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Yieldcos: an analysis of which types of YieldCos that have provided investors with abnormal return, and the recognition of the major risk factor exposure for these
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A YieldCo is an instrument that owns renewable energy assets and distributes most of its cashflow, coming from the sale of electricity, to investors. Furthermore, a YieldCo can be categorized based on geography, growth strategy, asset-bundling, sponsors and ROFO (right of first offer)agreements. This thesis analyzes whether different types of YieldCos have provided investors with abnormal return, and identifies the types’ risk exposures. Based on a sample of 17 listed European and North American YieldCos, I find that portfolios consisting of European YieldCos, non-growth YieldCos and single-bundled YieldCos, have provided investors with a statistically significant abnormal return.
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Yieldcos Abnormal return Risk factor exposure Renewable energy