Sol-Wind Renewable Power LP, a New York-based MLP, announced on Feb. 11 the postponement of its $100 million yieldco initial public offering. It appears as though the market did not have enough confidence in an unknown sponsor. The management team was light on well-known industry names, which may have added to investor caution. Another aspect that may have added to investor reluctance was that Sol-Wind was using the MLP structure. Typically, a yieldco is owned by a corporation and not a partnership, making this a unique situation. And, in Sol-Wind’s case, the MLP feature wasn’t seen as providing a tax benefit, adding to investor skepticism.
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