{"id":749381,"date":"2023-04-20T06:48:23","date_gmt":"2023-04-20T10:48:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/"},"modified":"2023-04-20T06:48:23","modified_gmt":"2023-04-20T10:48:23","slug":"sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/","title":{"rendered":"Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities"},"content":{"rendered":"

<\/p>\n

Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities<\/b><\/p>\n

Program would allow Sunnova to further expand its reliable, clean, and affordable energy services to underserved American communities and accelerate the deployment of digital energy engagement and demand response technologies<\/i><\/b><\/p>\n

HOUSTON–(BUSINESS WIRE<\/a>)–
\nSunnova Energy International, Inc. (Sunnova) (NYSE: NOVA), a leading Energy as a Service (EaaS) provider, today announced a conditional commitment by the U.S. Department of Energy (DOE) Loan Programs Office (LPO) to provide an up to $3.0 billion partial loan guarantee, which equates to a 90% guarantee of up to $3.3 billion of financing to support loans originated by Sunnova under a new solar loan channel named \u201cProject Hestia.\u201d<\/p>\n

\nProject Hestia would provide disadvantaged individuals and communities with increased access to Sunnova services by indirectly and partially guaranteeing the cash flows associated with those consumers\u2019 loans. To be eligible, each energy system must be outfitted with Sunnova\u2019s purpose-built technology, accessible by smart phone or other personal electronic device. The technology is designed to improve customer insights regarding their power usage and will facilitate demand response behavior. Sunnova believes this approach is expected to expand access to Sunnova\u2019s EaaS offerings, lay the foundation for future virtual power plant (VPP) activities, decrease greenhouse gas emissions, and increase the demand response impact of residential power systems.<\/p>\n

\n\u201cProject Hestia would make possible a historic private sector investment in disadvantaged American communities and energy infrastructure,\u201d said William J. (John) Berger, Chief Executive Officer of Sunnova. \u201cThe DOE financing would accelerate the adoption of solar and storage, decrease greenhouse gas emissions, and expand the availability of reliable, clean, and affordable energy to those communities who benefit the most from low-cost energy.\u201d<\/p>\n

\nIf issued, the DOE loan guarantee would support the origination of Sunnova loans associated with solar, storage, or other Sunnova Adaptive Home\u2122 technologies that utilize Sunnova\u2019s purpose-built demand response and VPP enabling software. Sunnova anticipates the DOE loan guarantee will support up to $4.0 – $5.0 billion in Sunnova loan originations, reduce the company\u2019s weighted average cost of capital, and generate interest savings.<\/p>\n

\n\u201cDOE\u2019s conditional commitment is expected to support grid reliability, improve access to clean energy, and enhance ratings and advance rates on our senior bonds,\u201d said Robert Lane, Executive Vice President and Chief Financial Officer at Sunnova. \u201cThis financing would allow Sunnova to realize issuance spreads commensurate with the expected credit uplift and introduce new, investment-grade investors to Sunnova\u2019s long-term strategy.\u201d<\/p>\n

\nThe DOE loan guarantee would be issued pursuant to Title XVII of the Energy Policy Act of 2005. Project Hestia is designed to accelerate the deployment of new digital engagement and behavior modification technologies. The Sunnova app and portal aims to reduce greenhouse gas emissions, enhance the integration of load controllers and smart appliances, and support grid stability by giving consumers near real-time insight into their residential energy system and quantifying the location-specific emissions impact of changes in consumer behavior.<\/p>\n

\nSunnova has agreed to provide monthly servicing reports supplemented by hardware and software deployment information to DOE. Sunnova has also agreed to measure the reduction in greenhouse gases associated with Project Hestia. To advance economic and environmental benefits for disadvantaged communities, Sunnova would also be required to deliver collateral pools that realize agreed criteria related to FICO distributions, and certain concentrations of customers located in disadvantaged communities.<\/p>\n

\nWhile this conditional commitment demonstrates LPO\u2019s intent to support the project, several steps remain for Project Hestia to reach critical milestones, and certain conditions must be satisfied before the DOE loan guarantee is issued, including finalization of definitive financing documents.<\/p>\n

