News Releases

Baker Botts Represents Sunnova Energy International Inc. in Securitization of Residential Solar Systems

Release

Deal Description: Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), today announced the pricing of its latest securitization of leases and power purchases agreements by a wholly owned subsidiary of $319.0 million in A- (sf) rated 2.58% notes with an Anticipated Repayment Date of April 30, 2031 and a final maturity of April 28, 2056. 

The notes are backed by a diverse portfolio of over 20,000 solar rooftop systems distributed across 25 states, Guam, Puerto Rico, and Northern Mariana Islands. Sunnova intends to use the proceeds from the sale of the notes for the repayment of one or more currently existing financing arrangements of Sunnova’s subsidiaries, including the voluntary prepayment of all outstanding Series 2017-1 solar asset-backed notes, the payment of expenses related to the offering of the notes, and for general corporate purposes.  The transaction is expected to close by June 17, 2021, subject to customary closing conditions. The notes are secured by, and payable from the cash flow generated by, the membership interests in wholly owned, direct subsidiaries of the issuing entity and the sale of renewable energy credits. Each such subsidiary owns a managing member interest in a project company, one of which is a tax equity partnership. 

Baker Botts L.L.P. represented Sunnova in the transaction.

Value: $319.0 million

Baker Botts Lawyers/Office Involved:

Corporate/FinanceTravis Wofford (Partner, Houston); Martin Toulouse (Partner, New York); Natasha Khan (Partner, Houston)Catherine Ellis (Associate, Houston); Josh Espinosa (Associate, Dallas); Daniel Jung (Associate, Houston); Malakeh Hijazi (Associate, Houston);  Princess Rogers (Associate, Houston)

TaxMichael Bresson (Partner, Houston); Renn Neilson (Partner, Houston); David Morris (Special Counsel, Palo Alto); Bucky Brannen (Senior Associate, Dallas) 

Global ProjectsJeff Kayes (Partner, San Francisco); Victor Hanna (Associate, San Francisco); Taylor Jones (Associate, San Francisco); Aaron Lee (Associate; San Francisco)

ERISAKrisa Benskin (Special Counsel, Houston)

Renewable Energy RegulatoryEmil Barth (Partner, Washington, D.C.)

Advisory CounselEmanuel Grillo (Partner, New York); Danny David (Partner, Houston); Robin Spigel (Partner, New York)Chris Newcomb (Special Counsel, New York)

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

 

ABOUT BAKER BOTTS L.L.P.
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