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Sunnova secures $150M in financing to fund growth

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Sunnova secures $150M in financing to fund growth

Sunnova Energy International Inc. secured $150 million in financing for business growth via an approximately $95 million revolving loan facility and a private offering of $55 million of convertible senior notes.

The asset-based loan facility is expandable to $138 million, subject to lender consent. The lender group includes affiliates of Credit Suisse and LibreMax Capital LLC.

The private placement provides for the issuance of $55 million in corporate-level debt to funds managed by Magnetar Capital and Tortoise Capital Advisors LLC, with an option to increase to $75 million.

Sunnova will use the capital to fund its growth in customer count and battery storage sales, as well as finance the purchase of inventory that the company intends to use to allow related solar energy systems to qualify for a 30% Federal investment tax credit.