Exhibit 99.1
Independent Accountants Agreed-Upon Procedures Report
Sunrun Inc. (the Company)
ATLAS SP Securities (the Structuring Agent)
ATLAS SP Partners, L.P.
(together, the Specified Parties)
Re: Sunrun Artemis Issuer 2024-2, LLC Data File Procedures
We have performed the procedures described below on the specified attributes in an electronic data file entitled Sunrun Artemis 2024-2Data Tape (04.26.2024)_vKPMG.xlsx, provided by the Company on April 26, 2024, containing information on 48,628 solar assets (the Solar Assets) as of April 8, 2024 (the Data File), which we were informed are intended to be included as collateral in the offering by Sunrun Artemis Issuer 2024-2, 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 provided by the Company for each Selected Asset (defined below). 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 Companys servicing system. We make no representation regarding the validity or accuracy of these contracts or the execution of the Solar Asset Contracts by the signors. |
| 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 Companys 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 May 15, 2024. |
| The term PTO Support means the PTO Notification and PTO Screenshots. |
| The term FICO & ACH Support means an electronic data file entitled ArtemisFICO and ACH Snowflake Output.xlsx, containing credit report scores and billing type information associated with each Selected Asset provided by the Company on May 1, 2024. |
| The term PBI Support means performance-based incentive contracts associated with each applicable Selected Asset provided by the Company on April 30, 2024. |
| 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 for each of the attributes identified, 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 | |
Billing Type | Solar Asset Contracts |
2
Attribute |
Provided Information | |
Panel Manufacturer | Solar Asset Contracts | |
Utility Company | Solar Asset Contracts, Instructions | |
Total Monthly Payment Year 1 (Lease & Balanced PPAs) |
Solar Asset Contracts, Instructions | |
$/kWh Rate Year 1 (Generation PPAs) | Solar Asset Contracts, Instructions | |
Annual Escalator (%) | Solar Asset Contracts, Instructions | |
Performance Guarantee % | Solar Asset Contracts, Instructions | |
PeGu Payout Frequency | Solar Asset Contracts, Instructions | |
Inverter Manufacturer | Solar Asset Contracts | |
Battery Manufacturer | Solar Asset Contracts, Instructions | |
Cumulative Guaranteed Production kWh (Year 20) | Solar Asset Contracts, Instructions | |
Cumulative Guaranteed Production kWh (Year 25) | Solar Asset Contracts, Instructions | |
ACH (Y/N) | FICO & ACH Support | |
Current FICO | FICO & ACH Support, Instructions | |
PBI Rate ($/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 |
May 17, 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. | $/kWh Rate Year 1 (Generation PPAs) |
Do not perform this procedure for Selected Assets with a Balanced or Generation (PPA Type) of either 0 or Balanced. | ||
4. | Annual Escalator (%) | For Selected Assets for which the annual escalator percentage is not included in the Solar Asset Contracts, consider the attribute to be in agreement if Data File value is 0. | ||
5. | Performance Guarantee % | For Selected Assets for which the performance guarantee percentage is not included in the Solar Asset Contracts, consider the attribute to be in agreement if Data File value is 0. | ||
6. | PeGu Payout Frequency | Do not perform this procedure for Selected Assets if the Performance Guarantee % is 0. | ||
7. | Battery Manufacturer | Do not perform this procedure for Selected Assets if the Number of Batteries in the Date File is 0. | ||
8. | Cumulative Guaranteed Production kWh (Year 20) | Do not perform this procedure for Selected Assets with a Customer Agreement Term (Years) of 25.
Consider the attribute to be in agreement if it is within the range of -2% to 15% of the Source Document value. | ||
9. | Cumulative Guaranteed Production kWh (Year 25) | Do not perform this procedure for Selected Assets with a Customer Agreement Term (Years) of 20.
Consider the attribute to be in agreement if it is within the range of -2% to 15% of the Source Document value. | ||
10. | Current FICO | Do not perform this procedure for Selected Assets with a Billing Type of Prepaid. | ||
11. | PBI Rate ($/kWh) | For Selected Assets with a State of NJ in the Data File for which PBI exists and which are part of the:
i) Transition Renewable Energy Certificates (TRECs) Program, use New Jerseys Clean Energys website (listed below) to look up the PBI Rate.
https://njcleanenergy.com/renewable-energy/program-updates-and-background-information/solar-
ii) Administratively Determined Incentive (ADI) Program, use New Jerseys Clean Energys website (listed below) to look up the PBI Rate.
https://njcleanenergy.com/renewable-energy/programs/susi-program/adi-program
Round PBI Support value to 3 decimal places.
Do not perform this procedure for Selected Assets with a PBI Rate of $0. |
A-1
Instructions
Number |
Attribute |
Instructions | ||
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. | ||
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 April 8, 2024.
