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23-= 29 April 2007

Iss= ue – 129

For most of this year so far, there has been a paradox in the clean energy sector of world stock market= s. Share prices have been doing well – in fact handsomely out-performi= ng the overall market – but this has brought about no more than a slow trickle of new IPOs and share issues.

However last week may have b= een the moment when this paradox unravelled – with a surge of share sale announcements on the public markets of Europe, the US and Asia.

So far in 2007, the WilderHi= ll New Energy Global Innovation Index, or NEX, which measures the combined performance of some 86 leading clean energy stocks worldwide, has galloped ahead by 23%, against a gain of just 4% in the US S&P500 index.<= /o:p>

Despite this, the first quar= ter produced just seven clean energy IPOs, compared to 17 in the fourth quart= er of last year, and New Energy Finance figures show that the total amount of money raised in primary and secondary share issues on public markets was = USD 1.6bn, down from USD 3.5bn in Q4 2006.

Last week bolstered the view= that this lull may have been largely due to seasonal factors. Half a dozen sha= re issues were announced in clean energy, and one already announced was increased in size.

London was the focus for several of these moves. Irish greenhouse gas emission trader AgCert International, which is listed on London’s m= ain exchange, announced a placing to raise the equivalent of USD 41m plus a U= SD 20m debt-to-equity swap, to fund a new, less capital-hungry investment strate= gy. The shares rose 10% on the announcement, but remain 80% down on a year ag= o.

Meanwhile AIM listed Zenergy= Power proposed a placing to raise USD 12m, to help fund development of high temperature superconductive materials for use in wind generators, and UK smart meter developer BGlobal declared an IPO to raise the equivalent of = USD 15.6m.

The most eye-catching move o= f the week came from GT Solar, the New Hampshire based maker of equipment for PV manufacturing. It filed to list its shares on the NASDAQ Global Market in coming weeks, with up to USD 200m worth of shares up for sale. None of th= ese would however be new shares, and no fresh cash will be raised for the com= pany – this is a pure investor exit.

Over in the Far East, Philippine based generating and distribution group Abo= itiz Power said it plans to raise the equivalent of about USD 177m from a plan= ned initial public offering this year. It operates 19 hydro-electric power plants, and is developing two more mini-hydro projects, with capacities of 42.5MW and 19MW.

Chinese crystalline silicon = PV cell manufacturer CEEG Nanjing PV-tech made its long-awaited filing to is= sue American Depositary Shares on NASDAQ, through Caym= an Islands vehicle China Sunergy. The maximum amount to be rais= ed is USD 100m.

Ocean Power Technologies (OP= T), the US-based but AIM-listed wave energy firm, gave itself room to bump up= its IPO on NASDAQ beyond the proposed USD 100m, via an over-allotment option. This gives the issue's underwriters 30 days to buy an additional 750,000 = shares in OPT at the IPO price of USD 20, at a total cost of USD 15.5m. Its shar= es in London have behaved strangely during = the US li= sting process, first soaring then – last week – falling back steepl= y on profit taking.

Phase I EUA prices decreased= by 22% this week, settling at EUR 0.53 on Friday 27 April. This followed a softening of UK and continental prompt gas prices as the warmer weather reduced gas deman= d. Winter 07 contract values on the NBP also declined by 0.10p/th, to 42.80p= /th. In contrast to the decrease in the value of Phase I EUAs, Phase II EUA pr= ices experienced a noticeable increase. Dec 08 increased in value by 1% over t= he beginning of the week, settling at EUR 18.22 on Wednesday 25 April, after= the Spanish government announced a substantial decrease to the amount of Kyoto credits i= t would permit to be imported by the electricity sector during Phase II. It also announc= ed that the allocation cut requested by the Commission will be taken fully f= rom the electricity sector. These developments have therefore resulted in an increase in Phase II EUA demand from this sector. Towards the end of the = week prices declined slightly on the back of softening gas futures, but bounced back yesterday, Monday 30 April, to EUR 19.01. The latter jump can also partly be explained by a small increase in gas prices.<= /span>

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News

= VC/PE News

= Public Markets

= M&A News

= JV News

= = Company Results

= Projects & Project Finance

= Contracts News

= Fund News

= Manufacture &= amp; Scale-Up

= D= ebt & Loans

= Grant & Grant Programme New= s

= People = & Appointments

= Products & Technology

= Other News

Upcoming Events

Environmental Markets Association 11^th Annual Spring Conference
06-08 May 2007
Boston Royal Sonesta, Boston = >>>

EWEC2007 – European Wind Energy Conference & Exhibition
07-10 May 2007
FMC C= enter, Milan= >>><= /a>

The 15^th European Biomass Conference & Exhibition
07-11 May 2007
ICC Berlin, Berlin = >>>

Sixth Annual Conference on Carbon Capture and Sequestration
07-10 May 2007
Sheraton at Station Squa= re, Pittsburgh >>>