\nThe transaction is expected to close in the second quarter of 2023. Sunnova plans to issue its first securitization under the program in 1H 2023.<\/p>\n

\nSunnova was advised by ATLAS SP Partners and Citi on the transaction. Baker Botts acted as legal advisor to Sunnova and Kramer Levin acted as legal advisor to the financial advisors.<\/p>\n

About Sunnova<\/b><\/p>\n

\nSunnova Energy International Inc. (NYSE: NOVA) is a leading Energy as a Service (\u201cEaaS\u201d) provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable, and reliable energy with a simple mission: to power energy independence so that home and business owners have the freedom to live life uninterrupted\u00ae. For more information, please visit sunnova.com<\/a>.<\/p>\n

\nForward Looking Statements<\/p>\n

\nThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova\u2019s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cgoing to,\u201d \u201ccould,\u201d \u201cintend,\u201d \u201ctarget,\u201d \u201cproject,\u201d \u201ccontemplates,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential\u201d or \u201ccontinue\u201d or the negative of these words or other similar terms or expressions that concern Sunnova\u2019s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the benefits and impact of the financing guarantee and Sunnova\u2019s current and future product offerings to consumers including any deployments under the Hestia program, timing of the transaction and the issuance of any asset-backed securities. Sunnova\u2019s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova\u2019s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022, and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230420005077\/en\/<\/a><\/span><\/p>\n

\nSunnova Media Contact:
\n
Kelsey Hultberg
\n
Kelsey.Hultberg@sunnova.com<\/a><\/p>\n

\nSunnova Investor Contact:
\n
Rodney McMahan
\n
877-770-5211
\n
IR@sunnova.com<\/a><\/p>\n

KEYWORDS:<\/b> Texas United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Utilities Environment Technology Alternative Energy Green Technology Energy Software<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities Program would allow Sunnova to further expand its reliable, clean, and affordable energy services to underserved American communities and accelerate the deployment of digital energy engagement and demand response technologies HOUSTON–(BUSINESS WIRE)– Sunnova Energy International, Inc. (Sunnova) (NYSE: NOVA), a leading Energy as a Service (EaaS) provider, today announced a conditional commitment by the U.S. Department of Energy (DOE) Loan Programs Office (LPO) to provide an up to $3.0 billion partial loan guarantee, which equates to a 90% guarantee of up to $3.3 billion of financing to support loans originated by Sunnova under a new solar loan … <\/p>\n

Continue reading “Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-749381","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities Program would allow Sunnova to further expand its reliable, clean, and affordable energy services to underserved American communities and accelerate the deployment of digital energy engagement and demand response technologies HOUSTON–(BUSINESS WIRE)– Sunnova Energy International, Inc. (Sunnova) (NYSE: NOVA), a leading Energy as a Service (EaaS) provider, today announced a conditional commitment by the U.S. Department of Energy (DOE) Loan Programs Office (LPO) to provide an up to $3.0 billion partial loan guarantee, which equates to a 90% guarantee of up to $3.3 billion of financing to support loans originated by Sunnova under a new solar loan … Continue reading "Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-20T10:48:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230420005077r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities\",\"datePublished\":\"2023-04-20T10:48:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\\\/\"},\"wordCount\":1124,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20230420005077r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\\\/\",\"name\":\"Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities - 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(Sunnova) (NYSE: NOVA), a leading Energy as a Service (EaaS) provider, today announced a conditional commitment by the U.S. Department of Energy (DOE) Loan Programs Office (LPO) to provide an up to $3.0 billion partial loan guarantee, which equates to a 90% guarantee of up to $3.3 billion of financing to support loans originated by Sunnova under a new solar loan … Continue reading \"Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/","og_site_name":"Market Newsdesk","article_published_time":"2023-04-20T10:48:23+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230420005077r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities","datePublished":"2023-04-20T10:48:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/"},"wordCount":1124,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230420005077r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/sunnova-announces-3-billion-u-s-department-of-energy-conditional-commitment-to-expand-clean-energy-access-and-lay-foundation-for-virtual-power-plant-capabilities\/","name":"Sunnova Announces $3 Billion U.S. Department of Energy Conditional Commitment to Expand Clean Energy Access and Lay Foundation for Virtual Power Plant Capabilities - 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