KBRA Assigns Preliminary Ratings to Sunnova Helios XI Issuer, LLC Solar Loan Backed Notes, Series 2023-A
KBRA assigns preliminary ratings to three classes of notes issued by Sunnova Helios XI Issuer, LLC Solar Loan Backed Notes, Series 2023-A (“Sunnova 2023-A”), a $286.7 million residential solar loan ABS transaction.
- KBRA assigns preliminary ratings to three classes of notes issued by Sunnova Helios XI Issuer, LLC Solar Loan Backed Notes, Series 2023-A (“Sunnova 2023-A”), a $286.7 million residential solar loan ABS transaction.
- The transaction is collateralized by approximately $491.3 million of residential solar loans.
- While Sunnova’s residential solar loan agreements offer 10- and 15-year loans, the majority of the pool (98.9%) has 25-year original terms.
- KBRA also conducted an operational assessment of Sunnova, as well as a review of the transaction’s legal structure and transaction documents.