April 26 (Renewables Now) - US residential solar company Sunnova Energy Corp has closed a USD-615-million (EUR 564m) round of financing, including a record for the industry asset-backed notes sale of USD 255 million, it said on Monday.
According to the announcement, the private placement of the notes by the company's subsidiary, Helios Issuer LLC, represents the largest securitisation underpinned by distributed solar leases and power purchase agreements (PPAs) issued into the asset-backed security (ABS) capital markets. It is also Sunnova's first asset-backed notes securitisation.
Credit Suisse Securities (USA) LLC acted as sole structuring agent and sole bookrunner.
The transaction also includes two warehouse credit facilities totalling USD 360 million. It brings the amount secured by the company over the past two months to USD 695 million. Over the past four years Sunnova has raised more than USD 2 billion in tax equity, debt and corporate equity funding.
"Our view has been the same from day one: distributed solar is becoming the most cost-effective form of power service and the company that can focus on long-term profitability in this growing and dynamic sector will be well-positioned to succeed," commented Sunnova chief executive William J Berger. "At the end of the day, Sunnova isn’t simply a solar company; we’re a power company," the CEO added.
(USD 1.0 = EUR 0.917)