Credit fears hold back US solar securitisation deals

SolarCity deals show potential and pitfalls of new asset class

A home in Phoenix Arizona with SolarCity solar panel array
A home in Phoenix, Arizona, with a SolarCity solar panel array

On November 21 last year, California-based solar power developer SolarCity pulled off a feat that had eluded other renewable energy firms for years: it completed the first publicly rated securitisation of distributed solar assets. In the transaction, it bundled together the revenue streams from about 5,000 solar panel arrays it had installed on people's rooftops, issued securities backed by those revenues, secured a BBB+ credit rating from New York-based Standard & Poor's (S&P) and sold them to

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