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WUNDER CAPITAL
Wall Street’s Multimillion Dollar Solar Securitizations

Bryan Birsic, CEO & Cofounder
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
What is a solar securitization?
#002
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
1. A large pool of solar projects
are grouped together.
Ownership of that portfolio
is sold in a public sale.
Endowments
Pension Funds
Insurance Companies
2.
This has taken many forms through the solar industry’s growth
#003
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
Master 

Limited 

Partnership
Yield Co Securitization ???
1990s 2000s 2010s 2020s
Why does this matter for solar?
#004
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
“Green field” investment builds
portfolio
Portfolio sells in securitization
offering
“Green field” investors redeploy
proceeds
Speed of Securitization = Multiplier one Solar Built
Securitizations have grown rapidly in residential solar
#005
© WUNDER 2018 | 7/23/2018 | SOURCE: https://finsight.com/sector/Esoteric/Solar
SECURITIZATIONVOLUME($M)
1,6000
2013 2018 (YTD)20152014 2016 2017
Securitizations have grown rapidly in residential solar
#006
© WUNDER 2018 | 7/23/2018 | SOURCE: https://finsight.com/sector/Esoteric/Solar
AVERAGE#OF“CLASSES”
40
2013 2018 (YTD)20152014 2016 2017
So where are the commercial securitizations?
#007
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
Commercial portfolios are hard to
build with true diversification
• Big projects can be evaluated
individually
• Smaller projects are costly to evaluate
• Without software, a truly diversified
(non-PACE) commercial portfolio is
cost prohibitive to build
No track record and no credit-rating
standardization
• Commercial needs to play catchup on
residential volume and track record
• Lack of standardization of credit rating
leads to uncertainty for investors and
financing platforms
Commercial securitizations will drive a massive $ increase
#008
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM
Velocity of capital increase means
significantly more new-build capital
An expansion of credit ‘buckets’ is
much needed in commercial solar
• As commercial securitization are
proven out, the time a portfolio needs
to ‘season’ decreases
• Moving from ~2 years of seasoning
currently to ~6 months (resi) will
increase new-build capital 4x
• Commercial financings today are
frequently limited to investment-grade
credit, which constitutes only ~10% of
U.S. entities
• Expansion past ‘A grade’ to top 50%
will result in a 5x increase
What we’re doing about it
#009
Wunder Capital 5
‣ Launched 10/05/2017
‣ 7.5% target annual return
‣ 20-Year Amortization Schedule
Invest in solar projects that power U.S. businesses, non-profits, municipalities, and
community solar developments.
‣ $20M+ Raised to Date
‣ 5-Year Investment Term
Primarily Interest (+ Some Principal)
A
Bullet Payment (Outstanding Principal)
MONTHLY PAYMENTS AT MATURITY
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
Questions?
Invest@WunderCapital.com
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
© WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
The Wunder Term Fund, the Wunder Income Fund, Wunder Capital 5, and the Wunder Bridge Fund (together, the “Funds”) are administered
by The Wunder Company (“Wunder”). Please contact Wunder for more information. Wunder is headquartered in Boulder, Colorado.
This presentation is not a solicitation, nor a solicitation of an offer to purchase, any securities. All sales of securities are made through the
investment portal pursuant to approved documentation, including a subscription agreement and private placement memorandum (together,
the “Investment Package”). Neither the Securities and Exchange Commission nor any state securities authority or other regulatory authority
has approved or disapproved the securities offered by the Funds, nor passed upon the adequacy of the Investment Package. Any assertion
to the contrary is a criminal offense. Neither the Funds nor Wunder are registered investment advisors or registered broker-dealers. No
adviser-client or broker-client relationship shall exist because of any purchase of securities from the Funds. All third-party data in this report
is derived from sources that Wunder deems to be reliable, but has not been independently verified. Wunder is not responsible for mistakes or
misstatements in such data. Wunder is not responsible for any typographical errors.
Investments can and do lose money. Results are not guaranteed. Trends observed in this report may not continue in the future. Read the
Investment Package carefully before investing.
Wunder does not provide, and no information provided by it shall constitute, legal advice, tax advice, or accounting advice. You should
consult your legal, tax and accounting officer prior to making an investment or sending any money to Wunder or the Funds. Any income you
receive from the Funds may be taxable. Wunder intends to fully comply with all applicable laws regarding the reporting of any income from
the Funds to tax authorities.
Wunder rigorously protects its intellectual property. Unless expressly set forth in writing, no license is granted, express or implied, to use the
trademarks, service marks or copyrights of Wunder or its affiliates without the prior written consent of Wunder. No materials regarding the
Investment Package may be copied, distributed, or shared with any third party without the prior written consent of Wunder.
Legal & Disclaimer
#011

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Wall Street's Recent Multi Million Dollar Solar Secularizations

