Project Finance Trends in the Global Wind Energy Market to 2015 - Deals, Competitive Analysis of Debt Providers, Advisors, Sponsors and Interest Rates
Publisher Name » GlobalData
Published Date » 2010-12-31
No. Of Pages » 284
Project Finance Trends in the Global Wind Energy Market to 2015 - Deals, Competitive Analysis of Debt Providers, Advisors, Sponsors and Interest Rates, is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the major trends observed in project financing in the global wind market.
The report provides in depth analysis of the overall investments overview in the global wind power industry provides investment forecasts up to 2015. The research analyzes the growth trends and investments through project financing in major wind power markets of the world. The study identifies potential hotspots in the world and analyzes the project financing trends in such markets. The research provides a detailed analysis deal value and volume, by transaction type, by project size, league tables and top project finance deals in major markets such as the US, Canada, Mexico, Germany, Spain, Italy, India, China and Australia.
The report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalDatas Team of industry experts.
Scope
- The report details historical and forecast statistics on the global investments in the wind power market through project financing, by deal value and volume.
- The report details historical and forecast growth trends in project financing for global wind power market from 2004 to 2015.
- It covers detailed analysis of the market scenario and analysis of key regions such as Europe, North America and Asia Pacific.
- The research analyses key trends, drivers, restraints and opportunities in major markets.
- The report provides detailed analysis by transaction type, project size, deal value, interest rates prevalent, major project finance deals, league tables by advisors and sponsors in major markets such as the US, Canada, Mexico, Germany, Spain, Italy, India, China and Australia.
- Identify key growth and investment opportunities through project financing in wind power market in major markets.
- Identify key project finance investment trends in the major markets
- Position yourself to take advantage of the industrys growth potential
- Identify key strengths and weaknesses of important project finance investment destinations.
- Facilitate decision-making based on strong historic and forecast data
Table of Contents
1 Table of Contents 3
1.1 List of Tables 9
1.2 List of Figures 12
2 Introduction to Project Finance in Wind Energy 15
2.1 Definition 15
2.2 Why Project Finance? 15
2.3 Project Financing Structures 15
2.3.1 Full Recourse (Balance Sheet) Financing 16
2.3.2 Limited Recourse Financing 16
3 Global Wind Energy Market 17
3.1 Global Wind Energy Market, Overview 17
3.2 Global Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 18
3.3 Global Wind Energy Market, Regional Share by Cumulative Installed Capacity, 2009 19
3.4 Global Wind Energy Market, Share of Key Countries by Cumulative Installed Capacity, 2009 20
4 Project Finance Trends in the Global Wind Energy Market 21
4.1 Project Finance in Global Wind Energy Market, Investment Trends, 2004-2015 21
4.2 Project Finance in Global Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 23
4.3 Project Finance in Global Wind Energy Market, Investment Split by Region, 2009 26
4.4 Project Finance in Global Wind Energy Market, Investment Split by Transaction Type, 2009 27
4.5 Project Finance in Global Wind Energy Market, Interest Rate Comparision 28
4.6 Project Finance in Global Wind Energy Market, Major Debt Providers 29
4.7 Project Finance in Global Wind Energy Market, Major Advisors 36
4.8 Project Finance in Global Wind Market, Major Sponsors 41
4.9 Project Finance in Global Wind Energy Market, Market Forces Analysis 45
4.9.1 Project Finance in Global Wind Energy Market, Key Drivers 45
4.9.2 Project Finance in Global Wind Energy Market, Key Restraints and Challenges 47
4.10 Project Finance in Global Wind Energy Market, Major Trends 50
4.10.1 Increase in Financing of Green Field, Brown Field (Refinancing) and Acquisition 50
4.10.2 Utility Owned Wind Projects A New Trend for Increased Project Financing Investments 50
4.10.3 Offshore Wind Power Financing - A New Trend Mainly in the European Region 51
4.10.4 Portfolio Financing of Wind Projects A New Development 51
4.11 Project Finance in Global Wind Energy Market, Flow of Funds in a Typical Contractual Structure 52
4.12 Project Finance in Global Wind Energy Market, Risk/Return Profile 53
4.12.1 Credit and Commercial Risk 53
4.12.2 Return 57
4.13 Project Finance in Global Wind Market, Risks Mitigating Instruments 58
4.13.1 Engineering Procurement and Construction (EPC) contract 59
4.13.2 Operations Contract 59
4.13.3 Service Contract 60
4.14 Project Finance in Global Wind Energy Market, Opportunity across the Value Chain 60
4.14.1 Opportunity for Original Equipment Manufacturers 61
4.14.2 Opportunity for Service Providers 61
4.14.3 Opportunity for Logistic and Infrastructure Developers 61
4.14.4 Employment Opportunity 61
5 Project Finance Trends in the Europe Wind Energy Market 63
5.1 Europe Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 63
5.2 Project Finance in the Europe Wind Energy Market, Investment Trends, 2004-2015 65
5.3 Project Finance in Europe Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 66
5.4 Project Finance in the Europe Wind Energy Market, Investment Split by key Countries, 2009 69
5.5 Project Finance in the Europe Wind Energy Market, Investment Split by Transaction Type, 2009 70
5.6 Project Finance in the Europe Wind Energy Market, Major Debt Providers 71
5.7 Project Finance in the Europe Wind Market, Major Advisors 74
5.8 Project Finance in the Europe Wind Market, Major Sponsors 76
6 Project Finance Trends in Germany Wind Energy Market 79
6.1 Germany Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 79
6.2 Project Finance in Germany Wind Energy Market, Investment Trends, 2004-2015 81
6.3 Project Finance in Germany Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 83
6.4 Project Finance in Germany Wind Energy Market, Interest Rate Range 86
6.5 Project Finance in Germany Wind Energy Market, Major Completed Deals, 2004 - 2010 87
6.5.1 International Power Completes Project Financing of $1,998m for Maestrale Wind Energy Portfolio 87
6.5.2 Acciona Completed Project Financing of $239m for Acquisition Of Wind Power Project 87
6.5.3 ABO Wind Completes Project Financing of $149m for Transnational Wind Farm Portfolio 87
6.5.4 Enertrag Completes Project Financing of $147m for PG I Wind Farm Project 87
6.5.5 PI Power Completes Project Financing of $83m for Alsleben Wind Farm 87
6.6 Project Finance in Germany Wind Energy Market, Factors Impacting Investment Decisions 88
6.7 Germany Wind Energy Market, Regulatory Framework 89
6.7.1 Renewable Energy Law, 2000 89
6.7.2 The Renewable Sources Act or Erneuerbare Energie Gesetz (EEG) Law 89
6.7.3 Re-powering Policy 90
6.7.4 Support for Offshore Development 91
6.7.5 ERP-Environment and Energy Saving Programme 91
7 Project Finance Trends in Spain Wind Energy Market 92
7.1 Spain Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 92
7.2 Project Finance in Spain Wind Energy Market, Investment Trends, 2004-2015 94
7.3 Project Finance in Spain Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 95
7.4 Project Finance in Spain Wind Energy Market, Investment Split by Transaction Type, 2009 98
7.5 Project Finance in Spain Wind Energy Market, Interest Rate Range 99
7.6 Project Finance in Spain Wind Energy Market, Major Completed Deals, 2004 - 2010 100
7.6.1 Acciona Completes Project Financing of $2,093m for Acquisition Of Renewable Energy Assets From Endesa 100
7.6.2 Energias Renovables Mediterraneas Completes Project Financing of $1,026m for Renomar Wind Farms 100
7.6.3 FCC Completes Project Financing of $717m for Acquisition Of Wind Farms From Infigen Energy 100
7.6.4 Enel Completes Project Financing of $461m for Acuerdo Marco IV Wind Farm Project 101
7.6.5 Aldesa Energias Completes Project Financing of $456m for Wind Farms And Solar Power Plants In Andalucia 101
7.7 Project Finance in Spain Wind Energy Market, Factors Impacting Investment Decisions 101
7.8 Spain Wind Energy Market, Regulatory Framework 102
7.8.1 Spain Renewable Energy Targets 102
7.8.2 Renewable Energy Plan for 2005-10 (PER) 103
7.8.3 Special Regime for the Production of Electricity from Renewable Energy Sources (Royal Decree 661/2007) 103
7.8.4 Feed in Tariffs for Electricity Generation 104
7.8.5 Offshore Wind Power Regulations 104
7.8.6 Mandatory Local Content 105
7.8.7 Financing for Renewables and Efficiency 105
7.8.8 Business Tax Reduction 105
7.8.9 Research and Development Support 105
8 Project Finance Trends in Italy Wind Energy Market 106
8.1 Italy Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 106
8.2 Project Finance in Italy Wind Energy Market, Investment Trends, 2004-2015 108
8.3 Project Finance in Italy Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 109
