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Sustainable Technology and Infrastructure Monthly Market Update August 2019

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Sustainable Technology and Infrastructure Monthly Market Update August 2019 Sustainable Technology and Infrastructure Monthly Market Update August 2019 Performance of Key Market Indices(1) 20.0% 10.0% 2.8% 1.7% 0.0% 0.9% -1.8% (10.0%) (20.0%) Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500 Index Performance August Ending Versus First Day of the August YTD CY 2018 52 Wk High 52 Wk Low Dow Jones Industrial Average (1.7%) 13.2% (5.6%) (3.5%) 21.2% NASDAQ Composite (2.6%) 20.0% (3.9%) (4.4%) 28.6% S&P 500 (1.8%) 16.7% (6.2%) (3.3%) 24.5% NASDAQ Clean Edge Green Energy (4.4%) 19.6% (13.2%) (6.0%) 28.5% Notable Recent Transactions & Capital Raises Target Acquiror Transaction Description Corporate Transactions Vistra Energy acquired Ambit, a provider of electricity and natural gas services in deregulated Corporate M&A and markets, for $475mm Asset Transactions Shell acquired ERM Power, an industry leading energy retail firm in Australia, for $437mm Asset Transactions Macquarie acquired a 40% stake in a 714 MW under-construction offshore wind farm in the U.K. from Iberdrola for $1,992mm Company Transaction Description LanzaTech, a developer of technology that recycles carbon pollution and converts it into ethanol that can be used to fuel jets, raised $72mm in a Series E round from Novo Holdings Capital Raises Inari, a plant genetics startup, raised $89mm in a Series C round led by Flagship Pioneering to accelerate the commercial introduction of the company’s high-performance corn and soybean seeds in the U.S. ThoughtSpot, a business and data analytics platform, raised $248mm in a Series E round led by Lightspeed Ventures as it prepares to go public Grupo Cobra raised $481mm in debt financing from Natixis, Banco Santander, BBVA and CaixaBank to for an 864 MW solar portfolio in Spain About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. Our team of experienced bankers are sector experts and understand our clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 75 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco, and through a strategic partnership in Japan. Our team of experienced bankers provide conflict-free advice and thoughtful, innovative solutions. Greentech / 1 (1) Performance does not include reinvestment of dividends. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/4) Corporate Transactions Transaction Transaction Multiple(1) Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA Spark Power Group, a Canada-based provider of electrical power and Energy 8/1/2019 3-Phase Electrical Spark Power Group services, acquired 3-Phase Electrical, a $16 0.9x 5.3x Efficiency low-voltage electrical service and contracting company SiteWise, a wholly-owned subsidiary of Peak Utility Services Group, acquired ORIX Capital Energy 8/1/2019 SiteWise Utility Sales & Service, a provider of ND ND ND Partners Efficiency electric and water metering services, from ORIX Capital Partners Actis, a global emerging markets investment firm, acquired BioTherm Renewable 8/1/2019 Denham Capital Actis Energy, a South Africa-based ND ND ND Energy developer of renewable energy, from Denham Capital DoorDash, a food delivery platform, Advanced 8/1/2019 Square DoorDash acquired Caviar, a food-ordering $410 ND ND Transportation platform, from Square G&W Electric, a supplier of electric power equipment, acquired Altea, a Power Infra / 8/8/2019 Altea G&W Electric ND ND ND manufacturer of voltage equipment Smart Grid and sensors AGL Energy, Australia's largest energy utility, acquired Perth Energy, a Power Infra / 8/9/2019 Infratil AGL Energy $37 0.2x 2.1x provider of wholesale energy Smart Grid solutions, from Infratil Morrison & Co., an alternative asset Brookfield Asset manager, acquired Flow Systems, a 8/9/2019 Morrison & Co. Water ND ND ND Management water utility, from Brookfield Asset Management Ola, an India-based taxi aggregator, Advanced 8/15/2019 Pickup.ai Ola acquired Pickup.ai, an India-based AI ND ND ND Transportation platform for autonomous vehicles PowerGen Renewable Energy, a developer of off-grid power solutions, PowerGen Renewable Power Infra / 8/19/2019 E.ON acquired Rafiki Power, a Tanzania- ND ND ND Energy Smart Grid based developer of mini-grid projects, from E.ON Statkraft, a producer of renewable Airvolution Clean energy, acquired Airvolution Clean Renewable 8/21/2019 Statkraft ND ND ND Energy Energy, a U.K.