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

Insight
Energy Evolution
July 31, 2020
Clean Energy IPOs and SPAC Combinations: Historical Trends and Future Possibilities Background Decorative Image
Insight
Energy Evolution
July 31, 2020

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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.