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Sunrun (NASDAQ: RUN), a major player in the clean energy subscription space, has successfully priced its fourteenth securitization of leases and power purchase agreements since 2015. The deal involves $431 million in notes, with $331 million Class A-1 Notes hitting the public market and $100 million Class A-2 Notes placed privately.
The Class A Notes offer a 6.15% coupon, reflecting a 68% advance rate. This securitization package is underpinned by 63,318 systems spread across 12 states and Washington D.C., boasting a customer base with a weighted average FICO score of 757. Expect the transaction to wrap up around July 30, 2025.
Sunrun (NASDAQ: RUN), il principale fornitore di servizi in abbonamento per energia pulita, ha completato con successo la sua quattordicesima cartolarizzazione di contratti di locazione e accordi di acquisto di energia dal 2015. L’operazione comprende 431 milioni di dollari in titoli, con 331 milioni di dollari di Note Classe A-1 offerte pubblicamente e 100 milioni di dollari di Note Classe A-2 collocate privatamente.
Le Note Classe A hanno un coupon del 6,15% e rappresentano un tasso di anticipo del 68%. La cartolarizzazione è garantita da 63.318 impianti distribuiti in 12 stati e a Washington D.C., con clienti che presentano un punteggio FICO medio ponderato di 757. La transazione è prevista in chiusura entro il 30 luglio 2025.
Sunrun (NASDAQ: RUN), el principal proveedor de servicios de suscripción de energía limpia, ha logrado colocar con éxito su decimocuarta titulización de arrendamientos y acuerdos de compra de energía desde 2015. La operación incluye 431 millones de dólares en bonos, con 331 millones de dólares en Notas Clase A-1 comercializadas públicamente y 100 millones de dólares en Notas Clase A-2 colocadas de forma privada.
Las Notas Clase A tienen un cupón del 6,15% y representan una tasa de adelanto del 68%. La titulización está respaldada por 63,318 sistemas en 12 estados y Washington D.C., con clientes que tienen un puntaje FICO promedio ponderado de 757. Se espera que la transacción cierre antes del 30 de julio de 2025.
Sunrun (NASDAQ: RUN)은(는) 청정 에너지 구독 서비스 분야의 선두 업체로서, 2015년 이후 열네 번째 리스 및 전력 구매 계약 담보 증권 발행을 성공적으로 완료했습니다. 이번 거래에는 4억 3,100만 달러의 채권이 포함되며, 3억 3,100만 달러 규모의 A-1 등급 채권은 공개 시장에서, 1억 달러 규모의 A-2 등급 채권은 사모로 발행되었습니다.
A 등급 채권은 6.15% 쿠폰 금리를 가지며, 68% 선불 비율을 나타냅니다. 이 담보 증권은 12개 주와 워싱턴 D.C.에 걸쳐 63,318개 시스템에 의해 뒷받침되며, 고객들의 가중 평균 FICO 점수는 757입니다. 거래는 2025년 7월 30일까지 마감될 예정입니다.
Sunrun (NASDAQ : RUN), le principal fournisseur de services d’abonnement en énergie propre, a réussi à fixer le prix de sa quatorzième titrisation de contrats de location et d’accords d’achat d’électricité depuis 2015. La transaction comprend 431 millions de dollars en titres, avec 331 millions de dollars de billets de classe A-1 commercialisés publiquement et 100 millions de dollars de billets de classe A-2 placés en privé.
Les billets de classe A offrent un coupon de 6,15% et représentent un taux d’avance de 68%. La titrisation est garantie par 63 318 systèmes répartis dans 12 États et à Washington D.C., avec des clients ayant un score FICO moyen pondéré de 757. La clôture de la transaction est prévue d’ici le 30 juillet 2025.
Sunrun (NASDAQ: RUN), der führende Anbieter von Abonnementdiensten für saubere Energie, hat erfolgreich seine vierzehnte Verbriefung von Leasing- und Stromkaufverträgen seit 2015 bepreist. Die Transaktion umfasst 431 Millionen US-Dollar an Schuldverschreibungen, wobei 331 Millionen US-Dollar der Klasse A-1 Notes öffentlich vermarktet und 100 Millionen US-Dollar der Klasse A-2 Notes privat platziert wurden.
Die Klasse A Notes tragen einen Kupon von 6,15% und stellen eine Vorschussrate von 68% dar. Die Verbriefung wird durch 63.318 Systeme in 12 Bundesstaaten und Washington D.C. besichert, wobei die Kunden einen gewichteten durchschnittlichen FICO-Score von 757 aufweisen. Der Abschluss der Transaktion wird bis zum 30. Juli 2025 erwartet.
