Having announced an At-The-Market (ATM) equity offering programme in May, Pattern Energy on 8 August said it would raise $239m by selling 10 million of its Class A shares at $23.90 each.

The offering's underwriters – led by RBC Capital Markets, BMO Capital Markets and Morgan Stanley – have the option to buy an additional 1.5 million shares at the same price.

Pattern, among the largest owners of US wind capacity, says the money may be used to buy additional projects from parent Pattern Development.

Meanwhile, on 9 August NRG Yield announced its own $150m ATM programme, saying it may sell Class C shares from time to time when market conditions are right.

The launch of the ATM programmes reflects improving yieldco share prices, which allow the companies to raise equity more cheaply for buying new projects and other purposes.

After making a big splash in 2013-14, US renewables yieldcos suffered a brutal 2015, with share prices crashing due to a range of factors including low oil and gas prices and the high-profile bankruptcy of SunEdison, which sponsored two yieldcos of its own.

Their low share prices effectively locked many yieldcos out of the equity markets, making it more difficult and expensive for them to buy wind and solar projects.

Some analysts have predicted a rebound for yieldcos, and recent months have shown signs that may be happening.

Over the past three months, NRG Yield’s Class C shares are up by 12% and Pattern Energy’s shares by 17%.

It’s been nearly a year since Pattern had the opportunity to sell shares near $24 each.

Both Pattern and NRG Yield reported financial results this week demonstrating strong growth in their cash available for distribution (CAFD), a key metric for yieldcos, which pay out generous dividends to investors.

Pattern’s quarterly CAFD rose 27% year on year, to $35.5m, while NRG Yield’s CAFD more than doubled, to $63m.

Pattern reaffirmed its full-year CAFD guidance of $125m-$145m while NRG Yield reaffirmed its own guidance of $265m for 2016.

Both yieldcos continue to accumulate renewables capacity in the US.

On 8 August NRG Yield agreed to buy the remaining 51% stake in the 250MW California Valley Solar Ranch project from its parent, NRG Energy. The project was built by SunPower.

Meanwhile, in June Pattern committed to acquiring the 324MW Broadview wind farm and associated transmission lines in New Mexico from its parent when the project reaches completion in early 2017.