# EDGAR Filing Document

**Accession Number:** 0001757387
**File Stem:** 0001193125-25-202317
**Filing Date:** 2025-9
**Character Count:** 21474
**Document Hash:** 41287b097bfb043c6b93f98969c54f5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-202317.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001193125-25-202317

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250912

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SunStrong Capital Holdings, LLC
- **CENTRAL INDEX KEY:** 0001757387

**ORGANIZATION NAME:**
- **EIN:** 943008969
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04180
- **FILM NUMBER:** 251312181

**BUSINESS ADDRESS:**
- **STREET 1:** 77 RIO ROBLES
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 78745
- **BUSINESS PHONE:** 408-240-5500

**MAIL ADDRESS:**
- **STREET 1:** 77 RIO ROBLES
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 78745
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SunStrong Capital Holdings, LLC
- **CENTRAL INDEX KEY:** 0001757387

**ORGANIZATION NAME:**
- **EIN:** 943008969
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 77 RIO ROBLES
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 78745
- **BUSINESS PHONE:** 408-240-5500

**MAIL ADDRESS:**
- **STREET 1:** 77 RIO ROBLES
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 78745
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SunStrong Capital Holdings, LLC
- **CENTRAL INDEX KEY:** 0001757387

**ORGANIZATION NAME:**
- **EIN:** 943008969
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04180

**BUSINESS ADDRESS:**
- **STREET 1:** 77 RIO ROBLES
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 78745
- **BUSINESS PHONE:** 408-240-5500

**MAIL ADDRESS:**
- **STREET 1:** 77 RIO ROBLES
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 78745

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER** 

**REPORT PURSUANT TO SECTION 15G OF** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

**Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:** 

☐ **Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period<u> </u> to<u> </u>** 

**Date of Report (Date of earliest event reported)<u> </u>** 

**Commission File Number of securitizer:<u> </u>** 

**Central Index Key Number of securitizer:<u> </u>** 

**Name and telephone number, including area code, of the person** 

**to contact in connection with this filing.** 

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ☐

☒ **Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)** 

**Central Index Key Number of depositor: 0001757387** 

## SunStrong Issuer 2025-1, LLC
**(Exact name of issuing entity as specified in its charter)** 

**Central Index Key Number of issuing entity (if applicable): Not applicable** 

**Central Index Key Number of underwriter (if applicable): Not applicable** 

**CJ Harris** 

**(212) 506-5017** 

**Name and telephone number, including area code, of the person** 

**to contact in connection with this filing** 

------

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer** 

Attached as Exhibit 99.1 hereto is a consultant's report dated September 8, 2025, obtained by SunStrong Capital Holdings, LLC, which report sets forth a summary of the findings and conclusions of DNV Energy USA Inc. with respect to certain residential photovoltaic solar assets.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 12, 2025

---

| | | |
|:---|:---|:---|
| SUNSTRONG DEPOSITOR 2025-1, LLC | SUNSTRONG DEPOSITOR 2025-1, LLC | SUNSTRONG DEPOSITOR 2025-1, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depositor) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depositor) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depositor) |
| By: | /s/ CJ Harris | /s/ CJ Harris |
|  | Name: | CJ Harris |
|  | Title: | Authorized Signatory |

---

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**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| Exhibit 99.1 | [Summary Report of Technical Due Diligence Findings and Conclusions, dated September 8, 2025, of DNV Energy USA Inc., setting forth findings and conclusions of DNV Energy USA Inc. with respect to certain residential photovoltaic solar assets](d67361dex991.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g67361g0912014310820.jpg)

H1 2025 ABS

**Summary Report of Technical Due Diligence Findings and Conclusions** 

SunStrong Capital Holdings, LLC

**Document No**.: 10575540-HOU-R-02

**Issue**: A, **Status**: Final

**Date**: 08 September 2025

![LOGO](g67361g0912014311039.jpg)

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![LOGO](g67361g0912014310820.jpg)

**IMPORTANT NOTICE AND DISCLAIMER** 

1. This document is intended for the sole use of the Customer as detailed on page ii of this document, to whom it is addressed and who has entered into a written agreement with the DNV entity issuing this document ("DNV"). No other person or entity is entitled to rely on this document for any purpose. To the maximum extent permitted by law, neither DNV nor any its group companies (collectively the "Group") assumes any responsibility or liability whether in contract, tort (including without limitation negligence), or otherwise, to any Third Party (being any individual or entity other than the Customer). No company in the Group other than DNV shall be liable for any loss or damage whatsoever suffered by virtue of any act, omission or default (whether arising by negligence or otherwise) by DNV, the Group or any of its or their servants, subcontractors or agents. To the extent that any Third Party is deemed to have a right to rely on this document by operation of law, statute, or otherwise, such reliance is subject to DNV's standard reliance letter terms, including without limitation, the limitation of liability, which limits DNV's total liability to USD 300,000.

2. This document must be read in its entirety and is subject to any assumptions, limitations and qualifications expressed herein (as well as in the full technical due diligence report) as well as in any other relevant communications in connection with it. This document may contain detailed technical data intended solely for use by individuals possessing requisite expertise in its subject matter.

3. This document is protected by copyright and may only be reproduced and circulated in accordance with the confidentiality conditions stipulated and/or in DNV's written agreement with the Customer. No part of this document may be disclosed in any public offering memorandum, prospectus or stock exchange listing, circular or announcement without the express and prior written consent of DNV. Distribution of this document to any Third Party (including by consent) does not confer any rights of reliance unless such Third Party has executed a reliance letter with DNV. Any unauthorized distribution or use of this document shall not create any duty of care or liability on the part of DNV or the Group. The Customer shall not alter or modify this document in any way without DNV's prior written consent.

4. This document has been produced from information relating to dates and periods referred to in this document. This document does not imply that any information is not subject to change. Except and to the extent that checking or verification of information or data is expressly agreed within the written scope of its services, DNV shall not be responsible in any way in connection with erroneous information or data provided to it by the Customer or any third party, or for the effects of any such erroneous information or data whether or not contained or referred to in this document.

5. Any estimates or predictions are subject to factors not all of which are within the scope of this document and nothing in this document guarantees any particular performance or output.

DNV Document No.: 10575540-HOU-R-02, Issue: A, Status: Final Page i

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![LOGO](g67361g0912014310820.jpg)

---

| | | |
|:---|:---|:---|
| Project name: | H1 2025 ABS<br>| DNV Energy Systems |
| Report title: | Summary Report of Technical Due Diligence Findings and Conclusions<br>| Renewables & Power Grids<br> 1999 Harrison Street,<br> Oakland, CA, 94612 USA<br> Tel: +1 510-891-0446 |
| Customer: | SunStrong Capital Holdings, LLC<br> 9229 Waterford Centre Blvd., Suite 200<br> Austin, TX 78758 | Renewables & Power Grids<br> 1999 Harrison Street,<br> Oakland, CA, 94612 USA<br> Tel: +1 510-891-0446 |
| Contact person: | CJ Harris |  |
| Date of issue: | 08 September 2025 |  |
| Proposal reference: | OPP-407408-SF-01-B |  |
| Document No.: | 10575540-HOU-R-02-H |  |

---

Task and objective:

This document provides a summary of DNV's technical due diligence review, as provided in 10575540-HOU-R-01-A SunStrong H1 2025 ABS (15 August 2025), in DNV's capacity as Independent Engineer, for third-party owned residential-scale solar-only and solar + battery storage systems.

---

| | |
|:---|:---|
| Prepared by: | Approved by: |
| Sarah Heller | Catherine Vadakkan |
| Senior Project Manager, DG SIE | Team Lead, DG SIE |

---

---

| | |
|:---|:---|
| **Distribution outside of DNV:** | **Distribution outside of DNV:** |
| ☐ PUBLISHED | Available for information only to the general public |
|  | (subject to the above Important Notice and Disclaimer). |
| ☒ CUSTOMER'S | Distribution for information only at the discretion of the |
| DISCRETION | Customer (subject to the above Important Notice and |
|  | Disclaimer and the terms of DNV's written agreement |
|  | with the Customer). |
| ☐ CONFIDENTIAL | Not to be disclosed outside the Customer's organization. |
| ☐ NONE | Not to be disclosed outside of DNV. |

---

© 2025 DNV Energy USA Inc. All rights reserved.

Reference to part of this report which may lead to misinterpretation is not permissible.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issue** | **Date** | **Status** | **Reason for Issue** | **Prepared by** | **Approved by** |
| A | 08 September 2025 | DRAFT | Preliminary Report | S. Heller | C. Vadakkan |

---

DNV Document No.: 10575540-HOU-R-02, Issue: A, Status: Final Page ii

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![LOGO](g67361g0912014310820.jpg)

**Table of contents** 

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| | | | |
|:---|:---|:---|:---|
|  1 | INTRODUCTION | INTRODUCTION | 1 |
|  | 1.1 | Scope of work | 1 |
|  | 1.2 | Methodology and assumptions | 1 |
|  | 1.3 | SunStrong overview | 1 |
|  | 1.4 | Portfolio overview | 2 |
|  2 | EXECUTIVE SUMMARY | EXECUTIVE SUMMARY | 4 |
|  | 2.1 | Energy and performance guarantee payout forecasting | 4 |
|  | 2.2 | Technical inputs to the financial model | 4 |
|  3 | REFERENCES | REFERENCES | 5 |

