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Why Are Sunnova Energy Shares Trading Higher Today?

  • Sunnova Energy International Inc (NYSE: NOVA), an Energy as a Service (EaaS) provider, announced a conditional commitment by the U.S. Department of Energy (DOE) Loan Programs Office (LPO) to provide an up to $3.0 billion partial loan guarantee, which equates to a 90% guarantee of up to $3.3 billion of financing to support a new solar loan channel named "Project Hestia."

  • Project Hestia would provide disadvantaged individuals and communities with increased access to Sunnova services by indirectly and partially guaranteeing the cash flows associated with those consumers' loans.

  • Each energy system must be outfitted with Sunnova's purpose-built technology.

  • If issued, the DOE loan guarantee would support the origination of Sunnova loans associated with solar, storage, or other Sunnova Adaptive Home technologies that utilize Sunnova's purpose-built demand response and VPP-enabling software.

  • Sunnova anticipates the DOE loan guarantee will support up to $4.0 - $5.0 billion in Sunnova loan originations, reduce the company's weighted average cost of capital, and generate interest savings.

  • The DOE loan guarantee would be issued under Title XVII of the Energy Policy Act of 2005.

  • Sunnova has agreed to provide monthly servicing reports supplemented by hardware and software deployment information to DOE.

  • Sunnova has also agreed to measure the reduction in greenhouse gases associated with Project Hestia.

  • The transaction is expected to close in the second quarter of 2023. Sunnova plans to issue its first securitization under the program in 1H 2023.

  • Wall Street Journal writes that the Biden administration has sought to attract private capital to clean-energy projects by making the investments less risky.

  • The government hopes that guaranteeing the payments will unleash billions of dollars in rooftop solar deployments.

  • Price Action: NOVA shares are up 11.90% at $17.71 on the last check Thursday.

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This article Why Are Sunnova Energy Shares Trading Higher Today? originally appeared on Benzinga.com

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