Sunrun Prices $267 Million Securitization of Residential Solar and Storage Assets
Sunrun priced a $267 million securitization of residential solar and storage assets, its seventeenth since 2015, with Class A notes rated A and yielding 6.33%.
Sunrun, a provider of home battery storage and solar systems, announced the pricing of a $267 million securitization of leases and power purchase agreements. This marks the company’s seventeenth such transaction since 2015 and the second in 2026. The offering refinances a portfolio of residential solar assets, with Class A notes priced at a 200 basis point credit spread, improving by 20 basis points from a prior issuance in April 2026.
The securitization includes $267 million in Class A notes rated A and $267 million in Class B notes rated BB-. The Class B notes were retained by Sunrun, while the Class A notes were marketed publicly. The Class A notes carry a 6.28% coupon, a 200 basis point spread, and a 6.33% yield, with an advance rate of 74.2% on the asset pool. The notes have an expected weighted average life of 4.94 years, an optional redemption date of July 30, 2035, and a final maturity of January 30, 2054.
The transaction is backed by a diversified portfolio of 37,595 systems across 42 utility service territories in 13 states, with a weighted average customer FICO score of 756. The deal is expected to close by the end of August 2026. BofA Securities acted as the sole structuring agent, with Citigroup, Morgan Stanley, and RBC Capital Markets serving as joint bookrunners. KeyBanc Capital Markets and First Citizens Capital Securities were co-managers.
The announcement does not constitute an offer to sell securities, and sales are subject to legal registration requirements. Sunrun also included forward-looking statements regarding the transaction’s closing, future financing terms, and market demand, while cautioning investors about potential risks, including regulatory changes, interest rate volatility, and supply chain disruptions.