## Behind EverBright Solar's Major $288 Million Securitization: Who Owns the Company and Why It Matters

The solar financing sector just witnessed a significant capital move. KBRA has assigned preliminary ratings to $288.49 million in notes issued through EverBright Solar Trust 2024-A (EVBRT 2024-A), backed by a substantial pool of residential solar installment contracts. But the real story lies in understanding who owns EverBright Solar and what this securitization reveals about the company's position in the renewable energy market.

**The Ownership Structure: A NextEra Energy Subsidiary**

EverBright, LLC isn't a standalone solar financer—it's a wholly-owned subsidiary of NextEra Energy, Inc., one of America's largest energy giants. Founded in 2021 and fully operational since early 2022, EverBright operates under the umbrella of a parent company that has dominated the energy sector since 1925. NextEra Energy's market position is undeniable: publicly traded on the New York Stock Exchange (NYSE: NEE), the company boasts a market capitalization exceeding $115 billion and holds total assets of $177 billion as of the end of 2023. This corporate backing essentially positions EverBright Solar as part of a multi-billion dollar energy infrastructure empire.

For investors, this ownership structure matters considerably. The securitization is collateralized by residential solar receivables originated by a company backed by one of the most financially stable energy producers in the United States.

**The Asset Pool: Premium Customer Focus**

The $288.49 million securitization draws from a carefully curated pool of solar receivables targeting mostly prime quality borrowers. These loans finance residential solar power generation and storage systems, including panels and related installation services. Current loan characteristics reveal EverBright's target market positioning: contract balances range from $10,000 to $150,000, original loan terms span 10 to 25 years, and interest rates operate between 3.99% and 10.99%.

This structure reflects a strategic focus on higher-creditworthiness customers and longer-term financing arrangements—typical of securitized solar products in today's market.

**Rating Methodology and Evaluation Process**

KBRA's preliminary rating assignment involved comprehensive analysis using multiple specialized methodologies. The rating agency applied its General Global Rating Methodology for Asset-Backed Securities alongside consumer loan ABS methodologies, structured finance counterparty evaluation frameworks, and ESG rating criteria. The analysis encompassed stress testing on cash flow assumptions, examination of portfolio data, collateral pool characteristics, and capital structure design.

The evaluation also incorporated operational due diligence on EverBright itself, including periodic management discussions and ongoing company communications. Legal documentation and operative agreements will undergo further review ahead of deal closure.

**Why This Securitization Signals Market Confidence**

The securitization demonstrates that institutional capital remains confident in residential solar financing when anchored by a major energy corporation. The combination of a NextEra Energy subsidiary's operational expertise, prime quality borrower pools, and long-term loan tenors creates the conditions for investor appetite in structured solar debt products.

KBRA's preliminary ratings provide the initial credit assessment framework for both institutional and individual investors seeking exposure to the solar securitization market through structured instruments. With full operative reviews pending, the deal represents another incremental step in how renewable energy infrastructure gets financed through capital markets channels.