Sunnova Energy increases credit facility commitments to $675 million

By Marisa Wong

Los Angeles, March 1 – A wholly owned subsidiary of Sunnova Energy International Inc. entered into a 12th amendment on Feb. 24 to its amended and restated credit agreement dated March 27, 2019 with Credit Suisse AG, New York Branch as agent to increase the aggregate commitments to $675 million from $450 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the uncommitted maximum facility amount to $800 million from $575 million.

In addition, the amendment adds provisions to allow the borrower to request an increase in the aggregate commitment amount by adding additional lenders to the revolver.

The amendment also modifies some provisions related to the allocation of certain payments made to the lenders and changes some provisions related to excess concentration limits and eligibility criteria to permit the company and its affiliates to provide warranties of, and replacements for, load controllers and generators in connection with related solar loan contracts.

Sunnova is a Houston-based solar energy company.

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