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Baker Botts Represents Sunnova Energy International Inc. in First Project Hestia Securitization of Residential Solar and Battery Loan Agreements

Release

Deal Description: Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and energy storage service provider, announced today the closing of its Hestia I securitization, which indirectly benefits from a partial guarantee provided by the U.S. Department of Energy (DOE) Loan Programs Office (LPO).

The securitization is the first residential solar offering with a AAA rating for its senior tranche notes. The securitization includes $219.6 million in AAA (sf)/AA+ (sf) rated 5.75% notes and $24.4 million in BB (sf) rated 8.25% notes with an Anticipated Repayment Date of November 20, 2030, and a final maturity of December 20, 2050. The notes are not directly guaranteed by DOE.

The notes are backed by a diverse portfolio of solar rooftop systems, battery storage systems and combined rooftop plus storage systems distributed across more than 20 states and territories.

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

For more information, please see Sunnova’s 8-K filing by clicking here.

Baker Botts Lawyers/Office Involved:

Corporate/Finance: Travis Wofford (Partner, Houston); Jonathan Goldstein (Partner, New York); Frank Schoen (Partner, New York); Lyman Paden (Senior Counsel, Houston); Thomas Blackwell (Associate, Houston); Talha Chaudhry (Associate, Houston); Mehta Ushma (Associate, Palo Alto); Johnathan Walker (Associate, Houston); Madeline McCune (Associate, Houston); Eleana Kartali (Law Clerk, New York)

Tax: Michael Bresson (Partner, Houston); Peter Farrell (Special Counsel, Washington); Chuck Campbell (Special Counsel, Houston)

Renewable Energy/Regulatory: Emil Barth (Partner, Washington)

Labor and Employment: Jennifer Trulock (Partner, Dallas)

Advisory: Danny David (Partner, Houston)

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, 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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