Weitere ähnliche Inhalte Ähnlich wie Wall Street's Recent Multi Million Dollar Solar Secularizations (20) Kürzlich hochgeladen (20) Wall Street's Recent Multi Million Dollar Solar Secularizations1. WUNDER CAPITAL
Wall Street’s Multimillion Dollar Solar Securitizations
Bryan Birsic, CEO & Cofounder
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
2. What is a solar securitization?
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© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
1. A large pool of solar projects
are grouped together.
Ownership of that portfolio
is sold in a public sale.
Endowments
Pension Funds
Insurance Companies
2.
3. This has taken many forms through the solar industry’s growth
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© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
Master
Limited
Partnership
Yield Co Securitization ???
1990s 2000s 2010s 2020s
4. Why does this matter for solar?
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© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
“Green field” investment builds
portfolio
Portfolio sells in securitization
offering
“Green field” investors redeploy
proceeds
Speed of Securitization = Multiplier one Solar Built
5. Securitizations have grown rapidly in residential solar
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© WUNDER 2018 | 7/23/2018 | SOURCE: https://finsight.com/sector/Esoteric/Solar
SECURITIZATIONVOLUME($M)
1,6000
2013 2018 (YTD)20152014 2016 2017
6. Securitizations have grown rapidly in residential solar
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© WUNDER 2018 | 7/23/2018 | SOURCE: https://finsight.com/sector/Esoteric/Solar
AVERAGE#OF“CLASSES”
40
2013 2018 (YTD)20152014 2016 2017
7. So where are the commercial securitizations?
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© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
Commercial portfolios are hard to
build with true diversification
• Big projects can be evaluated
individually
• Smaller projects are costly to evaluate
• Without software, a truly diversified
(non-PACE) commercial portfolio is
cost prohibitive to build
No track record and no credit-rating
standardization
• Commercial needs to play catchup on
residential volume and track record
• Lack of standardization of credit rating
leads to uncertainty for investors and
financing platforms
8. Commercial securitizations will drive a massive $ increase
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© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
Velocity of capital increase means
significantly more new-build capital
An expansion of credit ‘buckets’ is
much needed in commercial solar
• As commercial securitization are
proven out, the time a portfolio needs
to ‘season’ decreases
• Moving from ~2 years of seasoning
currently to ~6 months (resi) will
increase new-build capital 4x
• Commercial financings today are
frequently limited to investment-grade
credit, which constitutes only ~10% of
U.S. entities
• Expansion past ‘A grade’ to top 50%
will result in a 5x increase
9. What we’re doing about it
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Wunder Capital 5
‣ Launched 10/05/2017
‣ 7.5% target annual return
‣ 20-Year Amortization Schedule
Invest in solar projects that power U.S. businesses, non-profits, municipalities, and
community solar developments.
‣ $20M+ Raised to Date
‣ 5-Year Investment Term
Primarily Interest (+ Some Principal)
A
Bullet Payment (Outstanding Principal)
MONTHLY PAYMENTS AT MATURITY
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
11. © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
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by The Wunder Company (“Wunder”). Please contact Wunder for more information. Wunder is headquartered in Boulder, Colorado.
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