<SEC-DOCUMENT>0001193125-25-197301.txt : 20250905
<SEC-HEADER>0001193125-25-197301.hdr.sgml : 20250905
<ACCEPTANCE-DATETIME>20250905165853
ACCESSION NUMBER:		0001193125-25-197301
CONFORMED SUBMISSION TYPE:	ABS-15G
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250905
ITEM INFORMATION:		Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer
FILED AS OF DATE:		20250905
DATE AS OF CHANGE:		20250905
ABS RULE:           	RULE-15GA2
REGISTERED ENTITY:         	Y
ABS ASSET CLASS:             	Resecuritization

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sunrun Inc.
		CENTRAL INDEX KEY:			0001469367
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				262841711
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		ABS-15G
		SEC ACT:		Dodd Frank Act
		SEC FILE NUMBER:	025-01977
		FILM NUMBER:		251297354

	BUSINESS ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET, SUITE 1800
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
		BUSINESS PHONE:		415-580-6900

	MAIL ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET, SUITE 1800
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SunRun Inc.
		DATE OF NAME CHANGE:	20090730

DEPOSITOR:         

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sunrun Inc.
		CENTRAL INDEX KEY:			0001469367
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				262841711
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		ABS-15G
		SEC ACT:		Dodd Frank Act
		SEC FILE NUMBER:	001-37511

	BUSINESS ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET, SUITE 1800
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
		BUSINESS PHONE:		415-580-6900

	MAIL ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET, SUITE 1800
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SunRun Inc.
		DATE OF NAME CHANGE:	20090730

SECURITIZER:             

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sunrun Inc.
		CENTRAL INDEX KEY:			0001469367
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				262841711
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		ABS-15G
		SEC ACT:		Dodd Frank Act
		SEC FILE NUMBER:	025-01977

	BUSINESS ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET, SUITE 1800
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
		BUSINESS PHONE:		415-580-6900

	MAIL ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET, SUITE 1800
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SunRun Inc.
		DATE OF NAME CHANGE:	20090730

ISSUING ENTITY:               

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sunrun Lucius Issuer 2025-3, LLC
		CENTRAL INDEX KEY:			0002084372
		ORGANIZATION NAME:           	
		EIN:				393592639
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

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

	BUSINESS ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET
		STREET 2:		SUITE 1800
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
		BUSINESS PHONE:		415-580-6900

	MAIL ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET
		STREET 2:		SUITE 1800
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
</SEC-HEADER>
<DOCUMENT>
<TYPE>ABS-15G
<SEQUENCE>1
<FILENAME>d940407dabs15g.htm
<DESCRIPTION>ABS-15G
<TEXT>
<HTML><HEAD>
<TITLE>ABS-15G</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">ABS-15G</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ASSET-BACKED SECURITIZER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT PURSUANT TO SECTION 15G OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy: </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Rule <FONT STYLE="white-space:nowrap">15Ga-1</FONT> under the Exchange Act (17 CFR <FONT
STYLE="white-space:nowrap">240.15Ga-1)</FONT> for the reporting period <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U> to <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported) <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number of securitizer: <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Central Index Key Number of securitizer: <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:37%">&nbsp;</DIV></center>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name and telephone number, including area code, of the person </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to contact in connection with this filing </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule <FONT
STYLE="white-space:nowrap">15Ga-1(c)(1)&#8194;&#9744;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the securitizer has no activity to report for
the quarterly period pursuant to Rule <FONT STYLE="white-space:nowrap">15Ga-1(c)(2)(i)&#8194;&#9744;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Indicate by check mark
whether the securitizer has no activity to report for the annual period pursuant to Rule <FONT STYLE="white-space:nowrap">15Ga-1(c)(2)(ii)&#8194;&#9744;</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9746;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Rule <FONT STYLE="white-space:nowrap">15Ga-2</FONT> under the Exchange Act (17 CFR 240.15Ga-2)
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Central Index Key Number of depositor: 0001469367 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Sunrun Lucius Issuer <FONT STYLE="white-space:nowrap">2025-3,</FONT> LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of issuing entity as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Central Index Key Number of issuing entity (if applicable): 0002084372 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Central Index Key Number of underwriter (if applicable): Not applicable </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Jeanna Steele, (415) <FONT STYLE="white-space:nowrap">982-9000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name and telephone number, including area code, of the person </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to contact in connection with this filing </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION TO BE INCLUDED IN THE REPORT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attached as <U>Exhibit 99.1</U> hereto is a consultant&#8217;s report, dated September&nbsp;5, 2025, obtained by Sunrun Inc., which report sets forth a summary
of the findings and conclusions of Leidos Engineering, LLC with respect to certain residential photovoltaic solar assets. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sunrun Inc. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: September&nbsp;5, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jeanna Steele</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Jeanna Steele</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title: Chief Legal Officer and Chief People Officer</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
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<TD VALIGN="bottom" ALIGN="center">Exhibit&nbsp;Number</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Description</TD></TR>


