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auch wegen der vermieteten Solarpanels auf Dächern und weil Solarcity erstmalig ein Credit Rating von S&P erhalten hat und Finanzierung dadurch billiger wird
First, Canadian Solar (NR) previewed strong third-quarter results. Here are analysts Vishal Shah, Jerimiah Booream-Phelps and Susie Min:
Canadian Solar (NR) preannounced Q3 results - margins are expected to be in the range of 18-20% vs prior guide of 10-12% and shipments are now expected in the range of 460-480MW vs prior guide of 410-430MW.
Second, SolarCity (SCTY) said it would sell $54 million bonds backed by cash flows from the rooftop solar panels leased to U.S. home owners and has secured a credit rating from S&P. This is a ground-breaking deal for the solar industry in the U.S., because ABS broadens investor pool, just like what they did to car loans or house mortgages in the past.
Here is Deutsche again:
We view this transaction is an important industry milestone for a few reasons: 1) it shows that the rating agencies have finally overcome the hurdle of assigning credit ratings to these structures given the limited history and lack of sufficient data. S&P has been doing a significant amount of work in this space and we expect other agencies to also catch up;
2) residential solar has now reached a scale that such structures are now possible whereas previously the scale was just not there;
3) as more of these ABS transactions get announced, we expect availability to improve and cost of capital to decline. Average yield requirements for tax equity financing range from 9% to 14%. With solar ABS, companies such as Solarcity and SunPower can potentially raise financing at 6-6.5% (somewhat similar to the range where BBB rated CLOs are currently trading). We expect solar ABS to meet roughly 40% of the overall solar project financing needs. In terms of immediate impact, several DG companies are starting to look at aggregating facilities at LIBOR plus 4.5% rate and we expect solar ABS to reduce the cost of capital by at least 200-300bps. For companies accessing the tax equity market, the impact would be likely greater (more in the 500-600 bps range).
blogs.barrons.com/emergingmarketsdaily/...olar-says-deutsche/?
auch wegen der vermieteten Solarpanels auf Dächern und weil Solarcity erstmalig ein Credit Rating von S&P erhalten hat und Finanzierung dadurch billiger wird
First, Canadian Solar (NR) previewed strong third-quarter results. Here are analysts Vishal Shah, Jerimiah Booream-Phelps and Susie Min:
Canadian Solar (NR) preannounced Q3 results - margins are expected to be in the range of 18-20% vs prior guide of 10-12% and shipments are now expected in the range of 460-480MW vs prior guide of 410-430MW.
Second, SolarCity (SCTY) said it would sell $54 million bonds backed by cash flows from the rooftop solar panels leased to U.S. home owners and has secured a credit rating from S&P. This is a ground-breaking deal for the solar industry in the U.S., because ABS broadens investor pool, just like what they did to car loans or house mortgages in the past.
Here is Deutsche again:
We view this transaction is an important industry milestone for a few reasons: 1) it shows that the rating agencies have finally overcome the hurdle of assigning credit ratings to these structures given the limited history and lack of sufficient data. S&P has been doing a significant amount of work in this space and we expect other agencies to also catch up;
2) residential solar has now reached a scale that such structures are now possible whereas previously the scale was just not there;
3) as more of these ABS transactions get announced, we expect availability to improve and cost of capital to decline. Average yield requirements for tax equity financing range from 9% to 14%. With solar ABS, companies such as Solarcity and SunPower can potentially raise financing at 6-6.5% (somewhat similar to the range where BBB rated CLOs are currently trading). We expect solar ABS to meet roughly 40% of the overall solar project financing needs. In terms of immediate impact, several DG companies are starting to look at aggregating facilities at LIBOR plus 4.5% rate and we expect solar ABS to reduce the cost of capital by at least 200-300bps. For companies accessing the tax equity market, the impact would be likely greater (more in the 500-600 bps range).
blogs.barrons.com/emergingmarketsdaily/...olar-says-deutsche/?
