Securitization of Residential Solar Photovoltaic Assets: Costs, Risks and Uncertainty
Securitization of Residential Solar Photovoltaic Assets: Costs, Risks and Uncertainty
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住宅太阳能光伏资产证券化：成本、风险和不确定性
DOI：
10.1016/j.enpol.2013.12.045
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发表时间：
2014
期刊：
影响因子：
--
通讯作者：
Joshua M. Pearce
中科院分区：
文献类型：
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作者：
Theresa Alafita;Joshua M. Pearce
获得低成本融资的机会有限，阻碍了太阳能光伏（PV）技术的高速技术扩散和高电网渗透率。太阳能资产证券化为这一问题提供了一个潜在的解决方案。本文评估了太阳能资产支持证券（ABS）作为一种低成本融资机制的可行性，并确定了可以促进证券化实施的政策。首先，对传统的太阳能融资进行审查，为成本比较提供基线。其次，证券化的过程进行了建模。该模型能够识别风险和不确定性影响成本的几个节点。接下来，分配参数值并用于生成成本估计。结果表明，在合理假设下，太阳能购电协议证券化能够显著降低项目融资成本，是改善光伏项目融资的可行机制。成功推出太阳能ABS的明显障碍是衡量和理解基础资产的风险。本研究确定了三类政策干预措施，通过降低风险或改善风险的衡量来降低ABS的成本：（i）合同和合同流程的标准化，（ii）改进合同和设备性能数据的获取，以及（iii）地理多样化。
Limited access to low-cost financing is an impediment to high-velocity technological diffusion and high grid penetration of solar photovoltaic (PV) technology. Securitization of solar assets provides a potential solution to this problem. This paper assesses the viability of solar asset-backed securities (ABS) as a lower cost financing mechanism and identifies policies that could facilitate implementation of securitization. First, traditional solar financing is examined to provide a baseline for cost comparisons. Next, the securitization process is modeled. The model enables identification of several junctures at which risk and uncertainty influence costs. Next, parameter values are assigned and used to generate cost estimates. Results show that, under reasonable assumptions, securitization of solar power purchase agreements (PPA) can significantly reduce project financing costs, suggesting that securitization is a viable mechanism for improving the financing of PV projects. The clear impediment to the successful launch of a solar ABS is measuring and understanding the riskiness of underlying assets. This study identifies three classes of policy intervention that lower the cost of ABS by reducing risk or by improving the measurement of risk: (i) standardization of contracts and the contracting process, (ii) improved access to contract and equipment performance data, and (iii) geographic diversification.