<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d940407dex991.htm">Summary Report of Findings and Conclusions, dated September&nbsp;
5, 2025, of Leidos Engineering, LLC, setting forth findings and conclusions of Leidos with respect to certain residential photovoltaic solar assets. </A></TD></TR>
</TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d940407dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g940407g0905024808129.jpg" ALT="LOGO" STYLE="width:1.94514in;height:0.933333in;">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;5, 2025 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">600 California Street, Suite 1800 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">San Francisco, CA 94108 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Subject:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Summary Report of Findings and Conclusions</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Sunrun Fleetwide Review</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Introduction </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Leidos Engineering, LLC
(&#8220;Leidos&#8221;) has reviewed certain aspects of the methods and procedures used by Sunrun Inc. (&#8220;Sunrun&#8221;) in its development of residential rooftop photovoltaic (&#8220;PV&#8221;) power generation installations (individually
referred to as a &#8220;Facility&#8221; or, if more than one Facility, the &#8220;Facilities&#8221;) on a <FONT STYLE="white-space:nowrap">fleet-wide</FONT> basis, some of which include battery energy storage systems (&#8220;BESS&#8221;) operating
in cooperation with the PV installation. The results of our review were provided in reports titled &#8220;<I>Independent Engineer&#8217;s Report; Sunrun Inc. Fleetwide Review 2025,</I>&#8221; dated August&nbsp;5, 2025; Addendum&nbsp;1 and Addendum
2, both dated August&nbsp;5, 2024; and Addendum 3 dated August&nbsp;21, 2025, (together, the &#8220;IE Report&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This summary report (the
&#8220;Summary Report&#8221;) has been prepared in connection with project-level debt and equity financings related to the Facilities (each, a &#8220;Fund&#8221;), and in accordance with the Task Authorization dated December&nbsp;10, 2018, under a
Master Professional Services Agreement dated November&nbsp;1, 2018, between Leidos and Sunrun. It is expected that these debt and equity transactions may include Facilities that have not yet begun development, but some operating Facilities and some
Facilities under development may also be included. In order to gain a complete understanding of our review, and of our findings and conclusions, the IE Report should be read in its entirety. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun has installed Facilities on residential rooftops located in 21&nbsp;states, Washington, D.C., and Puerto Rico; a small percentage of the Facilities
have been ground-mounted. The Facilities are mounted in <FONT STYLE="white-space:nowrap">fixed-tilt</FONT> rooftop configurations and have capacities ranging from 2&nbsp;kilowatts <FONT STYLE="white-space:nowrap">(&#8220;kW&#8221;)-direct</FONT>
current (&#8220;DC&#8221;) to 30 <FONT STYLE="white-space:nowrap">kW-DC.</FONT> Sunrun or its affiliates have constructed and Sunrun owns and operates the Facilities, including performance of the operations and maintenance (&#8220;O&amp;M&#8221;)
activities. The owners of the sites on which the Facilities are located are herein individually referred to as a &#8220;Site Owner&#8221; and collectively as the &#8220;Site Owners.&#8221; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1630 Welton Street, Suite 200A / Denver, CO 80202 / 303.299.5200 / energy.leidos.com </P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consultant&#8217;s Report of Findings and Conclusions </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Summary of Leidos&#8217; Review </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the preparation of this Report, we reviewed Sunrun&#8217;s methodology for developing energy production estimates for operating Facilities and
Facilities under development, as Sunrun believes these are reflective of future Facilities that are to be developed (the &#8220;New Facilities&#8221;). The review of methodology included reviewing aspects of both Sunrun&#8217;s operating fleet and
Facilities originated during a <FONT STYLE="white-space:nowrap">six-month</FONT> period ending December&nbsp;31, 2024, (some of which are under development, and some of which are operating), for which Sunrun has executed agreements for power and/or
construction (the &#8220;Origination Facilities&#8221;), and which Sunrun expects to be representative of projects currently being developed. Further, we have reviewed the design package, reviewed Sunrun&#8217;s energy production estimates for 10 of
the Origination Facilities (the &#8220;Reference Facilities&#8221;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We reviewed an executed Operation and Maintenance Agreement provided by Sunrun,
dated March&nbsp;3,&nbsp;2025, (the &#8220;OMA&#8221;). Sunrun has stated that the OMA is materially similar to recent financings. Our scope did not include review of the construction cost and schedule projections or individual <FONT
STYLE="white-space:nowrap">Facility-specific</FONT> O&amp;M costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun is responsible for the customization of the respective solar plan, design
approval, permitting, installation, city/county inspections, utility interconnections, and O&amp;M services for each Facility. After a Facility becomes operational, Sunrun provides daily system surveillance. We reviewed Sunrun&#8217;s relevant
