Why Have Solar Yieldco Stocks Been Trending Lower?

After a stellar 2014 that saw a wave of IPOs and surging valuations, 2015 has turned out to be a challenging year for solar yieldcos. The Global Yieldco Index is down by about 24% from its mid-April highs, and many yieldcos that held IPOs this year have seen valuations tank. 8Point3 Energy Partners, the joint venture yieldco formed by solar manufacturers SunPower and First Solar, declined 35% since its listing in June, while TerraForm Global has declined 36% since its mid-July IPO.