March 2018 Monthly Update

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March 2018 Monthly Update Sustainable Technology and Infrastructure Monthly Market Update March 2018 Performance of Key Market Indices 35% 25% 19% 17% 15% 16% 12% 5% (5%) Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500 Index Performance March Ending Versus First Day of the March YTD CY 2017 52 Wk High 52 Wk Low Dow Jones Industrial Average (2.1%) (2.5%) 25.1% (9.4%) 18.1% NASDAQ Composite (1.6%) 2.3% 28.2% (6.9%) 21.7% S&P 500 (1.4%) (1.2%) 19.4% (8.1%) 13.4% NASDAQ Clean Edge Green Energy (0.6%) (4.0%) 30.8% (9.5%) 19.7% Notable Recent Transactions & Capital Raises Acquiror Target Transaction Description Corporate Transactions Acquired a majority stake in innogy from RWE, and the remaining interest in a public takeover Acquired a U.S. wind owner and operator with ~1.7 GW of capacity from ArcLight Capital Corporate M&A and All-stock merger of two water utilities in a deal worth approximately $1.01bn Asset Transactions Acquired various California refining and pipeline assets / facilities from Delek and AltAir Asset Transactions Acquired five solar thermal projects in Spain with a combined capacity of 250 MW for €1.09bn Acquired indirect interests in three Californian solar projects totaling 235 MW Company Transaction Description Manufacturer of smart thermostats raised $61mm in Series C equity from Energy Impact Partners, Thomvest, Relay Ventures, Amazon’s Capital Raises Alexa Fund Chinese bike-rental startup raised $866mm in funding from Alibaba Group Holding, Haofeng Group, Tianhe Capital, Junli Capital and Ant Financial Note: M&A transaction values are in enterprise value, unless indicated otherwise. Greentech Advised on This Transaction About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. We have deeply experienced senior bankers and investment professionals who are sector experts and understand our clients' industry and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 55 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco and through a strategicGreentechpartnership / 1 in Japan. Our team of experienced bankers and investment professionals provides conflict-free advice and thoughtful, innovative solutions, and we do so with an intensely focused effort that does not stop until our clients achieve success. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/3) Corporate Transactions Transaction Multiple(1) Transaction Date Acquiror Target Transaction Description Subsector Value ($mm) Revenue EBITDA Acquired a big data company providing Valor Water 3/1/2018 Xylem financial and conservation solutions for Water Undisclosed ND ND Analytics water utilities Avangrid's Natural ENSTOR Energy Acquired Avangrid's natural gas trading 3/2/2018 Gas Trading Renewable Energy $65 ND ND Services business Business Acquired a provider of electronic toll Highway Toll 3/2/2018 Platinum Equity collection and violation management Advanced Mobility Undisclosed ND ND Administration solutions for fleets Acquired a fully integrated developer, owner and operator of municipal/co-op, 3/5/2018 ENGIE SoCore Energy Renewable Energy Undisclosed ND ND community and C&I solar from Edison International Acquired a software as a service 3/6/2018 Dandelion Geo-Connections company active in the geothermal Renewable Energy Undisclosed ND ND industry Acquired a wastewater aeration and Aeration Industries mixing solutions company serving the 3/6/2018 Newterra Water Undisclosed ND ND International industrial, municipal and aquaculture markets Acquired a national environmental Energy Capital Environmental 3/9/2018 Gopher Resource solutions provider from Norwest Equity Undisclosed ND ND Partners Services Partners Acquired a majority stake in innogy from RWE, and the remaining interest in a 3/11/2018 E.ON innogy public takeover in exchange for a Renewable Energy $27,377 1.0x 11.1x 16.67% interest in E.ON and generation assets Acquired a 70% interest in a Dutch solar 3/15/2018 BayWa GroenLeven Renewable Energy $196 ND ND developer Acquired a manufacturer of specialty 3/15/2018 Nippon Steel Ovako steel used in industries including wind Renewable Energy Undisclosed ND ND power generation and robotics Merged through an all-stock transaction Connecticut Water 3/15/2018 SJW Group to create a