Out of the 581 international investors who responded, 40% expect revenue raised through initial public offerings (IPOs) by renewables companies in 2008 to be similar to or higher than revenue levels in 2007. In contrast, 27% of respondents expect a decline in IPOs, but an increase in trade sales, causing merger & acquisition activity to be buoyant throughout the year.

Ben Warren, a director in Ernst & Young’s renewable energy team, says: “This reinforces the growing appreciation of renewables as