---

DNV Document No.: 10575540-HOU-R-02, Issue: A, Status: Final Page iii

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![LOGO](g67361g0912014310820.jpg)

---

| | |
|:---|:---|
| **1** | **INTRODUCTION**  |

---

At the request of SunStrong Capital Holdings, LLC (SunStrong or the "Customer"), DNV has provided this summary (the "Summary") of its technical due diligence review of SunStrong's operating. third-party owned ("TPO") residential PV systems ("Fleet") in support of an asset backed securitization. In order to gain a complete understanding of DNV's review, and of its findings and conclusions, the technical due diligence report (the "Report"), *10575540-HOU-R-01-A SunStrong H1 2025 ABS (15 August 2025),* should be read in its entirety.

**1.1** **Scope of work** 

The DNV scope of work for the Report is defined in the Short Form Agreement ("Agreement") OPP-407408-SF-01-B, dated 01 April 2025 and between SunStrong, LLC and DNV Energy USA Inc. The level of information included in the Report reflects the knowledge of issues gained by DNV during the course of due diligence review.

This Summary is also provided pursuant to the terms and conditions of the Agreement Disclosure of the Summary to investors and/or lenders (whether potential or actual), and/or any other parties is subject to the Agreement terms and conditions and the disclaimer at the front of this Summary.

This Summary summarizes the scope, findings and conclusions of DNV's technical due diligence review as presented in the Report, and is subject to all the limitations, assumptions, and disclaimers set forth therein.

The DNV scope of work in the Report includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Historical energy analysis and forecasting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equipment replacement modeling

**1.2** **Methodology and assumptions** 

This Independent Engineering (IE) Report is a high-level technical due diligence review intended for financial institutions, customers, and project developers. DNV is well qualified to conduct this study, with extensive experience in solar independent engineering and technology due diligence work.

This Summary summarizes DNV's assessment of the Portfolio and relies on the accuracy of the information provided by SunStrong in the Report. All those supplying product information to the Report have been open and forthcoming in providing the data that DNV has requested. The Report is based on some information not within the control of DNV. DNV believes that the information provided by others is true and correct and reasonable for the purposes of this Report. DNV has not been requested to make an independent analysis or verification of the validity of such information. DNV does not guarantee the accuracy of the data, information, or opinions provided by others. In preparing the Report and the opinions presented, DNV has made certain assumptions with respect to conditions that may exist or events that may occur in the future. DNV believes that these assumptions are reasonable for purposes of the Report, but actual events or conditions may cause results to differ materially from forward-looking statements.

**1.3** **SunStrong overview** 

SunStrong Management, LLC is an independent asset management and servicing company with expertise in the residential and commercial solar asset classes. SunStrong was created through the acquisition of legacy SunPower assets, including more than 110,000 solar loan and lease systems and is focused exclusively on distributed energy asset management [1].

DNV Document No.: 10575540-HOU-R-02, Issue: A, Status: Final Page 1

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![LOGO](g67361g0912014310820.jpg)

Directly or via its partners, its capabilities include full-service billing and collections, operations & maintenance, asset management, legal/compliance, and tax and accounting services. SunStrong Capital Holdings, LLC owns a fleet of over 110,000 residential solar loans and leases across the U.S. totaling nearly 1 GW of power generation capacity and 19 MW of commercial solar assets [2].

**1.4** **Portfolio overview** 

A summary of Fleet attributes is provided in the below tables [3].

**SunStrong Fleet/Portfolio Summary - Region** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Region** | **Number of systems** | **Capacity<br>[MWdc]** | **Average system size<br>[kWdc]** | **% of Fleet<br>(by capacity)** |
|  AZ | 10316 | 106 | 10.23 | 12.68% |
|  CA | 70005 | 458 | 6.55 | 55.09% |
|  CO | 1033 | 7 | 7.17 | 0.89% |
|  CT | 3626 | 39 | 10.73 | 4.68% |
|  FL | 994 | 12 | 11.96 | 1.43% |
|  HI | 850 | 7 | 8.61 | 0.88% |
|  IL | 4058 | 41 | 10.21 | 4.98% |
|  MA | 1261 | 11 | 9.05 | 1.37% |
|  MD | 62 | 1 | 15.84 | 0.12% |
|  NH | 31 | 0 | 10.14 | 0.04% |
|  NJ | 5518 | 60 | 10.83 | 7.18% |
|  NM | 3 | 0 | 7.19 | 0.00% |
|  NV | 1467 | 16 | 10.62 | 1.87% |
|  NY | 8504 | 71 | 8.38 | 8.57% |
|  PA | 32 | 0 | 11.41 | 0.04% |
|  RI | 7 | 0 | 8.31 | 0.01% |
|  TX | 2 | 0 | 6.54 | 0.00% |
|  VT | 248 | 1 | 5.83 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **108017** | **832** | **7.70** | **100.00%** |

