Sunrun Prometheus issuer 2026-1 note sale wins KBRA ratings

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Dan Blystone

05.05.2026

Sunrun Prometheus issuer 2026-1 note sale wins KBRA ratings — Sunrun's solar note sale rated

Sunrun Prometheus Issuer 2026-1 is bringing a solar-backed financing backed by residential customer contracts tied to thousands of rooftop systems. The collateral pool includes 38,706 leases and power purchase agreements with an aggregate discounted solar asset balance of about $844.4 million.

Highlights

KBRA assigned ratings to three note classes issued by Sunrun Prometheus Issuer 2026-1, LLC, backed by $844.4 million in discounted residential solar assets.
Approximately 79.5% of the portfolio's aggregate discounted solar asset balance comes from PPA contracts, while leases represent 20.7% and fully prepaid agreements negative 0.3%.
California, Puerto Rico, and Massachusetts comprise 58.2% of the number of systems and 69.1% of the discounted solar asset balance, with a weighted average FICO score of 744.

Solar asset pool and note structure

As reported by Kroll Bond Rating Agency, KBRA assigns ratings to three classes of notes issued by Sunrun Prometheus Issuer 2026-1, LLC. The transaction is backed by a diversified pool of residential solar photovoltaic installations linked to leases and power purchase agreements.

The aggregate discounted solar asset balance, based on a 7.5% discount rate and consisting of discounted customer payments under the leases and PPAs, is approximately $844.4 million. The portfolio is composed primarily of PPA contracts, which account for about 79.5% of ADSAB, while lease agreements represent 20.7% and fully prepaid agreements account for negative 0.3%.

Geographic mix and credit profile

The largest geographic concentrations are in California, Puerto Rico and Massachusetts. Together, those markets represent about 58.2% of the number of systems and approximately 69.1% of the aggregate discounted solar asset balance.

The customer contract base has long dated payment streams, with weighted average original and remaining tenor of 287 months and 261 months, respectively. The weighted average FICO score of underlying customers is 744, indicating a relatively strong borrower credit profile within the securitized pool.

Our earlier coverage looked at KBRA’s rating on the BOS 2026-LYRK CMBS transaction, backed by a $360 million, five-year interest-only loan on the newly built Lyrik office tower in Boston’s Back Bay. We highlighted the property’s high occupancy but also the heavy reliance on a handful of tenants and KBRA’s more conservative valuation, which pointed to ongoing caution around office-backed securitizations.

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