SunStrong Closes $900M Solar ABS, Largest This Year
SunStrong Capital Holdings, LLC has successfully closed a $900 million asset-backed securitization (ABS) of residential solar assets, marking the largest such issuance this year. The securitization, SunStrong Issuer 2025-1, refinances a large portfolio of residential solar assets originally developed by SunPower and is the second on the SunStrong shelf.
SunStrong Management, LLC, the first and only full-service asset manager not attached to an origination platform, served as the Transaction Manager for this securitization. Led by CEO Brendon Merkley, SunStrong Management offers dedicated solar expertise and an exclusive focus on delivering service to customers and investors. Merkley noted that this securitization reflects their disciplined approach to service.
The transaction was led by HASI and GoodFinch, with broad participation across institutional investors. ATLAS SP Partners served as the sole structuring agent and joint bookrunner, with ING Financial Markets LLC, Bank of America Securities, and Citigroup acting as co-managers. The notes are backed by a diversified portfolio of 64,024 solar assets distributed across 18 states, representing approximately 528MW of generation capacity.
SunStrong Issuer 2025-1 is the largest solar ABS issuance in the market this year, underscoring the strength of SunStrong's servicing platform and institutional demand for high-quality distributed energy assets. The transaction was structured with four tranches: public A-1, private A-2, and retained Class B and Class C.
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