A maturing and attractive asset class – renewables as a long 15 term resting place for investors’ capital?

Retroactive clouds on the horizon? 16

A victim of its own success? Ability to deliver cost reductions 17 will increasingly define the industry’s future

A difficult balance for governments – reduce subsidies to offset 19 cost reductions … but not too fast

Utilities pruning their portfolio gardens 20

Asia grasps the renewable energy M&A nettle 22

Securing debt may start to become easier 26

Solar and biomass are top of the agenda 29

Solar PV: supply chain feels the heat 31

Biomass: continues to charm despite feedstock concerns 32

Onshore wind: an increasingly mainstream investment choice 33

Offshore wind: financial investors still at sea 34

Solar thermal: targeting new markets 35

USA: current appeal to be challenged by subsidy upheaval 38

India: outside investors should target local partners to facilitate 40 market entry

China: still a difficult market to penetrate for non-Chinese? 41

Europe: Germany still concentrating investors’ minds 42

Emerging markets: the renewable growth drivers 43