experience and capabilities. As of December&nbsp;31,&nbsp;2024, Sunrun had installed more than 1,000,000&nbsp;facilities operational in 21 states, Washington, D.C., and Puerto Rico. Sunrun currently employs a staff of more than 10,000 and is a fully
integrated provider, conducting all sales, design and engineering, equipment procurement, construction, commissioning, and O&amp;M services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We reviewed
Sunrun&#8217;s project development processes including site selection, design and engineering, equipment selection, electrical design, electrical interconnection, structural evaluation and design, quality control, installation, and commercial
operation. On May&nbsp;16, 2025, we visited and made general observations of one operating Facility and one Facility in construction in Massachusetts, and on May&nbsp;21,&nbsp;2025, we visited and made general observations of three operating
Facilities in Colorado (the &#8220;Existing Facilities&#8221;) that are expected to be similar in design and constructed using methods similar to the Facilities contemplated for a Fund. The site visits were made to confirm that the methods of design
and construction of the Existing Facilities were consistent with the proposed methods of design and construction for the Facilities. The general field observations were visual examinations of selected areas, which we deemed adequate to allow us to
comment on the conditions of the respective Existing Facility, but which were not at the level of detail necessary to reveal conditions with respect to the structural integrity of the rooftops, environmental conditions, the internal physical
condition of any equipment, or conformance with agreements, codes, permits, rules, or regulations of any party having jurisdiction with respect to an Existing Facility or an Existing Facility site. Sunrun has provided evidence that the key
environmental permits and approvals were obtained for the &#8220;Permit Reference Facilities,&#8221; as defined in the IE Report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our observations during
visits to the Existing Facilities indicate that they were constructed or were being constructed in a manner consistent with other similar PV facilities with which we are familiar. All major components of the operating Existing Facilities appeared to
be functional including: PV modules, inverters, protection, disconnects, communications, and grounding systems. We did not observe any indications of deficiencies in the housekeeping of the site grounds, the general maintenance areas, or the
equipment. The external appearance of the equipment, systems and related spaces appeared orderly, clean and well-maintained. All evidence of wear and tear observed was judged to be normal and comparable to similar operating facilities with a
comparable operational history. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consultant&#8217;s Report of Findings and Conclusions </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun maintains and periodically updates an approved vendor list (&#8220;AVL&#8221;) for PV modules,
inverters, optimizers, and BESS equipment. As of the date of the IE Report, the AVL included modules from Aptos Solar Technology; Astronergy (Chint) Development Inc.; Boviet Solar Technology Co. Ltd.; Canadian Solar, Inc.; CertainTeed Solar; Dehui
Solar; Freedom Forever LLC; Hanwha Q CELLS Co., Ltd.; HT Solar Energy J.S.C.; Hyperion Solar CO., Ltd.; Hyundai Energy Solutions; JA Solar Holdings Co., Ltd.; JinkoSolar Holdings Co., Ltd.; LG Electronics, Inc.; LONGi Solar; Mission Solar Energy;
REC Solar Holdings AS; Seraphim Solar System Co. Ltd.; Solaria, Inc.; Solar4 America; Silfab Solar, Inc.; Sunpower/Maxeon Solar Technologies, Ltd.; Talesun Solar; Tesla, Inc. (&#8220;Tesla&#8221;); Translucent&nbsp;Energy LLC; Trina Solar Limited;
Vikram Solar Limited; Waaree Energies Ltd; Elin Energy LLC; and ZN Shine <FONT STYLE="white-space:nowrap">PV-Tech</FONT> Co., Ltd. (collectively, the &#8220;Module Suppliers&#8221;). As of the date of the IE Report, the AVL included inverters from
Delta Electronics, Inc.; Enphase Energy, Inc. (&#8220;Enphase&#8221;); Ningbo Ginlong Technologies Co., Ltd.; Growatt New Energy Technology Co., Ltd.; SMA Solar Technology AG; SolarEdge Technologies, Inc. (&#8220;SolarEdge&#8221;); Lunar Energy; and
Tesla (collectively, the &#8220;Inverter Suppliers&#8221;). As of the date of the IE Report, the AVL included BESS equipment from Enphase, LG Chem Ltd., SolarEdge, Tesla, FranklinWH Energy Storage Inc.; and Lunar Energy (collectively, the
&#8220;BESS Suppliers&#8221;). We reviewed the AVL suppliers. We also reviewed the PV module, inverter, optimizer, and BESS technologies used by the AVL suppliers. In addition to the suppliers on the current AVL, Sunrun reports that the equipment
deployed in the existing fleet was on the then-current AVL at the time of origination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun previously offered only four types of customer agreements:
(1)&nbsp;a monthly power purchase agreement (&#8220;PPA&#8221;), (2)&nbsp;a prepaid PPA, (3)&nbsp;a monthly lease agreement, and (4)&nbsp;a prepaid lease agreement. In 2024, Sunrun began offering three new types of lease and PPA agreements to
customers: SHIFT, Flex, and Storage <FONT STYLE="white-space:nowrap">Add-on.</FONT> Sunrun provided an example of each of these types of agreements for our review but reported that the specifics of each contract can differ depending on the location
