1、Subtittle if needed. If not MONTH 2018 Published in Month 2018 Financing and investment trends The European wind industry in 2019 windeurope.org The European wind industry in 2019 Published April 2020 Financing and investment trends TEXT AND ANALYSIS: WindEurope Business Intelligence Guy Brindley ED
2、ITORS: Daniel Fraile, WindEurope Colin Walsh, WindEurope DESIGN: Lin van de Velde, Drukvorm INVESTMENT DATA: Clean Energy Pipeline IJ Global All currency conversions made at EURGBP 0.87777 and EURUSD 1.1195 Figures include estimates for undisclosed values PHOTO COVER: Courtesy of Philipp Grytz MORE
3、INFORMATION: policywindeurope.org +32 2 213 18 68 This report summarises financing activity in the European wind sector from 1 January 2019 to 31 December 2019. Unless stated otherwise this includes the then 28 EU Member States and the following countries: Belarus, Georgia, Kosovo, Montenegro, Norwa
4、y, Russia, Serbia, Switzerland, Turkey and Ukraine. It includes investment figures for the construction of new wind farms, refinancing transactions for wind farms under construction or operation, project acquisition activity, company acquisitions and capital market financing. Rounding of figures is
5、at the discretion of the author. New asset figures pre-2019 have been restated from previous publications. DISCLAIMER This publication contains information from external data providers. Neither WindEurope, nor its members, nor their related entities are, by means of this publication, rendering profe
6、ssional advice or services. Neither WindEurope nor its members shall be responsible for any loss whatsoever sustained by any person who relies on this publication. CONTENTS EXECUTIVE SUMMARY .7 WIND ENERGY FINANCE BASICS .10 1. INVESTMENT NUMBERS IN 2019 .14 1.1 Wind energy investments .14 1.2 New a
7、sset finance per technology .15 2. SOURCES OF FINANCE IN 2019 .21 2.1 Onshore financing .21 2.2 Offshore financing .23 2.3 Non-recourse debt financing .24 2.4 Green bonds .28 2.5 Project acquisitions .30 2.6 Corporate renewable PPAs .31 3. POLICY AND INVESTMENT OUTLOOK .37 3.1 European Green Deal .3
8、7 3.2 European investment bank .39 3.3 Sustainable finance .40 3.4 Revenue stabilisation .41 3.5 Investment outlook .42 ANNEX: GLOSSARY .45 6Financing and investment trends The European wind industry in 2019 WindEurope 7Financing and investment trends The European wind industry in 2019 WindEurope FI
9、GURE 1 European wind energy investments in 2019 per asset class (bn) Source: WindEurope EXECUTIVE SUMMARY In 2019 the wind energy industry invested 52bn in Eu- rope, 19bn of which was for the financing of new wind energy projects. The remaining 33bn included invest- ments in new assets, refinancing
10、transactions, mergers and acquisitions at project and corporate level, public market transactions and raised private equity. Investments in new onshore wind farms alone were 13.1bn which will finance the construction of 10.3 GW of new projects. This was the second highest capacity fi- nanced in a ye
11、ar on record. Governments and policy makers see the technology as a major driver to transition from fossil fuels and con- ventional power assets. Onshore wind is a mature and proven technology attracting a wide variety of investors. Cost-competitiveness and reduced risk perceptions in off- shore win
12、d have attracted domestic and international in- vestors looking to diversify their portfolios and align with their sustainability targets. Wind energy projects make an attractive investment and in the long-term there should be plenty of capital avail- able to finance them. In the short-term the glob
13、al eco- nomic situation resulting from the COVID-19 pandemic is uncertain and delays to the financing of new farms are inevitable. It is important that EU and national economic recovery plans are aligned with the European Green Deal and as far as possible limit any delay to the transition to a low-c
14、arbon society. 19.0bn 10.2bn 17.5bn 0.9bn 4.2bn 51.8bn New asset financing RefinancingProject acquisitions Company acquisitions Capital marketsTotal investments 8Financing and investment trends The European wind industry in 2019 WindEurope Executive Summary 2019 annual figures Europe raised a total
15、of 51.8bn for the construction of new wind farms, refinancing operations, project and company acquisitions as well as public market fundraising. Total investments in wind energy were comparable with the previous 3 years. However, 2019 saw approximately 5bn less investment than 2018. 19bn was raised
16、for the construction of new wind farms in Europe, 24% less than in 2018. New capacity financed (11.7 GW) was also comparable with recent years, but significantly less than the record 16 GW financed in 2018. Investment in new onshore wind projects were solid with 13.1bn, 68% of the total investments
17、in wind power in Europe and the second highest capacity financed in a year with 10.3 GW. Investments in new offshore wind farms totalled 6.1bn (including 0.5bn floating offshore). This was the lowest amount invested and capacity financed in a year since 2012. There were over 130 Final Investment Dec
18、isions (FIDs), including just 4 offshore wind projects, announced in 25 countries. Project acquisitions, where investors purchase (a share of) a wind energy project, were 17.5bn, slightly down on the 19.6bn in 2018. Banks extended 20.3bn in non-recourse debt for the construction and refinancing of w
19、ind farms, continuing the high level of activity seen since 2016. Non-recourse debt accounted for 49% of all investment in new onshore and 77% of all investment in new offshore wind farms, highlighting the importance of banks in wind energy financing. Wind energy was the largest investment opportuni
20、ty in the power sector in Europe. Country highlights Spain financed the most wind energy in 2019, both in terms of capacity financed and amount invested. 28 onshore projects reached final investment decision (FID) with an average investment of 1m per MW. Northern and Western Europe still hold the bu
21、lk of new investments with 11.5bn, 60% of the total capital raised for the construction of new wind farms in Europe. France saw its first FID for an offshore wind project for the 480 MW Saint Nazaire offshore wind farm. Germany overtook the UK to have the greatest project acquisition volumes in 2019
22、 with 4.9bn changing hands (1.7 GW). 90% of the investment was in offshore wind. The UK was the second largest market for project acquisitions with 3.8bn (1.2 GW) of transactions taking place (68% offshore wind projects). Investments in South East Europe (SEE) remain low. With a total of 0.6bn, the
