truSolar Affiliate Webinar

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truSolar Affiliate Webinar

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truSolar Affiliate Webinar

  1. 1. ©2013DistributedSunLLC–AllRightsReserved. the trusted source for solar truSolar® August 2013 Affiliate Webinar
  2. 2. ©2013DistributedSunLLC–AllRightsReserved. 2 Agenda ITEM TIME Introduction 5 minutes truSolar Mission and Timeline 10 minutes Credit Screen Introduction & Roundtable 15 minutes Affiliate Program Overview 15 minutes Q&A 15 minutes ~ 1 hour
  3. 3. ©2013DistributedSunLLC–AllRightsReserved. 3 The Industry Noise too many failed deals underperforming projects 1000s of parties originating projects misalinged risks and costs wasted resources sunk costs on failed deals NO standard project evaluation methods confused investors Bankability Knowledge gap
  4. 4. ©2013DistributedSunLLC–AllRightsReserved. 4 VISION Expand the market with standardized financing methods Consistent screening of projects aligned with pricing of risk Standardized evaluation of Credit and Pricing of Risk will: - lower transaction costs - reduce the weighted avg. cost of capital - better assure risk adjusted returns - improve the project and portfolio quality - Increase deal velocity AND project volume MISSION truSolar™ to be an industry-wide, WG-created, credit screen for C&I projects Credit screen to be: transparent, broadly accessible, and widely available Created for industry by industry: equity and debt investors, developers, value- chain participants, and platform providers truSolar Vision and Mission
  5. 5. ©2013DistributedSunLLC–AllRightsReserved. 5 2013-2014 Program Schedule Phase 1: Alpha Development Phase 2: Beta Development Credit Screen Testing on Project Sites Testing & Validation of Scoring Methodology Phase 3: Operational Release Operational Release & Establishment of Permanent Stds. Body (Jan ‘13 – Jun ‘13) (Jun ’13 – Q1 ‘14) (Q1 ’14 – Q2 ‘14) Beta Program Definition Credit Screen Development Credit Screen Interviews & Feedback Credit Screen Refinement & S&P Review Alpha Credit Screen Release to WG Data Collection & Credit Screen Design Development of Credit Scoring Methodology Credit Screen Refinement Preparation for Release to Standards Body
  6. 6. ©2013DistributedSunLLC–AllRightsReserved. The truSolar Credit Screen applicable across the phases of project development Project Origination Site/Offtake Pre-development Development EPC Finance Credit & Enhancement Underwriting Ratings Agency Asset Management O&M Is this a real deal? What’s the real risk and how do we price it? How good is the deal? Has the risk changed? 6
  7. 7. ©2013DistributedSunLLC–AllRightsReserved. The truSolar Credit Screen a comprehensive framework for evaluating and scoring risk TECHNICAL DESIGN & SYSTEM PERFORMANCE CONTRACTUAL TERMS & COUNTERPARTIES POLICY & REGULATORY ISSUES Site Conditions Land condition Roof condition Solar resource Policy & Regulation Net metering eligibility Interconnection Permitting Tax Matters Tax expenses ITC Eligibility Contracts Site lease Property rights documentation Revenue contract Inventive contract(s) Mortgage on bldg. / property Module supply agreement Inverter supply agreement EPC contract O&M contract Purchase agreement contracts System Panels Inverters Racking BOS System design Developer Experience Financial Positioning 7
  8. 8. ©2013DistributedSunLLC–AllRightsReserved. 8 The truSolar Credit Screen risk assessment scoring Project Level Section Category Sub- Category Risk Element Simplicity Detail
  9. 9. ©2013DistributedSunLLC–AllRightsReserved. 9 The truSolar Credit Screen risk assessment sample: racking Project Score Section: Technical Design & System Performance Category: Equipment RackingSub-Category: Racking Wind load capacity Rooftop Weight Restrictions Snow Load Geotechnical Analysis Geotechnical analysis complete; reviewed and confirmed by 3rd party engineer Geotechnical analysis complete; NOT reviewed and confirmed by 3rd party engineer Geotechnical analysis underway Geotechnical analysis not started Unsatisfactory geotechnical analysis; or unknown Etc. Sample Racking Risk Elements Geotechnical Risk Mitigation Options
  10. 10. ©2013DistributedSunLLC–AllRightsReserved. 10 Affiliate Program Overview Drive collaborative market development Improve project quality, accelerate deal flow, and help accurately price risk True partnership with leading industry stakeholders Benefits Build truSolar ecosystem Goal Need Data Projects Expertise Validation Seed Funding
  11. 11. ©2013DistributedSunLLC–AllRightsReserved. 11 truSolarTM Affiliate Program – Overview Phases & Roles  WG Founder WG Strategic Advisor Charter Member Stakeholder/ Subscribers Goals  Information Available Upon Request Current Focus of Discussion Q4’13 Criteria Why get involved? Member rights Launch
  12. 12. ©2013DistributedSunLLC–AllRightsReserved. 12 truSolarTM Charter Members Overview Charter Member Goals Leverage C&I project data and investor inputs Criteria • Performance / design data • Leader in project analytics • Share / access failure modes Why get involved? • Encourage industry accountability, accelerate deal flow, and demonstrate value of data Member rights* • Co-branding on truSolarTM website • Propose specifications • Participation in ops. Committees • Beta testing results 1. Technical input into truSolar standards development 2. Thought leadership 3. Integrated business benefits
  13. 13. ©2013DistributedSunLLC–AllRightsReserved. 13 The Market Signals US non-residential solar project originators survey 9out of 10say CONVENTIONAL UTILITY BUSINESS MODEL WILL FAIL IN <10 YEARS COMMON SCREENING PRACTICES ARE VITAL TO INDUSTRY GROWTH 4out of 5say 6out of10say DISTRIBUTED GENERATION WILL ACCOUNT FOR MOST NEW GENERATION CAPACITY THRU 2020 8out of10say TODAY’S LEADERS IN TAX EQUITY WILL NOT BE TOMORROW’S LEADERS IN SOLAR FINANCE UNIFORM SCORING METHODS WILL INCREASE ACCESS TO LOW COST CAPITAL 19out of 20say TO BECOME AN AFFILIATE OR CHARTER MEMBER OF THE TRUSOLAR INITIATIVE 3out of 5want
  14. 14. ©2013DistributedSunLLC–AllRightsReserved. 14 Get involved www.trusolarscore.com Technical Committee (Monday’s 1-2pm PST) MarComm Committee (Friday’s 10-11am PST)

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