IGS Solar raises $221M by securitizing rooftop-solar leases
What's the deal? IGSDealroom has a profile for this one. Try Dealroom → Solar has raised $221 million by securitizing a pool of residential rooftop-solar leases and power purchase agreements (PPAs). KBRA assigned preliminary ratings to the notes, issued through IGS Solar Shamrock Issuer 2026-1, LLC, on October 28, 2026.
What's behind the notes? The deal is backed by 18,488 leases and PPAs tied to residential solar installations, with a total discounted asset balance of roughly $374.7 million at a 7.25% discount rate. The underlying customers carry a weighted-average FICO score of 751.
Where's the exposure? New Jersey, New York, and Pennsylvania together account for about 55% of the pool's asset balance — a geographic concentration worth watching. The leases and PPAs have a weighted-average remaining tenor of 290 months.
What's the endgame? IGS Solar, an affiliate of IGS Energy established in 2017, has deployed more than $1 billion in residential solar lease and PPA assets for over 32,000 customers. Securitizations like this one convert long-dated customer payments into tradable debt, freeing capital to finance more installations.
The signal: The deal shows IGS can tap securitization markets at scale, joining a steady run of residential-solar asset-backed deals. Sunrun brought a $293 million offering to market in August 2026, and TIP Solar issued a $179.7 million deal earlier in the year. It reflects investor appetite for solar-backed debt — not, on its own, a surge in rooftop demand.
Read more: asreport.americanbanker.com
Image credit: Generated with Gemini
