...Significant Burst in Renewables M&A The renewable power generation sector has witnessed a frenzy of acquisition activity over the last few years. The advent of yieldcos, with NRG Yield's public listing in July 2013, and their acquisition-driven growth model and preference for long-term contracted renewable assets have fueled substantial M&A activity. In addition, several utility parent holding companies have diversified into renewable generation, attracted by the long- term stability in contractual cash flows and the available tax subsidies. The project development expertise is concentrated in a limited number of companies, and the buyers typically seek completed or near-completed projects. The M&A activity has been around assets rather than a larger portfolio, allowing yieldcos to cherry-pick acquisitions customized for their particular cash distribution targets. Solar Leads Deal Flow While wind M&A enjoyed strong growth from 2010 to 2014, the pace of solar deals has picked up since 2013....