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 | 3001164*** | 41 | 3000440*** | 81 | 3000791*** | |||||
2 | 3001460*** | 42 | 3001037*** | 82 | 3000891*** | |||||
3 | 3000858*** | 43 | 3000982*** | 83 | 3001584*** | |||||
4 | 3001344*** | 44 | 3000893*** | 84 | 3000058*** | |||||
5 | 3000747*** | 45 | 3001048*** | 85 | 3001502*** | |||||
6 | 3000682*** | 46 | 3000355*** | 86 | 3001735*** | |||||
7 | 3000964*** | 47 | 3001044*** | 87 | 3000855*** | |||||
8 | 3001034*** | 48 | 3001143*** | 88 | 3001323*** | |||||
9 | 3000718*** | 49 | 3001056*** | 89 | 3001175*** | |||||
10 | 3001214*** | 50 | 3000713*** | 90 | 3000801*** | |||||
11 | 3001854*** | 51 | 3001213*** | 91 | 3000671*** | |||||
12 | 1110270*** | 52 | 3001371*** | 92 | 3001724*** | |||||
13 | 3000653*** | 53 | 3001189*** | 93 | 3001092*** | |||||
14 | 3000845*** | 54 | 3001209*** | 94 | 3000903*** | |||||
15 | 3000982*** | 55 | 3000977*** | 95 | 3001271*** | |||||
16 | 3001769*** | 56 | 3000992*** | 96 | 3001131*** | |||||
17 | 3001342*** | 57 | 3000462*** | 97 | 3001153*** | |||||
18 | 3000556*** | 58 | 3001270*** | 98 | 3000732*** | |||||
19 | 3000895*** | 59 | 3001157*** | 99 | 3000426*** | |||||
20 | 3000122*** | 60 | 3001868*** | 100 | 3001838*** | |||||
21 | 3000804*** | 61 | 3001441*** | 101 | 1886010*** | |||||
22 | 3001021*** | 62 | 3000539*** | 102 | 3000954*** | |||||
23 | 3001414*** | 63 | 3001035*** | 103 | 3001745*** | |||||
24 | 3001269*** | 64 | 3000910*** | 104 | 3001041*** | |||||
25 | 3000361*** | 65 | 3001806*** | 105 | 3000765*** | |||||
26 | 3001475*** | 66 | 3001193*** | 106 | 3000300*** | |||||
27 | 3001366*** | 67 | 3001535*** | 107 | 3001249*** | |||||
28 | 3001185*** | 68 | 3000825*** | 108 | 3001529*** | |||||
29 | 3000782*** | 69 | 3000848*** | 109 | 3001467*** | |||||
30 | 3001923*** | 70 | 3000779*** | 110 | 3000342*** | |||||
31 | 3000947*** | 71 | 3000959*** | 111 | 3000720*** | |||||
32 | 3001153*** | 72 | 3000898*** | 112 | 3000805*** | |||||
33 | 3001262*** | 73 | 3001081*** | 113 | 3000885*** | |||||
34 | 3000813*** | 74 | 3001067*** | 114 | 3000605*** | |||||
35 | 3000591*** | 75 | 3000991*** | 115 | 3000926*** | |||||
36 | 3001019*** | 76 | 3001209*** | 116 | 3001063*** | |||||
37 | 3000916*** | 77 | 3001225*** | 117 | 3001511*** | |||||
38 | 3000734*** | 78 | 3000457*** | 118 | 3001145*** | |||||
39 | 3000687*** | 79 | 3000822*** | 119 | 3000933*** | |||||
40 | 3001165*** | 80 | 3002050*** | 120 | 3001271*** |
B-1
The Selected Assets
Selected Asset Number |
Contract ID |
Selected Asset Number |
Contract ID |
Selected Asset Number |
Contract ID | |||||
121 | 3000548*** | 161 | 3001177*** | 201 | 3001726*** | |||||
122 | 3000678*** | 162 | 3001570*** | 202 | 3001414*** | |||||
123 | 3002042*** | 163 | 3000659*** | 203 | 3001236*** | |||||
124 | 3001740*** | 164 | 3000874*** | 204 | 3000648*** | |||||
125 | 3001299*** | 165 | 3000935*** | 205 | 3000995*** | |||||
126 | 3001764*** | 166 | 3001373*** | 206 | 3000859*** | |||||
127 | 3001647*** | 167 | 3001274*** | 207 | 3000859*** | |||||
128 | 3001254*** | 168 | 3001716*** | 208 | 3000689*** | |||||
129 | 3000542*** | 169 | 1754969*** | 209 | 3001586*** | |||||
130 | 3001165*** | 170 | 3001099*** | 210 | 3000519*** | |||||
131 | 3000943*** | 171 | 3001471*** | 211 | 3001080*** | |||||
132 | 3000523*** | 172 | 3000769*** | 212 | 3000964*** | |||||
133 | 3001624*** | 173 | 3000457*** | 213 | 3001131*** | |||||
134 | 3001657*** | 174 | 3000207*** | 214 | 3000705*** | |||||
135 | 3001590*** | 175 | 3001432*** | 215 | 3001040*** | |||||