8.4 Project Finance in Italy Wind Energy Market, Investment Split by Transaction Type, 2009 112
8.5 Project Finance in Italy Wind Energy Market, Interest Rate Range 113
8.6 Project Finance in Italy Wind Energy Market, Major Completed Deals, 2004 - 2010 114
8.6.1 Api Nova Energia And Iberdrola Renovables Completes Project Financing Of $950 m For Wind Farms 114
8.6.2 EnergyMixx Completes Project Financing Of $689m For Wind And Solar Energy Projects 114
8.6.3 International Power Completes Project Financing Of $413m for Trinergy Wind Portfolio 114
8.6.4 Falck Renewables Completes Project Financing Of $205m for San Sostene Wind Power Plant In Calabria 114
8.6.5 Veronagest Completes Project Financing Of $173m for Cortale Wind Farm In Calabria 114
8.7 Project Finance in Italy Wind Energy Market, Factors Impacting Investment Decisions 115
8.8 Italy Wind Energy Market, Regulatory Framework 116
8.8.1 Quota Obligation System / Renewable Portfolio Standard (RPS) 116
8.8.2 Green Power Certification System 117
8.8.3 Net Metering 118
8.8.4 Interconnection Standards 118
8.8.5 Incentives for Renewable Energy Production Investment - Capital Cost Offsets 118
8.8.6 Promotion of Electricity Generated by Renewable Sources in Internal Market 119
8.8.7 New Feed in Tariff System 119
8.8.8 Reduction in VAT 119
9 Project Finance Trends in the North American Wind Energy Market 120
9.1 North America Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 120
9.2 Project Finance in North America Wind Energy Market, Investment Trends, 2004-2015 121
9.3 Project Finance in North America Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 123
9.4 Project Finance in North America Wind Energy Market, Investment Split by key Countries, 2009 126
9.5 Project Finance in North America Wind Energy Market, Investment Split by Transaction Type, 2009 127
9.6 Project Finance in North America Wind Energy Market, Major Debt Providers 128
9.7 Project Finance in North America Wind Market, Major Advisors 131
9.8 Project Finance in North America Wind Market, Major Sponsors 133
10 Project Finance Trends in the US Wind Energy Market 136
10.1 The US Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 136
10.2 Project Finance in the US Wind Energy Market, Investment Trends, 2004-2015 139
10.3 Project Finance in the US Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 142
10.4 Project Finance in the US Wind Energy Market, Investment Split by Transaction Type, 2009 145
10.5 Project Finance in the US Wind Energy Market, Interest Rate 146
10.6 Project Finance in the US Wind Energy Market, Major Completed Deals, 2004 - 2010 147
10.6.1 Infigen Completes Refinancing Of $1,680m For Global Wind Farm Portfolio 147
10.6.2 US Renewables, Shenyang Power And Cielo Wind Completes Project Financing Of $1,500m For Wind Power Project 147
10.6.3 FPL Energy Completes Project Financing Of $710m For Lone Star Wind Project In West Texas 147
10.6.4 Terra-Gen Completes Project Financing Of $626m For Alta II-V Wind Farm Projects In California 147
10.6.5 Invenergy Completes Project Financing For Three Wind Farm 148
10.7 Project Finance in the US Wind Energy Market, Factors Impacting Investment Decisions 148
10.8 The US Wind Energy Market, Regulatory Framework 152
10.8.1 The American Recovery and Reinvestment Act (ARRA) 152
10.8.2 Cap-and-Trade Policy 154
10.8.3 Renewable Portfolio Standard 154
10.8.4 Renewable Energy Certificates (REC) 156
10.8.5 Small Wind Systems Tax Credit or Business Energy Tax Credit (BETC) 156
10.8.6 Business Energy Tax Credit (BETC) 156
10.8.7 Modified Accelerated Cost Recovery System (MACRS) 156
10.8.8 US Department of Energy Loan Guarantee Program 157
10.8.9 Clean Renewable Energy Bonds (CREBs) 157
10.8.10 The US Wind Energy Market, State Policies 157
11 Project Finance Trends in Canada Wind Energy Market 179
11.1 Canada Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 179
11.2 Project Finance in Canada Wind Energy Market, Investment Trends, 2004-2015 181
11.3 Project Finance in Canada Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 183
11.4 Project Finance in Canada Wind Energy Market, Investment Split by Transaction Type, 2009 186
11.5 Project Finance in Canada Wind Energy Market, Interest Rate Range 187
11.6 Project Finance in Canada Wind Energy Market, Major Completed Deals, 2004 - 2010 188
11.6.1 Westman Wind Power Completes Project Financing For Eight Wind Farms 188
11.6.2 Finavera Renewables Completes Project Financing For British Columbia Wind Project 188
11.6.3 Brookfield Completes Project Financing Of $303m For Prince Wind Energy Project 188
11.6.4 Terrawinds Resources Completes Project Financing of $268m for Terrawinds Wind Park 188
11.6.5 Canadian Hydro Completes Project Financing of $253m for Wolfe Island Wind Farm 188
11.7 Project Finance in Canada Wind Energy Market, Factors Impacting Investment Decisions 189
11.8 Canada Wind Energy Market, Regulatory Framework 190
11.8.1 The ecoEnergy for Renewable Power Program (ecoENERGY RP) 191
11.8.2 ecoENERGY Retrofit Grants and Incentives 191
11.8.3 Integration of Decentralized Energy Resources 191
11.8.4 Implementing Agreement on Renewable Energy Technology Deployment (IEA-RETD) 191
11.8.5 Accelerated Capital Cost Allowance 191
11.8.6 Wind Power Production Incentive (WPPI) 192
11.8.7 Canada Wind Energy Market, Provincial Policies 192
12 Project Finance Trends in Mexico Wind Energy Market 202
12.1 Mexico Wind Energy Market, Historical and Forecast Installed Capacity, 2005-2015 202
12.2 Project Finance in Mexico Wind Energy Market, Investment Trends, 2005-2015 203
12.3 Project Finance in Mexico Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 205
12.4 Project Finance in Mexico Wind Energy Market, Average Interest Rate 208
12.5 Project Finance in Mexico Wind Energy Market, Major Completed Deals, 2004 - 2010 209
12.5.1 Acciona Completes Project Financing of $375m for Eurus Wind Project In Oaxaca 209
12.5.2 Eolia Renovables Completes Project Financing of $240m for Santo Domingo Wind Power Project 209
12.5.3 Electrica Del Valle De Mexico Completes Project Financing of $228m for La Ventosa Wind Farm Project 209
12.5.4 Gamesa Energia Completes Project Financing For Bii Nee Stipa Wind Project In Tehuantepec Istmo 209
12.5.5 Gamesa Energia Completes Project Financing For Bii Nee Stipa Phase III Wind Farm Project In Oaxaca 210
12.6 Project Finance in Mexico Wind Energy Market, Factors Impacting Investment Decisions 210
12.7 Mexico Wind Energy Market, Regulatory Framework Influencing Project Financing Decisions 211
12.7.1 Law for Renewable Energy Usage and Energy Transition Financing (Ley Para el Aprovechamiento de Energ
Table 1: Global Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 18
Table 2: Global Wind Energy Market, Cumulative Wind Power Installed Capacity Split by Regions, %, 2009 19
Table 3: Global Wind Energy Market, Cumulative Installed Capacity Split by Key Countries, %, 2009 20
Table 4: Project Finance investments in Global Wind Energy Market, $m, 2004-2015 22
Table 5: Project Finance Trends in Global Wind Energy Market, by Average Deal Size, MW, 2004-2015 24
Table 6: Project Finance Trends in Global Wind Energy Market, by Average Deal Value, $m, 2004-2015 25
Table 7: Project Finance in Global Wind Energy Market, Investment Split by Region, %, 2009 26
Table 8: Project Finance in Global Wind Energy Market, Investment Split by Transaction Type, %, 2009 27
Table 9: Project Finance Trends in Canada Wind Energy Market, Interest Rate Range, %, 2006-2010 29
Table 10: Project Finance in Global Wind Market, Major Debt Providers, 31
Table 11: Project Finance in Global Wind Market, Major Advisors 38
Table 12: Project Finance in Global Wind Market, Major Sponsors 42
Table 13: Green Stimulus Packages Announced by Major Countries, % share and $ bn, 2009 48
Table 14: Project Financing in Global Wind Energy, Supply Chain of Components 50
Table 15: Country Default Spreads and Risk Premiums for Latest Bond Ratings, Major Countries, 2010 54
Table 16: Project Finance in Global Wind Energy Market, Capital Expenditure Split for Wind Farms, %, 2009 57
Table 17: Project Finance in Global Wind Energy Market, Major Turbine Components Share in Turbine Cost, %, 2009 57
Table 18: EPC Contract to Mitigate Construction Risk 59
Table 19: PPA Agreement to Mitigate Operations Risk 59
Table 20: Europe Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 64
Table 21: Project Finance Investments in the Europe Wind Energy Market, $m, 2004-2015 66
Table 22: Project Finance Trends in the Europe Wind Energy Market, by Average Deal Size, MW, 2004-2015 67
Table 23: Project Finance Trends in the Europe Wind Energy Market, by Average Deal Value, $m, 2004-2015 68
Table 24: Project Finance in the Europe Wind Energy Market, Investment Split by Key Countries, %, 2009 69
Table 25: Project Finance in the Europe Wind Energy Market, Investment Split by Transaction Type, %, 2009 70
Table 26: Project Finance in the Europe Wind Energy, Major Debt Providers 72
Table 27: Project Finance in the Europe Wind Energy, Major Advisors 75
