Sunnova, Loanpal light up solar ABS sector

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By Jennifer Kang
16 Nov 2020

Sunnova is entering the ABS market with a deal backed by residential consumer solar loans, shortly after Loanpal made its return. With yields still at all time lows, solar securitizations have appealed to investors and traders for their high returns, and a transaction structure that looks more like a mortgage product than an esoteric ABS.

Texas-based Sunnova is a residential solar lease and power purchase agreement (PPA) issuer that offers loans to prime customers with average FICO scores in the mid-700s. Credit Suisse will lead its most recent transaction as the structuring agent, according to an ABS-15G filed with the Securities and ...

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