Nov. 20 (Bloomberg) — Sunnova Energy Corp. closed a $250
million funding round, bringing the total amount it has raised
this year to almost half a billion dollars as it seeks to add
U.S. customers and expand overseas as soon as next year, its
chief executive officer said.
The residential solar company operates in more than 20 U.S.
states and territories and “we fully intend to become a global
company,” Chief Executive Officer John Berger said today in an
interview. “This capital enables us to take a giant step in the
direction of that goal.”
Investment company Franklin Square Capital Partners,
advised by Blackstone Group LP’s GSO Capital Partners, led the
financing round, which also included Triangle Peak Partners LP,
Houston-based Sunnova said today in a statement. Barclays Plc
acted as a placement agent on the financing. Terms weren’t
Sunnova intends to raise additional capital before year-end, Berger said. The closely held company, which offers
residential solar electricity through leases or power-purchase
agreements, raised $110 million in August and $145 million in
U.S. solar demand this year may exceed 5.6 gigawatts,
according to Bloomberg New Energy Finance. That’s about 11
percent of the global capacity that may be added.
“The ability to deliver better-quality service at a much
better price, from decentralized power, there’s no reason why
that should end at the Pacific or Atlantic Ocean,” Berger said.
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Robin Saponar, Will Wade