and particular Facility. Each agreement type typically has a term of 25&nbsp;years from the <FONT STYLE="white-space:nowrap">in-service</FONT> date, other than the storage lease agreement, which has a term of 10 years form the <FONT
STYLE="white-space:nowrap">in-service</FONT> date. New agreements provide either a 90&nbsp;percent, 85&nbsp;percent, or 0&nbsp;percent performance guarantee (the &#8220;Performance Guarantee Percentage&#8221;). Some
<FONT STYLE="white-space:nowrap">pre-2017</FONT> performance guarantees could be as high as 100&nbsp;percent. If the energy production over the term of the agreement does not meet the performance guarantee, Sunrun is to refund the difference to the
Site Owner at the rate per kWh specified in the agreement. The majority of the agreements provided for our review calculate the guaranteed performance against the actual performance and calculates a refund if applicable every two&nbsp;years. If the
system produces more energy than the guaranteed output, then the extra energy is provided at no additional cost. Agreements for Facilities that include battery storage provide no guarantee or warranty that the battery backup capacity will be
available without interruption during every power outage. Sunrun disclaims, and the Site Owner agrees that Sunrun has no liability in the event that the batteries fail to provide backup power. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We reported on the estimated useful life of a rooftop PV facility, which is dependent on such characteristics as the integrity of the host building, the
design of the system, the technology employed, the quality of the installation, and the provision of sufficient parts and service to monitor and maintain the facility. While PV modules are typically warranted for 25&nbsp;years, it is not uncommon
for PV modules to remain in service for considerably longer, albeit with degradation effects continuing, and with risks of PV module failure increasing as they age. Beyond the PV modules themselves, the continued maintenance and repair or
replacement of roof structure components, racking, and electrical components (electrical panels, inverters, etc.) is necessary to assure optimal generation as a facility continues to age. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consultant&#8217;s Report of Findings and Conclusions </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Solar resource and energy production estimates were not developed for all of the Facilities. Rather, we have
evaluated Sunrun&#8217;s methodology for developing energy production estimates, both in general and as applied to the 10&nbsp;existing Reference Facilities, including five with battery storage, which we chose from a list of operating Facilities
provided by Sunrun. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun provided actual monthly energy production (the &#8220;Production Data&#8221;) from January 2008, or the initial operation date
(whichever was later), through December 2024, (the &#8220;Review Period&#8221;), and a first-year energy estimate developed using SUNSIM (the &#8220;SUNSIM Estimates&#8221;), for 500,085&nbsp;Facilities within its operating fleet that have been
operational for at least one&nbsp;year as of December&nbsp;31,&nbsp;2024, (collectively, the &#8220;Performance Dataset&#8221;). For the purposes of our analysis, we assumed that the information included within the Performance Dataset was accurate.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For each Facility in the Performance Dataset, we compared the SUNSIM Estimates and the Production Data, adjusted based on solar resource data, for the
Review Period. The adjustment for solar resource was completed by selecting a regional proxy location for each city where Sunrun has Facilities in the Representative Fleet, as defined in the IE Report (the &#8220;Regional Proxy&#8221;). The typical
meteorological year (&#8220;TMY&#8221;) and time series (&#8220;Actual Irradiance&#8221;) data utilized for each Regional Proxy were SolarAnywhere version&nbsp;3.7 data collected from Clean Power Research. For each Facility, the monthly Actual
Irradiance was compared to the monthly TMY irradiance resulting in a &#8220;Ratio of <FONT STYLE="white-space:nowrap">Irradiance-Adjusted</FONT> Production to SUNSIM Estimates&#8221; for each Facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Critical for any PV facility is the expected long-term variability of the solar resource and the subsequent impact on energy production variability. In order
to assess variability, a dataset must represent a long enough <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-of-record</FONT></FONT> to fully capture variability trends that would be expected over a <FONT
STYLE="white-space:nowrap">30-year</FONT> or greater operating life. Since no such <FONT STYLE="white-space:nowrap">long-term</FONT> dataset is available specific to the Regional Proxies, we used the 25&nbsp;complete years of time series data for
each Regional Proxy to estimate long-term resource variability. Each Regional Proxy&#8217;s annual global horizontal irradiance (&#8220;GHI&#8221;) value for the years&nbsp;1998 through&nbsp;2023 were normalized with respect to the average of those
GHI values (&#8220;Normalized GHI Values&#8221;), which were then combined into a portfolio-wide average, weighted by DC capacity of each region. We used a similar approach to derive a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-of-record</FONT></FONT> uncertainty for the full portfolio. To assess interannual variability, we performed a statistical analysis of long-term annual GHI trends using a Monte
