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02InVeSTMenT flOwS growth was a result of the successful financing of large wind projects and one geothermal project following the government’s 2009 announcement that it was increasing its renewables target from 3.3% to 7.6 % by 2012. Argentina saw investment increase by 568%, to $740 million; Peru’s investment doubled to $480 million; 2010 and by uncertainty over feedstock supplies. and Chile saw a 21% increase to $960 million. Financing for small-scale hydropower was down 43%, to $2 billion, hit by a post-financial crisis lull, regulatory restrictions in Europe, and concerns about the risk of rainfall variations affecting the performance of some projects. Africa achieved the largest percent increase in renewable energy investment among developing country regions apart from China, India, and Brazil. Total investment rose from $750 million to $3.6 billion, largely as a result of strong performances in Egypt and Kenya. Ocean energy continued to be at an immature stage of development, managing just $40 million of asset financ- ing. However, ambitious plans emerged during 2010 for multi-MW projects off the coasts of countries such as the U.K. and Portugal. Asset finance of new utility-scale renewable energy projects (wind farms, solar parks, biofuel and solar thermal plants), the largest investment asset class, reached a record $128 billion in 2010, or almost 60% of the total. This represents an increase of 20% over 2009, which had seen a drop of 6% compared to 2008. Other types of investment activities in 2010 were notable as well. Venture capital and private equity investment in renewable energy companies increased 19% over 2009, to $5.5 billion, despite a significant drop in the third quarter of the year. All of the growth was in venture capital (both early and late stage), while private equity expansion capital continued to drop, following the trend in 2009. Early-stage venture capital rose 41% to $930 million, and late-stage venture capital increased 71% n Investment by Type The resumption of utility-scale asset finance growth in 2010 is due mainly to the Asia and Oceania region, which accounted for about 44% of the total new-build asset finance during the year. China in particular took first place in new-build clean energy in 2010, with asset finance of $43.8 billion, the largest for any single country. The United States was second on the list, with $19.6 billion in asset finance, or less than half that of China. to $1.5 billion. Early-stage venture capital was still 38% below its 2008 peak, but late-stage established a new record high, almost 9% above its 2008 level. China and the United States together accounted for more than half of the total new-build asset finance in 2010. Several European countries, led by Germany, Italy, and Spain, were among the top 15 countries. So were Brazil, Canada, India, and Mexico. Asset finance for the 3rd- to 15th-ranked countries ranged from $1.4 billion (Poland) to $6.9 billion (Brazil). Meanwhile, investment of private equity expansion capital dropped by $20 million, to $3.1 billion, following the decline in 2009, and was less than half the value of its 2008 peak. Private equity continued to face challen- ges over fundraising, valuations, and exits in 2010. The regional leader in venture capital and private equity investment was North America. In terms of technology, most investment went into solar. Wind power dominated the utility-scale asset finance sector (70%), with $90 billion invested in projects, a 33% rise over 2009. Large-scale solar power plants represented the second largest sector under utility-scale asset financing, at $19 billion in 2010. This was about 5% higher than the financing secured in 2009, although still below the 2008 record of $23 billion due to the sharp decline in PV panel prices. Renewable energy investment in public markets in- creased 23% in 2010, to $15.4 billion, an increase over the previous year. Research and development (R&D) on renewable energy rose to $9 billion in 2010, with most R&D worldwide going into solar ($3.6 billion) followed by biofuels ($2.3 billion). For the first time, governments spent more on R&D for renewables ($5 billion, up from $2 billion in 2009) than the private sector did ($3 billion, down from $4 billion in 2009). This is because green stimulus money was still being spent during 2010, most strongly in Asia and Oceania (excluding China and India), where government R&D investment in renewable energy increased 27-fold spurred by national stimulus packages in Australia, Japan, and South Korea. Geothermal also saw an increase in asset finance in 2010 compared to 2009. Financing for biomass (including waste-to-energy), biofuels, small hydro, and ocean power in 2010 was lower than it was the previous year. Asset financing for biomass (including waste-to-energy) was down 10% to $10.2 billion in 2010. The sector contin- ued to be plagued by feedstock supply challenges and uncertainty over future feedstock prices. In 2010, $60 billion was invested in small-scale distrib- uted generation projects, accounting for more than 25% of total investment in renewable energy. This small-scale investment was largely solar PV, which is benefiting from generous support programs, falling prices for solar mod- ules, and a growing base of installers that are marketing to consumers. Bloomberg New Energy Finance (BNEF) estimates that 86% of the investment in small-scale solar took place in countries that have introduced feed-in tariffs. Germany, which continues to have the world’s largest solar PV market, took the lead with a 57% global investment share. Counting both utility-scale solar The biofuel sector saw a 19% drop in asset finance, to $4.7 billion. This was one quarter of the $20 billion of asset financing that the sector secured in 2007, and less than one third of the 2008 amount ($16 billion). The 36 downward trend was driven by lower crude oil prices inPDF Image | GLOBAL STATUS REPORT Renewables 2011
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