Sunnova raises $110m to accelerate customer growth

Sunnova Energy Corporation – a Texas-based U.S. solar power company that offers nationwide solar coverage for homeowners and small businesses – has secured $110 million in financing that will be steered towards widening the company’s customer base.

The funding is the latest round of financing raised by Sunnova and follows an earlier tranche of $145 million secured in June as the company sought to facilitate an increase in new customers.

Sunnova’s solar leasing service is designed for U.S. homeowners and small- to medium-size commercial enterprises keen on installing affordable solar systems on their rooftops.

The company states that it has a wider national coverage than any other provider, and hopes that the additional funding will enable it to increase its solar service adoption in the 23 states and territories in which Sunnova currently serves.

The company also hopes to eventually use some of the funding to expand its solar program, which includes both typical leases and power purchase agreements (PPAs) into other states across the U.S.

"We are seeing huge customer growth as more people recognize the value of choosing solar power over existing utilities," said Sunnova’s CEO William J. Berger.