This report analyzes the rise and fall of the U.S. model of a growth-focused YieldCo with a view towards creating successor instruments that can overcome its shortcomings to sustainably deliver low-cost capital that can drive large-scale renewable energy deployment in the long term. The authors show that the difficulties with the YieldCo model can be traced to its focus on growth—a symptom of its genesis as an instrument designed by financial intermediaries (such as investment banks or fund managers) to address the objectives of its developer or independent power producer sponsors.