1 Table of Contents 1 Table of Contents 2 1.1 List of Tables 5 1.2 List of Figures 6 2 Executive Summary 7 2.1 Global Carbon Emissions to Increase at a Lower rate During the Forecast Period 7 2.2 Technological Advancements and Government Support Driving Global Renewable Power Installations 7 2.3 Top 10 Countries Account for Over 84% of Wind Power Capacity 8 2.4 More Than Half of Belgium’s Electricity Needs to be Met Through Renewables by 2030 9 2.5 Wind Power is expected to dominate the Renewable Power Market of Belgium in 2030 9 3 Introduction 10 3.1 Carbon Emissions, Global, 2001-2016 10 3.2 Primary Energy Consumption, Global, 2001-2030 12 3.3 Wind Power, Global, Technology Definition and Classification 15 3.4 Wind Power Market, Technology Overview 15 3.5 Wind Power Market, Turbine Components 15 3.6 Report Guidance 17 4 Renewable Power Market, Global, 2006-2030 18 4.1 Renewable Power Market, Global, Overview 18 4.2 Renewable Power Market, Global, Installed Capacity, 2006-2030 19 4.2.1 Renewable Power Market, Global, Cumulative Installed Capacity by Source Type, 2006-2030 19 4.2.2 Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type, 2016 and 2030 21 4.2.3 Renewable Power Market, Global, Net Capacity Additions by Source Type, 2016-2030 23 4.2.4 Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 25 4.3 Renewable Power Market, Global, Power Generation, 2006-2030 27 4.3.1 Renewable Power Market, Global, Power Generation by Source Type, 2006-2030 27 4.3.2 Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 29 4.4 Renewable Power Market, Global, LCOE Comparison of Power Generating Sources, 2016 31 5 Wind Power Market, Global, 2006-2030 34 5.1 Wind Power Market, Global, Overview 34 5.2 Wind Power Market, Global, Installed Capacity, 2006-2030 35 5.2.1 Wind Power Market, Global, Installed Capacity Share by Region, 2016 and 2030 37 5.2.2 Wind Power Market, Global, Installed Capacity Share by Country, 2016 and 2030 39 5.2.3 Wind Power Market, Global, Installed Capacity Share by Segment, 2016 and 2030 41 5.3 Wind Power Market, Global, Power Generation, 2006-2030 42 5.3.1 Wind Power Market, Global, Generation Share by Region, 2016 and 2030 44 5.3.2 Wind Power Market, Global, Generation Share by Country, 2016 and 2030 46 5.3.3 Wind Power Market, Global, Generation Share by Segment, 2016 and 2030 48 5.4 Wind Power Market, Global, Investment Trends, 2016-2020 49 6 Power Market, Belgium, 2006-2030 51 6.1 Power Market, Belgium, Overview 51 6.2 Power Market, Belgium, Installed Capacity, 2006-2030 52 6.2.1 Power Market, Belgium, Cumulative Installed Capacity by Fuel Type, 2006-2030 52 6.2.2 Power Market, Belgium, Share in Cumulative Installed Capacity Split by Source Type, 2016 and 2030 55 6.2.3 Power Market, Belgium, Net Capacity Additions by Fuel Type, 2016 and 2030 56 6.2.4 Power Market, Belgium, Comparison of Technologies Based on Installed Capacity, 2016-2030 58 6.3 Power Market, Belgium, Power Generation, 2006-2030 60 6.3.1 Power Market, Belgium, Power Generation by Fuel Type, 2006-2030 60 6.3.2 Power Market, Belgium, Comparison of Technologies Based on Power Generation, 2016-2030 63 7 Renewable Power Market, Belgium, 2006-2030 65 7.1 Renewable Power Market, Belgium, Overview 65 7.2 Renewable Power Market, Belgium, Installed Capacity, 2006-2030 66 7.2.1 Renewable Power Market, Belgium, Cumulative Installed Capacity by Source Type, 2006-2030 66 7.2.2 Renewable Power Market, Belgium, Cumulative Installed Capacity Split by Source Type, 2016 and 2030 69 7.2.3 Renewable Power Market, Belgium, Net Capacity Additions by Source Type, 2016-2030 71 7.2.4 Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 73 7.3 Renewable Power Market, Belgium, Power Generation, 2006-2030 75 7.3.1 Renewable Power Market, Belgium, Power Generation by Source Type, 2006-2030 75 7.3.2 Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 