, tariffs have 

Tariff: In most instances, tariffs for photovoltaic systems are fixed for 15 – 20 years either through 

a power purchase agreement or a regulated feed-in tariff. In line with costs, come tariffs down have come in the down recent past. However, they still vary 

in the recent past. However, they still vary significantly from country to country. significantly from country to country. 

f a solar project 

Cost: In solar photovoltaic systems, the single most important cost item is the upfront capital 

expenditure. In the graphical depiction, it is assumed that 1600€/kWp is the minimum, which 

receives maximum score. Cost drivers are the choice of modules, mounting system (fixed vs. 

tracking system), transport, installation, as well as land rental. 

The other two dimensions relate to the context of the project as follows: 

sions relate to the non-risk adjusted economics including cost and revenues: 

pecific energy [kWh/kWp] measures the estimated annual energy production 

17

ThoughT leadership green rhino energy 

Cost: 

In solar PV systems, the single most important cost item is 

the upfront capital expenditure. In the graphical depiction, 

it is assumed that 1600€/kWp is the minimum, which 

receives maximum score. Cost drivers are the choice of 

modules, mounting system (fixed vs. tracking system), 

transport, installation, as well as land rental. 

The other two dimensions relate to the context of the 

project as follows: 

Country risk: 

The success of a project and its prospects for investment 

very much depend on country-specific aspects, particularly 

political and credit risk. In the graph, we score 10/10 for 

countries with a high level of political stability and a top 

credit rating. In this crude and simple tool, the score is 

naturally subjective. It should capture both risk and the 

impact of existing mitigation strategies. 

Infrastructure: 

Key to a successful project is the presence and accessibility 

of appropriate infrastructure, specifically road access and 

grid access (or connection of off-grid consumers). This is 

a separate dimension, as in most instances it presents a 

third-party dependency. Whilst projects may not compete 

for land, they often compete for resources to build the 

required lines to the injection point or to strengthen the 

grid. This may be obvious for offshore wind projects, but 

it is equally important for utility-scale solar projects, 

particularly in remote desert areas that may have the 

desired irradiation, but not much else. 

One dimension that we have deliberately omitted is size 

of the project. Of course, size is important, not least because 

of economies of scale and financing options. For instance, 

non-recourse project finance is only available for large 

projects. Size may affect the quality of a project indirectly 

via size-dependant tariff bands, costs or lack of available 

risk mitigation options (such as political insurance), but is 

not an independent dimension. 

Illustration 

For the purpose of illustration, we are comparing a project 

in Germany with one in Zambia. The graph above shows 

the scores along those axes. The larger the resulting area, the 

better the opportunity might be. 

The axis of the energy yield points to the top, costs and tariff 

to the right while the context- related dimensions point to 

the left. In other words: Pure economics increase the area to 

the right whilst third-party dependency varies the area on 

the left. 

In Germany, we are faced with a low specific energy yield of 

900kWh/kWp and a tariff of 13.5€c/kWh (April 2012, ground 

mounted) for 20 years. We have assumed costs to be at the 

lower end (i.e. 1,600 €/kWp). A stable political environment 

and law governing grid connection account for the 9/10 

scores along the risk and infrastructure dimensions. 

18 

The fictional project in Zambia, on the other hand, enjoys 

more than twice the specific energy yield of Germany. This 

high yield, combined with a comparable price of 15€c/kWh 

(assumed) increases the project graph on the revenue side. 

However, this is partially offset by a higher cost assumption 

(including higher transport costs), higher political risk and 

higher risk of infrastructure not being in place. 

Interestingly, the areas of the resulting project shapes 

are similar in size. Not surprisingly, the Zambia project 

shape is in the top right hand corner while the German 

project shape sits much more at the bottom of the graph. 

In other words, one project is high on revenue, while the 

other project is low on risk. This demonstrates a common 

dilemma in project development of solar PV projects: 

The high energy yield enjoyed in many countries near 

the equator in Africa, South Asia and South America 

is partially eaten up by higher costs, low credit ratings, 

political risk and a lack of infrastructure. 

Although this graphical project quality estimator has 

been presented for solar PV projects, its principles can be 

applied to other renewable energy projects with slight 

modifications. For instance, in wind energy, operating 

costs would have to be taken into account. 


Project Development Analysis & Evaluation Supporter 

Website: 

Contact: 

Position: 

Email: 

Telephone: 

www.greenrhinoenergy.com 


Managing Director 

joachim@greenrhinoenergy.com 

+44 7834 771507 

Green Rhino Energy is an independent specialist 

consultancy providing expert, strategic advice in the 

renewable energy sector. We bring together technology 

and finance to best effect. Clients include project 

developers, investors and cleantech companies. We 

also act as co-developers of utility-scale solar power 

projects in emerging markets. Based in London, 

Green Rhino Energy was founded in 2009 by Joachim 

Baumgaertner. 

We help clients assess the viability of new 

technologies, identify sources of finance and undertake 

thorough risk assessment. We recently developed 

a renewable energy project finance tool for a 

development bank in Latin America. 

We evaluate, develop and plan large-scale solar 

power plants worldwide and can support sponsors, 

landowners, financiers and developers across the 

whole value chain. Green Rhino Energy is currently 

involved in the development of solar power projects in 

Bosnia-Herzegovina, Sri Lanka, Lesotho and Namibia. 

Green Rhino Energy

invest Northern ireland & Clean energy pipeline 

European Offshore Wind 

Project cost and financing outlook 

Thomas Sturge 



In April 2012 Clean Energy pipeline released ‘European Offshore Wind: Project cost and financing 

outlook’. Based on a survey of over 100 senior business executives, the report provides insight 

into the specific obstacles that must be overcome if Europe’s 2020 installation targets are to be 

achieved. It also outlines the potential for cost reductions across the entire supply chain and 

the factors that underpin greater efficiency. The report was written in collaboration with Invest 

Northern Ireland. The full report can be downloaded here. 

Major obstacles must be overcome if Europe’s favoured 

alternative energy source is going to succeed 

European governments increasingly view offshore 

wind as an all-curing panacea. Offshore wind is tasked 

with enabling governments to meet ambitious long- 

How do you expect the cost of installing offshore wind 

projects to evolve in the next five years on a per MW basis 

(in € 2012 constant)? 

25% 

22% 


11% 

15%+ increase 4% 

10%-15% increase 



No change 

6% 

2% 

1% 

4% 

0%-5% decrease 

10% 




20%+ decrease 

15% 

term renewable energy generation targets, decreasing 

dependence on imported fossil fuels and stimulating 

economic growth. Germany is betting heavily on offshore 

wind, after choosing to wean itself off nuclear power, with 

“ Survey respondents forecast a decrease in overall 

project costs of 6.1% to €2.28 million per MW over 

the next five years and 16.5% over the next ten 

years (in constant prices). 

” 

an ambitious target of 10 GW of installed offshore wind 

capacity by 2020. The UK has gone even further, setting its 

installed offshore wind capacity target at 18 GW over the 

corresponding period. 

A survey recently conducted by Clean Energy pipeline 

in conjunction with Invest Northern Ireland, which 

canvassed the opinion of leading players in the 

offshore wind supply chain, reveals the extent of the 

challenge. Approximately 80% of survey participants 

believe that securing project debt financing will be 

a significant obstacle to Europe meeting its offshore 

installation targets. Over two thirds also consider 

supply chain bottlenecks to be a significant issue. On 

the flipside, respondents do not regard either hurdle as 

insurmountable. In fact there is tremendous optimism 

that costs will decrease significantly throughout the 

supply chain over the next five years. 

19

ThoughT leadership invest Northern ireland & Clean energy pipeline 

Innovation in project installation will underpin cost reductions 

Survey respondents forecast a decrease in overall project 

costs of 6.1% to €2.28 million per MW over the next five 

years and 16.5% over the next ten years (in constant prices). 

This will be driven predominantly by decreased costs in 

“ Encouragingly, many companies are already 

starting to design dedicated offshore wind 

installation vessels capable of installing turbines 

and laying underground connection cables. 

” 

wind farm installation, turbine foundations and turbine 

towers, which are expected to decline by 4.5%, 4.8% and 

4.7% respectively in the next five years. 

The fact that wind farm installation costs are predicted to 

decrease by 4.5% over the next five years is particularly 

encouraging, given that they account for approximately 

one quarter of total offshore wind project costs. Installation 

costs are defined as the cost of transporting all turbine 

and auxiliary equipment to a site as well as onsite turbine 

erection. Surveyed respondents cited innovation in 

installation processes (72%) and the emergence of dedicated 

offshore wind installation vessels (66%) as the two principal 

factors driving cost reduction. 

Encouragingly, many companies are already starting 

to design dedicated offshore wind installation vessels 

capable of installing turbines and laying underground 

connection cables. For example, French ship-builder Louis 

Dreyfus Armateurs SAS has established a partnership with 

shipyard STX-France to build a dedicated vessel for laying 

offshore power cables. 

What will drive your forecast decrease in costs during the next five years? 

Increasing Increased sophistication sophistication of of weather weather measurement measurement tools, tools, meaning meaning 

installation installation resources resources can be can allocated be allocated more efficiently more efficiently 

20 

Innovation in installation processes 

Emergence of dedicated offshore wind installation vessels 

Economies Economies of of scale scale 

Increasing Increased deployment of higher higher capacity turbines turbines 

Cost Natural savings cost achieved savings through experience as the sector matures 

Increasing use of lighter 

Increased 

wind 

use 

turbines 

of lighter 

easing 

wind 

installation 

turbines 

processes 

Further development of port infrastructure 

Increasing use of floating Increased wind use turbines of floating easing wind installation turbines 

processes 


High turbine prices are surmountable 

Some 60% of survey respondents consider high turbine 

costs to be a significant obstacle that must be overcome 

for Europe to meet its offshore wind installation targets. 

Turbine costs are particularly important as they represent 

c.40% of the total cost of developing and constructing 

offshore wind farms. Importantly, the majority of survey 

respondents (61%) believe this is an obstacle that is likely 

to be overcome, while a further 19% believe this issue will 

certainly be overcome. 

By far the most costly components of offshore wind 

turbines are towers and blades, which combined account 

for approximately half of total turbine costs and about a 

fifth of total project costs. In the next five years, survey 

respondents predict that turbine tower and blade costs will 

fall by 4.7% and 3.6% respectively. Technology innovation 

and economies of scale are expected to be the major drivers 

behind this decrease. 

Funding issues eclipse everything else 

Securing the necessary project finance to fund the 

construction of capital-intensive offshore wind farms 

is the industry’s greatest concern – over 80% of survey 

respondents believe that obtaining project debt or equity 

financing will be a significant obstacle. 

However, it should be noted that the vast bulk of offshore 

wind capacity that will be brought online in Europe 

before 2020 will consist of the projects outlined in the 

UK’s ‘Round 3’ tendering process. Since successful bidders 

for these projects were only announced in early 2010, 

none need to raise financing for at least another three 

years. The hope is that the general economic climate will 

have improved by then. This probably explains why the 

0% 20% 40% 60% 80% 100% 

Strong driver Minor driver Not a driver

invest Northern ireland & Clean energy pipeline 



from 

from 

non-European 

non-European 

funds/companies 

funds/companies 

will 

will 

be 

be 

essential 

essential 

if 

if 

developers are are to to raise the sums of of financing required to build out the 

government’s government’s targeted offshore targeted wind offshore capacity wind capacity 

Project debt financing for offshore wind projects will become significantly 

less less available available if banks if banks are forced are forced to take to take a haircut a haircut on Greek on Greek debt debt 

The The proposed contract-for-difference feed-in feed-in-tariff tariff system will will decrease 

market risk but increase political risk as contracts will only be negotiated 

when significant when capital significant has already capital been has been committed committed to a to project a project 

The The proposed contract-for-difference contract-for-difference feed-in feed-in-tariff tariff system system proposed proposed under the under 

Electricity the Market Electricity Reform Market process Reform will process provide will investors provide with investors the long-term with the 

long-term certainty certainty required required to commit to commit significant significant capital to capital the sector to the sector 

The fact that most European offshore wind farms are being developed in 

countries countries with relatively with relatively low long-term low long-term borrowing borrowing costs means costs means that financing that 

financing will be available at reasonable terms for offshore wind projects 

majority of survey respondents believe that financing 

obstacles will more than likely be overcome in the next 

five years. 

It is also encouraging that Asian investors have shown 

interest in investing in the European offshore wind 

sector. The Bank of Tokyo-Mitsubishi is the eighth largest 

provider of project debt financing to European offshore 

wind projects, having allocated $185 million to three wind 

farms in the last three years. Japanese trading company 

Marubeni’s 49.5% acquisition of the 172 MW UK Gunfleet 

Sands offshore wind farm suggests that Asian investors 

may contribute equity financing to the European offshore 

wind sector as well. Over 85% of survey respondents agree 

that investment from non-European sources is essential if 

developers are to raise the necessary financing to build out 

the government’s targeted offshore wind capacity. 

Grid connection delays emerging as the major hurdle 

After financing, securing grid connection in a timely manner 

is considered to be the most significant obstacle that must be 

overcome in the next five years for Europe to meet its offshore 

wind installation targets. Over 75% of survey respondents 

consider problems surrounding grid connectivity to be a 

major hurdle. However, unlike the issue of high turbine 

prices, there is no consensus that this is a hurdle that will be 

overcome. This issue is particularly severe in Germany, where 

there are genuine concerns that the offshore wind industry 

may grind to a halt after 2015 due to a lack of investment 

in the German offshore grid network and a deficiency of 

undersea cables. 


To what extent do you agree with the following statements regarding the financing of Round 3 UK offshore wind projects? 


0% 20% 40% 60% 80% 100% 

Strongly agree Agree Disagree Strongly disagree 

In light of these delays, E.ON has been unable to commit 

investment to two projects, one in the North Sea and one 

in the Baltic. For the time being this issue seems to be 

limited principally to offshore wind farms in Germany. 

Invest Northern Ireland 

Website: 

Contact: 

Position: 

Email: 

Telephone: 


Johanna Lagan 

Renewables Executive 

johanna.lagan@investni.com 

+44 28 9069 8126 

Invest Northern Ireland is the region’s economic 

development agency. It works in partnership with 

investors offering business advice and financial 

assistance throughout the lifetime of a commercial 

venture in order to develop and expand the business 

and to improve capability and international 

competitiveness. 

Northern Ireland has vast experience in marine 

energy with many of the world’s full scale marine 

energy prototypes have been developed, tested or 

manufactured in the region. 

For more information visit: 


21

adVerTorial 

22 

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The project consists of walking the original historic 

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people who directly or indirectly suffer the scourge of 

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La Memoria es el Camino, or “Memory is the Road”, is 

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www.sunstroom.com

League Tables 

Methodology 

The league tables are based on deals that were announced during the five quarter period 

commencing on 1 January 2011 and ending on 31 March 2012. 

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 the period outlined 

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

have been announced 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. Financing rounds 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 advisors and project sponsors is calculated using the same methodology. 

If more than one legal advisor is involved in a deal, the deal value is divided between the legal 

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. 



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. 

23

league Tables 

League Tables 

Clean Energy: Europe 

The following league tables rank the most active investors in the European clean energy 

sector between 1 January 2011 and 31 March 2012. Separate league tables show the most 

active investors at various investment stages and in certain sectors and countries. League 

tables of the most active banks and legal advisors are also included. Rankings are based on 

deals tracked by Clean Energy pipeline’s deal data team. Our methodology is described at the 

start of this section. 

