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KPMG LLP

Suite 700

20 Pacifica

Irvine, CA 92618-3391

Independent Accountants’ Report on Applying Agreed-Upon Procedures

Sunrun Inc. (the “Company”)

Credit Suisse Securities (USA) LLC

(together, the “Specified Parties”)

 

Re:

Sunrun Jupiter Issuer 2022-1, LLC – Data File Procedures

On March 4, 2022, we issued an Independent Accountants’ Report on Applying Agreed-Upon Procedures (the “Initial Covered Services Report”) relating to certain information with respect to a portfolio of solar assets which we were informed were intended to be included as collateral in the offering by Sunrun Jupiter Issuer 2022-1, LLC. The Company informed us that they have updated the portfolio of solar assets and as such, the Company requested that a new report be issued. The Independent Accountants’ Report on Applying Agreed-Upon Procedures described herein supersedes the Initial Covered Services Report. Furthermore, the Specified Parties identified in that report have been instructed to no longer use or rely upon the Initial Covered Services Report.

We have performed the procedures described below on the specified attributes in (i) an electronic data file entitled “Jupiter Data Tape—2022.03.15 vFinal—ABS (Juno 2021).xlsb,” provided by the Company on March 15, 2022, and (ii) an electronic data file entitled “Jupiter—FICO Update.xlsx,” provided by the Company on February 23, 2022, both containing information on 42,307 solar assets (the “Solar Assets”) as of January 28, 2022 (together, the “Data File”), which we were informed are intended to be included as collateral in the offering by Sunrun Jupiter Issuer 2022-1, LLC. The Company is responsible for the specified attributes identified by the Company in the Data File.

Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

 

  •  

The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.

 

  •  

The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.

 

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

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  •

The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively, unless otherwise stated.

 

  •

The term “Solar Asset Contracts” means the solar power service agreement, solar facility addendum contract, solar lease agreement, change order documentation, and/or lease agreement disclosure thereto. The Solar Asset Contracts were represented by the Company to be either the original Solar Asset Contracts, a copy of the original Solar Asset Contracts, and/or electronic records contained within the Company’s servicing system. We make no representation regarding the validity or accuracy of these contracts or the execution of the Solar Asset Contracts by the signor.

 

  •

The term “ACH Support” means billing type information associated with each Selected Asset (defined below) provided by the Company on February 9, 2022.

 

  •

The term “PBI Support” means performance-based incentive contracts associated with each Selected Asset provided by the Company on February 9, 2022.

 

  •

The term “System Size Schedule” means electronic data file entitled “Jupiter 2022-1 System Size Exceptions_v1.xlsx,” containing current values of annual production for certain Selected Assets provided by the Company on February 11, 2022.

 

  •

The term “FICO Support” means extracts of the credit report scores associated with each Selected Asset provided by the Company on February 23, 2022.

 

  •

The term “PTO Notification” means the notice provided by the Company identifying the date on which the utility provider confirmed the Selected Asset was granted permission-to-operate (PTO) on the electrical grid.

 

  •

The term “PTO Screenshots” means extracts from Company’s servicing system identifying the date on which a Selected Asset was granted permission-to-operate (PTO) on the electrical grid.

 

  •

The term “PTO Support” means the PTO Notification and PTO Screenshots.

 

  •

The term “Source Documents” means the Solar Asset Contracts, ACH Support, PBI Support, System Size Schedule, FICO Support and PTO Support.

 

  •

The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, methodology, or value, as described in Exhibit A.

 

  •

The term “Provided Information” means the Source Documents and Instructions.

Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. We performed the procedures on the Data File, and the results of those procedures are reflected herein.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

 

A.

We randomly selected a sample of 278 Solar Assets from the Data File (the “Selected Assets”). A listing of the Selected Assets is attached hereto as Exhibit B. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Solar Assets we were instructed to randomly select from the Data File.

 

B.

For each Selected Asset, we compared or recomputed the specified attributes in the Data File listed below to or using the corresponding information included in the Source Documents, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Source Documents or the inability to agree the indicated information from the Data File to the Source Documents, utilizing the Instructions as applicable, constituted an exception. The Source Documents are listed in the order of priority.

