Energy Capital Partners

Sunnova

In March 2016, ECP invested in Sunnova Energy Corp., a fast growing owner and operator of residential solar and storage assets. Sunnova finances and manages residential solar and storage systems for customers across the United States and its territories. The company is headquartered in Houston, Texas.

Sunnova is in the business of acquiring and managing residential solar and storage projects with long-term contracts. The company has built an extensive network of regional channel partners who originate, develop and assist in servicing systems. The market for residential solar and storage developers and installers in the United States is highly fragmented owing to localized regulations, permitting processes, and customer demographics. By partnering with a network of regional installers, we believe that Sunnova is well-positioned to scale efficiently and better able to service its distributed customers and assets.

The distributed solar sector has been rapidly expanding, driven by significant declines in solar project installation costs, rising utility rates, greater customer choice and state and federal environmental regulations supporting carbon-free and distributed electricity. Market demand for distributed storage has also emerged in certain areas, usually paired with solar, for added reliability and/or more efficient usage of excess solar production.

Feb 17, 2021

Sunnova Enters Into Definitive Agreement to Acquire Sunstreet —Lennar's Residential Solar Platform for Homebuilders

Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, and Len X, LLC (“LENX”), a technology focused subsidiary of Lennar Corporation (“Lennar”) (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, announced today they have entered into a definitive agreement under which Sunnova will acquire Lennar’s residential solar platform (“SunStreet”). In addition to Sunnova’s acquisition of SunStreet, Sunnova will become Lennar’s exclusive residential solar and storage service provider for new home communities with solar across the country.

Mar 21, 2016

Sunnova Secures $300 Million Investment from Energy Capital Partners

Sunnova Energy Corp. today announced it has secured $300 million in equity from Energy Capital Partners (ECP), a private equity firm with over $13 billion of capital commitments. Sunnova will use the funds to continue the company’s impressive growth in the residential solar market. Sunnova partners with local installers to invest in assets to provide affordable solar power to homeowners while creating job opportunities nationwide.