NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes issued by Sunrun Jupiter Issuer 2022-1. The transaction is collateralized by a diversified pool of 42,307 leases and 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 5.0% (PV5 ADSAB), consisting of the discounted payments of the leases and power purchase agreements (“PPA”) is approximately $912.6 million. The securitization share of the ADSAB is approximately $809.7 million.
The three largest geographic concentrations by ADSAB include California, Puerto Rico, and New Jersey, which together represent approximately 56.9% of the number of PV Systems and approximately 63.4% of the ADSAB. The portfolio consists of approximately 69.3% PPA agreements and 31.3% lease agreements by ADSAB of customer contracts and approximately 63.6% PPA agreements and 32.0% lease agreements by number. The weighted average original tenor of the power purchase agreements and leases is 298 months. The weighted average FICO of the underlying customers of the PV Systems is 738.
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