Exhibit 99.1

 

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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 2024-2—Data 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 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 signors.

 

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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 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 “Artemis—FICO 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

 

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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.

 

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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

 

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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 Jersey’s Clean Energy’s website (listed below) to look up the PBI Rate.

 

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

 

ii) Administratively Determined Incentive (ADI) Program, use New Jersey’s Clean Energy’s 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.

 

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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.

 

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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

 

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