Solar Power Project Finance & Investment Summit
09-11 May 2007
Rancho Bernardo Inn Resort, San Diego >>>

Platts 3^rd Annual Ethanol Finance & Investment
10-11 May 2007
W Chicago City Center, Chicago >>>

West Coast Geothermal Finance and Development Workshop
10 May 2007
Hyatt Regency, San Francisco >>>

2007 Sino-Germany International Solar Energy & PV Projects (Shanghai) Exhibition
11 - 13 May 2007
Shanghai >>>

Climate Change Investment Forum Bahrain
13- 14 May 2007
Bahrain >>>

Clean Energy Venture Summit
14- 16 May 2007
Hyatt Regency, Austin >>>

UBS 2007 Global Alternative Energy Conference
14- 15 May 2007
Grand Hyatt, New York >>>

Cleantech Forum XIII
14- 16 May 2007
Marriott, Frankfurt >>>

Biomass ’07: Power, Fuels and Chemicals
15- 16 May 2007
Alerus Center, Grand Forks >>>

China Power & Alternati= ve Energy Summit 2007
16- 19 May 2007
Hong Kong Macau Center, Beijing >>>

Green Energy Expo 2007
16- 18 May 2007
EXCO Daegu, Daegu >>>

Carbon Finance & Investment Summit
21- 23 May 2007
Manhattan Center Studios, New York >>>

REFF Asia
21- 22 May 2007
Singapore >>>

Delivering Energy Efficiency
23 May 2007
Hotel Intercontinental, Buch= arest >>>

All-Energy ‘07
23- 24 May 2007
Aberdeen Exhibition & Conference Centr= e, Aberdeen >>>

Sustainable Energy
23- 24 May 2007
The Hatton, London >>>

Delivering Energy Efficiency
23 May 2007
Hotel Intercontinental, Buch= arest >>>

Eastern Biofuels
29-31 May 2007
Congress Centre, Prague >>>

Corporate Climate Response
29-31 May 2007
CBI Conference Centre, Londo= n >>>

AWEA Windpower 2007
03-07 June 2007
LA Convention Center, Los An= geles >>>

The London Edge Initiative: Environmental Industries
28- 29 June 2007
LSE, London >>>

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NEX update

Click here<= /a> to check today’s changes in the NEX.

Selected News from Ene= rgy Finance

VC/PE News

Blue Hill recipient of USD 1.3m loan from new Pennsylvania programme

26 = Apr 2007

P21 gets Series C funding from Goldman

24 = Apr 2007

USD 23m seed money goes into German carbon project firm

23 = Apr 2007

Englefield Capital to receive a windfall from Zephyr stake

23 = Apr 2007

Public Market News

GT Solar files for IPO

27 = Apr 2007

Solar*Tec plans IPO in Singapore in 2008

27 = Apr 2007

Philippine firm planning IPO

27 = Apr 2007

CEEG Nanjing PV-Tech files for IPO under name China Sunergy

26 = Apr 2007

Zenergy Power to raise USD 12m via institutional placing

26 = Apr 2007

Company Results

Ballard Q1 revenues up 44%

24 = Apr 2007

Theolia posts loss, bundles its non-wind business with subsidiary

23 = Apr 2007

M&A News

Eden Energy buys US hydrogen purification company

27 = Apr 2007

Alinta completes sale of South Australia wind farm

24 = Apr 2007

Contracts News

Carmanah wins USD 1m contract from King County

29 = Apr 2007

Emcore to provide solar panels for Mars mission

29 = Apr 2007

Heliocentris and Parker Energy sign fuel cell distribution agreement

27 = Apr 2007

= Projects / Project Finance

Tata Power secures USD 79m loan for wind project

26 = Apr 2007

Oceanlinx plans 15MW wave project off the Oregon coast

26 = Apr 2007

New Zealand’s Environment Court rejects Unison Networks’ wind farm proposal

23 = Apr 2007

Fund News=

BankInvest well on the way to USD 150m target for latest new energy fund =

23 = Apr 2007

Products & Technology

Kreido Biofuels given credence by Foothills Bio-Energies

27 = Apr 2007

KDS and Millennium Cell to co-develop hydrogen fuel cartridges

23 = Apr 2007

JV News

China Direct's subsidiary forms JV in alternative energy

26 = Apr 2007

ADM and Metabolix announce JV for biodegradable plastic

24 = Apr 2007

Manufacture & Scale-Up

Acciona to build its first US wind turbine facility in Iowa

26 = Apr 2007

REC to invest more than USD 500m to boost capacity

26 = Apr 2007

Debt & Loans

ADB to provide USD 620m loan to Indian state

25 = Apr 2007

<= /p>

People & Appointments=

Polaris appoints Arana director

27 = Apr 2007

GT Solar promotes Zarrella as head of parent company

25 = Apr 2007

Lane takes energy efficiency road at British Gas

22 = Apr 2007

Grant News

MTI Micro to receive up to USD 1.8m in DOE funding

26 = Apr 2007

Australian state announces USD 6.7m grants for sustainable energy projects

22 = Apr 2007

Other News

China Longyuan to sell carbon credits to Austria

26 = Apr 2007

New York unveils “15 by 15” energy conservation strategy

23 = Apr 2007

NEX weekly market report 13/= 04/2007 – 20/04//2007

The NEX gained a modest 1.3% increase to 358.21 last week, but underperformed both S&P 500 and NASDAQ, which went u= p by 2.2% and 1.4% respectively. AMEX Oil recovered from a substantial decline to a position of no change, as the oil price went down in reaction to reports that China<= /st1:place> may take serious steps to slow its economic growth.