78 8 Wind Power Market, Belgium, 2006-2030 80 8.1 Wind Power Market, Belgium, Overview 80 8.2 Wind Power Market, Belgium, Installed Capacity, 2006-2030 81 8.2.1 Wind Power Market, Belgium, Cumulative Installed Capacity Split by Onshore and Offshore Wind, 2006-2030 83 8.3 Wind Power Market, Belgium, Power Generation, 2006-2030 85 8.4 Wind Power Market, Belgium, Investment Trends, 2016-2020 87 8.5 Wind Power Market, Belgium, Project Based Analysis, 2016 89 8.5.1 Wind Power Market, Belgium, Major Active Plants, 2016 89 8.5.2 Wind Power Market, Belgium, Upcoming Projects, 2016 90 8.5.3 Wind Power Market, Belgium, Key Under-construction Projects, 2016 91 8.6 Wind Power Market, Belgium, Deal Analysis, 2016 92 8.6.1 Wind Power Market, Belgium, Deal Volume vs. Deal Value, 2006-2016 92 8.6.2 Wind Power Market, Belgium, Split by Deal Type, 2016 94 9 Power Market, Regulatory Scenario, Belgium 95 9.1 Renewable Energy Market, Overview 95 9.2 Renewable Energy Policy Framework 95 9.2.1 Energy Efficiency Policy 95 9.2.2 Electricity Law 96 9.2.3 Nuclear Policy 96 9.2.4 National Climate Plan 97 9.2.5 National Renewable Energy Action Plan (NREAP) 97 9.2.6 Green Certificates 97 9.2.7 Energy Premium Scheme 98 9.2.8 Support Scheme for Renewable Heat and the Production of Biomethane 98 9.2.9 Belgian Support Scheme 98 9.2.10 Grants supporting solar energy 98 9.2.11 Ecological investment subsidy 99 9.2.12 Offshore Domanial Concessions for Wind and Ocean Energy Production 99 9.3 Net Metering in Brussels, Flanders, and Wallonia 99 9.4 Quota System in Brussels, Flanders, and Wallonia 99 9.5 Subsidy in Brussels, Flanders, and Wallonia 99 10 Wind Power Market, Belgium, Company Profiles 101 10.1 Company Snapshot: WindVision Belgium S.A. 101 10.1.1 WindVision Belgium S.A. - Company Overview 101 10.1.2 WindVision Belgium S.A. - Major Products and Services 101 10.1.3 WindVision Belgium S.A. - Head Office 101 10.2 Company Snapshot: RWE Innogy GmbH 102 10.2.1 RWE Innogy GmbH - Company Overview 102 10.2.2 RWE Innogy GmbH - Major Products and Services 102 10.2.3 RWE Innogy GmbH - Head Office 102 10.3 Company Snapshot: Eneco Holding N.V. 103 10.3.1 Eneco Holding N.V. - Company Overview 103 10.3.2 Eneco Holding N.V. - Business Description 103 10.3.3 Eneco Holding N.V. - SWOT Analysis 104 10.3.4 Eneco Holding N.V. - Major Products and Services 107 10.3.5 Eneco Holding N.V. - Head Office 107 10.4 Company Snapshot: Electrawinds NV 109 10.4.1 Electrawinds NV - Company Overview 109 10.4.2 Electrawinds NV - Major Products and Services 109 10.4.3 Electrawinds NV - Head Office 109 10.5 Company Snapshot: Electrabel S.A. 110 10.5.1 Electrabel S.A. - Company Overview 110 10.5.2 Electrabel S.A. - Business Description 110 10.5.3 Electrabel S.A. - SWOT Analysis 110 10.5.4 Electrabel S.A. - Major Products and Services 113 10.5.5 Electrabel S.A. - Head Office 113 10.6 Company Snapshot: EDP Renovaveis, S.A. 114 10.6.1 EDP Renovaveis, S.A. - Company Overview 114 10.6.2 EDP Renovaveis, S.A. - Business Description 114 10.6.3 EDP Renovaveis, S.A. - SWOT Analysis 114 10.6.4 EDP Renovaveis, S.A. - Major Products and Services 117 10.6.5 EDP Renovaveis, S.A. - Head Office 117 10.7 Company Snapshot: EDF Luminus nv/sa 118 10.7.1 EDF Luminus nv/sa - Company Overview 118 10.7.2 EDF Luminus nv/sa - Business Description 118 10.7.3 EDF Luminus nv/sa - SWOT Analysis 118 10.7.4 EDF Luminus nv/sa - Major Products and Services 121 10.7.5 EDF Luminus nv/sa - Head Office 121 10.8 Company Snapshot: Ecopower cvba 122 10.8.1 Ecopower cvba - Company Overview 122 10.8.2 Ecopower cvba - Major Products and Services 122 10.8.3 Ecopower cvba - Head Office 122 11 Appendix 123 11.1 Abbreviations 123 11.2 Bibliography 123 11.3 Market Definitions 124 11.4 Methodology 124 11.5 Coverage 124 11.5.1 Secondary Research 125 11.5.2 Primary Research 125 11.5.3 Modeling and Forecasting 125 11.6 Contact Us 125 11.7 Disclaimer 126

