Exhibit 99.1

 

Independent Accountants’ Agreed-Upon Procedures Report

Sunrun Inc. (the “Company”)

BofA Securities, Inc. (the “Structuring Agent”)

(together, the “Specified Parties”)

Re: Sunrun Neptune Issuer 2024-1, LLC – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled “Sunrun Neptune 2024-1 Data Tape (12.07.2023).xlsx,” provided by the Company on December 7, 2023, containing information on 27,094 solar assets (the “Solar Assets”) as of November 30, 2023 (the “Data File”), which we were informed are intended to be included as collateral in the offering by Sunrun Neptune Issuer 2024-1, 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.

 

•

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, PV designer report, PV plan set report, 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 “PTO Notification” means the notice provided by the Company identifying the date on which the utility provider confirmed the Selected Asset (defined below) 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 provided by the Company on December 22, 2023.

 

•

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

 

•

The term “FICO & ACH Support” means an electronic data file entitled “Neptune - FICO and ACH Snowflake Output.xlsx,” containing credit report scores and billing type information associated with each Selected Asset provided by the Company on December 12, 2023.

 

•

The term “PBI Support” means performance-based incentive contracts associated with each applicable Selected Asset provided by the Company on December 8, 2023, and December 18, 2023.

 

•

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

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

 

A.

We randomly selected a sample of 300 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 in the table below to or using the corresponding information included in the Source Documents listed in the Provided Information column below, 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 and Instructions are listed in the order of priority.

 

Attribute		Provided Information
Contract ID		Solar Asset Contracts
State		Solar Asset Contracts
System Size (kW)		Solar Asset Contracts
Estimated Solar Generation Year 1 (kWh)		Solar Asset Contracts
Customer Agreement Term (Years)		Solar Asset Contracts
Product Type		Solar Asset Contracts

 

2

 

Attribute		Provided Information
Billing Type		Solar Asset Contracts
Panel Manufacturer		Solar Asset Contracts
Utility Company		Solar Asset Contracts, Instructions
Total Monthly Payment Year 1 (Lease & Balanced PPAs)		Solar Asset Contracts, Instructions
$/kWh Rate Year 1 (Generation PPAs)		Solar Asset Contracts, Instructions
Annual Escalator (%)		Solar Asset Contracts, Instructions
Performance Guarantee %		Solar Asset Contracts, Instructions
PeGu Payout Frequency		Solar Asset Contracts, Instructions
Inverter Manufacturer		Solar Asset Contracts, Instructions
Battery Manufacturer		Solar Asset Contracts, Instructions
Cumulative Guaranteed Production kWh (Year 20)		Solar Asset Contracts, Instructions
ACH (Y/N)		FICO & ACH Support
Current FICO		FICO & ACH Support, Instructions
PBI Rate ($/kWh)		PBI Support, Instructions
PBI Term (Years)		PBI Support, Instructions
Actual & Estimated PTO Date		PTO Support, Instructions
Balanced or Generation (PPA Type)		Instructions
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 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.

 

3

 

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, 2024

 

4

Exhibit A

Instructions

 

 

Number		Attribute		Instructions
1.		Utility Company		For Selected Assets with a Data File value of “NV Energy South,” consider the attribute to be in agreement if the Solar Asset Contract value is “NV Energy.”
2.		Total Monthly Payment Year 1 (Lease & Balanced PPAs)		Do not perform this procedure for Selected Assets with a Billing Type of “Prepaid” or Balanced or Generation (PPA Type) of “Generation.”
3.		$/kWh Rate Year 1 (Generation PPAs)		Do not perform this procedure for Selected Assets with a Balanced or Generation (PPA Type) of either “0” or “Balanced.”
4.		Annual Escalator (%)		For Selected Assets for which the annual escalator percentage is not included in the Solar Asset Contracts, consider the attribute to be in agreement if Data File value is 0.
5.		Performance Guarantee %		For Selected Assets for which the performance guarantee percentage is not included in the Solar Asset Contracts, consider the attribute to be in agreement if Data File value is 0.
6.		PeGu Payout Frequency		Do not perform this procedure for Selected Assets if the Performance Guarantee % is 0.
7.		Inverter Manufacturer		For Selected Assets with a Data File value of “ABB” or “Power-One,” consider the attribute to be in agreement if the Source Document value is “Power-One” or “ABB.” ABB acquired Power-One in July 2013.
8.		Battery Manufacturer		Do not perform this procedure for Selected Assets if the Number of Batteries is 0.
9.		Cumulative Guaranteed Production kWh (Year 20)		Consider the attribute to be in agreement if it is within the range of -2% to 15% of the Source Document value.
10.		Current FICO		Do not perform this procedure for Selected Assets with a Billing Type of “Prepaid.”
11.		PBI Rate ($/kWh)		Round PBI Support value to 3 decimal places.   Do not perform this procedure for Selected Assets with a PBI Rate of $0.
12.		PBI Term (Years)		Do not perform this procedure for Selected Assets with a PBI Rate of $0.
13.		Actual & Estimated PTO Date		Consider the attribute to be in agreement if it is within 15 days of the Data File value.

