Solar Securitization: Leveraging Alternative Financing Without Jeopardizing Existing Investor Tax Breaks

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, May 2, 2017
Recorded event now available


This CLE webinar will discuss solar securitization, examining its role in solar financing and challenges that may be encountered. The panel will provide guidance for leveraging solar securitization as an alternative financing tool while protecting investor tax benefits.

Description

Continued growth in the solar industry depends on its access to capital. One of the most innovative ways that solar companies have been using to access capital is through the securitization market.

Solar’s growth has been propelled by the use of a third-party financing model where solar systems are owned by third parties who lease them or provide power to customers under long-term leases and power purchase agreements.

Both models are a good fit for securitization. Securitization is an emerging strategy for solar financing that gives developers access to capital markets to get favorable financing opportunities. Investors and customers also benefit from solar securitization.

Securitization of solar assets can play a key role in meeting the rising demand for solar financing, particularly when traditional financing resources are shrinking. However, there are hurdles that make it difficult for investors and rating agencies to assess risk, thereby making securitization a challenge. Further, securitization must be set up to avoid jeopardizing the tax benefits in the underlying tax equity transactions.

Listen as our authoritative panel examines the role of securitization for solar transactions, and provides guidance for how these deals are being structured and what to expect in the markets in 2017 and beyond.

Outline

  1. Role of securitization in financing solar transactions
  2. Basic terms
  3. Key requirements
  4. Basic securitizations without tax equity
  5. Combining securitizations with tax equity
    1. Inverted leases
    2. Flip partnerships
  6. Asset and structure risks
  7. Tax Insurance
  8. The future of solar securitizations

Benefits

The panel will review these and other key issues:

  • What role is securitization playing in financing solar lease models?
  • What are some of the structural challenges in securitizing solar assets?
  • What are the risks associated with solar securitization? How are they being mitigated? What role can tax insurance play?

Faculty

Gary P. Blitz, Esq., Senior Managing Director
Aon Transaction Solutions, New York

Mr. Blitz heads his firm's Tax Insurance Practice, which specializes in the placement of tax insurance programs for tax credit investments, M&A transactions and other situations. He advises clients purchasing tax and other transaction liability insurance programs, such as representations and warranties insurance, litigation buyouts, and credit enhancements. He joined his firm after a twenty-year legal career during which time he became a nationally recognized expert in the insurance of financial and transactional risks.

Andrew C. Coronios, Partner
Chadbourne & Parke, New York

Mr. Coronios represents financial institutions and public and private companies in a spectrum of financing transactions, encompassing structured finance, securitization, asset-based and secured lending and unsecured credit facilities. His experience includes domestic and cross-border syndicated credit facilities; securitizations of various asset types; asset-backed commercial paper conduits; a variety of domestic and cross-border lease financing structures; project financings; and traditional mortgage and construction lending and hybrid debt-equity mortgages.

Matthew Brand, Director
Credit Suisse Securities, New York

 


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