Over the past few years, the rise of YieldCos has been the most impactful change to the long-term asset ownership model in the renewable energy industry. However, the “Summer Shock”, during which YieldCo shares fell by 50% from the market peak, has produced widespread investor concern over the function, transparency and durability of these investment vehicles.
In this White Paper, Marathon Capital seeks to use its unique position in the renewable energy M&A market to demystify the future of the YieldCo with the overarching goal of exploring how M&A trends in the renewable energy industry continue to be impacted by their emergence:
- The YieldCo Primer describes YieldCo fundamentals, organizational structures, history and investor base
- The Summer Shock analyzes key drivers behind the summer 2015 market crash
- The Accretive Acquisitions Review summarizes the history of YieldCo acquisitions, explores their acquisition cost of capital, examines the flaws in current acquisition reporting and outlines recommendations for improving acquisition transparency
- The Future of the YieldCo presents analysis on the long-term outlook for YieldCos and their position in the renewable energy asset M&A universe
This Marathon Capital White Paper represents industry information and does not include any recommendations relating to either equity or debt securities.