Table 28: Project Finance in the Europe Wind Energy, Major Sponsors 77
Table 29: Germany Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 80
Table 30: Project Finance Investments in Germany Wind Energy Market, $m, 2004-2015 82
Table 31: Project Finance Trends in Germany Wind Energy Market, by Average Deal Size, MW, 2004-2015 84
Table 32: Project Finance Trends in Germany Wind Energy Market, by Average Deal Value, $m, 2004-2015 85
Table 33: Project Finance Trends in Germany Wind Energy Market, Interest Rate Range, %, 2006-2010 86
Table 34: Feed in Tariff in Germany Wind Energy Market, Cents/kWh, 2010 90
Table 35: Spain Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 93
Table 36: Project Finance Investments in Spain Wind Energy Market, $m, 2004-2015 95
Table 37: Project Finance Trends in Spain Wind Energy Market, by Average Deal Size, MW, 2004-2015 96
Table 38: Project Finance Trends in Spain Wind Energy Market, by Average Deal Value, $m, 2004-2015 97
Table 39: Project Finance in Spain Wind Energy Market, Investment Split by Transaction Type, %, 2009 98
Table 40: Project Finance Trends in Spain Wind Energy Market, Interest Rate Range, %, 2004-2010 99
Table 41: Italy Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 107
Table 42: Project Finance Investments in Italy Wind Energy Market, $m, 2004-2015 109
Table 43: Project Finance Trends in Italy Wind Energy Market, by Average Deal Size, MW, 2004-2015 110
Table 44: Project Finance Trends in China Wind Energy Market, by Average Deal Value, $m, 2004-2015 111
Table 45: Project Finance in Italy Wind Energy Market, Investment Split by Transaction Type, %, 2009 112
Table 46: Project Finance Trends in Italy Wind Energy Market, Interest Rate Range, %, 2007-2010 113
Table 47: Italy Wind Energy Market, Quota Obligation, 2007-2011 117
Table 48: Italy Wind Energy Market, Green Power Certificate System, Co-efficient factor for Wind Projects 118
Table 49: North America Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 121
Table 50: Project Finance Investments in North America Wind Energy Market, $m, 2004-2015 122
Table 51: Project Finance Trends in North America Wind Energy Market, by Average Deal Size, MW, 2004-2015 124
Table 52: Project Finance Trends in North America Wind Energy Market, by Average Deal Value, $m, 2004-2015 125
Table 53: Project Finance in North America Wind Energy Market, Investment Split by Key Countries, %, 2009 126
Table 54: Project Finance in North America Wind Energy Market, Investment Split by Transaction Type, %, 2009 127
Table 55: Project Finance in North America Wind Energy Market, Major Debt Providers 129
Table 56: Project Finance in North America Wind Energy Market, Major Advisors 132
Table 57: Project Finance in North America Wind Energy Market, Major Sponsors 134
Table 58: The US Wind Energy Market, State-wise Cumulative Installed Capacity, MW, 2009 137
Table 59: The US Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 138
Table 60: The American Recovery and Reinvestment Act, Stimulus Funds Allocation, $bn, August 2010 140
Table 61: Project Finance Investments in the US Wind Energy Market, $m, 2004-2015 141
Table 62: Project Finance Trends in the US Wind Energy Market, by Average Deal Size, MW, 2004-2015 143
Table 63: Project Finance Trends in the US Wind Energy Market, by Average Deal Value, $m, 2004-2015 144
Table 64: Project Finance in the US Wind Energy Market, Investment Split by Transaction Type, %, 2009 145
Table 65: Project Finance Trends in the US Wind Energy Market, Interest Rate Range, %, 2004-2010 146
Table 66: The US Wind Energy Market, Potential Capacity in Some of the Key States, GW, 2010 150
Table 67: American Recovery and Reinvestment Act Cost of Tax Incentive, 2010 152
Table 68: American Recovery and Reinvestment Act Key Provisions for Renewables, 2010 153
Table 69: The US States, Summary of Renewable Portfolio Standards, 2010 155
Table 70: The US, Business Energy Tax Credit, Eligibility and Credit Availability, 2008 156
Table 71: California Wind Energy, Rebates Offered, 2010 157
Table 72: Colorado Wind Energy Market, Renewable Energy Standard 158
Table 73: Colorado Wind Energy Market, Renewable Energy Assessment Cost Threshold Values, 2010 159
Table 74: Minnesota Wind Energy Market, Xcel Energy, Renewable Portfolio Standard Requirement 163
Table 75: Minnesota Wind Energy Market, Other Utilities, Renewable Portfolio Standard Requirement 164
Table 76: Nevada Wind Energy Market, Renewable Portfolio Standard 167
Table 77: New Jersey Wind Energy Market, Renewable Energy Incentive Program, Wind Upfront Incentives, 2010 170
Table 78: Oregon Wind Energy Market, Renewable Portfolio Standard 172
Table 79: Texas Wind Energy Market, Renewable Portfolio Standard, MW, 2009-2015 175
Table 80: Washington Wind Energy Market, Renewable Portfolio Standard 177
Table 81: Canada Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 180
Table 82: Project Finance Investments in Canada Wind Energy Market, $m, 2004-2015 182
Table 83: Project Finance Trends in Canada Wind Energy Market, by Average Deal Size, MW, 2004-2015 184
Table 84: Project Finance Trends in Canada Wind Energy Market, by Average Deal Value, $m, 2004-2015 185
Table 85: Project Finance in Canada Wind Energy Market, Investment Split by Transaction Type, %, 2009 186
Table 86: Project Finance Trends in Canada Wind Energy Market, Interest Rate Range, %, 2006-2010 187
Table 87: Canada Wind Energy Market, Major Federal / Provincial Initiatives 190
Table 88: Ontario Feed In Tariff Program for Wind Energy Projects , 2010 198
Table 89: Mexico Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2005-2015 203
Table 90: Project Finance Investments in Mexico Wind Energy Market, $m, 2005-2015 204
Table 91: Project Finance Trends in Mexico Wind Energy Market, by Average Deal Size, MW, 2005-2015 206
Table 92: Project Finance Trends in Mexico Wind Energy Market, by Average Deal Value, $m, 2005-2015 207
Table 93: Project Finance Trends in Mexico Wind Energy Market, Interest Rate Range, %, 2006-2010 208
Table 94: Mexico Renewable Power Market, Law on Renewable Energy, Funding Options Available, 2010 213
Table 95: Asia Pacific Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 218
Table 96: Project Finance Investments in Asia Pacific Wind Energy Market, $m, 2004-2015 219
Table 97: Project Finance Trends in Asia Pacific Wind Energy Market, by Average Deal Size, MW, 2004-2015 221
Table 98: Project Finance Trends in North America Wind Energy Market, by Average Deal Value, $m, 2004-2015 222
Table 99: Project Finance in Asia Pacific Wind Energy Market, Investment Split by Key Countries, %, 2009 223
Table 100:Project Finance in Asia Pacific Wind Energy Market, Investment Split by Transaction Type, %, 2009 224
Table 101: Project Finance in Asia Pacific Wind Energy, Major Debt Providers 226
Table 102: Project Finance in Asia Pacific Wind Energy, Major Advisors 227
Table 103: Project Finance in Asia Pacific Wind Energy, Major Sponsors 229
Table 104: China Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 232
Table 105: Project Finance Investments in China Wind Energy Market, $m, 2004-2015 234
Table 106:Project Finance Trends in China Wind Energy Market, by Average Deal Size, MW, 2004-2015 235
Table 107:Project Finance Trends in China Wind Energy Market, by Average Deal Value, $m, 2004-2015 236
Table 108:Project Finance Trends in China Wind Energy Market, Interest Rate Range, %, 2004-2010 237
Table 109: China Renewable Energy, Major Policies and Acts 242
Table 110: China Renewable Energy Law, Five Major Regulations 244
Table 111: China Wind Energy, Province Specific Incentive Schemes 247
Table 112: India Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 249
Table 113: Project Finance Investments in India Wind Energy Market, $m, 2004-2015 251
Table 114:Project Finance Trends in India Wind Energy Market, by Average Deal Size, MW, 2004-2015 253
Table 115:Project Finance Trends in India Wind Energy Market, by Average Deal Value, $m, 2004-2015 254
Table 116:Project Finance in India Wind Energy Market, Investment Split by Transaction Type, %, 2009 255
Table 117: Project Finance Trends in India Wind Energy Market, Interest Rate Range, %, 2004-2010 256
Table 118: India Wind Energy, Major Policies and Acts, 1998- 2009 260
Table 119: India Wind Energy, Central Financial Assistance for Grid-interactive Power, 2010 262
Table 120: India Wind Energy, Off-grid Program, 2010 262
Table 121: India Wind Energy, Custom Duty for Wind Equipments and Components, 2010 263
Table 122: India Wind Energy Market, Policies Introduced / Incentives Declared by the State Governments for Private Sector Wind Projects, 2009 265
Table 123: India, Renewable Energy Development Agency Financing Guidelines for Wind Energy Projects, 2010 266
Table 124: Australia Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 270
Table 125: Project Finance Investments in Australia Wind Energy Market, $m, 2004-2015 272
Table 126: Project Finance Trends in Australia Wind Energy Market, by Average Deal Size, MW, 2004-2015 273
