Sunnova secures US$3 billion from US DOE, expanding clean energy access

Facebook
Twitter
LinkedIn
Reddit
Email
The loan guarantee will support the company’s Project Hestia which will offer disadvantaged individuals and communities better access to solar. Image: Sunnova.

US residential solar installer Sunnova has secured a conditional commitment from the US Department of Energy which will offer up to US$3 billion in a partial loan guarantee.

The loan guarantee will support the company’s Project Hestia, which aims to offer disadvantaged individuals and communities better access to solar, battery storage or virtual power plant software.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

To be eligible, the energy system must be outfitted with Sunnova’s technology which is designed to improve customer insights regarding their power usage and will facilitate demand response behaviour.

Sunnova added that the partial loan guarantee equates to a 90% guarantee of up to US$3.3 billion of financing to support loans originated by the company under Project Hestia.

It anticipated the loan guarantee will support up to US$5 billion in loan originations, reduce its weighted average cost of capital, and generate interest savings.

The transaction is expected to close in the second quarter of 2023.

“Project Hestia would make possible a historic private sector investment in disadvantaged American communities and energy infrastructure,” said William Berger, CEO of Sunnova.

“The DOE financing would accelerate the adoption of solar and storage, decrease greenhouse gas emissions, and expand the availability of reliable, clean, and affordable energy to those communities who benefit the most from low-cost energy,” added Berger.

Read Next

July 25, 2025
Oil and gas major bp has confirmed it will exit the Australian Renewable Energy Hub (AREH), a 26GW wind, solar and green hydrogen project planned for Western Australia.
July 23, 2025
US-based microinverter manufacturer Enphase Energy saw a decline of two percentage points in its gross margin for Q2 2025 due to Donald Trump's “reciprocal” tariffs regime.
July 17, 2025
Germany’s latest rooftop solar PV and noise barrier auction ended up undersubscribed and awarded only 255MW.
July 17, 2025
The California Senate Energy, Utilities and Communications Committee has amended Assembly Bill 942 (AB 942) and removed a net metering amendment that would have affected residential solar owners’ rates when acquiring a home or property.
Premium
July 17, 2025
Implementing greater policy clarity pertaining to the EPBD will be essential if Europe is to realise its distributed rooftop solar targets.
July 16, 2025
The New South Wales government has announced AU$26.2 million in funding for several Australian solar PV and battery initiatives.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK