Solar panel provider Sunnova Energy Corp. recently closed on a $140 million round of debt funding with a group of investors led by CIT Group.
CohnReznick Capital served as the advisor for the transaction, which was disclosed this week in a press release. It follows three recent transactions that raised more than $800 million. In April, Sunnova completed a $255 million securitization of leases and power purchasing agreements, closed a $360 million warehouse credit facility and $80 million offering of private notes.
And in March it completed tax equity deal in mid-March that generated $80 million.
Founded in 2012, Sunnova finances and services solar energy systems to provide low-cost solar electricity to homeowners. It is headquartered in Houston, TX, and operates in 19 states.
Founded in 2012, Sunnova finances and services solar energy systems to provide low-cost solar electricity to homeowners. It is headquartered in Houston, TX, and operates in 19 states.
Since 2012, it has raised over $2 billion.
“Our free market approach to solar and strong customer growth are evidenced by Sunnova’s ability to continue raising funds and growing our customer base,” William J. Berger, the company’s chief executive, stated in the press release.
Sunnova’s equity investors include Energy Capital Partners, Elk Mountain, FS Investments (sub-advised by GSO Capital Partners) and Brock Capital Group, according to Kroll Bond Rating Agency.
