As a yieldco, Pattern’s model is centred on an ever-expanding operating portfolio, so that it can continually grow its dividend. In order to do so, Pattern has told investors it will look to projects owned by parent Pattern Development over which it has Right of First Offer, as well as to third-party acquisitions.

Yet the “frothy” market for buying late-stage or operational wind and solar projects – driven in part by the rise of the listed yieldco – leaves that second option looking relatively unattractive at the moment, claims Garland.

“We