Residential solar service provider Sunnova Energy Corp. has 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, with CohnReznick Capital advising Sunnova on both the tax equity and debt raise.
The funds raised will support Sunnova’s growth, and the company notes recent progress includes launching its new PowerStack solar+storage residential service, expanding its solar ownership finance product to additional states, and offering more solar options in additional markets such as Texas.
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 says it has raised more than $2 billion since 2012.
“Sunnova is an established player in renewables and has been steadily increasing its market share over the years,” says 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.”
“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,” says Sunnova CEO William J. (John) Berger. “Customers are beginning to realize they have a choice. That choice is not only cleaner but more affordable.”