KBRA assigned preliminary ratings to three classes of notes issued by Sunrun Pangea Issuer 2025-2, LLC. This transaction is collateralized by a diversified pool of 63,318 leases and power purchase agreements (PPAs) associated with residential solar photovoltaic installations.
The total Aggregate Discounted Solar Asset Balance (ADSAB) for the collateral pool is approximately $597.1 million, based on a 7.3% discount rate. The three largest geographic concentrations for the systems include California, New York, and Maryland, which together represent approximately 65.3% of the number of PV Systems.
The portfolio consists predominantly of PPA agreements, representing approximately 92.9% of the ADSAB of customer contracts with monthly payments. The weighted average FICO score of the underlying customers is 757, indicating a strong credit profile for the asset pool.
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