Sunrun Solar Securitization Recognized by Financial Times

The Sunrun solar securitization deal was “commended” by Financial Times in its North America Innovative Lawyers 2015 report. Kramer Levin represented Credit Suisse Securities (USA) LLC in the securitization of Sunrun's solar assets, which totaled $111 million, using the cash flows from multiple tax equity transactions that were restructured. The transaction is viewed by the solar industry as extremely important because it is the first solar securitization closed by a company other than SolarCity. The transaction was only the second securitization ever to back-lever existing tax equity transactions; it was the first to include more than one tax equity transaction. The Kramer Levin team consisted of Gilbert Liu, Daniel Michaelson and Joel Pietrzak from the securitization group and Mark Chass from the bankruptcy and restructuring group.