KBRA Assigns Preliminary Ratings to SSI ABS-2025-1 Issuer, LLC
11 Jun 2025 | New York
KBRA assigns preliminary ratings to SSI ABS-2025-1 Issuer, LLC (SSI 2025-1 or the Issuer), a commercial and industrial (C&I) solar ABS transaction. The transaction is secured by forward project revenues from a portfolio of C&I, utility scale, and community solar PV systems, a portion of which are owned by four tax equity partnerships, each of which is a partnership between a managing member and a tax equity investor. At closing, the Issuer will have a managing member interest for each tax equity partnership. Together, the tax equity partnerships, SSI-Nelnet 2022-A Holdco, LLC (Nelnet 2022-A), SSI-Nelnet 2022-B Holdco, LLC (Nelnet 2022-B), SSI-Nelnet 2023 Holdco, LLC (Nelnet 2023), and VA Projects Lease, LLC (VA Projects) own 24 project companies which own PV systems related to 32 different projects. The remaining 68 projects are owned between 24 project companies that are indirectly wholly-owned by Standard Solar, and, at closing, the Issuer will own the managing member that owns 100% of the interests in each wholly-owned project company.
Standard Solar, Inc. (Standard Solar or the Company) was founded in 2004 and was acquired by affiliates of Brookfield Renewable Partners L.P. (Brookfield) in 2022. As of March 31, 2025, Standard Solar has over 140 employees and has deployed over 572 megawatts of installed capacity in 22 states and Washington D.C. The Company’s services include on-site C&I solar, community solar, energy storage solutions and energy services provided to over 350 C&I customers and municipalities, universities, schools, and hospitals.
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