2021年上半年可再生能源投资跟踪-21页_592kb

Renewable Energy Investment Tracker, 1H 2021 Summary

Core Content

This report by BloombergNEF provides a detailed analysis of global investment in renewable energy for the first half of 2021. It highlights the significant growth in public market fundraising and the mixed performance of project-based investments across different regions and sectors.

Main Points

• Global Investment:

  • Total new investment in renewable energy in 1H 2021 reached $174.3 billion, an increase of 1.8% from 1H 2020, but 7% lower than the second half of 2020.
  • This includes both asset finance and corporate finance.

• Public Market Offerings:

  • Renewable energy and related companies raised $28.2 billion on public markets, a 509% increase compared to 1H 2020.
  • Venture capital and private equity (VC/PE) expansion investment totaled $5.7 billion, up 111% from the previous year, setting a new record.

• Solar Investment:

  • Solar project investment reached a record $78.9 billion in 1H 2021, up 9.5% year-on-year.
  • China saw a significant increase in solar investment, with $4.9 billion in 2Q 2021, driven by large-scale 'subsidy-free' projects.
  • U.S. solar investment rose to $6.4 billion in 2Q 2021.
  • Small-scale solar investment data is less visible due to limited availability, but indicators suggest it remains strong in Europe.

• Wind Investment:

  • Wind investment totaled $58 billion in 1H 2021, a 30.5% decrease compared to 1H 2020.
  • China, the largest wind market, invested $21 billion, showing continued development without feed-in premiums.
  • EMEA accounted for 36% of all investments, with Finland leading in onshore wind.
  • Offshore wind investment was affected by the timing of financings and cheaper capital expenditures.

• M&A Activity:

  • Corporate M&A and private equity buyouts totaled $22.4 billion, up 25% from 1H 2020.
  • India emerged as the top market for M&A in 1H 2021, surpassing the U.S. and China.
  • Major deals included Adani Enterprises Ltd. selling a minority stake in Adani Green Energy Ltd. to TotalEnergies SE for $2.5 billion, and SK Holdings Co. acquiring a minority stake in Plug Power Inc. for $1.5 billion.

• Funds in Circulation:

  • Total funds in circulation amounted to $68.3 billion, up 17.6% year-on-year.
  • This includes project refinancings, mergers, acquisitions, and public market exits.

Key Information

• The report distinguishes between new investment and funds in circulation, with the latter covering refinancing and M&A activities.
• New investment focuses on the development of new renewable energy projects and equity raising by specialist companies.
• Public markets played a crucial role in financing renewable energy companies, with record-breaking capital raises.
• China remained the largest market for renewable energy investment in 1H 2021, followed by Europe and the U.S.
• Solar outperformed wind in terms of investment growth, while wind financing faced a decline due to the end of a previous subsidy-driven period.

Comparison with Other Reports

• This report is half-yearly, based on quarterly data, and focuses specifically on renewable energy, covering both asset finance and corporate finance.
• In contrast, the Energy Transition Investment Trends report is annual and covers a broader range of energy transition sectors, including electrified transport, energy storage, hydrogen, and CCS, but is more focused on project investment and product deployment rather than corporate finance.

Definitions

• New Investment: Includes asset finance for new builds and equity raising by specialist renewable energy companies.
• Funds in Circulation: Refers to refinancing, M&A, and public market exits, which do not add new capital but enable capital reallocation.
• Asset Classes:
  • Wind: Onshore and offshore electricity generation projects.
  • Solar: Includes photovoltaic (PV) and solar thermal technologies.
  • Biofuels: Liquid transportation fuels like biodiesel and bioethanol.
  • Other Renewables: Small hydro, geothermal, marine, and biomass/waste.

Conclusion

The first half of 2021 marked a record for public market fundraising in renewable energy, driven by strong performance in solar and corporate M&A activity. Despite a decline in project-based wind investment, the sector remained resilient in Europe. The report underscores the shift towards more diversified funding sources and the importance of public markets in the renewable energy sector's growth.