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Green Transaction Evaluation: Sunrun Demeter Issuer 2021-2 LLC's $532.38 Million Solar Asset-Backed Notes

Sunrun Demeter Issuer 2021-2 LLC is a special-purpose vehicle (SPV) created to issue $532.38 million in private placement notes secured by a portfolio of leases and power purchase agreements (PPAs) for residential solar photovoltaic (PV) assets across 20 U.S. states as well as Washington, D.C., Puerto Rico and Guam. The notes are nonrecourse obligations and will be issued via two classes, Class A series 2021-2 and Class B series 2021-2 with an outstanding principal balance of $447.09 million and $85.29 million, respectively.