Sunnova Energy International said it priced its fifth solar loan securitization and its eleventh residential solar securitization.
The securitization consisted of $68.4 million in AA- (sf) rated 2.03% notes, $55.9 million in A- (sf) rated 2.33% notes, and $31.5 million in BBB- (sf) rated 2.63% notes.
The notes carry a weighted average life of 5.15 years through the anticipated repayment date of Oct. 20, 2028. They have a final maturity of Oct. 20, 2048.
The notes are backed by 3,766 solar rooftop systems distributed across more than 21 states and territories. The weighted average customer FICO score was 737. Credit Suisse was the sole structuring agent and bookrunner for the securitization, and Popular Securities acted as co-manager.
In July, the company closed a securitization round backed by more than 6,400 solar rooftop systems. At the time, the company said it represented the best price to date for a portfolio of solar and energy storage loan assets. The securitization consisted of $106.2 million in AA- (sf) rated 1.62% notes and $106.2 million in A- (sf) rated 2.01% notes.
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.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.