KBRA Assigns Preliminary Ratings to Luminace ABS-2024 Issuer, LLC
10 Oct 2024 | New York
KBRA assigns preliminary ratings to Luminace ABS-2024 Issuer, LLC (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 and community solar PV systems, the majority of which are owned by two 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, Dorado 2022, LLC and Arcturus 2023, LLC, own 42 project companies which own PV systems related to 112 different projects. Four projects are owned between two project companies that are indirectly wholly-owned by Luminace, and, at closing, the Issuer will own the managing member that owns 100% of the interests in each wholly-owned project company.
Luminace Holdings LLC (Luminace or the Company) was founded in 2021 as a subsidiary of Brookfield Renewable Partners L.P. (Brookfield). As of June 30, 2024, Luminace has over 146 employees and together with Brookfield affiliates,represents the North American decarbonization platform of Brookfield with over 1.3 gigawatts of installed capacity in 28 states, Puerto Rico, and Ontario. The Company’s services include on-site C&I solar, community solar, energy storage solutions and energy services provided to approximately 400 C&I customers and municipalities, universities, schools, and hospitals.
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