Early Stage Investors (Series A-C) by Deal Value 

Rank Top 10 Investors Number of Deals Total Deal Value ($ million) 

Early Stage Investors (Series A-C) by Number of Deals 


24 

1 Environmental Technologies Fund LP 3 37 

2 Imperial Innovations Group plc 4 36 

3 Invesco Perpetual 2 35 

4 GE Capital 1 32 

5 Ambienta SGR Spa 1 23 

6 Eurazeo SA 1 21 

7 Disruptive Capital Finance LLP 1 16 

8 Industrifonden 5 14 

9 New Energy Fund LP 1 13 

10 3TS Capital Partners Ltd. 1 13 



3 Innogy Venture Capital 4 4 


5 Demeter Partners 3 8 

6 IP Group plc 3 4 

7 CEA Investissement SA 3 2 


9 Hotbed Fund Managers Ltd. 2 13 

10 Capricorn Venture Partners NV 2 8

Late Stage Investors (Series D+) by Deal Value 

Buyout Investors by Deal Value 

Buyout Investors by Number of Deals 

league Tables 


1 DSM Venturing 1 20 

2 Finnish Industry Investment Ltd. 2 10 

3 BeCapital Private Equity SCAR 1 9 

4 Norske Skog Tasman 1 9 

5 Lorrain Materials Fund 1 9 

6 Climate Change Capital Ltd. 2 7 

7 BankInvest Group 2 7 

8 Ensto Ltd. 1 6 

9 Pension Fennia 1 6 

10 SSE Renewables Holdings Ltd. 2 6 

Late Stage Investors (Series D+) by Number of Deals 


1 Zouk Capital LLP 3 3 

2 Finnish Industry Investment Ltd. 2 10 



5 SSE Renewables Holdings Ltd. 2 6 

6 The North West Fund 2 2 



9 Norske Skog Tasman 1 9 

10 Lorrain Materials Fund 1 9 


1 AXA Private Equity 4 1000 

2 Caisse de dépôt et placement du Québec 1 1000 

3 Clayton, Dubilier & Rice LLC 1 1000 

4 First Reserve Corp. 1 957 

5 Bridgepoint Capital 1 880 

6 KGAL GmbH & Co KG 6 873 

7 Terra Firma Capital Partners Ltd. 3 789 

8 PensionDanmark A/S 1 678 

9 Aquila Capital 1 467 

10 PKA A/S 1 452 



2 Capital Stage AG 5 100 

3 Foresight Group 5 78 



6 BNP Paribas Clean Energy Partners GP Ltd. 3 321 

7 Barclays Infrastructure Funds Management Ltd. 3 289 

8 RREEF 3 115 

9 Munich Re 3 0 

10 Antin Infrastructure Partners SAS 2 143 

25

league Tables 

Investors in Projects by Deal Value 


26 

1 Bridgepoint Capital 1 880 

2 PensionDanmark A/S 1 678 



5 KIRKBI A/S 1 534 

6 PKA A/S 1 452 


8 Canepa Asset Management 1 414 


10 Allianz Specialised Investments Ltd. 11 322 

Investors in Projects by Number of Deals 


1 Allianz Specialised Investments Ltd. 11 322 


3 Foresight Group 5 78 



6 Barclays Infrastructure Funds Management Ltd. 3 289 

7 RREEF 3 115 

8 Ampere Equity Fund 3 89 


10 Antin Infrastructure Partners SAS 2 143 

Solar Investors by Deal Value 




3 Fonds stratégique d'investissement SA 1 214 

4 Grupo Isolux Corsan SA 1 62 

5 Cajasol 1 62 

Solar Investors by Number of Deals 




3 GIMV 2 5 

4 Capricorn Venture Partners NV 2 5 

5 BonVenture Management GmbH 2 5

Wind Investors by Deal Value 


1 GWM Renewable Energy Spa 1 193 

2 Clyde Blowers Capital 1 157 

3 Skion GmbH (f.k.a. Acton 2) 1 39 

4 Momentum Capital Ltd. 1 39 

5 ESB International Ltd. 1 29 

Wind Investors by Number of Deals 


1 Invercaria SL 2 6 


3 Clyde Blowers Capital 1 157 

4 Skion GmbH (f.k.a. Acton 2) 1 39 


Energy Efficiency Investors by Deal Value 


1 CapMan Oyj 1 102 

2 Electra Partners LLP 1 70 


4 Ambienta SGR Spa 1 18 


Energy Efficiency Investors by Number of Deals 





4 YFM Group 2 6 

5 Yellow&Blue Investment Management BV 2 3 

Benelux Investors by Deal Value 



2 Nordic Capital Ltd. 1 257 

3 Rutland Partners LLP 1 22 



Benelux Investors by Number of Deals 


1 Capricorn Venture Partners NV 4 13 

2 GIMV 3 7 

3 Dutch Ministry of Economic Affairs, Agriculture & Innovation 2 9 


5 Nordic Capital Ltd. 1 257 

league Tables 

27

league Tables 



28 

French Investors by Deal Value 


2 Caisse de dépôt et placement du Québec 1 1000 

3 Clayton, Dubilier & Rice LLC 1 1000 


5 Lloyd Capital Partners 1 108 

French Investors by Number of Deals 


2 CEA Investissement SA 3 2 


4 Emertec Gestion 2 2 

5 Aquitaine Création Investissement 2 2 

German Investors by Deal Value 



2 Skion GmbH 1 39 

3 Alinda Capital Partners LLC 2 23 


5 Credit Agricole Private Equity 1 13 

German Investors by Number of Deals 


1 WHEB Partners LLP 3 4 

2 Zouk Capital LLP 3 3 

3 Alinda Capital Partners LLC 2 23 


5 BonVenture Management GmbH 2 5 

Scandinavian Investors by Deal Value 



2 Faurecia SA 1 25 


4 Sustainable Technologies Fund 1 9 

5 Innovation Norway 2 6 

Scandinavian Investors by Number of Deals 



2 Danish Ministry of Economic and Business Affairs 5 4 

3 Altor Equity Partners 4 0 

4 Danish Energy Agency 4 3 

5 VINNOVA 4 0

Spanish Investors by Deal Value 




3 Cube Infrastructure Fund 1 165 


5 Cajasol 1 62 

Spanish Investors by Number of Deals 


1 Invercaria SL 2 6 



4 Cube Infrastructure Fund 1 165 


UK Investors by Deal Value 


1 Berwind Corp. 1 299 

2 Electra Partners LLP 1 70 

3 Leveraged Green Energy LLC 1 56 



UK Investors by Number of Deals 



2 IP Group plc 4 4 


4 Ludgate Environmental Fund Ltd. 3 15 

5 Parkwalk Advisors Ltd. 3 3 

Debt Providers by Deal Value 

Rank Top 20 Debt Providers Number of Deals Total Deal Value ($ million) 

1 European Investment Bank 50 8,284 

2 Nordic Investment Bank 11 1,012 

3 Banco Santander SA 20 948 

4 KfW Bankengruppe 23 935 

5 Commerzbank AG 12 869 

6 Unicredit Spa 28 755 

7 BBVA 12 666 

8 La Caixa d'Estalvis i Pensions de Barcelona 12 569 

9 Banesto 11 561 

10 European Bank for Reconstruction and Development 14 559 

11 WestLB AG 13 501 

12 Societe Generale 11 474 

13 Banco Sabadell SA 10 461 

14 Instituto de Credito Oficial 9 424 

15 Lloyds Banking Group plc 10 387 

16 Credit Agricole SA 7 352 

17 Natixis 8 294 

18 ING Bank NV 10 273 

19 BNP Paribas SA 10 268 

20 Bankia 7 259 

league Tables 

29

league Tables 

Project Sponsors by Deal Value 

Rank Top 10 Project Sponsors Number of Deals Total Deal Value ($ million) 

30 

1 Acciona Energia SA 4 2197 

2 Enel Green Power Spa 23 1033 

3 Fortum Oyj 4 533 

4 Arise Windpower AB 3 465 

5 E.ON Climate & Renewables 6 448 

6 EDF Energies Nouvelles 4 375 

7 Iberdrola Renovables SA 5 352 

8 Eesti Energia 5 268 

9 EDP Renovaveis SA 3 258 

10 LUXCARA 4 250 

Project Finance Legal Advisors by Deal Value 

Rank Top 20 Legal Advisors Number of Deals Total Deal Value ($ million) 

1 Allen & Overy LLP 6 2,954 

2 Loyens & Loeff NV 1 1,838 

3 Watson, Farley & Williams LLP 8 1,701 

4 Clifford Chance LLP 8 1,537 

5 J&A Garrigues SLP 4 1,502 

6 Linklaters LLP 10 1,298 

7 Cuatrecasas, Gonaalves Pereira SLP 3 1,151 

8 Norton Rose LLP 18 1,000 

9 Eversheds LLP 25 985 

10 Jones Day 4 949 

11 Gianni, Origoni, Grippo, Cappelli & Partners 8 944 

12 DLA Piper LLP 6 640 

13 Chiomenti Studio Legale 3 638 

14 Gleiss Lutz 1 570 

15 Uria Menendez SLP 4 494 

16 Beiten Burkhardt 1 489 

17 CMS Cameron McKenna 1 489 

18 Squire Sanders LLP 4 460 

19 Simmons & Simmons LLP 4 416 

20 Burness LLP 8 412 

Project Finance Legal Advisors by Number of Deals 

Rank Top 20 Legal Advisors Number of Deals Total Deal Value ($ million) 

1 Eversheds LLP 25 985 

2 Norton Rose LLP 18 1,000 

3 Linklaters LLP 10 1,298 

4 Charles Russell LLP 9 195 

5 Watson, Farley & Williams LLP 8 1,701 

6 Clifford Chance LLP 8 1,537 

7 Gianni, Origoni, Grippo, Cappelli & Partners 8 944 

8 Burness LLP 8 412 

9 Allen & Overy LLP 6 2,954 

10 DLA Piper LLP 6 640 

11 Burges Salmon 6 132 

12 Studio Legale Sinatra 5 62 

13 J&A Garrigues SLP 4 1,502 

14 Jones Day 4 949 

15 Uria Menendez SLP 4 494 

16 Squire Sanders LLP 4 460 

17 Simmons & Simmons LLP 4 416 

18 Cuatrecasas, Gonaalves Pereira SLP 3 1,151 

19 Chiomenti Studio Legale 3 638 

20 Pinsent Masons LLP 3 183

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32 

Strategy in clean energy 

THE SKY’S THE LIMIT 

Solar project consulting worldwide 

We provide advice on projects and technologies 

across the whole value chain 

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Top tips for clean energy fundraising 

Ian Thomas 


Limited 

Write a business plan: most investors expect to see one and if you can’t articulate the business 

vision, strategy and milestones then there’s a problem 

Hire an experienced adviser: they will anticipate the investors’ view of your business, help you 

to improve the investment proposition and provide access to sources of capital 

Fill the gaps: if there are identifiable weaknesses in the business – lack of depth in the management 

team being a common issue – at a minimum there needs to be a credible plan to address them 

Be realistic about valuation: take into account market conditions, accept that investors have 

return requirements and remember that management/founders will always have the most optimistic 

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adVerTorial 

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1 

2 

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Don’t run out of money: raise funds while you still have adequate operating runway, otherwise 

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www.turquoiseassociates.com | Ian Thomas | Managing Director | ian.thomas@turquoiseassociates.com | +44 (0)20 7248 7503 

33

MarkeT aNalysis 

Market Analysis 

European Venture Capital & Private Equity Investment 2011 Overview 

The following analysis is based on data extracted from the Clean Energy pipeline online platform 

Bigger but fewer deals 

Venture capital and private equity investment (excluding 

buyouts) in the European clean energy sector totalled $1.86 

billion in 2011, a 3% increase on the $1.8 billion recorded 

in 2010. Yet despite this encouraging headline figure, 

the number of completed investments fell to 149, a 28% 

decrease on the 208 deals executed in 2010. 

This trend is showing no signs of abating in early 2012 – 

only 34 deals were completed in 1Q12, 8% and 35% below 

the 2011 and 2010 quarterly averages of 37 and 52 deals 

respectively. 

Private equity seeing value in power assets 

Private equity funds allocated $7.4 billion to European 

clean energy power projects in 2011, more than double the 

Venture capital and private equity investment 

(excluding buyouts) in European energy storage 

technology companies reached $133 million in 2011 

more than double the $66 million recorded in 2010. 

“ 

” 

$3 billion invested in 2010. The standout transaction was 

private equity firm Bridgepoint’s $880 million acquisition 

of 443 MW of operational Spanish wind capacity owned 

by ACS, which accounted for 12% of the total volume of 

project buyout activity in 2011. 

The surge in activity is being driven by two factors. Firstly, 

onshore wind and solar PV have matured to the extent 

that operational projects are increasingly seen as safe 

assets that offer long-term low-risk returns. In addition, 

the volume of assets on the market increased significantly 

34 

in 2011 due to a series of divestiture programmes by 

many major European utilities. Italian utilities Terna and 

Sorgenia divested large portfolios of solar PV assets in 2011 

while major European utilities E.ON, RWE, Dong and SSE 

all sold a series of onshore wind projects. 

Activity in early 2012 suggests that power assets are still in 

vogue. Some $1.5 billion worth of projects were acquired 

by private equity funds in 1Q12, slightly less than the 2011 

quarterly average of $1.9 billion but more than double the 

2010 quarterly average of $751 million. 

New technologies come to the fore 

2011 was also notable as a year when a number of 

nascent clean energy subsectors came of age. Venture 

capital and private equity investment (excluding 

buyouts) in European energy storage technology 

companies reached $133 million in 2011, more than 

double the $66 million recorded in 2010. 2012 appears 

to be shaping up as a strong year for energy storage 

investment – energy storage companies secured $37 

million in 1Q12, the second largest volume of financing 

allocated to the sector in any quarter since the beginning 

of 2010. 

There is also increasing activity in the water treatment 

sector. Some $63 million was invested in such companies 

in 4Q11 and 1Q12 alone, more than the $40 million 

allocated to the sector in 2011 and the $55 million 

invested in 2010. This increase is being underpinned 

by investment in developers of wastewater treatment 

technology. Headline deals include the $36 million 

secured by UK-based waste water treatment specialist 

Bluewater Bio in March 2011 and the $24 million 

raised by water treatment technology company Amplio 

Filtration in October 2011.

Investors begin to desert mainstream solar 

Venture capital and private equity (excluding buyouts) 

investment in solar hit $658 million in 2011, more 

than double the $319 million recorded in 2010. The 

increase was caused by a small number of particularly 

large transactions, including the $214 million raised by 

French CPV manufacturer Soitec and the $185 million 

secured by Spanish project developer and equipment 

manufacturer T-Solar. The number of investments in 

solar remained steady at 27 in 2011, just below the 28 

recorded in 2010. 

However this headline twofold increase masks a recent 

pronounced downturn. No European solar companies 

secured financing in 4Q11 while only $40 million was 

allocated to the sector in 1Q12, which is 72% below the 

two year quarterly average of $144 million. In parallel, 

investment in solar is increasingly being concentrated 

on niche applications. The two largest fundraisings in 

the European solar supply chain in 2011 were the $214 

million secured by Soitec, a developer of concentrating 

solar PV (CPV) systems, and the $41 million secured 

by Enecsys, a developer of advanced micro-inverters 

for solar PV installations. In contrast investment in 

conventional solar PV equipment manufacturers has 

virtually dried up. 

Energy efficiency no longer in vogue 

Venture capital and private equity (excluding buyouts) 

investment in energy efficiency slumped to $167 million 

in 2011, a 68% decrease on the $519 million allocated to 

the sector in 2010. The decrease was caused by a dropoff 

in the number of deals – only 34 European energy 

efficiency companies secured financing in 2011, 38% 

below the 55 that raised capital in 2010. Many European 

energy efficiency companies have reached the stage 

where they are more likely to be acquired than source 


No European solar companies secured financing in 

4Q11 while only $40 million was allocated to the 

sector in 1Q12, which is 72% below the two year 

quarterly average of $144 million. 

“ 

” 

financing from venture capital and private equity funds. 

Some 39 energy efficiency acquisitions totalling $5.8 

billion were announced in 2011, more than double the 37 

deals totalling $2.4 billion announced in 2010. 


Website: 

Contact: 

Position: 

Email: 

Telephone: 


Douglas Lloyd 

Founder & CEO 

douglas.lloyd@vbresearch.com 

+44 207 251 8000 

Clean Energy pipeline, the online daily news and 

data service, is the leading independent source of 

news, data and analytics about the Clean Energy 

sector. Our news team delivers real-time business 

news and identifies the latest and most relevant 

regulatory and policy announcements, investment, 

M&A and project finance news, new funds and fund 

closes. This news is supplemented with opinionpieces 

based on in-depth interviews with seniorlevel 

executives, advisers, investors and policymakers. 

Our premium suite of desktop and mobile services 

provides access to transaction data (VC/PE, M&A, 

project/asset finance and public markets), a global 

directory of professionals active in the sector, Data 

Insight Reports, Project Trackers and Investment 

Guides covering all industry sub-sectors and 

geographies. 

35


European Venture Capital 

Investment Analysis 

European Venture Capital and Private Equity Investment: 1Q10 to 1Q12 


36 

1.0 

0.9 

0.8 

0.7 

0.6 

0.5 

0.4 

0.3 

0.2 

0.1 

0.0 

PE - Development Capital 

VC - Early Growth (Series A to C) 

VC - Late Stage (Series D+) 

Average Quarterly VC/PE Investment: 1Q10 to 1Q12 

Venture Capital (Early Growth) $151.54 million 

Venture Capital (Late Stage) $74.15 million 

Private Equity (Development Capital) $219.97 million 


Early Stage Venture Capital and Private Equity Deal Distribution: 2011 

Number of deals 

25 

20 

15 

10 

5 

0 


Deal value ($ million) 

Venture capital investment in European 

clean energy companies declined to $842 

million in 2011, a 24% decrease on the $1.1 

billion recorded in 2010. 

2012 has started on a somewhat tepid 

note – venture capital firms only allocated 

$82 million to European clean energy 

companies in 1Q12, the lowest quarterly 

level of the last two years. 

On the flipside private equity investment 

(excluding buyouts) jumped to $1.0 billion 

in 2011, up 48% on the $688 million 

recorded in 2010. This trend is showing no 

signs of abating in early 2012. Private equity 

firms invested $277 million in the European 

clean energy sector in 1Q12, over 7x the 

level recorded in the corresponding period 

in 2011 ($39 million) and 2010 ($34 million). 

Average Deal Size: 1Q10 to 1Q12 

Venture Capital (Early Growth) $5.68 million 

Venture Capital (Late Stage) $14.30 million 

Private Equity (Development Capital) $29.28 million 

Some 30% of early-stage (Series A-C) 

venture capital transactions were under 

$2 million in size. A further 48% were 

between $2 million and $8 million while 

the remaining 22% were over $8 million. 

The average size of an early stage venture 

capital transaction was $6.1 million in 

2011, up from $5.1 million in 2010. The 

average size of a late stage venture capital 

transaction was $11.6 million in 2011, 

down from $15.6 million in 2010.

Top 10 Venture Capital and Private Equity Transactions (Excluding Buyouts): 2011 

Company Country Sector Investor(s) 

Deal value 

($ million) 

Soitec SA France Solar Fonds stratégique d'investissement SA 214 

Greentech Energy Systems A/S Denmark Wind GWM Renewable Energy Spa 193 

T-Solar SA Spain Solar Grupo Isolux Corsan SA, 

Cajasol, 

Caja de Ahorros y Monte de Piedad de Navarra 

Nexeon Ltd. UK Energy 

Storage 

Imperial Innovations Group plc, 

Invesco Perpetual 

Enecsys Ltd. UK Solar Climate Change Capital Ltd., 

Wellington Partners GmbH, 

BankInvest Group, 

Good Energies 

ECO Plastics Ltd. UK Recycling & 

Waste 

Coca Cola Enterprises Ltd., 

Ludgate Environmental Fund Ltd., 

Close Brothers Seydler AG, 

Disruptive Capital Finance LLP, 

SAM Private Equity AG 

Avantium Technologies BV Netherlands Biofuels Sofinnova Partners, 

Aster Capital SA, 

Aescap Venture Management BV, 

Capricorn Venture Partners NV, 

ING Corporate Investments, 

Navitas Capital, 

De Hoge Dennen Capital PE BV 

A Shade Greener Ltd. UK Solar GE Capital 32 

Wind Energy Direct Ltd. Ireland Wind ESB International Ltd. 29 

Pavatex SA Switzerland Green 

Building 


BeCapital Private Equity SCAR, 

Norske Skog Tasman, 

Lorrain Materials Fund 

Venture Capital and Private Equity Investment (Excluding Buyouts) by Sector as a 

Percentage of Deal Value (2010 & 2011) 

4% 

4% 

6% 

7% 

2% 

4% 

7% 

18% 

4% 


21% 

9% 

29% 

18% 

17% 

15% 

35% 

2011 

2010 

Solar 

Wind 

Energy Efficiency 

Energy Storage 

Biomass 

Recycling & Waste 

Biofuels 

Other 


185 

65 

41 

39 

37 

28 

Solar exhibited the greatest increase in 

total investment in 2011, accounting 

for 35% of total venture capital and 

private equity investment (excluding 

buyouts) in 2011, up from 18% in 2010. 

