Sunrun Prices $230 Million Securitization of Solar Leases and PPAs with 6.27% Coupon Rate.

US solar and storage provider Sunrun (NASDAQ:RUN) has priced a securitisation of leases and power purchase agreements (PPAs) at USD 230 million (EUR 214m) in total, a total of €230 million. The securishisation was issued with a single class of notes priced at a 6.27% coupon and representing a 6328% yield, with a weighted average life of seven years and final maturity of February 1, 2055. The assets have 13.25 years left of their contractual life and most have already reached the tax equity fund ‘flip point, allowing for the structure to be issued without an Anticipated Repayment Date (ARD). The transaction is expected to close by April 17, 2024. The notes are backed by a portfolio of 27,094 rooftop solar arrays distributed across 19 states and Washington DC and 65 utility service territories.