Abs photovoltaic panel

What is a solar ABS securitization?

A solar ABS securitization is backed by residential or commercial solar contracts used to finance the deployment of solar PV equipment. The assets may comprise loans, power purchase agreements (PPA), leases, and other types of hybrid products.

Who backed solar ABS?

92% of the overall solar ABS volume ($12.1BN) has been backed by pools originated by 5 solar companies. These leading originators include GoodLeap (fka Loanpal), Mosaic, Sunrun / Vivint, Sunnova, and SolarCity / Tesla. There are two main types of solar ABS, securitized by lease/PPAs or securitized by solar loans.

Who rated solar ABS?

least one rating agency. Standard and Poor’s (S&P) and Kroll have the most experience in rating Solar ABS with 5 and 15 transactions rated, respectively. While Moody’s and Fitch have not yet publically rated a transaction for this asset class, they have published specific reports on the solar securitization market.

Are solar ABS transactions unsecured?

We typically view solar ABS transaction similar to unsecured transactions in this sense. In the U.S., the solar ABS sector kicked off back in 2013, when SolarCity brought the first U.S. solar ABS transaction. Since then, solar ABS has been established as a recognized asset class within the U.S. securitization market.

Who are the leading solar ABS originators?

These leading originators include GoodLeap (fka Loanpal), Mosaic, Sunrun / Vivint, Sunnova, and SolarCity / Tesla. There are two main types of solar ABS, securitized by lease/PPAs or securitized by solar loans. From 2013 to 2017, solar ABS securitized by lease/PPAs accounted for almost 60% of total solar ABS transactions.

Will European Solar ABS securitization take off?

In turn, as the origination volumes increase, European solar ABS' role in the European securitization market could take off. A solar ABS securitization is backed by residential or commercial solar contracts used to finance the deployment of solar PV equipment.