Sunrun Inc. announced the pricing of a $510 million securitization of leases and power purchase agreements, marking its fifteenth securitization since 2015 and fifth issuance in 2025. This transaction, combined with a privately placed securitization in August, brings Sunrun's total non-recourse debt financings raised in Q3 to over $1.5 billion.
The securitization was structured with two pari passu tranches of A- rated notes and a single class of BB rated notes, which were retained. The publicly marketed $260 million Class A-1 Notes were priced with a coupon of 6.15%, reflecting a spread of 240 basis points and a 6.21% yield.
The notes are backed by a diversified portfolio of 29,929 systems across 19 states, Washington D.C., and Puerto Rico, with a weighted average customer FICO of 743. This consistent access to diverse financing channels is crucial for Sunrun to fund its profitable growth and continue its expansion in the residential solar and battery storage market.
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