Sunnova Launches Its Green Financing Framework and Prices a $212 Million Securitization of Residential Solar and Battery Loan Agreements - Seite 2

Mr. Lane added, “Sunnova’s high-quality residential solar assets and superior customer service continue to realize industry-leading costs of capital. On this 2021-B transaction, we achieved spreads of 80 bps and 120 bps for the AA- and the A- tranches, respectively, over the interest rate benchmark. This represents Sunnova’s best pricing to-date for a solar and storage loan asset securitization.”

The securitization consists of $106.2 million in AA- (sf) rated 1.62% notes and $106.2 million in A- (sf) rated 2.01% notes. The notes carry a weighted average life to the Anticipated Repayment Date of July 20, 2028, approximately 5.07 years, and have a final maturity of July 20, 2048.

The notes are backed by a diverse portfolio of 6,435 solar rooftop systems distributed across 19 states and territories. The weighted average customer FICO score of the related customers at the time of origination is 735. The transaction is expected to close by July 28, 2021, subject to customary closing conditions.

Credit Suisse was the sole structuring agent and bookrunner for the securitization, and Popular Securities acted as co-manager.

The notes have not been and will not be registered under the Securities Act of 1933, as amended, or applicable state securities laws, and, unless so registered, such securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation of an offer or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer of the notes will be made only by means of a private offering circular.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplates," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the expectations in connection with the offering, including the closing thereof, the use of proceeds from the offering and the use of excess cashflows from the collateral, as well as debt service, cash flows, future financing plans, and Sunnova’s ongoing priorities, objectives and strategies. Sunnova's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.