Sunnova Energy lifts credit facility to $350 million, extends maturity

By Taylor Fox

New York, March 10 – A Sunnova Energy International Inc. wholly owned subsidiary entered into a seventh amendment to its amended and restated credit agreement dated March 27, 2019 with Credit Suisse AG, New York Branch as agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendments include the following:

• Extending the scheduled commitment termination date to May 2023;

• Extending the facility maturity date to November 2023;

• Increasing the maximum facility amount to $350 million from $200 million;

• Modifying some terms relating to the implementation of a Libor replacement rate;

• Modifying the advance rates applicable to eligible solar loans based on the tenor, interest rate and stage of completion applicable to each such eligible solar loan;

• Modifying the interest rate hedging requirements under the credit agreement;

• Allowing for additional borrowings;

• Inserting concentration limits for solar loans;

• Adding eligibility requirements relating to solar loans used to finance ancillary components or energy efficient upgrades;

• Increasing the liquidity reserve account requirements for solar loans for which a first payment has not yet been made;

• Permitting certain transfers and sales of certain service incentives paid by certain governmental authorities, grid operators and others; and

• Removing some reserve requirements relating to low interest rate solar loans.

Sunnova is a Houston-based solar energy company.

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