KBRA Assigns Preliminary Ratings to EnFin Residential Solar Receivables Trust 2024-2
3 Oct 2024 | New York
KBRA assigns preliminary ratings to three classes of notes totaling $324.54 million issued by EnFin Residential Solar Receivables Trust 2024-2 (“EnFin 2024-2” or the “Issuer”), an ABS transaction secured by residential solar loans. Headquartered in Irvine, CA, EnFin was formed in 2021 and began originating residential solar loans in October 2022. The Company is a wholly owned subsidiary of Hanwha Qcells (“Qcells”), a leading solar panel manufacturer in the U.S. residential and commercial markets. Qcells is a wholly owned subsidiary of the publicly traded Korean conglomerate, Hanwha Group. Hanwha Group is a Global Fortune 500 Company with approximately $66 billion of annual revenue and total assets approaching $200 billion. EnFin 2024-2 is collateralized by a pool of solar receivables that are made to mostly prime quality customers to finance residential solar power generation and/or storage systems, including solar panels and any additional products or equipment related to installation.
KBRA applied its General Global Rating Methodology for Asset-Backed Securities as well as its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In applying the methodologies, KBRA analyzed EnFin’s portfolio pool data, underlying collateral pool and proposed capital structure under stressed cash flow assumptions. KBRA considered its operational review of EnFin, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.
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