Abstract
Construction of solar power systems require considerable long-term investments, therefore seeking low-cost financing to improve ROI (Return On Investment) and shorten the recovery period become top priority of the owners. YieldCo structure seems to offer a desirable answer. Therefore it is widely adopted by renewable energy industry. Two YieldCo subsidiaries of solar developer SunEdison went public and raise considerable funds. Very soon SunEdison had grown into the largest power plant developer in US. However, when the whole world is still cheering for its success, SunEdison filed for bankruptcy protection in April 2016. A giant worth 100 billons USD fell and collapsed. By performing a series of financial statement analysis, this study aims to find out the true cause of SunEdison’s financial crisis. Has YieldCo structure really come to an end or should it remain to be adopted? Which way of fund raising should be chosen to promote renewable energy in Taiwan? How can we learn from SunEdison to avoid the same mistake? We will look into these issues to figure out what problems do we have at this moment, meanwhile work on feasible solutions.