Renewable Energy Finance, Solar Securitization: A Status Report (Fact Sheet) Page: 2 of 2
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Preparing for Securitized
Investment
Industry experts identified several
critical items to address investor risks:
1. Standardize contracts and other
documentation and installation
practices
2. Improve publicly available data
addressing renewable energy risks
3. Inform investors on the valuation of
renewable energy generation assets.
To meet that challenge, over 150
members of the industry-including
leading developers, law firms,
financiers, and analytic entities-
participate in the Solar Access to Public
Capital (SAPC) working group, a
project led by the National Renewable
Energy Laboratory (NREL) and funded
under DOE's Sunshot Initiative.13
SAPC recently completed development
of standard lease and PPA contracts
for widespread industry adoption.
This milestone is expected to improve
consumer transparency, lower
1 Solar Energy Industries Association (SEIA).
"U.S. Solar Market Insight 2012 Year in
Review." Washington, DC: SEIA.
2 Feldman, D. Conversation. Golden, CO, NREL.
3 DOE/IEA. Renewable Energy Annual 1998.
DOE/IEA-0603(98). Washington, DC: DOE/
IEA, 1998.
4 See the history of photovoltaics at
http://inventors. about. com/od/timelines/a/
Photovoltaics. him.
5 Feldman, D.; Barbose, G.L.; Margolis, R.;
Darghouth, N.; James, T.; Weaver, S.; Goodrich, A.;
Wiser, R.H. Photovoltaic System Pricing Trends:
Historical, Recent, and Near-Term Projections -
2013 Edition. Berkeley, CA: LBNL, 2013.
6 Solar Energy Industries Association (SEIA).
"U.S. Solar Market Insight 2012 Year in
Review." Washington, DC: SEIA, 2013.
7 Greentech Media. "A Solar System Is
Installed in the U.S. Every 4 Minutes." Boston,
MA: Greentech Media, August 2013.transaction costs, increase deal flow,
and enable project cash flows to be
pooled for securitization and other
public capital investment.
In addition, SAPC is actively pursuing
other risk-reduction efforts to engage
institutional investment, including:
" Developing best practices in system
installation and maintenance
for consistency in build quality,
operating performance, and cash
flow
" Constructing performance datasets
to comprehend and enable mitigation
of production risk
" Engaging the rating agencies
to provide shadow ratings of
mock residential and commercial
portfolios to further the industry's
understanding of investor risk
perception.
For additional information on
SAPC activities and solar industry
deployment and cost reductions, please
contact: sapcinfo@financeRE.nrel.gov.8 See the SunShot Initiative website: http://
www1. eere. energy.gov/solar/sunshot/index. html.
9 Solar Energy Industries Association (SEIA).
"U. S. Solar Market Insight 2012 Year in
Review." Washington, DC: SEIA, 2013.
10 For more on RPS programs, see the
Database of State Incentives for Renewables and
Efficiency (DSIRE) at http://www.dsireusa.org/
rpsdata index. din.
11 Mendelsohn, M.; Feldman, D. Financing
U.S. Renewable Energy Projects Through Public
Capital Vehicles. Golden, CO: NREL, 2013.
12 Mendelsohn, M.; Feldman, D. Financing
U.S. Renewable Energy Projects Through Public
Capital Vehicles. Golden, CO: NREL, 2013.
13 See SAPC description and materials
at: https://financere.nrel.govfinance/solar_
securitization public capitalJinance.NI2NA RN E L
NAINLRENEWABLE ENERGY LABORATORYNational Renewable Energy Laboratory
15013 Denver West Parkway
Golden, CO 80401
303-275-3000 * www.nreL.gov
NREL is a national laboratory of the U.S.
Department of Energy, Office of Energy
Efficiency and Renewable Energy, operated
by the Alliance for Sustainable Energy, LLC.
NREL/FS-6A20-60553 " October 2013
Photos credits (page 1, left to right): iStock
13737597; Pat Corkery, NREL 16374; iStock
12123595; Toyota Motor Sales, USA, NREL 16933;
Dennis Schroder, NREL 18229; Dennis Schroeder,
NREL 19163
Printed with a renewable-source ink on paper
containing at least 50% wastepaper, including
10% post consumer waste.nrel.gov/analysis
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Renewable Energy Finance, Solar Securitization: A Status Report (Fact Sheet), report, October 1, 2013; Golden, Colorado. (https://digital.library.unt.edu/ark:/67531/metadc842471/m1/2/: accessed April 25, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.