Sunrun 2024-3 — $365M senior securitization of residential solar & battery systems backed by 21,281 systems across 19 states + Puerto Rico
Sunrun's 12th securitization since 2015 and 3rd issuance in 2024. Two classes of A+ rated publicly placed notes plus retained BB notes.
$365M
Deal Value
Solar
Technology
Multi-state
Location
Deal Details
- Deal Type
- Corporate Debt & Capital Markets
- Seller / Sponsor
- Sunrun
- Deal Value
- $365M
- Stage
- Operating
- ISO/RTO
- Multiple
Capital Structure
$365M
Total transaction value
Tranches
- Class A-1 Senior Notes (A+ rated, 5.49% coupon) · Sunrun (issuer); notes placed with investors
- $75M
- Class A-2 Senior Notes (A+ rated, 5.88% coupon) · Sunrun (issuer); notes placed with investors
- $290M
- Class B Notes (BB rated, retained by Sunrun) · Sunrun (retained)
- —
Finance Counterparties
Lenders & Capital Providers
- bookrunner
- RBC Capital Markets; BofA Securities; Citigroup; Deutsche Bank Securities; J.P. Morgan
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Sunrun Xanadu 2019-1 — $204M residential solar lease/PPA ABS
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8point3 Energy Partners — 944 MW solar yieldco of First Solar+SunPower JV
Capital Dynamics
$977M ($12.35/share)
SoCore Energy — 150 MW operating/UC + 170 MW pipeline C&I/distributed solar (20+ states)
ENGIE North America
320 MW
Mira Loma Battery Storage Facility — 20 MW / 80 MWh Li-ion (~400 Tesla Powerpacks)
Tesla → Southern California Edison
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Leadership at the Counterparties
Recent executive moves at the firms named in this deal.
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