Sunnova Secures $300 Million Financing for Developing Residential Solar

published: 2015-10-23 11:32 | editor: | category: News

Sunnova Energy Corporation (Sunnova), a specialist in residential and rooftop solar service provider in the U.S., has closed additional financing of approximately US$300 million in committed debt and equity funding. The fund will be used to continue the company’s service for residential solar energy market.

The transactions include a conduit facility arranged by Credit Suisse, and an equity financing round led by Triangle Peak Partners, LP. Additional equity investors include business development companies sponsored by Franklin Square Capital Partners LP, which are sub-advised by GSO Capital Partners LP, the global credit investment platform of Blackstone.

Sunnova previously held the record for the largest-ever round of funding raised by a private residential solar service company in the United States when it closed a US$250 million financing round in November 2014. The latest funding brings Sunnova's total fundraising to almost $900 million.

"We are pleased to partner with these world-class energy investors to continue Sunnova's momentum and fund our growth in the global power industry," said Sunnova Chief Executive Officer William J. (John) Berger. "We are eager to leverage the experience and resources that these energy leaders bring to the table."

With this funding round, Sunnova continues its growth in the power industry and takes another step toward being a profitable power company in the global marketplace. Sunnova aims to utilize the funding to give more homeowners access to low-cost power and create more job opportunities for local partner firms and contractors nationwide.

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