KBRA Assigns Preliminary Ratings to Sunrun Neptune Issuer 2024-1, LLC
4 Apr 2024 | New York
KBRA assigns a preliminary rating to one class of notes issued by Sunrun Neptune Issuer 2024-1, LLC. The transaction is collateralized by a diversified pool of 27,094 leases and Power Purchase Agreements (PPAs) associated with residential solar photovoltaic installations (PV Systems), and the associated SRECs, if applicable. The total aggregate discounted solar asset balance (ADSAB) based on a discount rate of 7.5% (PV7.5 ADSAB), consisting of the discounted payments of the leases and PPAs is approximately $277.7 million. The securitization share of the ADSAB is approximately $271.1 million.
The three largest geographic concentrations include California, Arizona, and New Jersey, which together represent approximately 58.3% of the number of PV Systems and approximately 57.7% of the ADSAB. The portfolio consists of approximately 57.3% PPA agreements and 38.5% lease agreements by ADSAB of customer contracts with monthly payments and approximately 48.0% PPA agreements and 52.0% lease agreements with monthly payments by count. Approximately 16.1% of the contracts by count are fully prepaid. The weighted average original and remaining tenor of the PPAs and leases is 240 months, and 159 months, respectively. The weighted average FICO of the underlying customers of the PV Systems is 739.
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