 

2

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Attribute    Provided Information
Contract ID    Solar Asset Contracts
Contract Type    Solar Asset Contracts
Contract State    Solar Asset Contracts
Original Term (Months)    Solar Asset Contracts
Base Monthly Payment    Solar Asset Contracts, Instructions
Price per kWh    Solar Asset Contracts, Instructions
Monthly Payment / Price per kWh Escalator (%)    Solar Asset Contracts
Contracted Annual Production    Solar Asset Contracts, Instructions
Contracted Generation Guaranteed (%)    Solar Asset Contracts
System Size (kW)    Solar Asset Contracts, System Size Schedule, Instructions
Electrical Utility    Solar Asset Contracts
Solar Panel Manufacturer    Solar Asset Contracts
Inverter Manufacturer    Solar Asset Contracts
Battery Manufacturer    Solar Asset Contracts
ACH Payment (Y/N)    ACH Support
FICO Score    FICO Support, Instructions
In-Service Date (PTO Date)    PTO Support, Instructions
Performance Based Incentive (PBI) Rate    PBI Support, Instructions
Performance Based Incentive (PBI) Term    PBI Support, Instructions
Total Guaranteed Production (kWh)    Solar Asset Contracts, Instructions
Performance Guarantee (PeGu) Method    Solar Asset Contracts
Remaining Term of Contract (Months)    Instructions

We found such information to be in agreement except as listed in Exhibit C.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and

 

3

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reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Solar Assets, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Solar Assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Solar Assets being securitized, (iii) the compliance of the originator of the Solar Assets with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Solar Assets that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

/s/ KPMG LLP

Irvine, California

March 18, 2022

 

4

Exhibit A

Instructions

 

Number

   

Attribute

   

Instructions

1.    Base Monthly Payment   

For Selected Assets with a Contract Type of “PPA_PREPAID” or “LEASE_PREPAID,” consider the attribute to be in agreement if Data File value is not populated.

 

Do not perform this procedure for Selected Assets with a Contract Type of “PPA_GENERATION.”

2.    Price per kWh   

For Selected Assets with a Contract Type of either “PPA_PREPAID” or “LEASE_PREPAID,” consider the attribute to be in agreement if Data File value is not populated.

 

Do not perform this procedure for Selected Assets with a Contract Type of “LEASE” or “PPA_ BALANCED.”

3.    Contracted Annual Production    Consider the attribute to be in agreement if it is within the range of -1 kWh to +1 kWh of the Source Documents value.
4.    System Size (kW)   

For Selected Assets for which Data File value does not match the Source Documents value, consider the attribute to be in agreement if Contracted Annual Production (EST_YR1_GEN column) is within the range of -2.5% to 15% of Current Annual Production (Current Value column) in the System

Size Schedule.

5.    In-Service Date (PTO Date)   

For Selected Assets for which Data File value is not populated, consider the attribute to be in agreement if the Source Document value is on or after January 28, 2022.

 

Consider the attribute to be in agreement if it is within 15 days of the Data File value.

6.    Performance Based Incentive (PBI) Rate   

For Selected Assets with a Contract State of “NJ” for which PBI exists and which are part of the Transition Renewable Energy Certificates

(TRECs) Program, use New Jersey’s Clean Energy’s website (provided below) to look up the PBI Rate.

https://njcleanenergy.com/renewable-energy/program-updates-and- background-information/solar-transition-frequently-asked-questions

 

For Selected Assets with a Contract State of “CT” for which PBI exists, use Connecticut’s EnergizeCT website (provided below) to look up the PBI Rate.

https://energizect.com/residential-pv-calculations#PBI

 

Do not perform this procedure for Selected Assets with PBI Rate of $0.00.

 

A-1

Exhibit A

Instructions

 

Number

   

Attribute

   

Instructions

7.    Performance Based Incentive (PBI) Term   

For Selected Assets with a Contract State of “NJ” for which PBI exists, use New Jersey’s Clean Energy’s website (provided below) to look up the PBI Term.

https://njcleanenergy.com/renewable-energy/program-updates-and- background-information/solar-transition-frequently-asked-questions

 

For Selected Assets with a Contract State of “CT” for which PBI exists, use Connecticut’s EnergizeCT website (provided below) to look up the PBI Term.

https://energizect.com/residential-pv-calculations#PBI

 

Do not perform this procedure for Selected Assets with PBI Rate of $0.00.

8.    Total Guaranteed Production (kWh)    Consider the attribute to be in agreement if it is within the range of -2% to 15% of the Source Document value.
9.    Remaining Term of Contract (Months)   

Recompute as the difference between Original Term and Seasoning (Months). Recompute Seasoning (Months) as difference between PTO Date and January 28, 2022.

