Sunnova Closes on Record-Setting Funding with Credit Suisse

$615 million includes the largest distributed generation lease/PPA solar securitization issued into the ABS capital markets

HOUSTON, April 24, 2017 – Sunnova Energy Corporation, a leading residential solar service provider in the U.S., announced today the closing of another round of funding that includes an industry record-setting private placement by its subsidiary, Helios Issuer, LLC, of approximately $255 million aggregate principal amount of asset-backed notes. Credit Suisse acted as the sole structuring agent and sole bookrunner. The deal also includes two warehouse credit facilities in an aggregate principal amount of $360 million. Combined, this represents a $615 million round of funding. This financing round represents Sunnova’s first asset-backed notes securitization.

Sunnova has now raised $695 million over the past two months and more than $2 billion in the past four years, including tax equity, debt and corporate equity, from private equity firms, institutional investors and major Wall Street banks.

“The U.S. power industry is changing and we are leading that change,” said Jordan Kozar, Chief Financial Officer. “These financings are yet another sign of the strength that we have created through focus and financial discipline.”

“Our view has been the same from day one: distributed solar is becoming the most cost-effective form of power service and the company that can focus on long-term profitability in this growing and dynamic sector will be well-positioned to succeed,” said Sunnova CEO William J. Berger. “At the end of the day, Sunnova isn’t simply a solar company; we’re a power company.”

Credit Suisse Securities (USA) LLC acted as sole structuring agent and sole bookrunner for the asset-backed notes private placement.

DISCLAIMERS

The Notes have not been and will not be registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

Statements in this release that are not historical facts, including but not limited to statements regarding efficiency and financial position, 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 could 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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation of an offer or sale of any securities in any state in which such offer, solicitation or sale would be unlawful. Any offer of the notes will be made only by means of a private offering circular.

MEDIA CONTACT

Matt Gully, Edelman
Email: matt.gully@edelman.com
Phone: 713-970-2184

ABOUT SUNNOVA

Sunnova is a different kind of power company, offering rooftop solar service to homeowners in the United States and its territories through our network of local sales and installation partners. Our mission is to change the energy industry by providing the choice of low-cost, worry-free solar power that generates long-term savings for our customers and continued business growth for partners. For more information, visit sunnova.com, follow @Sunnova_Solar on Twitter, and connect with us on Facebook and LinkedIn.

ABOUT CREDIT SUISSE

Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 47,170 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

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