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Solar Merger & Acquisition Activity
Transaction Activity in the Solar Industry
Solar transactions by yearSolar transactions by quarter
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32 completed solar energy transactions in Q3 2009 representing a100% increase from the 16recorded in Q3 2008
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YTD 2009 transaction volume is 8.0x the volume within the solar industry exhibited in 2005
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2009 is on track to be another record year from a transaction perspective
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Drivers include companies diversifying into solar, strategic combinations due to capitalconstraints, and consolidation within fragmented sectors (i.e. installation)
01020304050607080901002005 2006 2007 2008 YTD Q32009
05101520253035Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09
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Transaction Activity by Sector
Over the last year EPC Integrators / Developers have been the most active category for solar transactions
Transaction volume by target company category
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Consolidation and the limited availability of project financing is drivingcontinued EPC Integrators / Developers transaction volume
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There is also significant growth in transactions of Producers ofSolar Energy (already in place MW)
02468101214Q4-08 Q1-09 Q2-09 Q3-09
Equipment for Solar Industry Producers of Solar EnergyCells/Modules Vertically Integrated CompaniesEPC Integrators / Developers Wafers/Ingots
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