 

Consider the attribute to be in agreement if it is within 1 month of the Data File value.

 

A-2

Exhibit B

The Selected Assets

 

Selected
Asset

Number

   Contract ID     Selected
Asset
Number		   Contract ID     Selected
Asset
Number		    Contract ID  
1     1913525 ***    41     1728123 ***    81      1742442 *** 
2     1905058 ***    42     2066518 ***    82      2101820 *** 
3     1518522 ***    43     1348933 ***    83      1219606 *** 
4     1540816 ***    44     2101721 ***    84      1166664 *** 
5     1601226 ***    45     2039288 ***    85      1833445 *** 
6     1333853 ***    46     1823853 ***    86      1599909 *** 
7     1971502 ***    47     1444440 ***    87      1663966 *** 
8     1293789 ***    48     2110147 ***    88      1613329 *** 
9     1390031 ***    49     1227750 ***    89      1118452 *** 
10     1594935 ***    50     1343076 ***    90      1019914 *** 
11     1016638 ***    51     1978936 ***    91      1717606 *** 
12     1186130 ***    52     1125955 ***    92      1762072 *** 
13     2090740 ***    53     1979378 ***    93      1387061 *** 
14     2020810 ***    54     1610909 ***    94      1487657 *** 
15     1059738 ***    55     1092636 ***    95      2060840 *** 
16     2064436 ***    56     1576660 ***    96      1141594 *** 
17     1764564 ***    57     1520895 ***    97      1700153 *** 
18     1089421 ***    58     1265434 ***    98      1710442 *** 
19     1829154 ***    59     1594093 ***    99      2056754 *** 
20     1817965 ***    60     1756097 ***    100      1755023 *** 
21     1088990 ***    61     1258563 ***    101      1859705 *** 
22     1417989 ***    62     1864873 ***    102      1657020 *** 
23     1892242 ***    63     2131139 ***    103      1927213 *** 
24     1205115 ***    64     1937692 ***    104      1360522 *** 
25     1111872 ***    65     1387005 ***    105      1121245 *** 
26     2096983 ***    66     1765371 ***    106      1970450 *** 
27     1094060 ***    67     1552277 ***    107      1856825 *** 
28     1683200 ***    68     1799615 ***    108      2086762 *** 
29     1935687 ***    69     1947259 ***    109      2072638 *** 
30     1919210 ***    70     1614089 ***    110      1522235 *** 
31     1684406 ***    71     2000335 ***    111      1847254 *** 
32     1714216 ***    72     1152691 ***    112      1115917 *** 
33     2031213 ***    73     1241401 ***    113      2017203 *** 
34     1348361 ***    74     2051573 ***    114      1759888 *** 
35     1107221 ***    75     1040884 ***    115      1105323 *** 
36     1352586 ***    76     1631498 ***    116      1393585 *** 
37     1013518 ***    77     1374414 ***    117      1845331 *** 
38     1128306 ***    78     1019487 ***    118      1414325 *** 
39     1358276 ***    79     2140090 ***    119      1281048 *** 
40     1126847 ***    80     1680316 ***    120      1461958 *** 

 

B-1

Exhibit B

The Selected Assets

 

