Sunnova Announces Minimal Exposure to Silicon Valley Bank

Rhea-AI Summary

Sunnova Energy International Inc. (NYSE: NOVA) has addressed concerns regarding its exposure to Silicon Valley Bank (SVB), asserting that it is immaterial. Sunnova holds no cash deposits or securities with SVB and does not use the bank for treasury management. One subsidiary is involved in a credit facility with SVB, which has $15 million in unfunded commitments. This facility is part of a larger structure of three warehouse facilities totaling $1.35 billion. Sunnova aims to provide clean, affordable energy to U.S. customers, supporting its mission for energy independence.

Positive

• Sunnova's exposure to Silicon Valley Bank is immaterial, limiting potential risks.
• The company does not hold cash deposits or securities with SVB, reducing financial vulnerability.
• Their current credit facility with SVB only involves $15 million in unfunded commitments.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading Energy as a Service (EaaS) providers, is aware of the recent media reports surrounding Silicon Valley Bank (“SVB”) and questions that investors may have as a result.

Sunnova considers its exposure to SVB as immaterial. Sunnova does not hold cash deposits or securities with SVB and does not utilize SVB for any treasury management services. One of Sunnova’s subsidiaries is party to a credit facility (the “Back-Leverage Facility”) in which SVB participates as a lender. SVB currently has $15 million in unfunded commitments under the Back-Leverage Facility. The Back-Leverage Facility is one of three current warehouse facilities entered into by subsidiaries of Sunnova with current cumulative commitment amounts of $1.35 billion.

About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that home and business owners have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230310005386/en/

Investor Contact:

Rodney McMahan

IR@sunnova.com

877-770-5211

Media Contact:

Kelsey Hultberg

Kelsey.Hultberg@sunnova.com

Source: Sunnova Energy International Inc.

FAQ

What is Sunnova's exposure to Silicon Valley Bank?

Sunnova considers its exposure to Silicon Valley Bank as immaterial and holds no cash deposits or securities with the bank.

How much does Silicon Valley Bank have in unfunded commitments with Sunnova?

Silicon Valley Bank has $15 million in unfunded commitments under the Back-Leverage Facility with Sunnova.

What is the total commitment for Sunnova's warehouse facilities?

Sunnova's three current warehouse facilities have a cumulative commitment amount of $1.35 billion.

Does Sunnova use Silicon Valley Bank for treasury management services?

No, Sunnova does not utilize Silicon Valley Bank for any treasury management services.

What is Sunnova's mission as an Energy as a Service provider?

Sunnova's mission is to provide clean, affordable energy and promote energy independence for its customers.