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Sunnova Energy secures up to $150M warehouse credit facility

Sunnova Energy International Inc. secured a warehouse credit facility with a committed capital of $100 million and a maximum facility amount of $150 million.

The nonrecourse facility is syndicated with various lenders and is a delayed draw revolving loan facility, according to a Sept. 12 Form 8-K filing. The facility will mature on Nov. 21, 2022.

The facility has an advance rate equal to roughly 60% of the value of the solar projects that have not yet begun construction, and 80% of the value of the solar projects that have reached substantial completion, the company said.

Borrowings under the facility are made in class A and class B loans, which bear interest at a rate per annum equal to an adjusted London interbank offered rate or a base rate plus a margin of between 2.90% and 4.30%.

The margin varies based on criteria including whether the availability period has expired on May 20, 2022, whether a takeout transaction has occurred in the last 18 months and the ratio of class A loans to class B loans outstanding at such time, according to the filing.