-based developer of Energy onshore wind projects Vistra Energy, a retail and power generation company, acquired Ambit Power Infra / 8/21/2019 Ambit Energy Vistra Energy $475 ND 3.8x Energy, a provider of electricity and Smart Grid natural gas services Mail.ru and Proxima Capital, as a joint Mail.ru / Proxima Advanced 8/22/2019 YouDrive venture, acquired YouDrive, an ND ND ND Capital Transportation operator of a car-sharing platform Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers. Greentech / 2 (1) Transaction multiples represent EV/LTM Adj. EBITDA and EV/LTM Revenue. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/4) Corporate Transactions Transaction Transaction Multiple(1) Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA Mucci Farms, a vertically integrated grower of fruits and vegetables, 8/22/2019 Orangeline Farms Mucci Farms acquired Orangeline Farms, a AgTech ND ND ND producer of organic fruits and vegetables Shell, an oil and gas conglomerate, Power Infra / 8/23/2019 ERM Power Shell acquired ERM Power, an Australia- $419 0.2x 1.7x Smart Grid based energy retailer Statkraft, a producer of renewable Advanced 8/23/2019 E-WALD Statkraft energy, acquired E-WALD, a Germany- ND ND ND Transportation based EV charging company Aboitiz, a Philippines-based Armstrong Asset conglomerate, acquired Mekong Renewable 8/23/2019 AboitizPower $46 ND ND Management Wind, a Vietnam-based wind power Energy company STAR Capital, a European fund manager, acquired Windhoist Renewable 8/23/2019 Windhoist Holdings STAR Capital ND ND ND Holdings, an installer of offshore Energy wind turbines Greentech’s Take: Total's acquisition of Vents d'Oc demonstrates Total, a French oil and gas company, Renewable continued demand from 8/27/2019 Vents d'Oc Total acquired Vents d'Oc, a renewable ND ND ND Energy Energy Super Majors to energy company boost their renewables portfolios, aligning with their renewable energy goals Marrone Bio Innovations, a developer of bio-based pest solutions, acquired Pro Farm Marrone Bio 8/28/2019 Pro Farm Technologies, a developer AgTech $32 ND ND Technologies Innovations of agricultural technology and fertilizer Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers. Greentech / 3 (1) Transaction multiples represent EV/LTM Adj. EBITDA and EV/LTM Revenue. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/4) Asset Transactions Transaction Transaction Multiple(1) Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA Soltage, an independent power producer, acquired a 14 MW solar 8/1/2019 ReNew Petra Soltage Solar ND ND ND portfolio in North Carolina from ReNew Petra Greentech’s Take: Capital Dynamics' Capital Dynamics, a global asset acquisition reflects management firm, acquired a 180 MW sustained robust interest 8/1/2019 Skylar Resources Capital Dynamics solar plant paired with a 90 MW Solar ND ND ND from investors in contracted renewable energy storage facility in Nevada from energy power. The Skylar Resources investor universe for energy storage is expanding, driven by a An undisclosed buyer acquired a 58 Renewable greater understanding of 8/1/2019 Audax Renovables Undisclosed MW wind farm and a 1 MW solar plant ND ND ND the risk / return profile Energy in Spain from Audax Renovables Neoen, a France-based developer of Irish Infrastructure renewables, acquired a 53 MW wind 8/2/2019 Neoen Wind $29 ND ND Fund portfolio from the Irish Infrastructure Fund Aquila Capital, a manager of Aquila European alternative assets, acquired Aalto 8/6/2019 Aalto Wind 2 Wind $26 ND ND Renewables Wind 2, a 35 MW wind portfolio in Finland Plenium Partners Asset Management, Plenium Partners through its Helia Renovables II fund, 8/6/2019 KGAL Solar ND ND ND Asset Management acquired a 36 MW solar portfolio in Spain from KGAL Greentech’s Take: Equinor, a multinational energy Equinor's first foray into the Argentine wind-power company, acquired a 50% stake in a market demonstrates 8/7/2019 YPF Luz Equinor 120 MW offshore wind farm Wind $30 ND ND continued interest in the development in Argentina from YPF offshore wind potential Luz of Latin America AES, an independent power producer, 8/7/2019 Colwind AES acquired a 648 MW wind farm in Wind ND ND ND Colombia from Colwind Macquarie Green Investment Group, a sustainability-focused investment Macquarie Green 8/12/2019 Iberdrola group, acquired a 40% stake in a 714 Water $1,992 ND ND Investment Group MW under-construction offshore wind farm in
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