First Solar Bonds Financing $4.6 Billion U.S. Panel Boom

Bloomberg News

Underwriters from Bank of America Corp. (BAC) to Credit Suisse AG and Citigroup Inc. (C) for the first time are close to converting sunlight into cash to pay bond investors.

Similar to asset-backed securities that finance everything from car purchases to college tuition, solar bonds will help fund rooftop power projects that Bloomberg New Energy Finance estimates will need to raise about $4.6 billion next year. Investors will be paid from monthly payments from people with photovoltaic panels atop their homes and businesses.