Sunnova Energy Corporation Closes $100 Million Equity Investment in Latest Capital Raise
HOUSTON, TX – April 3, 2018 — Sunnova Energy Corporation, the leading privately held U.S. residential solar + battery storage service provider, announced today that it has closed a $100 million equity investment with Quantum Strategic Partners Ltd. (“QSP”), a private investment vehicle advised by Soros Fund Management LLC that focuses on long-duration investments globally.
Since its inception in 2012, Sunnova has raised over $2.5 billion through a diverse range of funding sources, including tax equity, debt and corporate equity, from institutional investors, private equity firms and major Wall Street banks.
“We are proud to partner with QSP to further accelerate our growth in offering a better energy service at a better price to enable energy independence for homeowners,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “This latest capital investment is another clear indication of Sunnova’s leadership in the residential solar + battery storage service industry.”
Berger added: “The U.S. power industry isn’t changing—it has changed—and we’re leaving the 19th century solution for energy behind us. All consumers are entitled to cleaner, more reliable energy at a cheaper price no matter where they live, and we’re able to offer them that through our continued expansion of solar + battery storage services.”
About Sunnova Energy Corporation
Founded in 2012 and headquartered in Houston, Texas, Sunnova is the leading U.S. residential solar + battery storage service provider. With nearly 60,000 customers across the U.S and its territories, including Guam, Puerto Rico and the Northern Mariana Islands, Sunnova uniquely provides a 25-year service commitment with every homeowner’s customized solar + storage system. Sunnova’s goal is to provide the choice of low-cost, worry-free solar energy and battery storage technology that generates long-term value and savings for customers and facilitates continued business growth for its network of trusted partners. For more information, visit the company online at www.sunnova.com and follow the company on Twitter.
About Quantum Strategic Partners Ltd.
Quantum Strategic Partners Ltd. (“QSP”) is a private investment vehicle that pursues investments globally in a variety of industries and across strategies, including buyouts, growth equity transactions and structured investments. The investment advisor to QSP is Soros Fund Management LLC, a private investment management firm that serves as the principal investment advisor to a number of private investment funds that are managed exclusively for Soros family clients.
Statements in this release that are not historical facts, including but not limited to statements regarding the company's capital availability and security; the company's strengthened financial position; the company's ability to meet its strategic growth objectives, are forward-looking statements that are based on current expectations. Although we believe our expectations are based on reasonable assumptions, we can give no assurance that these expectations will prove correct. Important factors such as market conditions, technology changes, capital needs and uses, results of operations and other risks and uncertainties beyond our control cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made and we do not undertake any obligation to update or revise any forward-looking statement.