KBRA Assigns Preliminary Ratings to Sunrun Vesta Issuer 2024-3, LLC
12 Sep 2024 | New York
KBRA assigns preliminary ratings to three classes of notes issued by Sunrun Vesta Issuer 2024-3, LLC. The transaction is collateralized by a diversified pool of 21,281 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 7.25%, consisting of the discounted payments of the leases and PPAs is approximately $480.0 million. The securitization share of the ADSAB is approximately $437.1 million.
The three largest geographic concentrations include California, Puerto Rico, and Massachusetts, which together represent approximately 56.0% of the number of PV Systems and approximately 62.1% of the ADSAB. The portfolio consists of approximately 74.3% PPA agreements and 25.7% lease agreements by ADSAB of customer contracts with monthly payments and approximately 69.8% PPA agreements and 30.2% lease agreements with monthly payments by count. Approximately 2.7% of the contracts by count are fully prepaid. The weighted average original and remaining tenor of the PPAs and leases are 295 months, and 277 months, respectively. The weighted average FICO of the underlying customers of the PV Systems is 741.
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