KBRA Assigns Ratings to Sunrun Bacchus Issuer 2025-1, LLC
5 Feb 2025 | New York
KBRA assigns ratings to four classes of notes issued by Sunrun Bacchus Issuer 2025-1, LLC. The transaction is collateralized by a diversified pool of 39,458 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 $938.7 million. The securitization share of the ADSAB is approximately $827.5 million.
The three largest geographic concentrations include California, Puerto Rico, and Massachusetts, which together represent approximately 68.9% of the number of PV Systems and approximately 74.0% of the ADSAB. The portfolio consists of approximately 82.7% PPA agreements and 18.1% lease agreements by ADSAB of customer contracts with monthly payments and approximately 72.8% PPA agreements and 24.4% lease agreements with monthly payments by count. Approximately 2.8% of the contracts by count are fully prepaid. The weighted average original and remaining tenor of the PPAs and leases are 295 months, and 278 months, respectively. The weighted average FICO of the underlying customers of the PV Systems is 738.
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