Sunnova Reiterates Commitment to Project Hestia, Ethical Business Practices, and Customer Service

Rhea-AI Summary

Sunnova Energy International Inc. (NYSE: NOVA) reaffirms its commitment to Project Hestia, a transformative initiative with the U.S. Department of Energy (DOE) Loan Programs Office. The company maintains an unwavering focus on system services, ethical business practices, and its dedication to Puerto Rico, despite recent media reports and political challenges. Project Hestia is a partial loan guarantee financing of $3.0 billion, under which the federal government provides assurance to lenders for Sunnova's solar and solar plus storage loan originations.

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading adaptive energy services company, today reiterated that the Company stands firmly behind Project Hestia, a transformative initiative through the U.S. Department of Energy (DOE) Loan Programs Office (LPO) that is benefitting customers, empowering communities, and enhancing the overall energy landscape in the United States.

The announcement was made in light of recent media reports, and Sunnova maintains an unwavering focus on system services and will continue its commitment to the highest levels of ethical practices.

“Project Hestia stands as a testament to Sunnova and the DOE’s unwavering commitment to empowering disadvantaged communities and enhancing the overall energy landscape in the United States,” said William J. (John) Berger, founder and Chief Executive Officer of Sunnova. “Unfortunately, we have become a political football in an environment where the renewable energy industry is increasingly caught in the crosshairs. Despite this, Sunnova remains dedicated to delivering on our goal of providing clean, affordable, and reliable energy services.”

Under Project Hestia, the government has not provided Sunnova with any funding whatsoever:

• Project Hestia is a partial loan guarantee financing under which the federal government provides assurance to lenders that they will be paid back.
• In this arrangement, the government backstops $3.0 billion in payments associated with Sunnova’s solar and solar plus storage loan originations.
• Sunnova, not the taxpayer, is in the “first loss” position, which incentivizes Sunnova to underwrite responsibly.

Sunnova maintains an unwavering focus on system services:

• Sunnova is committed to a comprehensive, sustainable, and streamlined approach to energy management, providing up to 25 years of service for its solar and battery storage customers.
• With over 385,000 solar and battery storage customers, the Company has made substantial investments in its customer service infrastructure. Notably, Sunnova's service technician team has seen remarkable growth of 230% since 2020, enabling the Company to respond faster and with greater precision.
• Additionally, Sunnova's state-of-the-art Global Command Center (GCC) in Houston is equipped with cutting-edge technologies, analytics, and tailored solutions, all geared toward enhancing the customer experience.

Sunnova is deeply committed to upholding the highest levels of ethical business practices:

• All customers, regardless of age, undergo a rigorous validation process before their contract is finalized. During this critical phase, Sunnova collaborates with its dealer network to meticulously confirm the customer's identity and ensures they have a comprehensive understanding of the agreement's terms. This commitment is not only vital for customer protection but also underscores Sunnova's dedication to upholding the integrity of its services. It is important to note that Sunnova, as a matter of legal obligation, cannot discriminate based on age.
• In unfortunate circumstances where a customer of any age passes away, Sunnova's commitment extends to assisting the customer's family during these challenging times. The Company diligently ensures that agreements can be seamlessly transferred to new owners, and it remains ready to collaborate with customers facing extenuating circumstances, tirelessly working to find equitable solutions.

Sunnova operates with the utmost rigor in governance and ethical business practices:

• Sunnova places great importance on upholding the highest standards of integrity in all its dealings.
• The Company primarily relies on a network of reputable dealers for origination and installation, and it is committed to refusing to onboard or terminating dealers with poor reputations or those found to be engaged in improper business practices.

Sunnova committed to Project Hestia and Puerto Rico:

• Prior to executing the agreement, the DOE executed a six-part evaluation of the project with Sunnova. This evaluation was done under the Program Guidance for Title 17 Clean Energy Financing Program issued by the U.S. DOE LPO and included formal submissions of project plans and Sunnova’s credentials.
• As the largest residential solar and battery storage service company in Puerto Rico with over 59,000 customers, Project Hestia reflects our decade-long history and commitment to Puerto Rico, and we continue to invest in service on the island.
• In October 2022, during the aftermath of Hurricane Fiona, Sunnova powered the homes of over 30,000 customers with solar and battery storage in Puerto Rico when the centralized utility was unable to provide electricity.
• In April, Sunnova established a call center in Puerto Rico with Spanish-speaking operators to provide quicker customer support and dispatch immediate service requests to the Island.
• Additionally, Sunnova has more than doubled its service technician team in Puerto Rico.
• Puerto Rico was Sunnova’s first 24-hour service response time market.

About Sunnova

Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. For more information, visit http://www.sunnova.com^TM.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231211257241/en/

Sunnova Media Contact:

Srishti Ahuja Tandon

Srishti.ahujatandon@sunnova.com

Sunnova Investor Contact:

Rodney McMahan

877-770-5211

IR@sunnova.com

Source: Sunnova Energy International Inc.

FAQ

What is the name of the company behind Project Hestia and its ticker symbol?

Sunnova Energy International Inc. (NYSE: NOVA) is the company behind Project Hestia.

What is Project Hestia and its relation to the U.S. Department of Energy (DOE) Loan Programs Office?

Project Hestia is a transformative initiative with the U.S. Department of Energy (DOE) Loan Programs Office. It involves a partial loan guarantee financing of $3.0 billion, under which the federal government provides assurance to lenders for Sunnova's solar and solar plus storage loan originations.

What is Sunnova's commitment to ethical business practices and system services?

Sunnova maintains an unwavering focus on system services, providing up to 25 years of service for its solar and battery storage customers. The company is also deeply committed to upholding the highest levels of ethical business practices, ensuring rigorous validation processes for all customers.

How is Sunnova dedicated to Puerto Rico and its commitment to the island?

Sunnova is committed to Puerto Rico, with over 59,000 customers on the island. The company powered the homes of over 30,000 customers with solar and battery storage during Hurricane Fiona's aftermath, and has doubled its service technician team in Puerto Rico.