Sunrun Prices Record-Setting $715 million Senior Securitization of Residential Solar & Battery Systems
- The securitization sets new records and represents the largest in Sunrun's history and the residential solar industry.
- Strong investor demand resulted in the upsizing of Class A-1 notes by $100mm to $440mm.
- The spread of 240bps represents an improvement of 25bps from Sunrun's previous asset backed securitization in May 2023.
- None.
SAN FRANCISCO, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced it has priced a securitization of leases and power purchase agreements, known as Sunrun’s solar-as-a-service offering.
“The capital markets continue to recognize the high quality of Sunrun’s residential solar assets, and the company’s industry-leading performance as an originator and servicer. This latest securitization sets new records, representing the largest securitization in Sunrun’s history and also the largest across the entire residential solar industry. Combined with a senior portfolio term-out financing closed in July, the Class A Notes represent over
The transaction was structured with two pari passu tranches of A- rated notes (the “Class A-1” and “Class A-2”, respectively and together the “Class A”) and a single class of BB+ (“Class B”) rated notes. The
The notes are backed by a diversified portfolio of 57,731 solar rooftop systems distributed across 21 states, and Washington D.C. and Puerto Rico and 85 utility service territories. The weighted average customer FICO score is 741. The transaction is expected to close by September 26, 2023.
Deutsche Bank Securities was the sole structuring agent and served as joint bookrunner along with Atlas SP Securities, BofA Securities, and MUFG Securities Americas. Citigroup Global Markets, Credit Agricole Securities, ING Financial Markets, J.P. Morgan Securities, SG Americas Securities, TD Securities, and Truist Securities served as co-managers for the securitization.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Investor & Analyst Contact:
Patrick Jobin
Senior Vice President, Finance & IR
investors@sunrun.com
Media Contact:
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com
About Sunrun
Sunrun Inc. (Nasdaq: RUN) is the nation’s leading home solar, storage, and energy services company. Founded in 2007, Sunrun pioneered home solar service plans to make local clean energy more accessible to everyone for little to no upfront cost. Sunrun’s innovative home storage solution brings families affordable, resilient, and reliable energy. The company can also manage and share stored solar energy to provide benefits to households, utilities, and the electric grid while reducing our reliance on polluting energy sources. For more information, please visit www.sunrun.com.