Index Performance

20/04/07

Since 01/01/07

Since 13/04/07

NEX

358.21

24.3%

1.3%

AMEX Oil

1271.75

7.0%

0.0%

NASDAQ

2526.39

4.6%

1.4%

S&P 500

1484.35

4.7%

2.2%

Top gainers in terms of change % since 20/04= /07

Vestas Wind Systems

12.8%

Cosan SA Industrio e Comercio

11.4%

Nordex

10.4%

Renewable Energy Corp (REC)

8.8%

PRAJ Industries

8.4%

Top losers in terms of change % since 20/04/= 07

Pacific Ethanol

-7.2%

VeraSun Energy

-8.3%

Power-One

-9.4%

Evergreen Solar

-10.2%

Medis Technologies

-14.3%

Vestas Wind Systems, the Danish wind turbine manufacturer, saw its share price go up by 12.8% as it received orders = for its wind turbine units for 150MW and 80MW projects in the USA and Spain respectively. Norde= x AG, based in Germany= , was the other wind turbine manufacturer that experienced strong gains on the announcement of their ambitious expansion plans. The share price of= Nordex went up by 10.4%.

Integrated Norwegian PV manufacturer REC saw its share price rise by 8.8% on expectations of strong Q1 FY07 earnings, wh= ile Evergreen Solar, the US-based PV cell manufacturer, went down by 10.2% = as they forecasted a wider loss in Q2 FY07.

Praj Industries, the India based bioprocess engineering company, gained 8.4% as it announced a joi= nt venture with Aker Kvaerner of the Netherlands to gain acces= s to newer markets for its biofuel equipment. Cosan, a Brazilian bio-ethanol producer, went up by 11.4% as Brazil forged an alliance with the US to promote the production and consumption of biofuels in global markets= .

Pacific Ethanol, a US-based ethanol producer, w= as down 7.2% as the company’s Chief Executive and President sold 100= 000 shares of common stock in the company, while the Vice President of Tech= nology of VeraSun Energy, a large ethanol producer based in the US, exercised options for 20,906 shares of common stock and saw its stock fall 8.3%.

Power-One, a NASDAQ-traded power management company, fell 9.4% as the company announced that it expects to report a= net loss of USD 0.14 per share in Q1 FY07. Medis Technologies, a US fuel cell company, saw its stock value go down by 14.3% as investors ca= shed in on recent strong gains.

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NEF Insight Services

<= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Online “Knowledge Centres”:

<= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Knowledge Centres are currently available for the following sectors: Wind, Solar, Biofuels, Biomass = & Waste-to-Energy, Geothermal, Energy-Smart<= /st1:PlaceName> Buildings, H2 & Fuel C= ells, Public Markets, VC/PE, China, India and Israel.<= /span>

<= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Accompanying these Knowledge Centres are dedicated member sites that allow access = to a library of services as well as to select capabilities (such as advanc= ed sector specific analytics). Services include:

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = NEF Research Notes:

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Regularly published notes providing in-depth analysis of wider issues relating to clean energy investment activity

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = New Energy Finance structures the thinking of the industry and presents agenda setting viewpoints

= <= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = NEF Analyst Reactions:

= <= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Timely analysis of major news stories and events, exploring the implications= of policy changes, major deals, pricing and supply agreements=

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = NEF Analysis of Key Player Strategies:<= o:p>

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Helps members navigate the complex topography of competitors and other value chain participants in the industry

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Onsite or Teleconference Executive Presentations

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Regular Focus Reports:

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<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Proprietary forecasts

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Technology opportunities and threats

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Policy effects and investor implications

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = NEF Analyst-on-Call:

<= ![if !supportLists]><= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Members can call or email our analysts, who deliver rapid responses

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3D"*" Regional Focus reports presen= t an overview of financing activity in all sectors of clean energy in a particular, state, country or region.

3D"*" Sector Focus reports present= an overview of financing activity worldwide across all asset classes in a particular sector of the clean energy industry.

3D"*" Focus series reports include= :

<= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Poland, India, China, South Asia

<= img width=3D9 height=3D9 src=3D"Issue_129_files/image001.gif" alt=3D"*"><= span style=3D'font:7.0pt "Times New Roman"'> = Wind Acquisitions, Biomass, Fuel Cells, Solar

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