The increase was underpinned by a surge 

in particularly large deals. The number 

of deals remained steady at 27 in 2011, 

slightly below the 28 recorded in 2010. 

Investment in energy efficiency slumped 

to $167 million in 2011 (9% of total 

investment), compared with $519 million 

(29% of total investment) in 2010. 

37


Venture Capital and Private Equity Investment (Excluding Buyouts) by Country 

as a Percentage of Deal Value: 2011 

38 

Above $500 million 

$301 million to $500 million 





$1 to $10 million 

No investment 


The UK dominated European clean energy venture capital and private equity investment in 2011, accounting for 34% ($636 

million) of total investment in Europe. This is in line with the $620 million (35% of total investment) recorded in 2010. 

France was the second largest country for investment in 2011, accounting for 18% of total investment in Europe, followed by 

Denmark (11%), Spain (11%), Germany (7%) and Sweden (3%). 

Top 5 Venture Capital and Private Equity Deals (Excluding Buyouts): 1Q12 

Company Country Sector Investor(s) 

Tamar Energy LLP UK Biomass Lord Rothschild’s Family Interests, 

RIT Capital Partners plc, 

Fajr Capital plc, 

Duchy of Cornwall, 

Sustainable Technology Investments Limited, 

Low Carbon Ltd. 

Bluewater Bio International UK Water & Waste 

Water Treatment 

Hermes GPE LLP, 

Ombu Ltd. 

Deal value 

($ million) 

Intelligent Energy Ltd. UK Energy Storage Undisclosed 35 

Mainstream Renewable Power Ltd. Ireland Wind Undisclosed 16 

Verdesis SA Belgium Biomass BeCapital Private Equity SCAR 14 


103 

36

European Private Equity 

Buyouts 

European Private Equity Buyouts: 1Q10 to 1Q12 


4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

1.0 

0.5 

0.0 


Deals over $100 million 

Deals under $100 million 


Top 5 Private Equity Buyouts: 1Q12 

Project Country Sector Investor(s) 

Wind farm (277 MW) - Borkum Riffgrund 1 Germany Wind KIRKBI A/S, 

Oticon Foundation 

50 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 


Average Private Equity Buyout 

Investment: 1Q10 to 1Q12 

Average Quarterly PE $2.42 billion 

Buyout Volume 

Average Number of 

Deals per Quarter 

Average PE Buyout 

Transaction Value 

30 

$79.71 million 

Deal value 

($ million) 

Solar plant (115MW) - Toul-Rosieres, Nancy France Solar Marguerite Fund 144 

Solar plant (6.25MW) - Parma I, 

Solar plant (4MW) - Cesena, Emilia-Romagna, 

Solar plant (0.95 MW) - Forlí, Emilia-Romagna 

Private equity buyout activity in clean 

energy soared to $13.8 billion in 2011, over 

double the $6.3 billion recorded in the 

previous quarter. 

Investment was concentrated in wind and 

solar, which accounted for 33% ($4.3 billion) 

and 32% ($4.1 billion) respectively of the 

total value of private equity investment in 

clean energy across Europe in 2011. 

836 

Italy Solar Capital Stage AG 68 

Wind farms (22MW) - Croquettes and Longchamp France Wind Allianz Specialised Investments Ltd. 50 

Wind farm (16MW) - Suderbruch Germany Wind Allianz Specialised Investments Ltd. 37 



39


European Private Equity Buyouts: 1Q10 to 1Q12 


40 

4.5 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

Projects 


Companies 

Top 10 Private Equity Buyouts: 2011 

Project/Company Country Sector Investor(s) 

Wind farm (400MW) - Anholt Denmark Wind PKA A/S, 

PensionDanmark A/S 

The increase in private equity 

investment was underpinned by a surge 

in acquisitions of projects – private 

equity firms completed $7.4 billion 

worth of project acquisitions in 2011, up 

150% on the $3.0 billion recorded in 2010. 

This trend is not showing any signs of 

slowing down in 2012. Private equity 

firms executed $1.5 billion worth of 

project acquisitions in 1Q12, 12% above 

the two-year quarterly average of $1.3 

billion. 

Deal value 

($ million) 

METALLUM Holding SA Luxembourg Recycling & Waste First Reserve Corp. 957 

Wind farms (443MW) - Castilla y 

Leon province Spain 

Wind farms (140MW) - Galicia, 

Castilla-La Mancha, Catalunia and 

La Rioja Spain 

1130 

Spain Wind Bridgepoint 880 

Spain Wind Canepa Asset Management 414 

Solar plants (80MW) - Italy Italy Solar F2i Fondi Italiani per le Infrastrutture, 

Etrion Corp. 

Nuova Rete Solare Srl Italy Solar Terra Firma Capital Partners Ltd. 376 

Solar plants (78MW) - Nuova Rete 

Solare Portfolio 

Italy Solar Terra Firma Capital Partners Ltd. 367 

Renewable Power International Spain Hydro Demeter Partners, 

Cube Infrastructure Fund 

Novacap Group France Advanced Materials & 

Technologies 

BWA Water Additives UK Ltd. UK Water & Waste Water 

Treatment 


403 

329 

AXA Private Equity 320 

Berwind Corp. 299

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41

42 

www.sunstroom.com

Directory 

Directory 

The directory lists every investor, project sponsor, legal firm and financial advisor that has 

executed or advised on a venture capital, private equity or project finance transaction in the 

European clean energy sector between 1 January 2011 and 31 March 2012. The directory is 

based on companies tracked by Clean Energy pipeline’s deal data team. 

123 

333 Solar 

Milan, Italy 

www.333solar.com 

Sector focus: Solar 

Investment focus: Project sponsor 

Country focus: Italy 

3Power Energy Group 

New York, USA 

www.3powerenergy.com 




3TS Capital Partners Ltd. 

Budapest, Hungary 

www.3tscapital.com 

Sector focus: Biomass 

Investment focus: VC - Early Growth 

(Series A to C) 

Country focus: Other 

3U SOLAR Systemhandel AG 

Marburg, Germany 

www.3usolar.de 



Country focus: Germany 

4energia UAB 

Tallinn, Estonia 

www.4energia.ee 

Sector focus: Wind 



4Energy Invest 


www.4energyinvest.com 

Sector focus: Clean Coal 


Country focus: Benelux 

9REN Group 

Madrid, Spain 

www.9ren.org 




A 

A Plus Finance SA 

Paris, France 

www.aplusfinance.fr 




Country focus: France 

A Shade Greener Ltd. 

Tankersley, UK 

www.ashadegreener.co.uk 



Country focus: UK 

a+f GmbH 

Wuerzburg, Germany 

www.af.net 




AAC Capital Partners Holding BV 


www.aaccapitalpartners.com 

Sector focus: Solar, Water & Waste 


Investment focus: PE - Buyout 

Country focus: Benelux, Italy 

Abantia Group 


www.abantia.com 



Country focus: Spain 

43

Directory 

ABB Group 

Zurich, Switzerland 

www.abb.com 





ABB Technology Ventures 


www.abb.com 

Sector focus: Marine 

Investment focus: VC - Late Stage 

(Series D+) 


Abengoa SA 

Seville, Spain 

www.abengoa.com 




ABN AMRO Bank NV 


www.abnamro.com 


Investment focus: Debt project finance 


Abraxa IFS 

Madrid, Spain 

www.abraxaifs.com 




Abraxus Investments plc 

London, UK 

www.abraxusinvestmentsplc.com 




Accel Partners 

Palo Alto, USA 

www.accel.com 

Sector focus: Green Transportation 




Accent Equity Partners AB 

Stockholm, Sweden 

www.accentequity.se 

Sector focus: Recycling & Waste 


Country focus: Scandinavia 

44 

Acciona Energia SA 

Sarriguren, Spain 

www.acciona-energia.com 

Sector focus: Biomass, Hydro, Wind 


Country focus: Spain, Other 

ACE Management 

Paris, France 

www.acemanagement.fr 

Sector focus: Advanced Materials & 

Technologies 




ACS Actividades de Construcción y 

Servicios SA 

Madrid, Spain 

www.grupoacs.com 

Sector focus: Solar, Wind 



ACTA SpA 

Pisa, Italy 

www.actagroup.it 




Advent International Corp. 

Boston, USA 

www.adventinternational.com 




AEE AG 

Frankfurt, Germany 

www.aee-ag.eu 




Aelios Finance 

Paris, France 

www.aeliosfinance.com 

Sector focus: Environmental Services 

& Remediation 

Advisory focus: Financial Advisory - 

Venture capital and private equity 


AES Solar Energy Ltd. 

Arlington, USA 

www.aes-solar.com 



Country focus: Italy, Other 

AES Wind Generation Inc. 

San Diego, USA 

www.aes.com 




Aescap Venture Management BV 


www.aescap.com 

Sector focus: Biofuels 


(Series D+) 


Agnion Technologies GmbH 

Pfaffenhofen, Germany 

www.agnion-energy.com 




Agnoli Giuggioli 

Milan, Italy 

www.agnoli-giuggioli.it 


Advisory focus: Legal Advisory - 

Project finance 


Agrokor Group 

Zagreb, Croatia 

www.agrokor.hr 




Aguas de Barcelona 


www.agbar.es 




AIB Seed Capital Fund 

Dublin, Ireland 

www.aibseedcapitalfund.ie 

Sector focus: Energy Storage, 

Environmental Services & 

Remediation 

Investment focus: Seed Financing, VC 

- Early Growth (Series A to C) 


Akershus Energi AS 

Rånåsfoss, Norway 

www.aeas.no 

Sector focus: Hydro 


Country focus: Scandinavia

Akuo Energy SAS 

Paris, France 

www.akuoenergy.com 




Alarko Enerji Grubu 

Istanbul, Turkey 

www.altek.alarko.com.tr 




Albion Ventures LLP 

London, UK 

www.albion-ventures.co.uk 




Alcazar Capital Ltd. 

Dubai, UAE 

www.alcazar-capital.com 

Sector focus: Energy Storage 




Aldermore Invoice Finance 

Manchester, UK 

www.aldermore.co.uk 

Sector focus: Energy Efficiency 



Alerion Clean Power Spa 

Milan, Italy 

www.alerion.it 




Alinda Capital Partners LLC 

Greenwich, USA 

www.alinda.com 




Allen & Overy LLP 

London, UK 

www.allenovery.com 

Sector focus: Energy Efficiency, Wind 



Country focus: Germany, UK 

Alliander NV 

Arnhem, Netherlands 

www.alliander.com 





Allianz Specialised Investments Ltd. 

Munich, Germany 

www.allianz.com 


Investment focus: PE - Buyout, Project 

sponsor 

Country focus: France, Germany, Italy 

Allt Dearg Wind Farmers LLP 

Glasgow, UK 




ALMI Företagspartner Väst AB 

Gothenburg, Sweden 

www.almi.se/vast 


Technologies, Energy Efficiency 


(Series A to C), Grant & Government 

Funding 


Alpiq Holding AG 

Olten, Switzerland 

www.alpiq.com 




Alter Energy Group AG 


www.alterenergygroup.com 




Altium Capital Ltd. 

London, UK 

www.altiumcapital.com 





Alto Invest 

Paris, France 

www.altoinvest.fr 





Directory 

Altor Equity Partners 


www.altor.com 

Sector focus: Agriculture, Energy 

Storage, Recycling & Waste, Wind 



Alven Capital 

Paris, France 

www.alvencapital.com 


& Remediation 




Amadeus Capital Partners Ltd. 

Cambridge, UK 

www.amadeuscapital.com 



(Series D+) 


Amber Capital Investment 

Management 

New York, USA 

www.ambercapital.com 


Advisory focus: Financial advisory - 



Amber Infrastructure Ltd. 

London, UK 

www.amberinfrastructure.com 




Ambienta SGR Spa 

Milan, Italy 

www.ambientasgr.com 

Sector focus: Energy Efficiency, Water 

& Waste Water Treatment 


(Series A to C), PE - Buyout 

Country focus: Italy, UK 

AMP Capital Partners LLC 

Draper, USA 

www.ampcp.com 




45

Directory 

Ampere Equity Fund 

Heerlen, Netherlands 

www.abp.nl 



sponsor 

Country focus: France, Germany, Italy, 

Spain, UK 

Amplio Solar 

Bologna, Italy 

www.amplio-group.com 




Anadolu Kafkasya Enerji 

Yatırimlari AS 


www.anadolugroup.com 




Anesco Ltd. 

Reading, UK 

anesco.co.uk 




Anglian Water Services Ltd. 

Huntingdon, UK 

www.anglianwater.co.uk 

Sector focus: Water & Waste Water 

Treatment 



Antin Infrastructure Partners SAS 

Paris, France 

www.antin-ip.com 



sponsor 

Country focus: Italy, Spain 

Aon Corp. 

Chicago, USA 

www.aon.com 





Aquamarine Power Ltd. 

Edinburgh, UK 

www.aquamarinepower.com 




46 

Aqui-Invest 

Pessac, France 

Sector focus: Micro-generation 




Aquila Capital 

Hamburg, Germany 

www.aquila-capital.de 

Sector focus: Hydro, Solar 


sponsor 

Country focus: France, Germany, 

Other 

Aquitaine Création Investissement 

Pessac, France 

www.aquitaine-creation.com 


Technologies, Micro-generation 




Archangel Informal Investment Ltd. 

Edinburgh, UK 

www.archangelsonline.com 


Investment focus: Angel Funding 


Argos Soditic 

Paris, France 

www.argos-soditic.com 




Arise Windpower AB 

Halmstad, Sweden 

www.arisewindpower.se 




ARM Holdings PLC 

Cambridge, UK 

www.arm.com 





ARX Equity Partners 


www.arxequity.com 


Technologies 



AS Srl 

Milan, Italy 

www.assrl.it 




ASN Bank 

The Hague, Netherlands 

www.asnbank.nl 




Aspiravi NV 

Bruges, Belgium 

www.aspiravi.be 




Aster Capital SA 

Paris, France 

www.aster.com 



(Series D+) 


Aston Hill Financial 

Toronto, Canada 

www.astonhill.ca 





Astris Finance LLC 

Washington, USA 

www.astrisfinance.com 





Athens International Airport 

Athens, Greece 

www.athensairport-2001.gr 




Austrian Wind Power GmbH 

Eisenstadt, Austria 

www.austrian-wind-power.at 



Country focus: Other

Avelar Energy Ltd. 


www.avelarenergy.com 




AXA Private Equity 

Paris, France 

www.axaprivateequity.com 

Sector focus: Advanced Materials 

& Technologies, Energy Efficiency, 


Remediation, Wind 



AXPO Group 


www.axpo.ch 

Sector focus: Geothermal 



Ayen Enerji A/S 

Ankara, Turkey 

www.ayen.com.tr 




B 

Baillie Wind Farm Holdings Ltd. 

Thurso, UK 

www.bailliewindfarm.co.uk 




Balfour Beatty plc 

London, UK 

www.balfourbeatty.com 




Banca Civica SA 

Madrid, Spain 

www.bancacivica.es 




Banca Comerciala Romana 

Bucharest, Romania 

www.bcr.ro 




Banca IMI 

Milan, Italy 

www.bancaimi.com 




Banca Infrastrutture Innovazione e 

Sviluppo Spa 

Rome, Italy 

www.biis..it 




Banca Nazionale del Lavoro Spa 

Rome, Italy 

www.bnl.it 




Banca Popolare dell’Emilia Romagna 

Modena, Italy 

www.bper.it 




Banca Popolare dell’Etruria e del Lazio 

Società Cooperativa 

Arezzo, Italy 

www.bancaetruria.it 




Banca Popolare di Crema Scarl 

Crema, Italy 

www.popcrema.it 


Treatment 



Banca Popolare di Lodi Spa 

Lodi, Italy 

www.poplodi.it 


Treatment 



Banca Popolare di Milano Scarl 

Milan, Italy 

www.bpm.it 




Directory 

Banca Popolare Di Vicenza 

Vicenza, Italy 

www.popolarevicenza.it 


Treatment 



Banco di Napoli 

Napoli, Italy 

www.bancodinapoli.it 




Banco Popolare 

Verona, Italy 

www.poplodi.it 




Banco Popular Espanol SA 

Madrid, Spain 

www.bancopopular.es 

Sector focus: Hydro, Solar, Wind 



Banco Sabadell SA 


www.bancosabadell.com 

Sector focus: Biomass, Hydro, Solar, 

Wind 



Banco Santander SA 

Santander, Spain 

www.santander.com 

Sector focus: Biomass, Energy 

Efficiency, Hydro, Solar, Wind 

Investment focus: PE - Buyout, Debt 

project finance 

Country focus: Germany, Italy, Spain, 

UK, Other 

Banesto 

Madrid, Spain 

www.banesto.es 


Wind 



Banif SGPS SA 

Funchal, Portugal 

www.grupobanif.pt 




47

Directory 

Bank of Ireland Seed and Early Stage 

Equity Fund 


www.bankofireland.com 





Bank of Tokyo-Mitsubishi UFJ 

Tokyo, Japan 

www.bk.mufg.jp/english 



Country focus: Germany, Spain 

Bank Pekao SA 

Warsaw, Poland 

www.pekao.com.pl 




Bankia 

Madrid, Spain 

www.bankia.com 

Sector focus: Biomass, Solar, Wind 



Bankinter SA 

Madrid, Spain 

www.bankinter.com 




BankInvest Group 

Copenhagen, Denmark 

www.bankinvest.com 

Sector focus: Energy Efficiency, Solar 


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

D+) 


Banks Renewables 

Durham, UK 

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

banks-renewables 




Banque Palatine 

Paris, France 

www.palatine.fr 




48 

Banque Populaire 

Paris, France 

www.banquepopulaire.fr 




Baraclit b.POWER 

Bibbiena, Italy 

www.baraclit.it 




Barclays Capital 

London, UK 

www.barcap.com 

Sector focus: Energy Efficiency, 

Marine, Wind 



Barclays Infrastructure Funds 

Management Ltd. 

