Deal Description: Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, and LEN X, LLC, a technology focused subsidiary of Lennar Corporation (“Lennar”) (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders by home sale revenues and net earnings, announced today that 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.
Under the terms and subject to the conditions in the transaction agreements, LENX would receive consideration at closing in Sunnova common stock. Thereafter, LENX may be eligible for additional shares of Sunnova common stock through one earnout associated with achieving certain annual customer commitments over four years and another associated with the development of microgrid communities over the next five years.
In connection with acquiring Lennar’s residential solar platform, Lennar and Sunnova will agree to a multi-year strategic partnership. Additionally, Lennar will make a commitment to provide tax equity investments to support Sunnova’s homebuilder customer pipeline.
Baker Botts L.L.P. is representing Sunnova in the transaction.
Baker Botts Lawyers/Office Involved:
Corporate: Travis Wofford (Partner, Houston); Sarah Dodson (Senior Associate, Houston); Garrett Hughey (Associate, Houston); Shumaila Dhuka (Associate, Houston); Robert Cowan (Associate; Houston); Princess Rogers (Associate, Houston)
Tax Equity: Natasha Khan (Partner, Houston); Katie Belleville (Senior Associate, Houston); Daniel Jung (Associate, Houston)
Global Projects: Joseph Colagiovanni (Partner, Houston); Peter del Vecchio (Of Counsel, Houston); Munir Saadi (Associate, Houston)
Tax: Matt Donnelly (Special Counsel, Washington); Michael Bresson (Partner, Houston); Renn Neilson (Tax, Houston); Bucky Brannen (Senior Associate; Dallas); David Morris (Senior Associate, Palo Alto)
Employee Benefits/Executive Compensation: Krisa Benskin (Special Counsel, Houston)
Labor and Employment: Jennifer Trulock (Partner, Houston); Leanne Thoreson (Staff Lawyer, Dallas)
Data Privacy: Cynthia Cole (Special Counsel, Palo Alto)
Renewable Energy Regulatory: Emil Barth (Special Counsel, Washington)
Finance: Martin Toulouse (Partner, New York); Josh Espinosa (Associate; Dallas)
Antitrust: Thomas Fina (Partner, Washington)
Advisory Counsel: Danny David (Partner, Houston)
For more information, please see Sunnova’s news release.
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