Positive
Oversubscribed Class A-1 Notes indicating strong investor demand
Maintained consistent coupon rate with previous March securitization
Strong credit performance with all previous securitizations being affirmed or upgraded
High-quality customer base with 757 average FICO score
Diversified portfolio across 12 states and 40 utility territories
Negative
Relatively high 6.15% coupon rate reflecting current interest rate environment
Sunrun’s $431M securitization demonstrates continued market confidence in solar assets despite high interest rate environment.
Sunrun’s latest $431 million securitization represents a significant financial achievement in the current interest rate climate. The transaction’s structure includes $331 million in publicly marketed Class A-1 Notes and $100 million in privately placed Class A-2 Notes, both A-rated and carrying a 6.15% coupon. The Class A-1 Notes were oversubscribed and priced at a 6.374% yield with a 240 basis point spread.
The maintenance of pricing comparable to their March securitization is particularly noteworthy, suggesting steady investor confidence in Sunrun’s asset quality. The 68% advance rate (calculated using a 6% discount rate) indicates strong valuation of the underlying solar assets. With a weighted average life of 5.08 years, these notes provide Sunrun with long-term, predictable financing.
The portfolio backing these notes consists of 63,318 systems across 12 states and Washington D.C., with high-quality counterparties evidenced by the weighted average customer FICO score of 757. This diversification across 40 utility service territories reduces geographic and regulatory concentration risks.
This marks Sunrun’s fourteenth securitization since 2015 and third in 2025 alone, demonstrating the company’s continued ability to monetize its installed base of solar systems. The fact that credit ratings for all previous Sunrun securitizations have been affirmed or upgraded signals strong historical performance of these financial instruments and reinforces market confidence in the company’s servicer capabilities.
07/18/2025 – 07:41 PM
SAN FRANCISCO, July 18, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced it has priced a securitization of leases and power purchase agreements. The securitization is Sunrun’s fourteenth public securitization since 2015 and third issuance in 2025.
“Sunrun’s third securitization transaction of 2025 represents a refinancing of a seasoned pool of residential solar assets. We are proud of the strong execution achieved and thank our financing partners for continuing to recognize the high quality of our assets and excellence as a servicer,” said Danny Abajian, Sunrun’s Chief Financial Officer. “The strong performance of our numerous securitizations backed by these assets continues to be notable. The credit ratings for all Sunrun securitizations have been affirmed or upgraded since their issuance, as the performance of these transactions have remained in line with expectations.”
The transaction was structured with two separate classes of A- rated notes (the “Class A-1 Notes” and “Class A-2 Notes” respectively and together the “Class A Notes”) and a single class of BB- rated notes (the “Class B Notes”), which were retained. The $331 million Class A-1 Notes were marketed in a public asset backed securitization and the $100 million Class A-2 Notes were privately placed. The Class A Notes carry a coupon of 6.15%. The Class A-1 Notes were oversubscribed and priced at a spread of 240 bps and a 6.374% yield. The Class A Notes coupon is approximately equal to the coupon achieved in the company’s prior securitization in March. The initial balance of the Class A Notes represents a 68% advance rate on the ADSAB (present value using a 6% discount rate). The Class A Notes have an expected weighted average life of 5.08 years, Optional Redemption Date of January 30, 2034, and a final maturity date of January 30, 2054.
The Class B Notes will be pledged to an existing subordinated non-recourse financing.
The notes are backed by a diversified portfolio of 63,318 systems distributed across 12 states and Washington D.C and 40 utility service territories. The weighted average customer FICO score is 757. The transaction is expected to close by July 30, 2025.
Bank of America was the sole structuring agent and served as joint bookrunner along with Citigroup, Keybanc and Truist.
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.
About Sunrun
Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.
FAQ
What is the size of Sunrun’s (RUN) latest securitization in July 2025?
Sunrun’s latest securitization totals $431 million, consisting of $331 million in public Class A-1 Notes and $100 million in privately placed Class A-2 Notes.
What is the interest rate on Sunrun’s July 2025 securitization?
The Class A Notes carry a 6.15% coupon, with Class A-1 Notes priced at a spread of 240 bps and a 6.374% yield.
How many solar systems back Sunrun’s July 2025 securitization?
The securitization is backed by a portfolio of 63,318 systems distributed across 12 states and Washington D.C., with customers having an average FICO score of 757.
When will Sunrun’s July 2025 securitization close?
The transaction is expected to close by July 30, 2025.
How many securitizations has Sunrun completed since 2015?
This is Sunrun’s fourteenth public securitization since 2015 and their third issuance in 2025.
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