Sunrun has priced a $584 million securitization of leases and power purchase agreements (PPAs), marking the company’s sixteenth securitization since 2015 and its first issuance in 2026.
The securitization was structured with two classes of A-rated notes: $234 million in Class A-1 Notes marketed in a public asset-backed securitization and $350 million in Class A-2 Notes privately placed.
The Class A Notes were priced with a coupon of 6.30% and a credit spread of 220 basis points, a 20 basis point improvement from the company’s most recent transactions in 2025, which priced at a spread of 240 basis points.
The Class A Notes carry an expected weighted average life of 6.88 years and an Anticipated Repayment Date of August 1, 2033. They are backed by a diversified portfolio of 38,706 systems distributed across 76 utility service territories in 19 states, Washington D.C., and Puerto Rico.
āThis $584 million securitization transaction further exhibits Sunrunās ability to access capital at scale and at improving terms,ā said Danny Abajian, Sunrunās Chief Financial Officer, in a statement.
Sunrun also anticipates raising additional subordinated subsidiary-level non-recourse financing secured in part by distributions from the retained Class B notes, which is expected to increase the cumulative advance rate obtained by the company.
The transaction is expected to close in early May. Atlas SP served as sole structuring agent and joint bookrunner alongside BofA Securities, MUFG, and Truist Securities.
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