KBRA Assigns Ratings to Sunrun Artemis Issuer 2024-2, LLC
11 Jun 2024 | New York
KBRA assigns ratings to three classes of notes issued by Sunrun Artemis Issuer 2024-2, LLC. The transaction is collateralized by a diversified pool of 48,628 leases and Power Purchase Agreements (PPAs) associated with residential solar photovoltaic installations (PV Systems), some of which have energy storage equipment. The total aggregate discounted solar asset balance (ADSAB) based on a discount rate of 7.25% (PV7.25 ADSAB), consisting of the discounted payments of the leases and PPAs is approximately $1.145 billion. The securitization share of the ADSAB is approximately $1.073 billion.
The three largest geographic concentrations include California, Puerto Rico, and Massachusetts, which together represent approximately 58.5% of the number of PV Systems and approximately 66.0% of the ADSAB. The portfolio consists of approximately 75.8% PPA agreements and 24.2% lease agreements by ADSAB of customer contracts with monthly payments and approximately 66.8% PPA agreements and 33.2% lease agreements with monthly payments by count. Approximately 4.1% of the contracts by count are fully prepaid. The weighted average original and remaining tenor of the PPAs and leases is 299 months, and 292 months, respectively. The weighted average FICO of the underlying customers of the PV Systems is 741.
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