Table 127:Project Finance Trends in China Wind Energy Market, by Average Deal Value, $m, 2004-2015 274
Table 128:Project Finance Trends in Australia Wind Energy Market, Interest Rate Range, %, 2004-2010 275
Table 129: Abbreviations 280
Figure 1: Project Financing Structures 15
Figure 2: Global Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 18
Figure 3: Global Wind Enegy Market, Cumulative Wind Power Installed Capacity Split by Regions, %, 2009 19
Figure 4: Global Wind Energy Market, Cumulative Installed Capacity Split by Key Countries, %, 2009 20
Figure 5: Project Finance investments in Global Wind Energy Market, $m, 2004-2015 22
Figure 6: Project Finance Trends in Global Wind Energy Market, by Average Deal Size, MW, 2004-2015 23
Figure 7: Project Finance Trends in Global Wind Energy Market, by Average Deal Value, $m, 2004-2015 24
Figure 8: Project Finance in Global Wind Energy Market, Investment Split by Region, %, 2009 26
Figure 9: Project Finance in Global Wind Energy Market, Investment Split by Transaction Type, %, 2009 27
Figure 10: Project Finance Trends in Global Wind Energy Market, Interest Rate Range by Key Countries, %, 2009 28
Figure 11: Project Finance in Global Wind Energy Market, Market Forces Analysis 45
Figure 12: Green Stimulus Packages Announced by Major Countries, % share and $ bn, 2009 48
Figure 13: Projectt Finance in Global Wind Energy Market, Flows of Funds in a Typical Project Finance Contractual Structure 52
Figure 14: Project Finance in Global Wind Energy Market, Risk/Return Profile 53
Figure 15: Project Finance in Global Wind Energy Market, Risk Trend Line 56
Figure 16: Project Finance in Global Wind Energy Market, Opportunity across the Value Chain 60
Figure 17: Europe Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 63
Figure 18: Project Finance Investments in the Europe Wind Energy Market, $m, 2004-2015 65
Figure 19: Project Finance Trends in the Europe Wind Energy Market, by Average Deal Size, MW, 2004-2015 67
Figure 20: Project Finance Trends in the Europe Wind Energy Market, by Average Deal Value, $m, 2004-2015 68
Figure 21: Project Finance in the Europe Wind Energy Market, Investment Split by Key Countries, %, 2009 69
Figure 22: Project Finance in the Europe Wind Energy Market, Investment Split by Transaction Type, %, 2009 70
Figure 23: Germany Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 80
Figure 24: Project Finance Investments in Germany Wind Energy Market, $m, 2004-2015 81
Figure 25: Project Finance Trends in Germany Wind Energy Market, by Average Deal Size, MW, 2004-2015 83
Figure 26: Project Finance Trends in Germany Wind Energy Market, by Average Deal Value, $m, 2004-2015 84
Figure 27: Project Finance Trends in Germany Wind Energy Market, Interest Rate Range, %, 2006-2010 86
Figure 28: Project Finance in Germany Wind Energy Market, Factors Impacting Investment Decisions 88
Figure 29: Spain Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 93
Figure 30: Project Finance Investments in Spain Wind Energy Market, $m, 2004-2015 94
Figure 31: Project Finance Trends in Spain Wind Energy Market, by Average Deal Size, MW, 2004-2015 96
Figure 32: Project Finance Trends in Spain Wind Energy Market, by Average Deal Value, $m, 2004-2015 97
Figure 33: Project Finance in Spain Wind Energy Market, Investment Split by Transaction Type, %, 2009 98
Figure 34: Project Finance Trends in Spain Wind Energy Market, Interest Rate Range, %, 2004-2010 99
Figure 35: Project Finance in Spain Wind Energy Market, Factors Impacting Investment Decisions 102
Figure 36: Italy Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 107
Figure 37: Project Finance Investments in Italy Wind Energy Market, $m, 2004-2015 108
Figure 38: Project Finance Trends in Italy Wind Energy Market, by Average Deal Size, MW, 2004-2015 110
Figure 39: Project Finance Trends in Italy Wind Energy Market, by Average Deal Value, $m, 2004-2015 111
Figure 40: Project Finance in Italy Wind Energy Market, Investment Split by Transaction Type, %, 2009 112
Figure 41: Project Finance Trends in Italy Wind Energy Market, Interest Rate Range, %, 2007-2010 113
Figure 42: Project Finance in Italy Wind Energy Market, Factors Impacting Investment Decisions 115
Figure 43: Italy Wind Energy Market, Quota Obligation, 2007-2011 117
Figure 44: North America Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 120
Figure 45: Project Finance Investments in North America Wind Energy Market, $m, 2004-2015 122
Figure 46: Project Finance Trends in North America Wind Energy Market, by Average Deal Size, MW, 2004-2015 123
Figure 47: Project Finance Trends in North America Wind Energy Market, by Average Deal Value, $m, 2004-2015 124
Figure 48: Project Finance in North America Wind Energy Market, Investment Split by Key Countries, %, 2009 126
Figure 49: Project Finance in North America Wind Energy Market, Investment Split by Transaction Type, %, 2009 127
Figure 50: The US Wind Energy Market, State-wise Cumulative Installed Capacity, MW, 2009 136
Figure 51: The US Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 138
Figure 52: The American Recovery and Reinvestment Act, Stimulus Funds Allocation, $bn, August 2010 140
Figure 53: Project Finance Investments in the US Wind Energy Market, $m, 2004-2015 141
Figure 54: Project Finance Trends in the US Wind Energy Market, by Average Deal Size, MW, 2004-2015 142
Figure 55: Project Finance Trends in the US Wind Energy Market, by Average Deal Value, $m, 2004-2015 143
Figure 56: Project Finance in the US Wind Energy Market, Investment Split by Transaction Type, %, 2009 145
Figure 57: Project Finance Trends in the US Wind Energy Market, Interest Rate Range, %, 2004-2010 146
Figure 58: The US Wind Energy Market, Potential Capacity in Some of the Key States, GW, 2010 149
Figure 59: Project Finance in the US Wind Energy Market, Factors Impacting Investment Decisions 151
Figure 60: Minnesota Wind Energy Market, Xcel Energy, Renewable Portfolio Standard Requirement 163
Figure 61: Minnesota Wind Energy Market, Other Utilities, Renewable Portfolio Standard Requirement 164
Figure 62: Nevada Wind Energy Market, Renewable Portfolio Standard 167
Figure 63: Oregon Wind Energy Market, Renewable Portfolio Standard 172
Figure 64: Texas Wind Energy Market, Renewable Portfolio Standard, MW, 2009-2015 175
Figure 65: Washington Wind Energy Market, Renewable Portfolio Standard, MW, 2009-2015 177
Figure 66: Canada Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 180
Figure 67: Project Finance Investments in Canada Wind Energy Market, $m, 2004-2015 182
Figure 68: Project Finance Trends in Canada Wind Energy Market, by Average Deal Size, MW, 2004-2015 183
Figure 69: Project Finance Trends in Canada Wind Energy Market, by Average Deal Value, $m, 2004-2015 184
Figure 70: Project Finance in Canada Wind Energy Market, Investment Split by Transaction Type, %, 2009 186
Figure 71: Project Finance Trends in Canada Wind Energy Market, Interest Rate Range, %, 2006-2010 187
Figure 72: Project Finance in Canada Wind Energy Market, Factors Impacting Investment Decisions 189
Figure 73: Mexico Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2005-2015 202
Figure 74: Project Finance Investments in Mexico Wind Energy Market, $m, 2005-2015 204
Figure 75: Project Finance Trends in Mexico Wind Energy Market, by Average Deal Size, MW, 2005-2015 205
Figure 76: Project Finance Trends in Mexico Wind Energy Market, by Average Deal Value, $m, 2005-2015 206
Figure 77: Project Finance Trends in Mexico Wind Energy Market, Average Interest Rate, %, 2004-2010 208
Figure 78: Project Finance in Mexico Wind Energy Market, Factors Impacting Investment Decisions 211
Figure 79: Asia Pacific Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 217
Figure 80: Project Finance Investments in Asia Pacific Wind Energy Market, $m, 2004-2015 219
Figure 81: Project Finance Trends in Asia Pacific Wind Energy Market, by Average Deal Size, MW, 2004-2015 220
Figure 82: Project Finance Trends in Asia Pacific Wind Energy Market, by Average Deal Value, $m, 2004-2015 221
Figure 83: Project Finance in Asia Pacific Wind Energy Market, Investment Split by Key Countries, %, 2009 222
Figure 84: Project Finance in Asia Pacific Wind Energy Market, Investment Split by Transaction Type, %, 2009 224
Figure 85: China Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 231
Figure 86: Project Finance Investments in China Wind Energy Market, $m, 2004-2015 233
Figure 87: Project Finance Trends in China Wind Energy Market, by Average Deal Size, MW, 2004-2015 235
Figure 88: Project Finance Trends in China Wind Energy Market, by Average Deal Value, $m, 2004-2015 236
Figure 89: Project Finance Trends in China Wind Energy Market, Interest Rate Range, %, 2004-2010 237
Figure 90: Project Finance in China Wind Energy Market, Factors Impacting Investment Decisions 240
Figure 91: India Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 248
Figure 92: Project Finance Investments in India Wind Energy Market, $m, 2004-2015 250
Figure 93: Project Finance Trends in India Wind Energy Market, by Average Deal Size, MW, 2004-2015 252