London, UK 

www.barclaysinfrastructurefunds. 

com 



sponsor 


BARD Holding GmbH 

Emden, Germany 

www.bard-offshore.de 




Bauer Solarenergie GmbH 

Selzen, Germany 

www.bauer-solarenergie.de 




BAWAG PSK 

Vienna, Austria 

www.bawagpsk.com 

Sector focus: Hydro, Wind 



Baxi Partnership 

Dunfermline, UK 

www.baxipartnership.co.uk 


& Remediation 



Bayerische Landesbank AG 


www.bayernlb.de 




Bayern LB 


www.bayernlb.de 

Sector focus: Geothermal, Solar 


Country focus: Germany, UK, Other 

BBVA 

Bilbao, Spain 

www.bbva.es 


Wind 


Country focus: Italy, Spain, UK 

BDO LLP 

London, UK 

www.bdo.uk.com 





BeCapital Private Equity SCAR 

Luxembourg City, Luxembourg 

www.becapitalpe.com 

Sector focus: Biomass, Other 

renewables 


(Series D+), PE - Development Capital 

Country focus: Benelux, Other 

Beck Energy GmbH 

Kolitzheim, Germany 

www.beck-energy.de 




Beechbrook Capital 

London, UK 

www.beechbrookcapital.com 


Investment focus: PE - Development 

Capital 


Beiten Burkhardt 


www.bblaw.com 




Country focus: Germany

Belenergia SA 

Brest Oblast, Belarus 




Ben Franklin Technology Partners 

State College, USA 

www.benfranklin.org 





Beringea LLC 

Farmington Hills, USA 

www.beringea.com 


Investment focus: Minority / 

Partnership 


Berti Investments Ltd. 

London, UK 

www.bertiinvestments.com 


& Remediation 




Berwind Corp. 

Philadelphia, USA 

www.berwind.com 


Treatment 



Bevan Brittan LLP 

Bristol, UK 

www.bevanbrittan.com 



Project finance, Financial advisory 

- Project finance 


BGZ Bank Gospodarki 

Zywnosciowej SA 


www.bgz.pl 




Biffa Ltd. 

Birmingham, UK 

www.biffa.co.uk 




Big Bang Ventures 

Lochristi, Belgium 

www.bbv.be 





BioEnerAgro Srl 

Drochia, Moldova 

www.bioenergagro.md 




Biogas Energy D.o.o. 

Beograd, Serbia 

www.biogasenergy.rs 




Biokraft A/S 

Trondheim, Norway 

www.biokraftgroup.com 




Biossence Ltd. 

London, UK 

www.biossence.com 




Bird & Bird LLP 

London, UK 

www.twobirds.com 



Venture capital and Private equity, 

Legal Advisory - Project finance 


Black River Asset Management LLC 

Minneapolis, USA 

www.black-river.com 



(Series D+) 


Blackstone Group LP 

New York, USA 

www.blackstone.com 




Directory 

Blue Energy 

Stornoway, UK 

www.blue-energyco.com 




Bluefield Partners LLP 

London, UK 

www.bluefieldllp.com 



sponsor 


BMW AG 


www.bmwgroup.com 

Sector focus: Green Transportation, 

Wind 



BNP Paribas SA 

Paris, France 

www.bnpparibas.com 


Efficiency, Green Transportation, 

Solar, Wind 

Investment focus: Debt project 

finance, Project sponsor 

Country focus: France, Italy, Spain, UK 

Boehm-Bezing Sieger & Cie GmbH 

Stuttgart, Germany 

www.bbsc.de 





Bond Pearce 

Bristol, UK 

www.bondpearce.com 





Bonelli Erede Pappalardo 

Milan, Italy 

www.beplex.com 





49

Directory 

BonVenture Management GmbH 


www.bonventure.de 




D+) 


Boralex Inc. 

Kingsey Falls, Canada 

www.boralex.com 




Bord Gais Eireann 

Cork, Ireland 

www.bordgais.ie 



Partnership 


Borders Machinery Ring 

Netherdale, UK 

www.ringleader.co.uk 




Borregaard A/S 

Sarpsborg, Norway 

www.borregaard.no 




Bosch Solar Energy AG 

Erfurt, Germany 

www.bosch-solarenergy.de 




Bouygues Telecom Initiatives 

Paris, France 

www.initiatives.bouyguestelecom.fr 





Boyle Electrical Generation Ltd. 

Edinburgh, UK 




50 

Brancor Capital Partners APS 


www.brancorcapitalpartners.com 




Braveheart Investment Group plc 

Perth, UK 

www.braveheart-ventures.co.uk 





Brewin Dolphin plc 

London, UK 

www.brewin.co.uk 





Bridgepoint Capital 

London, UK 

www.bridgepoint-capital.com 


Technologies, Wind 


Country focus: Spain, UK 

Bridges Ventures 

London, UK 

www.bridgesventures.com 





British Gas 

Worthing, UK 

www.britishgas.co.uk 




Broadview Energy Ltd. 

London, UK 

www.broadviewenergy.com 




Bryan, Garnier & Co 

Paris, France 

www.bryangarnier.fr 


Treatment 




Bulboaca si Asociatii 


www.bulboaca.com 





BürgerEnergie Tauberfranken 


www.buergerenergie-tauberfranken.de 




Burness 

Edinburgh, UK 

www.burness.co.uk 

Sector focus: Biomass, Wind 




BVP Investments Ltd. 


www.simple.ie 





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© Taylor Wessing LLP 2012 

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Paris 

+ 33 (0)1 72 74 03 42 

n.dewitt@taylorwessing.com 

51

52 

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C 

Cabiedes & Partners 

Madrid, Spain 





Caisse de dépôt et placement du 

Québec 

Montreal, Canada 

www.lacaisse.com 




Caisse d’Epargne Provence-Alpes- 

Corse SA 

Marseille, France 

www.caisse-epargne.fr 




Caisse des Depots et Consignations 

Paris, France 

www.caissedesdepots.fr 


Technologies, Geothermal, Solar 


project finance, Project sponsor 


Caja de Ahorros y Monte de Piedad de 

Navarra 

Pamplona, Spain 

www.cajanavarra.es 



Capital 


Caja Madrid 

Madrid, Spain 

www.cajamadrid.es 




Cajasol 

Sevilla, Spain 

www.cajasol.es 



Capital 


Cambridge Angels 

Cambridge, UK 

www.cambridgeangels.net 





Cambridge Capital Group 

Cambridge, UK 

www.cambridgecapitalgroup.co.uk 





Canadian Solar Inc. 

Kitchener, Canada 

www.csisolar.com 




Canal de Isabel II 

Madrid, Spain 

www.cyii.es 


Treatment 



Canepa Asset Management 

Madrid, Spain 




Canopy SAS 

Paris, France 

www.canopy-energy.com 




CapDecisif Management 

Paris, France 

www.capdecisif.com 


Technologies 




Capital Dynamics 

Zug, Switzerland 

www.capdyn.com 




Directory 

Capital Renewables SA 





Capital Stage AG 


www.capitalstage.com 



sponsor 

Country focus: Germany, Italy 

CapMan Oyj 

Helsinki, Finland 

www.capman.com 




Capricorn Venture Partners NV 

Leuven, Belgium 

www.capricorn.be 


Technologies, Biofuels, Biomass, Solar 



D+), Project Sponsor 


CapVest Equity Partners Fund LP 

London, UK 

www.capvest.co.uk 




The Carbon Trust 

London, UK 

www.thecarbontrust.co.uk 

Sector focus: Energy Storage, 

Hydrogen Generation, Marine 


(Series D+), Grant & Government 

Funding 

Country focus: Scandinavia, UK 

Carbon Trust Partnerships for 

Renewables Project 

London, UK 

pfr.co.uk 


Technologies 

Investment focus: Grant & 

Government Funding 


Cariparma Crédit 

Parma, Italy 

www.cariparma.it 




53

Directory 

Carlton Power Ltd. 

Stokesley, UK 

www.carringtonpower.co.uk 




Carlyle Group LLC 


www.carlyle.com 


& Remediation 



Cassa Centrale Raiffeisen dell’Alto 

Adige Spa 

Bolzano, Italy 

www.raiffeisen.it 




Cassa di Risparmio di Bolzano 


www.caribz.it 




Catapult Venture Managers Ltd. 


www.catapult-vm.co.uk 


& Remediation 




Caucasus Energy & Infrastructure 

Tbilisi, Georgia 

www.cei.ge 




Cavalum SGPS SA 

Porto, Portugal 

www.cavalum.com 




CDC Entreprises 

Paris, France 

www.cdcentreprises.fr 


& Remediation 


Capital 


54 

CE Energy Holding AG 

Laxenburg, Austria 

www.ceeag.com 




CEA Investissement SA 

Gif-sur-Yvette, France 

www.cea-valorisation.com 


Technologies, Energy Storage 




Cedar Fund 

Herzliya, Israel 

www.cedarfund.com 


& Remediation 

Investment focus: Seed Financing 


CENER-CIEMAT Foundation 

Sarriguren, Spain 

www.cener.com 




Centrica plc 

Windsor, UK 

www.centricaenergy.com 





Centro Leasing Banca Spa 

Florence, Italy 

www.centroleasing.it 




Centrobanca Spa 

Milan, Italy 

www.centrobanca.it 




Centrosolar Group AG 


www.centrosolar.com 




CENTROTEC Sustainable AG 

Brilon, Germany 

www.centrotec.de 



(Series D+) 


Centurion Private Equity Ltd. 

London, UK 


& Remediation 


Capital 


CEZ Group 


www.cez.cz 




Chalmers Innovation Seed Fund 

Göteborg, Sweden 

www.chalmersinnovation.com 





Charles Russell LLP 

London, UK 

www.charlesrussell.co.uk 





Charterhouse Capital Partners LLP 

London, UK 

www.charterhouse.co.uk 


& Remediation 



Chemrec AB 


www.chemrec.se 




Chiomenti Studio Legale 

Rome, Italy 

www.chiomenti.net 




Country focus: Italy

Chorus GmbH 


www.chorus-gruppe.de 




Cinven Ltd. 

London, UK 

www.cinven.com 




Citigroup Inc. 

New York, USA 

www.citigroup.com 





Clayton, Dubilier & Rice LLC 

New York, USA 

www.cdr-inc.com 




Clifford Chance LLP 

London, UK 

www.cliffordchance.com 




Country focus: Germany, Italy, Other 

Climate Change Capital Ltd. 

London, UK 

www.climatechangecapital.com 

Sector focus: Energy Efficiency, Solar, 

Water & Waste Water Treatment, Wind 

Investment focus: VC - Early Growth (Series 

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

Development Capital, PE - Buyout, PIPE 

Country focus: France, Germany, UK, 

Other 

Close Brothers Seydler AG 


www.cbseydler.com 



Capital, Debt Project Finance 


Clyde Blowers Capital 

East Kilbride, UK 

www.clydeblowerscapital.com 




Clyde Valley Energy Co-operative Ltd. 

Barrow-in-Furness, UK 

www.energy4all.co.uk 




Clydesdale Bank plc 

Glasgow, UK 

www.cbonline.co.uk 




CMS Cameron McKenna 

London, UK 

www.cms-cmck.com 





CMS Hasche Sigle 

Berlin, Germany 

www.cms-hs.com 





Coca Cola Enterprises Ltd. 

Middlesex, UK 

www.cokecce.co.uk 



Capital, Project Sponsor 


Cofely SA 

Nanterre, France 

www.cofely.ch 





Cogeme Set Spa 

Milan, Italy 

www.cogemeset.it 


Treatment 



Colruyt Group 


www.colruytgroup.com 




Directory 

The Combination of Rothes 

Distillers Ltd. 

Rothes, UK 




Commerz Real AG 

Dusseldorf, Germany 

www.commerzreal.com 




Commerzbank AG 


www.commerzbank.com 




Spain 

Community Windpower Ltd. 

Cheshire, UK 

www.communitywindpower.co.uk 




Comsa SA 


www.comsaemte.com 




Conergy AG 


www.conergy.com 



Country focus: France, Spain, Other 

Conetwork Erneuerbare Energien 

Holding GmbH & Co. KgaA 


www.cee-holding.de 



sponsor 


Consorcio de Aguas de Gipuzkoa 

San Sebastian, Spain 

www.gipuzkoakour.com 


Treatment 



55

Directory 

Constellation Capital AG 

Schwyz, Switzerland 

www.constellation.ch 


& Remediation 



Construcciones y Auxiliar de 

Ferrocarriles SA 

Beasain, Spain 

www.caf.es 




ContourGlobal LP 

New York, USA 

www.contourglobal.com 




Co-operative Bank 

Manchester, UK 

www.co-operativebank.co.uk 

Sector focus: Biomass, Recycling & 

Waste, Wind 



Co-operative Energy 

Warwick, UK 

www.cooperativeenergy.coop 




Cordiant Capital 

Montreal, Canada 

www.cordiantcap.com 




Coriance 

Cedex, France 

www.coriance-a2a.fr 




Cornwall Power Ltd. 

Cornwall, UK 

www.cornwallpower.com 




56 

Crédit Agricole Corporate and 

Investment Bank 

Paris, France 

www.ca-cib.com 


Wind 



Crédit Agricole Private Equity 

Paris, France 

www.ca-privateequity.com 



Capital 

Country focus: Benelux, France, 

Germany, Spain 

Crédit Coopératif 

Paris, France 

www.credit-cooperatif.coop 




Credit Mutuel 

Strasbourg, France 

www.creditmutuel.fr 

Sector focus: Biomass, Solar 



Credit Suisse Group AG 

New York, USA 

www.credit-suisse.com 



(Series D+) 


Credito Valtellinese SC 

Sondrio, Italy 

www.creval.it 




Croatian Development Bank (HBOR) 


www.hbor.hr 




The Crown Estate 

London, UK 

www.thecrownestate.co.uk 




CRYO SARL 

Le Bourg, France 




Cuatrecasas, Gonçalves Pereira 

Madrid, Spain 

www.cuatrecasas.com 





Cube Infrastructure Fund 

Luxembourg, Luxembourg 

www.cubeinfrastructure.com 

Sector focus: Energy Efficiency, Hydro 


Country focus: France, Spain 

D 

D&S Geothermie GmbH 





Dalekovod d.d. 


www.dalekovod.com 




Danish Energy Agency 


www.ens.dk 


& Technologies, Biomass, Energy 

Storage, Wind 




Danish Ministry of Economic and 

Business Affairs 


www.oem.dk 



Water & Waste Water Treatment, 




Danish Ministry of the Environment 


www.mim.dk 


Treatment 




Danish Renewal Fund 


www.fornyelsesfonden.dk 


Treatment 




DCNS 

Paris, France 

www.dcnsgroup.com 



Partnership 


De Hoge Dennen Capital PE BV 

Laren, Netherlands 

www.dehogedennen.com 



(Series D+) 


Debevoise & Plimpton LLP 

New York, USA 

www.debevoise.com 



Venture capital and Private equity 


Deloitte & Touche LLP 

New York, USA 

www.deloitte.com 





Demeter Partners 

Paris, France 

www.demeter-partners.com 


Technologies, Biomass, Hydro, Solar, 

Wind 



D+), PE - Development Capital, PE - 

Buyout 


Germany, Spain 

Deutsche Bank AG 


www.db.com 



finance, Project sponsor, Financial 

advisory - Project finance 

Country focus: France, Italy, Spain 

Deutsche Kreditbank AG 


www.dkb.de 




Deutsche Private Equity GmbH 


www.pdpe.de 




Deutscher Solarfonds Stabilität 2010 

GmbH & Co. KG 


www.altira-group.de 



sponsor 


Development Bank of Japan Inc. 

Tokyo, Japan 

www.dbj.jp 




Devon County Council 

Exeter, UK 

www.devon.gov.uk 




Dewey & LeBoeuf LLP 

New York, USA 

www.deweyleboeuf.com 





Dexia Bank SA 


www.dexia.com 



finance, Financial advisory - Project 

finance 


Directory 

DFJ Esprit 

London, UK 

www.dfjesprit.com 


& Remediation 

Investment focus: Angel Funding 


DIF Infrastructure II BV 

Schiphol, Netherlands 

www.dif.eu 



sponsor 

Country focus: France, Germany 

Disruptive Capital Finance LLP 

London, UK 

www.disruptivecapital.com 

Sector focus: Green Transportation, 



(Series A to C), PE - Development 

Capital 


DLA Piper 

London, UK 

www.dlapiper.com 




Country focus: Italy, UK, Other 

DnB NOR Bank ASA 

Oslo, Norway 

www.dnb.no 




finance 

Country focus: Italy, Scandinavia 

DOMREL 

Szczecin, Poland 

www.domrel.pl 




Domsjö Fabriker AB 

Örnsköldsvik, Sweden 

www.domsjoe.com 




DONG Energy A/S 

Fredericia, Denmark 

www.dongenergy.com 




57

Directory 

Doric Asset Finance & Verwaltungs 

GmbH 

Offenbach am Main, Germany 

www.doricassetfinance.com 




Downing Corporate Finance Ltd. 