  • 1. WUNDER CAPITAL Wall Street’s Multimillion Dollar Solar Securitizations
 Bryan Birsic, CEO & Cofounder © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
  • 2. What is a solar securitization? #002 © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM 1. A large pool of solar projects are grouped together. Ownership of that portfolio is sold in a public sale. Endowments Pension Funds Insurance Companies 2.
  • 3. This has taken many forms through the solar industry’s growth #003 © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM Master 
 Limited 
 Partnership Yield Co Securitization ??? 1990s 2000s 2010s 2020s
  • 4. Why does this matter for solar? #004 © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM “Green field” investment builds portfolio Portfolio sells in securitization offering “Green field” investors redeploy proceeds Speed of Securitization = Multiplier one Solar Built
  • 5. Securitizations have grown rapidly in residential solar #005 © WUNDER 2018 | 7/23/2018 | SOURCE: https://finsight.com/sector/Esoteric/Solar SECURITIZATIONVOLUME($M) 1,6000 2013 2018 (YTD)20152014 2016 2017
  • 6. Securitizations have grown rapidly in residential solar #006 © WUNDER 2018 | 7/23/2018 | SOURCE: https://finsight.com/sector/Esoteric/Solar AVERAGE#OF“CLASSES” 40 2013 2018 (YTD)20152014 2016 2017
  • 7. So where are the commercial securitizations? #007 © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM Commercial portfolios are hard to build with true diversification • Big projects can be evaluated individually • Smaller projects are costly to evaluate • Without software, a truly diversified (non-PACE) commercial portfolio is cost prohibitive to build No track record and no credit-rating standardization • Commercial needs to play catchup on residential volume and track record • Lack of standardization of credit rating leads to uncertainty for investors and financing platforms
  • 8. Commercial securitizations will drive a massive $ increase #008 © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 | SOURCES: U.S. ENERGY INFORMATION ADMINISTRATION, SEIA, MERCURY & GTM Velocity of capital increase means significantly more new-build capital An expansion of credit ‘buckets’ is much needed in commercial solar • As commercial securitization are proven out, the time a portfolio needs to ‘season’ decreases • Moving from ~2 years of seasoning currently to ~6 months (resi) will increase new-build capital 4x • Commercial financings today are frequently limited to investment-grade credit, which constitutes only ~10% of U.S. entities • Expansion past ‘A grade’ to top 50% will result in a 5x increase
  • 9. What we’re doing about it #009 Wunder Capital 5 ‣ Launched 10/05/2017 ‣ 7.5% target annual return ‣ 20-Year Amortization Schedule Invest in solar projects that power U.S. businesses, non-profits, municipalities, and community solar developments. ‣ $20M+ Raised to Date ‣ 5-Year Investment Term Primarily Interest (+ Some Principal) A Bullet Payment (Outstanding Principal) MONTHLY PAYMENTS AT MATURITY © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
  • 10. Questions? Invest@WunderCapital.com © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11
  • 11. © WUNDER 2018 | 7/23/2018 | SEE DISCLAIMER: SLIDE 11 The Wunder Term Fund, the Wunder Income Fund, Wunder Capital 5, and the Wunder Bridge Fund (together, the “Funds”) are administered by The Wunder Company (“Wunder”). Please contact Wunder for more information. Wunder is headquartered in Boulder, Colorado. This presentation is not a solicitation, nor a solicitation of an offer to purchase, any securities. All sales of securities are made through the investment portal pursuant to approved documentation, including a subscription agreement and private placement memorandum (together, the “Investment Package”). Neither the Securities and Exchange Commission nor any state securities authority or other regulatory authority has approved or disapproved the securities offered by the Funds, nor passed upon the adequacy of the Investment Package. Any assertion to the contrary is a criminal offense. Neither the Funds nor Wunder are registered investment advisors or registered broker-dealers. No adviser-client or broker-client relationship shall exist because of any purchase of securities from the Funds. All third-party data in this report is derived from sources that Wunder deems to be reliable, but has not been independently verified. Wunder is not responsible for mistakes or misstatements in such data. Wunder is not responsible for any typographical errors. Investments can and do lose money. Results are not guaranteed. Trends observed in this report may not continue in the future. Read the Investment Package carefully before investing. Wunder does not provide, and no information provided by it shall constitute, legal advice, tax advice, or accounting advice. You should consult your legal, tax and accounting officer prior to making an investment or sending any money to Wunder or the Funds. Any income you receive from the Funds may be taxable. Wunder intends to fully comply with all applicable laws regarding the reporting of any income from the Funds to tax authorities. Wunder rigorously protects its intellectual property. Unless expressly set forth in writing, no license is granted, express or implied, to use the trademarks, service marks or copyrights of Wunder or its affiliates without the prior written consent of Wunder. No materials regarding the Investment Package may be copied, distributed, or shared with any third party without the prior written consent of Wunder. Legal & Disclaimer #011