Exhibit 99.1

 

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Independent Accountants’ Agreed-Upon Procedures Report

Sunrun Inc. (the “Company”)

RBC Capital Markets, LLC (the “Structuring Agent”)

(together, the “Specified Parties”)

Re: Sunrun Vesta Issuer 2024-3, LLC – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled “Sunrun Vesta 2024-3—Data Tape (2024.07.26).xlsx” provided by the Company on July 29, 2024, containing information on 21,281 solar assets (the “Solar Assets”) as of July 8, 2024 (the “Data File”), which we were informed are intended to be included as collateral in the offering by Sunrun Vesta Issuer 2024-3, 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, roof diagnostics solar site map, 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.

 

   

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.

 

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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 July 30, 2024.

 

   

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

 

   

The term “FICO & ACH Support” means an electronic data file entitled “Sunrun Vesta 2024-3 ACH and Billing Method (2024.07.29) (clean).xlsx” provided by the Company on July 30, 2024, containing credit report scores and billing type information associated with each Selected Asset.

 

   

The term “PBI Support” means performance-based incentive contracts associated with each applicable Selected Asset provided by the Company on August 9, 2024, and August 27, 2024.

 

   

The term “Cumulative Guaranteed Production Support” means an electronic data file entitled “Vesta 2024-3 AUP – Cumulative Guaranteed Production.xlsx” provided by the Company on August 26, 2024, containing cumulative guaranteed production schedules associated with Selected Asset #5, 36, 48, 49, 51 and 145.

 

   

The term “Source Documents” means the Solar Asset Contracts, PTO Support, FICO & ACH Support, PBI Support and Cumulative Guaranteed Production 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, Cumulative Guaranteed Production Support, Instructions

Cumulative Guaranteed Production kWh (Year 25)

   Solar Asset Contracts, Cumulative Guaranteed Production Support, 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

September 6, 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 with a Balanced or Generation (PPA Type) of “Generation” and Upfront Payment of $0 or 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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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 July 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    3000305***    41    3001710***    81    3000684***
2    3000528***    42    3001600***    82    3000920***
3    3000292***    43    3001732***    83    3000988***
4    3002009***    44    3000562***    84    3000978***
5    3001996***    45    3001748***    85    3001004***
6    3001644***    46    3000655***    86    3001456***
7    3001091***    47    3001129***    87    3001768***
8    3001239***    48    3001597***    88    3001547***
9    3001151***    49    3001764***    89    3001615***
10    1445381***    50    3001489***    90    3001185***
11    1854618***    51    3001618***    91    3001723***
12    3000845***    52    3001298***    92    3000883***
13    3001244***    53    3001256***    93    3001784***
14    3000770***    54    3001385***    94    1878108***
15    3000726***    55    3001404***    95    3000915***
16    3001230***    56    3001348***    96    3000680***
17    3000736***    57    3000910***    97    3000871***
18    3001220***    58    3001408***    98    3000110***
19    3000736***    59    3000928***    99    3000892***
20    3000507***    60    3001169***    100    3001659***
21    3001254***    61    3000867***    101    1909143***
22    3001254***    62    1685376***    102    3002107***
23    3000733***    63    3001462***    103    3001844***
24    3001213***    64    3001308***    104    3002027***
25    3000688***    65    3001474***    105    3001471***
26    3000893***    66    3001323***    106    1494873***
27    3000772***    67    3001433***    107    3000504***
28    3000799***    68    3000937***    108    3002032***
29    3001621***    69    3000306***    109    3000427***
30    3000839***    70    3001294***    110    3001987***
31    1307887***    71    3001448***    111    3002005***
32    3001163***    72    3001073***    112    3002086***
33    3001146***    73    3001293***    113    3001040***
34    3000829***    74    3001154***    114    3001170***
35    3001622***    75    3001303***    115    3002034***
36    3001712***    76    3001311***    116    1305786***
37    3001587***    77    3001252***    117    3002014***
38    3000891***    78    1214412***    118    3000196***
39    3001726***    79    3000456***    119    3001257***
40    3001678***    80    3000887***    120    3001218***

 

B-1


Exhibit B

The Selected Assets

 

Selected

Asset

Number

  

Contract ID

  

Selected

Asset

Number

  

Contract ID

  

Selected

Asset

Number

  