London, UK 

www.downingcf.co.uk 





Downing LLP 

London, UK 

www.downing.co.uk 



(Series A to C), Project sponsor 


DSM Venturing 

Urmond, Netherlands 

www.dsm-venturing.com 



(Series D+) 


Dublin Business Innovation Centre 


www.dbic.ie 





Duchy of Cornwall 

Cornwall, UK 

www.duchyofcornwall.org 



Capital 


Dutch Ministry of Economic Affairs, 

Agriculture and Innovation 

Hague, Netherlands 

english.minlnv.nl 





58 

Dutch Ministry of Infrastructure and 

the Environment 

Den Haag, Netherlands 

english.verkeerenwaterstaat.nl 


Treatment 




DZ Bank AG 


www.dzbank.com 




E 

e.n.o. Energy 

Osteebad Rerik, Germany 

www.eno-energy.de 




E.ON AG 


www.eon.com 




E.ON Climate & Renewables 


www.eon.com/renewables 

Sector focus: Biomass, Energy Storage, 

Solar, Wind 


Country focus: Germany, Italy, UK 

EADS Astrium 

Paris, France 

www.astrium.eads.net 




Eaga plc 

Newcastle, UK 

www.eaga.com 




EAM Solar Park Management AS 

Oslo, Norway 

www.eamsolar.no 




eCAPITAL entrepreneurial Partners AG 

Munster, Germany 

www.ecapital.de 

Sector focus: Recycling & Waste, Solar 




Eco Delta Developpement 

La Ciotat, France 

www.ecodd.com 




ECO Investors 


eco-investors.de 





ECO Plastics Ltd. 

Newcastle upon Tyne, UK 

www.ecoplasticsltd.com 




Eco Wind Power Ltd. 


www.ecowindpower.com 




Eco2 Ltd. 

Cardiff, UK 

www.eco2uk.com 

Sector focus: Marine, Wind 


(Series A to C), Project Sponsor 


Ecolutions GmbH & Co KG 


www.ecolutions.de 




EDB Investments Pte. Ltd. 

Singapore, Singapore 

www.edbi.com 


Technologies 


(Series D+) 


Eden Ventures Ltd. 

Bath, UK 

www.edenventures.co.uk 





EDF Energies Nouvelles 

Paris, France 

www.edf-energies-nouvelles.com 

Sector focus: Solar, wind 



Edisun Power Europe AG 


www.edisunpower.com 




EDP Renovaveis SA 

Oviedo, Spain 

www.edprenovaveis.com 




Eesti Energia 


www.energia.ee 




Efacec Group 

Matosinhos, Portugal 

www.efacec.pt 




EFG Eurobank Ergasias SA 


www.eurobank.gr 




EIDC Ltd. 

London, UK 

www.eidc.co.uk 



(Series D+) 


Eins Energie in Sachsen GmbH & 

Co.KG 

Chemnitz, Germany 

www.eins-energie.de 




EKF 


www.ekf.dk 




EKN Bank 


www.ekn.se 




Ekoloska Erergija d.o.o. 

Usora, Bosnia-Herzegovina 

www.ekoenergija.com 




Ekopal sp. z.o.o 

Pisz, Poland 

www.ekopal.pl 




Eksport Kredit Fonden 


www.ekf.dk 



Country focus: Germany, Scandinavia, 

Other 

Elecnor Group 

Madrid, Spain 

www.elecnor.es 




Electra Partners LLP 

London, UK 

www.electrapartners.com 




Directory 

Electricite de France SA 

Paris, France 

www.edf.com 


Geothermal 



Electricity North West Ltd. 

Warrington, UK 

www.enwl.co.uk 




Electricity Supply Board of Ireland 


www.esb.ie 




Elektra Baselland 

Liestal, Switzerland 

www.ebl.ch 




Elektrani na Makedonija AD 

Skopje, Macedonia 

www.elem.com.mk 




Elektrizitaetswerk der Stadt Zuerich 

(EWZ) 


www.ewz.ch 




Elektrizitäts-Gesellschaft Laufenburg AG 

Dietikon, Switzerland 

www.egl.ch 




Elektroprivreda Srbije AD 

Belgrade, Serbia 

www.eps.rs 




Element Power 

Portland, USA 

www.elpower.com 




59

Directory 

The Elevation Co. 

London, UK 





Ellomay Capital Ltd. 

Herzliya, Israel 

www.ellomay.com 




Elysian Capital 

London, UK 

www.elysiancapital.com 




Emertec Gestion 

Grenoble, France 

www.emertec.fr 


Technologies 




Emmeesseenne 

Foggia, Italy 




EnBW Energie Baden-Württemberg AG 

Karlsruhe, Germany 

www.enbw.com 




Ence SA 

Madrid, Spain 

www.ence.es 




Endeavour Vision SA 


www.endeavourvision.com 





60 

Endesa SA 

Madrid, Spain 

www.endesa.es 




Eneco Holding NV 

Rotterdam, Netherlands 

www.eneco.nl 




Enel Green Power Spa 

Rome, Italy 

www.enelgreenpower.com 



Country focus: France, Italy, Spain, 

Other 

ENEOP Eolicas de Portugal SA 

Lisbon, Portugal 

www.eneop.pt 




EnerCap Capital Partners 


www.enercap.com 



sponsor 


Enercon GmbH 

Aurich, Germany 

www.enercon.de 




Energi Horsens foundation 

Horsens, Denmark 

www.energihorsens.dk 





Energia Solar Aplicada SL 

Almazora, Spain 

www.esasl.com 




Energie Brabant Wallon 

Wavre, Belgium 

www.energiebw.be 





Energie Steiermark AG 

Leonhardgürtel, Australia 

www.e-steiermark.com 





Energie Wasser Bern 

Bern, Switzerland 

www.ewb.ch 




Energiekontor AG 

Bremen, Germany 

www.energiekontor.de 




Energy Bankers à Paris 

Paris, France 





Energy Partners 

Tiranë, Albania 

www.ffenergydevelopment.com 




Energy Rose 

Bucuresti, Romania 

www.energyrose.com 




Energy Technologies Institute LLP 

Loughborough, UK 

www.energytechnologies.co.uk 



Remediation, Wind 


Country focus: UK

Enerjisa Enerji Uretim AS 


www.enerjisa.com.tr 




Enermill Energie Rinnovabili Srl 

Vercelli, Italy 

www.enermill.com 




Enerparc AG 


www.enerparc.de 




Enova Energy Group LLC 

Atlanta, USA 

enovaenergygroup.com 




Enova SF 


www.enova.no 




Enovos Luxembourg SA 

Luxembourg, Germany 

www.enovos.eu 




Ensto Ltd. 

Porvoo, Finland 

www.ensto.com 



(Series D+) 


Ente Regional de la Energia de Castilla 

y Leon 

Valladolid, Spain 

www.eren.jcyl.es 




Ente Vasco de la Energia 

Bilbao, Spain 

www.eve.es 

Sector focus: Energy Storage, Marine 

Investment focus: Project sponsor, 

Grant & Government Funding 


Enterprise Corporate Finance Ltd. 

London, UK 

www.enterprisecf.com 




Enterprise Ireland 


www.enterprise-ireland.com 

Sector focus: Energy Storage, Solar 



Country focus: UK, Other 

Enterprise Ventures Ltd. 

Preston, UK 

www.enterprise-ventures.co.uk 




Entrepreneurs Fund Management 

LLP 

London, UK 

www.entrepreneursfund.com 





Envestors Ltd. 

London, UK 

www.envestors.co.uk 





Environmental Technologies Fund LP 

London, UK 

www.etf.eu.com 




D+) 

Country focus: France, UK 

Eolia Renovables SA 

Madrid, Spain 

www.eolia.com 




Directory 

Eolica Dobrogea Srl 

Constanta, Romania 

www.edch.ch 




EOSOL Energies Nouvelles SA 

Sonora, France 

www.eosol-en.com 




Epuron GmbH 


www.epuron.de 




EPV Energia Oy 

Vaasa, Finland 

www.epv.fi 




Equitix Ltd. 

London, UK 

www.equitix.co.uk 




Equiventus Capital SARL 


www.equiventus.com 




ERG Renew Spa 

Milan, Italy 

www.ergrenew.it 




ErgyCapital Spa 

Milano, Italy 

www.ergycapital.com 




Ernst & Young LLP 

London, UK 

www.ey.com 


Efficiency, Wind 




61

Directory 

Erste Group Bank AG 


www.erstegroup.com 




ESA Renewables LLC 

Lake Mary, USA 

www.esarenewables.com 




ESB International Ltd. 


www.esb.ie 



Capital 


ESB Novusmodus 

London, UK 

www.novusmodus.com 

Sector focus: Geothermal, Solar 



Capital 


Espe Srl 

Padova, Italy 

www.espegroup.eu 




Espe Sunparc Srl 

Padova, Italy 

www.espesunparc.com 




Espirito Santo Ventures 


www.es-ventures.com 





Esportes Offshore Beteiligungs GmbH 





62 

Estonian Development Fund 


www.arengufond.ee 




Etrion Corp. 


www.etrion.ch 



sponsor 


Eurazeo SA 

Paris, France 

www.eurazeo.fr 





Euro Energies 

Rueil-Malmaison, France 

www.euro-energie.com 




Euro Projects EPC Srl 

Bergamo, Italy 

www.epropv.it 




European Bank for Reconstruction 

and Development 

London, UK 

www.ebrd.com 





European Commission 


www.ec.europa.eu 


Efficiency, Energy Storage, Geothermal, 

Marine, Recycling & Waste, Solar, 

Other CleanTech Products & Services 




Spain, UK, Other 

European Investment Bank 


www.eib.org 



Hydro, Recycling & Waste, Solar, 

Water & Waste Water Treatment, Wind 




Germany, Italy, Scandinavia, Spain, 

UK, Other 

European Investment Fund 


www.eif.org 





European Regional Development Fund 

ec.europa.eu/regional_policy/funds/ 

feder/index_en.htm 




European Union 


www.europa.eu 




Eversheds LLP 

London, UK 

www.eversheds.com 

Sector focus: Recycling & Waste, Wind 




EVN AG 

Maria Enzersdorf, Austria 

www.evn.at 




Excelestar Ventures 

Andover, USA 

www.excelestarventures.com 



Capital 


Export-Import Bank of the United States 


www.exim.gov 



Country focus: Benelux, Italy

F 

F2i Fondi Italiani per le Infrastrutture 

Milan, Italy 

www.f2isgr.it 



sponsor 


Fajr Capital plc 

Dubai, United Arab Emirates 

www.fajrcapital.com 



Capital 


Falck Renewables Spa 

Milan, Italy 

www.falckrenewables.eu 




Farmgen Ltd. 

Blackpool, UK 

www.farmgen.co.uk 




Farna Invest AB 

Skinnskatteberg, Norway 





Faurecia SA 

Nanterre, France 

www.faurecia.com 


Technologies 


Partnership 


FBD Holdings plc 


www.fbdgroup.com 




FC Windenergy GmbH 

Wolfschlugen, Germany 

www.windreich.de 




Federale Participatie- en 

Investeringsmaatschappij 


www.sfpi-fpim.be 





Fernas Enerji Elektrik Uretim A/S 

Batman, Turkey 

www.fernas.com.tr 




FFI - Strategic Vehicle Research and 

Innovation 

Vinnova, Sweden 

www.vinnova.se/en/ffi 

Sector focus: Hydrogen Generation 




Fiere di Parma 

Parma, Italy 

www.fiereparma.it 




FIM Services Ltd. 

Oxon, UK 

www.fimltd.co.uk 




The Finance for Business North East 

Technology Fund 


www.onenortheast.co.uk/ 

financeforbusinessnortheast 

Sector focus: Clean Coal, Recycling 

& Waste, Water & Waste Water 

Treatment 




Finance Wales plc 

Cardiff, UK 

www.financewales.co.uk 


Technologies 




Directory 

Fineco Spa 

Milan, Italy 

www.fineco.it 




Finergia 


www.finergia.it 




Finnish Industry Investment Ltd. 


www.industryinvestment.com 





D+) 


Finpiemonte Partecipazioni 

Torino, Italy 

www.finpiemonte.it 




First Reserve Corp. 

Greenwich, USA 

www.firstreserve.com 

Sector focus: Hydro, Recycling & 

Waste, Solar 

Investment focus: PE - Buyout, 

Minority / Partnership, Project 

sponsor 

Country focus: Benelux, Italy, Spain 

First Solar Inc. 

Tempe, USA 

www.firstsolar.com 




FMO NV 


www.fmo.nl 




Folmer Equity Fund I Ky 


www.folmer.fi 


Treatment 



63

Directory 

Fondo PPP italia 

Torino, Italy 

www.equiterspa.com 



Capital 


Fondo Solaria Aleph Generacion FCR 

Madrid, Spain 




Fonds stratégique d’investissement SA 

Paris, France 

www.fonds-fsi.fr 


Technologies, Solar 


Capital, PE - Buyout, PIPE 


Fonroche Energie SAS 

Roquefort, France 

www.fonroche.fr 




Foresight Group 

Sevenoaks, UK 

www.foresightgroup.eu 



sponsor 


Formento de Construcciones y 

Contratas SA 

Madrid, Spain 

www.fcc.es 




Fortum Oyj 

Espoo, Finland 

www.fortum.com 

Sector focus: Biofuels, Biomass 



Fotowatio Renewable Ventures 

Madrid, Spain 

www.frv.com 




64 

Foundation Asset Management AB 


www.fam.se 





Freetricity plc 

London, UK 

www.freetricity.net 




Freshfields Bruckhaus Deringer LLP 

London, UK 

www.freshfields.com 

Sector focus: Agriculture, Solar 





Fri El Green Power 


www.fri-el.it 




Fundo de Apoio a Inovacao 


www.fai.pt 




Fusion IP plc 

Sheffield, UK 

www.fusionip.co.uk 





G 

Gaelectric Developments Ltd. 


www.gaelectric.ie 




Gateley LLP 


www.gateleyuk.com 


Treatment 




GDF SUEZ SA 

Paris, France 

www.gdfsuez.com 



(Series D+), Project Sponsor 


GE Capital 

Stamford, USA 

www.gecapital.com 



(Series A to C), Debt Project Finance 


GE Energy Financial Services 

Stamford, USA 

www.geenergyfinancialservices.com 



sponsor 


Gehrlicher Solar AG 


www.gehrlicher.com 




Genia Global Energy 

Valencia, Spain 

www.geniaglobal.com 




Geoambiente Srl 

Rome, Italy 

www.geoambiente.it 




GEOSOL Gesellschaft fur Solarenergie 

GmbH 


www.geosol.de 




German Federal Ministry for the 

Environment, Nature Conservation 

and Nuclear Safety 

Bonn, Germany 

www.bmu.de 




Gestamp Asetym Solar SL 

Madrid, Spain 

www.gestampsolar.com 




Gestamp Biomass 

Madrid, Spain 

www.gestampbiotermica.com 




Gestamp Solar 

Madrid, Spain 

www.ga-solar.com 




Gianni, Origoni, Grippo & Partners 

Rome, Italy 

www.gop.it 






GIMV 

Antwerpen, Belgium 

www.gimv.com 





Gleiss Lutz 


www.gleisslutz.com 





Global Financial Network Ltd. 

Hong Kong, China 


Investment focus: PIPE 


Gold Abogados 

Madrid, Spain 

www.goldabogados.com 





Goldman Sachs & Co. 

New York, USA 

www.gs.com 

Sector focus: Agriculture 




Good Energies 


www.goodenergies.com 





Goteborg Energi AB 


www.goteborgenergi.se 




Government of Brazil 

Brasília, Brazil 

www.brasil.gov.br 


Technologies 




Government of France 

Paris, France 

www.diplomatie.gouv.fr 




Government of Germany 


www.bundesregierung.de 

Sector focus: Biomass, Energy Storage 



Directory 

Government of Hungary 


www.magyarorszag.hu 




Government of Italy 

Rome, Italy 

www.governo.it 





Government of Navarre 

Pamplona, Spain 

www.navarra.es 




Government of Norway 

Oslo, Norway 

www.regjeringen.no 




Government of Poland 


www.premier.gov.pl/rzad 




Government of the United Kingdom 

London, UK 

www.direct.gov.uk 





GP Bullhound Ltd. 

London, UK 

www.gpbullhound.com 


Energy Storage, Water & Waste Water 

Treatment 




GP Joule GmbH 

Reußenköge, Germany 

www.gp-joule.de 



sponsor 


65

Directory 

Graanul Invest AS 


www.graanulinvest.ee 




Graess Solartechnik 

Bubesheim, Germany 

www.graess.eu/de 




GranSolarGhella Srl 

Rome, Italy 

www.gransolarghella.com 




Grant Thornton LLP 

Chicago, USA 

www.grantthornton.com 





Green City Energy 

München, Germany 

www.greencity-energy.de 




Green Power Eco Fund 

Balzers, Liechtenstein 

www.greenpowerecofund.li 




Green Power Partners 

Københaven, Denmark 

www.proark.com 




Green Utility SICAV-SIF 


www.samag-sarl.com 




Greentech Energy Systems A/S 

Herlev, Denmark 

www.greentech.dk 




66 

GreenYellow 

Saint-Etienne, France 

www.groupe-casino.fr 




Grupo Ibereolica 

Madrid, Spain 

www.grupoibereolica.com 




Grupo Isolux Corsan SA 

Madrid, Spain 

www.isoluxcorsan.com 



Capital 


Grupo Ortiz 

Madrid, Spain 

www.grupoortiz.com 




Gruppo Podini 


www.eneco.it/ita/chi_siamo_podini_ 

holding.html 




Grüter Law Firm 

Duisburg, Germany 

www.ra-grueter.de 





GSF Capital 


www.gsfcapital.com 




GSG Studena OOD 

Pernik, Bulgaria 

www.gsg-rietschen.de 




GSI fonds GmbH & Co. KG 

Gräfelfing, Germany 

www.gsi-fonds.de 




GSS Gebäude-Solarsysteme GmbH 

Korbußen, Germany 

www.gss-solarsysteme.de 




GTU I GmbH 





GWE Biogas Ltd. 

