Sunnova Raises $250 Million to Expand in U.S. and Overseas

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

disclosed.

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

June.

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.

To contact the reporter on this story:

Justin Doom in New York at

jdoom1@bloomberg.net

To contact the editors responsible for this story:

Reed Landberg at

landberg@bloomberg.net

Robin Saponar, Will Wade

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