combined water utility Water $1,010 9.4x 20.3x Service company Acquired AltAir Paramount, the operator Delek / AltAir of a renewable diesel/renewable jet fuel 3/19/2018 World Energy Renewable Energy Undisclosed ND ND Paramount facility, and Delek's other California refining and pipeline assets Acquired a British marine navigation 3/19/2018 Wartsila Transas company with a cloud-based platform to Advanced Mobility $258 ND ND manage operations at vessels and ports Greentech / 2 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. Greentech Advised on This Transaction (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/3) Corporate Transactions Transaction Multiple(1) Transaction Date Acquiror Target Transaction Description Subsector Value ($mm) Revenue EBITDA Acquired 30% of a manufacturer of 3/20/2018 Visionstate Corp Exceed Solar Renewable Energy Undisclosed ND ND alternative energy housing spaces Acquired a manufacturer of waste and Environmental 3/21/2018 H.I.G. Capital Wastequip Undisclosed ND ND recycling equipment from Centerbridge Services Acquired U.S. wind farm operator with Leeward Renewable 3/22/2018 OMERS ~1.7 GW of owned capacity from Renewable Energy Undisclosed ND ND Energy ArcLight Capital Acquired an industrial minerals and Environmental 3/23/2018 U.S. Silica Holdings EP Minerals engineered materials portfolio company $750 ND ND Services from Golden Gate Capital Uber's Southeast Acquired Uber's Southeast Asian 3/26/2018 Grab Advanced Mobility Undisclosed ND ND Asian Business business Acquired a provider of environmental, National Response Cleanline Waste 3/27/2018 industrial and emergency response Water Undisclosed ND ND Corporation Water Solutions services in the United Kingdom Acquired a maker of equipment enclosures and control and relay panels Power Infra / Smart 3/28/2018 Comvest Partners Systems Control used in electrical transmission and Undisclosed ND ND Grid distribution substations across North America Greentech / 3 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/3) Asset Transactions Transaction Multiple(1) Transaction Date Acquiror Seller Transaction Description Subsector Value ($mm) Revenue EBITDA Montana-Dakota 48 MW expansion of the Thunder Spirit 3/1/2018 ALLETE Wind Undisclosed ND ND Utilities wind farm in North Dakota Five solar thermal power plants in Spain 3/2/2018 ContourGlobal Acciona Solar $1,342 ND ND totaling 250 MW Green Street Power Portfolio of community solar projects in 3/6/2018 SunPower Solar Undisclosed ND ND Partners New York City 50% interest in two Polish offshore wind 3/6/2018 Statoil Polenergia development projects with a combined Wind Undisclosed ND ND capacity of 1.2 GW BAL Investment & Noncontrolling passive interest in the 25 3/7/2018 Duke Energy Solar Undisclosed ND ND Advisory MW Shoreham solar facility in New York Indirect equity interests in three 3/13/2018 KEPCO Recurrent Energy Californian solar projects totaling 235 Solar Undisclosed ND ND MW 3/15/2018 innogy Imprese e Sviluppo 23 MW Deliceto wind project in Italy Wind Undisclosed ND ND 3 MW solar project located in 3/19/2018 Navisun OSG Solar I Solar Undisclosed ND ND Massachusetts 3/19/2018 NorthWestern NJR Clean Energy 10 MW Two Dot wind farm in Montana Wind $19 ND ND 200 MW Mount Signal 2 solar project 3/21/2018 New Energy Solar DE Shaw Solar $85 ND ND located in California 20% interest in the 950 MW U.K. 3/26/2018 Mitsubishi EDP Renovaveis Wind $51 ND ND offshore wind project Moray East 150 MW Sol de Tarapacá solar power 3/28/2018 Colbún SA First Solar Solar Undisclosed ND ND plant in Chile Isolux Ingeniería 3/29/2018 Canadian Solar 98 MW solar project in Argentina Solar Undisclosed ND ND (Insolvent) Greentech / 4 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (1/3) Corporate Transactions Amount Date Company Transaction Description Raised ($mm) Subsector Selected Disclosed Investors Alta Motors, a manufacturer of lightweight electric vehicles, 3/1/2018 Alta Motors ND Advanced Mobility Harley-Davidson raised an undisclosed amount from Harley-Davidson Hubei Forbon Technology, Gefen Saturas, a manufacturer of stem water potential (SWP) sensor- 3/1/2018 Saturas $4 AgTech Capital, Ramat Magshimim, Miguel based irrigation sensor systems, raised $4mm Torres Winery
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