Sunrun Inc. announced the pricing of a $629 million senior securitization of leases and power purchase agreements, marking its thirteenth securitization since 2015 and the first issuance in 2025. This transaction is the second largest in the industry's history, highlighting Sunrun's continued strong execution in the capital markets.
The securitization was structured with three classes of A-rated notes and a single class of BB-rated notes, which were retained. The publicly marketed Class A-1 and Class A-2A notes, totaling $378.5 million, were oversubscribed and carried coupons of 5.99% and 6.41% respectively, with a weighted average spread representing a 42 basis point improvement from Sunrun’s prior 2024-3 securitization.
The notes are backed by a diversified portfolio of 39,458 systems across 20 states, Washington D.C., and Puerto Rico, with a weighted average customer FICO score of 738. This successful capital raise provides Sunrun with robust funding to fuel its growth and underscores investor confidence in the quality of its assets and its track record as an originator and servicer.
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