Tracxn Wind Energy Landscape Report July 2016

Wind Energy Report, July 2016
Tracxn
World’s Largest Startup Research Platform
2

Contents
Topic Page No.
Scope of Report 05
Entrepreneur Activity 07
Investment Trend 09
Who is Investing 17
Exit Outlook - IPO, Acquisitions 21
Sub Sector Analysis 24
Interesting Companies 42
Useful Links 47
Company List 49
Team 147
3
3

Illustrative Sectors We Track
4
ENTERPRISE
INFRASTRUCTURE
ENTERPRISE
APPLICATIONS
MOBILEENERGY
TECH FINTECH EDUCATION HEALTHCARE
SECURITY
STORAGE
NETWORKING
MOBILITY
IT OPS
CLOUD INFRASTRUCTURE
API MANAGEMENT
BIGDATA INFRASTRUCTURE
SAAS
MOBILE-FIRST ENT. APPS
INTELLIGENT ENT. APPS
OPEN SOURCE
RETAIL TECH
MARKETING TECH
STEALTH MODE
VERTICAL SAAS
MOBILE COMMERCE
MOBILE PAYMENTS
MOBILE MARKETING
MOBILE DEV TOOLS
MOBILE HEALTH
MOBILE GAMING
MOBILE LEARNING
MOBILE COMMUNICATION
WIND ENERGY
SMART GRID
SOLAR ENERGY
ELECTRIC VEHICLES
NUCLEAR ENERGY
BIOENERGY
ENERGY STORAGE
FUEL CELLS
INTERNET OF THINGS
3D PRINTING
BITCOIN
PAYMENTS
EDUCATION IT
SELF LEARNING
LIFE SCIENCES
DIGITAL HEALTH

Sector Overview
Scope of report
The report covers the companies working in the domain of Wind Energy both directly through manufacturing turbines, wind pipes,
rotors, generators and other components as well as those companies which provide EPC support and Operation and Maintenance
support to wind farms. We have also covered the major chunk of companies who develop wind farms for supplying power either to a
Utility or to an end user through bilateral contracts in terms of Independent Power Producers. Other verticals covered in this report
includes the ancilliary industry which provides data based support to the larger wind installations as well as Energy Management
solutions which monitor and provide preventive as well as corrective maintenance.
The scope of this report includes equity as well as debt funding received by the companies.
Business Model Descriptions
Generation
Independent Power Producers involved in generating wind energy and selling the same either to a Utiity or to a
third party directly under bilateral contracts.
Manufacturing Manufacturers of turbines as well as components which are required to manufacture a turbine
Service Provider Covers all such companies providing EPC support and O&M to wind farm developers
Technology Developer
These companies are yet to enter full-scale manufacturing of components and technologies to manufacture
turbines or improve its efficiency
Wind-as-a-service Companies providing innovative wind turbine leasing technologies
Data Analytics Wind Energy data analytics solutions for improving efficiency and preventive maintenance of turbines
Software Companies developing various applications and softwares for EMS/SCADA etc.
Services Companies developing solutions to improve generation and assist in wind farm project development

Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
6
6

YoY – Number of companies founded
40
22
17
25
23
24
1
0
9
18
27
36
45
2010 2011 2012 2013 2014 2015 2016 (YTD)
NumberofCompanies
• The maximum number of companies
were found in 2010 which mostly
catered to the business model of
manufacturing regular on-shore
turbines and other components and
the generic wind farm developers.
• It might be interesting to note that
the crude prices adjusted for inflation
in 2008 was $100 and we have the
highest number of companies found
in 2008/09/10 with an average of
40+ companies per year.
• Apart from the oil shock, other
reasons were to do with local
markets where wind was slowly
being adopted as a clean technology
which lead to governments providing
subsidies for mass adoption of wind
power. As compared to recent times
where most companies being formed
in the last 2-3 years have innovative
business models to encourage the
users.
BluEarth
Renewables
ReNew Power
Ventures
SkySpecs United Wind Terraform Global Hover Energy Kitewinder
Bharat Light
&
Power
InterEnergy
Holdings
Poduhvat
Hydrokinetics
Inspire Energy TerraForm Power CWP Energy Asia

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
8
8

YoY – Number of Rounds and Total Funding
• The highest funding for the sector was
in 2015 with almost $2.7B invested in
36 rounds. It is also interesting to note
that the reason for the high funding
has been majorly due to a large
number of high value PE (12) rounds.
These investments have been allocated
to those companies who have been
scaling up their business across
multiple geographies.
• In terms of number of rounds, 2013
hosted the highest due to a spread of
high number of investments across
mulitple rounds, most of which
covered under Seed rounds (9) and
Debt rounds (10)
• In terms of average ticket size per year,
we see the highest in 2016 (YTD) at
$115M and then in 2015 for $74M and
2014 at $50M. Though 2013 saw the
highest number of rounds, since the
investments were mostly for Seed
rounds the average ticket size was ~
$38M
$0.4B
$0.8B
$1.9B
$0.8B
$1.5B
$1.8B
$2.3B
$2.7B
$1.8B
32
22
37
40
36
48
46
36
16
0
10
20
30
40
50
60
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inBillions)
Funding Amount Number of Rounds
Note: The funding includes debt rounds also.

YoY – Number of Rounds by Stage
5 5
10
3 2 1
14
17
16
16
12
3
12
8
11
8
14
6
0
8
16
24
32
40
2011 2012 2013 2014 2015 2016
NumberofRounds
Seed Early Late

YoY – Funding by Stage
$1M $0M $13M $0M $1M $2M
$361M
$67M
$102M
$700M
$126M
$14M
$169M
$1.2B
$1.2B
$253M $1.4B
$602M
0
320
640
960
1280
1600
2011 2012 2013 2014 2015 2016
TotalFundingAmount(inMillions)
Seed Early Late

Average Ticket Size – Early Stage
• In early stage investments, 2014
scored the highest in terms of
average size per ticket with numbers
in Series A and B investments to be
nearly $56 and $87M respectively.
Quite contrary to the years it follows
as well as precedes.
• Seed investments touched a high in
2016 so far with nearly $2M invested
in very early stage rounds in
innovative companies which deliver
solutions for generating windpower
or provides components to greatly
improve efficiency or reduce cost of
generation.
• High average investments in 2014
can be attributed to the large
number of companies which are
were getting established post 2010
and were past their Seed rounds to
seek fresh investments for improving
their products or gaining more
traction in the market.
$0.2M
$0.0M
$1.4M $0.1M $1.2M
$1.9M
$26.2M
$6.1M
$4.4M
$56.1M
$14.5M
$2.9M
$19.8M
$4.9M
$21.3M
$87.0M
$5.5M
$6.4M
0.0
20.0
40.0
60.0
80.0
100.0
2011 2012 2013 2014 2015 2016
FundingAmount(inMillions)
Seed Series A Series B

Top investments in last one year
Company
Funding
Amount
Round
Name
Date Investors
goldwindglobal.com
Goldwind
(Urumqi, 2011)
$1B Debt Mar-2016 China Developement Bank
welspunrenewables.com
Greenko Group
(Hyderabad, 2004)
$230M PE Jun-2016 GIC, Abu Dhabi Investment Authority
goldwindglobal.com
Mytrah Energy (India)
(Hyderabad, 2009)
$175M Debt Apr-2016 Asian Development Bank
renewpower.in
SITAC Renewable energy
(Delhi, 2006)
$169M PE Jan-2016 Undisclosed
greenkogroup.com
United Wind
(Brooklyn, 2013)
$200M PE Jan-2016 Forum Equity Partners
unitedwind.com
Hero Future Energies
(Delhi, 2012)
$44M Debt Feb-2016 Undisclosed
mytrah.com
Goldwind
(Urumqi, 2011)
$300M Debt July-2015 Undisclosed
Terraform Global
(Bethesda, 2014)
$335M PE Jun-2015 Capricorn, Baron Funds, Kingdon, Zimmer, GE

Top investments in last one year
Company
Funding
Amount
Round
Name
Date Investors
sitacltd.com
ReNew Power Ventures
(Gurgaon, 2011)
$265M Series C Oct-2015
Abu Dhabi Investment Authority, Global Environment Fund, Goldman
Sachs
welspunrenewables.com
Welspun Renewables
(Delhi, 1985)
$165M PE Oct-2015 Undisclosed
mytrah.com
Welspun Renewables
(Delhi, 1985)
$452M Debt Oct-2015 Undisclosed
terraformglobal.com
Terraform Global
(Bethesda, 2014)
$68M PE Jul-2015 Baron Funds
herofutureenergies.com
Mytrah Energy (India)
(Hyderabad, 2009)
$95M Series A Aug-2015 Undisclosed
gaelectric.ie
Gaelectric
(Ringsend, 2004)
$31M Debt Sep-2015 Proventus Capital Partners
apexcleanenergy.com
Apex Clean Energy
(Charlottesville, 2009)
$30M PE Aug-2015 Prudential Capital Group
alcazarenergy.com
Alcazar Energy
(Dubai, 2014)
$25M PE Jul-2015 IFC

Funnel view of Sector
• Out of a total of 453 founded
companies we have seen almost 214
companies which are funded through
either equity or debt. Out of these 214
companies, 169 companies have not
gone public which represents nearly
37% share of the total founded
companies.
• A total of 166 companies have received
Series A funding among them which
comprises of 98% of the total funded
companies. Some of these companies
would have received Seed rounds of
investments, others might have
directly received Series A funding.
• A total of 46% of these companies
have proceeded to Series B which in
numbers tally to around 76 companies.
• Some of these companies have
received late stage investments. There
are other such companies which have
been initially funded through high
budget PE deals.
68
55
76
166
169
453
0 100 200 300 400 500
M&A & IPO
Late
Series B
Series A
Funded
Founded
Number of Companies
Percent of
Previous
37%
98%
46%

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
6
16

Most Active Investors in Sector
• A total of 240+ investors have
invested nearly $15B over the course
of last 15 years in nearly 350+ rounds
bringing an average ticket size of
around $42M for every round of
investment.
• Goldman Sachs has the highest
investments in the sector with 8,
followed by DFJ, Department of
Energy (Government of the US), GE
Financial Services, Global
Environment Fund, Kleiner Perkins
Caufield & Byers and NGEN Partners
with 5 deals each.
• The highest investment in the sector
has been made to the tune of $1.2B
in July, 2010 in a debt round by
undisclosed investors in Terra-Gen
Power. The highest equity round was
made in March, 2012 in Enel, Russia
to the tune of $625M by RDIF, Mira
Funds and Xenon Capital Partners.
This was a PE round of investment
8
5 5 5 5 5 5
0
2
4
5
7
9
Goldman Sachs DFJ Department of
Energy (US)
GE Energy Fin
Svcs
Global
Environment
Fund
KPCB NGEN Partners
TotalNumberofCompanies
ReNew Power
Ventures
Pentalum
Gemini
Energy Services
Welspun
Renewables
ReNew Power
Ventures
Ogin Energy Fallbrook Tech
Nordex
Bharat Light
& Power
ABB Group
Danotek Motion
Technologies
UPC Renewables
UpWind
Solutions
Greengate Power

