Residential solar service provider Sunnova Energy announced Tuesday that it has secured US$80 million in tax equity funding commitments from US Bancorp Community Development Corporation (USBCDC), a division of US Bank.
This new funding will enable Sunnova to develop new residential projects with a total value of more than US$200 million. The deal marks the first transaction between USBCDC and Sunnova, as well as Sunnova’s entry into the tax equity market.
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Sunnova intends to utilise the funds to build its growth in the residential solar market through affordable solar service options for homeowners.
Jordan Kozar, chief financial officer at Sunnova, said: “It has been an honor to work with USBCDC on this round of financing. We are proud of the trust that investment partners, such as USBCDC, place in us. It’s a trust earned through financial responsibility and consistently meeting our commitments.”
Sunnova CEO William J. Berger added: “USBCDC’s confidence in Sunnova, and renewables in general, speaks to the opportunities available in the power industry. 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.
“We continue to believe that the solar industry can and should operate independent of government subsidies, and we will pursue opportunities that allow us to expand solar adoption throughout the country.”