KBRA Assigns Preliminary Ratings to Osprey Securitization I, LLC

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Dec 07, 2022 11:26 am

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.

To access ratings and relevant documents, click here.

Click here to view the report.

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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 pursuant to the Temporary Registration Regime. 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.


Kenneth Martens, Senior Director (Lead Analyst)
+1 (646) 731-3373
[email protected]

Ali Pasha, Associate
+1 (646) 731-1299
[email protected]

Edward Napoli, Director
+1 (646) 731-1284
[email protected]

Eric Neglia, Senior Managing Director
+1 (646) 731-2456
[email protected]

Rosemary Kelley, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2337
[email protected]

Business Development

Ted Burbage, Managing Director
+1 (646) 731-3325
[email protected]

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