Standardization More Difficult for

Standardization More Difficult for Large-scale Renewable Development
On the other hand, large-scale renewable projects are not likely to experience the same level of standardization due to the larger project size and the need to tailor projects and related documentation to the particular needs of the offtaking utility. Instead, "yieldcos" are becoming a very effective way for utility-scale developers to replenish capital.
A number of utility-scale developers have formed yieldcos. The trend began in 2013 when NRG Energy formed NRG Yield. By January 2015, public trading opened on other yieldcos, including Pattern Energy Group, NextEra Energy Partners, TerraForm Power, and Abengoa Yield. More are reportedly coming, with news indicating that First Solar and SunPower are in talks to form a joint yieldco.
A yieldco is a growth-oriented publicly traded corporation formed to hold operating assets that generate long-term, low-risk cash flows. The cash flows are distributed to investors as dividends. Corporate level tax is shielded in whole or in part by the developer's retained share of accelerated depreciation and, in some cases, tax credits, and may also be offset by interest deductions on project acquisition debt. Additionally, yieldcos tend to attract investors that may be tax indifferent, such as tax-preferred pension plans.
Because the yieldco sponsor is a developer, yieldcos usually have access to the developer's project pipeline through a right of first refusal. This provides the developer with a ready repository for its completed projects to replenish its capital and gives the yieldco the promise of growth.
Despite this attractive access to public markets, yieldcos will not necessarily overtake other methods for developers of large-scale renewable energy projects to obtain back-end financing. Yieldcos have drawbacks, including the high cost of an IPO and the need to keep acquiring projects to maintain cash flows and stock value. NRG Yield recently proposed a stock split that was driven partly by the need to raise capital for NRG Yield to obtain more projects. This is a good reminder that because they are publicly held, the public yieldco structure does not permit the most nimble decision-making processes.
A Yieldco By Any Other Name
Other yieldco-like equity vehicles will continue to provide developers with viable capital raising options, without all the attendant challenges with yieldcos. For example, many private equity funds have entered the renewable energy project acquisition market in recent years. These funds tend not to develop projects, but rather are made up of financial investors who purchase contracted projects that are nearly completed or ready for construction. The fund's investors tend to be a limited number of large, institutional investors.
Because these funds are not publicly held companies, they may prove to be more flexible over time. They are not "forever" investments like a public yieldco where the investor's only "out" is to sell stock. Rather, most have limited terms - say 12 or 15 years. Thus, there is not the same ongoing pressure to keep generating new projects. The investors have a limited commitment to invest a stated amount over a stated period, and once those investments are made, the fund does not acquire more projects (though the fund and its investors may amend the fund to allow additional investments, or form a new fund with all or some common investors). Furthermore, as the investment and renewable energy markets change over time, the funds can be flexible in how they respond; they can renegotiate arrangements with their limited number of institutional investors in a manner that would not be possible when dealing with thousands of public yieldco shareholders.

ผลลัพธ์ (อังกฤษ) 2:

Standardization More Difficult for Large-scale Renewable Development
On the Other Hand, Large-scale Renewable Projects are not likely to Experience the Same level of standardization Due to the larger Project Size and the Need to Tailor Projects and related Documentation to the particular Needs of the. offtaking utility. Instead, "Yieldcos" are becoming a very effective Way for Developers to Replenish Capital Utility-scale.
A Number of Utility-scale Developers have formed Yieldcos. The trend began in 2013 when NRG Energy formed NRG Yield. By January 2015, public trading opened on other yieldcos, including Pattern Energy Group, NextEra Energy Partners, TerraForm Power, and Abengoa Yield. More are reportedly Coming, First Solar and SunPower with News Indicating that are in talks to form a Joint Yieldco.
A Yieldco is a publicly traded Corporation formed to growth-oriented operating Hold Assets that Generate long-term, low-risk Cash flows. The cash flows are distributed to investors as dividends. Corporate level tax is shielded in whole or in part by the developer's retained share of accelerated depreciation and, in some cases, tax credits, and may also be offset by interest deductions on project acquisition debt. Additionally, Yieldcos tend to Attract investors that May be Tax Indifferent, such as Tax-Preferred Pension plans.
Because the sponsor is a Yieldco Developer, Yieldcos usually have Access to the Developer's Project Through a Right of First refusal pipeline. This provides the Developer with a Ready Repository for its completed Projects to Replenish its Capital and gives the Yieldco the Promise of growth.
Despite this attractive Access to Public markets, Yieldcos Will not necessarily fastest overtake Other methods for Developers of Large-scale Renewable Energy Projects to. obtain back-end financing. Yieldcos have drawbacks, including the high cost of an IPO and the need to keep acquiring projects to maintain cash flows and stock value. NRG Yield recently proposed a stock split that was driven partly by the need to raise capital for NRG Yield to obtain more projects. This is a good Reminder that because they are publicly held, the Public Yieldco structure does not Permit the Most Nimble decision-Making processes.
A Yieldco By Any Other Name
Other Yieldco-like Equity vehicles Will Continue to provide Developers with viable Capital Raising options,. without all the attendant challenges with yieldcos. For example, many private equity funds have entered the renewable energy project acquisition market in recent years. These funds tend not to develop projects, but rather are made ​​up of financial investors who purchase contracted projects that are nearly completed or ready for construction. The Fund's investors tend to be a Limited Number of Large, institutional investors.
Because these Funds are not publicly held companies, they prove to be more Flexible May over time. They are not "forever" investments like a public yieldco where the investor's only "out" is to sell stock. Rather, most have limited terms - say 12 or 15 years. Thus, there is not the same ongoing pressure to keep generating new projects. The investors have a limited commitment to invest a stated amount over a stated period, and once those investments are made, the fund does not acquire more projects (though the fund and its investors may amend the fund to allow additional investments, or form a new. fund with all or some common investors). Furthermore, as the investment and renewable energy markets change over time, the funds can be flexible in how they respond; they can renegotiate arrangements with their limited number of institutional investors in a manner that would not be possible when dealing with thousands of public yieldco shareholders.

