Sunnova raises $100 million in equity

The Texas-based residential solar company has partnered with a group that focuses on long duration investments. Sunnova has raised more than $2.5 billion since 2012.

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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.