Carlo simulation that takes a predetermined number of random samples from the normalized GHI values and uses computational algorithms to simulate <FONT STYLE="white-space:nowrap">P-values.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We reviewed Sunrun&#8217;s O&amp;M programs and procedures. Sunrun provided an executed OMA for our review that it reported is typical of the agreements that
it executes with its various Fund owners. The services provided in accordance with the OMA are provided by Sunrun. The OMA outlines the scope of O&amp;M activities performed by Sunrun. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have reviewed the replacement curves for the string inverters, microinverters, and BESS equipment as provided by Sunrun. Additionally, Sunrun provided its
price projections for string inverters, microinverters, and BESS equipment. These combined costs will provide the technical inputs to a financial model developed by Sunrun, which we did not review, representing timing and amounts for <FONT
STYLE="white-space:nowrap">non-covered</FONT> major maintenance services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun reported the Facilities are to be designed, constructed, and operated in
accordance with applicable environmental laws, regulations, policies, codes, and standards. Sunrun is responsible for obtaining and maintaining all governmental approvals and permits. Our general understanding of the status of the Facilities in a
fund with respect to permits and applicable environmental regulations is based on discussions with personnel knowledgeable about the permitting, responses from Sunrun to our inquiries and data requests, and review of information on permits provided
for four representative Facilities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consultant&#8217;s Report of Findings and Conclusions </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal Considerations and Assumptions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the preparation of this Summary Report and the opinions presented in this Summary Report and in the IE Report, we have made certain assumptions with respect
to conditions which may exist, or events which may occur in the future. While we believe these assumptions to be reasonable for the purpose of this Summary Report and the IE Report, they are dependent upon future events, and actual conditions may
differ from those assumed. In addition, we have used and relied upon certain information provided to us by others. While we believe the use of such information and assumptions to be reasonable for the purposes of this Summary Report and the IE
Reports, we offer no other assurances with respect thereto, and some assumptions may vary significantly due to unanticipated events and circumstances. To the extent that actual future conditions differ from those assumed herein or provided to us by
others, the actual results will vary from those projected herein. This Summary Report summarizes our work up to the date of the IE Report. Changed conditions occurring or becoming known after such date could affect the material presented to the
extent of such changes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The principal considerations and assumptions made by us and the principal information provided to us by others include the
following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As an Independent Engineer, we have made no determination as to the validity and enforceability of any
contract, agreement, rule, or regulation applicable to the Facilities. For the purposes of the Report, we have assumed that all contracts, agreements, rules, and regulations will be fully enforceable in accordance with the contractual terms.
Moreover, it is assumed that all parties will comply with and fulfill the provisions of the contracts and agreements. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The design, manufacturing, and construction of the Facilities will be completed in accordance with the proposed
Sunrun programs and procedures and good industry practices. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The structural integrity of the rooftops is adequate to support the equipment. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Facilities will be operated in accordance with the policies and procedures proposed by Sunrun, with input
collected from its monitoring systems. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Facilities will be maintained in accordance with good engineering and maintenance practices, all required
renewals and replacements of equipment will be made in a timely manner, and the equipment will not be operated to cause it to exceed the equipment manufacturer&#8217;s recommended maximum ratings. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Qualified and competent personnel will be employed who will properly operate and maintain the Facilities in
accordance with the equipment manufacturers&#8217; recommendations and generally accepted industry practices and will generally operate the Facilities in a sound and businesslike manner. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The design and installation of the Facilities will be consistent with the Reference Facilities.
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consultant&#8217;s Report of Findings and Conclusions </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conclusions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below are the principal conclusions we reached in our IE Report. For a complete understanding of the estimates, assumptions, and calculations upon
