Sunnova secures $300 million in debt, equity funding to support growth

By Lisa Kerner

Charlotte, N.C., Oct. 22 – Sunnova Energy Corp. announced it secured about $300 million in committed debt and equity funding.

The transactions include a conduit facility arranged by Credit Suisse and an equity financing round led by Triangle Peak Partners, LP, according to a news release.

Additional equity investors include business development companies sponsored by Franklin Square Capital Partners LP, which are sub-advised by GSO Capital Partners LP, the global credit investment platform of Blackstone.

Sunnova said it will use the funding to continue growing its position in the residential solar energy service market.

According to the company, it previously held the record for the largest-ever round of funding raised by a private residential solar service company in the United States when it closed a $250 million financing round in November 2014.

The company’s total fundraising is roughly $900 million.

Several new individuals will serve on Sunnova’s board of directors as part of the transaction, including Rob Horn from GSO Capital Partners LP, Mike Morgan and David Pesikoff from Triangle Peak Partners, LP and C. Park Shaper from SEIS Holdings, LLC.

Sunnova is a Houston-based power company that offers rooftop solar service to homeowners within and outside the United States.

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