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“We are pleased to continue to expand the set of investors in residential solar assets to enable
The securitization was rated A- with a principal amount of
The notes are backed by a diverse portfolio of 14,377 solar rooftop systems distributed across 48 utility service territories. The notes initial balance represents an 80.3% advance rate relative to the aggregate discounted solar asset balance. The notes were priced at a 4.00% yield. The interest rate reflects a spread of 200 basis points over the benchmark swap rate at the time. The advance rate is nearly 10 percentage points higher than the senior tranche in Sunrun’s prior securitization and represents the highest advance rate for any similarly rated tranche in a solar lease and PPA transaction to date, while the yield of 4.00% is the lowest yield for any solar lease and PPA transaction to date. The transaction is expected to close by
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.
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Source: Sunrun Inc.