Driffield, UK 

www.gwebiogas.co.uk 




GWM Renewable Energy Spa 

Rome, Italy 

www.gwmholding.com 



Capital 


H 

H.I.G. Capital LLC 

Miami, USA 

www.higcapital.com 




Halder Beteiligungsberatung GmbH 


www.halder.eu 




Hamburg Energie Solar Betriebs GmbH 


www.hamburgenergie.de 




Hamburger Sparkasse AG 


www.haspa-bank-in-hamburg.de 




Havel Holásek & Partners s.r.o. 


www.havelholasek.cz 


Technologies 




Hazel Capital LLP 

London, UK 

www.hazelcapital.com 



Capital, Project sponsor 


HEAG Sudhessische Energie AG 

Darmstadt, Germany 

www.hse.ag 




Other 

Helaba Landesbank Hessen- 

Thuringen Girozentrale 


www.helaba.de 



Country focus: Germany, Italy, Spain 

Heliocentris Energy Solutions AG 


www.heliocentris.com 




Helios Inc. 

Bangalore, India 




Helius Energy plc 

London, UK 

www.heliusenergy.com 




HEP Hrvatska Elektroprivreda 


www.hep.hr 




HEP Kapital GmbH 

Heilbronn, Germany 

www.hep-kapital.de 



sponsor 


Herbert Smith LLP 

London, UK 

www.herbertsmith.com 


Efficiency 


Project finance, Financial advisory 

- Project finance 


Herkules Capital AS 

Oslo, Norway 

www.herkulescapital.no 


Technologies 



Hermes GPE LLP 

London, UK 

www.hermesgpe.com 


Treatment 


Capital 


Directory 

HgCapital plc 

London, UK 

www.hgcapital.com 



sponsor 


Highgate Tech Fund LLP 

London, UK 

www.highgatetechfund.com 


& Remediation 




Highland Venture Capital Ltd. 

Inverness, UK 

www.highvc.co.uk 





High-Tech Gründerfonds 

Management GmbH 

Bonn, Germany 

www.high-tech-gruenderfonds.de 






Hochtief Construction AG 

Essen, Germany 

www.hochtief-construction.com 




Hogan Lovells International LLP 

London, UK 

www.hoganlovells.com 





Holrom 

Satu Mare, Romania 

www.holrom.com 




Hotbed Fund Managers Ltd. 

Milton Keynes, UK 

www.hotbed.uk.com 





67

Directory 

HSBC Environmental Infrastructure 

Fund 

St Peter Port, UK 

www.hicl.hsbc.com 




HSBC Holdings plc 

London, UK 

www.hsbc.com 




HSH Nordbank AG 


www.hsh-nordbank.de 



Country focus: Germany, Italy, Spain 

HVC Group 

Alkmaar, Netherlands 

www.hvcgroep.com 




Hydro Power Consulting Hungary 

Bozókvár, Hungary 




Hyperion Energy Investments SL 

Madrid, Spain 

www.hyperion-st.com 




68 

I 

I2BF Venture Capital 

London, UK 

www.i2bf.com 

Sector focus: Energy Efficiency, Energy 

Storage 



D+) 


IBB Beteiligungsgesellschaft mbH 


www.ibb-bet.de 



(Series D+) 


IBC Solar AG 

Staffelstein, Germany 

www.ibc-solar.de 




Iberdrola Renovables SA 

Valencia, Spain 

www.iberdrolarenovables.es 



Country focus: Italy, Spain, Other 

IC Green Energy Ltd. 

Tel Aviv, Israel 

www.ic-greenenergy.com 



Capital 


Iceni Capital 

London, UK 

www.icenicapital.com 



Capital 


Icos Capital Management BV 


www.icoscapital.com 


Efficiency 


(Series A to C), Project sponsor 


IDInvest Partners 

Paris, France 

www.idinvest.com 


& Remediation 


Capital 


Impax Asset Management Ltd. 

London, UK 

www.impaxam.com 



sponsor 

Country focus: France, Italy 

Imperial Innovations Group plc 

London, UK 

www.imperialinnovations.co.uk 


& Technologies, Energy Efficiency, 

Energy Storage 




ImWind Group GmbH 

Pottenbrunn, Austria 

www.imwind.at 




Industrial Development Bank of 

Turkey 


www.tskb.com 




Industrielle Werke Basel 

Basel, Switzerland 

www.iwb.ch 




Industrifonden 


www.industrifonden.se 


Wind 


(Series A to C), Minority / Partnership 


Industry Technology Facilitator 

Aberdeen, UK 

www.oil-itf.com 





Infinis Ltd. 

Northampton, UK 

www.infinis.com 




Infinite Energy Holding AG 

Düren, Germany 

www.infinite-energycompany.com 




InfraRed Capital Partners Ltd. 

London, UK 

www.ircp.com 




ING Bank NV 


www.ing.com 

Sector focus: Energy Efficiency, Hydro, 

Solar, Wind 


Country focus: Italy, Scandinavia, UK, 

Other 

ING Corporate Investments 


www.ing-peq.be 



(Series D+) 


Innogy Venture Capital 


www.innogy-ventures.com 


Efficiency, Energy Storage 


Partnership, VC - Early Growth (Series 

A to C) 

Country focus: Benelux, Germany, 

Scandanavia, Switzerland 

Innovation Norway 

Oslo, Norway 

www.innovasjonnorge.no 





Innovationsbron AB 


www.innovationsbron.se 



Investment focus: Angel Funding, VC 



InnovationsKapital 


www.innkap.se 


Technologies 


(Series D+) 


Innoven Partners 

Paris, France 

www.innoven-partners.com 





InovCapital 

Porto, Portugal 

www.inovcapital.pt 




Instituto de Credito Oficial 

Madrid, Spain 

www.ico.es 




Intel Capital 

Santa Clara, USA 

www.intel.com/capital 


Technologies, Energy Efficiency, Solar 



D+) 

Country focus: Benelux, Germany, 

Other 

Interbanca Spa 

Milan, Italy 

www.gecapitalinterbanca.it 



finance 


Directory 

International Finance Corp. 


www.ifc.org 

Sector focus: Energy Efficiency, Hydro, 

Solar, Wind 


(Series A to C), Debt project finance 


International Public Partnerships Ltd. 

(INPP) 

Guernsey, UK 

www.internationalpublicpartnerships.com 




Intesa Sanpaolo Spa 

Torino, Italy 

www.intesasanpaolo.com 



project finance, Project sponsor 


Inveravante SA 

Corunna, Spain 

www.inveravante.es 




Invercaria SL 


www.invercaria.es 



(Series A to C), PE - Buyout 


Inverduero SL 


www.inverduero.com 




Inversions Empresarials Vapat SLU 





Invesco Perpetual 

Henley-on-Thames, UK 

www.invescoperpetual.co.uk 





69

Directory 

Investec Bank plc 

London, UK 

www.investec.com 


Efficiency 



finance 


InvestKredit Bank AG 


www.investkredit.com 




IP Group plc 

London, UK 

www.ipgroupplc.com 


& Technologies, Clean Coal, Energy 

Efficiency 




ISAI 

Paris, France 

www.isai.fr 





Isofoton SA 

Malaga, Spain 

www.isofoton.com 




I-Source Gestion 

Versailles, France 

www.isourcegestion.fr 





Itochu Corp. 

Tokyo, Japan 

www.itochu.co.jp 




70 

iXO Private Equity 

Toulouse, France 

www.ixope.fr 




Capital 


J 

J&A Garrigues SLP 

Madrid, Spain 

www.garrigues.com 


& Remediation, Hydro, Solar 





J. Sainsbury plc 

London, UK 

www.j-sainsbury.co.uk 




J.P. Morgan Cazenove Ltd. 

London, UK 

www.jpmcazenove.com 





J.P. Morgan Chase & Co. 

New York, USA 

www.jpmorgan.com 





Jaeren Energi AS 

Stavanger, Norway 

www.vindenergi.no 




Jamtkraft AB 

Östersund, Sweden 

www.jamtkraft.se 




Jendra Power 

Narvik, Norway 

www.jendra-power.ch 




JGC Corp. 

Tokyo, Japan 

www.jgc.co.jp 




Jiangsu Zongyi Co. Ltd 

Tongzhou, China 

www.600770.com 




John Laing plc 

London, UK 

www.laing.com 




Jones Day 


www.jonesday.com 





Jupiter Asset Management Ltd. 

London, UK 

www.jupiteronline.co.uk 



(Series D+) 

Country focus: UK

K 

Kamenz AG 

Kamenz, Germany 

www.ewag-kamenz.de 




Karatzis SA 

Heraklion-Crete, Greece 

www.karatzis.gr 




KBC Bank NV 


www.kbc.com 

Sector focus: Clean Coal, Solar 



Kedco plc 

Cork, Ireland 

www.kedco.com 




Kennedy Renewables 

Fife, UK 

www.kennedyrenewables.co.uk 




KfW Bankengruppe 


www.kfw.de 

Sector focus: Biomass, Energy Storage, 

Hydro, Solar, Wind 


(Series A to C), Debt project finance, 

Financial advisory - Project finance 


Scandinavia, Spain, UK, Other 

KGAL GmbH & Co KG 

Gruenwald, Germany 

www.kgal-gruppe.de 



sponsor 


Spain 

Kinexia SpA 

Milano, Italy 

www.kinexia.it 




KIRKBI A/S 

Billund, Denmark 

www.kirkbi.com 




KKR Kohlberg Kravis Roberts & Co. LP 

New York, USA 

www.kkr.com 




Klaipedos Energija AB 

Klaipeda, Lithuania 

www.klenergija.lt 




Klesch Group 

London, UK 

www.klesch.com 


Technologies 



Knowsley Metropolitan Borough 

Council 

Knowsley, UK 

www.knowsley.gov.uk 




Koncar Group 


www.koncar.hr 




Korea Electric Power Corp. 

Seoul, South Korea 

www.kepco.co.kr 




Korea Southern Power Co. Ltd 

Seoul, Korea 

www.kospo.co.kr 




Directory 

KPMG LLP 

London, UK 

www.kpmg.co.uk 





K-Svets Ventures 

Stenungsund, Sweden 

www.k-svets.se 





KTH Chalmers Capital 


www.kthchalmerscapital.se 



Capital 


L 

L14 FCP SIF 


www.l14cp.com 




La Caixa d’Estalvis i Pensions de Barcelona 


www.lacaixa.com 


Wind 



Laing O’Rourke plc 

Kent, UK 

www.laingorourke.com 





Land Energy Ltd 

London, UK 

www.land-energy.com 




Landesbank Baden-Württemberg 


www.lbbw.de 




71

Directory 

Landesbank Hessen-Thueringen 

Girozentrale 


www.helaba.de 




Landsvirkjun 

Reykjavik, Iceland 

www.landsvirkjun.com 




Lang & Schwarz 

Wertpapierhandelsbank AG 

Duesseldorf, Germany 

www.ls-d.de 





Latham & Watkins LLP 

London, UK 

www.lw.com 





Lazard Ltd. 

New York, USA 

www.lazard.com 





LBBW Venture Capital GmbH 


www.lbbw-venture.de 




LBO France 

Paris, France 

www.lbofrance.com 


Technologies 



Leasint Spa 

Milan, Italy 

www.leasint.it 





72 

Legance Studio Legale Associato 

Rome, Italy 

www.legance.it 





Lend Lease Group 

Millers Point, Australia 

www.lendleasesolar.com.au 




Leonidas Associates GmbH 

Eckental, Germany 

www.leonid-as.com 



sponsor 


Leveraged Green Energy LLC 


www.lgefund.com 



Capital 


LHI Solar Deutschland III GmbH & 

Co KG 


www.lhi.de 




Libra Advisors 

New York, USA 

www.libraadvisors.com 



(Series D+) 


Lidkoping Varmeverk AB 

Lidköping, Sweden 




Life Energy 

Shuwaikh, Kuwait 

www.thelifeenergy.com 




Lightsource Renewable Energy Ltd. 

London, UK 

www.lightsource-re.co.uk 




Lignoterma UAB 

Vilnius, Lithuania 

www.lignoterma.lt 




Lime Rock Partners 

Westport, USA 

www.lrpartners.com 





Lincolnshire County Council 

Lincoln, UK 

www.lincolnshire.gov.uk 




Linden Energy GmbH 

Oldenburg, Germany 

www.lindenenergy.com 




Linklaters LLP 

London, UK 

www.linklaters.com 


Efficiency, Solar, Wind 




UK 

LitCapital Asset Management UAB 


www.litcapital.lt 




Lloyd Capital Partners 

Cambridge, UK 

www.lloydcapitalpartners.com 


& Remediation 


Country focus: France

Lloyds Banking Group plc 

London, UK 

www.lloydsbankinggroup.com 


Efficiency, Solar, Wind 



Lloyds TSB Development Capital 

London, UK 

www.ldc.co.uk 


Technologies, Water & Waste Water 

Treatment 


Capital, PE - Buyout 


Local Generation Ltd. 

March, UK 

www.localgeneration.co.uk 




London & Wharfedale 

Somerset, UK 

www.londonwharfedale.com 




London Business Angels 

London, UK 

www.lbangels.co.uk 





London Technology Fund 

London, UK 

www.londontechnologyfund.com 





London Waste and Recycling Board 

London, UK 

www.lwarb.gov.uk 




Lorraine Materials Fund 

Technopole Metz, France 

www.flm-investissement.com 

Sector focus: Other renewables 


(Series D+) 


Lough Shore Investments 

Belfast, UK 

www.loughshore.co 



Partnership 


Low Carbon Accelerator Ltd. 

London, UK 

www.lowcarbonaccelerator.com 





Low Carbon Innovation Centre 

Norwich, UK 

www.lcic.com 





The Low Carbon Innovation Fund 

East Anglia, UK 

www.lowcarbonfund.co.uk 





Low Carbon Ltd. 

London, UK 

www.lowcarbonaccelerator.com 



Capital 


Low Carbon Solar UK Ltd. 

Cirencester, UK 

www.lowcarbonsolar.com 




LRM NV 

Hasselt, Belgium 

www.lrm.be 


Technologies 




Directory 

Ludgate Environmental Fund Ltd. 

London, UK 

www.ludgateenvironmental.com 


Technologies, Recycling & Waste, 

Solar 



Capital, Project sponsor 


LUKErg Renew 





Lukoil OAO 

Moscow, Russia 

www.lukoil.com 




LUXCARA 


www.luxcara.com 



PE - Buyout 

Country focus: Germany, Italy, France 

M 

M Cap Finance 


www.mcap-finance.de 




Mabey Bridge Ltd. 

Chepstow, UK 

www.mabeybridge.co.uk 




MAC Capital Ltd. 

Dubai, UAE 

www.maccapital.ae 





Macchi di Cellere Gangemi Studio Legale 

Rome, Italy 

www.macchi-gangemi.com 





73

Directory 

Macquarie Group Ltd. 

Sydney, Australia 

www.macquarie.com.au 



Sponsor 


MAGTEL Renovables 

Córdoba, Spain 

www.magtelrenovables.es 




Malaby Biogas Ltd. 

Bradford, UK 

www.malabybiogas.com 




MAN Ferrostaal AG 


www.ferrostaal.com 




Marcegaglia Energy 

Mantova, Italy 

www.marcegaglia.com 




Marguerite Fund 

Luxembourg, Luxemburg 

www.margueritefund.eu 



sponsor 


Martifer Renewables SGPS SA 

Oliveira de frades, Portugal 

www.martifer.pt 




Martlet 

Cambridge, UK 

www.martlet.org.uk 





74 

Masdar 

Abu Dhabi, UAE 

www.masdar.ae 




Masdar Clean Tech Fund 

Abu Dhabi, UAE 

www.masdarctf.com 



(Series D+) 


MCG Management Capital Group 


www.mcg-group.de 



sponsor 


McGrigors LLP 

Glasgow, UK 

www.mcgrigors.com 





Mediocredito Italiano Spa 

Rome, Italy 

www.mediocreditoitaliano.com 




Mediocreval Spa 

Milan, Italy 

www.creval.it 




Meditor Capital Management Ltd. 

London, UK 

www.meditor.co.uk 



(Series D+) 


Meeco AG 


www.meeco.net 




Meewind NV 

Haarlem, Netherlands 

www.meewind.nl 




Meliorbanca Spa 

Milan, Italy 

www.meliorbanca.it 




MEP Group GmbH 


www.mep-group.de 




Mercando Green Technology AG 


www.mercando-green-technology.com 




Mercer International 

Vancouver, USA 

www.mercerint.com 




Mercia Fund Management Ltd. 


www.merciafund.co.uk 




Merepark Energy 

Cheshire, UK 

www.mereparkenergy.co.uk 




Mid Europa Partners 

London, UK 

www.mideuropa.com 




Midroc New Technology AB 

Sundbyberg, Sweden 

www.midrocnewtech.se 





Midven Ltd. 


www.midven.com 





Mills & Reeve 

London, UK 

www.mills-reeve.com 





Ministry of Economy of Poland 


www.mg.gov.pl 




Ministry of Science and Innovation 

of Spain 

Madrid, Spain 

www.micinn.es 




Minstroy Holding 

Sofia, Bulgaria 

www.minstroy.com 




MITIE Group plc 

Bristol, UK 

www.mitie.com 




Mitsubishi Corp. 

Tokyo, Japan 

www.mitsubishicorp.com 




Mitsui & Co Ltd. 

Tokyo, Japan 

www.mitsui.com 




Mizuho Corporate Bank Ltd. 

Tokyo, Japan 

www.mizuhocbk.co.jp 




MK-Fintel Wind AD 


www.mkgroup.rs 




Momentum Capital Ltd. 

London, UK 

www.momentum-capital.com 




Moonray Investors 

London, UK 

moonrayinvestors.com 





Moser Baer Clean Energy Ltd. 

New Delhi, India 

www.mbcel.in 




MPS Capital Services Banca per le 

Imprese Spa 

Firenze, Italy 

www.mpsbancaimpresa.it 




Mp-tec GmbH & Co KG 

Potsdam, Germany 

www.mp-tec.de 




MTI Partners Ltd. 

London, UK 

www.mtifirms.com 





Munich Re 


www.munichre.com 




Directory 

Municipality of Salerno 

Salerno, Italy 




Municipality of Sofia 

Sofia, Bulgaria 

www.sofia.bg 




Municipality of Utscheid 

Utscheid, Germany 




MVV Energie AG 

Mannheim, Germany 

www.mvv-energie.de 




MVV Umwelt GmbH 

Mannheim, Germany 

www.mvv-umwelt.de 




Mytilineos Holdings SA 


www.mytilineos.gr 




75

Directory 

N 

Nano Future Invest A/S 

Oslo, Norway 





Nass & Wind Group 

Lorient, France 

www.nass-et-wind.com 



Capital, PIPE 


National Australia Bank Ltd. 

Docklands, Australia 

www.nabgroup.com 


Wind 



National Fund for Environmental 

Protection and Water Management 

Katowice, Poland 

www.nfosigw.gov.pl/en 


Waste 




National Technology Enterprises 

Company 

Kuwait City, Kuwait 

www.ntec.com.kw 




Natixis 

Paris, France 

www.natixis.com 




Natureo Finance SAS 

Paris, France 

www.natureofinance.com 





76 

Naturstrom AG 


www.naturstrom.de 




Naujoji Energija UAB 


www.neg.lt 




Navitas Capital 

Bilthoven, Netherlands 

www.navitascapital.nl 



(Series D+) 


NCB Stockbrokers Ltd. 


www.ncb.ie 





NCTM Studio Legale Associato 

Milan, Italy 

www.nctm.it 





Neoen - Direct Energie 

Paris, France 

www.neoen.fr 



sponsor 


New Earth Solutions Ltd. 

Verwood, UK 

www.newearthsolutions.co.uk 




New Energy Fund LP 

New York, USA 

www.newenergyfundlp.com 





New Value AG 


www.newvalue.ch 





NEW WAVE VENTURES 

London, UK 

www.nwventures.co.uk 


Technologies 




NextEra Energy Resources LLC 

Juno Beach, USA 

www.nexteraenergyresources.com 




NIBC Bank NV 


www.nibc.com 




NIBC European Infrastructure Fund 


www.nibc.com 



sponsor 

Country focus: Benelux, Germany 

Nissan Motor Company Ltd. 

Yokohama, Japan 

www.nissan-global.com 




Nivelinvest SA 

Louvain-la-Neuve, Belgium 

nivelinvest.be 





Noble Grossart 

Edinburgh, UK 

www.noblegrossart.co.uk 




Country focus: UK

Nomura Holdings Inc. 

Tokyo, Japan 

www.nomura.com 





Nord LB 

Hanover, Germany 

www.nordlb.de 

Sector focus: Recycling & Waste, Solar, 

Wind 




Country focus: France, Germany, UK, 

Other 

Nordea Bank AB 


www.nordea.com 




Norderland Projekt GmbH 

Aurich, Germany 




Nordex SE 


www.nordex-online.com 




Nordic Capital Ltd. 

Jersey, UK 

www.nordiccapital.com 




Nordic Investment Bank 


www.nib.int 


Efficiency, Hydro, Water & Waste 

Water Treatment, Wind 


Country focus: Scandinavia, Other 

Norner AS 

Stathelle, Norway 

www.norner.no 


Technologies 




Norske Skog Tasman 

Kawerau, New Zealand 

www.norskeskog.com 

Sector focus: Other renewables 


(Series D+) 


North Atlantic Value LLP 

London, UK 

www.navalue.co.uk 




NorthStar Ventures 


www.northstarventures.co.uk 


Waste 




Northzone Ventures 


www.northzone.com 





The North West Fund 


www.thenorthwestfund.co.uk 

Sector focus: Biomass, Energy Storage 


(Series D+) 


Norton Rose LLP 

London, UK 

www.nortonrose.com 




Country focus: France, Italy, UK, Other 

Nova Energy API 

Rome, Italy 

www.apinovaenergia.gruppoapi.com 




Novatec Biosol AG 

Karlsruhe, Germany 

www.novatec-biosol.com 




Directory 

Novenergia II 


www.novenergia.com 




Nuova Rete Solare Srl 

Rome, Italy 




NVM Private Equity Ltd. 


www.nvm.co.uk 




O 

O2 Group 


www.o2.se 




Oak Investment Partners LP 

Palo Alto, USA 

www.oakvc.com 


Technologies 



OCAS Ventures CVBA 

Zelzate, Belgium 

www.ocasventures.com 





Octopus Investments Ltd. 

London, UK 

www.octopusinvestments.com 




Octopus Ventures Ltd. 

London, UK 

www.octopusventures.com 






77

Directory 

Ofgem 

London, UK 

www.ofgem.gov.uk 




OFI InfraVia 

Paris, France 

www.ofi-infravia.com 




O-Gen UK Ltd. 

Stone, UK 

web.ogenuk.com 




Olympic Delivery Authority 

London, UK 

www.london2012.com 




Ombu Group 

London, UK 

www.ombugroup.com 

Sector focus: Energy Efficiency, Water 

& Waste Water Treatment 



Capital 


OPDE Group 

Fustinana, Spain 

www.opde.net 




OpenGate Capital 

Los Angeles, USA 

www.opengatecapital.com 




Operis Group plc 

London, UK 

www.operis.com 





78 

Oraxys SA 


www.oraxys.com 


Treatment 



Orchid Environmental Ltd. 

Adlington, UK 

www.orchid-environmental.co.uk 




Origis Energy 

Waregem, Belgium 

www.origisenergy.com 




Orrick Herrington & Sutcliffe LLP 

San Francisco, USA 

www.orrick.com 





Ortiz Construcciones y Proyectos SA 


www.grupoortiz.com 




OSEO 

Maison Alfort, France 

www.oseo.fr 

Sector focus: Biofuels, Solar 


finance, Grant & Government Funding 


Østjysk Innovation A/S 

Aarhus, Denmark 

www.oei.dk 





Oticon Foundation 

Smørum, Denmark 

www.oticonfonden.dk 




Oulun Energia 

Oulu, Finland 

www.oulunenergia.fi 




Overseas Private Investment Corp. 


www.opic.gov 




Oxford Capital Partners Ltd. 

Oxford, UK 

www.oxcp.com 





Oxford Early Investments (OEI) 

Oxford, UK 

www.oxei.co.uk 

Sector focus: Nuclear 



Oxford Instruments plc 

Abingdon, UK 

www.oxinst.com 




Oxford Technology Management Ltd. 

Oxford, UK 

www.oxfordtechnology.com 




Country focus: UK

P 

P2 Solar Inc. 

Surrey, Canada 

www.p2solar.com 




Pannonia Ethanol Zrt 


www.pannoniaethanol.com 




Parabel AG 


www.parabel-solar.com 




Parkwalk Advisors Ltd. 

London, UK 

www.parkwalkadvisors.com 


Technologies, Energy Storage, Solar 



D+) 


Partners Group Holding 


www.partnersgroup.com 



Capital, PE - Buyout 


Pavia e Ansaldo 

Milan, Italy 

www.pavia-ansaldo.it 





Payom Solar AG 

Merkendorf, Germany 

www.payom-ag.de 




PCC DEG Renewables GmbH 

Duisburg, Germany 

www.pcc.eu 




Pennant Walters Ltd. 

Hirwaun, UK 

www.pennantwalters.co.uk 




Pennon Group plc 

Exeter, UK 

www.pennon-group.co.uk 




Pension Fennia 


www.elake-fennia.fi 



(Series D+) 


PensionDanmark A/S 


www.pension.dk 




Pentair Inc. 

Minneapolis, USA 

www.pentair.com 


Treatment 




Pentech Ventures LLP 

Edinburgh, UK 

www.pentechvc.com 





Perceva Capital 

Paris, France 

www.percevacapital.com 




Perez-Llorca 

Madrid, Spain 

www.perezllorca.com 





PHD Equity Partners LLP 

Cheshire, UK 

www.phdequitypartners.com 




Directory 

Picoty SA 

La Souterraine, France 

www.picoty.fr 


Technologies 




Pinsent Masons LLP 

London, UK 

www.pinsentmasons.com 





Pioneer Point Partners LLP 

London, UK 

www.pioneer-point.com 




Piraeus Bank SA 


www.piraeusbank.gr 




Piraeus Equity Partners 


www.piraeusbank.gr 




PKA A/S 

Hellerup, Denmark 

www.pka.dk 




PKF International Ltd. 

London, UK 

www.pkf.com 





79

Directory 

PKO Bank Polski SA 


www.pkobp.pl 




Plaan Czech s.r.o. 

Kromeriz, Czech Republic 

www.plaan.cz 




Plan-net d.o.o. 

Preserje, Slovenia 

www.plan-net-solar.si 




Plastic Logic Ltd. 

Mountain View, USA 

www.plasticlogic.com 


Technologies 



Platina Partners LLP 

London, UK 

www.platinafinance.com 



sponsor 

Country focus: Italy, Scandinavia 

Platinum Equity LLC 

Beverly Hills, USA 

www.platinumequity.com 





Plymouth City Council 

Plymouth, UK 

www.plymouth.gov.uk 




Pohjola Bank 


www.pohjola.fi 




80 

Pohjolan Voima Oy 


www.pohjolanvoima.fi 




Poitou-Charentes Innovation 

Poitiers, France 

www.cdcentreprises.fr 

Sector focus: Micro-generation 




Polaris Management A/S 


www.polarisequity.dk 




Porton Capital Ltd. 


www.portoncapital.com 





D+) 


Porvoon Energia Oy 

Porvoon, Finland 

www.porvoonenergia.fi 




Positive Energy 


www.positiveenergy.gr 




Premier Power Renewable Energy Inc. 

El Dorado Hills, USA 

www.premierpower.com 




PricewaterhouseCoopers 

International Ltd. 

London, UK 

www.pwc.com 


Treatment 




Privredna Banka Zagreb 


www.pbz.hr 




Proparco 

Paris, France 

www.proparco.fr 




Provider Venture Partners AB 


www.itprovider.com 





Public Works Loan Board 

London, UK 

www.dmo.gov.uk/index. 

aspx?page=PWLB/Introduction 




Q 

Qatar Investment Authority 

Doha, Qatar 

www.qia.qa 


Investment focus: PE - Buyout, 

Minority / Partnership 


Q-Cells SE 

Thalheim, Germany 

www.q-cells.com 




Qi3 Ltd. 

Cambridge, UK 

www.qi3.co.uk 





Quadriga Capital 


www.quadriga-capital.ru 




Quam Ltd. 


www.quamlimited.com 




Quayle Munro Holdings plc 

Edinburgh, UK 

www.quaylemunro.com 





Quénéa Énergies Renouvelables 

Carhaix Cedex, France 

www.quenea.com 




QuietRevolution Ltd. 

London, UK 

www.quietrevolution.co.uk 




R 

Raabvill Kft 

Gyór, Hungary 

www.raabvill.hu 




Rabo Project Equity 


www.rabobank.com 




Rabo Ventures BV 


www.raboprivateequity.nl 


Treatment 




Rabobank 


www.rabobank.com 




Spain 

Raiffeisen Bank International AG 


www.rbinternational.com 




Raiffeisen Energy and Environment 

GmbH 


www.ree.at 




Rainbow Seed Fund 

Didcot, UK 

www.rainbowseedfund.com 




RBC Capital Markets Inc. 

Toronto, Canada 

www.rbccm.com 





RealEnergy Fund 

Milano, Italy 

www.estcapital.it/fondi_eng.asp?id_ 

fondo=11 




ReCap 

Cambridgeshire, UK 

www.recap.co.uk 


Technologies 




Recykler Tokarz i s-ka sp.j 

Kujawsko-Pomorskie, Poland 

www.recykler.com.pl 




Red Electrica de Espana SA 

Madrid, Spain 

www.ree.es 




Directory 

Région Poitou-Charentes 

Poitiers, France 

www.poitou-charentes.fr 



(Series D+) 


Regional Growth Fund 

London, UK 

www.bis.gov.uk/policies/economicdevelopment/regional-growth-fund 

Sector focus: Geothermal, Wind 


Capital, Grant & Government Funding 


Reiten & Co. 

Oslo, Norway 

www.reitenco.no 


& Remediation 



REN - Redes Energéticas Nacionais 

SGPS SA 


www.ren.pt 




Renault SA 

Boulogne-Billancourt, France 

www.renault.com 




RENERCO Renewable Energy 

Concepts AG 


www.renerco.de 




Renewable Energy Generation Ltd. 

St Helier, UK 

www.renewableenergygeneration. 

co.uk 




Renovalia Energy SA 

Madrid, Spain 

www.renovaliaenergy.es 




81

Directory 

Renovatio Power Srl 


www.renovatiopower.eu 




Renpro Sp zoo 

Szczecin, Poland 

www.renpro.pl 




REpower AG 

Poschiavo, Switzerland 

www.repower.com 




Repsol YPF SA 

Madrid, Spain 

www.repsol.com 





RES Group 

Kings Langley, UK 

www.res-group.com 




RES Projects GmbH 


www.resprojects.de 




Rete Rinnovabile Srl 

Rome, Italy 

www.rtrenergy.com 




RheinEnergie AG 

Cologne, Germany 

www.rheinenergie.com 




RidgeWind Ltd. 

Chipping Norton, UK 

www.ridgewind.com 




82 

Rio Tinto plc 

London, UK 

www.riotinto.com 




RIT Capital Partners plc 

London, UK 

www.ritcap.co.uk 



Capital 


Robert Bosch Venture Capital GmbH 


www.rbvc.com 


Technologies, Green Transportation 




Robert Gordon University 

Aberdeen, UK 

www.rgu.ac.uk 





Roquette Frères SA 

Lestrem, France 

www.roquette.fr 




Roundstone Properties Ltd. 

Canterbury, UK 




Rouse Project Developments Ltd. 

Enniscrone, Ireland 




Royal Bank of Scotland Group plc 

Edinburgh, UK 

www.rbs.co.uk 




Royal Society Enterprise Fund Ltd. 

London, UK 

royalsociety.org/enterprisefund 





RREEF 

Santa Ana, USA 

www.rreef.com 




RSM Tenon Group 

London, UK 

www.tenongroup.com 





RUSNANO 


www.rusnano.com 


Technologies, Wind 



Rutland Partners LLP 

London, UK 

www.rutlandpartners.com 




RWE Innogy GmbH 


www.rweinnogy.com 



Country focus: Germany, Italy, Other 

RWE npower Renewables 

Swindon, UK 

www.npower-renewables.com 



Country focus: UK

S 

Saferay GmbH 


www.safe-ray.com 




Saint Charles International 

Perpignan, France 

www.saintcharlesinternational.com 




SAM Private Equity AG 


www.sam-group.com/htmle/ 

privateequity/about.cfm 



Capital 


Samsung C&T Corp. 

Seoul, South Korea 

www.samsungcnt.com 




Samsung Venture Investment Corp. 

Seoul, Korea 

www.samsungventures.com 



Partnership 


Sanyo Electric Co. Ltd 

Osaka, Japan 

www.sanyo.com 




SARIA Bio-Industries GmbH & Co. 

Verwaltungs-und Beteiligungs KG 


www.saria.de 




Satell 


www.satell-partner.de 





SCA Svenska Cellulosa Aktiebolaget 


www.sca.com 




Scandinavian Enviro Systems AB 


www.envirosystems.se 




Scatec Adventure AS 

Oslo, Norway 

www.scatec.no 





Schjodt 

Oslo, Norway 

www.schjodt.no 





SCHOTT Solar AG 

Mainz, Germany 

www.schottsolar.com 




Scottish Co-Investment Fund 

Glasgow, UK 

www.scottish-enterprise.com/investscottish-co-investment-fund.htm 





Scottish Enterprise 

Glasgow, UK 

www.scottish-enterprise.com 



(Series D+) 


Scottish Equity Partners LLP 

Glasgow, UK 

www.sep.co.uk 




Directory 

Scottish Power Ltd. 

Glasgow, UK 

www.scottishpower.com 




SeaEnergy Renewables Ltd. 

Westhill, UK 

www.seaenergy-plc.com 




SEAT SA 


www.seat.com 




SEB Skandinaviska Enskilda Banken AB 


www.enskilda.se 



Country focus: Scandinavia, Other 

SEED Capital 

Lyngby, Denmark 

www.seedcapital.dk 





Selected Energy SA 


www.stiafilco.com/en/comp_ 

epilenergy.asp 




Sener Group 

Las Arenas, Spain 

www.sener.es 




Sentica Partners Oy 


www.sentica.fi 


& Remediation 



83

Directory 

Seventure Partners 

Paris, France 

www.seventure.fr 





Seydaland Vereinigte Agrarbetriebe 

GmbH & Co. KG 

Jessen, Germany 

www.seydaland.net 




Shanks Group plc 

Milton Keynes, UK 

www.shanks.co.uk 




Sharp Corp. 

Tokyo, Japan 

www.Sharp-world.com 




Sibo Invest OÜ 





SIDERIDRAULIC SYSTEM Spa 

Cellatica, Italy 

www.sideridraulic.it 


Treatment 



Siem Kapital AS 

Oslo, Norway 

www.siemindustries.com 




Siemens AG 

Erlangen, Germany 

www.siemens.com 

Sector focus: Energy Efficiency, Hydro 


(Series A to C), Debt project finance 


84 

Siemens Bank GmbH 


www.finance.siemens.com 




Siemens Energy AG 


www.energy.siemens.com 



(Series D+) 


Siemens Financial Services Ltd. 

