Texas-based residential solar and battery storage installer Sunnova Energy Corp is considering an initial public offering (IPO) that could value it at over USD 1 billion (EUR 882m), including debt, Reuters reports, citing unnamed sources.
According to people aware of the development, who preferred to remain anonymous, the company has already filed for the IPO that could be launched later this year. Its timing and pricing will depend on market conditions, the insiders have said.
Sunnova is involved in the installation of home solar and battery storage facilities and also provides maintenance, monitoring and energy management services in the US, Puerto Rico and the Northern Mariana Islands. It offers long-term contracts with no upfront costs for its clients.
Set up in 2012, the company is currently one of the largest ones in the residential rooftop solar market. Since its establishment it has raised over USD 2.5 billion of funding from institutional players, private equity firms and major Wall Street banks. Among its investors are Quantum Strategic Partners, US Bank (NYSE:USB) and Energy Capital Partners.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.