1.1 List of Tables Table 1. Carbon Dioxide Emissions from Energy Consumption, Global (MT), 2001-2016 12 Table 2. Primary Energy Consumption, Global (Mtoe), 2001-2030 14 Table 3. Renewable Power Market, Global, Cumulative Installed Capacity by Source Type (MW), 2006-2030 20 Table 4. Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 22 Table 5. Renewable Power Market, Global, Net Capacity Additions by Source Type (MW), 2016-2030 24 Table 6. Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 26 Table 7. Renewable Power Market, Global, Power Generation (GWh), 2006-2030 28 Table 8. Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 30 Table 9. Renewable Power Market, Global, Assumptions for LCOE Calculation 31 Table 10. Renewable Power Market, Global, LCOE Comparison of Power-generating Sources ($/kWh), 2016 33 Table 11. Wind Power Market, Global, Installed Capacity (MW), 2006-2030 36 Table 12. Wind Power Market, Global, Cumulative Installed Capacity Share by Region (%), 2016 and 2030 38 Table 13. Wind Power Market, Global, Cumulative Installed Capacity Share by Country (%), 2016 and 2030 40 Table 14. Wind Power Market, Global, Cumulative Installed Capacity Share by Segment (%), 2016 and 2030 41 Table 15. Wind Power Market, Global, Power Generation (GWh), 2006-2030 43 Table 16. Wind Power Market, Global, Generation Share by Region (%), 2016 and 2030 45 Table 17. Wind Power Market, Global, Generation Share by Country (%), 2016 and 2030 47 Table 18. Wind Power Market, Global, Generation Share by Segment (%), 2016 and 2030 48 Table 19. Wind Power Market, Global, New Investment ($m), 2016-2020 50 Table 20. Power Market, Belgium, Cumulative Installed Capacity by Fuel Type(MW), 2006-2030 54 Table 21. Power Market, Belgium, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 55 Table 22. Power Market, Belgium, Net Capacity Additions by Fuel Type(MW), 2016 and 2030 57 Table 23. Power Market, Belgium, Comparison of Technologies Based on Installed Capacity, 2016-2030 59 Table 24. Power Market, Belgium, Power Generation by Fuel Type (GWh), 2006-2030 62 Table 25. Power Market, Belgium, Comparison of Technologies Based on Power Generation, 2016-2030 64 Table 26. Renewable Power Market, Belgium, Cumulative Installed Capacity by Source Type (MW), 2006-2030 68 Table 27. Renewable Power Market, Belgium, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 70 Table 28. Renewable Power Market, Belgium, Net Capacity Additions by Source Type (MW), 2016-2030 72 Table 29. Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 74 Table 30. Renewable Power Market, Belgium, Power Generation by Source Type (GWh), 2006-2030 77 Table 31. Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 79 Table 32. Wind Power Market, Belgium, Installed Capacity (MW), 2006-2030 82 Table 33. Wind Power Market, Belgium, Cumulative Installed Capacity by Technology (MW), 2006-2030 84 Table 34. Wind Power Market, Belgium, Power Generation (GWh), 2006-2030 86 Table 35. Wind Power Market, Belgium, New Investment ($m), 2016-2020 88 Table 36. Wind Power Market, Belgium, Major Active Plants, 2016 89 Table 37. Wind Power Market, Belgium, Upcoming Projects, 2016 90 Table 38. Wind Power Market, Belgium, Key Under-construction Projects, 2016 91 Table 39. Wind Power Market, Belgium, Deal Volume vs. Deal Value ($m), 2006-2016 93 Table 40. Wind Power Market, Belgium, Deals by Type, 2016 94 Table 41. Power Market, Belgium, Energy Efficiency Targets 2020 96 Table 42. WindVision Belgium S.A., Major Products and Services 101 Table 43. RWE Innogy GmbH , Major Products and Services 102 Table 44. Eneco Holding N.V., Major Products and Services 107 Table 45. Electrawinds NV, Major Products and Services 109 Table 46. Electrabel S.A., Major Products and Services 113 Table 47. EDP