US ROUND-UP: Shoals IPO raises billions; Sunnova claims industry-first solar financing package

A round-up of the latest news from the US solar market, as Shoals Technologies’ upsized IPO raises north of US$2 billion and Sunnova claims an industry first financing offer.

Shoals Technologies raises US$2.2bn in upsized IPO

29 January 2021: Shoals Technologies, the US-based solar balance of systems technology provider, has raised more than US$2 billion through its initial public offering (IPO).

The company offered more than 88.5 million shares of Class A common stock at an IPO price of US$25 per share, raising just shy of US$2.2 billion in gross proceeds.

Having set the terms for its IPO last month, Shoals upsized both the amount of stock available and the purchase price on the back of strong demand.

Proceeds are to be used to purchase equity interests from its operating subsidiary as well as some other existing shareholders, while also used to support ongoing growth of the business.

Sunnova claims industry first with interest-free solar-storage financing solution

3 February 2021: US residential solar installer Sunnova has claimed an industry first with the launch of an interest-free financing solution for home solar and battery storage installs.

Depending on individual circumstances, new Sunnova customers could now be able to install solar and storage on their homes for no-money-down and 0% APR financing, or just 0.99% APR financing for a solar-only service.

All installs would receive 25-year system protection under the installer’s Sunnova Protect limited warranty service.

Michael Grasso, CMO at Sunnova, said the company was thrilled to be able to offer “such competitive financing” in the solar service industry.

“We are focused on knocking down barriers that prevent homeowners from purchasing a clean and affordable energy system from a trusted service provider, like Sunnova,” said William J. Berger, CEO of Sunnova Energy International, added.

Wells Fargo turns to onsite solar with 30MW of rooftop, carport and ground-mount installs planned

2 February 2021: Facilities of Wells Fargo are to go solar after the financial services company unveiled a new collaboration with renewables developer Ameresco.

Rooftop, carport and ground-mount solar installs are to be deployed across both corporate and retail locations belonging to Wells Fargo in seven states in the US. Almost 100 solar PV arrays are to be developed, totalling around 30MW of new onsite generation.

Systems will range in size from 6kWp to a 6.5MW carport and rooftop system being developed at Wells Fargo’s campus in Chandler, Arizona.

Installations are to start in April this year and work will progress into 2022.

“By significantly expanding our onsite solar generation, we are delivering impact at the local level and helping to accelerating a just transition to a low-carbon future,” Nate Hurst, head of social impact and sustainability at Wells Fargo, said.

EDF switches on 214MW of Californian utility-scale solar

29 January 2021: EDF Renewables North America has started commercial operations at two utility-scale solar projects in California with a combined capacity of 214MW.

The Desert Harvest 1 (114MWdc) and Desert Harvest 2 (100MWdc) projects were energised late last month. Desert Harvest 1 will provide power to local community choice aggregator MCE under a 20-year power purchase agreement, while Desert Harvest 2 is to supply power to Southern California Public Power Authority under a 25-year Renewable Energy Credit and index structure contract.

Desert Harvest 2 also featured a 35MW, four-hour energy storage system, while both projects have been developed using horizontal single-axis trackers.

The two projects are located in Riverside County, California, on unincorporated land administered by the Federal Bureau of Land Management, which had been designed as a Solar Energy Zone by the bureau.