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Yieldcos dominate public market equity raising in first quarter

Bryony Collins, 2 Jun 15
Solar attracts the lion’s share of the year’s investment so far, as wind fails to live up to its 2014 performance.

Funds owning renewable power projects on both sides of the Atlantic dominated activity in the clean energy sector of public markets in the first quarter of 2015. These “yieldcos,” as they are known in North America, or quoted project funds, in the case of their UK equivalents, sold no less than USD 1.8 billion worth of shares on stock markets in Q1, over a third of the figure for their record year of 2014.

The spurt of yieldco activity came during a mixed first quarter for public market activity in clean energy. Public market investors put a net USD 2.2 billion into specialist clean energy companies, up from USD 1.7 billion in the final quarter of 2014 but well below the USD 6.4 billion recorded in Q1 2014, while the WilderHill New Energy Global Innovation Index, or NEX, which tracks the performance of over 100 clean energy stocks, rallied 9 percent to 194.84 – still some 12 percent below its March 2014 high.

This is an abridged version of the article – the full text is available in new energy issue 03/2015

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