 

A-1

Exhibit A

Instructions

 

Number		Attribute		Instructions
14.		Balanced or Generation (PPA Type)		Do not perform this procedure for Selected Assets with a Billing Type of “Prepaid” or Product Type of “Lease.”   For Selected Assets with a Total Monthly Payment Year 1 (Lease & Balanced PPAs) of $0, consider the attribute to be in agreement if the Data File value is “Generation.”   For Selected Assets with a Total Monthly Payment Year 1 (Lease & Balanced PPAs) not equal to $0, consider the attribute to be in agreement if the Data File value is “Balanced.”
15.		Remaining Term of Contract (Months)		Recompute as the difference between Customer Agreement Term (Years) and Seasoning (Months). Recompute Seasoning (Months) as the difference between the Actual & Estimated PTO Date and November 30, 2023.   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			1008522	***		41			1160837	***		81			1346641	***
2			1011861	***		42			1163784	***		82			1349933	***
3			1017441	***		43			1163965	***		83			1351250	***
4			1019788	***		44			1164373	***		84			1353974	***
5			1021951	***		45			1171260	***		85			1357703	***
6			1022115	***		46			1173745	***		86			1357735	***
7			1026299	***		47			1178052	***		87			1358315	***
8			1026356	***		48			1182446	***		88			1365963	***
9			1036256	***		49			1185799	***		89			1373059	***
10			1041255	***		50			1186999	***		90			1376255	***
11			1042113	***		51			1188076	***		91			1380004	***
12			1053110	***		52			1194872	***		92			1386644	***
13			1053449	***		53			1197080	***		93			1389736	***
14			1059415	***		54			1213493	***		94			1390313	***
15			1059699	***		55			1214048	***		95			1397381	***
16			1064504	***		56			1216145	***		96			1398750	***
17			1066709	***		57			1222932	***		97			1403278	***
18			1078557	***		58			1227187	***		98			1405071	***
19			1087654	***		59			1233296	***		99			1405266	***
20			1088757	***		60			1240807	***		100			1407289	***
21			1092079	***		61			1245676	***		101			1408139	***
22			1093833	***		62			1250611	***		102			1408214	***
23			1096021	***		63			1251725	***		103			1409825	***
24			1096091	***		64			1264611	***		104			1412638	***
25			1096758	***		65			1264903	***		105			1415954	***
26			1101825	***		66			1265682	***		106			1416533	***
27			1110647	***		67			1266608	***		107			1417576	***
28			1111218	***		68			1267893	***		108			1425205	***
29			1111527	***		69			1269471	***		109			1426686	***
30			1118351	***		70			1274099	***		110			1431179	***
31			1119537	***		71			1276088	***		111			1436454	***
32			1126258	***		72			1291566	***		112			1437563	***
33			1126445	***		73			1294858	***		113			1440784	***
34			1142576	***		74			1301964	***		114			1442783	***
35			1147461	***		75			1311100	***		115			1445935	***
36			1153124	***		76			1320132	***		116			1447350	***
37			1153463	***		77			1320696	***		117			1449217	***
38			1153729	***		78			1330132	***		118			1451286	***
39			1154090	***		79			1330684	***		119			1452791	***
40			1160001	***		80			1331737	***		120			1457115	***

 

B-1

Exhibit B

The Selected Assets

 

