Residential solar provider Sunnova Energy Corp. this week said it has entered the tax equity market through a funding deal with U.S. Bancorp Community Development Corp.
The company secured $80 million in tax equity funding commitments from U.S. Bancorp, and Sunnova said the funds will enable the development of new residential solar projects worth about $200 million.
“USBCDC’s confidence in Sunnova, and renewables in general, speaks to the opportunities available in the power industry,” Sunnova CEO William Berger said. “While some in our industry chase growth at any cost, we believe that steady, sustainable growth is good business practice — one that is essential to proving the viability of new energy sources. Sunnova’s growth is focused on achieving positive cash flow, long-term profitability and cementing our leadership role in the residential power market.”
Sunnova said that, to date, it has raised more than $1.5 billion from equity and other financing transactions. CohnReznick Capital Markets Securities was the financial advisor to Sunnova for the deal.
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