Figure 94: Project Finance Trends in India Wind Energy Market, by Average Deal Value, $m, 2004-2015 253
Figure 95: Project Finance in India Wind Energy Market, Investment Split by Transaction Type, %, 2009 255
Figure 96: Project Finance Trends in India Wind Energy Market, Interest Rate Range, %, 2004-2010 256
Figure 97: Project Finance in India Wind Energy Market, Factors Impacting Investment Decisions 258
Figure 98: India Wind Energy Market, Comparison of Tariffs Provided by Different States For Wind Power, 2009 264
Figure 99: Australia Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 270
Figure 100: Project Finance Investments in Australia Wind Energy Market, $m, 2004-2015 271
Figure 101:Project Finance Trends in Australia Wind Energy Market, by Average Deal Size, MW, 2004-2015 273
Figure 102: Project Finance Trends in Australia Wind Energy Market, by Average Deal Value, $m, 2004-2015 274
Figure 103: Project Finance Trends in Australia Wind Energy Market, Interest Rate Range, %, 2004-2010 275
Figure 104: Project Finance in Australia Wind Energy Market, Factors Impacting Investment Decisions 277
1 Table of Contents 3
1.1 List of Tables 9
1.2 List of Figures 12
2 Introduction to Project Finance in Wind Energy 15
2.1 Definition 15
2.2 Why Project Finance? 15
2.3 Project Financing Structures 15
2.3.1 Full Recourse (Balance Sheet) Financing 16
2.3.2 Limited Recourse Financing 16
3 Global Wind Energy Market 17
3.1 Global Wind Energy Market, Overview 17
3.2 Global Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 18
3.3 Global Wind Energy Market, Regional Share by Cumulative Installed Capacity, 2009 19
3.4 Global Wind Energy Market, Share of Key Countries by Cumulative Installed Capacity, 2009 20
4 Project Finance Trends in the Global Wind Energy Market 21
4.1 Project Finance in Global Wind Energy Market, Investment Trends, 2004-2015 21
4.2 Project Finance in Global Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 23
4.3 Project Finance in Global Wind Energy Market, Investment Split by Region, 2009 26
4.4 Project Finance in Global Wind Energy Market, Investment Split by Transaction Type, 2009 27
4.5 Project Finance in Global Wind Energy Market, Interest Rate Comparision 28
4.6 Project Finance in Global Wind Energy Market, Major Debt Providers 29
4.7 Project Finance in Global Wind Energy Market, Major Advisors 36
4.8 Project Finance in Global Wind Market, Major Sponsors 41
4.9 Project Finance in Global Wind Energy Market, Market Forces Analysis 45
4.9.1 Project Finance in Global Wind Energy Market, Key Drivers 45
4.9.2 Project Finance in Global Wind Energy Market, Key Restraints and Challenges 47
4.10 Project Finance in Global Wind Energy Market, Major Trends 50
4.10.1 Increase in Financing of Green Field, Brown Field (Refinancing) and Acquisition 50
4.10.2 Utility Owned Wind Projects A New Trend for Increased Project Financing Investments 50
4.10.3 Offshore Wind Power Financing - A New Trend Mainly in the European Region 51
4.10.4 Portfolio Financing of Wind Projects A New Development 51
4.11 Project Finance in Global Wind Energy Market, Flow of Funds in a Typical Contractual Structure 52
4.12 Project Finance in Global Wind Energy Market, Risk/Return Profile 53
4.12.1 Credit and Commercial Risk 53
4.12.2 Return 57
4.13 Project Finance in Global Wind Market, Risks Mitigating Instruments 58
4.13.1 Engineering Procurement and Construction (EPC) contract 59
4.13.2 Operations Contract 59
4.13.3 Service Contract 60
4.14 Project Finance in Global Wind Energy Market, Opportunity across the Value Chain 60
4.14.1 Opportunity for Original Equipment Manufacturers 61
4.14.2 Opportunity for Service Providers 61
4.14.3 Opportunity for Logistic and Infrastructure Developers 61
4.14.4 Employment Opportunity 61
5 Project Finance Trends in the Europe Wind Energy Market 63
5.1 Europe Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 63
5.2 Project Finance in the Europe Wind Energy Market, Investment Trends, 2004-2015 65
5.3 Project Finance in Europe Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 66
5.4 Project Finance in the Europe Wind Energy Market, Investment Split by key Countries, 2009 69
5.5 Project Finance in the Europe Wind Energy Market, Investment Split by Transaction Type, 2009 70
5.6 Project Finance in the Europe Wind Energy Market, Major Debt Providers 71
5.7 Project Finance in the Europe Wind Market, Major Advisors 74
5.8 Project Finance in the Europe Wind Market, Major Sponsors 76
6 Project Finance Trends in Germany Wind Energy Market 79
6.1 Germany Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 79
6.2 Project Finance in Germany Wind Energy Market, Investment Trends, 2004-2015 81
6.3 Project Finance in Germany Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 83
6.4 Project Finance in Germany Wind Energy Market, Interest Rate Range 86
6.5 Project Finance in Germany Wind Energy Market, Major Completed Deals, 2004 - 2010 87
6.5.1 International Power Completes Project Financing of $1,998m for Maestrale Wind Energy Portfolio 87
6.5.2 Acciona Completed Project Financing of $239m for Acquisition Of Wind Power Project 87
6.5.3 ABO Wind Completes Project Financing of $149m for Transnational Wind Farm Portfolio 87
6.5.4 Enertrag Completes Project Financing of $147m for PG I Wind Farm Project 87
6.5.5 PI Power Completes Project Financing of $83m for Alsleben Wind Farm 87
6.6 Project Finance in Germany Wind Energy Market, Factors Impacting Investment Decisions 88
6.7 Germany Wind Energy Market, Regulatory Framework 89
6.7.1 Renewable Energy Law, 2000 89
6.7.2 The Renewable Sources Act or Erneuerbare Energie Gesetz (EEG) Law 89
6.7.3 Re-powering Policy 90
6.7.4 Support for Offshore Development 91
6.7.5 ERP-Environment and Energy Saving Programme 91
7 Project Finance Trends in Spain Wind Energy Market 92
7.1 Spain Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 92
7.2 Project Finance in Spain Wind Energy Market, Investment Trends, 2004-2015 94
7.3 Project Finance in Spain Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 95
7.4 Project Finance in Spain Wind Energy Market, Investment Split by Transaction Type, 2009 98
7.5 Project Finance in Spain Wind Energy Market, Interest Rate Range 99
7.6 Project Finance in Spain Wind Energy Market, Major Completed Deals, 2004 - 2010 100
7.6.1 Acciona Completes Project Financing of $2,093m for Acquisition Of Renewable Energy Assets From Endesa 100
7.6.2 Energias Renovables Mediterraneas Completes Project Financing of $1,026m for Renomar Wind Farms 100
7.6.3 FCC Completes Project Financing of $717m for Acquisition Of Wind Farms From Infigen Energy 100
7.6.4 Enel Completes Project Financing of $461m for Acuerdo Marco IV Wind Farm Project 101
7.6.5 Aldesa Energias Completes Project Financing of $456m for Wind Farms And Solar Power Plants In Andalucia 101
7.7 Project Finance in Spain Wind Energy Market, Factors Impacting Investment Decisions 101
7.8 Spain Wind Energy Market, Regulatory Framework 102
7.8.1 Spain Renewable Energy Targets 102
7.8.2 Renewable Energy Plan for 2005-10 (PER) 103
7.8.3 Special Regime for the Production of Electricity from Renewable Energy Sources (Royal Decree 661/2007) 103
7.8.4 Feed in Tariffs for Electricity Generation 104
7.8.5 Offshore Wind Power Regulations 104
7.8.6 Mandatory Local Content 105
7.8.7 Financing for Renewables and Efficiency 105
7.8.8 Business Tax Reduction 105
7.8.9 Research and Development Support 105
8 Project Finance Trends in Italy Wind Energy Market 106
8.1 Italy Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 106
8.2 Project Finance in Italy Wind Energy Market, Investment Trends, 2004-2015 108
8.3 Project Finance in Italy Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 109
8.4 Project Finance in Italy Wind Energy Market, Investment Split by Transaction Type, 2009 112
8.5 Project Finance in Italy Wind Energy Market, Interest Rate Range 113
8.6 Project Finance in Italy Wind Energy Market, Major Completed Deals, 2004 - 2010 114
8.6.1 Api Nova Energia And Iberdrola Renovables Completes Project Financing Of $950 m For Wind Farms 114
8.6.2 EnergyMixx Completes Project Financing Of $689m For Wind And Solar Energy Projects 114
8.6.3 International Power Completes Project Financing Of $413m for Trinergy Wind Portfolio 114
8.6.4 Falck Renewables Completes Project Financing Of $205m for San Sostene Wind Power Plant In Calabria 114
8.6.5 Veronagest Completes Project Financing Of $173m for Cortale Wind Farm In Calabria 114
8.7 Project Finance in Italy Wind Energy Market, Factors Impacting Investment Decisions 115
8.8 Italy Wind Energy Market, Regulatory Framework 116
8.8.1 Quota Obligation System / Renewable Portfolio Standard (RPS) 116
8.8.2 Green Power Certification System 117
8.8.3 Net Metering 118
8.8.4 Interconnection Standards 118
8.8.5 Incentives for Renewable Energy Production Investment - Capital Cost Offsets 118
8.8.6 Promotion of Electricity Generated by Renewable Sources in Internal Market 119
8.8.7 New Feed in Tariff System 119
8.8.8 Reduction in VAT 119
9 Project Finance Trends in the North American Wind Energy Market 120
9.1 North America Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 120
9.2 Project Finance in North America Wind Energy Market, Investment Trends, 2004-2015 121
9.3 Project Finance in North America Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 123
9.4 Project Finance in North America Wind Energy Market, Investment Split by key Countries, 2009 126
9.5 Project Finance in North America Wind Energy Market, Investment Split by Transaction Type, 2009 127
9.6 Project Finance in North America Wind Energy Market, Major Debt Providers 128
9.7 Project Finance in North America Wind Market, Major Advisors 131
9.8 Project Finance in North America Wind Market, Major Sponsors 133
10 Project Finance Trends in the US Wind Energy Market 136
10.1 The US Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 136
10.2 Project Finance in the US Wind Energy Market, Investment Trends, 2004-2015 139
10.3 Project Finance in the US Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 142
10.4 Project Finance in the US Wind Energy Market, Investment Split by Transaction Type, 2009 145
10.5 Project Finance in the US Wind Energy Market, Interest Rate 146
10.6 Project Finance in the US Wind Energy Market, Major Completed Deals, 2004 - 2010 147
10.6.1 Infigen Completes Refinancing Of $1,680m For Global Wind Farm Portfolio 147
10.6.2 US Renewables, Shenyang Power And Cielo Wind Completes Project Financing Of $1,500m For Wind Power Project 147
10.6.3 FPL Energy Completes Project Financing Of $710m For Lone Star Wind Project In West Texas 147
10.6.4 Terra-Gen Completes Project Financing Of $626m For Alta II-V Wind Farm Projects In California 147
10.6.5 Invenergy Completes Project Financing For Three Wind Farm 148
10.7 Project Finance in the US Wind Energy Market, Factors Impacting Investment Decisions 148
10.8 The US Wind Energy Market, Regulatory Framework 152
10.8.1 The American Recovery and Reinvestment Act (ARRA) 152
10.8.2 Cap-and-Trade Policy 154
10.8.3 Renewable Portfolio Standard 154
10.8.4 Renewable Energy Certificates (REC) 156
10.8.5 Small Wind Systems Tax Credit or Business Energy Tax Credit (BETC) 156
10.8.6 Business Energy Tax Credit (BETC) 156
10.8.7 Modified Accelerated Cost Recovery System (MACRS) 156
10.8.8 US Department of Energy Loan Guarantee Program 157
10.8.9 Clean Renewable Energy Bonds (CREBs) 157
10.8.10 The US Wind Energy Market, State Policies 157
11 Project Finance Trends in Canada Wind Energy Market 179
11.1 Canada Wind Energy Market, Historical and Forecast Installed Capacity, 2001-2015 179
11.2 Project Finance in Canada Wind Energy Market, Investment Trends, 2004-2015 181
11.3 Project Finance in Canada Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 183
11.4 Project Finance in Canada Wind Energy Market, Investment Split by Transaction Type, 2009 186
11.5 Project Finance in Canada Wind Energy Market, Interest Rate Range 187
11.6 Project Finance in Canada Wind Energy Market, Major Completed Deals, 2004 - 2010 188
11.6.1 Westman Wind Power Completes Project Financing For Eight Wind Farms 188
11.6.2 Finavera Renewables Completes Project Financing For British Columbia Wind Project 188
11.6.3 Brookfield Completes Project Financing Of $303m For Prince Wind Energy Project 188
11.6.4 Terrawinds Resources Completes Project Financing of $268m for Terrawinds Wind Park 188
11.6.5 Canadian Hydro Completes Project Financing of $253m for Wolfe Island Wind Farm 188
11.7 Project Finance in Canada Wind Energy Market, Factors Impacting Investment Decisions 189
11.8 Canada Wind Energy Market, Regulatory Framework 190
11.8.1 The ecoEnergy for Renewable Power Program (ecoENERGY RP) 191
11.8.2 ecoENERGY Retrofit Grants and Incentives 191
11.8.3 Integration of Decentralized Energy Resources 191
11.8.4 Implementing Agreement on Renewable Energy Technology Deployment (IEA-RETD) 191
11.8.5 Accelerated Capital Cost Allowance 191
11.8.6 Wind Power Production Incentive (WPPI) 192
11.8.7 Canada Wind Energy Market, Provincial Policies 192
12 Project Finance Trends in Mexico Wind Energy Market 202
12.1 Mexico Wind Energy Market, Historical and Forecast Installed Capacity, 2005-2015 202
12.2 Project Finance in Mexico Wind Energy Market, Investment Trends, 2005-2015 203
12.3 Project Finance in Mexico Wind Energy Market, Trends by Average Deal Size and Value, 2004-2015 205
12.4 Project Finance in Mexico Wind Energy Market, Average Interest Rate 208
12.5 Project Finance in Mexico Wind Energy Market, Major Completed Deals, 2004 - 2010 209
12.5.1 Acciona Completes Project Financing of $375m for Eurus Wind Project In Oaxaca 209
12.5.2 Eolia Renovables Completes Project Financing of $240m for Santo Domingo Wind Power Project 209
12.5.3 Electrica Del Valle De Mexico Completes Project Financing of $228m for La Ventosa Wind Farm Project 209
12.5.4 Gamesa Energia Completes Project Financing For Bii Nee Stipa Wind Project In Tehuantepec Istmo 209
12.5.5 Gamesa Energia Completes Project Financing For Bii Nee Stipa Phase III Wind Farm Project In Oaxaca 210
12.6 Project Finance in Mexico Wind Energy Market, Factors Impacting Investment Decisions 210
12.7 Mexico Wind Energy Market, Regulatory Framework Influencing Project Financing Decisions 211
12.7.1 Law for Renewable Energy Usage and Energy Transition Financing (Ley Para el Aprovechamiento de Energ
List of Tables
Table 1: Global Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 18
Table 2: Global Wind Energy Market, Cumulative Wind Power Installed Capacity Split by Regions, %, 2009 19
Table 3: Global Wind Energy Market, Cumulative Installed Capacity Split by Key Countries, %, 2009 20
Table 4: Project Finance investments in Global Wind Energy Market, $m, 2004-2015 22
Table 5: Project Finance Trends in Global Wind Energy Market, by Average Deal Size, MW, 2004-2015 24
Table 6: Project Finance Trends in Global Wind Energy Market, by Average Deal Value, $m, 2004-2015 25
Table 7: Project Finance in Global Wind Energy Market, Investment Split by Region, %, 2009 26
Table 8: Project Finance in Global Wind Energy Market, Investment Split by Transaction Type, %, 2009 27
Table 9: Project Finance Trends in Canada Wind Energy Market, Interest Rate Range, %, 2006-2010 29
Table 10: Project Finance in Global Wind Market, Major Debt Providers, 31
Table 11: Project Finance in Global Wind Market, Major Advisors 38
Table 12: Project Finance in Global Wind Market, Major Sponsors 42
Table 13: Green Stimulus Packages Announced by Major Countries, % share and $ bn, 2009 48
Table 14: Project Financing in Global Wind Energy, Supply Chain of Components 50
Table 15: Country Default Spreads and Risk Premiums for Latest Bond Ratings, Major Countries, 2010 54
Table 16: Project Finance in Global Wind Energy Market, Capital Expenditure Split for Wind Farms, %, 2009 57
Table 17: Project Finance in Global Wind Energy Market, Major Turbine Components Share in Turbine Cost, %, 2009 57
Table 18: EPC Contract to Mitigate Construction Risk 59
Table 19: PPA Agreement to Mitigate Operations Risk 59
Table 20: Europe Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 64
Table 21: Project Finance Investments in the Europe Wind Energy Market, $m, 2004-2015 66
Table 22: Project Finance Trends in the Europe Wind Energy Market, by Average Deal Size, MW, 2004-2015 67
Table 23: Project Finance Trends in the Europe Wind Energy Market, by Average Deal Value, $m, 2004-2015 68
Table 24: Project Finance in the Europe Wind Energy Market, Investment Split by Key Countries, %, 2009 69
Table 25: Project Finance in the Europe Wind Energy Market, Investment Split by Transaction Type, %, 2009 70
Table 26: Project Finance in the Europe Wind Energy, Major Debt Providers 72
Table 27: Project Finance in the Europe Wind Energy, Major Advisors 75
Table 28: Project Finance in the Europe Wind Energy, Major Sponsors 77
Table 29: Germany Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 80
Table 30: Project Finance Investments in Germany Wind Energy Market, $m, 2004-2015 82
Table 31: Project Finance Trends in Germany Wind Energy Market, by Average Deal Size, MW, 2004-2015 84
Table 32: Project Finance Trends in Germany Wind Energy Market, by Average Deal Value, $m, 2004-2015 85
Table 33: Project Finance Trends in Germany Wind Energy Market, Interest Rate Range, %, 2006-2010 86
Table 34: Feed in Tariff in Germany Wind Energy Market, Cents/kWh, 2010 90
Table 35: Spain Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 93
Table 36: Project Finance Investments in Spain Wind Energy Market, $m, 2004-2015 95
Table 37: Project Finance Trends in Spain Wind Energy Market, by Average Deal Size, MW, 2004-2015 96
Table 38: Project Finance Trends in Spain Wind Energy Market, by Average Deal Value, $m, 2004-2015 97
Table 39: Project Finance in Spain Wind Energy Market, Investment Split by Transaction Type, %, 2009 98
Table 40: Project Finance Trends in Spain Wind Energy Market, Interest Rate Range, %, 2004-2010 99
Table 41: Italy Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 107
