就像金融世界的相当于球的百叶度一样产量CO.has beguiled investors and set off lots of chatter in the renewable energy segment. Some of the banter hasn’t been quite so positive, though. Critics have questioned everything from unimpressive dividends — one investor quipped that a better name might be “lack-of-yield cos” — to their potential for growth over the long term.
Yield co proponents acknowledge these concerns, but they hold steadfast to their belief in the future of these companies and maintain that clean energy has a nearly endless amount of expansion ahead of it. And no one would dispute that yield cos have opened up the renewable energy asset class to a whole swath of new investors, bringing down the cost of capital for the companies that develop and operate wind, solar and other renewable energy projects.
The question is, As more and more yield cos and other buyers enter the market and competition for renewable energy assets grows, just how low can the cost of capital go before concerns about potential returns start putting off investors?
产量CO是一家旨在操作清洁能源项目的较大公司的公开交易拆卸，并产生一致的现金流量。收益率COS吸引投资者以经常股息支付的承诺，由这些现金流动支持。自新泽西州和休斯顿总部能源公司NRG能源于2013年7月列出了纽约证券交易所的第一次屈服CO，一系列稳定的成功初始公开募股。现在有七个公开交易的收益率在北美列出;在伦敦证券交易所上市的少数人;并采用第一个太阳能，日落公司和加拿大太阳能的即将到来的Co IPO，以及来自SuneDison的第二次分拆，现有产量CO Terraform Power的父母，将重点关注新兴市场。
基于U.S.的公共收益率COS具有足够长的赛道记录确实显示稳步增加季度股息支付，2014年第四季度的所有有偿股息大致等于或超过上一季度的股份。最大的跳跃来自Terraform，它将第四季度股息提升了20％。尽管如此，基于美国的公共收益率的股息产量主要是围绕3％的标记达到3％的标志，例外是模式能源集团，略高于4.5％。随着十年的美国国债收益率低于2％，一些投资者认为，3％的支出不证明增加产量COS的风险。
Moreover, for their dividends to be sustainable long term, these companies must continue to acquire new projects, either bought from the yield co parent in a transaction called a drop-down or from a third party. Rising asset valuations could diminish the amount of cash available for dividends.
“我认为收益率因为是一个伟大的创新,因为他们represent an efficient and scalable way to fund renewable assets,” says Everett Smith, managing partner of GoldenSet Capital Partners, a Stamford, Connecticut–based firm that finances small renewables developers and aggregates assets into portfolios it hopes yield cos will buy. “But like with a lot of good ideas, when people see a good thing they all pile in,” he continues. “As more and more yield cos have come into being, the supply of capital has increased, and that has stepped up demand for assets and pressured valuations in some cases.”
产量CO ProMonents争辩说，长期投资者会更加关注潜在的增长和全部回报，其中包括股价升值。在IPO的时候，大多数美国的产量COS预计复合年增长率为3至5年的股息，股息大约为10％至15％ - 以及有些甚至升高了赌注。Terraform现在从2014年到2019年的每股股息中的复合年度增长为24％。每年的股息产量约为3％，资本升值为24％，投资者可以在未来五年内看到27％的返回。
然而，一些领域的某些人认为，投资者应该将产量COS视为摊销资产 - 在15至30年典型资产生活中的股息中支付的价值。当老龄化资产不能再支持股息或者当早期投资稀释所需的资本投资较新资产时，股价将下降。“当这种情况发生这种情况时，没有人想要留下股票，”熟悉市场的消息人士说。“但是，目前，有很多大型机构认为那一天离不开。”
Those who believe in the yield co structure aren’t worried at all, though. “This is all a normal progression as a market like this evolves,” says Carl Weatherley-White, president and CFO of Lightbeam Electric Co., an independent renewable energy power producer based in Sausalito, California. “Many of the questions that people are asking now, the issues that people are facing, have precedence in the master limited partnership market.” MLPs, a publicly traded limited partnership often utilized by oil and gas companies, are effectively serving as a model for renewable energy’s yield cos. Weatherley-White points out that there was skepticism when the first MLPs were listed more than three decades ago, but the investment vehicle has enjoyed wide market acceptance since then.
支持者也指出了巨大的增长潜力，不仅在当前市场内，而且还通过地理位置地和新技术分支。除了SuneDison的计划新兴 - 市场产量有限公司，Abengoa Experty of Spenish Energy Company Abengoa，已被称赞为具有最广泛的授权，可再生能源，北美，南美和欧洲的可再生能源，发电和电力传输资产。2月份产量CO宣布，第二次从其父母购买资产将包括阿尔及利亚的两种海水淡化植物。
自首次亮相以来不到两年，收益率Cos正在寻找脚步。如果投资者愿意将它们遵循更大更广泛的领土，收益率Cos将继续前进。
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