< The 2014 All-America Research TeamPatrick JobinCredit SuisseFirst-Place Appearances: 0
Total Appearances: 1
Analyst Debut: 2014Joining this lineup in third place is Patrick Jobin of Credit Suisse. Jobin describes the current environment as “one of the most exciting times” in the history of clean technology. Alternative energy providers are enjoying rising demand and supply discipline, he explains, “driven by a culmination of economically driven adoption, as the cost of solar continues to decline, in addition to the utilization of new financial structures such as securitizations and yield vehicles.” The researcher also is monitoring such critical issues as China’s encouragement of the adoption of solar technology via monetary incentives and enforcement of overall demand targets. That nation already is the world’s largest solar energy market, and “there is continued uncertainty on how China’s policy will evolve,” notes Jobin. Among his favorite names is St. Peters, Missouri–based SunEdison, which he believes will benefit from “the dramatic decline in the cost of solar and [its] ability to capture value by retaining downstream project assets.” Moreover, he favors management moves to evolve SunEdison from a developer of solar power plants that it then sold, to a hybrid model in which it began to keep projects on its balance sheet, and ultimately to a parent company that monetizes those operating assets through the spin-off of a yieldco vehicle. “This transition was spurred by the ability to capture about 2.6 times the value if they retained projects, compared to selling projects to third parties such as utilities,” Jobin adds.
RUNNER(S)-UP
Stephen Chin
UBS
Paul Coster
J.P. Morgan