23、SEE region represents only 3% of the total new assets financed in Europe, down from 4% in 2018 and 16% in 2017. Investment trends In the medium-term, low interest rate levels are likely to remain and the large number of lenders active in the market should provide favourable conditions for raising de
24、bt. In the short-term uncertainties from the global COVID-19 pandemic is likely to lead to reduced liquidity in debt markets as lenders focus on managing their liquidity and will be less keen to lend more capital. Debt remains instrumental in wind energy financing with non-recourse debt providing 58
25、% of all capital raised for new wind energy projects. 2019 was a record year for the refinancing of onshore wind farms with 6.1bn of activity. Overall, 2019 saw the second highest amount of refinancing activity (after 2018). 9Financing and investment trends The European wind industry in 2019 WindEur
26、ope Executive Summary 71% of the capital raised for new wind energy projects was on a project finance basis from approximately half of the projects reaching FID in 2019. Interest rate premiums continue to fall for offshore wind financing. Policy highlights The European Green Deal will add some concr
27、ete measures (i.e. legislation and funding) behind Europes ambition to become the first carbon-neutral continent by 2050. The European Climate Law will enshrine carbon neutrality by 2050 into law. The Sustainable Europe Investment Plan, the investment pillar of the Green Deal, will aim to mobilise a
28、t least 1tn of public and private capital over the next decade. The European Investment Bank (EIB) is set to become Europes Climate Bank, ending financing for all unabated fossil fuels from 2021 and committing 50% of its financing to climate action and sustainability by 2025. The sustainable finance
29、 framework is being developed to reorient capital flows towards sustainable activities and investments. The two-sided Contract for Difference (CfD) provides revenue stabilisation, attracting cheaper financing and facilitating the build-out of renewable power at the lowest cost to society. Investment
30、 Outlook Interest rates are set to remain low in 2020. Under normal circumstances, this would mean it is a good time to borrow for long-term investments. The depth of the economic fall-out from the COVID-19 pandemic will determine how quickly markets return to some sort of normality. Global economic
31、 growth is likely to be weak due to uncertainties arising from COVID-19 and international trade wars, in particular. In the longer term, growing merchant risk exposure in wind power projects will likely change the landscape and investor profiles in wind energy financing. 10Financing and investment t
32、rends The European wind industry in 2019 WindEurope Debt and equity The two main sources of capital in wind energy finance in Europe have been sponsor equity and debt. Sponsor equi- ty refers to a traditional equity investor, typically the own- er(s) of the project and/or the developer. Equity capit
33、al faces the highest risk in the project, because the owners are the party responsible for bringing the initial concept idea through development, construction and commercial operation. In addition, the owners are also the last inves- tors to be liquidated in case of a project default. Because of the
34、 tough requirements that equity capital faces, the returns are also higher. Debt refers to a contractually-arranged loan that must be repaid by the borrower. The lender has no ownership shares in the company or project. However, it has some collateral coverage as a financial protection in case the p
35、roject is unable to meet the debt repayment schedule. In the case of project default, the lenders are the first par- ty to be liquidated, before equity-type investors. As such, debt is generally considered a lower-risk investment and therefore comes with lower-cost financing compared to equity. Ther
36、e are two major types of debt in wind energy finance: construction debt and refinancing debt. Construction debt is raised for the purpose of financing new assets. Re- financing debt is raised for the purpose of financing con- struction debt at a longer maturity and/or lower interest rate. Corporate
37、finance and project finance The proportion of debt and equity in a project, as well as the way they are used, will determine the capital or fi- nancial structure of the project. There are two types of fi- nancial structures: corporate finance and project finance. In a corporate finance structure, in
38、vestments are carried on the balance sheet of the owners and project sponsors. Debt is raised at corporate level, with the lenders having recourse to all the assets of the company to liquidate a non-performing project. The project management and many of the contractual obligations are internalised w
39、ith the owners and project sponsors. Corporate finance is therefore quicker and usually less expensive than project finance. In a project finance structure, typically called non-re- course finance, the investment is carried off the balance sheet of the original owners and project sponsors. The in- v
40、estment or the project is turned into a separate business entity called a Special Purpose Vehicle (SPV) with its own management team and financial reporting, capable of raising debt on its own. Because debt is raised at project level, the lenders do not have recourse to the company assets of the own
41、ers and project sponsors in cases of a project default. Due to increased contractual obligations and a more sophisticated risk management structure, project finance can be more expensive and lengthier to finalise than corporate finance. WIND ENERGY FINANCE BASICS 11Financing and investment trends Th
42、e European wind industry in 2019 WindEurope Wind Energy Finance Basics FIGURE 2 Corporate Finance vs. Project Finance Source: WindEurope Debt-to-equity ratios in a project finance transaction may vary considerably depending on the project specifics, availability of capital and risk profile of the pr
43、oject own- ers. For wind projects they range between 70-80% debt and 20-30% equity. A companys capital structure will be determined by its particular risk profile, size and industry sector. Power pro- ducers and utilities with a large balance sheet will opt for a corporate finance structure and brin
44、g the project through construction as a single player. Fundraising will occur at corporate level through debt and equity vehicles alike. Unlike utilities, independent power producers with small- er balance sheets and those companies whose primary business is not wind energy have better project finance capabilities. In a project finance structure, partnerships are key from a very early stage. Fundraising will occur at project level, through