Sunnova Sells $296 Million of Asset-Backed Securities Privately

Solar energy company Sunnova Energy International Inc. sold $296 million worth of securities backed by collateral including solar cells and lease agreements, according to a Wednesday filing.

• The asset-backed securities were divided into two portions and offered to investors privately
• Kroll Bond Rating Agency assigned credit ratings of A- and BBB- to the debt
• Proceeds from the sale would be used to repay a portion of the company’s or affiliates’ financial obligations and to pay for investments or expenses related to its solar energy and energy storage systems
• Sunnova has regularly raised funds by packaging its solar panels and ...