Where are Top Investors investing
Goldman
Sachs
DFJ
Department
of Energy
(US)
GE Energy
Fin Svcs
Global
Environme
nt Fund
KPCB
NGEN
Partners
Demeter
Partners
Good
Energies
NGP Energy
Technology
Partners
Generation
ReNew
Power
Ventures
Welspun
Renewables
ReNew Power
Ventures
UPC
Renewables
Electrawinds
Manufacturing
Nordex
Nordic
WindPower
ABB Group
Prime Energy
Danotek
Motion
Technologies
Knight &
Carver Wind
Group
Fallbrook
Tech
XZERES Wind
Corp
Service
Provider
Gemini Energy
Services
UpWind
Solutions
Technology
Developer
FloDesign
Wind
Turbine
Ogin Energy
FloDesign Wind
Turbine
Ideol
Data Analytics Pentalum
3tier
Second Wind

Top Investor by Stage of Entry
Northstar Ventures 2
Ann Arbor Spark 1
Clarendon Fund Managers 1
Drone.vc 1
ESA 1
Exponentia 1
Fondisici 1
Invest Detroit 1
Investor Name 1
Maryland TEDCO 1
Goldman Sachs 3
DFJ 2
Element Partners 2
Good Energies 2
KPCB 2
Statoil 2
VantagePoint Capital
Partners
2
AAVIN 1
Altira Group 1
Angeleno Group 1
Actis 2
GE 2
Global Environment Fund 2
Goldman Sachs 2
ABB Group 1
Abu Dhabi Investment
Authority
1
Allen & Company 1
Avenir Entreprises 1
Baron Funds 1
Blackstone 1
Seed Series A Series B Later Stage
Goldman Sachs 3
ABB Group 2
Austin Ventures 2
DFJ 2
Huron River Ventures 2
KPCB 2
NGP Energy Technology
Partners
2
Velocity Venture Capital 2
21Ventures 1
3i Group 1

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
0
20

Top IPOs in last three years
IPO Date Company Overview
Funding
Amount
Jun-2016
Dong Energy
(Fredericia, 2006)
Thermal power, Oil and Gas exploration and Offshore Wind Energy $1.6M
Feb-2016 kpenergy.in
K P Energy
(Surat, 1994)
Wind Energy EPC provider
Aug-2015 terraformglobal.com
Terraform Global
(Bethesda, 2014)
Renewable Energy developer
GE, Capricorn, Kingdon, Baron Funds, EverStream Capital, Zimmer $578M
Jun-2015 eolusvind.com
Eolus Vind
(Hassleholm, 1999)
Wind power developer
Mar-2015 inoxwind.com
Inox Wind
(Noida, 2009)
Manufactures wind turbine components
Jul-2014 terraform.com
TerraForm Power
(Beltsville, 2014)
Owns and operates clean energy assets
$415M
Apr-2014 northernpower.com
Northern Power
(Barre, 1974)
Manufacturer of Permanent Magnet Direct-Drive wind turbines
Allen & Company, RockPort Capital $37M
Sep-2013 patternenergy.com
Pattern Energy Group
(San Francisco, 2013)
Pattern is an independent power company listed on the NASDAQ (PEGI) and TSX (PEG) that owns &
operates wind & solar power projects around the world.

Major Acquisitions
Date Company Acquirer Deal Size Overview
Total
Funding
Jun-2016 Gamesa siemens.com $1.1B Manufactures large scale Wind turbines
Oct-2015 ostenergy.com
OST Energy
(Brighton, 2008)
edifgroup.com Undisclosed
Renewable Energy Technical Consultancy
Jun-2015 bluearthrenewables.com
BluEarth Renewables
(Calgary, 2010)
otpp.com Undisclosed
IPP in wind, solar and hydro-electric segments
Ontario Teachers' Pension Plan, ARC Financial
$81M
Apr-2015 senvion.com
Senvion
(Hamburg, 2001)
centerbridge.com Undisclosed
Manufactures wind turbines
Aug-2012 clipperwind.com
Clipper Wind
(Carpinteria, 2001)
platinumequity.com Undisclosed
United Technologies, Platinum Equity, Energy Spectrum
$242M
Aug-2011 everpower.com
EverPower
(Pittsburg, 2002)
terrafirma.com $350M
Utility-grade wind projects developer
Terra Firma Capital Partners, Good Energies
$55M
Jul-2010 deerpathenergy.com
Deerpath Energy
(Marblehead, 2006)
windenergy.com Undisclosed
Micro-wind energy systems
RockPort Capital
$3.5M
Mar-2007 horizonwind.com
Horizon Wind Energy
(Houston, 1998)
edpr.com $2.2B
Wind farm developer
GE Energy Fin Svcs, JP Morgan Securities LLC
$318M

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
3
23

July 2016Tracxn BlueBox: Wind Energy
Cumulative funding in the sector
450+ companies in the sector, 99 funded in last 5 years, $2.4B invested in 2015/16
Most Active Investors: Demeter Partners, KPCB, GE, GEF, US DOE
Practice Area - Energy | Analysts: @pratikkundu
GENERATION
TransAlta Renewables (2013, IPO)
Greenko Group (2004, $737M)
MANUFACTURING TECHNOLOGY DEVELOPER
OTHERS
United Wind (2013, $209M)
$307M
TURBINES $1.2B
OTHER COMPONENTS $356M
TURBINES
Vestas (1898, IPO)
Suzlon (1995, IPO)
Sauer Energy (2007, IPO)
Ogin Energy (2007, $96M)
$165M
OTHER COMPONENTS
Fallbrook Tech (1998, $118M)
TPI Composites (2001, $89M)
Boulder Wind Power (2009, $43M)
$70M
$235M$1.6B$7B
Ideol (2010, $19M)
SERVICE PROVIDER $345M
EPC
SITAC Renewable Energy (2006, $176M)
$290M
O&M
UpWind Solutions (2007, $36.5M, Acq.)
$55M
3Sun (2007, $14.5M)

Top Business Models by Funding
$7.0B
$1.6B
$345M $235M $233M $48M $13M $8M $8M $6M
0
1600
3200
4800
6400
8000
Generation Manufacturing Service
Provider
Technology
Developer
Wind
-as-a-service
Data
Analytics
Software Marketplace Services/
Consultancy
Financing
TotalFundingAmount(inMillions)
# Cos. 118 161 61 67 5 9 10 1 14 4
Avg. Age 2004.7 2000.8 2005.5 2009.3 2012.2 2007.3 2003.2 2013 2004.4 2009.3
Greenko Group Suzlon SITAC Renewable energy Ogin Energy United Wind Pentalum NativeEnergy Inspire Energy ROMO Wind Abundance
ReNew Power Ventures Clipper Wind PNE Wind Boulder Wind Power Wind Energy Direct 3tier WindSim WindPole Ventures Windcentrale

Generation – Business Model Description
Independent Power Producers involved in generating wind energy and selling the same either to a Utiity or to a third party
directly under bilateral contracts.
IPP
Independent Power Producers who develop wind farms and sell power generated to Power Utilities and end users through bi-lateral contracts.
Some IPPs sell to third parties who are engaged in sales and purchase of power

Generation – Entrepreneur Activity and
Investment Trend
$0.1B
$0.4B
$1.7B
$0.7B
$1.4B $1.5B
$2.1B
$2.3B
7
9
13
15
12 12
20 18
0
5
10
15
20
25
0.0
0.5
1.0
1.5
2.0
2.5
2008 2009 2010 2011 2012 2013 2014 2015
NumberofRounds
YoY – Total Funding and No of Rounds
$6.9B
0
2
3
5
6
8
IPP
BM wise Investment
8
12
6 6
5
4
8
7
0
3
6
8
11
14
2008 2009 2010 2011 2012 2013 2014 2015
NumberofCompaniesFounded
YoY – No. of Companies Founded
39
19
11
8
5 4 3 3
0
9
18
27
36
45
United
States
India United
Kingdom
Canada Spain Australia France Ireland
NumberofCompanies
Distribution of Companies across Countries

Generation – Most Funded Companies
Company Overview
Business
Model
Funding
Amount
greenkogroup.com
Greenko Group
(2004, Hyderabad)
Clean energy developer and producer
Standard Chartered, TPG Growth, Abu Dhabi Investment Authority, Global Environment Fund,
EIGPartners, GIC, Mirabaud, Arden Partners
Generation > IPP $737M
renewpower.in
ReNew Power
Ventures
(2011, Gurgaon)
Wind energy producer in India
Goldman Sachs, Abu Dhabi Investment Authority, Global Environment Fund, Asian Development
Bank
enel.ru
Enel Russia
(2004, Moscow)
Thermal wind and solar power plants.
Russian Direct Investment Fund, XENON Capital Partners, mirafunds.com
terraformglobal.com
Terraform Global
(2014, Bethesda)
Renewable Energy developer
GE, Capricorn, Kingdon, Baron Funds, EverStream Capital, Zimmer
Generation > IPP $577.5M
invenergyllc.com
Invenergy
(2001, Chicago)
Independent Power Producer focusing on renewable energy
Leaf Clean Energy, NYS Common Retirement Fund, CDPQ
firstwind.com
First Wind
(2002, Boston)
Wind Energy development company
KeyBank
terraform.com
TerraForm Power
(2014, Beltsville)
Owns and operates clean energy assets
horizonwind.com
Horizon Wind Energy
(1998, Houston)
Wind farm developer
GE Energy Fin Svcs, JP Morgan Securities LLC

Manufacturing – Business Model Description
Companies who are manufacturing wind turbine and other components required to build one
Turbines Components Generators Blades Rotors
Manufactures other
components for wind
energy generation
Companies which
manufacture generators
Companies that
manufacture blades
Manufactures rotorsCompanies which
manufacture wind
turbines

Manufacturing – Entrepreneur Activity and
Investment Trend
$188M
$323M
$111M
$31M $32M
$200M
$73M
$309M
17
10
14 14
9
14
10
6
0
4
7
11
14
18
0
70
140
210
280
350
2008 2009 2010 2011 2012 2013 2014 2015
NumberofRounds
$1.2B
$215M
$101M $39M
0
280
560
840
1120
1400
Turbines Components Blades Generators Rotors Safety Systems
BM wise Investment
10
17 17
8
4 4
3 3
0
4
7
11
14
18
2008 2009 2010 2011 2012 2013 2014 2015
65
18
13 11 10 8 6 5
0
14
28
42
56
70
United
States
India United
Kingdom
China Denmark Germany Canada Netherlands
NumberofCompanies

