RUN Sunrun Inc.

Sunrun Prices $629 million Senior Securitization of Residential Solar & Battery Systems

Sunrun Prices $629 million Senior Securitization of Residential Solar & Battery Systems

SAN FRANCISCO, Jan. 28, 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 thirteenth securitization since 2015 and first issuance in 2025.

“Sunrun’s first securitization transaction of 2025, the second largest in the industry’s history, demonstrates our continued strong execution in the capital markets. Our ability to consistently access deep pools of competitively priced capital to fuel growth is supported by the quality of our assets and our proven track record as an originator and servicer,” said Danny Abajian, Sunrun’s Chief Financial Officer.

The transaction was structured with three separate classes of A rated notes (the “Class A-1”, “Class A-2A”, and Class “A-2B” respectively and together the “Class A”) and a single class of BB rated notes (the “Class B”), which were retained. The $102.0 million Class A-1 notes and the $276.5 million Class A-2A notes were both marketed in a public asset backed securitization whereas the $250.0 million Class A-2B notes were privately placed. The Class A-1 and Class A-2A notes were oversubscribed and carry coupons of 5.99% and 6.41%, respectively. The Class A-1 notes priced at a spread of 170 bps and a 6.035% yield. The Class A-2A notes priced at a spread of 200 bps and a 6.465% yield. The Class A-1 and Class A-2A have a weighted average spread of 192 bps which represents an improvement of 42 bps from Sunrun’s 2024-3 asset backed securitization in September 2024. The initial balance of the Class A notes represents a 65.3% advance rate on the Securitization Share of ADSAB (present value using a 6% discount rate). The expected weighted average life is 4.58 years for the Class A-1 notes and 7.12 years for the Class A-2A notes. Both classes of notes have an Anticipated Repayment Date of April 30, 2032, and a final maturity date of April 30, 2060.

Similar to prior transactions, Sunrun anticipates raising additional subordinated subsidiary-level non-recourse financing secured, in part, by the distributions from the retained Class B notes, which is expected to increase the cumulative advance rate obtained by Sunrun.

The notes are backed by a diversified portfolio of 39,458 systems distributed across 20 states, Washington D.C. and Puerto Rico and 83 utility service territories. The weighted average customer FICO score is 738. The transaction is expected to close by February 5, 2025.

ATLAS SP Partners (“ATLAS SP”) was the sole structuring agent and served as joint bookrunner along with BofA Securities, Morgan Stanley, MUFG and TD Securities. First Citizens Capital Securities and ING served as co-managers for the securitization.

"ATLAS SP was pleased to work with Sunrun again as the sole structuring agent on this securitization transaction,” said Spencer Hunsberger, Head of Energy Origination at ATLAS SP. “Through our deep partnership with Sunrun, we have demonstrated ATLAS’ unique capabilities to structure, place and commit to large transactions in an accelerated and efficient process for the capital markets. We look forward to continuing to support Sunrun as the solar industry continues to become more mainstream for securitized products.”

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 .

About ATLAS SP Partners

ATLAS SP is a global investment firm providing stable capital, financing, advisory and institutional products to market participants seeking innovative and bespoke structured credit and asset backed solutions. We’re proud to build upon a legacy of client excellence that includes certainty of execution, deep expertise and full-service capabilities across the asset management landscape. For more information, visit .

Investor & Analyst Contact:

Patrick Jobin

SVP, Deputy CFO & Investor Relations Officer

Media Contact:

Wyatt Semanek

Director, Corporate Communications

ATLAS Contact:

(212) 355-4449



EN
28/01/2025

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Sunrun Inc.

 PRESS RELEASE

Sunrun Prices $629 million Senior Securitization of Residential Solar ...

Sunrun Prices $629 million Senior Securitization of Residential Solar & Battery Systems SAN FRANCISCO, Jan. 28, 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 thirteenth securitization since 2015 and first issuance in 2025. “Sunrun’s first securitization transaction of 2025, the second largest in the industry’s history, demonstrates our continued strong execution in the capital markets. Our ability ...

 PRESS RELEASE

Sunrun Announces Date for Fourth Quarter and Full-year 2024 Earnings R...

Sunrun Announces Date for Fourth Quarter and Full-year 2024 Earnings Report Earnings Release and Conference Call Scheduled for February 27, 2025 SAN FRANCISCO, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN) today announced that it will issue its fourth quarter and full-year 2024 earnings report after the market closes on Thursday, February 27, 2025. A conference call has been scheduled to discuss these earnings results at 1:30 p.m. Pacific Time. The conference call can be accessed live via the Sunrun Investor Relations website at or over the phone by dialing (877) 407-5989 (to...

Sunrun Inc: 1 director

A director at Sunrun Inc sold 50,000 shares at 9.587USD and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

 PRESS RELEASE

Sunrun CEO Mary Powell Named to the 2024 TIME100 Climate List of Most ...

Sunrun CEO Mary Powell Named to the 2024 TIME100 Climate List of Most Influential Leaders In Climate TIME recognizes Sunrun CEO for impactful climate leadership, advancing residential clean energy adoption to reduce fossil fuel usage and strengthen the nation’s energy grid SAN FRANCISCO, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced that CEO Mary Powell has been named to the TIME100 Climate list for 2024. The annual list recognizes the world’s most influential leaders driving business clim...

 PRESS RELEASE

Sunrun Reports Third Quarter 2024 Financial Results

Sunrun Reports Third Quarter 2024 Financial Results Storage Capacity Installed of 336 Megawatt hours in Q3, exceeding high-end of guidance range and representing 92% year-over-year growth, as storage attachment rates reach 60% Solar Energy Capacity Installed of 230 Megawatts in Q3, at the high-end of prior guidance range, reaching 7.3 Gigawatts of Networked Solar Energy Capacity Cash Generation of $2.5 million in Q3, second consecutive quarter of positive Cash Generation Reiterating Cash Generation guidance of $350 million to $600 million in 2025 Net Earning Assets increases to $6.2 bil...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch