KBRA assigns preliminary ratings to three classes of notes totaling $324.54 million issued by EnFin Residential Solar Receivables Trust 2024-2 (“EnFin 2024-2” or the “Issuer”), an ABS transaction secured by residential solar loans. Headquartered in Irvine, CA, EnFin was formed in 2021 and began originating residential solar loans in October 2022. The Company is a wholly owned subsidiary of Hanwha Qcells (“Qcells”), a leading solar panel manufacturer in the U.S. residential and commercial markets. Qcells is a wholly owned subsidiary of the publicly traded Korean conglomerate, Hanwha Group. Hanwha Group is a Global Fortune 500 Company with approximately $66 billion of annual revenue and total assets approaching $200 billion. EnFin 2024-2 is collateralized by a pool of solar receivables that are made to mostly prime quality customers to finance residential solar power generation and/or storage systems, including solar panels and any additional products or equipment related to installation.

KBRA applied its General Global Rating Methodology for Asset-Backed Securities as well as its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In applying the methodologies, KBRA analyzed EnFin’s portfolio pool data, underlying collateral pool and proposed capital structure under stressed cash flow assumptions. KBRA considered its operational review of EnFin, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

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Methodologies

• ABS: General Global Rating Methodology for Asset Backed Securities
• ABS: Consumer Loan ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

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.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1006215

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