Manufacturing – Most Funded Companies
Company Overview
Business
Model
Funding
Amount
suzlon.com
Suzlon
(1995, Pune)
Wind turbine manufacturer
ChrysCapital, Exponentia
Manufacturing >
Turbines
$552M
clipperwind.com
Clipper Wind
(2001, Carpinteria)
United Technologies, Platinum Equity, Energy Spectrum
Manufacturing >
Turbines
$242M
nordex-online.com
Nordex
(1985, Hamburg)
Goldman Sachs
Manufacturing >
Turbines
$153.13M
fallbrooktech.com
Fallbrook Tech
(1998, San Diego)
Technology developer for multiple drive systems
Macquarie, NGEN Partners, Shentong Automotive Trim, Robeco, Sustainable Asset Management,
Kayne Anderson Capital Advisors, RobecoSAM, White Oak Global Advisors
Manufacturing >
Components
$118M
tpicomposites.com
TPI Composites
(2001, Scottsdale)
Manufacturer of composite wind blades
GE Capital Canada, HTGC, Element Partners, Angeleno Group, NGP Energy Technology Partners,
Landmark Partners
Manufacturing >
Blades
$89.42M
wx-ql.com
Wuxi Qiaolian Wind
Power Technology
(2006, Wuxi)
Wind power generator components manufacturer
iD TechVentures, Avenue Capital Group, Tsing Capital
Manufacturing >
Components
$70M
nordicwindpower.com
Nordic WindPower
(2007, Kansas City)
Wind turbines manufacturer
Goldman Sachs, New Enterprise Associates, Khosla Ventures, Department of Energy (US), I2BF
Global Ventures, Impax Asset Management Group, Novus Energy, Turquoise
Manufacturing >
Turbines
$54M
northernpower.com
Northern Power
(1974, Barre)
Manufacturer of Permanent Magnet Direct-Drive wind turbines
Allen & Company, RockPort Capital
Manufacturing >
Turbines
$37M

Service Provider – Business Model Description
Companies currently providing Operation and Maintenance support and EPC support for developing wind farms
EPC O&M
Operations and Maintanance providers to wind turbine
developers
Engineering Procurement and Construction companies, involved in
constructing wind farms

Service Provider – Entrepreneur Activity and
Investment Trend
$5M
$0M
$10M
$55M
$28M
$8M
$68M3
0
2
3 3
2
3
0.0
0.7
1.4
2.1
2.8
3.5
0
16
32
48
64
80
2008 2009 2010 2011 2012 2013 2014
NumberofRounds
$289M
$55M
0
70
140
210
280
350
EPC O&M
BM wise Investment
4
2 2
3 3
4
3
5
0
1
2
4
5
6
2008 2009 2010 2011 2012 2013 2014 2015
14
11
10
7
4
3
2
1
0
3
6
10
13
16
United
States
India Denmark United
Kingdom
Germany Canada France Brazil
NumberofCompanies

Service Provider – Most Funded Companies
Company Overview Business Model
Funding
Amount
sitacltd.com
SITAC Renewable energy
(2006, Delhi)
EPC and turnkey services for wind energy generation
GVFL
Service Provider > EPC $176M
pnewind.com
PNE Wind
(1995, Cuxhaven)
Wind farm developers
upwindsolutions.com
UpWind Solutions
(2007, San Diego)
Wind Turbine Operation & Maintenance provider
KPCB, MissionPoint Partners LLC
Service Provider > O&M $36.5M
vergnet.com
Vergnet
(1989, Ormes)
Renewable Energy developers
Compagnie Financiere du Lion, nassetwind.com
triventus.com
Triventus
(2003, Falkenberg)
Wind EPC company
Industrifonden, Sustainable Technologies Fund
3sungroup.com
3sun Group
(2007, Great Yarmouth)
OIl and gas and renewable energy service provider
Business Growth Fund
Service Provider > O&M $17M
infinitasenergy.com
Infinitas (Trishe Renewable
Energy Solutions)
(2010, Chennai)
Wind farm developer in India, US and UK
New Enterprise Associates
subcpartner.com
SubC Partner
(2005, Esbjerg)
Supplier of services and products to the offshore industry
Maj Invest
Service Provider > EPC $3.4M

Technology Developer – Business Model
Description
Companies who are yet to commercially produce wind turbine and turbine components on a large scale
Turbines Generator Offshore Wind Pipe Wind Tower
Technology developer of
generators
Offshore wind power
generation
Technology developer
of devices which
convert wind energy to
electricity
Develops wind tower
systems
Technology developer of
turbines

Technology Developer – Entrepreneur Activity
and Investment Trend
$14M
$8M
$70M
$47M
$2M
$67M
$29M
$16M
4
2
4
6
5
8
7
6
0
2
4
5
7
9
0
16
32
48
64
80
2008 2009 2010 2011 2012 2013 2014 2015
NumberofRounds
$166M
$43M
$21M
$4M $1M
0
36
72
108
144
180
Turbines Generator Offshore Wind Pipe Wind Tower
BM wise Investment
4
5
12
4
2
9
2
6
0
3
6
8
11
14
2008 2009 2010 2011 2012 2013 2014 2015
31
6 5
3 3 2 2 2
0
7
14
21
28
35
United
States
United
Kingdom
Netherlands Canada Spain Finland France Germany
NumberofCompanies

Technology Developer – Most Funded Companies
Funding
Amount
oginenergy.com
Ogin Energy
(2007, Waltham)
Manufacturer of shrouded wind turbines
Goldman Sachs, Goldman Sachs, KPCB, Technology Partners, VantagePoint Capital
Partners, Department of Energy (US), Double Bottom Line Investors, Top Tier Capital
Partners, Bright Capital, New Zealand Super Fund, DBL Partners
Technology Developer >
Turbines
$96M
boulderwindpower.com
Boulder Wind Power
(2009, Boulder)
Developer of advanced generator technology
New Enterprise Associates, Molycorp
Generator
$43M
fdwt.com
FloDesign Wind Turbine
(1990, Wilbraham)
Wind turbine manufacturer
Goldman Sachs, KPCB, VantagePoint Capital Partners
Turbines
$34.5M
ideol-offshore.com
Ideol
(2010, La Ciotat)
Offshore floating wind turbine foundation technology
BNP Paribas Investment Partners, Ademe, Demeter Partners, Sofimac Partners, Soridec,
Caisse d'Epargne d'Auvergne et du Limousin (CEPAL), Conseil Plus Gestion, Paca
Investment, TERTIUM, FLOATGEN, HPC
Offshore > Foundation
$18.66M
makanipower.com
Makani
(2006, Alameda)
Harnesses high altitude wind energy
Google, GV
Turbines > High Altitude
$15M
airsynergy.ie
Airsynergy
(2008, Longford)
Develops wind turbines Technology Developer >
Turbines
$12M
altaerosenergies.com
Altaeros Energies
(2010, Somerville)
Develops and manufactures high altitude wind turbine
SoftBank, Suhail Bahwan Group, MHI GROUP USA
Turbines > High Altitude
$7M
accioenergy.com
Accio Energy
(2007, Ann Arbor)
Develops devices that convert wind to electricity
Resonant Venture Partners, Automation Alley, Detroit Innovate, ARPA-E
Wind Pipe
$4.3M

Wind-as-a-service – Business Model Description
Provides wind energy as a service instead of outright purchase of turbine
Wind sharing
Companies which develop community wind projects

Wind-as-a-service – Entrepreneur Activity and
Investment Trend
$22M
$0M
$26M
$10M
$14M
1
0
2
3
2
0
0.7
1.4
2.1
2.8
3.5
0
6
12
18
24
30
2011 2012 2013 2014 2015
NumberofRounds
2
1 1
0
0.5
1
1.5
2
2.5
2013 2014 2015
2
1 1 1
0.0
0.5
1.0
1.5
2.0
2.5
United States Canada Ireland United Kingdom
NumberofCompanies

Wind-as-a-service – Most Funded Companies
Funding
Amount
unitedwind.com
United Wind
(2013, Brooklyn)
Leasing wind turbines
U.S. Bank, Forum Equity Partners, GSG Energy Finance, Pacific Rim Capital, Statoil, The
Phoenix Fund, greenbank.ny.gov
Wind-as-a-service $209M
windenergydirect.ie
Wind Energy Direct
(2006, Limerick)
Develops wind farms
Novusmodus
Wind-as-a-service $22.2M
arcadiapower.com
Arcadia Power
(2013, Washington D.C.)
Wind Energy reseller
Small Ventures USA, Maiden Lane, K Street Capital, Wonder Ventures
Wind-as-a-service $2.04M
solshare.ca
Solshare
(2014, Vancouver)
Develops community solar and wind projects
Wind-as-a-service >
Wind sharing
honestenergies.co.uk
Honest Energies
(2015, Hertfordshire)
Renewable energy developer
Wind-as-a-service

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
1
41

Interesting Unfunded Companies
vortexbladeless.com
Vortex bladeless
(2013, Pozuelo De Alarcon)
Bladeless wind turbine technology Technology Developer > Turbines
zephyrenergy.com
Zephyr Energy
(2013, Boston)
Non rotating micro wind turbine
Manufacturing > Turbines > Small & Micro
Curated list of companies by the sector analyst are defined as Interesting

Interesting Early Stage Companies
Total
Funding
skyspecs.com
SkySpecs
(2012, Ann Arbor)
UAVs for aerial collection & inspection
Venture Investors, ACCELERATE MICHIGAN, Huron River Ventures, Invest Detroit, Amherst
Fund, IncWell, Detroit Innovate, MI-CEVC, Michigan Angel Fund, Invest Michigan
Drones $3.5M
United Wind
(2013, Brooklyn)
Leasing wind turbines
U.S. Bank, Forum Equity Partners, GSG Energy Finance, Pacific Rim Capital, Statoil, The Phoenix
Fund, greenbank.ny.gov
Wind-as-a-service $209M

Interesting Late Stage Companies
Total
Funding
renewpower.in
ReNew Power Ventures
(2011, Gurgaon)
Wind energy producer in India
Goldman Sachs, Abu Dhabi Investment Authority, Global Environment Fund, Asian
Development Bank
alcazarenergy.com
Alcazar Energy
(2014, Dubai)
Independent Power producer
IFC, DASH Ventures

Top Funded Deadpooled Companies
Funding
Amount
nordicwindpower.com
Nordic WindPower
(2007, Kansas City)
Wind turbines manufacturer
Goldman Sachs, New Enterprise Associates, Khosla Ventures, Department of Energy (US),
I2BF Global Ventures, Impax Asset Management Group, Novus Energy, Turquoise
Manufacturing >
Turbines
$54M
danotekmotion.com
Danotek Motion
Technologies
(2001, Canton)
Develops generators
Khosla Ventures, CMEA Capital, GE Energy Fin Svcs, Energy Capital Partners, Statoil
Manufacturing >
Generators
$35.5M
ventusenergy.ca
Ventus Energy
(2003, Toronto)
Wind energy developer
Wellington Financial, VentureLink Funds, Bregal Energy
windensity.com
WinDensity
(2006, Folsom)
Velocity Venture Capital, Strategis Early Ventures
Generation > IPP >
Distributed
$13M
viryd.com
Viryd Technologies
(2007, Cedar Park)
Wind Turbine Transmissions Manufacturing >
Turbines
$12.5M
sweglllp.com
Sunwind Energy
Group
(2009, Henderson)
Develop, construct and operate solar and wind farms
tswind.com
TechnoSpin
(2004, New York City)
Everywhere The Wind Blows
21Ventures
Manufacturing >
Turbines > Small & Micro
$8M
cleancurrents.com
Clean Currents
(2005, Silver Spring)
Wind and Solar energy provider

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
6
46

Useful Links
Slide Title Content Platform Link
List of All Companies in readable format Companies Link
Upcoming Sectors Entrepreneur Activity Link
Top investments in last one year Investment Trend Link
Top IPOs in last three years Exit Outlook - IPO, Acquisitions Link
Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link
Generation– Most Funded Companies Sub Sector Understand Link
Manufacturing – Most Funded companies Sub Sector Understand Link
Technology Developer– Most Funded Companies Sub Sector Understand Link
Service Provider– Most Funded Companies Sub Sector Understand Link
Data Analytics – Most Funded companies Sub Sector Understand Link
Top Funded Deadpooled Companies Companies Link

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
8
48

Wind Energy – Company List
DETAILS CLOSE TO 450+ COMPANIES
COVERS THE FOLLOWING SECTORS
GENERATION MANUFACTURING
SERVICE
PROVIDER
TECHNOLOGY
DEVELOPER
WIND-AS-A-
SERVICE
DATA
ANALYTICS
SOFTWARE SERVICES

Generation (1/24)
Company Details Funding Investors
InterEnergy Holdings [George Town, 2011]: InterEnergy owns and operates power generation and distribution assets,
and fuel distribution and logistics businesses in Latin America and the Caribbean. The company also developed the
Quilvio Cabrera and Los Cocos projects, the first wind farms in the Dominican Republic which started operations in
2011 with over 86 MW in installed capacity. In April 2014, InterEnergy acquired UEP II, a wind development project
located in Penonome (Panama), and immediately began the construction of a 215MW wind farm, the largest of its
kind in Central America.
$100M IFC, IFC Asset Management Company
NextEra Energy Resources [Juno Beach, 1985]: NextEra Energy Resources is in electricity and project development
and construction. The company is a subsidiary of NextEra Energy which is a leading clean-energy company. NextEra as
nearly 43GW of generating capacity in 27 states of USA and Canada.(The company website is not working as of Nov
2015).
$39M
IPP
Greenko Group [Hyderabad, 2004]: Independent Power Producer focused on developing clean energy assets in India.
Has built a portfolio of wind, hydropower, natural gas and biomass assets within India and plans to expand by
developing new greenfield assets. Operates 250 MW hydel assets, 400 MW wind assets, 42 MW biomass plants and
37MW Natural gas powered plants. Listed on the London Stock Exchange’s Alternative Investment Market (AIM).
$737M
Standard Chartered, TPG Growth, Abu
Dhabi Investment Authority, Global
Environment Fund, EIGPartners, GIC,
Mirabaud, Arden Partners
IPP
ReNew Power Ventures [Gurgaon, 2011]: Indian renewable energy company with a 460 MW installed capacity across
Rajasthan, Haryana, Karnataka, Maharashtra and Gujarat, initially focusing on purchasing and operating the majority
of wind farms in India. Has signed business framework agreements with Kenersys GmBH, Regen Powertech and
Suzlon Energy to establish and operate wind farms throughout India and plans to expand its wind portfolio by 200-300
megawatts annually. Also has a pipeline of 250 MW solar projects and a 3MW solar rooftop projects across India.
Plans to implementa data analytics and business intelligence platform to monitor its wind farm assets in real-time and
perform online diagnostics. By 2015 the company aims to reach 1 GW capacity.
$655M
Goldman Sachs, Abu Dhabi
Investment Authority, Global
Environment Fund, Asian
Development Bank
JMB Energy [Villeneuve Les Beziers, 2004]: JMB Energy generates electricity from wind and solar assets. Demeter Partners, Soridec, IRPAC
Generation Manufacturing Service Provider Technology Developer Wind-as-a-service Data Analytics Software Services

Generation (2/24)
IPP
Enel Russia [Moscow, 2004]: Enel Russia is a power generation company headquartered in Russia. The company has
installed thermal power plants with an aggregate capacity of around 100GW, in countries including North/South
America, Canada, Russia, Africa etc. Enel Green Power also implements Drift Sand wind project and wind farms with
capacity of over 550MW in different parts of the world. The company in 2015 also entered solar power generation
segment and owns solar farms with capacity of over 2GW.
$625M
Russian Direct Investment Fund,
XENON Capital Partners,
mirafunds.com
IPP
Terraform Global [Bethesda, 2014]: TerraForm companies own and operate clean and renewable energy assets
acquired from its sponsor SunEdison and other third parties worldwide. TerraForm Global serves a wide range of
utility, commercial, industrial and government customers through diversified energy production with 40+ projects
across 70+ sites in the world’s largest emerging markets. TerraForm Global’s projects are supported by PPAs with
creditworthy parties, with an average remaining life of 19 years.
$577.5M
GE, Capricorn, Kingdon, Baron Funds,
EverStream Capital, Zimmer
IPP
Invenergy [Chicago, 2001]: Invenergy develops, owns, and operates power generation and energy storage facilities in
North America and Europe. Invenergy has developed more than 9,000 MW of utility-scale renewable (in wind and
solar) and is also involved in natural gas-fueled power generation and energy storage facilities in the United States,
Canada, and Europe. The company has more than 65MW of projects in operation and construction
$545M
Leaf Clean Energy, NYS Common
Retirement Fund, CDPQ
IPP
First Wind [Boston, 2002]: First Wind is an independent North American wind energy company focused exclusively on
the development, ownership and operation of wind farms. It currently focuses on developing wind farms in the
northeastern and western regions of the U.S. and in Hawaii. In Nov. 2014, it was acquired for $2.4B by Sunedison and
TerraForm Power.
$522M KeyBank
IPP
TerraForm Power [Beltsville, 2014]: TerraForm companies own and operate clean renewable energy assets acquired
from SunEdison and other third party partners worldwide. The company also owns and develops wind and solar
power generation assets all over the world.
$415M

Generation (3/24)
IPP
Horizon Wind Energy [Houston, 1998]: Horizon Wind Energy, LLC developed, owned, and operated wind farms in
North America. The company was formerly known as Zilkha Renewable Energy, LLC and changed its name to Horizon
Wind Energy, LLC in August 2005. The company was founded in 1998 and was based in Houston, Texas with additional
offices in New York, Oregon, Illinois, California, Colorado, and Minnesota. Since March 2007, Horizon Wind Energy,
LLC operated as a subsidiary of EDP-Energias de Portugal, S.A. The company was renamed to EDP Renewables North
America in 2011.
$318M
GE Energy Fin Svcs, JP Morgan
Securities LLC
IPP
Ostro Energy [Delhi, 2014]: Ostro Energy is a renewable energy platform created by Actis with focus on wind energy.
Ostro is fully funded to build 800 MW of Renewable Energy projects by 2019. Has signed up two 50 MW wind project
in Rajasthan with Suzlon.
$230M Actis
IPP
Welspun Renewables [Delhi, 1985]: Welspun Renewables has commissioned 366 MW of solar and wind power
projects. It has projects with a combined capacity of 978 MW under different stages of development all over India.
Welspun aims to commission more than 1GW of solar and wind capacity within fiscal 2015 and wants to set up 5 GW
of renewable capacity in next few years. The company is planning to raise around INR 10bn through IPO in 2016.
$215M
GE, Asian Development Bank, GE
Energy Fin Svcs
IPP
Continuum Wind Energy [Mumbai, 2009]: Develops and operates wind energy farms in Gujarat , Maharashtra and
Madhya Pradesh. Started its initial operations by acquiring several projects such DJ Energy and Uttar Urja Power
Projects from Delhi-based Sravanthi Group and Surajbari Wind Farm Development from Vestas. Since then, it has
moved away from buying turnkey projects and has instead reduced operational costs by developing its own wind
farms. Sells their output to industries such as L&T in Gujarat. In 2012, Morgan Stanley Infrastructure Partners acquired
a majority stake in the company.
$210M Morgan Stanley
IPP
Omega Energia [Sao Paulo, 2008]: Omega is a company dedicated exclusively to power generation from renewable
sources. The Company operates in the exploration, development, acquisition, deployment and operation of electricity
from renewable sources of generation assets in Brazil. Its portfolio consists of small hydroelectric power plants,
hydroelectric plants of medium size, and wind farms totaling approximately 3,600 MW divided into hydro (2,400 MW)
and wind power (1,200 MW).
$201M Warburg Pincus

Generation (4/24)
IPP
Element Power [Portland, 2008]: Element Power is a independent power producer of solar and wind energy. The
company develops, acquires, builds, owns and operates a portfolio of wind and solar power. The company has sold
modules over 3.4GW.
$183M
IPP
Atlantic Energias [Curitiba, 2009]: Atlantic Energias is a holding company engaged in developing, implementing and
operating electrical power projects from renewable sources, focusing on wind farms and small hydroelectric plants.
Atlantic Energias has three wind farms in operation: Eurus II and Renascenca V, in Rio Grande do Norte and
Morrinhos, in Bahia. The wind farms of Santa Vitoria do Palmar, in Rio Grande do Sul, and Lagoa do Barro, in Piaui, are
in the implementation stage.
$169M Actis, Pattac
IPP
Mainstream Renewable Power [Dublin, 2008]: Mainstream Renewable Energy develops, builds and operates wind
and solar plant and has projects of around 17,000MW in pipeline with over 700MW in construction and operation as
of sept 2015.
$135M Barclays, Bloom Equity, Marubeni
IPP
INOX Renewables [Noida, 2006]: Independent wind power producer. Operating assets of more than 200 MW, under
construction capacity of over 300 MW and a development pipeline of over 1000 MW. Another sister company of the
Inox Group, Inox Wind, is involved in the wind turbine business. They manufacture wind turbine generators suitable
to Indian conditions and handle the entire pipeline from wind resource assessment, land acquisition, development of
power evacuation, infrastructure development with all statutory approvals, supply of wind turbine generator (WTG),
erection and commissioning and providing long term operation and maintenance of wind farms.
$130M IFC
IPP
Apex Clean Energy [Charlottesville, 2009]: Apex Clean Energy is an independent wind energy producing company
become one of the fastest-growing companies in the industry. The company has a diversified portfolio of wind energy
facilities in development around the country and also owns solar PV assets. In 2012 the company completed the
development and construction of the 300 MW Canadian Hills Wind project outside Oklahoma City.
$106M Prudential Capital Group

