To say Sunnova’s been busy raising capital lately is an understatement. The company announced June 13 that in last three months it’s raised a total of $915 million to support its residential solar services.
The company’s latest deal was for $140 million in debt funding from CIT and others. But in the last three months it’s made five different agreements for funds. The biggest raise was a $360 million warehouse credit facility deal followed by a $225 million private securitization. The company also raised $80 million in tax equity and $80 million private notes offering on April 25.
“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.”
The capital raise will likely help the company become one of the nation’s largest residential solar companies, putting it among the ranks of Tesla’s SolarCity, Vivint Solar and Sunrun. The company said it has now raised more than $2 billion since 2012.
With the new funding to help the company continues to grow, it’s launched PowerStack, its solar+storage residential service. It’s also expanded its financing product to more state and is offering more options in markets in states like Texas.
CohnReznick Capital advised Sunnova on both the tax equity and debt raise. “We are excited to support Sunnova in their continued growth as an industry leader who has demonstrated innovation and impressive market growth and to be a part of their continued expansion,” said Conor McKenna, principal & managing director of CohnReznick Capital.
“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 Berger. “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 and delivery in America,” Berger added.Tweet