KBRA Assigns Preliminary Ratings to EverBright Solar Trust 2024-A
13 Mar 2024 | New York
KBRA assigns preliminary ratings to two classes of notes totaling $288.49 million issued by EverBright Solar Trust 2024-A (“EVBRT 2024-A”), an asset-backed securitization collateralized by a pool of residential solar retail installment contracts originated by EverBright, LLC ("EverBright" or the "Company").
Headquartered in Juno Beach, FL, EverBright was founded and organized as a limited liability company in Delaware in 2021 and fully launched its receivables origination program in early 2022. The Company is a subsidiary of NextEra Energy, Inc, which has been an energy producer since 1925 and is publicly listed on the New York Stock Exchange (NYSE: NEE) with a market cap of over $115 billion and total assets of $177 billion as of December 31, 2023.
EVBRT 2024-A 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, equipment or services related to installation. Currently, EverBright offers solar receivables with balances of $10,000 - $150,000, original terms of 10 - 25 years and interest rates of 3.99% - 10.99%.
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 EverBright’s portfolio pool data, underlying collateral pool and proposed capital structure under stressed cash flow assumptions. KBRA considered its operational review of EverBright, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.
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