June 28 (Renewables Now) - US residential solar and energy storage service provider Sunnova Energy International Inc filed a prospectus for an initial public offering (IPO) of up to USD 100 million (EUR 87.8m) on the New York Stock Exchange (NYSE).
The solar installer has applied to list its common stock under the symbol “NOVA”. BofA Securities Inc, JP Morgan Securities LLC and Goldman Sachs & Co LLC serve as joint book-running managers of the offering and as representatives of the underwriters.
The prospectus does not provide information about the number of shares Sunnova is looking to sell or the pricing of the transaction. According to a Reuters report from earlier this month, the IPO could value the company at over USD 1 billion.
Houston, Texas-based Sunnova started business in January 2013 and currently operates a 455-MW-plus fleet of residential solar arrays in the country. The company serves more than 63,000 customers in over 20 US states and territories. It offers solar service agreements in the form of leases, power purchase agreements (PPAs) or loans, with a typical initial term of 25 years.
Sunnova intends to use the proceeds from the offering for general corporate purposes, including working capital, operating expenses, capital expenditures and debt repayment.
(USD 1.0 = EUR 0.878)