Sunrun, a US-based residential solar and battery system provider, has launched a $431 million asset-backed securitization. According to Sunrun, the transaction is backed by 63,318 residential solar systems that are installed across 12 US states and Washington D.C., covering 40 utility service areas with a weighted average customer FICO score of 757. Sunrun has stated that the securitization includes $331 million of publicly offered Class A-1 Notes and $100 million of privately placed Class A-2 Notes, each carrying a 6.15% coupon. Sunrun has confirmed that the Class A Notes represent a 68% advance rate on ADSAB discounted at 6%, and the expected weighted average life is 5.08 years. The Class B Notes, which were rated BB-, have been retained by Sunrun and pledged to a subordinated non-recourse facility. The optional redemption date is set for January 30, 2034, and the final maturity is January 30, 2054. Bank of America structured the transaction as sole agent with Citigroup, KeyBanc, and Truist as joint bookrunners.