KBRA Assigns Preliminary Ratings to SSI ABS-2025-1 Issuer, LLC

KBRA assigns preliminary ratings to SSI ABS-2025-1 Issuer, LLC (SSI 2025-1 or the Issuer), a commercial and industrial (C&I) solar ABS transaction. The transaction is secured by forward project revenues from a portfolio of C&I, utility scale, and community solar PV systems, a portion of which are owned by four tax equity partnerships, each of which is a partnership between a managing member and a tax equity investor. At closing, the Issuer will have a managing member interest for each tax equity partnership. Together, the tax equity partnerships, SSI-Nelnet 2022-A Holdco, LLC (Nelnet 2022-A), SSI-Nelnet 2022-B Holdco, LLC (Nelnet 2022-B), SSI-Nelnet 2023 Holdco, LLC (Nelnet 2023), and VA Projects Lease, LLC (VA Projects) own 24 project companies which own PV systems related to 32 different projects. The remaining 68 projects are owned between 24 project companies that are indirectly wholly-owned by Standard Solar, and, at closing, the Issuer will own the managing member that owns 100% of the interests in each wholly-owned project company.

Standard Solar, Inc. (Standard Solar or the Company) was founded in 2004 and was acquired by affiliates of Brookfield Renewable Partners L.P. (Brookfield) in 2022. As of March 31, 2025, Standard Solar has over 140 employees and has deployed over 572 megawatts of installed capacity in 22 states and Washington D.C. The Company’s services include on-site C&I solar, community solar, energy storage solutions and energy services provided to over 350 C&I customers and municipalities, universities, schools, and hospitals.

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Methodologies

• ABS: General Global Rating Methodology for Asset Backed Securities
• 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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1009884

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