which these opinions are based, this Summary Report and the IE Report should be read in their entirety. On the basis of our review and analyses and the assumptions set forth in this Summary Report and the IE Report, we are of the opinion that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sunrun has previously demonstrated the capability to construct and operate facilities of similar design and
technology as those proposed to comprise the New Facilities. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sunrun&#8217;s site selection process considers the critical technical and environmental factors that typically
impact the suitability of sites for construction, operation, and maintenance of residential PV installations such as those proposed to comprise the Facilities. The proposed method of design, installation, and commissioning of the Facilities is
generally consistent with, and in many ways superior to, other residential PV installations with which we are familiar in regions similar to the locations of the Facilities. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The individually discussed module and inverter suppliers have previously demonstrated the capability to supply
PV modules and inverters, respectively, to facilities of similar size and technology as those proposed to comprise the Facilities. Additionally, and assuming the documentation concerning module suppliers reviewed herein have the various QA/QC
procedures and certificates as reported by Sunrun, PV technologies provided by the individually discussed suppliers are sound and proven methods of energy generation. Further, the BESS Suppliers have previously demonstrated the capability to supply
BESS equipment to facilities of similar function as those comprising the Facilities and that the BESS technologies proposed are sound and proven methods of energy storage. Accordingly, the module and inverter suppliers individually discussed, as
well as the BESS Suppliers should be acceptable, from a technical perspective, as suppliers of PV modules inverters, and BESS, respectively. Further, in the event that a particular Module Supplier was no longer able to service its warranty, Sunrun
should be able to acquire modules from another company that could be substituted as a replacement with minor modifications to the racking if required. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provided that (1)&nbsp;the systems are designed and installed in accordance with good industry practices,
(2)&nbsp;all equipment is operated in accordance with manufacturer recommendations, (3)&nbsp;all required renewals and replacements are made on a timely basis, (4)&nbsp;the components meet their respective warranty provisions and continue to operate
<FONT STYLE="white-space:nowrap">post-expiration</FONT> in general accordance with those provisions, and (5)&nbsp;any roof repairs or other mitigation techniques required to support the equipment are implemented, installations such as those proposed
to comprise the Facilities should be capable of achieving a useful life of at least 35&nbsp;years. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The initiative to add ML enhancements to Sunsim represents a constructive step forward in Sunrun&#8217;s solar
production estimation processes. The model development demonstrates a strong engineering approach, and the resulting enhancements increase accuracy, reduce variability, and align predictions more closely with historical performance. With continued
attention to model monitoring and retraining, the <FONT STYLE="white-space:nowrap">ML-enhanced</FONT> Sunsim workflow is well-positioned to support strategic decisions across Sunrun&#8217;s residential PV solar fleet. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sunrun&#8217;s methodology for estimating energy production, for some of the Facilities, includes assumptions
that are more conservative than ours. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We estimate an overall annual energy production uncertainty of plus or minus 6.1&nbsp;percent at a
95&nbsp;percent confidence interval. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The O&amp;M practices and the scope of services in the OMA are consistent with generally accepted industry
practices for residential PV installations. Further, project service fees are comparable to fees for other residential PV portfolios with which we are familiar. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consultant&#8217;s Report of Findings and Conclusions </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sunrun, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 7 </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sunrun is projecting failure curves for string inverters, microinverters, and the BESS that are consistent with
manufacturer representations and generally accepted in the industry. Sunrun&#8217;s price projections for the <FONT STYLE="white-space:nowrap">near-term,</FONT> which we would define as the next three years, are reasonable. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sunrun has identified and obtained the key environmental permits and approvals required from the various
federal, state, and local agencies which are currently necessary to construct and operate the Facilities and has a process in place for the remaining New Facilities to be constructed. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LEIDOS ENGINEERING, LLC </B></P>
</DIV></Center>

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