Generation (5/24)
IPP
Mytrah Energy (India) [Hyderabad, 2009]: Mytrah Energy (India) Limited is a wholly owned subsidiary of Mytrah
Energy Limited that is listed on AIM, a market of the London Stock Exchange. Mytrah Energy Limited formerly (Caparo
Energy Limited) intends to own a portfolio of wind farms with a target total installed capacity of 5,000 MW by the
year 2017. Mytrah has entered into a business partnership agreement with Suzlon Energy Limited, to develop and
own up to 3,000 MW of wind power generation farms and has an agreement for purchase of 2,000 MW of wind
power assets from Gamesa India Private Limited.
$95M
Asian Development Bank, Apollo
Global Management, Merrill Lynch
IPP
Orient Green Power Company [Chennai, 2006]: Established in 2006 as a JV between Shriram EPC and Bessemer
Venture Partners with $10M investment from each party. The company is a independent developers and operators of
renewable energy power plants in India. Current portfolio includes biomass, biogas, wind energy and small
hydroelectric projects. As on February 2015, operating projects included 535.23 MW of aggregate installed capacity,
which comprises 429.23 MW of wind energy projects and 106 MW of Biomass Projects. in 2013, divested 26% stake in
three subsidiaries to undisclosed buyers to enable the subsidiaries to shift to a group-captive model, which entails
participation of not less than 26 per cent of the shareholding in the subsidiaries by captive consumers of the
respective units. Promoted by Shriram EPC, a Shriram Group company.
$58M
Bessemer Venture Partners, Olympus
Capital Asia
IPP
GEO Renewables [Warsaw, ]: GEO Renewables S.A. is a company focused on generating electricity using wind energy
resources. The company foucuses on developing, constructing and operating wind parks in Poland. The company is
backed by private equity fund EnerCap Power Fund LP.
$55M
IPP
UPC Renewables [Miami, 2007]: UPC Renewables independently Develops, Builds, Owns and Operates its Wind and
Solar Farms as an IPP (Independent Power Producer). UPC formed companies have developed more than 2,000 MW
of operating wind and solar projects with an investment value of over $3B USD, and have a development pipeline of
more than 5,000 MW. The company is currently developing projects in Algeria, China, Indonesia, Morocco,
Philippines and across Tunisia
$55M
Global Environment Fund, Masdar,
Macquarie Group

Generation (6/24)
IPP
EverPower [Pittsburg, 2002]: EverPower is developer, owner and operator of utility grade wind projects in the US. As
on Oct 2015, the company has a generation capacity of 752 MW and has a pipeline of over 2000 MW. EverPower is a
portfolio company of Terra Firma, a private equity firm, since 2009.
$55M
Terra Firma Capital Partners, Good
Energies
IPP
Your Energy [London, 2001]: Your Energy is was a UK based renewable energy company. It was established in 2001.
Your Energy designed and built wind farms around the United Kingdom. It was acquired by AES Wind Generation, a
wholly owned subsidiary of AES Corporation (NYSE: AES) in April 2010.
$53M Platina Partners
IPP
Bharat Light & Power [Delhi, 2010]: Clean energy generation company which builds, owns and operates wind, solar
PV, bio mass and hydel power plants. Owns and operates close to 200 MW of assets in Gujarat and Maharashtra,
which supply power through open access. Also involved in micro grid, decentralized, small scale solar rooftop
solutions to provide grid independent solar power. Also offers pre-development and post commissioning services to
wind farm developers, operators, owners, investors and lenders, including plant monitoring for analysis. In 2013, BLP
bought DLF's 160 MW wind energy assets in Gujarat.
$47M Ventureast, UTI Ventures, DFJ
IPP
UrbanWind [Glasgow, 2005]: UrbanWind provides for bespoke wind turbine finance models, including; Land Lease,
Outright Purchase and Joint Venture deals. Their wind turbine finance models are for both individual land owners,
including farmers, golf courses and community wind projects, as well as corporate business land owners. The
company has made nearly 550 successful installations across the UK.
$45M Zouk Capital
IPP
Electrawinds [Ostend, 1998]: The Electrawinds Group, designs, develops, constructs and operates renewable energy
projects throughout Europe and abroad. It is an integrated producer of renewable energy in wind energy parks,
biomass plants and solar deployment. The Group has projects operational or in various stages of development in
Bulgaria, France, Ireland, Italy, Kenya, Namibia, Poland, Romania, Serbia, South Africa and the United Kingdom. The
company is vertically integrated to provide end-to-end solutions.
$40M 3i Group, Demeter Partners

Generation (7/24)
IPP
OwnEnergy [Brooklyn, 2007]: OwnEnergy is a developer of mid-size wind farms with 30-100 MW capacity in US. The
company partners with landowners and local developers to develop these renewable energy projects. These local
developers take an active role in the development and installation process in return they are provided with a
significant ownership stake in the resulting project.
$39M
EnerTech Capital, Contour Venture
Partners, New York City Investment
Fund, Clearpoint Ventures, GoGreen
Capital, NJR Clean Energy Ventures
IPP
Ventus Energy [Toronto, 2003]: Ventus waas Canada's leading independent wind energy companies. They had a
significant development portfolio of potential wind power projects totaling approximately 2,000 MW on 25 sites in
Ontario, Quebec, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador. Ventus had 29
MW of installed wind capacity and 179 MW of wind energy projects under construction prior to being acquired by
Suez.
$29M
Wellington Financial, VentureLink
Funds, Bregal Energy
IPP
Alcazar Energy [Dubai, 2014]: Alcazar Energy is an independent developer and power producer focused on renewable
energy generation across the META region (Middle East, Turkey and Africa). The company has emphasis on Solar PV
and onshore wind technologies and develops these facility from concept to commission.
$25M IFC, DASH Ventures
IPP
Leap Green Energy [Coimbatore, 2006]: Independent Power producer promoted by the family of Narain Kartikeyan.
Owns an installed capacity of 300 MW of wind assets and plans to expand to 1500 MW in the near term. Portfolio also
includes wind, solar and hydel power projects at various stages of development. Bought DLF’s 33 MW wind energy
assets in Rajasthan and 34.5 MW wind energy assets in Tamilnadu in October 2013.
$19M J.P. Morgan
IPP
Valorem [Begles, 1994]: Valorem is a French producer of renewable wind energies. The company manufactures wind
turbines as well as installs them for energy generation.
$ 14M
Crédit Agricole Private Equity, Avenir
Entreprises, Grand Sud Ouest Capital

Generation (8/24)
IPP
Greengate Power [Calgary, 2007]: Greengate Power Corporation develops wind energy projects in Alberta and sets
up wind farms. As of oct 2015 the company is developing projects totalling to 1450MW in Alberta, Canada.
$14M
Westly Group, TD Securities, NGEN
Partners
IPP
Lincoln Clean Energy [Chicago, 2009]: LCE offers EPC services and develops clean energy projects from greenfield
concept through to commercial operation. The company has 6 different operational projects with capacity ranging
from 12.5MW to 300MW.
$14M Austin Ventures
IPP
Lincoln Clean Energy [Chicago, 2009]: Lincoln Renewable develops solar and wind power projects from greenfield
concept to commercial operation. The company has led to the construction of over 3,000 megawatts of renewable
energy in North America and Europe over the past 10 years.
$14M Austin Ventures, Macquarie Group
IPP
Windlab [Canberra, 2003]: Windlab is a global wind energy development company and is developing wind energy
sites in Australia, Southern Africa, USA, Canada etc. The company's total portfolio of projects has a aggregate capacity
of more than 7,000MW across 40 plus projects.
$12.3M
Lend Lease, Innovation Capital, Clean
Energy Finance Corporation, Blue
Cove Ventures, Partners for Growth
IPP
Orisol Energy Corporation [Madrid, 2006]: Orisol Energy Corporation, a subsidiary of Synergy, engages in the
development, construction, implementation of renewable energy projects, such as wind, solar panel and biomass
energy. It involves in the project management operations, such as analysis, engineering, licenses and permits
applications, financing search, construction, implementation, exploitation, maintenance, and investment management
for the wind, biomass, and solar energy projects. In Sep, 2010 Repsol acquired 47% stake in Orisol and invested
8Million euros.
$10M Repsol

Generation (9/24)
IPP
Ushdev Power [Mumbai, 2010]: Ushdev Power Holdings Pvt Ltd is the holding company for Ushdev Power. Ushdev
Power has wind farms having an operational capacity of 61.75 MW. The company acquired Suzlon Engitech Limited
(wind power assets of 58.20 MW) on June 2012. Ushdev power has another subsidiary "Hurricane windfarms" which
has a capacity of 2.55MW.
$8.9M GVFL, www.gvfl.com/
IPP
Sunwind Energy Group [Henderson, 2009]: Sunwind Energy Group developes, constructs and operates solar and
wind farms. (As on Oct 2015 the company website is not functional)
$8.5M
IPP
Havgul [Oslo, ]: Havgul Clean Energy develops wind power projects in Norway and Sweden. The company is also
involved in other markets like Poland and USA.
$7M
Investinor, Sustainable Technologies
Fund
IPP
Community Energy [Radnor, 1999]: Community Energy develops utility scale solar and wind power projects and
invites people to invest in the projects as well as sells solar generated electricity to consumer (both commercial and
residential). The company has developed 700 MW of wind and 40 MW of solar projects as of Nov 2015 and has a
presence of solar generation in the East, Mid-West and West.
$4M
SJF Ventures, CDVCA, NGP Energy
Technology Partners
IPP
Clean Currents [Silver Spring, 2005]: Clean Currents is an independent and sustainably certified green energy
company, offering businesses and residents clean, renewable wind electricity and solar options. They provide
affordable green energy solutions including wind power through the grid and on-site solar power (both PV and
Thermal), as well as energy efficiency services through partnerships . Clean Currents serves over 500 commercial
customers and over 7,000 residents
$2.53M

Generation (10/24)
IPP
Cerac [ 2010]: Central European Renewable Acquisition develops, syndicates, finances, builds and owns wind farms.
The company has projects of more than 600 MW of wind assets in pipeline mainly in Poland. (The company website is
not functional as of Oct 2015)
$2M Viola Group, Viola Credit
IPP
Lekela Power [Dublin, 2015]: Lekela Power is a pan-African renewable energy generation platform focusing on wind
and solar and delivering upto 1GW of wind and solar power in Africa. Lekela is sponsoring the Global African
Investment Summitin London on 01 & 02 December 2015. The company has a total wind installation of capacity of
1060MW and solar farm of 50MW. Lekela is a JV of Actis (60% owner) and Mainstream Renewable Power(40%
owner).
Actis
IPP
EDF Renewable Energy [San Diego, 1987]: EDF Renewable Energy (formerly enXco) is a leading U.S. independent
solar power producer. The company is also engaged in project development and operations and maintenance
services. EDF Renewable Energy is the U.S. subsidiary of EDF Energies Nouvelles. Google has invested around $200M
in a 161MW EDF backed Wind project in Texas.
Bank of America, Allianz Capital
Partners
IPP
Onyx Renewable Partners [New York City, 2014]: Onyx is a renewable energy development company that is focused
on greenfield development in the North American solar and wind sectors. The company is a full service firm with
capabilities including development and construction through financing and operations, Onyx is able to provide
solutions to large energy users and land owners in North America.
Blackstone
IPP
Noble Environmental Power [Essex, 2004]: Noble Environmental Power is a Independent wind power producing
company and develops, constructs, owns and operates wind energy assets in New York. The company is an
independent power producer.and has energy projects under construction in New York and Texas.
CCMP Capital

Generation (11/24)
IPP
Jenner Renewables [Charlotte, 2013]: Jenner Renewables is an independent power producer in the areas of wind,
solar, hydro, geothermal and biomass. The company uses Framework of the International Finance Corporation (IFC)
and the World Bank Group .
Denham Capital Management
IPP
Terra-Gen [New York City, 2007]: Terra-Gen Power is a renewable energy company focused on geothermal, wind and
solar generation. Terra-Gen Power owns 831 MW (net equity) in twenty-one operating renewable energy projects
across the Western United States. Wholly owned subsidiaries, Terra-Gen Operating Company and Coso Operating
Company, operate and manage most of the projects. The company primarily sells the output of the renewable energy
projects to load serving entities under long-term power purchase agreements. Terra-Gen Power plans to expand
operations in renewable generation through a combination of acquisitions of operating projects, development of new
projects and partnering on mid and late stage development opportunities.
$1.2B Energy Capital Partners
IPP
Iberwind [Oeiras, 2008]: Iberwin is involved in promoting, developing and operating renewable energy projects,
allowing the production of clean and renewable energy in Portugal. The company is responsible for the installation of
31 wind farms totaling more than 300 wind turbines, with an installed capacity of about 700 MW, which represents
approximately 15% of electricity produced by wind power in Portugal, and about 3% of the electricity consumed in the
country. It is equivalent to the energy consumption of more than 550 000 households.
Fjord Advisors, Magnum Partners
IPP
Wind Works Power [Ontario, 2008]: Wind Works Power is focused in providing alternate energy solutions to its
customers. It owns and develops wind parks in Ontario, Canada; Germany; and the United States. Wind Works Power
Corp. has a joint venture agreement with EFI Energy Farming International GmbH. to develop a 20 MW wind energy
project in Germany. The company has 5 projects currently being developed in various stages across 3 countries.
Kodiak Capital Group
IPP
Gaelectric [Ringsend, 2004]: eGaelectric’s business has focus on shore wind energy development and operations on
the island of Ireland, energy storage systems and off-shore energy development . Gaelectric is a significant developer
and operator of wind energy projects in Northern Ireland. The company uses compressed air storage technology and
store energy deep underground. Gaelectric has offices in Dublin, Belfast, Chicago and Great Falls, Montana.
Lone Star Funds, Norddeutsche
Landesbank, NORD, Bluebay Asset
Management, Proventus Capital
Partners

Generation (12/24)
IPP
Renewable Energy Generation [Jersey, 2005]: The Renewable Energy Generation group develops, constructs,
finances and operates onshore renewable projects in the UK split across three main sectors; onshore wind, bio-mass
and Solar. Company has wound up in February, 2016.
Ludgate Investments
IPP
Alterra Power [Vancouver, 2008]: Alterra Power is a leading global renewable energy development company,
operating six power plants totaling 757 MW of generation capacity including the Shannon wind project and two
geothermal facilities in Iceland. Alterra owning a 349 MW share of capacity, generating over 1,600 GWh of power
annually. Alterra is also constructing the 62 MW run-of-river hydroelectric project in British Columbia, which is
expected to be in operation by Q3 2016
NGEN Partners
IPP
Competitive Power Ventures [Silver Spring, 1999]: Competitive Power Ventures is a electric power generation,
development and asset management company. CPV a development arm of the company develops different wind
portfolio across north america. The company's asset management division has operated more than 8,000 MWs of
generation since 2001 and currently has 6,100 MWs under management. The company is headquartered in Silver
Spring, Maryland, with offices in Braintree, Massachusetts, San Francisco, California, and Ontario, Canada.
Warburg Pincus
IPP
LightSource Renewables [San Diego, 2007]: LightSource Renewables develops, and operates solar (both solar PV and
solar thermal) and wind power generating projects. The company also invests in these projects (generally more than
20MW) and owns equity in them. California, Arizona, New Mexico and Nevada. The company projects include 'cSolar
South' and 'cSolar West' having a capacity of 130MW and 150MW respectively.
IPP
Eolus Vind [Hassleholm, 1999]: Eolus Wind is a large holding company which plans and constructs wind power plants.
Their projects are realized primarily through the sale of turnkey facilities. The business model also allows the parts of
the project portfolio is realized through the sale of project rights for the licensed projects and projects under
development. Apart from end-to-end projects they also sell electricity from its own wind farms.

Generation (13/24)
IPP
CWP Energy Asia [Melbourne, 2015]: CWP Energy Asia is a large Renewable Energy developer in SE Asia and
Australia. The company has delivered projects in over 15 countries around the world covering Europe, Asia and
Oceania. The company has been undertaking market and projects due diligence in the Philippines for both wind and
solar technologies since late 2014 and has also signed an MOU in December 2014 to co-develop approximately 300
MW of wind energy projects with WHyPGen-BPPT across the islands of Java, Lombok and Sulawesi in Indonesia.
IPP
Fulcrum Energy [North Sydney, 2011]: Fulcrum Energy is focused on developing projects and technologies in solar
and wind energy. It develops utility scale, renewable energy projects in both on-grid and off-grid environments and
introduces innovative technologies for the renewable energy sector, to support Fulcrum Energy and third party
projects.
IPP
Muirden Energy [Turriff, 2010]: Muirden Energy is a renewable energy developer specializing in onshore wind
energy. They have successfully installed almost 30 MW of operational wind power, in Scotland, in the past five years.
By the end of 2016 they would have installed a further 49.85MW, bringing their total capacity to 79.15MW. .
IPP
Futuren [Paris, 1999]: FUTUREN, erstwhile Theolia, is an independent producer of electricity from onshore wind
energy. The company develops, build and operate wind farms in four main countries, Germany, France, Morocco and
Italy. They focus their expertise in Site prospecting, Project development and Construction and operation of wind
farms.
IPP
Crownbutte Wind Power [West Palm Beach, 1999]: Crownbutte was a wind power company with an interest in 10
separate wind projects at various stages of development across North Dakota, South Dakota and Montana, having
approximately 638 MW of total potential generating capacity . It was also engaged in the provision of consulting and
advisory service to power utilities.

Generation (14/24)
IPP
Pace Energy [Singapore, 2015]: Pace Energy (a subsidiary of EREN Renewable which is a French IPP with over 500
MW of operating assets globally) The company is a renewable energy developer (predominantly
wind and solar PV) through partnerships with other companies, and has a operational presence across South East
Asia, with a focus on Indonesia
IPP
Boralex [Kingsey Falls, 1982]: Boralex develops, builds and operates renewable energy power facilities in Canada,
France and the United States. It is recognized for its experience in optimizing its asset base in four power generation
types — wind, hydroelectric, thermal and solar. Boralex’s shares and convertible debentures are listed on the Toronto
Stock Exchange under the ticker symbols BLX, BLX.DB and BLX.DB.A respectively
IPP
AGL Energy [Sydney, 1841]: AGL is one of Australia’s leading renewable energy companies and is Australia’s largest
private owner, operator and developer of renewable generation assets. The company operates 5 large wind farms
generating nearly 1200 MW of power from wind turbines.
IPP
Renowab Energi [Delhi, 2015]: Renowab Energi plans to develop and establish over 300 MW of renewable energy
projects till the end of 2020. The company portfolio will include wind, solar, small hydro, waste-to-energy and
biomass power projects. (The company website is not operating as of Dec 2015)
IPP
Clenergy [Cardiff, 2014]: Clenergy undertakes project development work of solar, wind, hydro and biomass. The
company owns one wind farm and completed 64 wind farm projects, 5 solar projects, 2 biomass projects and 2 hydro
projects.

Generation (15/24)
IPP
TransAlta Renewables [Calgary, 2013]: TransAlta Renewables develops, owns and operates renewable power
generation facilities. The company has business intrests in wind, coal, hydro and gas operations. The company has
majority of wind assets in Ontario, Quebec, Alberta province of Canada.
IPP
Cielo Wind Power [Austin, 1998]: Cielo Wind Power is committed to developing, owning and operating the most cost-
effective and environmentally responsible wind power facilities for many load serving entities throughout the
southwestern United States. Cielo Wind is a privately held wind power project development company with an award-
winning record of designing and building wind projects. Cielo’s Wind Ranch projects can be found throughout Texas
and New Mexico in the United States. The company has so far successfully developed over 1,750 megawatts of wind
projects.
IPP
Infinis Energy [Northampton, 2006]: Infinis is a Renewable Energy project developer with a strong focus on Wind
projects and Landfill Gas to electricity. The company developing a strong portfolio of new projects comprising of
42MW in construction, 108MW consented, 107MW in planning and 170MW in development. It has an current
aggregate capacity of 274MW in wind projects from 16 operational on-shore wind farms.
IPP
Indian Energy [Guernsey, 2007]: Indian Energy is an independent power producer focused on renewable energy in
India. The company owns and operates wind assets and currently operates two projects with a total capacity of 42
MW in Karnataka and Tamil Nadu. The company has a target of 300 MW of operating capacity by 2015.
IPP
Green Infra [Delhi, ]: GreenInfra invests, develops and operates clean energy assets in wind, solar and hydel power.
Currently supplies 500 MW of clean energy to India's power grid and operates in Tamil Nadu, Karnataka, Maharashtra,
Rajasthan and Gujarat. The company has long-term power purchase agreements with India’s state electricity boards
as well as long-term contracts with commercial customers. Green Infra acquired BP Energy in 2009 and TVS Energy in
2013 to expand its wind energy assets in South India. The company was incubated in April 2008 by IDFC Private Equity
funds. In February 2015, Singapore based Semborp Renewables acquired 60% stake in the company.

Generation (16/24)
IPP
Panama wind energy [Pune, 2007]: Panama Wind Group is an IPP (Independent Power Producer), it sets up wind
farms and sells the electricity to government grids or to end consumers and is installing power projects having
capacity of over 180MW in the state of Maharashtra. Panama wind also holds training programmes to keep
everyone informed of the probable happenings like short circuiting, fires etc. The company has raised $ 72M for
project completion via the external commercial borrowing (ECB) route on April 2014.
IPP
Hofor [Copenhagen, 2012]: Hofor is a large corporation also known as the Greater Copenhagen Utility with business
operations in multiple domains such as water, sewage, heating, power and city gas distribution. The company also has
nearly 40 MW onshore wind turbines constructed and is targeting a total capacity of approximately 360 MW by 2025.
IPP
Indian Energy [Guernsey, 2007]: Indian Energy is a independent wind power producing company having wind energy
assets mainly in India. The group operates two projects with a total capacity of 42 MW in Karnataka and Tamil Nadu.
Indian Energy has a target of 300 MW of operating capacity by 2015.
IPP
Clean Energy [Ulan Bator, 2004]: Clean Energy is a renewable energy company operating 50 MW Salkhit wind farm,
the first wind project in Mongolia. They are the first private investment company of renewable energy source of wind
power plant in Mongolian Energy sector. The company claims that as of 2014 the project supplied 174M units of
energy to the Mongolian Central grid which accounted for 3% of Central region energy consumption. The power thus
supplied can serve approximately 80,000 households' annual electricity consumption and reduce coal burning by 122
thousand tons annually.
IPP
Ventus Energy [Auckland, 2000]: Ventus Energy develops renewable energy plants in New Zealand and Ireland The
company has been actively progressing a number of sites in the upper North Island and currently has three active
wind development projects including the Taumatatotara and Kaimai Wind Farm projects in New Zealand. Apart from
wind, the company also provides power generation using natural gas an solar energy.