136 | 3000455*** | 176 | 3000624*** | 216 | 3001986*** | |||||
137 | 3001401*** | 177 | 3000550*** | 217 | 3000862*** | |||||
138 | 3001266*** | 178 | 3001058*** | 218 | 3001171*** | |||||
139 | 3001215*** | 179 | 3000509*** | 219 | 3001824*** | |||||
140 | 3001840*** | 180 | 3001719*** | 220 | 3000704*** | |||||
141 | 3000564*** | 181 | 3000340*** | 221 | 3000908*** | |||||
142 | 3001612*** | 182 | 3001075*** | 222 | 3000683*** | |||||
143 | 3001169*** | 183 | 3000748*** | 223 | 3000974*** | |||||
144 | 3000660*** | 184 | 3001502*** | 224 | 3001233*** | |||||
145 | 3000737*** | 185 | 3000765*** | 225 | 3000745*** | |||||
146 | 3001585*** | 186 | 3001975*** | 226 | 3000578*** | |||||
147 | 3001030*** | 187 | 3000720*** | 227 | 3000481*** | |||||
148 | 3001024*** | 188 | 3001147*** | 228 | 3000769*** | |||||
149 | 3001602*** | 189 | 1269669*** | 229 | 3000429*** | |||||
150 | 3000770*** | 190 | 3000589*** | 230 | 3000594*** | |||||
151 | 3000629*** | 191 | 3000681*** | 231 | 3001325*** | |||||
152 | 3000926*** | 192 | 3001151*** | 232 | 3000941*** | |||||
153 | 3000820*** | 193 | 3000467*** | 233 | 3000729*** | |||||
154 | 3000855*** | 194 | 3000267*** | 234 | 3001203*** | |||||
155 | 3001052*** | 195 | 3000109*** | 235 | 3001122*** | |||||
156 | 3001227*** | 196 | 3001535*** | 236 | 3000825*** | |||||
157 | 3001572*** | 197 | 3001544*** | 237 | 3000796*** | |||||
158 | 3000794*** | 198 | 3001507*** | 238 | 3001695*** | |||||
159 | 3001678*** | 199 | 3000845*** | 239 | 3000778*** | |||||
160 | 3001788*** | 200 | 3001688*** | 240 | 3000611*** |
B-2
The Selected Assets
Selected Asset Number |
Contract ID |
Selected Asset Number |
Contract ID |
|||||||
241 | 3001332*** | 271 | 3001334*** | |||||||
242 | 3001727*** | 272 | 3001216*** | |||||||
243 | 3000587*** | 273 | 1251971*** | |||||||
244 | 3001157*** | 274 | 3001007*** | |||||||
245 | 3001116*** | 275 | 3001191*** | |||||||
246 | 3001654*** | 276 | 3000995*** | |||||||
247 | 3000840*** | 277 | 3000859*** | |||||||
248 | 3000932*** | 278 | 3000738*** | |||||||
249 | 3001381*** | 279 | 3000931*** | |||||||
250 | 3001973*** | 280 | 3000532*** | |||||||
251 | 3001252*** | 281 | 3001649*** | |||||||
252 | 1157766*** | 282 | 3001260*** | |||||||
253 | 3000460*** | 283 | 3001157*** | |||||||
254 | 3001042*** | 284 | 3000687*** | |||||||
255 | 3000822*** | 285 | 3000357*** | |||||||
256 | 3000122*** | 286 | 3000176*** | |||||||
257 | 1606771*** | 287 | 3000727*** | |||||||
258 | 3001386*** | 288 | 3001272*** | |||||||
259 | 3000040*** | 289 | 3000677*** | |||||||
260 | 3001072*** | 290 | 3001736*** | |||||||
261 | 3000596*** | 291 | 3001960*** | |||||||
262 | 3001576*** | 292 | 3000853*** | |||||||
263 | 3001063*** | 293 | 3001673*** | |||||||
264 | 3001721*** | 294 | 3000946*** | |||||||
265 | 3001655*** | 295 | 3000942*** | |||||||
266 | 3001043*** | 296 | 3000757*** | |||||||
267 | 3001600*** | 297 | 3001198*** | |||||||
268 | 3001702*** | 298 | 3000778*** | |||||||
269 | 3001687*** | 299 | 3000727*** | |||||||
270 | 3001508*** | 300 | 1441086*** |
B-3
Exhibit C
Exceptions
Selected Asset Number |
Contract ID |
Attribute |
Per Data File |
Per Provided Information | ||||
57 | 3000462*** | Product Type | PPA | N/A | ||||
91 | 3000671*** | PBI Term (Years) | 6 | 20 | ||||
122 | 3000678*** | Utility Company | Riverside Public Utilities | Southern California Edison | ||||
174 | 3000207*** | Annual Escalator (%) | 0.03% | 0.00% | ||||
290 | 3001736*** | PBI Term (Years) | 6 | 20 |
C-1