Selected
Asset

Number

   Contract ID     Selected
Asset
Number		   Contract ID     Selected
Asset
Number		    Contract ID  
121     1346505 ***    161     1274020 ***    201      1379315 *** 
122     1794168 ***    162     1251510 ***    202      1367584 *** 
123     2065799 ***    163     1659454 ***    203      1702193 *** 
124     1251354 ***    164     1987174 ***    204      1710135 *** 
125     1798068 ***    165     1209529 ***    205      1433571 *** 
126     1409625 ***    166     2017672 ***    206      1688153 *** 
127     2049821 ***    167     1349879 ***    207      1297719 *** 
128     2081679 ***    168     1070172 ***    208      1283691 *** 
129     1217864 ***    169     1487635 ***    209      1072187 *** 
130     1357772 ***    170     1766779 ***    210      1680796 *** 
131     1598088 ***    171     1391645 ***    211      1062011 *** 
132     2137673 ***    172     1320312 ***    212      1625255 *** 
133     1593900 ***    173     1554717 ***    213      1979561 *** 
134     1289843 ***    174     1837749 ***    214      2001919 *** 
135     1786917 ***    175     2081808 ***    215      1303893 *** 
136     1349879 ***    176     1050759 ***    216      1010479 *** 
137     1076467 ***    177     1647854 ***    217      1578581 *** 
138     1005317 ***    178     1720400 ***    218      1309773 *** 
139     1929732 ***    179     1178891 ***    219      1411640 *** 
140     1276360 ***    180     1158360 ***    220      1518111 *** 
141     1306719 ***    181     1199754 ***    221      1969337 *** 
142     1533452 ***    182     1508600 ***    222      2039004 *** 
143     1201042 ***    183     1817374 ***    223      1140496 *** 
144     1630576 ***    184     1592659 ***    224      1291565 *** 
145     1212321 ***    185     1763443 ***    225      1092248 *** 
146     1055107 ***    186     1803574 ***    226      1873617 *** 
147     1901447 ***    187     1475158 ***    227      1417464 *** 
148     2015460 ***    188     1429424 ***    228      1895029 *** 
149     1602033 ***    189     1901009 ***    229      2136953 *** 
150     1228632 ***    190     1729280 ***    230      1728789 *** 
151     1083994 ***    191     2055428 ***    231      1432459 *** 
152     1793146 ***    192     1129742 ***    232      2077477 *** 
153     1108630 ***    193     1818333 ***    233      1973801 *** 
154     2111956 ***    194     1908480 ***    234      1909684 *** 
155     1551944 ***    195     2143601 ***    235      1326941 *** 
156     1423365 ***    196     1297728 ***    236      1459053 *** 
157     1945907 ***    197     1278839 ***    237      1242714 *** 
158     1859756 ***    198     1900388 ***    238      1530653 *** 
159     1142918 ***    199     1001140 ***    239      1637967 *** 
160     1661762 ***    200     1793617 ***    240      1511973 *** 

 

B-2

Exhibit B

The Selected Assets

 

Selected
Asset

Number

    Contract ID     Selected
Asset
Number		    Contract ID  
241      1933858 ***    271      1670300 *** 
242      1779027 ***    272      2146320 *** 
243      1403046 ***    273      1583960 *** 
244      1189200 ***    274      1427225 *** 
245      2035675 ***    275      1949677 *** 
246      2067756 ***    276      1525112 *** 
247      1730250 ***    277      2025288 *** 
248      2123632 ***    278      2040241 *** 
249      1217148 ***      
250      1994574 ***      
251      1317691 ***      
252      1506797 ***      
253      1821109 ***      
254      1871167 ***      
255      1809248 ***      
256      1707487 ***      
257      1272686 ***      
258      2028025 ***      
259      1300417 ***      
260      1379450 ***      
261      1000238 ***      
262      1124246 ***      
263      1383568 ***      
264      1393367 ***      
265      1236910 ***      
266      1194697 ***      
267      2063301 ***      
268      2105492 ***      
269      1439105 ***      
270      1820566 ***      

 

B-3

Exhibit C

Exceptions

 

Selected
Asset
Number

    Contract ID   

Attribute/Procedure

   

Per Data File

   

Per Source

Documents

43    1348933***    Solar Panel Manufacturer    REC Solar    Hanwha
91    1717606***    Solar Panel Manufacturer    LG Electronics    Hanwha
130    1357772***    Solar Panel Manufacturer    LONGi    Hanwha
139    1929732***    Solar Panel Manufacturer    LONGi    Hanwha
152    1793146***    Solar Panel Manufacturer    LONGi    Jinko Solar
195    2143601***    Solar Panel Manufacturer    LONGi    Hanwha
198    1900388***    Solar Panel Manufacturer    LONGi    Hanwha
207    1297719***    Solar Panel Manufacturer    LG Electronics    Hanwha
214    2001919***    Solar Panel Manufacturer    LONGi    Canadian Solar
224    1291565***    Solar Panel Manufacturer    LONGi    Hanwha
249    1217148***    Solar Panel Manufacturer    LONGi    Hanwha
259    1300417***    Solar Panel Manufacturer    LONGi    Hanwha
138    1005317***    Inverter Manufacturer    SolarEdge Technologies    Enphase Energy
167    1349879***    Inverter Manufacturer    SolarEdge Technologies    Delta Electronics
235    1326941***    Inverter Manufacturer    Enphase Energy    Delta Electronics

 

C-1