Sunnova CEO on $775 Million Raise, and the ‘New Stage’ of Residential Solar

By [email protected] Residential solar financier Sunnova Energy Corp. closed a new round of funding this week that includes a private placement by its subsidiary, Helios Issuer, of approximately $255 million of asset-backed notes.

Credit Suisse acted as the sole structuring agent and sole bookrunner. The deal also includes two warehouse credit facilities in an aggregate principal amount of $360 million. Combined, this represents a $615 million round of funding. It’s also Sunnova’s first asset-backed notes securitization, and one of the largest in the industry’s history.

A day after announcing the raise, Sunnova closed on the issuance of $80 million of senior secured notes, bringing

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