Program


08h30 | Registration & Coffee


Session I - Overview & Update

 

09h15 | Opening by Chairman

EDWIN KOOT
FOUNDER & CEO - SOLARPLAZA

09h25 | The status of "the RE yieldco"
> Overview of current yieldcos and their development over the past months.
> Categorization of current yieldcos and early signs of success (and failure).
> What new yieldcos can we expect and what do these do differently from those of the pioneers?

TOM KONRAD
INDEPENDENT FINANCIAL ANALYST

09h50 | European and US yieldcos compared
Differences in structures and strategies.
> Performance and valuation of European yieldcos.
> Lessons to be learned from Europe.

MICHAEL BONTE-FRIEDHEIM
FOUNDING PARTNER & CEO /// NEXTENERGY CAPITAL

10h15 | Expert Panel: What is happening with current yieldcos?
> Analysis of the existing listed yieldcos; where are developments headed?
> Is a redefinition of the current Yieldco model necessary?
> The importance and impact of focusing on growth vs. yield.
> Will there be new yieldcos?

Discussion leader
EDWIN KOOT
FOUNDER & CEO - SOLARPLAZA
MIKE GARLAND
PRESIDENT & CEO /// PATTERN ENERGY
ANDREW ROSENBAUM
MANAGING DIRECTOR /// RBC CAPITAL MARKETS
JEFFREY COHEN
PARTNER /// LINKLATERS
DAN RIES
RENEWABLE ENERGY ANALYST /// ARDSLEY PARTNERS
 

11h00 | Networking & coffee break


Session II - Analyzing Different Models

 

11h50 | Legal Issues
> Potential structural improvements for future yieldcos
> Asset selection and asset transfer
> Tax considerations
> ROFO related-party issues: the El Paso litigation

JEFFREY COHEN
PARTNER /// LINKLATERS

12h15 | Expert Panel: Asset yields and cost of capital - Finding the way forward
What are the different yieldco models?
> What is the latest outlook for asset yields and cost of capital for each model?
> Assets: How are project IRRs evolving and what is the latest asset supply/demand picture for each model? Are yieldcos overpaying for their assets?
> Cost of capital: How is funding evolving for each model - funding sources (equity, debt, hybrids, warehouses, etc.), interest rates, and the pricing of risk, terms, etc.?
> How does all of this impact the outlook for spreads, growth, and return on capital for each model?

 

Discussion leader
PHILIP SHEN
SENIOR RESEARCH ANALYST /// ROTH CAPITAL PARTNERS
JEFFREY ECKEL
PRESIDENT & CEO /// HANNON ARMSTRONG
BRYAN FENNELL
MANAGING DIRECTOR /// MARATHON CAPITAL
JEFF P. KULIK
MANAGING DIRECTOR GLOBAL ENERGY & POWER GROUP /// BANK OF AMERICA MERRILL LYNCH
CARL WEATHERLEY-WHITE
PRESIDENT /// LIGHTBEAM ELECTRIC COMPANY
 

13h00 | Networking & lunch break


Session III - Attractiveness For Investors

 


14h30 | Long-term sustainability of the yieldco model for investors
> Financial model and capital structure.
> Comparing different yieldcos.
> Risk assessment.
> Sponsor’s impact on Yield Vehicle.

SWAMI VENKATARAMAN
VP - SR. CREDIT OFFICER /// MOODY'S

14h55| Expert Panel: Assessing the attractiveness of yieldcos for (institutional) investors
> Considerations for institutional investors: Private funds or public yieldcos?
> To blend or not to blend: The determinants of a yieldco’s attractiveness to investors
> How does the interest rate impact yieldcos? 
> Innovation opportunities for making yieldcos more attractive
> What does the investor like most? RE yieldcos, “Total Return Vehicles”, MLPs or REITs?

Discussion Leader
SESH RAGHAVAN
MANAGING DIRECTOR /// EVERCORE
JONATHAN ART
PORTFOLIO MANAGER /// FEDERATED KAUFMANN FUND
JOHN HACKNEY
DIRECTOR ENERGY & POWER INVESTMENT BANKING /// WELLS FARGO SECURITIES
SWAMI VENKATARAMAN
VP - SR. CREDIT OFFICER /// MOODY'S
TOM KONRAD
INDEPENDENT FINANCIAL ANALYST
JAMES VON RIESEMANN
MANAGING DIRECTOR & SR. EQUITY ANALYST /// MIZUHO

15h40 | Network & coffee break


Session IV – The Future of Yieldcos: What’s next and Beyond?

 

16h25 | The yieldco opportunity for emerging markets
> What are the risks and returns of RE projects in emerging markets?
> What will make the emerging-market yieldco so attractive?
> Focus areas and technologies

THIERRY LEPERCQ
CHAIRMAN /// SOLAIREDIRECT

16:50 | Expert Panel: The future of RE yieldcos and innovative (equity) financing
> Will we see more international yieldcos listed in NY and will they be successful?
> Will the yieldco model be spread around the world?
> What innovations does the market need in RE asset financing?
> Will yieldcos become more value oriented rather than growth oriented?
> What are warehouse investment vehicles and what developments are expected?
> What is the future for yieldcos in emerging markets?
> “Total return vehicles” and other new ways to tap the public equity market

Discussion Leader
TRAVIS BRADFORD
FOUNDER & PRESIDENT /// PROMETHEUS INSTITUTE
JOHN A. CAVELIER
SENIOR ADVISOR /// CREDIT SUISSE
JIGAR SHAH
PRESIDENT & CO-FOUNDER /// GENERATE CAPITAL
MATTHEW PTAK
DIRECTOR /// BLACKROCK
THIERRY LEPERCQ
CHAIRMAN /// SOLAIREDIRECT
 

17h30 | Closing remarks and networking drinks

18h30 | Exclusive networking dinner