News Releases

Baker Botts Represents Sunnova Energy Corporation in Solar Asset-Backed Notes and Warehouse Credit Facilities

News Release

Deal Description: Sunnova Energy Corporation announced today the closing of a private placement by its subsidiary, Helios Issuer, LLC, of approximately $255 million aggregate principal amount of asset-backed notes and two warehouse credit facilities in an aggregate principal amount of $360 million. The notes financing represents Sunnova’s first asset-backed notes securitization and the largest distributed generation lease/PPA solar securitization issued into the ABS capital markets to date.

Credit Suisse Securities (USA) LLC acted as sole structuring agent and sole bookrunner for the asset-backed notes securitization.

Baker Botts represented Sunnova Energy Corporation in the transaction.

Client:  Sunnova Energy Corporation

Outside Counsel to Sunnova Energy Corporation: Baker Botts L.L.P.

In-house Counsel to Sunnova Energy Corporation: George Fibbe; Sean Salisbury

Other Parties: Credit Suisse Securities (USA) LLC acted as sole structuring agent and sole bookrunner for the asset-backed notes private placement

Outside Counsel to Other Parties: Kramer Levin acted as counsel to Credit Suisse Securities (USA) LLC in the private placement; Chapman and Cutler LLP acted as counsel to Credit Suisse Securities (USA) LLC for the warehouse facilities.

Value:  $615 million

Baker Botts Lawyers/Office Involved:

  • Corporate: Josh Davidson (Partner, Houston); Travis Wofford (Senior Associate, Houston); Sarah Dodson (Associate, Houston); Jennifer Gasser (Associate, Houston); Ruchira Podali (Associate; Houston)
  • Finance: Martin Toulouse (Partner, New York); Emanuel Grillo (Partner, New York); William Stutts (Senior Counsel, Austin); Jon Finelli (Senior Associate, New York); Peter Glenn (Associate, New York); Whitney Blazek (Associate, Dallas); Josh Espinosa (Associate, Dallas)
  • Tax: Michael Bresson (Partner, Houston); Renn Neilson (Partner, Houston); Jon Nelsen (Partner, Austin); David Morris (Associate, Houston); Bucky Brannen (Associate, Dallas)
  • Counsel: Danny David (Partner, Houston)

For more information, please see Sunnova’s news release by clicking here.


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About Baker Botts LLP
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy and technology sectors. Throughout our 177-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit


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