The U.S. Department of Energy's (DOE) National Renewable Energy Laboratory (NREL) has assembled the Solar Access to Public Capital (SAPC) working group, which aims to enable securitization of solar PV assets and associated cashflows in the marketplace.
SAPC's primary efforts center on the standardization of power purchase agreements, leases and other documents relevant to residential and commercial deployment, as well as the development of robust data sets to assess performance and credit-default risk. These activities are designed to allow projects to be grouped into tradable securities.
According to NREL, securitization is expected to attract additional investors to the solar asset class, enabling the industry to tap a larger and more liquid pool of capital than is currently available. The working group includes more than 60 members representing the fields of solar deployment, finance, counsel and analysis.
SAPC participants include Bank of America Merrill Lynch, Borrego Solar, Chadbourne & Parke LLP, CleanPath Ventures, Coronal Management LLC, Clean Power Finance, Enfinity, Locus Energy, OneRoof Energy, Rabobank, Recurrent Energy, SolarCity, Solar Electric Power Association, Sungevity, SunPower and Tioga Energy, among others.
The NREL-led effort is funded under the DOE's Sunshot Initiative.