Sunnova prices USD-212m solar securitisation

US residential solar and battery storage company Sunnova Energy International Inc (NYSE:NOVA) last week priced a USD-212-million (EUR 180m) securitisation of residential solar and battery loan arrangements.

The securitisation consists of USD 106.2 million in AA- (sf) rated 1.62% notes and USD 106.2 million in A- (sf) rated 2.01% notes. The final maturity is set for July 20, 2048. The notes are backed by 6,435 rooftop solar systems installed across 19 states and territories.

“On this 2021-B transaction, we achieved spreads of 80 bps and 120 bps for the AA- and the A- tranches, respectively, over the interest rate benchmark. This represents Sunnova’s best pricing to-date for a solar and storage loan asset securitization,” commented Robert Lane, Executive Vice President, Chief Financial Officer of Sunnova.

The transaction is seen to close by July 28, 2021. It represents the company’s fourth solar loan securitisation and its 10th residential solar securitisation, it said.

Credit Suisse served as the sole structuring agent and bookrunner.

On the same day, Sunnova also launched a new green financing framework to guide its investments in new and existing projects with environmental benefits. It has received a “Dark Green” rating after an independent external assessment by CICERO Shades of Green. This is the highest possible level, the firm noted.

(USD 1.0 = EUR 0.848)

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