Competition Between Leased and Loan Assets in Solar Securitization

This study is dedicated to analyzing the competition between leased and loan assets in the context of solar energy securitization. The main objective of the work is to identify the key factors influencing the choice of underlying assets in solar industry securitization transactions. The paper examines the theoretical foundations of securitization, including its definition, models, motives, and advantages for companies. Special attention is given to the securitization of leasing assets. An empirical analysis of data on securitized solar assets was conducted using multiple linear regression. The results of the study indicate that an increase in the coupon interest rate for class A leads to a decrease in the transaction volume, while a reduction in CO2 emissions contributes to an increase in the transaction volume. Additionally, a dependency of the transaction volume on the type of underlying asset was identified—transactions with loan assets have a higher volume than those with leasing assets. The findings can be utilized by participants in the solar securitization market to develop effective strategies for financing projects in this sector. The study also contributes to the development of securitization theory by expanding the understanding of factors influencing the choice of underlying assets.