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.
We are excited to announce that today we closed a $100 million equity investment with Quantum Strategic Partners Ltd. (“QSP”), a private investment vehicle advised by Soros Fund Management LLC. https://t.co/56tYUwCxlP #solar #solarenergy #equity #capital
— Sunnova Energy Corp. (@Sunnova_Solar) April 3, 2018
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.
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