News Releases

Baker Botts Represents Sunnova in Amended, Restated and Upsized Backleverage Credit Facility


Deal Description: On November 3, 2023, a wholly owned subsidiary of Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) amended, restated and upsized an existing revolving warehouse credit facility for residential solar assets (and residential solar asset owner member interests) (the “Backleverage Credit Facility”) with Atlas Securitized Products Holdings, L.P., as administrative agent, and a syndicate of lenders. The Backleverage Credit Facility provides for an aggregate commitment amount of $1.309 billion and an uncommitted maximum facility amount of $1.575 billion.

The Backleverage Credit Facility supports Sunnova’s continued development of distributed generation residential solar projects in the United States and its territories by providing financing to the borrower under the Backleverage Credit Facility for its purchase of solar assets (which are originated by Sunnova Energy Corporation) and related solar asset owner member interests from affiliates of Sunnova.

Baker Botts represented Sunnova in the transaction.

Sunnova is a leading Energy as a Service (EaaS) provider with customers across the United States and its territories.

Client: Sunnova Energy International Inc.

Value: $1.575 billion

Baker Botts Lawyers/Offices Involved:

Finance: Frank X. Schoen (Partner, New York); Caitlin Lawrence (Partner, Houston); Jonathan Goldstein (Partner, New York); Lyman Paden (Special Counsel, Houston); Nikolai Gryzunov (Associate, New York); Bishr Ajlouni (Associate, Washington, D.C.); Charlie Gili (Associate, New York); Ushma Mehta (Associate, Palo Alto); Demi Kampakis (Associate, Dallas); Dermot Bree (Associate, Houston); Peter Frintzilas (Associate, New York); Madeline McCune (Associate, Houston); Eleana Kartali (Law Clerk, New York)

Tax: Michael Bresson (Partner, Houston); Derek L. Young (Special Counsel, New York)

ERISA: Robin Melman (Partner, New York)

Advisory: Danny David (Partner, Houston)

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

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