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  "documentTitle": "A&M Valuation Insights March 2024",
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      "text": "YieldCos with a focus on wind farms have consistently expanded their capacities; however, they couldn't increase their EV, leading to a decline in the multiple over time. Transaction multiples, on the other hand, remained stable at 1.5x.",
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      "text": "A similar trend is observed among YieldCos with a focus on solar parks. However, transaction multiples show a significant decline from 2021 to 2022 and then remained rather constant.",
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      "text": "The EV/MW multiple is commonly used in the energy industry, especially in the valuation of power plants, wind farms, or solar parks. It compares the EV to the capacity specified in MW.",
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      "text": "The EV/MW multiple is commonly used in the energy industry... In an overall view, wind farms exhibit higher multiples than solar parks... YieldCos are continuously investing in their portfolios...",
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      "text": "1) Source: S&P Capital IQ, Company Financial Reports and Wesites, A&M Analysis. 2) Note: Companies are assigned according to the focused technology of their portfolio composition. 3) In total, 69 transactions were considered, including 40 wind parks and 29 solar parks.",
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