News
KBRA Assigns Preliminary Ratings to Sunnova Sol Issuer, LLC, Series 2020-1
Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes issued by Sunnova Sol Issuer, LLC, Series 2020-1. The transaction is secured by the equity interests of the managing members in the related Project Companies that in the aggregate, own a portfolio of 17,804 leases, power purchase agreements (PPA), and EZ Pay PPAs (each a Solar Service Agreement or SSA), and six hedged solar renewable energy certificate (SREC) contracts, associated with residential solar photovoltaic installations (PV Systems). Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses and any distributions to a tax equity investor per the organizational documents for each respective Project Company.
The total aggregate discounted solar asset balance (ADSAB), consisting of the discounted payments of the leases, PPAs, EZ Pay PPAs and SREC contract is approximately $360.8 million. The securitization share of the ADSAB is approximately $337.1 million. The portfolio consists of 33.3% leases, 14.8% PPAs, 48.3% EZ Pay PPA by ADSAB, and approximately 33.4% leases, 15.6% PPAs, 51.0% EZ Pay PPA by count. The weighted average original tenor of the lease agreements is 300 months and the weighted average remaining term of the agreements is 281 months. The weighted average FICO of the underlying customers of the PV Systems is 740.
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Class |
Rating |
Initial Principal Balance |
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|
Class A Notes |
A- (sf) |
$256,200,000 |
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|
Class B Notes |
BB- (sf) |
$57,300,000 |
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To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
- Sunnova Sol Issuer, LLC, Series 2020-1 Pre-Sale Report
- Global General Rating Methodology for Asset-Backed Securities
- Global Structured Finance Counterparty Methodology
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Analytical:
Cecil Smart, Jr., Managing Director
(646) 731-2381
csmart@kbra.com
Andrew Lin, Senior Director
(646) 731-2483
alin@kbra.com
Usman Khan, Director
(646) 731-2488
ukhan@kbra.com
Business Development:
Ted Burbage, Managing Director
(646) 731-3325
tburbage@kbra.com
