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.

21 August 2024
5pm BST
FREE WEBINAR -This webinar will feature the perspectives and views of PV Tech’s Head of Research, Dr. Finlay Colville, on how the U.S. PV manufacturing landscape is changing today and when we might expect additions to encompass cells and wafers. This will be followed by a PV Tech special – a look inside one of the first new PV module fabs built in the U.S. this year; SEG Solar’s new site in Texas. Join Jim Wood, CEO at SEG Solar, as he walks around the new factory showing key features and explaining the rational for SEG Solar in making this investment into U.S. PV manufacturing in 2024.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

July 16, 2024
US developer Leeward Renewable Energy (LRE) has secured US$1.25 billion in construction warehouse facility to support the construction of its portfolio in the US.
July 16, 2024
Australia’s Clean Energy Council (CEC) has been nominated by the Clean Energy Regulator (CER) to be the solar module and product listing body under the small-scale renewable energy scheme (SRES).
July 15, 2024
The French government has awarded 179MW of solar PV in its most recent rooftop solar PV tender, half of the previous auction.
July 9, 2024
The Victorian government has committed US$2.7 million (A$4 million) for seven projects to build solar installations and heat pumps.
July 3, 2024
French energy major TotalEnergies has installed more than 200MW of distributed solar assets in the Asia-Pacific (APAC) region.
July 3, 2024
In June 2024, rooftop solar PV installations in Australia dropped to their lowest point since January, with 247MW installed.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA