NOVA Sunnova Energy International

Sunnova Completes Acquisition of SunStreet—Lennar’s Solar Platform for Homebuilders

Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, announced today that it completed its previously announced acquisition of SunStreet Energy Group, LLC, Lennar Corporation’s (“Lennar”) (NYSE: LEN and LEN.B) residential solar platform (“SunStreet”), and has become Lennar’s exclusive residential solar and storage service provider for new home communities with solar across the country. Additionally, as part of the transaction, Lennar committed to provide tax equity investments to support Sunnova’s homebuilder customer pipeline.

"We are excited to welcome SunStreet’s team and customers to our Sunnova family and look forward to accelerating the adoption of residential solar and storage service on new homes across the United States,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “Under Sunnova’s ownership, we will bring SunStreet’s proven track record of high-quality, timely installations to even more homebuilders, and deliver existing SunStreet customers the option for new energy services through the addition of battery storage and other core Sunnova offerings. This transaction positions Sunnova to propel customer growth while simultaneously scaling our business and positioning us as a market leader in the homebuilder industry."

SunStreet has a distinct understanding of homebuilding operations that has earned the company a reputation for being a proven leader in the residential solar market for homebuilders. This acquisition provides a new strategic path that will allow Sunnova to generate significant stockholder value, increase customer growth, and develop clean and resilient residential microgrids. As Sunnova’s business impact grows, so too will its positive social and environmental impact, helping the company achieve its overarching mission of powering energy independence.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplates," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions. Similarly, statements herein that describe the acquisition, including its financial and operational impact, impacts on stockholder value or customer growth, and other statements of the parties’ or management’s plans, expectations, objectives, projections, beliefs, intentions, goals, and statements about the benefits of the acquisition, statements that describe the strategic partnership, including its financial and operational impact, the terms of the strategic partnership, including exclusivity and duration, new energy technologies, any commitments with respect to tax equity, the ownership of Sunnova stock by Len X, LLC (“LENX”), the scaling of Sunnova’s business, potential customer growth, market position and other statements that are not historical facts are also forward-looking statements. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of Sunnova, SunStreet, Lennar, LENX or the price of Sunnova stock or Lennar stock. Sunnova's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, the unpredictability of the commercial success of Sunnova’s, SunStreet’s, Lennar’s or LENX’s respective businesses or operations; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the acquisition; the risk that any announcements relating to the acquisition could have adverse effects on the market price of common stock of Sunnova; the favorability to either party of the terms of the strategic partnership, the ability to successfully integrate the businesses; the ability of Sunnova to implement its plans, forecasts and other expectations with respect to SunStreet’s business or the strategic partnership following the completion of the acquisition and realize expected benefits; the diversion of management’s attention from ongoing business operations and opportunities; the impact of COVID-19; competition and fluctuations in the solar and home-building markets; availability of capital; ability to attract and retain dealers and customers and our dealer and strategic partner relationships; and litigation relating to the acquisition and the strategic partnership. These forward-looking statements speak only as of the date of this communication, and Sunnova expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Sunnova’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Sunnova and Lennar, including the most recent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, for additional information about Sunnova and Lennar and about the risks and uncertainties related to the businesses of Sunnova and Lennar which may affect the statements made in this communication.

About Sunnova

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterruptedTM.

EN
01/04/2021

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Sunnova Energy International

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights.com Daily Ratings Report: February 28, 2024

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

 PRESS RELEASE

Sunnova Reports Fourth Quarter and Full Year 2023 Financial Results

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading adaptive energy services company, today announced financial results for the fourth quarter and full year ended December 31, 2023. "In 2023, Sunnova demonstrated good performance across its operations. For the year, we expanded our customer base to 419,200 and hit our 2023 targets for Adjusted EBITDA, interest income, and principal proceeds. Additionally, we increased our single customer economics and unveiled our Global Command Center to enhance customer service, solidifying our position as a lea...

 PRESS RELEASE

Sunnova Announces Fourth Quarter and Full Year 2023 Earnings Release D...

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading adaptive energy services company, announced today it will release its fourth quarter and full year 2023 results after the markets close on February 21, 2024, to be followed by a conference call to discuss the results at 8:00 a.m. Eastern Time on February 22, 2024. The conference call can be accessed live over the phone by dialing 833-470-1428, or for international callers, 929-526-1599. The access code for the live call is 227209. Interested investors and other parties may also listen to a simu...

 PRESS RELEASE

Sunnova Reiterates Commitment to Project Hestia, Ethical Business Prac...

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading adaptive energy services company, today reiterated that the Company stands firmly behind Project Hestia, a transformative initiative through the U.S. Department of Energy (DOE) Loan Programs Office (LPO) that is benefitting customers, empowering communities, and enhancing the overall energy landscape in the United States. The announcement was made in light of recent media reports, and Sunnova maintains an unwavering focus on system services and will continue its commitment to the highest levels o...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch