February 13 (Renewables Now) - US residential solar company Sunnova Energy Corp (NYSE:NOVA) on Wednesday said it has closed the sale of asset-backed notes worth a total оf USD 412.5 million (EUR 379.49m).
The notes underpinned by solar leases and power purchase agreements (PPAs) were sold in two tranches.
Details are available in the table below:
|Rating||Amount in USD||Advance Rate||Yield||Spread to swap rate||Anticipated Repayment Date||Maturity date|
|A-||337.1m||76.0%||3.369%||180 bps||January 30, 2030||February 1, 2055|
|BB-||75.4m||93.0%||5.579%||410 bps||January 30, 2030||February 1, 2055|
The advance rate is against estimated present value of cash flows to the issuer from the pool of assets.
A diverse portfolio of more than 23,000 solar rooftop facilities located in 20 states, Guam, Puerto Rico and Northern Mariana Islands will provide payments on the notes.
Credit Suisse acted as structuring agent and bookrunner for the securitisation.
“The favorable terms we were able to secure for our latest capital markets securitisation transaction is a direct result of our proven track record on prior securitisations as well as our continued focus on the customer," Sunnova CEO William J Berger commented.
(USD 1.0 = EUR 0.920)