Selected Asset Number		Contract ID				Selected Asset Number		Contract ID				Selected Asset Number		Contract ID
121			1468595	***		161			1629642	***		201			1793382	***
122			1468795	***		162			1630871	***		202			1794263	***
123			1484580	***		163			1633405	***		203			1794796	***
124			1485515	***		164			1636186	***		204			1796033	***
125			1487699	***		165			1636665	***		205			1798201	***
126			1488426	***		166			1639076	***		206			1798947	***
127			1494443	***		167			1645782	***		207			1799247	***
128			1496031	***		168			1647798	***		208			1801048	***
129			1499283	***		169			1648204	***		209			1811171	***
130			1499520	***		170			1650918	***		210			1816336	***
131			1500575	***		171			1652310	***		211			1816484	***
132			1500892	***		172			1657984	***		212			1826383	***
133			1508824	***		173			1663804	***		213			1841531	***
134			1529878	***		174			1665243	***		214			1844404	***
135			1534959	***		175			1668919	***		215			1846486	***
136			1536094	***		176			1674450	***		216			1849251	***
137			1538208	***		177			1674951	***		217			1851693	***
138			1540261	***		178			1679417	***		218			1852502	***
139			1544431	***		179			1686646	***		219			1852921	***
140			1544743	***		180			1690225	***		220			1853069	***
141			1547937	***		181			1694154	***		221			1853817	***
142			1550264	***		182			1696609	***		222			1855664	***
143			1550976	***		183			1707902	***		223			1862087	***
144			1551531	***		184			1716090	***		224			1866057	***
145			1552846	***		185			1720504	***		225			1868866	***
146			1558300	***		186			1720531	***		226			1870357	***
147			1558463	***		187			1722461	***		227			1873086	***
148			1565186	***		188			1723539	***		228			1873830	***
149			1566225	***		189			1732244	***		229			1883607	***
150			1567371	***		190			1737173	***		230			1887694	***
151			1570861	***		191			1745355	***		231			1888716	***
152			1576026	***		192			1745935	***		232			1892069	***
153			1590403	***		193			1752393	***		233			1896150	***
154			1592134	***		194			1765256	***		234			1897729	***
155			1596763	***		195			1768072	***		235			1898952	***
156			1606993	***		196			1773486	***		236			1903888	***
157			1607175	***		197			1776983	***		237			1906709	***
158			1617294	***		198			1779354	***		238			1911564	***
159			1619967	***		199			1782961	***		239			1913367	***
160			1626685	***		200			1783040	***		240			1934069	***

 

B-2

Exhibit B

The Selected Assets

 

Selected Asset Number		Contract ID				Selected Asset Number		Contract ID
241			1934307	***		271			2037177	***
242			1934461	***		272			2037480	***
243			1936502	***		273			2038979	***
244			1936843	***		274			2041154	***
245			1936966	***		275			2045713	***
246			1938721	***		276			2047452	***
247			1942347	***		277			2048691	***
248			1944064	***		278			2054219	***
249			1947067	***		279			2056209	***
250			1955638	***		280			2074057	***
251			1957938	***		281			2075921	***
252			1963831	***		282			2078489	***
253			1974814	***		283			2090164	***
254			1977425	***		284			2094974	***
255			1979378	***		285			2096989	***
256			1980965	***		286			2099586	***
257			1981170	***		287			2101533	***
258			1983469	***		288			2102386	***
259			1985544	***		289			2106934	***
260			1987029	***		290			2110135	***
261			1987388	***		291			2111480	***
262			1992833	***		292			2117756	***
263			1995732	***		293			2118012	***
264			1998828	***		294			2119796	***
265			2007155	***		295			2122411	***
266			2012557	***		296			2131829	***
267			2018882	***		297			2134917	***
268			2020807	***		298			2141146	***
269			2022458	***		299			2143329	***
270			2023989	***		300			2147105	***

 

B-3

Exhibit C

Exceptions

 

Selected Asset Number		Contract ID				Attribute		Per Data File				Per Provided Information
213			1841531	***		Cumulative Guaranteed Production kWh (Year 20)			181,794				190,646
213			1841531	***		Performance Guarantee %			95.0	%			100.0	%
228			1873830	***		Estimated Solar Generation Year 1 (kWh)			5,444				5,282
264			1998828	***		Estimated Solar Generation Year 1 (kWh)			5,937				5,794

 

C-1