Deal Description: Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and energy storage service provider, announced today the pricing of its fifth solar loan securitization and its eleventh residential solar securitization.
The securitization includes $68.4 million in AA- (sf) rated 2.03% notes, $55.9 million in A- (sf) rated 2.33% notes and $31.5 million in BBB- (sf) rated 2.63% notes with an Anticipated Repayment Date of October 20, 2028 and a final maturity of October 20, 2048.
The notes are backed by a diverse portfolio of 3,766 solar rooftop systems distributed across more than 21 states and territories. The transaction is expected to close by October 26, 2021, subject to customary closing conditions.
Baker Botts L.L.P. represented Sunnova in the transaction.
For more information, please see Sunnova’s news release by clicking here.
Baker Botts Lawyers/Office Involved:
Corporate/Finance: Travis Wofford (Partner, Houston); Martin Toulouse (Partner, New York); Josh Espinosa (Associate, Dallas); Malakeh Hijazi (Associate, Houston); Christopher Carreon (Associate, Houston); Bryson Manning (Associate, Houston); Francis Mascarenhas (Law Clerk, New York)
Tax: Michael Bresson (Partner, Houston); David Morris (Special Counsel, Palo Alto); Snow Xue Rui (Associate, Dallas)
ERISA: Krisa Benskin (Special Counsel, Houston)
Renewable Energy/Regulatory: Emil Barth (Partner, Washington)
Advisory Counsel: Danny David (Partner, Houston)
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