Sunnova Energy obtains funds to help development of new residential solar projects

By Kathie Zipp Sunnova Energy Corporation, a residential solar service provider in the U.S., has obtained $80 million in tax equity funding commitments from U.S. Bancorp Community Development Corporation (USBCDC), which will enable the development of new residential solar projects with a total value of more than $200 million. The deal marks the first transaction between USBCDC, a division of U.S. Bank (NYSE: USB), and Sunnova as well as Sunnova’s entry into the tax equity market. CohnReznick Capital Markets Securities (CRCMS) was the financial advisor to Sunnova for the deal.
Sunnova intends to use the funds to further its growth in the residential solar

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