December 31 (Renewables Now) - US residential solar and battery storage company Sunnova Energy International Inc (NYSE:NOVA) has secured USD 150 million (EUR 133.9m) in financing to grow its sales and lock-in solar tax credits.
The company agreed a USD-95-million revolving asset-based loan facility that could be expanded to about USD 138 million, subject to lender consent. The lenders include affiliates of Credit Suisse (NYSE:CS) and LibreMax Capital LLC.
Sunnova also sold USD 55 million worth of convertible senior notes to funds managed by Magnetar Capital and Tortoise Capital Advisors LLC. Upon the consent of all parties, the amount could be increased to USD 75 million.
The company will use the proceeds to expand its customer base and battery storage sales, and to purchase solar inventory so as to qualify for the 30% federal Investment Tax Credit (ITC).
“We expect to continue the rapid growth of our industry-leading estimated net contracted customer value asset base as we maintain our focus on maximizing recurring cash flows,” said CEO William Berger.
The company head also pointed out that Sunnova’s customer growth in 2020 is seen to surpass its expectations from earlier this year. With battery sales and attachment rates increasing faster than anticipated, the company said it will revise its guidance for 2020 customer growth in its four-quarter 2019 financial report.
As of September 30, 2019, Sunnova had 72,600 customers.
(USD 1.0 = EUR 0.892)