Green Bond Fact Sheet

HeliosDate: 31/05/2018

Issue date: 19-Apr-2017 Maturity date: 01-Sep-2049 Tenor: 32.4
Issuer Name

HeliosAmount Issued

USD255m

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

N/A☒ Energy☒ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ 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
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ 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

Helios Issuer, LLC, is a subsidiary of Sunnova Energy Corporation, a residential solar
service provider in the US.

Firsts, records andcertifications
Proceeds description

The 3-tranche securitisation is backed by a pool of 13,838 leases, power purchaseagreements (PPA), EZ Pay PPAs, and 20 hedged solar renewable energy certificate
contracts related to residential PV installations. The PV systems are expected to be
distributed in 14 US states, Puerto Rico and Guam, with California, New Jersey andPuerto Rico accounting for approximately 67% of the assets. According to KBRA’s
Surveillance Report, as of March 2018 the total aggregated discounted solar assed
balance of the contracts is around USD286.6m.
In October 2017, Hurricane Maria damaged a significant percentage of assets
located in Puerto Rico. As of April 2017, 77% of the PV systems were billed for
production in March and more than 98% among these are generating cash flows.
Moreover, Sunnova expects to recover repair expenses through its insurance
policy.

Climate Bonds viewThe deal was previously treated as unlabelled, but we have now decided to include
all solar ABS, where the collateral is solar assets, in our database. Solar ABS
underpins the adoption of residential rooftop solar in the USA and its territories.
We would hope to see more solar ABS in other markets as well.

Underwriters

Credit Suisse

Deal comments
Credit Rating

A Notes: A (sf), B Notes: BBB (sf), C Notes: NR (KBRA)

Pricing summary
Investors summary

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