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)

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