Sunnova raises $100 million in equity

Share

Sunnova Energy Corporation, the largest privately held residential solar power company in the United States, has raised $100 million in equity, in partnership with Quantum Strategic Partners Ltd.

Sunnova CEO, John Berger, told pv magazine:

This raise will facilitate our continued growth to allow us to further offer our resisidential customers a better service at a better price, whether that’s through our traditional solar service or our solar + battery storage service, Sunnova SunSafe

Sunnova has now raised more than $2.5 billion in various forms since its founding in 2012.

This includes $175 million in investments from Goldman Sachs, $250 million from Franklin Square Capital Partners, $300 million from Triangle Peak Partners and others.

2017 was a particularly big year for Sunnova, as the company raised over $1 billion over the course of the year. In April 2017 alone, Sunnova securitized nearly 13,838 residential solar power projects for worth approximately $299 million.

The location of the assets in the securitization give a broad perspective on the markets Sunnova is focused on. Assets were located in 14 states, however California, New Jersey and Puerto Rico accounted for 71% of the portfolio.

Throughout today’s press release, Sunnova continually refers to itself as the largest privately held ‘solar+storage‘ residential company. This aligns with their recent moves to introduce solar+storage in California and Puerto Rico.

 

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

All I want for Christmas is an orchestra of energy storage
24 December 2024 Chemical battery storage, led by lithium, has made such significant strides in terms of cost, capacity and technology that batteries are now positione...