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Viktor Gazman1
  • 1 National Research University Higher School of Economics, 20 Myasnitskaya Str., Moscow, 101000, Russian Federation

Securitisation of Leasing Assets in Solar Energy

2023. Vol. 27. No. 4. P. 574–593 [issue contents]
Limited access to low-cost financing hinders the development of the use of solar photovoltaic technology. A significant way to solve this problem may be the securitisation of leasing assets (SLA) in the solar energy sector, which has the ability to provide additional liquidity in the renewable energy market. The article presents the theoretical aspects of emission financing of solar energy through securitization, defines the SLA in solar energy, examines the diversity and essence of contractual relations that develop regarding the supply and operation of solar equipment on the roofs of houses, their investment component. These agreements form portfolios that combine the assets of small solar energy users – households into a single transaction that is attractive to all parties, and which will open up additional opportunities for the use of renewable energy sources for investors. The pro- and contra mechanisms of SLA application in solar energy are considered. It is questioned that these transactions are characterized by excessive collateral. The parameters and structure of the analyzed market are evaluated. The author formalized the calculation of emissions reduction during the electrification of houses by replacing coal with solar energy generated by panels. The analysis reflecting the results of SLA transactions in solar energy in the USA in 2013–2022 under 729478 contracts was carried out. Conclusions are drawn regarding the further application of an effective financial mechanism.
Citation: Gazman V. (2023) Sek'yuritizatsiya lizingovykh aktivov v solnechnoy energetike [Securitisation of Leasing Assets in Solar Energy]. HSE Economic Journal , vol. 27, no 4, pp. 574-593 (in Russian)
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