Solar YieldCos: Proven Concept or Hype?

There has been a lot of excitement around YieldCos and their ability to improve the financing prospects for solar. Major solar companies like Canadian Solar, First Solar, JinkoSolar, SunEdison and SunPower all seem to be investigating the possibilities of launching their own YieldCos. These companies have good reason to be interested: YieldCos have the potential … Continue reading Solar YieldCos: Proven Concept or Hype?

The $100 Million Green Bond From Hannon Armstrong

Infrastructure investor Hannon Armstrong took a big step toward a new clean energy investor pool with the launch of its $100 million green bond offering. “This is the securitization of assets that were on our balance sheet,” said Jeffrey Eckel, Hannon Armstrong Sustainable Infrastructure (NYSE:HASI) CEO and President. The bonds will mature in December 2019 and … Continue reading The $100 Million Green Bond From Hannon Armstrong

Why Treasury Is Investigating SolarCity and Solar Third-Party Funds

The Treasury Department is investigating charges that SolarCity and other third-party solar funds inflated the value of their installations to drive more investment tax credits to their investors. Insinuations of federal tax benefit abuses are common from anti-renewables forces, but the current charges are represented in part in data from Tax Evasion and Subsidy Pass-Through … Continue reading Why Treasury Is Investigating SolarCity and Solar Third-Party Funds

SolarCity Announces Pricing of Securitization

SolarCity(R) (SCTY) today announced the pricing of the offering by its wholly-owned subsidiary, SolarCity LMC Series I, LLC, of $54,425,000 aggregate principal amount of Solar Asset Backed Notes, Series 2013-1 (the \"notes\"). The notes were priced on November 13, 2013 and were offered only to persons who are both (i) qualified institutional buyers as defined … Continue reading SolarCity Announces Pricing of Securitization

Solar Energy and Financing Construction

The energy finance community has been eagerly anticipating the introduction of solar asset-backed securities – “solar securitization,”  – for at least three years, and may be waiting for another year or more. But sooner or later, securitization is coming to solar finance, and when it does, it will have a profound impact on the pace … Continue reading Solar Energy and Financing Construction

SEC Clarifies Crowdsourcing Rules, What’s the Impact on Renewables?

The SEC has finally proposed its rules to allow crowd-funding under the Jumpstart Our Business Startups (JOBS) Act. What do they mean for small-scale investments in renewable energy companies and projects? Title III of the JOBS Act created an exemption under securities laws for crowdfunding, which set the table for its regulation by the SEC … Continue reading SEC Clarifies Crowdsourcing Rules, What’s the Impact on Renewables?

Staying afloat as assets get stranded

Stranded assets – assets that are unexpectedly or prematurely devalued, converted to liabilities or written off – are part of the creative destruction that drives capitalism. Asset stranding of this kind regularly results from changes in technology, regulation or public opinion. Horse-drawn carriages and public telephone boxes have been consigned to history by the car … Continue reading Staying afloat as assets get stranded

A Clean Energy REIT: Hannon Armstrong Sustainable Infrastructure

On April 18th, Hannon Armstrong Sustainable Infrastructure Capital (NYSE:HASI) IPOed on the New York Stock Exchange.  HASI is one of only two publicly traded Real Estate Investment Trusts (REITs) dedicated to sustainable infrastructure.   The other such sustainable REIT is Power REIT (NYSE:PW), which I have written about extensively.  PW is both illiquid and involved … Continue reading A Clean Energy REIT: Hannon Armstrong Sustainable Infrastructure