Sunnova Energy announced it secured approximately $300 million in committed debt and equity funding to expand its position in residential solar energy service market.
The transactions include a conduit facility arranged by Credit Suisse, and an equity financing round led by Triangle Peak Partners.
Additional equity investors include business development companies sponsored by Franklin Square Capital Partners, which are sub-advised by GSO Capital Partners, the global credit investment platform of Blackstone.
Earlier in November 2014, Sunnova closed a $250 million financing round. Today’s announcement brings Sunnova’s total fundraising to almost $900 million, the company said.
As part of the transaction, Sunnova will also restructure the Board.
Several new individuals, including Rob Horn from GSO Capital Partners, Mike Morgan and David Pesikoff from Triangle Peak Partners and C. Park Shaper from SEIS Holdings will join the board.
Several current Sunnova board members will remain on the board, including William J. (John) Berger, Russell Gordy, David Kinderand Richard Rabinow.
Rajani Baburajan
editor@greentechlead.com