Generation (17/24)
IPP
Pattern Energy Group [San Francisco, 2013]: Pattern Energy is an independent power company focusing on
developing wind power resources. The company owns and operates wind power projects in the United States, Canada
and Chile. As on Oct 2015, the total owned capacity is 2,282 MW. The company went public on 26 Sep 2013.
IPP
Infigen Energy [Sydney, 2003]: Infigen Energy is a developer, owner and operator of renewable energy generation in
Australia. The company owns six wind farms and a solar farm with a combined installed capacity of 557 MW operating
in New South Wales, South Australia and Western Australia.
IPP
Atlantic Wind & Solar [Toronto, 2008]: Atlantic Wind & Solar is a publicly traded renewable energy asset developer,
with focus on PV solar and wind energy. Atlantic plans, develops, funds, owns and operates power plants from various
stages of development life cycles, through to commercial operation. The company has over 59 megawatts (MW) of
approved solar projects with 23 MW's of power purchase contracts already executed. Their greenfield pipeline
includes more than 350 MW of utility scale solar projects at various stages of development in Canada, Europe, South
and Central America.
IPP
3Power Energy Group [New York City, 2002]: 3Power Energy Group (formerly known as Prime Sun Power Inc.) is a
independent energy producer, focused on global wind, solar and hydro solutions. 3Power provide its clients with
green power on a utility scale, from secure and reliable renewable energy sources built, owned and operated by the
Group.
$50.0M
IPP
Eurus Energy [Tokyo, 2001]: Eurus Energy Holdings Corporation operates solar and wind farms around the world. The
company has its headquarters in Japan and have presence worldwide, in Japan (Eurus Energy Japan), the United
States (Eurus Energy America) and Europe (Eurus Energy Europe). The company is the largest wind power developer
in Japan and has a combined installation of capacity of 2.5 GW worldwide.

Generation (18/24)
IPP
Prerana Energy Corporation [Bangalore, 2012]: Prerana Energy Corporation develops, owns and operates renewable
energy projects in India and aims to set up renewable & non-renewable power plants across globe. As of 2015 the
company has a total installed wind farms of 80MW capacity. The company is actively looking for acquisition for its
expansion plans.
IPP
Wind Energy Holding [Bangkok, 2009]: Wind Energy Holding (WEH) is the regional leader in the development and
operation of wind powered electricity generation in Southeast Asia. The company started to explore and develop
wind energy by reviewing various data and information about the feasibility of the project. These included; the
outcomes of statistical analysis of wind velocity, the physical survey of the sites, and an installation of a tower in order
to measure the strength of the wind. Currently, WEH has implemented and developed a total of 11 projects and
secured more than 14 affiliate companies in its chain to accommodate future wind powered electricity generation
projects. The company has set up a plan to develop wind-powered electricity generation projects to achieve 800
Megawatts of total productivity (or capacity) by 2016; and aims to increase the production to 3,000 Megawatts by
2020.
IPP
Alpha WindEnergy [Bjerringbro, 1999]: Alpha WindEnergy is a renewable energy developer with primary focus on
wind energy project development. The company has many years of experience in developing multiple wind projects.
They are specialized in Wind project feasibility studies, Wind measurement services, Assessment of wind potential
and Development of wind projects. It is specialised in en-to-end development of a wind power project, right from
assessment and pre-feasibility analysis to farm development and Wind farm operation and management.
IPP
Windflower [Ramat Gan, 2011]: Windflower wind energy is developing, constructing, investing and operating wind
energy projects across Europe and Israel. So far most of its projects are based out of Poland. In small to medium scale
wind projects - Windflower is focusing on markets with feed in tariff schemes and in case of large wind farms it
secures investment from third parties.

Generation (19/24)
IPP
EDP Renewables [Madrid, 2007]: EDP Renewables (owned by the EDP Group) builds, manages and operates wind
farms and solar farms throughout the world. The company is present in 12 countries and has a global portfolio of 9.0
GW of capacity installed. In 2007 the company acquired Horizontal Wind Energy for an undisclosed amount.
IPP
Juhl Energy [Pipestone, 1993]: Juhl Energy is a leader in the renewable energy industry with a focus on Community
Based Wind Power development, ownership and management in the US and Canada. The Company has completed 23
wind farm projects while owning and operating over $28 Million of wind farm assets. They provide operations
management and oversight across while managing every aspect of wind farm development from full development
and ownership, general consultation, construction management and system operations and maintenance, in addition
to performing other cellular tower maintenance services
IPP
130 Renewables [Opmeer, 2013]: 130 Renewables is JV between Wind Energy Solutions, Tocardo Tidal Energy, Zon
Energie and ESTechnologies develops a hybrid off-grid renewable energy system that delivers renewable energy to
the local smart grid. The overall system consists of generation from wind, flowing water and solar with energy storage
in batteries
IPP
Fersa [Barcelona, 2000]: The company’s object is generating electricity using 100% renewable sources. FERSA began
operating at an international level in 2008, when it launched the international diversification of its business. FERSA
currently operates on two continents: America and Europe. The company currently has installed wind capacity of
185.2MW, developed in three countries: Spain, Poland and France. In addition, they also have 272.5 MW in farms in
development in several countries throughout Europe and America
IPP
SootLess Energy [Chennai, 2015]: Sootless Energy deploys On-Site Cleantech Energy for Commercial, Industrial &
Residential Customers. The offerings are a mix of solar, wind, hybrid and storage based solutions. Every project
backed by a 25-year warranty is effectively managed through a centralized operations facility that ensures maximum
energy yield over the project life. The lifecycle O&M team ensures that installed equipment performance is along
expected lines and, if guaranteed performance is not achieved, work through the supply chain to replace any
individual equipment or subcomponents under warranty.

Generation (20/24)
IPP
Geronimo Energy [Edina, 2004]: Geronimo Energy is a utility-scale community wind and solar energy developer.
Geronimo has developed wind farms & solar projects throughout the US. The company has approximately 1,000 MW
of wind projects and 200 MW of solar projects being developedthroughout the Midwest are expected to be
constructed by the end of 2016. The company has a multi-gigawatt development pipeline of wind and solar projects
in various stages of development throughout the United States
IPP
New Sources Energy [Borculo, 2011]: New Sources Energy develops, operates and invests in projects that generate
electricity using renewable energy sources. The main shareholder of the Company is Quattro Capital with a 80.35%
stake in the Company
IPP
Community Windpower [Frodsham, 2001]: Community Windpower designs, develops, constructs and operates
onshore wind farms. The company has over 800MW capacity of wind projects built or under construction (The
company website is not working as of Nov 2015)
IPP
Vatsala Wind Farms [Mumbai, 2009]: Vatsala Wind Farms owns operates wind farms in india with installed assets of
22.5MW in maharashtra as of July 2015. The company has also installed Meteorological masts in maharashtra,
madhya pradesh and karnataka for collecting data to analyse wind and solar feasibility. Vatsala has served clients like
WinWind and Tata Power. Besides the company offers services like site servey, selection of machinery, land
acquisition and project execution.
IPP
VHCL Industries [Mumbai, 1978]: VHCL Industries is owned by H.C.Valia group which has interests in plastics,
polymers, petrochemicals, ferrous and non-ferrous metals. The company further diversified itself in wind power
generation by installing its first 2.1 MW turbine in Rajathan.

Generation (21/24)
IPP - Distributed
BluEarth Renewables [Calgary, 2010]: BluEarth Renewables is a clean-energy project developer and independent
power producer focused on wind, hydroelectric, and solar power projects. The projects are mid-sized or are of a
commercial scale. The company is backed by Ontario Teachers' Pension Plan
$81M
Ontario Teachers' Pension Plan, ARC
Financial
IPP - Distributed
WinDensity [Folsom, 2006]: Marquiss Wind Power manufactures and sells 2 versions of ducted wind turbine for
commercial rooftop 'AeropointT500' and 'AeropointT1000', generate 5 kW and 10 kW, respectively. The company
formerly known as Marquiss Wind Power is bankrupt as on March 2011.
$13M
Velocity Venture Capital, Strategis
Early Ventures
IPP - Distributed
Sunwind Energy [Nevada, 2009]: Sunwind is a renewable energy development and management company which
develops, manages, maintains and sells renewable energy and generation facilities across North America. Presently,
Sunwind is engaged in the construction stages of a 153 MW project in Marion County, Kansas with the opportunity of
a 50MW expansion. One more wind and solar project is in pipeline.
$8.5M
IPP - Distributed
Tri Global Energy [Dallas, 2009]: Tri Global Energy is engaged in the development of wind power generation projects
and plans have fully operational 6600MW of wind power assets by 2016. The company also has interests in solar
projects and wind + solar hybrid projects
$3.17M
IPP - Distributed
SM WindSol [Mumbai, 2009]: Comprehensive solution provider in the micro and small renewable energy space
comprising of wind turbines, solar PV, hydro turbines and hybrid systems up to 250KW. For business enterprises, solar
PV plants and wind-solar hybrids are delivered up to 100KW. For farmers, Solar PV Plants are available up to 55KW.
For Residences, facing acute power shortages Wind-Solar hybrid systems are installed on rooftops to suit the
application which can be relied upon 100% to replace diesel generator sets and inverter backup systems. There is no
recurring and maintenance costs for 25 years. SM Windsol is operational in 7 states in India.
$100k First Light Ventures

Generation (22/24)
IPP - Distributed
eenergys.com [Patan, 2006]: Eenergys is a renewable project developer, working with residential and institutional
users in Nepal. The company has expertise in executing wind and solar energy projects as well as solar-wind hybrid
plants. They have executed wind solar hybrid street light system (high power street lights for Industrial use) in Nepal
and has MegaWatt (MW) projects in pipeline.
IPP - Distributed
Vaya Energy [Abuja, 2015]: Vaya Energy builds and develops utility scale power plants in Nigeria, and offers solar
solutions for utility, commercial, residential and rural customers. The company also offers off-grid solar solutions and
also has business interest in wind and biomass.
IPP - Distributed
Evergreen [Roodepoort, 2015]: Evergreen Wind and Solar provides develops wind and solar power projects for their
clients. The company has a product portfolio which comprises of wind turbines, solar panels, charge controllers, deep
cycle batteries, pumps (Borehole and DC pool pumps), heat pumps, PV solar geyser elements, towers, inverters, sun &
wind tracking units etc. The company also assists its clients with financing if required.
IPP - Distributed
Wind Direct [Bridgend, 2003]: Wind Direct installs and operates Industrial Wind Turbines that supply low cost, fixed
price electricity for business and on-site usage with no up-front capital cost to the client. The company claims that the
electricity supplied from their wind turbine generators is typically 20-30% cheaper than brown electricity (fossil fuels).
Wind Direct is working with clients to develop over 100MW of on-site electricity generation through the installation of
wind turbine generators.
IPP - Distributed
Bora Wind [Madrid, 2012]: Borawind is a wind energy portfolio management company. After the acquisition of a set
of eight wind farms and five electric substations, Borawind is one of the largest non-utility owned platforms of wind
energy plants in Spain, with 330 MW of installed capacity under management. In 2014, the assets managed by
Borawind produced 723,9 GWh, similar to the annual consumption of around 207,600 homes.

