KBRA Assigns Rating to Sabal Issuer 2025-1, LLC
23 Apr 2025 | New York
KBRA assigns a rating to one class of notes issued by Sabal Issuer 2025-1, LLC. The transaction is collateralized by a diversified pool of 14,970 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 7.5%, consisting of the discounted payments of the leases and PPAs is approximately $385.1 million. The securitization share of the ADSAB is approximately $342.2 million.
The three largest geographic concentrations include California, Florida and Arizona, which together represent approximately 61.0% of the number of PV Systems and approximately 64.2% of the ADSAB. The portfolio consists of approximately 57.6% PPA agreements and 42.4% lease agreements by ADSAB of customer contracts with monthly payments and approximately 55.1% PPA agreements and 44.9% lease agreements with monthly payments by count. The weighted average original and remaining tenor of the PPAs and leases are 300 months, and 296 months, respectively. The weighted average FICO of the underlying customers of the PV Systems is 755.
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