Table 42: Project Finance Investments in Italy Wind Energy Market, $m, 2004-2015 109
Table 43: Project Finance Trends in Italy Wind Energy Market, by Average Deal Size, MW, 2004-2015 110
Table 44: Project Finance Trends in China Wind Energy Market, by Average Deal Value, $m, 2004-2015 111
Table 45: Project Finance in Italy Wind Energy Market, Investment Split by Transaction Type, %, 2009 112
Table 46: Project Finance Trends in Italy Wind Energy Market, Interest Rate Range, %, 2007-2010 113
Table 47: Italy Wind Energy Market, Quota Obligation, 2007-2011 117
Table 48: Italy Wind Energy Market, Green Power Certificate System, Co-efficient factor for Wind Projects 118
Table 49: North America Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 121
Table 50: Project Finance Investments in North America Wind Energy Market, $m, 2004-2015 122
Table 51: Project Finance Trends in North America Wind Energy Market, by Average Deal Size, MW, 2004-2015 124
Table 52: Project Finance Trends in North America Wind Energy Market, by Average Deal Value, $m, 2004-2015 125
Table 53: Project Finance in North America Wind Energy Market, Investment Split by Key Countries, %, 2009 126
Table 54: Project Finance in North America Wind Energy Market, Investment Split by Transaction Type, %, 2009 127
Table 55: Project Finance in North America Wind Energy Market, Major Debt Providers 129
Table 56: Project Finance in North America Wind Energy Market, Major Advisors 132
Table 57: Project Finance in North America Wind Energy Market, Major Sponsors 134
Table 58: The US Wind Energy Market, State-wise Cumulative Installed Capacity, MW, 2009 137
Table 59: The US Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 138
Table 60: The American Recovery and Reinvestment Act, Stimulus Funds Allocation, $bn, August 2010 140
Table 61: Project Finance Investments in the US Wind Energy Market, $m, 2004-2015 141
Table 62: Project Finance Trends in the US Wind Energy Market, by Average Deal Size, MW, 2004-2015 143
Table 63: Project Finance Trends in the US Wind Energy Market, by Average Deal Value, $m, 2004-2015 144
Table 64: Project Finance in the US Wind Energy Market, Investment Split by Transaction Type, %, 2009 145
Table 65: Project Finance Trends in the US Wind Energy Market, Interest Rate Range, %, 2004-2010 146
Table 66: The US Wind Energy Market, Potential Capacity in Some of the Key States, GW, 2010 150
Table 67: American Recovery and Reinvestment Act Cost of Tax Incentive, 2010 152
Table 68: American Recovery and Reinvestment Act Key Provisions for Renewables, 2010 153
Table 69: The US States, Summary of Renewable Portfolio Standards, 2010 155
Table 70: The US, Business Energy Tax Credit, Eligibility and Credit Availability, 2008 156
Table 71: California Wind Energy, Rebates Offered, 2010 157
Table 72: Colorado Wind Energy Market, Renewable Energy Standard 158
Table 73: Colorado Wind Energy Market, Renewable Energy Assessment Cost Threshold Values, 2010 159
Table 74: Minnesota Wind Energy Market, Xcel Energy, Renewable Portfolio Standard Requirement 163
Table 75: Minnesota Wind Energy Market, Other Utilities, Renewable Portfolio Standard Requirement 164
Table 76: Nevada Wind Energy Market, Renewable Portfolio Standard 167
Table 77: New Jersey Wind Energy Market, Renewable Energy Incentive Program, Wind Upfront Incentives, 2010 170
Table 78: Oregon Wind Energy Market, Renewable Portfolio Standard 172
Table 79: Texas Wind Energy Market, Renewable Portfolio Standard, MW, 2009-2015 175
Table 80: Washington Wind Energy Market, Renewable Portfolio Standard 177
Table 81: Canada Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 180
Table 82: Project Finance Investments in Canada Wind Energy Market, $m, 2004-2015 182
Table 83: Project Finance Trends in Canada Wind Energy Market, by Average Deal Size, MW, 2004-2015 184
Table 84: Project Finance Trends in Canada Wind Energy Market, by Average Deal Value, $m, 2004-2015 185
Table 85: Project Finance in Canada Wind Energy Market, Investment Split by Transaction Type, %, 2009 186
Table 86: Project Finance Trends in Canada Wind Energy Market, Interest Rate Range, %, 2006-2010 187
Table 87: Canada Wind Energy Market, Major Federal / Provincial Initiatives 190
Table 88: Ontario Feed In Tariff Program for Wind Energy Projects , 2010 198
Table 89: Mexico Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2005-2015 203
Table 90: Project Finance Investments in Mexico Wind Energy Market, $m, 2005-2015 204
Table 91: Project Finance Trends in Mexico Wind Energy Market, by Average Deal Size, MW, 2005-2015 206
Table 92: Project Finance Trends in Mexico Wind Energy Market, by Average Deal Value, $m, 2005-2015 207
Table 93: Project Finance Trends in Mexico Wind Energy Market, Interest Rate Range, %, 2006-2010 208
Table 94: Mexico Renewable Power Market, Law on Renewable Energy, Funding Options Available, 2010 213
Table 95: Asia Pacific Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 218
Table 96: Project Finance Investments in Asia Pacific Wind Energy Market, $m, 2004-2015 219
Table 97: Project Finance Trends in Asia Pacific Wind Energy Market, by Average Deal Size, MW, 2004-2015 221
Table 98: Project Finance Trends in North America Wind Energy Market, by Average Deal Value, $m, 2004-2015 222
Table 99: Project Finance in Asia Pacific Wind Energy Market, Investment Split by Key Countries, %, 2009 223
Table 100:Project Finance in Asia Pacific Wind Energy Market, Investment Split by Transaction Type, %, 2009 224
Table 101: Project Finance in Asia Pacific Wind Energy, Major Debt Providers 226
Table 102: Project Finance in Asia Pacific Wind Energy, Major Advisors 227
Table 103: Project Finance in Asia Pacific Wind Energy, Major Sponsors 229
Table 104: China Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 232
Table 105: Project Finance Investments in China Wind Energy Market, $m, 2004-2015 234
Table 106:Project Finance Trends in China Wind Energy Market, by Average Deal Size, MW, 2004-2015 235
Table 107:Project Finance Trends in China Wind Energy Market, by Average Deal Value, $m, 2004-2015 236
Table 108:Project Finance Trends in China Wind Energy Market, Interest Rate Range, %, 2004-2010 237
Table 109: China Renewable Energy, Major Policies and Acts 242
Table 110: China Renewable Energy Law, Five Major Regulations 244
Table 111: China Wind Energy, Province Specific Incentive Schemes 247
Table 112: India Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 249
Table 113: Project Finance Investments in India Wind Energy Market, $m, 2004-2015 251
Table 114:Project Finance Trends in India Wind Energy Market, by Average Deal Size, MW, 2004-2015 253
Table 115:Project Finance Trends in India Wind Energy Market, by Average Deal Value, $m, 2004-2015 254
Table 116:Project Finance in India Wind Energy Market, Investment Split by Transaction Type, %, 2009 255
Table 117: Project Finance Trends in India Wind Energy Market, Interest Rate Range, %, 2004-2010 256
Table 118: India Wind Energy, Major Policies and Acts, 1998- 2009 260
Table 119: India Wind Energy, Central Financial Assistance for Grid-interactive Power, 2010 262
Table 120: India Wind Energy, Off-grid Program, 2010 262
Table 121: India Wind Energy, Custom Duty for Wind Equipments and Components, 2010 263
Table 122: India Wind Energy Market, Policies Introduced / Incentives Declared by the State Governments for Private Sector Wind Projects, 2009 265
Table 123: India, Renewable Energy Development Agency Financing Guidelines for Wind Energy Projects, 2010 266
Table 124: Australia Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 270
Table 125: Project Finance Investments in Australia Wind Energy Market, $m, 2004-2015 272
Table 126: Project Finance Trends in Australia Wind Energy Market, by Average Deal Size, MW, 2004-2015 273
Table 127:Project Finance Trends in China Wind Energy Market, by Average Deal Value, $m, 2004-2015 274
Table 128:Project Finance Trends in Australia Wind Energy Market, Interest Rate Range, %, 2004-2010 275
Table 129: Abbreviations 280
List of Figures
Figure 1: Project Financing Structures 15
Figure 2: Global Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 18
Figure 3: Global Wind Enegy Market, Cumulative Wind Power Installed Capacity Split by Regions, %, 2009 19
Figure 4: Global Wind Energy Market, Cumulative Installed Capacity Split by Key Countries, %, 2009 20
Figure 5: Project Finance investments in Global Wind Energy Market, $m, 2004-2015 22
Figure 6: Project Finance Trends in Global Wind Energy Market, by Average Deal Size, MW, 2004-2015 23
Figure 7: Project Finance Trends in Global Wind Energy Market, by Average Deal Value, $m, 2004-2015 24
Figure 8: Project Finance in Global Wind Energy Market, Investment Split by Region, %, 2009 26
Figure 9: Project Finance in Global Wind Energy Market, Investment Split by Transaction Type, %, 2009 27
Figure 10: Project Finance Trends in Global Wind Energy Market, Interest Rate Range by Key Countries, %, 2009 28
Figure 11: Project Finance in Global Wind Energy Market, Market Forces Analysis 45
