Here's What YieldCo Investors Are Watching This Week
In a new report, Avondale Partners analyst Michael Morosi took a look at some of the market-moving headlines among YieldCos this week. According to Morosi, earnings will likely continue to be the market’s top concern.
“YieldCo’s have delivered generally in-line reports with constructive outlooks, reflecting the positive impact from the ITC/PTC extension, though the key uncertainty remains regarding access to equity markets,” he explained.
Spotlight On Solar
Morosi sees Nextera Energy Partners LP (NYSE: NEP)'s $270 million-plus equity raise as a positive sign for the industry.
NextEra Energy Partners plans to use the funding toward recently announced Seiling I & II Wind Energy Centers and the acquisition of 299MW of wind projects from NextEra Energy Resources.
In other solar news, the city of Palo Alto, California has announced a 25-year deal to purchase solar power from the Wilsona Solar project at a price of $36.76/MWh.
Sunedison Inc (NYSE: SUNE) also received some good news recently when a Delaware court denied Appaloosa Management’s attempt to block SunEdison’s acquisition of Vivint Solar Inc (NYSE: VSLR).
A Few Names At Outperform
Avondale has Outperform ratings on the following YieldCos:
- NextEra Energy Partners
- NRG Yield, Inc. Class A (NYSE: NYLD-A)
- Abengoa Yield PLC (NASDAQ: ABY)
- Pattern Energy Group Inc (NASDAQ: PEGI)
- TerraForm Global Inc (NASDAQ: GLBL)
- Hannon Armstrong Sustnbl Infrstr Cap Inc (NYSE: HASI)
Disclosure: The author holds no position in the stocks mentioned.
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