Contract ID

121    3001219***    161    3001559***    201    3001388***
122    3001305***    162    3001721***    202    3001379***
123    3001216***    163    3001326***    203    3000311***
124    3001327***    164    3001809***    204    3001297***
125    3001170***    165    3001961***    205    3000924***
126    3000699***    166    3000307***    206    3001492***
127    3001481***    167    3000209***    207    3001601***
128    3001499***    168    1133694***    208    2103783***
129    3001392***    169    3000989***    209    3001593***
130    3001481***    170    3001150***    210    3001540***
131    3001114***    171    3001618***    211    3001417***
132    3001485***    172    3001643***    212    3001602***
133    3001425***    173    3001647***    213    3000417***
134    3000670***    174    3001586***    214    3001620***
135    3001404***    175    3001613***    215    3001591***
136    3001455***    176    3001399***    216    3001124***
137    3000888***    177    3001680***    217    3001630***
138    3000972***    178    3001177***    218    3001620***
139    3000903***    179    3001424***    219    3001571***
140    3000884***    180    3001642***    220    3001636***
141    14***    181    3001681***    221    3001318***
142    12***    182    1224411***    222    3001429***
143    13***    183    3001365***    223    3001614***
144    14***    184    3001527***    224    3001597***
145    12***    185    3001010***    225    16***
146    20***    186    3000762***    226    15***
147    14***    187    3001375***    227    15***
148    15***    188    3001294***    228    13***
149    16***    189    3001355***    229    12***
150    3001443***    190    3001359***    230    21***
151    3001006***    191    3001267***    231    16***
152    3001531***    192    3001150***    232    15***
153    3001318***    193    3001380***    233    13***
154    3001514***    194    3000287***    234    21***
155    3001545***    195    3001073***    235    16***
156    3001241***    196    3001292***    236    21***
157    3001552***    197    3001323***    237    23***
158    3001531***    198    3001399***    238    22***
159    30***    199    3001271***    239    22***
160    28***    200    3001350***    240    21***

 

B-2


Exhibit B

The Selected Assets

 

    

Selected

Asset

Number

  

Contract ID

  

Selected

Asset

Number

  

Contract ID

    
   241    21***    271    3001554***   
   242    21***    272    3001285***   
   243    16***    273    3001415***   
   244    21***    274    3001599***   
   245    20***    275    3001585***   
   246    20***    276    3001120***   
   247    23***    277    3001164***   
   248    23***    278    3001196***   
   249    24***    279    3000976***   
   250    16***    280    3001005***   
   251    22***    281    3001148***   
   252    24***    282    3001531***   
   253    22***    283    3000030***   
   254    24***    284    2110977***   
   255    16***    285    3001451***   
   256    23***    286    3001684***   
   257    25***    287    3000827***   
   258    25***    288    3001691***   
   259    25***    289    3001684***   
   260    26***    290    3001240***   
   261    3000604***    291    3000771***   
   262    20***    292    3001295***   
   263    3000712***    293    3001278***   
   264    3000389***    294    3001292***   
   265    3000487***    295    3001136***   
   266    3000614***    296    3001359***   
   267    30***    297    3001019***   
   268    3000641***    298    3001372***   
   269    3001528***    299    3001381***   
   270    3001465***    300    3001063***   

 

B-3


Exhibit C

Exceptions

 

Selected

Asset

Number

  

Contract ID

  

Attribute

  

Per Data File

  

Per Provided

Information

142    12***   

Performance

Guarantee %

   0.0%    95.0%
142    12***    PeGu Payout Frequency    0    Annual
148    15***   

Performance

Guarantee %

   0.0%    95.0%
148    15***    PeGu Payout Frequency    0    Annual
193    3001380***    Annual Escalator (%)    2.99%    2.90%
225    16***    Estimated Solar Generation Year 1 (kWh)    9,904    9,788
233    13***   

Performance

Guarantee %

   0.0%    95.0%
233    13***    PeGu Payout Frequency    0    Annual
235    16***   

Performance

Guarantee %

   0.0%    95.0%
235    16***    PeGu Payout Frequency    0    Annual
246    20***    Actual PTO Date    2/23/2012    2/1/2012
291    3000771***    PBI Rate ($/kWh)    $0.054    $0.008
299    3001381***    Annual Escalator (%)    2.99%    2.90%

 

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