---

**Portfolio by module manufacturer** 

---

| | | | |
|:---|:---|:---|:---|
| **Manufacturer** | **Number of systems** | **Capacity<br>[MWdc]** | **% of Fleet<br>(by capacity)** |
|  SunPower Corporation | 93965 | 716 | 86.08% |
|  Q-Cells AG | 7477 | 54 | 6.46% |
|  Waaree Energies Ltd. | 4739 | 47 | 5.62% |
|  Canadian Solar Inc. | 1423 | 13 | 1.59% |
|  Unknown | 413 | 2 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **108017** | **832** | **100.00%** |

---

DNV Document No.: 10575540-HOU-R-02, Issue: A, Status: Final Page 2

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![LOGO](g67361g0912014310820.jpg)

**Portfolio by inverter manufacturer** 

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| | | | |
|:---|:---|:---|:---|
| **Manufacturer** | **Number of systems** | **Capacity<br>[MWdc]** | **% of Fleet<br>(by capacity)** |
|  Enphase Energy | 46870 | 340 | 40.90% |
|  SunPower Corporation | 34356 | 265 | 31.83% |
|  SMA | 15945 | 141 | 16.98% |
|  Power-One<br> (Original Mfr. – Magnetek) | 4062 | 31 | 3.73% |
|  Power-One | 4282 | 30 | 3.63% |
|  Fronius USA LLC | 1345 | 15 | 1.84% |
|  Unknown | 1153 | 9 | 1.08% |
|  SolarEdge Technologies Inc. | 4 | 0 | 0.00% |
|  **Total** | **108017** | **832** | **100.00%** |

---

DNV Document No.: 10575540-HOU-R-02, Issue: A, Status: Final Page 3

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![LOGO](g67361g0912014310820.jpg)

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| | |
|:---|:---|
| **2** | **EXECUTIVE SUMMARY**  |

---

This Section summarizes major findings relevant to the SunStrong TPO Fleet.

**2.1** **Energy and performance guarantee payout forecasting** 

DNV analyzed production data from SunStrong's Fleet of deployed systems to assess the accuracy of the energy production estimates with the goal of establishing expectations for future production risks going forward for the Fleet.

DNV received a data set in June 2025 with yearly production estimates, yearly actual production, and metadata for 108,017 systems. DNV notes that although some level of asset attribute data was available for 108,017 systems, production data that passed quality control was only available for 92,335 systems. These systems represent SunStrong's Fleet through 19 June 2025.

DNV used the data of the 92,335 systems for historical production analysis and forecasting. The historical performance index is 0.99. DNV forecasts the Year 1 (2025) Portfolio P50 to be 96.90% and the P90 to be 91.00% of expected energy for that period relative to SunStrong's first year estimate.

Lastly, at the request of SunStrong, DNV provided annual forecasts exclusive to irradiance uncertainty, or the interannual variability of the solar resource (IAV). DNV determined the uncertainty of irradiance specific to the regional distribution of the Fleet using satellite irradiance data from the Production Sample. DNV used the Portfolio irradiance uncertainty to calculate P50-P99 downside scenarios for 1, 20, and 25-year scenarios for the Fleet, where the P50 scenario is 100.0% production.

**2.2** **Technical inputs to the financial model** 

**2.2.1** **PV equipment replacement modeling** 

Per the request of SunStrong, DNV provided inverter equipment costs and failure curves.

**2.2.2** **BESS equipment replacement modeling** 

DNV modeled the cost of replacing BESS within the SunStrong Fleet. The Fleet has 4,728 BESS units. DNV's forecast for BESS equipment replacement costs are $5,194 per BESS unit in 2025 dollars.

DNV Document No.: 10575540-HOU-R-02, Issue: A, Status: Final Page 4

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![LOGO](g67361g0912014310820.jpg)

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| | |
|:---|:---|
| **3** | **REFERENCES**  |

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[1] Yahoo! Finance, "SunStrong Closes $254 Million Securitization of Residential Solar & Battery Systems," 02 June 2025. [Online]. Available: https://finance.yahoo.com/news/sunstrong-closes-254-million-securitization-113000569.html.

[2] "SunStrong Management LinkedIn," 2025. [Online]. Available: https://www.linkedin.com/company/sunstrong - management.

[3] SunStrong, *IE Lease Production Data* (June 19 2025) sendout, 19 June 2025.

DNV Document No.: 10575540-HOU-R-02, Issue: A, Status: Final Page 5

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![LOGO](g67361g0912014310820.jpg)

**ABOUT DNV** 

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