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Sunnova Energy International Inc. (NOVA) delivers adaptive residential solar and energy storage solutions, empowering homeowners through comprehensive service plans. This news hub provides timely updates on NOVA's strategic initiatives, financial performance, and industry leadership in renewable energy innovation.
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Sunnova Energy Corporation, a subsidiary of Sunnova Energy International, has announced the pricing of $400 million in green 5.875% senior notes due 2026. This offering was increased from an initial $350 million. The notes, which are senior unsecured obligations, will bear interest semiannually, starting March 1, 2022, and are set to mature on September 1, 2026. Proceeds will finance eligible green projects. This offering is private and subject to customary closing conditions.
Sunnova Energy Corporation plans to offer $350 million in green senior notes due 2026, targeting qualified institutional buyers under Rule 144A and non-U.S. persons via Regulation S. The notes will be senior unsecured obligations, guaranteed by Sunnova and its Intermediate Holdings. Proceeds will finance new or existing eligible green projects as per Sunnova's green financing framework. The notes will not be registered under the Securities Act, limiting their offering without an exemption.
Sunnova Energy International (NOVA) reported significant financial results for Q2 2021, with revenue rising to $66.6 million, a 56.2% increase from the prior year, and total revenue for six months reaching $107.8 million. Operating expenses also rose to $80.9 million, leading to a net loss of $66.3 million for the quarter, compared to a loss of $28.7 million in 2020. Adjusted EBITDA improved to $30.1 million, marking a 67.2% growth year-over-year. The company raised its 2021 guidance for customer principal payments and adjusted operating cash flow, indicating a positive outlook.
Sunnova Energy International (NYSE: NOVA) announces a partnership with National Grid (NYSE: NGG) and SolarEdge (NASDAQ: SEDG) to enhance power quality in New England using its solar and storage assets. This collaboration aims to deliver over 150 GWh of clean energy annually, improving grid efficiency and reliability. The initiative supports National Grid’s Net Zero by 2050 goal and demonstrates the value of distributed energy resources (DERs) in reducing costs for consumers while ensuring efficient power delivery.
Sunnova Energy International (NYSE: NOVA) has priced its fourth solar loan securitization, achieving a 1.82% blended coupon, which is the lowest cost of capital to date for the company. This securitization involves $212.4 million in notes backed by over 6,435 solar rooftop systems. Additionally, Sunnova launched a Green Financing Framework to guide investments in projects with environmental benefits, classified as Dark Green by CICERO Shades of Green. This framework aims to enhance capital access and promote sustainability initiatives.
Sunnova Energy International Inc. (NYSE: NOVA) will release its second quarter 2021 results after market close on July 28, 2021. A conference call to discuss these results is scheduled for 8:30 a.m. Eastern Time on July 29, 2021. Interested parties can register for the call via a designated link, with a replay available two hours post-call until August 5, 2021. Sunnova, a leader in residential solar and energy storage, aims to provide clean, affordable energy, focusing on energy independence for homeowners.
Sunnova Energy International (NYSE: NOVA) announced the pricing of a $319 million securitization of its solar and storage assets. This marks a milestone as it is the first refinancing of a third-party owned solar asset securitization, achieving the tightest spread over the benchmark interest rate to date. The securitization features A- (sf) rated 2.58% notes, with an advance rate of 76.4% and a weighted average life of 7.46 years. Proceeds will be utilized for repaying existing financing and general corporate purposes, with the transaction expected to close by June 17, 2021.
Sunnova Energy International Inc. (NYSE: NOVA) has expanded its lease service offerings for solar + Tesla and Generac storage systems to nine new U.S. markets, including Illinois, Maryland, and Texas. Homeowners in these states can choose between new leasing options or existing loans. The company has seen significant growth, with dealers installing three times the battery systems in 2020 compared to 2019. The lease expansion offers flat billing, competitive pricing, insurance coverage, and a 25-year energy guarantee. Sunnova aims to enhance energy independence for homeowners.
Sunnova Energy International announced a private placement of $500 million in 0.25% convertible senior notes due 2026. The offering includes an option for initial purchasers to buy an additional $75 million in notes. The notes feature an initial conversion rate of 28.9184 shares per $1,000 principal amount, with a conversion price of approximately $34.58 per share. Sunnova estimates net proceeds of about $487.1 million to repay debt and fund Eligible Green Projects. Notably, the company entered capped call transactions to manage potential stock dilution.
Sunnova Energy International plans to offer $500 million in convertible senior notes due 2026, with an option for an additional $75 million. The notes, which will accrue interest semiannually and are convertible into cash or shares, aim to refinance debt and fund renewable energy projects. The offering is private, under Rule 144A, and the terms will be finalized at pricing. The company will engage in capped call transactions to mitigate dilution risks associated with conversions. The notes and securities are unregistered under the Securities Act.
