KBRA Assigns Preliminary Ratings to Sunrun Pangea Issuer 2025-2, LLC
14 Jul 2025 | New York
KBRA assigns preliminary ratings to three classes of notes issued by Sunrun Pangea Issuer 2025-2, LLC. The transaction is collateralized by a diversified pool of 63,318 leases and power purchase agreements (PPAs) associated with residential solar photovoltaic installations (PV Systems). The total Aggregate Discounted Solar Asset Balance (ADSAB) based on a discount rate of 7.3%, consisting of the discounted payments of the leases and PPAs is approximately $597.1million.
The three largest geographic concentrations include California, New York and Maryland, which together represent approximately 65.3% of the number of PV Systems and approximately 66.5% of the ADSAB. The portfolio consists of approximately 92.9% PPA agreements and 4.7% lease agreements by ADSAB of customer contracts with monthly payments and 2.4% Hedged Solar Renewable Energy Certificates (SREC). The weighted average original and remaining tenor of the PPAs and leases are 240 months, and 122 months, respectively. The weighted average FICO of the underlying customers of the PV Systems is 757.
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