News Releases

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

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.

 

ABOUT BAKER BOTTS L.L.P.
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 179-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 bakerbotts.com.

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