Business
Sunrun Prices $584 million Securitization of Residential Solar and Storage Assets
SAN FRANCISCO, April 28, 2026 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), America’s largest provider of home battery storage, solar, and home-to-grid power plants, today announced it has priced a securitization of leases and power purchase agreements. The securitization is Sunrun’s sixteenth securitization since 2015 and first issuance in 2026. “This $584 million securitization transaction further exhibits Sunrun’s ability to access capital at scale and at improving terms,” said Danny Abajian, Sun
About this update from Sunrun Inc.
SAN FRANCISCO, April 28, 2026 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), America’s largest provider of home battery storage, solar, and home-to-grid power plants, today announced it has priced a securitization of leases and power purchase agreements. The securitization is Sunrun’s sixteenth securitization since 2015 and first issuance in 2026. “This $584 million securitization transaction further exhibits Sunrun’s ability to access capital at scale and at improving terms,” said Danny Abajian, Sunrun’s Chief Financial Officer. “This securitization was raised with A-1 notes being priced at a 220 basis point credit spread, a 20 basis point improvement from Sunrun’s most recent transactions last year. With the pricing of this securitization, Sunrun has now successfully executed sixteen securitization transactions since 2015, reflecting the strong demand for our high-quality solar and storage assets.” The securitization was structured with two classes of A- rated notes (the “Class A-1 Notes” and “Class A-2 Notes”, respectively, and together the “Class A Notes”) and a single class of BB rated notes (the “Class B Notes”), which were retained. The $234 million Class A-1 Notes were marketed in a public asset backed securitization, and the $350 million Class A-2 Notes were privately placed. The Class A Notes were priced with a coupon of 6.30%. The pricing of the Class A-1 Notes reflects a spread of 220 basis points and a 6.353% yield. The initial balance of the Class A Notes represents a 79.3% advance rate on the Securitization Share of ADSAB (present value using a 7.5% discount rate). The Class A Notes have an expected weighted average life of 6.88 years, an Anticipated Repayment Date of August 1, 2033, and a final maturity date of August 1, 2061. The pricing of this securitization represents an improvement in credit spreads as compared to Sunrun’s September 2025 and July 2025 securitizations, which priced with a spread of 240 basis points. Similar to prior transactions, Sunrun anticipates raising additional subordinated subsidiary-level non-recourse financing secured, in part, by the distributions from the retained Class B notes, which is expected to increase the cumulative advance rate obtained by Sunrun. The notes are backed by a diversified portfolio of 38,706 systems distributed across 76 utility service territories in 19 states, Washington D.C. and Puerto Ric...