Generation (23/24)
IPP - Distributed
BMR Energy [Huckelhoven, 1999]: BMR Energy has interests in the renewable segment of solar, wind and bio-energy.
In the solar segment, the company caters to small and medium sized projects with installation size of around 1MW.
Besides this the company offers waste to energy conversion solutions and since 2004 has started offering energy
management and energy efficiency consulting services.
IPP - Distributed
Venti Energy [Austin, 2014]: Venti Energy is a renewable energy development company focusing on developing
community and utlity-scale wind and solar. The company website is not available as on June, 2016. Incubated at ATI,
University of Texas.
IPP - Distributed
Windpower Technology [Edinburgh, 2012]: Windpower Technology is a small family owned company which supplies
small scale wind turbines to a range of customers looking to decrease their utility costs as well as their carbon
footprint. The company offers end-to-end support for project development and lifetime O&M support as well,
including project design, turbine construction based on actual requirement, O&M as well as decommissioning and
repowering.
IPP - Distributed
Ecovane [Somerset, 2011]: Ecovane works with home owners, land owners and farmers as well as small and medium-
sized businesses, planners and local authorities to provide small scale wind based energy solutions. Ecovane uses
Envergate brand of wind turbines to deliver their projects. Ecovane provides end-to-end solutions for their clients,
right from site study to installation and maintenance. They also assist with financing of the projects if required.
IPP - Distributed
Renovables Reilec [Reus, 2014]: Renovables Reilec undertakes the work of project planning on a turnkey basis which
includes advice, feasibility study, design, newsletters, installation and maintenance of the system. The company also
carries out electrical installations in the areas of photovoltaic, mini-wind energy, biomass, solar, geothermal
underfloor heating.

Generation (24/24)
IPP - Distributed
MicroGen Wind [East Grinstead, 2012]: MicroGen Wind is a wind turbine project developer and operator specialising
in the development and construction of small scale single wind turbines in rural and agricultural settings. They
provides rural landowners with risk free access to the income potential of wind generation through developing
projects using 100 kW, relatively noisefree, scalable wind turbines. MicroGen Wind funds 100% of the wind turbine
project costs, from initial feasibility through the planning process and into construction, commissioning and turbine
operation & maintenance. The company claims that a land owner's typical income stream from a MicroGen Wind
turbine can exceed $350k over the 20 year period, providing an average annual income of nearly $18K.
IPP - Distributed
ASC Renewables [Manchester, 2010]: ASC Renewables is developer of renewable energy projects and provider of
energy solutions. Their team works with landowners, local authorities & large energy users to identify, assess and
develop wind power and other renewable energy projects.The company provides turn-key energy solutions to
organisations that helps drive down energy costs and carbon footprint. ASC Renewables have built 25.7 MW of wind
energy and have a 100 MW portfolio.
IPP - Off-shore
Deepwater Wind [Providence, 2008]: Deepwater Wind is a leading U.S. offshore wind and transmission developer.
The company’s Block Island Wind Farm is the first offshore wind farm in the US. It is a 30-megawatt, 5 turbine Wind
Farm which is scheduled to be online in 2016. The company is actively planning offshore wind projects to serve
multiple East Coast markets located 15 or more miles offshore, including New York, Massachusetts, Rhode Island, and
New Jersey.
$70M
The D E Shaw Group, KeyBank, Societe
Generale
IPP - Off-shore
DONG Energy [Denmark, 2006]: DONG Energy has interests in thermal power, oil and gas exploration and wind
power. The company has installed a significant portion of the off-shore assets in Europe.
$1.6M
IPP - Off-shore
Cape Wind [Boston, 2001]: CapeWind is an offshore Wind Farm being developed by Energy Management
Incorporated. It is nearing construction to become America’s first offshore wind farm. Cape Wind will consist of 130
Siemens 3.6-megawatt offshore wind turbines with a capacity of 468 megawatts. The project will be located in
Federal waters off the coast of Cape Cod, Massachusetts, on Horseshoe Shoal in Nantucket Sound.
$400.0M
Rabobank, EKF Eksport Kredit Fonden,
Natixis, pensiondanmark.com

Manufacturing (1/34)
Blades
TPI Composites [Scottsdale, 2001]: TPI is a leading manufacturer of wind blades to be supplied to wind turbine OEMs.
The company has multiple facilities in US and outside. The company enters in long term supply agreements with its
customers and subsequently dedicates a part of the production facility for the customer in exchange for purchase
commitment. TPI is also involved in manufacturing composite vehicle structures for the transportation industry.
$89M
GE Capital Canada, HTGC, Element
Partners, Angeleno Group, NGP
Energy Technology Partners,
Landmark Partners
Blades
Knight & Carver Wind Group [National City, 1999]: Knight & Carver Wind Group fabricates and manufactures wind
blades and offers service for utility-scale wind plants. The company was acquired by Upwind Solutions in Sept 2010.
$12M Global Environment Fund
Blades
LM Wind Power [Kolding, 1978]: LM Wind Power is the world’s leading supplier of components and services to the
wind turbine industry. Their global manufacturing footprint includes wind turbine blade factories in China, USA, India,
Canada, Denmark, Spain, Poland and Brazil. Besides manufacturing units, they also have service centers at strategic
locations all over the world. LM Wind Power Blades has been a market leader in the manufacture and supply of wind
turbine blades for over three decades now. The company has produced over 166,000 blades and they claim that every
fourth wind turbine on the planet is powered by LM Wind Power’s wind turbine blades. They have also pioneered
some of the biggest innovations within the blades industry including the longer wind turbine blades in serial
production, the LM 61.5 P2 and the GloBlade series.
Doughty Hanson
Blades
Modular Wind Energy [Huntington Beach, 2008]: Modular Wind Energy makes 45m+ wind turbine blades that
feature a revolutionary structural technology that results in longer, lighter, higher quality blades. The company claims
that their patented pultrusion process produces the highest quality composite components, allowing them to
manufacture divided blades without risk of certain serial defects associated with conventional blade building
techniques. Their blade features greater stiffness, strength, and up to 20% lighter design, which enables greater
lengths and a lower cost of energy when compared to shorter, heavier, conventional blades.
KPCB, General Catalyst Partners,
Battery Ventures

Blades
Bright Composites [Almere, 2013]: Bright Composites is an engineering company that specializes in designing and
manufacturing rotor blades for wind turbines. The company focuses their efforts in developing a better composite
technology to build high quality turbines. Apart from manufacturing a host of different types of blades suited to
different wind speeds and turbine class, the company also manufactures customer-tailored blade solutions for their
clients.
Blades
PH Windsolutions [Montreal, 2002]: PH Wind Solutions is leading supplier of innovative solutions for the wind
turbine manufacturing industry, and is a growing supplier to the transportation and aerospace industries. They are
considered as pioneers of the first automated mould turning systems in the market.
Blades
tang energy [Dallas, 1996]: Tang Energy Group manufactures wind turbine rotor blades, developing wind farms,
providing wind equipment and cleaning coal emissions.
Blades
Hui Teng Windpower [Hebei, 2001]: Hui Teng Windpower (also known as HT Blade) manufactures wind turbines
having length upto 48m and blade power ranging from 600kW to 3MW.
Components
Fallbrook Tech [San Diego, 1998]: Fallbrrok Tech is a technology developer and manufacturer organisation. Its initial
commercial product, a continuously variable transmission (CVT) for bicycles, is now in its second generation as the
NuVinci N360. The Company recently introduced NuVinci Harmony, an automatic shifting system for use with the
bicycle CVT and is developing applications incorporating NuVinci technology for other product areas both directly and
through licensing agreements. The other product areas currently include automotive accessory drives, electric
vehicles, lawn and garden equipment and wind energy.
$118M
Macquarie, NGEN Partners, Shentong
Automotive Trim, Robeco, Sustainable
Asset Management, Kayne Anderson
Capital Advisors, RobecoSAM, White
Oak Global Advisors

Components
Wuxi Qiaolian Wind Power Technology [Wuxi, 2006]: Wuxi Qialian Wind Power Technology is a manufacturer of
components of wind power generator. It is a part of the Wuxi Qiaolian Group which specializes in research, design
manufacture processes and sales of CNC machine tools and general-purpose machine tools, wind power equipment,
and metallurgical equipment.
$70M
iD TechVentures, Avenue Capital
Group, Tsing Capital
Components
Shanghai Taisheng Wind Power Equipment [Shanghai, 1995]: TSP manufactures wind towers for most major turbine
manufacturers in the world. TSP has manufactured and delivered more than 2,000 (as of August 2009) sets of high
quality wind towers to support all kinds of turbines, from 100KW to 3MW, manufactured by major turbine producers
including Vestas, Gamesa, Suzlon, GE, Repower, Goldwind, and Nordex, among others.
$18M
Components
Hexicon [Stockholm, 2009]: Hexicon is an Engineering house developing floating multi-turbine platforms. Their
patented technology enables the platform to align with the wind direction, maximising energy yield from free wind for
its turbines. This enables efficient harvesting of the best offshore energy resources further offshore in deeper waters.
Hexicon offers utilities and developers around the world an efficient, flexible and profitable way to manage and utilize
the power of offshore wind.
$4.6M
Components
Pika Energy [Westbrook, 2010]: Pika Energy manufactures direct current power electronics which includes sub-arrays
optimizer, inverters, and solar panels and are commercialized under the brand name 'PikaEnergy Islands'. The
company also offers high performance wind turbines and hybrid wind-solar systems for home owners and small
businesses.
$3.86M
CEI Ventures, Maine Technology
Institute, Gorham Savings Bank,
Maine Venture Fund
Components
Global Power Electronics [Irvine, 2010]: Global Power Electronics, provides converters for industrial, commercial, and
military applications. The applications of the product are motor drives for hybrid electric, plug-in electric, and fuel cell
vehicles in the automotive industry and converters for solar cell and wind power generators in renewable energy.
$750k

Tracxn Wind Energy Landscape Report July 2016

Tracxn Wind Energy Landscape Report July 2016

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Tracxn Wind Energy Landscape Report July 2016