Solar

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

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.

Copyright 2014 Bloomberg

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