Clean Energy IPOs and SPAC Combinations: Historical Trends and Future Possibilities

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While the market witnessed a flurry of renewable energy and clean tech IPOs from 2010-2015, they have become much rarer in recent years despite markedly improved market fundamentals. In this article, we highlight current market dynamics suggesting a significant increase in renewables and clean tech IPO activity over the next several years, as well as explore alternative legal structures best suited for such offerings.

Table of Contents

Clean Energy Market Fundamentals: Growing Capital Needs Meet Growing Investor Appetite
Basic Structural Considerations for Renewables and Clean Tech IPOs
Yielding IPO Structures
- The Rise and Fall of the YieldCo
- Where Are the YieldCos Now?
- The YieldCo Comeback and Potential “YieldCo 2.0”
- Other Yielding Structures – MLPs and REITs
Growth-Oriented Non-Yielding IPOs
The IPO Alternative – SPAC Combinations
- Recent CleanTech SPAC Combinations
- SPAC Combination Process Considerations
Conclusion

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Clean Energy IPOs and SPAC Combinations: Historical Trends and Future Possibilities

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This information is provided by Vinson & Elkins LLP for educational and informational purposes only and is not intended, nor should it be construed, as legal advice.