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Renewable Energy Derivative : ウィキペディア英語版 | Renewable Energy Derivative
A renewable energy derivative is based on a new method of securitization, which is a structured finance process that pools and repackages cash-flow-producing financial assets into securities which are then sold to investors. The term "securitization" is derived from the fact that securities are used to obtain funds from investors.〔(What Are Tradable Renewable Certificates? ), Green Power, American Wind Energy Association.〕 ==Summary== Cash-flow-producing financial assets were traditionally mortgages, credit cards, and then student loans. More recently the assets have become more exotic, like annual airline flight tax, intellectual property such as Bowie Bonds, and life insurance premiums for captive orcas. In essence any asset's cash flow can be securitized if the historical, realized cash flow demonstrates a statistical predictability. This process was first applied to renewable energy by Joseph Brant Arseneau and his team at IBM. A renewable energy derivative is just that: a cash flow that has been proven historically and demonstrates a statistical predictability. The predictability of the cash flow is achieved by consulting with professionals to ensure that the primary asset, in this case a private home, is equipped with the optimal types of renewable energy sources for its immediate environment. These energy sources are chosen with respect to the location of the home, the weather, and supporting data, including historical wind patterns, heat changes, and earth core temperatures. If the assets produce more power than is required by the home, the excess power is sold to a Special Purpose Vehicle (SPV), which pools all of the surrounding assets, conducts credit enhancements, and may buy weather derivatives to offset some local weather risk. The accumulation of these cash forms are considered to be the earnings of the SPV. The SPV is a company that owns the cash flow and is capitalized in a structure that provides several different types (tranches) of debt and a few layers of equity. These capital structures are then sold to the capital markets as securities.
抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)』 ■ウィキペディアで「Renewable Energy Derivative」の詳細全文を読む
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