GT GreenbergTraurig

2022 WIND + UTILITY SCALE SOLAR + STORAGE Market Overview

Jeff Chester Global Co-Head of Energy Project Finance

群内每日免费分享5份+最新资料

300T网盘资源+40万份行业报告

为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 …… 全面赋能！

关注公众号获取更多资料

添加微信，备
注“入群”
立刻免费领取
200套知识地图+最新研报

致终身学习者社群

行业报告/思维导图/电子书/资讯情报

收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音……

扫码先加好友，以备不时之需

About GT

Greenberg Traurig, LLP (GT) has more than 2 ,650 attorneys in 44 locations in the United States, Europe, Latin America, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and pro bono . The firm has reported gross revenue of over \$ 2 billion . GT is consistently among the top firms on the Am Law 100 , Am Law Global 100 , NLJ 250 , and Law360 (US) 400 .

The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 5.0 Certified.

United States	Houston	Orlando	Washington, D.C.	Asia
Albany	Las Vegas	Philadelphia	West Palm Beach	Seoul~
Atlanta	Long Island	Phoenix	Westchester County	Shanghai
Austin	Los Angeles	Portland		Tokyo
Boston	Miami	Sacramento	Europe
Charlotte	Minneapolis	Salt Lake City	Amsterdam	Latin America
Chicago	New Jersey	San Diego	Berlin	Mexico City+
Dallas	New York	San Francisco	London
Delaware	Northern Virginia	Silicon Valley	Milan”	Middle East
Denver	Orange County	Tallahassee	Warsaw	Tel Aviv^
Fort Lauderdale		Tampa

Symbols refer to GT's ofice structure,which is detailed at htps://www.gtlaw.com/en/general/footer/main-disclosure-page.37655

New U.S. Wind Power Capacity 8,612 MW Installed in 2022

Source: ACP

New U.S. Utility Scale Solar Power Capacity 12,589 MW Installed in 2022

Source: ACP

Planned Utility-Scale Solar PV Generating Capacity Delays

Planned utility-scale solar photovoltaic generating capacity reporting a delay (Jan 2018-Jun 2022)

Source: U.S. Energy Information Agency

U.S. Annual and Cumulative Clean Power Capacity Growth

Source: ACP

Cumulative U.S. Wind Power Capacity 143,969 MW Installed by Year-End 2022

Cumulative U.S. Utility Scale Solar Capacity 74,079 MW Installed by Year-End 2022

Wind and Solar Penetration in ERCOT

The sum of the percentages may not equal 10o% due to rounding. *Other includes biomass and DC Tie capacity.

2021 Energy Use

393 billion kilowatt-hours of energy were used in 2021,a 2.87% increase compared to 2020.

• Wind Generation record: 27,044 MW (May 31, 2022)

Wind Penetration record: 69.15 percent (April 10, 2022)

36,909 MW of installed wind capacity as of December 2022

• 14,806 MW of utility-scale installed solar capacity as of December 2022

• 2,788 MW of installed battery storage as of December 2022

Source: ERCOT

Wind and Solar Penetration in CAISO

Historical Peaks (as of January 31, 2023)

Solar peak 14,352 MW Previous record:

仙 Peak net imports 11,894 mw 茵 Peak demand 52,061 MW Second highest:

Peak percentage of renewables
compared to demand
103.5%
Previous record:

Steepest ramp over 3-hour period 17,660 mw Second highest:

Installed Renewable Resources (as of January 31, 2023)

Source: CAISO

	Megawatts
糕 Solar	16,417
北 Wind	7,950
需 Geothermal	1,599
3 Small hydro	1,196
Biofuels	801
TOTAL	27,510

Wind and Solar Penetration in SPP

Southwest Power Pool

Source: Southwest Power Pool

Wind Peak	22,915 MW10:34 p.m. CT\| February 15, 2022
Wind Penetration	88.5%10:34 p.m. CT\| February 15, 2022
Renewable Peak	23,802 MW9:25 p.m. CT\| March 28, 2022
Renewable Penetration	. 90.2%2:42 a.m. CT\| March 28 & 29, 2022

Real Time Generation Mix

Source: MISO and PJM

NYISO Real Time Generation Mix

February 23, 2023 @ 4:05 p.m. Central Time

Source: NYISO

In First Half of 2022, 24% of U.S. Electricity Generation Came From Renewables

U.S. electricity generation, first six months of the year (Jan-Jun, 2010-2022) million gigawatthours

Source: U.S. Energy Information Agency

Wind was Second Largest Source of Electricity on March 29, 2022

Source: U.S. Energy Information Agency

Wind Energy Penetration in Global Markets

Wind as Percentage of Total Generation in 2021

Source: ACP

Investment & New Capacity Additions for US Power Generation

Source: Wood Mackenzie

More Than Half of New U.S. Electric-Generating Capacity in 2023 Will Be Solar

U.S. planned utility-scale electric-generating capacity additions (2023) gigawatts (GW)

Source: U.S. Energy Information Agency

Renewable Power Plants Reducing U.S. Electricity Generation from Natural Gas and Coal

U.S. electricity generation by energy source (2018-2024)

Source: U.S. Energy Information Administration

Wind and Solar LCOEs (Unsubsidized)

Selected renewable energy generation technologiesare cost-competitivewith conventional generation technologies under certain circumstances

Source: Lazard

U.S. Annual and Cumulative Utility Battery Storage Capacity Growth

Source: ACP

Battery Storage 2022

Source: ACP

Hybrid Capacity 2022

Source: ACP

EV Outlook

US EVs (BEV& PHEV) Sales & Sales Share Forecast: 2021-2030

Historical SalesData: GoodCarBadCar.net,InsideEVs,IHSMarkit/Auto ManufacturersAlliance, Advanced Technology Sales DashboardI Research&Chart: Loren McDonald/EVAdoption
Source: EVAdoption

U.S. Offshore Wind Pipeline (40,083 MW)

Source: NREL

U.S. Offshore Locations May 2022

Source: NREL

Wind Developer Market Share Year End 2022 – 8,612 MW

Developer MW

NextEra Energy Resources 2,688

Invenergy 1,298

RWE Renewables Americas, LLC 677

ENGIE North America 602

Enel Green Power North America 600

Drsted Wind Power North America LLC 561

Apex Clean Energy Inc. 424

EDF Renewables 397

Leeward Renewable Energy 380

Northrenew Energy 丨Taaleri Energia336Ltd.

Amshore Renewable Energy 丨Duke 207Energy Sustainable Solutions

AVANGRID 201

Others (<200 MW) 375

Utility Scale Solar Developer Market Share Year End 2022 – 12,589 MW

Developer MW

Intersect Power 1,114

NextEra Energy Resources 812

Duke Energy 697

Terra-Gen LLC 578

Florida Power & Light 522

Invenergy 500

Qrsted 430

Pine Gate Renewables 400

Recurrent Energy 400

ENGIE North America 351

Copenhagen Infrastructure Partners 350

Savion, LLC 350

LightSource 340

EDF Renewables 316

Avantus 300

National Grid 279

Others (<250 MW) 4,878

Compare to 2003 – 1,687 Wind MWs Installed

Top Wind Developers for the Last 5 Years: 2018 – 2022

Developer MW

NextEra Energy Resources 10,527

Invenergy 6,547

Apex Clean Energy 4,138

ENGIE North America 2,915

EDP Renewables North America 2,355

EDF Renewables 2,292

Enel Green Power 2,040

Tradewind Energy 1,782

RWE Renewables 1,769

Pattern Energy 1,734

AVANGRID 1,543

Drsted Wind Power North America LLC 1,509

MidAmerican Energy 1,261

Clearway Energy 1,083

Others (<1,000 MW) 14,791

Top Solar Developers for the Last 5 Years: 2018 – 2022

Developer MW

NextEra Energy Resources 2,347

First Solar 1,692

Intersect Power 1,414

EDF Renewables 1,377

Duke Energy 1,207

LightSource 1,202

Avantus 1,142

Invenergy 1,094

FPL 1,043

ENGIE North America 916

Recurrent Energy 863

D.E.Shaw Renewables Investments 856

Orsted 850

Terra-Gen LLC 723

Longroad Energy 679

Others (<650 MW) 29,430

Top U.S. Wind Owners: Net Ownership Year End 2022

Owner MW

NextEra Energy 22,897

AVANGRID 8,289

MidAmerican Energy 7,396

EDP Renewables North America 5,556

Enel Green Power North America 5,256

RWE Renewables Americas, LLC 5,243

Drsted Wind Power North America3,043LLC

ENGIE North America 2,915

Clearway Energy Group 2,905

EDF Renewables 2,674

PacificCorp 2,409

Southern Power 2,398

Invenergy 2,339

BHE Renewables 2,308

Pattern Energy Group 2,265

AEP Renewables 2,126

Others (<2,000 MW) 63,952

Top U.S. Utility Scale Solar Owners: Net Ownership Year End 2022

Owner MW

NextEra Energy Resources 4,774

Florida Power & Light 3,391

Duke Energy 2,900

Consolidated Edison 2,733

Global Atlantic Financial Group 2,081

sPower 1,985

Dominion Energy 1,779

Capital Dynamics 1,751

BHE Renewables 1,724

D.E. Shaw Renewable Investments 1,599

Clearway Energy Group 1,395

Silicon Ranch Corporation 1,338

ENGIE North America 1,228

HPS Investment 1,228

SB Energy 1,190

Lightsource 1,182

Orsted 1,149

Others (<1,100 Mw) 41,283

Energy Storage Owners (End of 2022)

Owner MW

Jupiter Power LLC 400

NextEra Energy Resources 394

Terra-Gen LLC 351

Recurrent Energy 350

LS Power 325

Luminant Energy 260

AES Clean Energy 231

CALPERS 230

Pacific Gas & Electric 183

AIP Management 160

Key Capture Energy, LLC 150

Goldman Sachs & Co. 140

National Grid 135

Southern California Edison 112

Others (<100 MW) 713

Annual U.S. PPA Announcements

Source: ACP

Offtake Arrangements

2022 Clean Energy Capacity Offtake Status

Source: ACP

2022 Clean Energy Purchase Agreement Announcements

Clean Energy Buyers 2016-2022

Source: Clean Energy Buyers Association (CEBA)

2022 Wind & Solar PPAs: Corporate Offtakers

amazon

8Meta

Google

Source: CEBA

general motors

口 -BASF

We create chemistry

Quarterly PPA Price Indices by ISO

Wind

Solar

Source: LevelTen Energy

Market Share of Wind Turbine Manufacturers: Installed Capacity 2022

Manufacturer	MW
GE Renewable Energy	4,912
Vestas	2,048
Nordex USA	854
Siemens Gamesa	694
TOTAL:	8,612

Source: ACP

Turbine Supplier Market Share 2010 - 2022

Source: ACP

Tax Equity Market (\$B)

Cost of 15-Year Debt and Tax Equity for Utility-Scale Wind Projects Over Time

Source: Intercontinental Exchange Benchmark Administration, BNEF, Norton Rose Fulbright

2022 Announced Project Finance Debt Renewables League Table – Top 10 Lenders

Lenders	Amount (Us$m)
MUFG	1,430
KeyBank	866
Sumitomo Mitsui Banking Corporation (SMBC)	844
Nord LB	530
U.S. Dept. of Energy	504
Bank of America	446
CoBank	433
Siemens	426
Societe Generale	342
Santander	326
	TOTAL: $16,270

Source: IJ Global

2022 Announced Project Finance Debt By Sponsor (>\$100 million)


Sponsors	Project Name (MW)	Lead Banks	Value(USD m)
Quinbrook Low CarbonPower Fund	Gemini Solar PV Plant &Battery Storage Facility	Lead Arrangers: KeyBanc Capital Markets; MUFG; Bank of America; Nord LB Other Banks: Amalgamated Investment Bank; Associated Bank; Bank of China;Bank of Montreal; BNP Paribas Fortis; Cadence Bank; Comerica Bank;Commerzbank; Credit Agricole Group; DnB NOR Bank; Fifth Third Bank;Huntington National Bank; MetLife; National Australia Bank; National Bank of Canada; PNC Bank; Regions Bank; Silicon Valley Bank; Societe Generale; Truist Bank; Voya Financial	1,300
Terra-Gen Power	Edwards Sanborn Solar PVPlant	Lead Arrangers: BNP Paribas; CoBank; ING Bank; NomuraOther Banks: Aozora Bank; Rabobank; US Bank	959
Longroad Energy	Sun Streams 3 Solar PVPlant	Lead Arrangers: KeyBanc Capital Markets; Canadian Imperial Bank of CommerceOther Banks: Australia and New Zealand Banking Group; Commerzbank; PNCBank; Silicon Valley Bank	679
Arevon EnergyManagement	Eland I Solar PV Plant	Lead Arrangers: KeyBanc Capital Markets; Canadian Imperial Bank of Commerce;Wells Fargo; CoBank; Credit Agricole Group; Zions Bancorporation	605
Haddington Ventures;Magnum Development;Mitsubishi Power	The Advanced Clean EnergyStorage Hydrogen Hub	United States Department of Energy	504
Intersect Power	Oberon I Solar PV Plant	Lead Arrangers: KeyBanc Capital Markets; MUFG Bank; Santander; Bank of America Securities; CoBank; Helaba; Nord LB; Zions Bancorporation	485

Source: IJGlobal

2022 Announced Project Finance Debt By Sponsor (>\$100 million)

Sponsors	Project Name (MW)	Lead Banks	Value(USD m)
JERA	El Sauz Wind Farm	Sumitomo Mitsui Banking Corporation; Mizuho Bank; MUFG Bank; KeyBanc Capital Markets	460
Clearway Energy	Daggett 2 Solar PV Plant	Natixis; Nord LB; Societe Generale; Sumitomo Mitsui BankingCorporation	447
Global Energy Generation(GEG)	Mammoth I Solar PV Plant	Banco Sabadell; Bank of America Securities; Bayern LB; ComericaBank; Deutsche Bank; Intesa Sanpaolo; MetLife; National Bank ofCanada	392
Pine Gate Renewables	Porter Solar PV Plant	MUFG Bank; Siemens Financial Services; Sumitomo Mitsui BankingCorporation	358
Apex Clean Energy	Great Pathfinder Wind Farm	Bank of America Securities; Santander Bank; Sumitomo Mitsui BankingCorporation	348
Intersect Power	Lumina I Solar PV Plant	Bank of America; CoBank; Helaba; KeyBanc Capital Markets; MUFG Bank; Nord LB; Santander	302
Intersect Power	Lumina Il Solar PV Plant	Bank of America; CoBank; Helaba; KeyBanc Capital Markets; MUFG Bank; Nord LB; Santander	291
Greenbacker Capital; rPlusEnergies	Appaloosa Solar PV Plant	KeyBanc Capital Markets; JP Morgan	267
Omega Energia	Goodnight Wind Farm Phase I	MUFG Bank; Rabobank; Sumitomo Mitsui Banking Corporation	237

Source: IJGlobal

2022 Announced Project Finance Debt By Sponsor (>\$100 million)


Sponsors	Project Name (MW)	Lead Banks	Value(USD m)
Fengate AssetManagement	Prairie Switch Wind Farm	MUFG Bank	215
Longroad Energy	Three Corners Solar PV Plant	KeyBanc Capital Markets; US Bank	194
DESRI	Bartonsville Solar PV Plant	DnB NOR Bank; National Bank of Canada; Societe Generale	169
Algonquin Power IncomeFund	Sandy Ridge Wind Farm 2	Bank of Montreal; Canadian Imperial Bank of Commerce; Sumitomo Mitsui Banking Corporation	162
Terra-Gen Power	Sagebrush Energy Storage	CoBank; ING Bank; MUFG Bank	148
Community Energy	Great Cove Solar PV Plant	Citigroup; HSBC; National Bank of Canada	135
Matrix Renewables	Gaskell West 2 & 3 Solar Portfolio &BESS	Commonwealth Bank of Australia; HSBC; MUFG Bank; National Bank of Canada	129
Pine Gate Renewables	Bulldog Solar PV Plant	Banco Sabadell; MUFG Bank; Zions Bancorporation	125
Excelsior Energy	Skyhawk Solar PV Plant	Nord LB; Sumitomo Mitsui Banking Corporation	124
Innergex RenewableEnergy	Waimea Solar PV Plant	MUFG Bank	122
Pine Gate Renewables	Gunsight Solar PV Plant	MUFG Bank; Siemens; Sumitomo Mitsui Banking Corporation	120
Source: LIGlobal

2022 Announced Project Finance Debt By Sponsor


Sponsors	Project Name (MW)	Lead Banks	Value(USD m)
Pine Gate Renewables	Phobos Solar PV	MUFG Bank; Siemens; Sumitomo Mitsui Banking Corporation	120
Clenera	Apex Solar PV Plant	Bank of America Securities; Nord LB	117
Pine Gate Renewables	Cabin Creek Solar PV Plant	MUFG Bank; Siemens; Sumitomo Mitsui Banking Corporation	117
KEPCO	Concho Valley Solar PV Plant	Nord LB; Rabobank	114
Pine Gate Renewables	Allora Solar PV Plant	MUFG Bank; Siemens; Sumitomo Mitsui Banking Corporation	107
Revity Energy	Robin Hollow Solar PV Plant	Blackstone	105
AES Corporation	Lancaster Battery Storage	Credit Agricole; Export Development Bank of Canada; KeyBanc Capital Markets; Silicon Valley Bank	104

Source: IJGlobal

U.S. Renewable M&A Activity

Assets Sold1

Completed Portfolio/Asset M&ATransactions1

1 Announcements tracked through SparkSpread, RenewablesNow.com, and available press releases through January 5, 2023.
Source: CohnReznick

2022 Selected Platform Acquisitions

TARGETCOMPANY	BUYER	SELLER	SUMMARY
Madison EnergyInvestments	EQT Infrastructure	Stonepeak PartnersLP	EQTInfrastructuretoacquireMadisonEnergyInvestments,adistributed-generationplatformfocusedonsolarandenergystorageprojectsforcommercialandindustrial("C&l")andcommunity projects.
Ireaty OakClean Energy	MacquarieGreenInvestmentGroup	TreatyOak Clean Energy	MacquarieGreen InvestmentGroupacquiredTreatyOak,aclean-energyplatformfocusedonutity-scalesolarplusstorageprojectsinthe United States.
Jupiter Power	BlackrockAlternatives	EnCap Invest-ments	BlackrockacquiredJupiterPower,adeveloperandownerofstandalone,utility-scale-batteryenergy-storagesystems.
SafariEnergy	Aspen Power Partners	PPLCorp.	AfteraS350millioninvestmentfromCarlyle,AspenPowerPartnersacquiredSafariEnergy,adistributedsolarplatformfocused on C&lprojects.
Scout Clean Energy	Brookfield Renewable	Scout Clean Energy	Brookfield's$1billionacquisitionofScoutClean Energyincludesaportfolioof1.2GWofoperatingwindassetsandapipelineof>22GWofwind,solarandstorageprojectsacross24U.S.states.
StandardSolar	Brookfield Renewable	Standard Solar	Brookfield's$540millionacquisitionofStandardSolar,aC&landcommunitydistributedsolarplatform,includes50oMwofoperatingandunderconstructionassetsandadevelopmentpipelineof~2GW.
TriGlobal Energy	Enbridge	TriGlobal En-ergy	EnbridgeacquiredTrilobalEnergywind,soaradegystoragedeveloperwithadevelopmentportfolioof>7GWofwindand solarprojects.Axiumacquired BlueWave,adevelopmentplatformfocusedoncommunity-scalesolarandsolarenergy-storageprojects.
BlueWave	Axium Infrastructure	BlueWave

Source: FTl Consulting

GT Renewables Team Representative Transactions

ICEPCO

tive Lead counsel in negotiation of EPC ransactiocontract for 60 MW solar plus storage sproject

epresent

tive Lead counsel in
the sale-leaseback and related financing of 80
MW solar project sin Montana

Safari Energy APPLCoapay

tive Lead counsel in acquisition of ransactionmultiple utility scale projects in CA, GA, sand the Northeast

esen CLEAN ENERGY

tive Mulligan Solar

Lead counsel in
Transactionconstruction loan, tax
equity, and sale of 70
sMW solar project

ese CLEAN ENERGY

White Mesa
Lead counsel in sale
of 500 MW wind
project in Texas

ep resen ENEWABLEENERGYCOMPANY

Lead counsel in
acquisition and
financing a 500 MW
solar project in New
York

present

Lead counsel in
negotiation of master
supply agreements and
procurement of solar
modules, trackers and sinverters

ese CLEAN ENERGY

tive Young Wind

Lead counsel in 500 ransactioMW wind project paired with hydrogen project in Texas

tive Lead counsel in acquisition of 4 solar ransactiofacilities totaling 21 MW in New Jersey

tive Neosho Wind

Lead counsel in sale ransactiof 300 MW wind project in Kansas

res

tive Lead counsel in tax equity partnershipansactioflip financing of a residential solar portfolio

res

Lead counsel in tax equity partnership-flip financing of 9 utility Transactionscale solar projects in NY and RI aggregating s275 MWdc

Lead counsel in sale of 900 MW development Transactionwind power project in Baja California to GE

BayWa r.e. resen

tive Maestro Wind

APEX esen

Lead counsel in the ransactioacquisition of 1300 MW wind project in sWyoming

tive Isabella Wind

Lead counsel in ransactionfinancing and sale of 385 MW wind project in Michigan

rese

tive Lead counsel in tax equity partnership-flip Transactionfinancing of portfolio of solar and storge projects in U.S. and Puerto Rico

ese E E R G

Lead counsel in sale of portfolio of Transactionoperating solar assets

HUDSON sen GROUP

Ceibo

Repre senta ENERGY

BayWar.e.resen

Lead counsel in closing of green bond for Transactionportfolio of six solar PV facilities totaling 84 MW sin Uruguay

Sun Streams 3

tive Amadeus Wind

Lead tax equity investor counsel in connection with a 285 MW solar and 215 MW storage sproject in Arizona

Lead counsel in the Transactionconstruction, financing, and sale of 250 MW swind project in Texas

APEX esen

tive Caddo Wind

Lead counsel in sale of 300 MW wind project in Oklahoma

ep resen RENEWABLEENERGYCOMPANY

Albany

Lead counsel in acquisition & bridge ransactiofinancing of 50 MW portfolio of 2 solar sprojects in New York

JEFFREY A. CHESTER Global Head of Energy Project Finance

群内每日免费分享5份+最新资料

300T网盘资源+40万份行业报告

为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 …… 全面赋能！

关注公众号获取更多资料

添加微信，备
注“入群”
立刻免费领取
200套知识地图+最新研报

致终身学习者社群

行业报告/思维导图/电子书/资讯情报

2021 WIND + UTILITY SCALE SOLAR MARKET OVERVIEW