Green Bond Fact SheetMill City Solar Loan

Date: 10/07/2019

Issue date: 20-03-2019 Maturity date: 20-03-2043 Tenor: 34
Issuer NameMill City Solar Loan

Amount Issued

USD242m

Country of risk

USA

CBI Database

IncludedIssuer Type1ABS

Bond Type

Solar ABS

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

A, BBB, BB, B (KBRA)☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Paramount Equity Mortgage, LLC, operating as Loanpal, was incorporated in California in
2003 to provide residential mortgage loans. Its residential solar finance company,
Paramount Solar, was launched in 2009 and purchased by SolarCity in 2013. In December
2017, Loanpal launched its current platform for originating loans to mostly prime credit
quality homeowners for purchasing home improvements, including solar panel systems andbatteries. Loanpal is licensed in all 50 states and currently originates solar loans in 46 states
and the District of Columbia. The company has funded over USD25bn in total mortgage andsolar loan volume since inception. This transaction it its first term ABS securitization
collateralized by consumer solar loans.

Firsts, records andcertifications
Proceeds description

Climate Bonds view

Underwriters

The notes have a legal final maturity in March 2043 and are backed by a pool of mostly
prime-quality residential consumer solar loans provided by Loanpal to finance solar energysystems, including systems with energy storage. MCSLT 2019-1 has large geographic
concentrations, with California borrowers representing 32.17% of the outstanding principalbalance as of the January 31, 2019 cut-off date. The next largest state concentrations are inTexas (14.16%), Nevada (10.15%), Arizona (8.10%) and Colorado (5.89%).
US Solar ABS keeps attracting new issuers as more homeowners are installing residential
solar. While California remains in the lead in terms of installations and popularity, it is goodto see adoption in other sunshine states. The transaction contributes to just over USD1bnof Solar ABS issuance in 2019, and USD6.2bn cumulatively.
Goldman Sachs

Deal comments
Credit Rating
Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign