Part 1: Solar 101
Recorded On: 07/28/2020
This webinar is the first of a three part webinar series. This webinar includes presentations and discussion on the following topics:
Market Overview & Drivers for the U.S. Solar Energy Industry:
- U.S. system CapEx trends across all market segments: residential, commercial and utility
- How is Covid-19 expected to impact system costs in 2020, and beyond?
- What are the drivers to reduce costs across all market segments, and what is keeping system costs elevated?
Solar Project Finance & Investment:
1) Development finance versus project finance for an operating project – very different capital needs and investment profile
2) Project Finance (Operating projects)
Project capital stack: Tax Equity, Project Debt, Sponsor Equity
Headline concerns of the investors: Revenue streams, counterparty strength
Key market trends: Utility PPAs to corporate VPPAs, falling prices everywhere, duck curves and firming power
3) Transactions over the life of the project <- not sure I’ll have time for this one
Some interest in resale at lower cost of capital once operating for some number of years (often after the Tax Equity flip)
Operational risks are defined (lowers cost of capital) versus potential end of contracted revenues (raises cost of capital)
Upcoming webinars as part of the series will cover:
- Wildlife, Siting and Permitting: Regional Differences
- Bifacial Modules and the Albedo Effect
- Transmission and Integration
- Technological Advances & Solar + Storage Integration
Ryan Galeria (Moderator)
VP, Solar Development, sPower
Solar Analyst, Solar | Wood Mackenzie Power & Renewables
Molly is a solar analyst at Wood Mackenzie Power & Renewables. Her coverage area includes solar PV system pricing in the U.S. and major markets in Middle East and Africa. She also covers floating solar market research. Before joining Wood Mackenzie, Molly was an account manager at CivicSolar, helping solar PV installers design their systems and selling them equipment. Molly holds a bachelor’s degree in global studies from Colby College, with a concentration in environmental studies
For more on key trends in solar module technology, supply chains & system pricing across the globe, and major market demand by region, explore Wood Mackenzie's solar research products.
Senior Director of Project Finance, Distributed Sun
Paul Holshouser is the Senior Director of Project Finance at Distributed Sun. Paul leads analysis and stakeholder engagement for DSUN while raising and deploying capital throughout the solar project life cycle. Critical duties in this role include expanding and managing DSUN’s investor network, negotiation of deal terms for project sale agreements, and document diligence for corporate and project financing agreements. Additionally, he supports business decisions for projects in the development cycle from greenfield to construction-ready status. DSUN has financed over 160MWdc or $245 MM of solar assets during Paul’s tenure starting in 2016.
Prior to joining Distributed Sun, Paul served as Finance Policy Manager for the American Wind Energy Association, supporting the nation’s primary wind advocacy organization in matters dealing with project finance. Prior to AWEA, he was a Risk Officer for Wachovia Corporation, providing risk analysis for or against investments in American wind projects.
Professor Holshouser holds a both a BSBA and an MBA from UNC Kenan-Flagler.