KBRA Assigns Preliminary Ratings to Golden Ray S.A., Compartment 1
23 Oct 2024 | Dublin
KBRA Europe (KBRA) assigns preliminary ratings to six classes of notes issued by Golden Ray S.A., acting with respect to its Compartment 1, a €240.0 million German residential solar instalment purchase ABS transaction. Credit enhancement consists of subordination, excess spread and a reserve account. Additionally, the Class A1 notes will benefit from a payment guarantee from the European Investment Fund in relation to timely payment of interest and ultimate payment of principal.
The solar instalment purchases (Receivables) have been originated by Enpal B.V. (the Company) and represent deferred payment plans where the solar system and installation is initially financed by the Company with the total purchase price paid by the customer in future monthly instalments over an agreed term which includes a defined fixed interest rate. Solar systems can include photovoltaic panels, solar inverter, a rechargeable battery system and an electric vehicle charger.
As at 11 October 2024 (Cut-Off Date), the portfolio consists of 8,469 Receivables to private homeowners in Germany with a total outstanding balance of €240.0 million. The original term for all Receivables stood at 300 months with a weighted average remaining term of 295 months. The average outstanding Receivable balance is €28,339 with a maximum outstanding Receivable balance of €44,078 and a weighted average interest rate of 5.97%.
Founded in 2017 and headquartered in Berlin, Enpal provides homeowners in Germany with renewable energy systems together with a finance offering covering the upfront cost of installation. Enpal is currently the largest provider of rooftop photovoltaic systems in Germany with over 80,000 systems installed to date and a workforce of nearly 5,000 employees.
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