Sunnova Energy Corp., a Houston, TX-based solar company, secured $300m in equity funding.
Energy Capital Partners (ECP), a private equity firm with over $13 billion of capital commitments, made the investment, joining existing backers Franklin Square Capital Partners and Triangle Peak Partners.
The company will use the funds to continue to grow in the residential solar market.
Led by Chief Executive Officer William J. (John) Berger, Sunnova offers rooftop solar service to homeowners within and outside the United States through a network of local sales and installation partners.
Sunnova Secures $300 Million Investment from Energy Capital Partners
Sunnova has now raised over $1.2 billion in capital in three years
Houston, March 21, 2016 – 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.
Energy Capital Partners (ECP) has experience building and acquiring successful platforms across multiple energy sub-sectors of North American energy infrastructure, including clean energy and environmental infrastructure assets.
“We are pleased to partner with ECP in order to continue to provide clean, affordable energy to markets around the U.S.,” said Sunnova Chief Executive Officer William J. (John) Berger. “Our commitment to delivering great value and service to our customers has served as the catalyst for our extraordinary growth since the company’s inception four years ago. Our focus on profitable, scalable growth and a well-capitalized company have established Sunnova as a clear leader in the rapidly growing solar power economy.”
“As the power industry continues to evolve, we feel that Sunnova is well-positioned to provide customers with a unique and differentiated value proposition,” Berger continued. “We remain committed to our national network of local channel partners and our distributed origination and fulfillment model. We also look forward to working with ECP in order to leverage their tremendous experience in both national and global power markets.”
Rahman D’Argenio, a partner at ECP, stated: “We are excited to be partnering with the Sunnova team and funding its differentiated business model. Sunnova boasts a combination of great management, a competitive cost structure, and strong partner relationships. With access to substantial equity capital from ECP, Sunnova should be significantly advantaged in serving both its customers and channel partners across a quickly evolving industry and regional landscape.”
ECP joins existing investors Franklin Square Capital Partners LP (www.franklinsquare.com), which are sub-advised by GSO Capital Partners LP (www.blackstone.com), and also includes Triangle Peak Partners, LP (www.trianglepeakpartners.com). Barclays (www.barclays.com) served as the sole financial advisor and placement agent to Sunnova.