Sunnova Energy banks another $100 million equity investment

Sunnova residential solar-001

Sunnova Energy Corporation, a privately held U.S. residential solar + battery storage service provider, has closed a $100 million equity investment with Quantum Strategic Partners Ltd., a private investment vehicle advised by Soros Fund Management LLC that focuses on long-duration investments globally. Since its inception in 2012, Sunnova has raised over $2.5 billion through a diverse range of funding sources, including tax equity, debt and corporate equity, from institutional investors, private equity firms and major Wall Street banks.

“We are proud to partner with QSP to further accelerate our growth in offering a better energy service at a better price to enable energy independence for homeowners,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “This latest capital investment is another clear indication of Sunnova’s leadership in the residential solar + battery storage service industry.”

RELATED: Sunnova raises nearly $1 billion based on strength of business approach

Berger added: “The U.S. power industry isn’t changing—it has changed—and we’re leaving the 19th century solution for energy behind us. All consumers are entitled to cleaner, more reliable energy at a cheaper price no matter where they live, and we’re able to offer them that through our continued expansion of solar + battery storage services.”

Founded in 2012 and headquartered in Houston, Texas, Sunnova is the leading U.S. residential solar + battery storage service provider. With nearly 60,000 customers across the U.S and its territories, including Guam, Puerto Rico and the Northern Mariana Islands, Sunnova uniquely provides a 25-year service commitment with every homeowner’s customized solar + storage system.

— Solar Builder magazine

APsystems microinverters now on Sunnova’s approved vendor list

APsystems

APsystems joined the approved vendor list for Sunnova, one of the leading U.S. residential solar and energy storage service provider. The agreement brings APsystems advanced microinverter technology to Sunnova’s portfolio of  solar services. Sunnova offers an array of solar lease, lease-to-own, and power-purchase options for customers all across the United States.

“Sunnova has earned a strong reputation for easy, no-nonsense solar packages for consumers,” said Jason Higginson, Senior Director of Marketing for APsystems USA. “We’re glad to bring our solar microinverter technology to their platform, to help more homeowners nationwide enjoy energy self-sufficiency and savings.”

“Our goal is to offer our customers a brilliant choice for energizing their lives,” said John Santo Salvo, SVP of Channel Operations and Chief Procurement Officer at Sunnova. “We believe APsystems’ advanced microinverter offering is an ideal addition to our customer-empowering portfolio of solar solutions.”

APsystems is listed on Sunnova’s 2018 Approved Vendor List and is now an option in their system solution platform.

— Solar Builder magazine

Sunnova calls on Congress for more aid in providing power in Puerto Rico

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Seems like a bad plot point in a dystopian novel, but it is somehow reality that 45 percent of Puerto Rico is still without electricity, a full three months after Hurricanes Irma and Maria. Sunnova, a large residential solar service provider in Puerto Rico, has been working alongside a number of suppliers, companies and organizations to push for policy solutions and aid measures in the upcoming disaster supplemental that would support the construction of a more resilient, reliable power system in Puerto Rico. Today, the company issued a statement, calling on Members of Congress to aid in power restoration efforts.

Sunnova believes that a viable policy solution would be to modify the existing Investment Tax Credit (ITC) into a cash grant for disaster-hit U.S. territories. Their thinking is this would leverage the investment of private capital into a market that desperately needs it, while at the same time strengthening the island’s energy infrastructure and helping prepare it for the next inevitable storm.

“Sunnova supports including a provision in the disaster supplemental that would authorize a cash grant in lieu of the ITC for U.S. territories recovering from disasters,” said Sunnova Energy Corporation’s Chief Executive Officer, William J. (John) Berger. “This would spur the development and construction of resilient, renewable energy options for businesses and residents in Puerto Rico and the USVI.”

The ITC grant solution includes the following provisions:

• The Investment Tax Credit would be replaced by a cash grant
• The cash grant option will be limited to U.S. territories recovering from disasters
• This provision will sunset in three years
• The costs shall be limited to cost per MW per Treasury guidance or cost paid to a third party to construct
• The paperwork shall be limited for grants under $20k
• The grant would be contingent on service date, not ‘placed in service’ date, due to difficulties connecting to the grid right now

— Solar Builder magazine

Powering Puerto Rico: Solar industry helps restore, maintain power post hurricanes

sunnova hurricane

The solar industry has been active in efforts to supply Puerto Rico with power after the devastation of hurricanes Irma and Maria. Sunnova Energy Corp. has been particularly active, as the largest residential solar provider in Puerto Rico (just under 10,000 systems installed), by sending energy storage systems (batteries) to the island to integrate into existing solar installations. The batteries are part of an effort to solve the immediate needs of Puerto Rican customers and to create a more resilient, long-term power service for the island’s energy infrastructure, which must be almost entirely rebuilt.

