由於興建太陽能發電系統需要大量、長期的資金投注，尋求低成本的融資來提高投資報酬率，縮短回收年限，成為業者首要之務。YieldCo模式恰可符合這些需求，故近來廣為再生能源產業採用。太陽能開發商SunEdison 將兩家YieldCo子公司上市籌得大量資金，快速成長為美國最大電站開發業者。但是前景看似一片光明的SunEdison卻在2016年四月向法院申請破產保護，一家市值百億的公司從此殞落。本研究欲探討SunEdison商業模式經營出了甚麼問題，YieldCo這融資方式從此走入歷史還是可以重獲青睞? 台灣推展再生能源可否引進YieldCo這種商業模式，該如何引以為鑑，避免重蹈覆轍。台灣能源政策可能遭遇的困難及可行的解決方案，將一併研究探討。

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.

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