Sunnova Announces Proposed Private Offering of $350 Million “Green Bond”
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.
- The offering of $350 million in green senior notes may provide significant funds for financing eligible green projects, supporting Sunnova's growth strategy.
- The backing by Sunnova and its Intermediate Holdings strengthens the financial stability of the offering.
- The notes are unsecured, which may pose higher risks for investors compared to secured debt.
- Not being registered under the Securities Act limits the marketability of the notes and could deter some investors.
Sunnova Energy Corporation (“SEC”), a wholly-owned subsidiary of Sunnova Energy International Inc. (“Sunnova”), today announced that it intends to offer, subject to market conditions,
The notes will be senior unsecured obligations of SEC, and interest will be payable semiannually in arrears. The notes will be guaranteed on a senior unsecured basis by Sunnova and Sunnova Intermediate Holdings, LLC.
SEC intends to allocate an amount equal to the net proceeds from the offering to finance or refinance, in whole or in part, existing or new eligible green projects, as described in Sunnova’s recently launched new green financing framework, and pending such use, will maintain or apply the net proceeds in accordance with Sunnova’s normal liquidity practices.
The notes have not been and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the expectations in connection with the offering, the size and terms of the offering and the use of proceeds from the offering. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
ABOUT SUNNOVA
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service 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 homeowners have the freedom to live life uninterrupted®.
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FAQ
What is the purpose of Sunnova's $350 million offering?
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