Sunnova’s first energy storage system test case, a 10-kW battery, was installed last week in the Greater San Juan area. By the end of the year, Sunnova hopes to have hundreds of batteries on the island, with thousands or more batteries arriving in the new year.

“This is a seminal moment, as crises often are, where we will see the energy business fundamentally change because of what’s happening now,” said Sunnova Chief Executive Officer John Berger. “Solar and batteries will be a necessity for short-term needs and long-term energy planning. The grid in Puerto Rico needs to be rebuilt to become more resilient, and that includes one with distributed solar and batteries.”

As usual, the Solar Energy Industries Association (SEIA) has been coordinating efforts at a high level.

“We are working with Federal Agencies including the Department of Homeland Security and FEMA, the Army Corps, logistics coordination groups like ALANaid, and industry groups such as the Energy Storage Association (ESA), the Edison Electric Institute, and the American Public Power Association,” noted Abigail Ross Hopper, president and CEO of SEIA. “We are also coordinating with solar industry representatives in Puerto Rico and elsewhere to identify the most critical areas of need.”

SEIA has setup a page specifically for solar companies (or any interested people) to donate products, time, money in anyway. You can head here and fill out the form if you are one of those people.

sollega San juan solar

Additionally, many PV systems that were already installed remained intact and operational after the disasters. Another example sent our way was a 645-kW rooftop solar array at San Juan, Puerto Rico Caribbean VA Hospital, which is the largest federal medical facility in Puerto Rico and serves the entire Caribbean Basin.

The medical center includes multidisciplinary ambulatory facilities, 348 authorized hospital beds, 12 blind rehabilitation beds and 120 nursing home beds. The Center services a population of approximately 150,883 veterans in Puerto Rico and in the US Virgin Islands according to 2000 US Census figures. The VA Caribbean Healthcare System has various specialized services that are unique in Puerto Rico.

The rooftop system consists of SunPower 327W modules and Sollega’s FastRack 510 ballasted mounting system. The one-piece FR510 requires no assembly, and its universal design allowed Valor Construction to install the PV modules, with the same simple and intuitive installation procedure. The hybrid system (ballast & mechanical anchors) has proven to exceed the engineering design of 165 MPH.

— Solar Builder magazine

Sunnova raises nearly $1 billion based on strength of business approach

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Sunnova Energy Corp., a leading residential solar service provider in the U.S., is bucking the recent trend of troubling solar industry news and raised aggregate capital of nearly $1 billion in the past three months after closing a $140 million round of debt funding with CIT Group and other investors this past week.

The amount raised in such a short amount of time, all while increasing customers’ and investors’ faith in the business, is further proof that Sunnova’s innovative approach is driving solar industry leadership and powering the company’s record-setting growth in distributed generation. It is also a strong sign that the U.S. solar industry, with Sunnova’s leadership, is more competitive than ever with utility-scale power.

Prior to securing this latest $140 million debt funding from CIT and others, Sunnova secured an $80 million tax equity deal on March 14, a $255 million private securitization offering and a $360 million warehouse credit facility deal on April 24 and an $80 million private notes offering on April 25. To date, Sunnova has raised more than $2 billion since 2012.

The funds raised will support Sunnova’s growth and compelling free-market vision to continue offering homeowners more affordable energy options. Sunnova’s recent progress includes:

• Launching PowerStack, Sunnova’s new affordable solar+storage residential service
• Expanding its solar ownership finance product to additional states
• Offering more solar options in additional markets such as Texas

“Sunnova is an established player in renewables and has been steadily increasing its market share over the years,” said Mike Lorusso, managing director of CIT’s Energy Finance group. “Their agile business model and demonstrable success delivering low-cost clean power created an ideal opportunity to add an energy leader to our investment portfolio.”

Sungage, Sunnova add Seraphim Solar USA modules to approved product lists

“Our free market approach to solar and strong customer growth are evidenced by Sunnova’s ability to continue raising funds and growing our customer base. Today’s announcement should send a clear message: The future of solar is now and that momentum for change is propelling us forward,” said Sunnova CEO William J. (John) Berger. “Customers are beginning to realize they have a choice. That choice is not only cleaner but more affordable.”

“Sunnova is ready to work with any utility or policymaker to ensure solar and non-solar customers are treated fairly and brought into the next century of power generation in America,” Berger added.

“We started Sunnova with the promise of being a different kind of power company,” said Jordan Kozar, Sunnova’s CFO. “Our business model is predicated on offering consumers a choice in a market that has offered limited choices for nearly a century. That choice needs to be affordable and sustainable – two criteria we meet through our innovative and disciplined approach.”

— Solar Builder magazine