Sunnova Energy gets $95 million revolving asset-based loan facility

By Sarah Lizee

Olympia, Wash., Dec. 30 – Sunnova Energy International Inc. closed a $95 million revolving asset-based loan facility, according to a press release.

The revolver is part of the company’s $150 million in financing, which also included a private placement of $55 million of convertible senior notes.

Access to the capital will allow Sunnova to fund growth and the purchase of inventory that Sunnova intends to use to allow related solar energy systems to qualify for a 30% federal investment tax credit by satisfying the 5% safe harbor method outlined in IRS notice 2018-59.

The equipment facility will provide just over $95 million of debt availability, all of which will be drawn by year-end 2019 to fund equipment purchases, with a maximum facility size of about $138 million, subject to lender consent.

The lenders under the equipment facility include affiliates of Credit Suisse and LibreMax Capital, LLC.

Sunnova is a Houston-based solar energy company.

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