当产量COS首次打到美国可再生能源股票市场时，佛罗里达州的朱诺海滩 - 总部Nextera Energy并没有急于开发自己的新结构版本，即使它公开考虑了这个想法。相反，Nextera在CFO MURAY去电呼叫其“哈姆雷特阶段”的情况下花了很多几个月，以“收益有限公司”，或不产生CO？“
“我们真的试图向自己保证，我们没有看一些只是一个短期的FAD，”Dewhurst说，其公司是北美最大的风和太阳能发电机。
After long deliberations, NextEra answered its Shakespearean quandary in the affirmative. Investors have liked what they’ve seen. NextEra’s yield co, NextEra Energy Partners, went public on June 27 at $25 a share, increased from an original price of $19 to $21 a share because of strong investor demand. The IPO netted proceeds of about $440 million. Shares of the NextEra yield co have since soared, closing at more than $35 apiece on July 8.
Yield cos have wide, immediate appeal for investors. These publicly traded companies are created by their parent firms to house a collection of high-yielding power generation assets — often inrenewable energy,因为税收福利。该收入分发给投资者，作为股息支付，其增长是一定时期的一定时期（通常为期三到五年），因为母公司将自己的项目指定为产量有关燃料增长的项目。在许多方面，产量有限公司是公用事业行业对大师有限伙伴关系的答案房地产投资信托，由于监管限制，哪些实用程序无法形成。
“这是可再生能源空间可用的投资机会类型的自然而且非常重要的演变，”纽约高盛集团股本萨赫集团股本资本市场群体的成员Charles Park说。“如果您认为可再生能源一般是作为资产类别的，它一直很高，技术为导向，有时是高风险的股票投资机会。但产量Cos和它们中的资产被显着弯曲，并且具有非常高度可见的现金流量。“收益率赞许到所得型投资者，特别是在目前的低产环境中，以及fixed-income投资者,他们说他们能得到舒适with the equity investment because of the hard assets connected to it and the fact that it pays a regular dividend.
然而，投资车辆的新颖性可能是暂停和减速一点的原因。When NextEra began considering its yield co, the structure had been introduced to the U.S. market just months earlier, in July 2013, by NRG Energy, a retail and wholesale electricity distributor and generator with headquarters in Houston and West Windsor Township, New Jersey, near Princeton.
“Yield cos are still very new,” says Swami Venkataraman, a senior credit officer at Moody’s Corp. “We don’t know what kinds of financial policies these companies will follow, or how they will react to, say, capital market conditions no longer being as favorable as they are currently, or to the renewables investment tax credit expiring [at year-end] 2016, or renewable portfolio standards changing state to state.”
3月20日穆迪的报告鼓励投资者保持谨慎态度，警告潜在的难以保持收益率Cos'持续长期增长。报告解释说，只有这么多的发电项目来吞噬，报告解释，股息支付可能会对母公司的压力施加压力，否则可以用于偿还债务或再投资其他业务。
尽管如此，围绕产量CO的可能性仍然很高。Besides NextEra, other energy companies that have spun out yield cos over the past year include Spanish renewable energy group Abengoa, Canada’s TransAlta, San Francisco–based wind power project operator Pattern Energy Group and, of course, the firm that started the trend, NRG Energy. And just this week TerraForm Power, a Beltsville, Maryland–based yield co created from assets of solar company SunEdison, filed an amended S-1 with the Securities and Exchange Commission that prices its IPO at as much as $21 a share, raising a maximum of $485 million before fees.
Mike Gordon, CEO of Joule Assets, a Bedford Hills, New York–based financing solutions company, believes the structure can be adapted to the energy efficiency sector. In mid-June Joule announced strategic financing partnerships for ten energy efficiency contracting firms — a setup Gordon thinks of as the private equity version of the yield co. Gordon says that so far he’s seen interest in the partnerships from hedge fund managers and private equity managers — both within and outside of the energy sector. He hasn’t seen a lot of interest from institutional investors, but he believes that could soon change.
“Institutional investors want to do a much deeper dive on the diligence,” he explains. “They’re saying, ‘We want to do this when we see a track record with a little more depth.’”
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