KBRA assigns preliminary ratings to two classes of notes issued by Osprey Securitization I, LLC. The Notes are secured by forward project revenues from a portfolio of commercial and industrial PV systems owned by two tax equity partnerships, each of which is a partnership between a managing member and tax equity investor. The Issuer owns the interests in the managing member. Together, the two tax equity partnerships, Eos Fund 2019, LLC (Eos) and Mohawk Solar Fund, LLC (Mohawk), own 89 project companies which own PV Systems related to 116 different projects. The aggregate discounted solar asset balance (ADSAB) is approximately $239.8 million based on a discount rate of 6.0% (PV6 ADSAB).

The three largest geographic concentrations by ADSAB include New York (37.0%), California (25.8%), and New Jersey (11.8%), which together represent approximately 75.0% of the number of PV projects and approximately 74.6% of the ADSAB. The average system size of each project is 1.15 MW DC. The weighted average original tenor of the PPA is 268 months, while the weighted average remaining tenor is 253 months.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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