Sunnova Energy Corporation is a Houston-based residential solar and battery storage service provider. Founded in 2012 and led by CEO William J. (John) Berger, Sunnova offers residential solar plus battery storage services across the U.S. and its territories. The company serves nearly 60,000 customers across the U.S. and its territories, including Guam, Puerto Rico and the Northern Mariana Islands. Since inception Sunnova has raised over $2.5 billion through a mix of tax equity, debt and corporate equity from institutional investors, private equity firms and major Wall Street banks. In March 2018 the company closed a $100M equity investment from Quantum Strategic Partners Ltd., a private investment vehicle advised by Soros Fund Management. The article does not disclose revenue figures or specific planned uses of the proceeds. Sunnova provides rooftop solar service and related residential offerings, including its newly launched PowerStackTM solar+storage service, through a network of local sales and installation partners. The company emphasizes a free-market approach to deliver lower-cost, worry-free solar power and long-term savings for homeowners. Sunnova is expanding its solar ownership finance product into additional states and broadening its market presence, including increased activity in Texas. Management says recent capital raises support growth and continued product rollouts. Financially, Sunnova announced it has raised aggregate capital of nearly $1 billion in the past three months and has raised more than $2 billion since 2012. Advisers such as CohnReznick Capital have assisted on the tax equity and debt raises. Sunnova supplies residential solar installations and uses its portfolio of assets to secure financing for its operations. The company positioned itself as a power company rather than simply a solar installer and emphasizes focus on long-term profitability in a growing distributed-solar market. Sunnova’s recent financings relied on a securitization-style approach, using assets to back capital. Its assets included residential installations in 14 states, Puerto Rico and Guam, and EnergySage ranked Sunnova the third largest residential installer using 2015 numbers. Financially, Sunnova reported $695 million raised over the past two months and more than $2 billion raised in the past four years via tax equity, debt and corporate equity from private equity firms, institutional investors and major Wall Street banks. Company leadership framed the financings as evidence of strength created through focus and financial discipline. Sunnova Energy Corporation is a Houston, TX–based company that provides rooftop solar service to homeowners through a network of local sales and installation partners. Led by CEO William J. (John) Berger, the company sells and services residential solar installations within and outside the United States. It secured approximately $300m in combined debt and equity financing that the company will use to continue growing its position in the market. The transactions included a conduit facility arranged by Credit Suisse and an equity financing led by Triangle Peak Partners LP. Additional equity investors included business development companies sponsored by Franklin Square Capital Partners LP and sub-advised by GSO Capital Partners LP (Blackstone’s global credit investment platform). As part of the deal, representatives from GSO, Triangle Peak and SEIS Holdings joined Sunnova’s board of directors. Sunnova Energy is a Houston-based residential solar company led by CEO William J. (John) Berger. The company offers solar power services to homeowners via a network of local installation partners who work directly with customers. Sunnova secured an additional $250M in funding, bringing its total funding to approximately $500M. The company said it will use the new capital to grow operations and bring its solutions to more customers across the U.S. The articles describe Sunnova as focused on expanding its residential footprint and scaling its service delivery through partner installers.

Total raised

$1.7B

Funding rounds

9

Latest round

Equity

Latest activity

Apr 2018