Figure 12: Green Stimulus Packages Announced by Major Countries, % share and $ bn, 2009 48
Figure 13: Projectt Finance in Global Wind Energy Market, Flows of Funds in a Typical Project Finance Contractual Structure 52
Figure 14: Project Finance in Global Wind Energy Market, Risk/Return Profile 53
Figure 15: Project Finance in Global Wind Energy Market, Risk Trend Line 56
Figure 16: Project Finance in Global Wind Energy Market, Opportunity across the Value Chain 60
Figure 17: Europe Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 63
Figure 18: Project Finance Investments in the Europe Wind Energy Market, $m, 2004-2015 65
Figure 19: Project Finance Trends in the Europe Wind Energy Market, by Average Deal Size, MW, 2004-2015 67
Figure 20: Project Finance Trends in the Europe Wind Energy Market, by Average Deal Value, $m, 2004-2015 68
Figure 21: Project Finance in the Europe Wind Energy Market, Investment Split by Key Countries, %, 2009 69
Figure 22: Project Finance in the Europe Wind Energy Market, Investment Split by Transaction Type, %, 2009 70
Figure 23: Germany Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 80
Figure 24: Project Finance Investments in Germany Wind Energy Market, $m, 2004-2015 81
Figure 25: Project Finance Trends in Germany Wind Energy Market, by Average Deal Size, MW, 2004-2015 83
Figure 26: Project Finance Trends in Germany Wind Energy Market, by Average Deal Value, $m, 2004-2015 84
Figure 27: Project Finance Trends in Germany Wind Energy Market, Interest Rate Range, %, 2006-2010 86
Figure 28: Project Finance in Germany Wind Energy Market, Factors Impacting Investment Decisions 88
Figure 29: Spain Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 93
Figure 30: Project Finance Investments in Spain Wind Energy Market, $m, 2004-2015 94
Figure 31: Project Finance Trends in Spain Wind Energy Market, by Average Deal Size, MW, 2004-2015 96
Figure 32: Project Finance Trends in Spain Wind Energy Market, by Average Deal Value, $m, 2004-2015 97
Figure 33: Project Finance in Spain Wind Energy Market, Investment Split by Transaction Type, %, 2009 98
Figure 34: Project Finance Trends in Spain Wind Energy Market, Interest Rate Range, %, 2004-2010 99
Figure 35: Project Finance in Spain Wind Energy Market, Factors Impacting Investment Decisions 102
Figure 36: Italy Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 107
Figure 37: Project Finance Investments in Italy Wind Energy Market, $m, 2004-2015 108
Figure 38: Project Finance Trends in Italy Wind Energy Market, by Average Deal Size, MW, 2004-2015 110
Figure 39: Project Finance Trends in Italy Wind Energy Market, by Average Deal Value, $m, 2004-2015 111
Figure 40: Project Finance in Italy Wind Energy Market, Investment Split by Transaction Type, %, 2009 112
Figure 41: Project Finance Trends in Italy Wind Energy Market, Interest Rate Range, %, 2007-2010 113
Figure 42: Project Finance in Italy Wind Energy Market, Factors Impacting Investment Decisions 115
Figure 43: Italy Wind Energy Market, Quota Obligation, 2007-2011 117
Figure 44: North America Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 120
Figure 45: Project Finance Investments in North America Wind Energy Market, $m, 2004-2015 122
Figure 46: Project Finance Trends in North America Wind Energy Market, by Average Deal Size, MW, 2004-2015 123
Figure 47: Project Finance Trends in North America Wind Energy Market, by Average Deal Value, $m, 2004-2015 124
Figure 48: Project Finance in North America Wind Energy Market, Investment Split by Key Countries, %, 2009 126
Figure 49: Project Finance in North America Wind Energy Market, Investment Split by Transaction Type, %, 2009 127
Figure 50: The US Wind Energy Market, State-wise Cumulative Installed Capacity, MW, 2009 136
Figure 51: The US Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 138
Figure 52: The American Recovery and Reinvestment Act, Stimulus Funds Allocation, $bn, August 2010 140
Figure 53: Project Finance Investments in the US Wind Energy Market, $m, 2004-2015 141
Figure 54: Project Finance Trends in the US Wind Energy Market, by Average Deal Size, MW, 2004-2015 142
Figure 55: Project Finance Trends in the US Wind Energy Market, by Average Deal Value, $m, 2004-2015 143
Figure 56: Project Finance in the US Wind Energy Market, Investment Split by Transaction Type, %, 2009 145
Figure 57: Project Finance Trends in the US Wind Energy Market, Interest Rate Range, %, 2004-2010 146
Figure 58: The US Wind Energy Market, Potential Capacity in Some of the Key States, GW, 2010 149
Figure 59: Project Finance in the US Wind Energy Market, Factors Impacting Investment Decisions 151
Figure 60: Minnesota Wind Energy Market, Xcel Energy, Renewable Portfolio Standard Requirement 163
Figure 61: Minnesota Wind Energy Market, Other Utilities, Renewable Portfolio Standard Requirement 164
Figure 62: Nevada Wind Energy Market, Renewable Portfolio Standard 167
Figure 63: Oregon Wind Energy Market, Renewable Portfolio Standard 172
Figure 64: Texas Wind Energy Market, Renewable Portfolio Standard, MW, 2009-2015 175
Figure 65: Washington Wind Energy Market, Renewable Portfolio Standard, MW, 2009-2015 177
Figure 66: Canada Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 180
Figure 67: Project Finance Investments in Canada Wind Energy Market, $m, 2004-2015 182
Figure 68: Project Finance Trends in Canada Wind Energy Market, by Average Deal Size, MW, 2004-2015 183
Figure 69: Project Finance Trends in Canada Wind Energy Market, by Average Deal Value, $m, 2004-2015 184
Figure 70: Project Finance in Canada Wind Energy Market, Investment Split by Transaction Type, %, 2009 186
Figure 71: Project Finance Trends in Canada Wind Energy Market, Interest Rate Range, %, 2006-2010 187
Figure 72: Project Finance in Canada Wind Energy Market, Factors Impacting Investment Decisions 189
Figure 73: Mexico Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2005-2015 202
Figure 74: Project Finance Investments in Mexico Wind Energy Market, $m, 2005-2015 204
Figure 75: Project Finance Trends in Mexico Wind Energy Market, by Average Deal Size, MW, 2005-2015 205
Figure 76: Project Finance Trends in Mexico Wind Energy Market, by Average Deal Value, $m, 2005-2015 206
Figure 77: Project Finance Trends in Mexico Wind Energy Market, Average Interest Rate, %, 2004-2010 208
Figure 78: Project Finance in Mexico Wind Energy Market, Factors Impacting Investment Decisions 211
Figure 79: Asia Pacific Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 217
Figure 80: Project Finance Investments in Asia Pacific Wind Energy Market, $m, 2004-2015 219
Figure 81: Project Finance Trends in Asia Pacific Wind Energy Market, by Average Deal Size, MW, 2004-2015 220
Figure 82: Project Finance Trends in Asia Pacific Wind Energy Market, by Average Deal Value, $m, 2004-2015 221
Figure 83: Project Finance in Asia Pacific Wind Energy Market, Investment Split by Key Countries, %, 2009 222
Figure 84: Project Finance in Asia Pacific Wind Energy Market, Investment Split by Transaction Type, %, 2009 224
Figure 85: China Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 231
Figure 86: Project Finance Investments in China Wind Energy Market, $m, 2004-2015 233
Figure 87: Project Finance Trends in China Wind Energy Market, by Average Deal Size, MW, 2004-2015 235
Figure 88: Project Finance Trends in China Wind Energy Market, by Average Deal Value, $m, 2004-2015 236
Figure 89: Project Finance Trends in China Wind Energy Market, Interest Rate Range, %, 2004-2010 237
Figure 90: Project Finance in China Wind Energy Market, Factors Impacting Investment Decisions 240
Figure 91: India Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 248
Figure 92: Project Finance Investments in India Wind Energy Market, $m, 2004-2015 250
Figure 93: Project Finance Trends in India Wind Energy Market, by Average Deal Size, MW, 2004-2015 252
Figure 94: Project Finance Trends in India Wind Energy Market, by Average Deal Value, $m, 2004-2015 253
Figure 95: Project Finance in India Wind Energy Market, Investment Split by Transaction Type, %, 2009 255
Figure 96: Project Finance Trends in India Wind Energy Market, Interest Rate Range, %, 2004-2010 256
Figure 97: Project Finance in India Wind Energy Market, Factors Impacting Investment Decisions 258
Figure 98: India Wind Energy Market, Comparison of Tariffs Provided by Different States For Wind Power, 2009 264
Figure 99: Australia Wind Energy Market, Historical and Forecast Installed Capacity, MW, 2001-2015 270
Figure 100: Project Finance Investments in Australia Wind Energy Market, $m, 2004-2015 271
Figure 101:Project Finance Trends in Australia Wind Energy Market, by Average Deal Size, MW, 2004-2015 273
Figure 102: Project Finance Trends in Australia Wind Energy Market, by Average Deal Value, $m, 2004-2015 274
Figure 103: Project Finance Trends in Australia Wind Energy Market, Interest Rate Range, %, 2004-2010 275
Figure 104: Project Finance in Australia Wind Energy Market, Factors Impacting Investment Decisions 277
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