Sunnova's IPO could fetch up to USD 365m

New York Stock Exchange. Author: George Rex. License: Creative Commons. Attribution-ShareAlike 2.0 Generic

July 12 (Renewables Now) - Sunnova Energy International Inc today launched an initial public offering (IPO) that could raise up to USD 365 million (EUR 324m), including the exercise in full of an over-allotment option.

The US residential solar and energy storage service provider will be offering nearly 17.65 million shares of common stock at a price of between USD 16.00 and USD 18.00 per share. It has granted a 30-day option to the underwriters to purchase a further 2.65 million shares at the set price.

Sunnova said that its shares have been cleared to list on the New York Stock Exchange (NYSE) under the ticker symbol "NOVA." The joint book-running managers for the offering are BofA Merrill Lynch, JP Morgan, Goldman Sachs & Co LLC and Credit Suisse. At the same time, KeyBanc Capital Markets, Baird and Roth Capital Partners serve as co-managers.

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.

As unveiled in the recently filed IPO prospectus, 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 0.888)

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