KBRA assigns preliminary ratings to Luminace ABS-2024 Issuer, LLC (the Issuer), a commercial and industrial (C&I) solar ABS transaction. The transaction is secured by forward project revenues from a portfolio of C&I and community solar PV systems, the majority of which are owned by two tax equity partnerships, each of which is a partnership between a managing member and a tax equity investor. At closing, the Issuer will have a managing member interest for each tax equity partnership. Together, the tax equity partnerships, Dorado 2022, LLC and Arcturus 2023, LLC, own 42 project companies which own PV systems related to 112 different projects. Four projects are owned between two project companies that are indirectly wholly-owned by Luminace, and, at closing, the Issuer will own the managing member that owns 100% of the interests in each wholly-owned project company.

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Methodologies

• ABS: General Global Rating Methodology for Asset Backed Securities
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1006298

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