Sunnova prices latest solar securitization round


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.


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