Sunrun Inc.

Sunrun Luna Portfolio 2021, LLC operates as a specialized financing vehicle within the renewable energy sector, specifically structured to facilitate solar asset securitization and portfolio management. The company functions as a borrower within a complex credit facility arrangement designed to support distributed solar energy projects and related tax equity investments.

The core business model involves aggregating solar energy systems and related assets into a securitized portfolio structure. Sunrun Luna Portfolio 2021 serves as the primary borrower under this credit agreement, which establishes multiple credit facilities with various lenders, funding agents, and administrative parties. The structure is designed to enable the financing of solar installations, with particular emphasis on tax equity fund participation and project-level financing arrangements.

The company's operational framework includes management of solar assets across multiple wholly-owned subsidiaries and tax equity operating companies. The portfolio encompasses various solar project structures, including partnership flip arrangements and inverted lease configurations, which are standard mechanisms in the solar energy financing industry. The company maintains relationships with multiple servicers and backup servicers responsible for ongoing portfolio management and customer payment collection.

The financing structure reflects the specialized nature of solar asset securitization, incorporating multiple reserve accounts, liquidity facilities, and hedging arrangements to manage cash flows and mitigate risks associated with renewable energy project performance. The company works with custodians, collateral agents, and paying agents to ensure proper asset custody and payment distribution according to established waterfall priorities.

Sunrun Luna Portfolio 2021 represents a significant securitization vehicle within the broader renewable energy financing landscape, demonstrating the industry's reliance on structured finance mechanisms to fund distributed solar deployment. The company's credit agreement, as evidenced by multiple amendments through 2026, reflects the evolving nature of solar project financing and the ongoing refinement of securitization structures to accommodate changing market conditions and regulatory requirements in the renewable energy sector.