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GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT 20202Frankfurt School-UNEP Centre/BNEF. 2020.Global Trends in Renewable Energy Investment 2020, fs-unep-centre (Frankfurt am Main)Copyright Frankfurt School of Finance Iberdrola (page 25); Orsted (pages 26 and 33); Alcazar Energy (page 39); BayWay r.e. (pages 47 and 53); Greencoat Capital (page 56); EDF Energies Nouvelles (page 59); Angus McCrone (pages 60 and 73); NextEnergy Capital (age 75); Mott MacDonald (page 76).3TABLE OF CONTENTSFOREWORD . 5LIST OF FIGURES . 7METHODOLOGY AND DEFINITIONS . 9KEY FINDINGS . 11FOCUS CHAPTER: THE IMPACT OF 2030 TARGETS . 12- Government 2030 renewable energy targets- Private sector renewable energy targets- Investment implied by targets- Box: Targets for low-carbon transport- Box: Targets for renewable heat1. RENEWABLE CAPACITY GROWTH IN 2019 . 22- Dollars deployed- Capacity added- The cost revolution continues- Renewables versus fossil fuels- Box: Investment over the decade 2010-20192. CAPACITY INVESTMENT GLOBAL . 32- Technology split- Asset finance- Becoming bankable- Small distributed capacity- Box: Large hydro-electric projects3. CAPACITY INVESTMENT DEVELOPING COUNTRIES . 42- China- India- Middle East and Africa- Latin America- Emerging Asia-Pacific excluding China and India4. CAPACITY INVESTMENT DEVELOPED COUNTRIES . 52- United States- Europe- Other developed economies5. TOTAL RENEWABLE ENERGY INVESTMENT . 58- Financing continuum- Overall investment6. INVESTMENT IN RENEWABLE ENERGY COMPANIES . 64- Research and development- Venture capital and private equity- Public markets7. ACQUSITION ACTIVITY . 72- Corporate transactions- Private equity buy-outs- Asset transactionsGLOSSARY . 78TABLE OF CONTENTS4ACKNOWLEDGEMENTSThis report was commissioned by UNEPs Economy Division in cooperation with Frankfurt School-UNEP Collaborating Centre for Climate all hydropower projects of between 1MW and 50MW; all wave and tidal energy projects; all biofuel projects with a capacity of one million litres or more per year. Where deal values are not disclosed, BNEF assigns an estimated value based on comparable transactions. Deal values are rigorously back-checked and updated when further information is released about particular companies and projects. The statistics used are historical figures, based on confirmed and disclosed investment.METHODOLOGY AND DEFINITIONSAnnual investment is estimated for small-scale commercial and residential projects such as rooftop solar. These figures, referred to in the investment charts of the report as small distributed capacity, are based on annual installation data provided by industry associations and governments. This report does not cover larger hydro-electric dams of more than 50MW, except for brief mentions in Chapters 1 and 2. The BNEF database also covers all deals in the following categories: equity raising by specialist renewable energy companies from venture capital and private funds and public market investors; all acquisitions of specialist renewable energy companies or strategic stakes in those; and all acquisitions and refinancings of renewable energy projects and assets.Figures on research and development by specialist renewable energy companies are collated annually from the Bloomberg Terminal and other sources. Those on government R&D are estimated annually using a variety of official and third-party sources. All of this is a dynamic process: as the sectors visibility grows, information flow improves, new deals come to light and existing data are refined, meaning that historical figures are constantly updated.This 2020 report contains revisions to a number of investment figures published in the 2019 edition of Global Trends in Renewable Energy Investment. Revisions reflect improvements made by BloombergNEF to its data during the course of the last 12 months, and also new transactions in 2018 and before that have since come to light. 10METHODOLOGY AND DEFINITIONSDEFINITIONSInvestment categories in this report are defined as follows:Capacity investment: all money invested in renewable energy generation projects, large or small. It covers both asset finance of utility-scale projects, whether from internal company balance sheets, from loans, or from equity capital, and the financing of small-scale solar systems of less than 1MW. The Focus Chapter and Chapters 1 to 4 of this report concentrate entirely on capacity investment.Total renewable energy investment: this brings together capacity investment with the R&D, VC/PE and public markets categories listed below. It also incorporates an adjustment for re-invested equity (generally when money raised from VC/PE or public markets is then re-invested in renewable energy assets). The adjustment prevents double-counting. Total renewable energy investment is discussed in Chapter 5.Research and development (R&D): all money invested in early-stage renewable energy technologies and techniques, whether financed out of government budgets or from the balance sheets of specialist renewables companies. This is discussed in Chapter 6.Venture capital and private equity (VC/PE): all money invested by venture capital and private equity funds in the equity of specialist companies developing renewable energy technology. Investment in companies setting up generating capacity through special purpose vehicles is counted in the asset financing figure. This is discussed in Chapter 6.Public markets: all money invested in the equity of specialist publicly quoted companies developing renewable energy technology and clean power generation. This is discussed in Chapter 6.Acquisition activity: the value of existing equity and debt purchased by new corporate buyers, in companies developing renewable energy technology, or setting up or operating renewable power and fuel projects. It includes refinancing. Acquisitions are not included in total renewable energy investment because they represent money changing hands, rather than new money coming into the sector. They are discussed in Chapter 7monly used terms in the report are defined in the Glossary after the end of Chapter 7.REN21s annual Renewables Global Status Report (GSR) was first released in 2005. The Global Status Report is the sister publication to UNEP Global Trends in Renewable Energy Investment, and its latest edition will be released June 2020. The GSR grew out of an effort to capture comprehensively, for the first time, the full status of renewable energy worldwide. Over the years, the report has expanded in scope and depth, in parallel with tremendous advances in renewable energy markets and industries. The GSR is the industry standard on the status of renewables. The report is based on thousands of data points, hundreds of reports and other documents, and personal communications with experts from around the world.
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