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A yield co is a publicly traded company that is formed to own operating assets that produce a predictable cash flow, primarily through long term contracts. Separating volatile activities (e.g. Development, R&D, construction) from stable and less volatile cash flows of operating assets can lower the cost of capital〔("New financing strategies", Lexology.com, August 9, 2013 )〕 Yield cos are expected to pay a major portion of their earnings in dividends, which may be a valuable source of funding for parent companies which own a sizeable stake.〔("Renewable energy firm Abengoa Yield's shares rise in U.S. debut", Reuters.com, 13 June 2014 )〕 Yield cos are commonly used in the energy industry, particularly in renewable energy to protect investors against regulatory changes.〔("Solar yield co launched to ‘protect EU PV investors’", PV-tech.org, February 20, 2014 )〕 They serve the same purpose as master limited partnerships (MLPs) and real estate investment trusts (REITs), which most utilities can't form due to regulatory constraints.〔("Want to Play Renewable Energy? Focus on the New YieldCos", Investorplace.com, May 16, 2014 )〕 Yield cos give investors a chance to participate in renewable energy without many of the risks associated with it.〔 The number of yield cos grew rapidly in 2013 and 2014 through initial public offerings. They include: * NextEra Energy Partners * NRG Yield〔( "The Emerging YieldCo Landscape", Renewable Energy World, October 2013 )〕 * Brookfield Renewable Energy Partners〔 * TransAlta Renewables 〔 * Pattern Energy Group〔 * Abengoa Yield PLC〔 * Hannon Armstrong Sustainable Infrastructure〔("Investment Yield Vehicles" Gather Speed at BNEF Summit", April 2013 )〕 * TerraForm Power〔("SunEdison solar yieldco TerraForm Power files for a $50 million IPO", NASDAQ.com, May 29, 2014 )〕 * 8point3 Energy Partners.〔("Update: First Solar and SunPower’s YieldCo, 8point3, Raises $420M", GreenTechMedia.com/, June 18, 2015 )〕 There is also an ETF that was set up by Global X under the ticker Symbol YLCO, which seeks investment results that correspond generally to the price and yield performance, of the Indxx Global YieldCo Index. == Benefits for parent companies == Deutsche Bank mentioned several benefits of creating yield cos for their parent companies:〔 〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Yield co」の詳細全文を読む スポンサード リンク
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