Sunnova Energy Corp. Closes $250 Million Funding
Barclays Arranges Largest-Ever Round of Funding by a U.S. Private Residential Solar Service Company; Led by Franklin Square Funds Sub-Advised by GSO Capital Partners LP, the Credit Division of the Blackstone Group
HOUSTON, Nov. 20, 2014 /PRNewswire/ -- Sunnova Energy Corp. (www.sunnova.com), one of the nation's leading residential solar service companies, announced today it has secured an additional $250 million in committed funding. Sunnova will use these funds to continue its rapid growth and to provide reliable, low-cost solar energy to more customers across the U.S. This funding round was led by business development companies sponsored by Franklin Square Capital Partners (www.franklinsquare.com), which are sub-advised by GSO Capital Partners LP (www.blackstone.com), and also includes Triangle Peak Partners, LP (www.trianglepeakpartners.com). Barclays (www.barclays.com) acted as sole placement agent to Sunnova on the transaction.
The $250 million is the largest-ever round of funding raised by a private residential solar service company in the U.S. and brings Sunnova's total funding to approximately half a billion dollars, establishing the company as a market leader in solar power service.
"The demand for affordable energy is substantial," said Sunnova Chief Executive Officer William J. (John) Berger. "The rapid growth Sunnova is experiencing in the markets we serve is propelled by our dedication to provide high-quality resources in support of our market leadership and customer service."
About Sunnova
Sunnova is a solar power company providing nationwide coverage with local minded service to thousands of homes across the United States. Our ongoing mission is to be the most reliable and efficient provider of low-cost solar power to homeowners. Sunnova offers the benefits of solar service through its network of local installation partners who work directly with homeowners. Sunnova maintains solar service agreements with each homeowner, providing worry-free electricity service to customers for years to come.
About Franklin Square Capital Partners
Franklin Square Capital Partners is a leading manager of alternative investment funds designed to enhance investors' portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors. Franklin Square managed approximately $13.6 billion in assets as of September 30, 2014. Franklin Square's funds are currently sub-advised by GSO or its affiliates.
About Blackstone and GSO Capital Partners
GSO Capital Partners LP is the global credit and distressed investment platform of Blackstone. With approximately $70 billion of assets under management, GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies.
Blackstone is one of the world's leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with almost $300 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
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SOURCE Sunnova Energy Corporation
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