Stoke Poges, UK 

http://finance.siemens.com/ 

financialservices/uk 




Silfab Spa 

Padova, Italy 

www.silfab.eu 




Simmons & Company International 

London, UK 

www.simmonsco-intl.com 





Simmons & Simmons 

London, UK 

www.simmons-simmons.com 





Simmons Parallel Energy Fund 

Houston, USA 

www.simmonsco-intl.com 


& Remediation 




Simple.ie 


www.simple.ie 





Sinia Renovables SCR 




sponsor 


Sintef 


www.sintef.no 





Sirius Venture Partners GmbH 

Wiesbaden, Germany 

www.sirius-venture.com 



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


SITA UK Ltd. 

Maidenhead, UK 

www.sita.co.uk 




The Sixth Swedish National Pension 

Fund 

Kungsbacka, Sweden 

www.apfond6.se 



Capital 


Skandinaviska Enskilda Banken AB 


www.seb.se 




Skanska AB 

Solna, Sweden 

www.skanska.com 




Skanska Laing Consortium 

Herts, UK 

www.skanska.co.uk 



Country focus: UK

Skanska UK plc 

London, UK 

www.skanska.co.uk 




Skion GmbH 

Bad Homburg, Germany 

www.skion.de 




Sociedad Anónima Industrias 

Celulosa Aragonesa 

Zaragoza, Spain 

www.saica.es 




Societe Generale 

Paris, France 

www.sgcib.com 




Other 

Sofinnova Partners 

Paris, France 

www.sofinnova.fr 

Sector focus: Biofuels, Energy Storage 



D+) 

Country focus: Benelux, Other 

Sojitz Corporation 

Tokyo, Japan 

www.sojitz.com 




Sol Power, Production and Trading 

Electricity SA 


www.phoenixsolar-group.com 




Solaire Direct SAS 

Paris, France 

www.solairedirect.fr 




Solaire France Sarl 

Perpignan, France 

www.solairefrance.fr 




Solar Energie Andresen GmbH 

Sprakebüll, Germany 

www.solar-andresen.com 




Solar Invest AG 


www.solarmillennium-invest.de 




Solar Investment Group BV 

Milan, Italy 

www.solarinvestmentgroup.it 




Solar Millennium AG 

Erlangen, Germany 

www.solarmillennium.de 




SolarHybrid Capital Management GmbH 

Markranstaedt, Germany 

www.solarhybrid.ag 




Solaria Energia y Medio Ambiente SA 

Madrid, Spain 

www.solariaenergia.com 




Solarig N-Gage SA 

Soria, Spain 

www.solarig.com 




Solar-Konzept GmbH 


www.solar-konzept.de 




Directory 

solarSTEP GmbH & Co. KG 


www.solarstep.de 




SolarWorld AG 

Bonn, Germany 

www.solarworld.de 




Solea AG 

Plattling, Germany 

www.solea-ag.de 




Solidus Partners LLP 

London, UK 

www.soliduspartners.com 




Soligest 

Belleville, France 

www.soligest.com 




Solvay SA 


www.solvay.com 



(Series D+) 


Solvis Energy Solutions Ltd. 

Bury, UK 

www.solvisenergysolutions.co.uk 




Sonae Industria 

Maia, Portugal 

www.sonaeindustria.com 




Sonnedix Management Services Ltd. 


www.sonnedix.com 



Country focus: France, Italy, Spain 

85

Directory 

Sonnedix San Benedetto Srl 

Milan, Italy 

www.sonnedix.com 




Sonnenergie Kirchberg Betriebs 

GmbH & CO. KG 

Kirchberg, Germany 




South West Angel and Investor Network 

Bristol, UK 

www.swain.org.uk 


Investment focus: Seed Financing, 

Angel Funding 


South West Regional Development 

Agency 

London, UK 

www.southwestrda.org.uk 




Space Station ltd. 

Brentford, UK 

www.space-station.co.uk 




Sparkasse Bremen 


www.sparkasse-bremen.de 




SPEGE Société Publique de Gestion de 

l’Eau 

Vervier, Belgium 

www.spge.be 


Treatment 




London, UK 

www.squiresanders.com 


Advisory Focus: Legal Advisory - 

Porject Finance 

Country Focus: Spain, UK 

86 

SRIW SA 

Liege, Belgium 

www.sriw.be 





SRU Solar AG 

Berga, Germany 

www.sru-solar-ag.de 



Country focus: Germany, Scandinavia 

SSE plc 

Perth, UK 

www.scottish-southern.co.uk 



Remediation 



SSE Renewables Holdings Ltd. 


www.sserenewables.com 

Sector focus: Energy Storage, Marine 


(Series D+) 


SSE Ventures 

Perth, UK 

www.sse.com 



Capital 


Stadtwerke Munchen GmbH 


www.swm.de 


Wind 



Starquest Capital 

Paris, France 

starquest-capital.com 




Statkraft SF 

Oslo, Norway 

www.statkraft.com 




Statnett SF 

Oslo, Norway 

www.statnett.no 




Statoil ASA 

Oslo, Norway 

www.statoil.com 




Stillger & Stahl 

Vermögensverwaltung GbR 

Limburg, Germany 

www.stillger-stahl.com 



sponsor 


Sting Capital 


www.stingcapital.com 


Efficiency 




Stirling Square Capital Partners LLP 

London, UK 

www.stirlingsquare.com 



Capital 


Stolt-Nielsen Ltd. 

London, UK 

www.stolt-nielsen.com 




Stowell Farms 

Marlborough, UK 

www.stowellfarms.co.uk 




Strizivojna Hrast 

Strizivojna, Croatia 

www.strizivojna-hrast.hr 




Studio Legale Chiomenti 

Rome, Italy 

www.chiomenti.net 





Studio Legale Sinatra 

Milan, Italy 

www.studiolegalesinatra.com 





Sullivan Street Partners 

London, UK 

www.sullivanstreet.co.uk 




Sumitomo Corp. 

Tokyo, Japan 

www.sumitomocorp.co.jp 



(Series D+) 


Sumitomo Mitsui Banking Corp. 

Tokyo, Japan 

www.smbc.co.jp 




Sun Developpement 

La Valette du Var, France 

www.sundeveloppement.com 




SunEdison LLC 

Beltsville, USA 

www.sunedison.com 




SunEnergy Europe GmbH 


www.sunenergy.eu 




SUNfarming GmbH 

Erkner, Germany 

www.sunfarming.co.uk 




Sunrise Energy Group 

Den Haag, Netherlands 

www.thesunrisegroup.nl 


& Remediation 




SUSI Partners AG 


www.susi-partners.ch 



Country focus: Benelux, Italy 

Sustainable Technologies Fund 


www.stechfund.com 





Sustainable Technology Investments Ltd. 

London, UK 

www.poweradvisers.com 



Capital 


Svevind AB 

Tavelsjö, Sweden 

www.svevind.se 




Swedish Energy Agency 

(Energimyndigheten) 

Eskilstuna, Sweden 

www.energimyndigheten.se 


Technologies, Biofuels, Biomass, Wind 


(Series A to C), Project sponsor, Grant 

& Government Funding 


Swisscom AG 


en.swisscom.ch 





Directory 

Synergy Energy Ltd. 

London, UK 

www.synergy-energy.co 





T 

TAG Energy Solutions Ltd. 

Billingham, UK 

www.teesag.com 




Taiga Mistral SL 

Madrid, Spain 

www.taigamistral.com 



sponsor 


Taprogge Watertech GmbH 

Wetter, Germany 

www.taprogge.de 


Treatment 


Partnership 


Target Corporate Finance 

London, UK 

www.tal-london.com 





Target Partners GmbH 


www.targetpartners.de 





Tauron Polska Energia SA 

Katowice, Poland 

www.tauron-pe.pl 




87

Directory 

Technische Werke Schussental GmbH 

& Co KG 

Ravensburg, Germany 

www.tws.de 




Technologiefonds MV GmbH 

Schwerin, Germany 

www.technologiefonds-mv.de 





Teknoinvest AS 

Oslo, Norway 

www.teknoinvest.no 





TeknoSeed Portfolio Management AB 

Lund, Sweden 

www.teknoseed.se 


Investment focus: Minority / Partnership 


Telvent GIT SA 

Alcobendas, Spain 

www.telvent.com 





Tempo Capital Partners LLP 

London, UK 

www.tempo-cap.com 


Technologies 


(Series D+) 


Tenesol SA 

La Tour-de-Salvagny, France 

www.tenesol.com 




TenneT Holding BV 

Arnhem, Netherlands 

www.tennet.org 




88 

TEP Solar Holdings Ltd. 


www.eeafm.com 




Termosolar Palma Saetilla SL 

Madrid, Spain 




Terna - Rete Elettrica Nazionale SpA 

Rome, Italy 

www.terna.it 




TerniEnergia Spa 

Terni, Italy 

www.ternienergia.com 


& Remediation, Solar 


Partnership, Project sponsor 


Terra Firma Capital Partners Ltd. 

London, UK 

www.terrafirma.com 



sponsor 


Territorio Histórico de Guipuzkoa 

Vitoria-Gasteiz, Spain 




Teutoburger Energie Netzwerk eG 

Hagen, Germany 

www.ten-eg.de 




Thames Water Utilities Ltd. 

Reading, UK 

www.thameswater.co.uk 




Theolia SA 

Aix-en-Provence, France 

www.theolia.com 




Thermovolt AG 

Roggentin, Germany 

www.thermovolt.de 




Tibia Konsult AB 

Malmo, Sweden 


& Remediation 




Tidal Energy Ltd. 

Cardiff, UK 

www.tidalenergyltd.com 




TNP Mitteldeutsche Anlagen Leasing 

Leipzig, Germany 

www.tnp-mal.de 




Tods Murray LLP 

Edinburgh, UK 

www.todsmurray.com 





Tongjiang International Energy Co Ltd. 


Sector focus: Co-generation 



Torbay Council 

Devon, UK 

www.torbay.gov.uk 




Toyota Motor Corp. 

Tokyo, Japan 

www.toyota.co.jp 




Tozzi Renewable Energy Spa 

Mezzano, Italy 

www.tre-energia.com 




TransGlobal Assets Inc. 

Lincoln, USA 

www.transglobalassets.com 




Transmission Capital Ltd. 

London, UK 

www.transmissioncapital.com 




TRI Capital Ltd 

Melrose, UK 

www.tricapital.co.uk 





Triodos Bank NV 

Zeist, Netherlands 

www.triodos.com 





Triton Beteiligungsberatung GmbH 


www.triton-partners.com 




TSK Group 

Gijon, Spain 

www.tsk.es 




T-Solar SA 

Madrid, Spain 

www.tsolar.eu 




Turkiye Garanti Bankasi AS 


www.garantibank.com 




Turquoise Capital LLP 

London, UK 


Sector focus: Biofuels, Biomass, Energy 

Efficiency, Energy Storage, Green 

Transportation, Hydro 


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


Turun Seudun Vesi Oy 

Turku, Finland 

www.turunseudunvesi.fi 


Treatment 



T-Venture Holding GmbH 

Bonn, Germany 

www.t-venture.de 

Sector focus: Energy Efficiency, Energy 

Storage 




TVM Capital GmbH 


www.tvm-capital.de 





Typhoon Capital BV 


www.typhooncapital.nl 



sponsor 


U 

U.K. Department of Energy and 

Climate Change 

London, UK 

www.decc.gov.uk 


& Remediation 



U.K. Department for Environment, 

Food and Rural Affairs 

London, UK 

www.defra.gov.uk 

Sector focus: Biomass, Recycling & Waste 


finance, Project sponsor, Grant & 



Directory 

U.K. Department of Transport 

London, UK 

www.dft.gov.uk 





U.K. Technology Strategy Board 

Swindon, UK 

www.innovateuk.org 





U.S. Department of Energy 


www.energy.gov 


& Remediation, Wind 




U.S. Trade and Development Agency 


www.ustda.gov 

Sector focus: Geothermal, Recycling & 

Waste 




UBI Banca Scpa 

Bergamo, Italy 

www.ubibanca.it 




UCB Union de Crédit pour le Bâtiment 

Paris, France 

www.ucb-homefinance.ch 




UK Power Networks 

London, UK 

www.ukpowernetworks.co.uk 




Ulster Bank Ireland Ltd. 

Belfast, UK 

www.ulsterbank.com 




89

Directory 

Uni Land Spa 

Monghidoro, Italy 

www.unilandspa.it 





Unicredit Spa 

Milan, Italy 

www.unicredit.eu 


Wind, 



Country focus: Italy, Spain, UK, Other 

Unilever Ventures Ltd. 

San Francisco, USA 

www.unileverventures.com 


Treatment 




United Utilities 


www.unitedutilities.com 


Treatment 



Upsolar Europe SAS 

Paris, France 

www.upsolar.com 




Uria Menendez 

Madrid, Spain 

www.uria.com 





USE Umwelt Sonne Energie GmbH 

Holzgerlingen, Germany 

www.use-energie.de 




90 

V 

Vaekstfonden 


www.vf.dk 





Vaskiluodon Voima Oy 

Eurajoki, Finland 

www.vv.fi 




Vattenfall AB 


www.vattenfall.com 


& Remediation, Wind 



Vattenfall Europe Venture GmbH 


www.vattenfall.de 



(Series D+) 


VEI Capital 

Vicenza, Italy 

www.palladiofinanziaria.it 



sponsor 


Ventegis Capital AG 


www.ventegis-capital.de 



(Series D+) 


Ventizz Capital Partners Advisory AG 


www.ventizz.com 



Capital 


Ventotec GmbH 

Leer, Germany 

www.ventotec.de 




Ventus VCT plc 

London, UK 

www.ventusvct.com 





Veolia Environnement SA 

Paris, France 

www.veolia.com 




Verbund AG 


www.verbund.at 




Verdane Capital 

Oslo, Norway 

www.verdanecapital.com 





VGD Group Ltd. 


www.vgd.eu 


Technologies 




Via Venture Partners A/S 


www.viaventurepartners.com 


Technologies 




Viasol A/S 


viasol.dk 




Victoria Group A.D. 


www.victoriagroup.rs 




VINNOVA 


www.vinnova.se 

Sector focus: CleanTech Products & 

Services, Solar, Wind, Other 


(Series A to C), Grant & Government 

Funding 


Viridor Waste Management Ltd. 

Taunton, UK 

www.viridor.co.uk 




VIVES SA 

Louvain-la-Neuve, Belgium 

www.vivesfund.com 





Vivien & Associés 

Paris, France 

www.va-fr.com 





Vogt Group SE 


www.vogtgroup.com 




Voigt & Collegen 

Düsseldorf, Germany 

www.voigtundcollegen.de 




VOLTAÏCA Holding 

Bastia, France 




Volteo Energie Srl 

Milan, Italy 




VTB Capital plc 


www.vtbcapital.com 




W 

W. Hamburger GmbH 

Pitten, Austria 

www.hamburger.ag 




Wasabi Energy Ltd. 

Melbourne, Australia 

www.wasabienergy.com 




Waste & Resources Action Programme 

Banbury, UK 

www.wrap.org.uk 





Waste Management Inc. 

Houston, USA 

www.wm.com 





Watson, Farley & Williams LLP 

London, UK 

www.wfw.com 




Country focus: Germany, Italy, 

Scandinavia 

Wattner AG 

Köln, Germany 

www.wattner.de 



sponsor 


Wellington Partners GmbH 


www.wellington-partners.com 





Directory 

Wessex Water Services Ltd. 

Bath, UK 

www.wessexwater.co.uk 


Treatment 



West Coast Energy Ltd. 

Mold, UK 

www.westcoastenergy.co.uk 




Western Power Distribution plc 

Bristol, UK 

www.westernpower.co.uk 




Westhouse Securities Ltd. 

London, UK 

www.westhousesecurities.com 





WestLB AG 

Düsseldorf, Germany 

www.westlb.de 




Other 

Wetfeet Offshore Windenergy GmbH 


www.wetfeet.de 




WHEB Partners 

London, UK 

www.whebventures.com 


Geothermal, Green Transportation 



Capital, PE-Buyout 

Country focus: Germany, Scandinavia 

White Owl Capital AG 


www.whiteowl.de 



sponsor 


91

Directory 

Widok Energia SA 

Sopot, Poland 

www.widokenergia.pl 




Wierzchoslawice Energy 

Wierzchoslawice, Poland 




Winch Energy Group 

Putignano, Italy 

winchenergy.com 




Wind Projekt GmbH 

Bör ge ren de, Germany 

www.wind-projekt.de 




Windenerg Jar 3 

Bydgoszcz, Poland 




Windland Energieerzeugungs GmbH 

Bremerhaven, Germany 

meerwind.de/Windland 




Windreich AG 


www.windreich.de 




Windwärts Energie Gmbh 

Hannover, Germany 

www.windwaerts.de 




Wirsol Solar AG 

Waghausel-kirrlach, Germany 

www.wirsol.de 




92 

WKN AG 

Husum, Germany 

www.wkn-ag.de 




World Gold Council 

New York, USA 

www.gold.org 





WPD AG 


www.wpd.de 




Wragge & Co LLP 


www.wragge.com 





WSB Neue Energien GmbH 

Dresden, Germany 

www.wsb.de 



Country focus: Germany, Other 

Y 

Yapi ve Kredi Bankasi AS 


www.yapikredi.com.tr 




Yellow&Blue Investment 

Management BV 

Utrecht, Netherlands 

www.yellowandblue.nl 





YFM Group 

Leeds, UK 

www.yfmgroup.co.uk 




D+) 


Yorkshire Finance 

Barnsley, UK 

www.finance-yorkshire.com 





Yorkshire Water Services Ltd. 

Bradford, UK 

www.yorkshirewater.com 


Treatment 



Z 

Zagrebacka Banka 


www.zaba.hr 




Zorlu Enerji Elektrik Uretim AS 


www.zoren.com.tr 




Zouk Capital LLP 

London, UK 

www.zouk.com 

Sector focus: Solar, Recycling & Waste, 

Other CleanTech Products & Services 


(Series D+) 


Zwickauer Energieversorgung GmbH 

Zwickau, Germany 

www.zev-energie.de 




Directory 

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Directory 


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