A pool of residential solar panel leases and power purchase agreements (PPAs) that GoodLeap originated will collateralize $179.7 million in securitized bonds.
The asset-backed securities (ABS) are backed by revenue from 7,812 leases associated with PV systems owned by one project company, the Jaguar Solar Owner 2026-1, according to Kroll Bond Rating Agency.
TIP Borrower Holdings is the deal sponsor, with ATLAS SP Securities, an Apollo Global Securities division, as the structuring agent.
TIP Solar ABS, series 2026-1, will sell the notes through two tranches of class A and B notes, with the A tranche distributing the bulk of the notes, according to KBRA. Both tranches have an anticipated repayment date of March 2033 and a final maturity date of March 2056, the rating agency said.
Noteholders will be repaid interest sequentially, KBRA. Principal payments will be based on the scheduled outstanding note balance for the upcoming payment period and each note class's outstanding balance, unless an early amortization period, or a sequential interest amortization period is in effect, the rating agency said.
Also interest payments on the class B notes might be deferred to allow the interest and principal on the class A notes if a sequential interest amortization period is in effect, the rating agency said.
KBRA intends to assign ratings of A- and BBB- on classes A and B, respectively.
The notes include advance rates, which are calculated relative to the securitization share of aggregate discounted solar asset balance (ADSAB), include 62.3% and 72.6% on the PV 6.0 and PV 7.5, respectively, on the class A notes, which account for the bulk of the notes in the deal.
TIP Solar 2026-1 has several layers of credit protection worked into the deal structure, according to the rating agency. Credit enhancements on the notes include overcollateralization representing about 19.9% as the excess of the securitization share of the ADSAB over the note balance.
The deal is expected to close on March 31, according to Asset Securitization Report's deal database. The structure also includes a liquidity reserve account, fully funded at closing to six months of interest on the classes A and B notes, KBRA said.