Renovaveis, S.A., Major Products and Services 117 Table 48. EDF Luminus nv/sa, Major Products and Services 121 Table 49. Ecopower cvba, Major Products and Services 122 Table 50. Abbreviations 123 1.2 List of Figures Figure 1. Wind Power Market, Global, Cumulative Installed Capacity Share by Country (%), 2016 8 Figure 2. Carbon-di-oxide Emissions from Energy Consumption, Global (MT), 2001-2016 11 Figure 3. Primary Energy Consumption, Global (Mtoe), 2001-2030 13 Figure 4. Renewable Power Market, Global, Cumulative Installed Capacity by Source Type (MW), 2006-2030 19 Figure 5. Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 21 Figure 6. Renewable Power Market, Global, Net Capacity Additions by Source Type (MW), 2016-2030 23 Figure 7. Renewable Power Market, Global, Comparison by Cumulative Installed Capacity of Technology, 2016-2030 25 Figure 8. Renewable Power Market, Global, Power Generation (GWh), 2006-2030 27 Figure 9. Renewable Power Market, Global, Power Generation, Source Comparison Based on Power Generation, 2016-2030 29 Figure 10. Renewable Power Market, Global, LCOE Comparison of Power-generating Sources ($/kWh), 2016 32 Figure 11. Wind Power Market, Global, Installed Capacity (MW), 2006-2030 35 Figure 12. Wind Power Market, Global, Cumulative Installed Capacity Share by Region (%), 2016 and 2030 37 Figure 13. Wind Power Market, Global, Cumulative Installed Capacity Share by Country (%), 2016 and 2030 39 Figure 14. Wind Power Market, Global, Cumulative Installed Capacity Share by Segment (%), 2016 and 2030 41 Figure 15. Wind Power Market, Global, Power Generation (GWh), 2006-2030 42 Figure 16. Wind Power Market, Global, Generation Share by Region (%), 2016 and 2030 44 Figure 17. Wind Power Market, Global, Generation Share by Country (%), 2016 and 2030 46 Figure 18. Wind Power Market, Global, Generation Share by Segment (%), 2016 and 2030 48 Figure 19. Wind Power Market, Global, New Investment ($m), 2016-2020 49 Figure 20. Power Market, Belgium, Cumulative Installed Capacity by Fuel Type(MW), 2006-2030 53 Figure 21. Power Market, Belgium, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 55 Figure 22. Power Market, Belgium, Net Capacity Additions by Fuel Type(MW), 2016 and 2030 56 Figure 23. Power Market, Belgium, Comparison of Technologies Based on Installed Capacity, 2016-2030 58 Figure 24. Power Market, Belgium, Power Generation by Fuel Type (GWh), 2006-2030 61 Figure 25. Power Market, Belgium, Comparison of Technologies Based on Power Generation, 2016-2030 63 Figure 26. Renewable Power Market, Belgium, Cumulative Installed Capacity by Source Type (MW), 2006-2030 67 Figure 27. Renewable Power Market, Belgium, Cumulative Installed Capacity Split by Source Type (%), 2016 and 2030 69 Figure 28. Renewable Power Market, Belgium, Net Capacity Additions by Source Type (MW), 2016-2030 71 Figure 29. Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Installed Capacity, 2016-2030 73 Figure 30. Renewable Power Market, Belgium, Power Generation by Source Type (GWh), 2006-2030 76 Figure 31. Renewable Power Market, Belgium, Comparison of Renewable Power Sources Based on Power Generation, 2016-2030 78 Figure 32. Wind Power Market, Belgium, Installed Capacity (MW), 2006-2030 81 Figure 33. Wind Power Market, Belgium, Cumulative Installed Capacity by Technology (MW), 2006-2030 83 Figure 34. Wind Power Market, Belgium, Power Generation (GWh), 2006-2030 85 Figure 35. Wind Power Market, Belgium, New Investment ($m), 2016-2020 87 Figure 36. Wind Power Market, Belgium, Upcoming Projects, 2016 90 Figure 37. Wind Power Market, Belgium, Deal Volume vs. Deal Value ($m), 2006-2016 92 Figure 38. Wind Power Market, Belgium, Split by Deal Type (%), 2016 94

WindVision Belgium S.A. RWE Innogy GmbH Eneco Holding N.V. Electrawinds NV Electrabel S.A. EDP Renovaveis, S.A. EDF Luminus nv/sa Ecopower cvba