Securitization

A former global co-head of infrastructure and energy structured credit at Deutsche Bank is starting the New Year with a job at a distressed credit investor.

Residential solar developer Sunrun priced its second ever securitization on Dec. 12, Sunrun 2018-1, a $378.5 million offering backed by leases and power purchase agreements tied to rooftop solar systems.

A trio of solar securitizations is progressing through the pipeline this week, giving investors a chance to get their hands on nearly $1 billion of bonds tied to residential solar assets.

A deal from solar finance company Sunnova that was priced at the end of last week and a first-time residential solar securitization from Hannon Armstrong, announced on Monday, are rekindling the market for solar ABS in the fourth quarter.

Residential rooftop solar developer Sunnova is in the market this week with its second securitization, a $262.7 million offering backed by a pool of leases and power purchase agreements.

Tesla has hired a capital markets professional who previously worked in project finance at a solar developer in California.

Brad Nordholm is leaving Starwood Energy Group Global, the private equity business he used to run as ceo, to take up the position of chief executive at the Federal Agricultural Mortgage Corp., also known as Farmer Mac.

Just as one robin (or, depending on your geographic location, swallow) doesn’t make a spring, two project finance CLOs (PF CLOs)—Bayfront Infrastructure and RIN—may not confidently mark the re-emergence of PF CLOs. They are, nevertheless, a positive and potentially significant development, writes Paul Forrester, Chicago-based partner at Mayer Brown.

Residential solar developer Sunrun will launch a securitization backed by leases and power purchase agreements within the next month, say deal watchers.

Mosaic and Goldman Sachs priced a co-sponsored solar loan securitization on Monday, a $317.52 million deal dubbed Mosaic Solar Loan Trust 2018-2-GS.