Sunnova Energy Corp. has recently announced it has secured US$300 million in equity from Energy Capital Partners (ECP), a private equity firm with over US$13 billion of capital commitments.
Sunnova will use the funds to continue the company's impressive growth in the residential solar market. Sunnova partners with local installers to invest in assets to provide affordable solar power to homeowners.
Energy Capital Partners has experience building and acquiring successful platforms across multiple energy sub-sectors of North American energy infrastructure, including clean energy and environmental infrastructure assets.
William John Berger, Sunnova Chief Executive Officer, said:
"We are pleased to partner with ECP in order to continue to provide clean, affordable energy to markets around the US. Our commitment to delivering great value and service to our customers has served as the catalyst for our extraordinary growth since the company's inception four years ago. Our focus on profitable, scalable growth and a well-capitalized company have established Sunnova as a clear leader in the rapidly growing solar power economy."
"As the power industry continues to evolve, we feel that Sunnova is well-positioned to provide customers with a unique and differentiated value proposition. We remain committed to our national network of local channel partners and our distributed origination and fulfillment model. We also look forward to working with ECP in order to leverage their tremendous experience in both national and global power markets."
Rahman D'Argenio, Partner at Energy Capital Partners, stated:
"We are excited to be partnering with the Sunnova team and funding its differentiated business model. Sunnova boasts a combination of great management, a competitive cost structure, and strong partner relationships. With access to substantial equity capital from ECP, Sunnova should be significantly advantaged in serving both its customers and channel partners across a quickly evolving industry and regional landscape."
Energy Capital Partners joins existing investors Franklin Square Capital Partners LP, which are sub-advised by GSO Capital Partners LP, and also includes Triangle Peak Partners LP.
Barclays served as the sole financial advisor and placement agent to Sunnova.