As Global ABS returns to Barcelona, with sunshine more or less guaranteed, solar securitisation feels like a fitting topic for the week. They are familiar enough to be taken seriously, but still niche enough to prompt the same question: why have they not yet scaled in the way many once expected?

In the US, solar ABS have benefitted from repetition, data and a growing consensus around where the real risks sit. In Europe, the conversation is different, shaped by fragmentation, jurisdictional nuance and the harder work of standardisation. Structurally, the markets are beginning to converge. In practice, they still move at very different speeds.

The longer piece “Here comes the sun” explores what that divergence tells us about where solar securitisations sit today, and what might finally help them move from conference conversation to repeatable funding tool.