Sunnova Energy receives $300m in investment for residential solar business

22 March 2016 (Last Updated March 22nd, 2016 18:30)

Residential solar panels company Sunnova Energy has been offered $300m in investment from Energy Capital Partners (ECP).

residential solar

Residential solar panels company Sunnova Energy has been offered $300m in investment from Energy Capital Partners (ECP).

The investment from the private equity firm will help Sunnova continue its growth in the residential solar market.

Sunnova has raised more than $1.2bn in capital in the past three years.

Sunnova CEO William J Berger said: "We are pleased to partner with ECP in order to continue to provide clean, affordable energy to markets around the US.

"Our commitment to delivering great value and service to our customers has served as the catalyst for our extraordinary growth since the company's inception four years ago. Our focus on profitable, scalable growth and a well-capitalised company have established Sunnova as a clear leader in the rapidly growing solarpower economy."

"The company partners with local installers to provide homeowners with solarpower panels."

The company partners with local installers to provide homeowners with solarpower panels, in addition to creating jobs across the US.

Sunnova's aim is provide low-cost, reliable solarpower that generates long-term savings for customers and continued business growth for partners.

ECP partner Rahman D'Argenio said: "We are excited to be partnering with the Sunnova team and funding its differentiated business model. Sunnova boasts a combination of great management, a competitive cost structure, and strong partner relationships.

"With access to substantial equity capital from ECP, Sunnova should be significantly advantaged in serving both its customers and channel partners across a quickly evolving industry and regional landscape."

Energy Capital Partners has more than $13bn of capital commitments. The firm focuses on investing in the traditional and renewable power generation, midstream oil and gas, electric transmission, environmental infrastructure and energy services sectors of North America's nfrastructure.


Image: Sunnova provides solar energy systems and residential solar panels. Photo: courtesy of franky242 / FreeDigitalPhotos.net.