ผลลัพธ์ (อังกฤษ) 3:

Standardization More Difficult for Large-scale Renewable Development
On the, other hand large-scale renewable projects. Are not likely to experience the same level of standardization due to the larger project size and the need to tailor projects. And related documentation to the particular needs of the offtaking, Instead utility."Yieldcos" are becoming a very effective way for utility-scale developers to replenish capital.
A number of utility-scale. Developers have formed yieldcos. The trend began in 2013 when NRG Energy formed NRG Yield. By January 2015 public trading,, Opened on, other yieldcos including Pattern Energy Group NextEra Partners, Energy, Power and TerraForm, Abengoa Yield. More. Are, reportedly comingWith news indicating that First Solar and SunPower are in talks to form a joint yieldco.
A yieldco is a growth-oriented. Publicly traded corporation formed to hold operating assets that generate long-term low-risk cash, flows. The cash flows. Are distributed to investors as dividends.Corporate level tax is shielded in whole or in part by the developer 's retained share of accelerated, depreciation and. In cases some, credits tax, may and also be offset by interest deductions on project acquisition debt. Additionally yieldcos,, Tend to attract investors that may be, tax indifferent such as tax-preferred pension plans.
Because the yieldco sponsor. Is, a developerYieldcos usually have access to the developer 's project pipeline through a right of first refusal. This provides the developer. With a ready repository for its completed projects to replenish its capital and gives the yieldco the promise of growth.
Despite. This attractive access to, public marketsYieldcos will not necessarily overtake other methods for developers of large-scale renewable energy projects to obtain. Back-end financing. Yieldcos have drawbacks including the, high cost of an IPO and the need to keep acquiring projects to. Maintain cash flows and stock value.NRG Yield recently proposed a stock split that was driven partly by the need to raise capital for NRG Yield to obtain more. Projects. This is a good reminder that because they are publicly held the public, yieldco structure does not permit the. Most nimble decision-making processes.
A Yieldco By Any Other Name
.Other yieldco-like equity vehicles will continue to provide developers with viable capital raising options without all,, The attendant challenges with yieldcos. For example many private, equity funds have entered the renewable energy project. Acquisition market in recent years. These funds tend not to, develop projectsBut rather are made up of financial investors who purchase contracted projects that are nearly completed or ready for, construction. The fund 's investors tend to be a limited number, of large institutional investors.
Because these funds are not publicly. Held companies they may, prove to be more flexible over time.They are not "forever" investments like a public yieldco where the investor 's only "out" is to sell stock. Rather most,, Have limited terms - say 12 or 15 years. Thus there is, not the same ongoing pressure to keep generating new projects. The. Investors have a limited commitment to invest a stated amount over a stated period and once, those investments, are madeThe fund does not acquire more projects (though the fund and its investors may amend the fund to allow, additional investments. Or form a new fund with all or some common investors). Furthermore as the, investment and renewable energy markets change. Over time the funds, can be flexible in how they respond;They can renegotiate arrangements with their limited number of institutional investors in a manner that would not be possible. When dealing with thousands of public yieldco shareholders.





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