FINANCING THE SOLAR ENERGY MARKET THROUGH THE USE OF SECURITIZATION – THE CASE OF THE UNITED STATES
DOI:
https://doi.org/10.12775/CJFA.2018.009Keywords
solar energy, finances, renewable energy sources, securitization, financial marketAbstract
This article corresponds with the research on the implementation of general sustainable development ideas. Moreover, it addresses the issue of using securitization in financing the solar energy market in the U.S. The aim of the research is to identify the essential characteristics of lease securitization of photovoltaic installations, as well as illustrate the current market development of these instruments. The paper discusses theoretical framework of securitization, identifies essential characteristics of the photovoltaic installation market in the context of its potential regarding the use of the securitization process, and presents the state of the securitization market in the discussed area. The characteristics presented in the article are based on the examples of the United States economy – the birthplace of lease securitization of photovoltaic installations, as well as the only state, where the analysed instrument finds practical application, so far.References
Alafita, T., & Pearce, J.M. (2014). Securitization of residential solar photovoltaic assets: Costs, risks and uncertainty. Energy Policy, 67, 488–498. http://dx.doi.org/10.1016/j.enpol.2013.12.045.
Bartos, J.M. (2006). United States Law: A Practical Guide. Alphen aan den Rijn: Kluwer Law International.
Blommestein, H.J., Keshinler, A., & Lucas, C. (2011). Outlook for the Securitization Market. OECD Journal: Financial Market Trends, 2011/1. http://dx.doi.org/10.1787/fmt-2011-5kg55qw0jzf5.
Buchanan, B.G. (2017). Securitization and the Global Economy. History and Prospects for the Future. New York: Palgrave Macmillan.
Buszko, M., & Krupa, D. (2016). Fundusze sekurytyzacyjne a zrównoważony rozwój rynku finansowego w Polsce. (Securitisation funds and sustainable development of financial market in Poland.) Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 437, 75–86. http://dx.doi.org/10.15611/pn.2016.437.07.
Comello, S., & Reichelstein, S. (2015). The Federal Investment Tax Credit for Solar Energy: Assesing and Addressing the Impact of the 2017 Step-Down. Renewable & Sustainable Energy Reviews, 55, 591–602.
Davidson, A., Sanders, A., Wolff, L.L., & Ching, A. (2003). Securitization. Structuring and Investment Analysis. Hoboken: Wiley & Sons, Inc.
Deku, S.Y., & Kara, A. (2017). Securitization: Past, Present and Future. Cham: Palgrave Macmillan.
Fabozzi, F.J., & Kothari, V. (2008). Introduction to Securitization. Hoboken: John Wiley & Sons, Inc.
Fu, R., Feldman, D., Margolis, R., Woodhouse, M., & Ardani, K. (2017). U.S. Solar Photovoltaic System Cost Benchmark: Q1 2017. Denver West Parkway: National Renewable Energy Laboratory.
Jacoby, S. (2013). Solar-Backed Securities: Opportunities, Risks, and the Specter of the Subprime Crisis. University of Pennsylvania Law Review, 162, 203–240.
Kothari, V. (2006). Securitization. The Financial Instrument of the Future. Singapore: J. Wiley and Sons (Asia) Pte Ltd.
Mrzygłód, U. (2012). Międzynarodowy kryzys finansowy – konsekwencje dla otoczenia regulacyjnego oraz procesów integracyjnych na rynkach finansowych Unii Europejskiej. (International Financial Crisis -Implications for Regulatory Environment and Financial Markets Integration in the European Union.) Ekonomia i Prawo, 10(3) part 4, 31–45.
O’Sullivan, F.M., & Warren, C.H. (2016). Solar Securitization: In Innovation in Renewable Energy Finance. MIT Energy Initiative Working Paper, July, Cambridge.
Paligorova, T. (2009). Agency Conflicts in the Process of Securitization. Bank of Canada Review, 2009(Autumn), 33–47.
Półtorak, B. (2005). Sekurytyzacja kredytu hipotecznego. (Securitization of Mortgage Loan.) Warszawa: CeDeWu.
Półtorak, B. (2017). Sekurytyzacja jako instrument optymalizacji podatku bankowego (The Bank Tax Optimization by Securitisation). In I.D. Czechowska, S. Wieteska (Eds.). Granice finansów XXI wieku. Bankowość i ubezpieczenia. (The limits of finance in the 21st century. Banking and insurance.) Łódź: Wydawnictwo Uniwersytetu Łódzkiego. http://dx.doi.org/10.18778/8088-791-6.06.
Raczkowska, I.A. (2001). Sekurytyzacja wierzytelności bankowych. (Securitization of Bank Claims.) Warszawa: Wydawnictwo Konieczny i Kruszewski.
Reksa, Ł. (2007). Sekurytyzacja w krajach Unii Europejskiej oraz w polskim systemie bankowym. (Securitization in European Union Countries and in the Polish Banking System.) Warszawa: Generalny Inspektorat Nadzoru Bankowego.
Schwarcz, S.L. (2010). The Future of Securitization. In R.W. Kolb (Ed.). Lessons from Financial Crisis. Causes, Consequences, and Our Economic Future. Hoboken: John Wiley and Sons, Inc.
Waszkiewicz, A. (2011). Ryzyko sekurytyzacji a kryzys finansowy. (Securitization Risk and the Financial Crisis.) Warszawa: Oficyna Wydawnicza Szkoły Głównej Handlowej w Warszawie.
(www1) Greentech Media, http://www.greentechmedia.com (accessed: 30.05.2018).
(www2) SIFMA, http://www.sifma.org (accessed: 30.05.2018).
(www3) Tesla: Investors Overview, http://ir.tesla.com (accessed: 2.06.2018).
(www4) EUR-Lex, http://www.eur-lex.europa.eu (accessed: 27.09.2018).
Downloads
Published
How to Cite
Issue
Section
Stats
Number of views and downloads: 895
Number of citations: 0
