A round-up of the latest news from the US solar market, as Shoals Technologies’ upsized IPO raises north of US$2 billion and Sunnova claims an industry first financing offer.
US residential solar provider Sunnova has stood by its original guidance for 2020 despite recording a heavy loss in Q3, pointing towards a growing number of dealers and services it is offering.
The major US residential installer has reported a surge in both revenues and earnings during Q2 2020, leading it to claim it is not only surviving the COVID-19 pandemic, but thriving.
Firm stands out from residential peers as it claims EBITDA of US$58-62m and 28,000-30,000 customer additions are possible this year, with Q1 results showing losses continue to pile.
The US domestic installer has clinched a US$95 million revolving asset-based loan facility and a private placement of US$55 million aggregate principal amount of convertible senior notes.
Despite a lower-than-expected public offering in July and escalating net losses, Sunnova says it is "well-positioned" to reach operational and financial targets, thanks to its growing dealer network and favourable macroeconomics.
Residential solar service provider Sunnova Energy announced Tuesday that it has secured US$80 million in tax equity funding commitments from US Bancorp Community Development Corporation (USBCDC), a division of US Bank.
Global energy technology company Enphase Energy and residential solar company Sunnova announced a partnership Wednesday that will make Enphase the preferred provider of inverters for Sunnova.
Utah's sPower surpasses 1GW of operating PV assets, Sunnova expands its solar system ownership programme, PI Berlin takes on a consultancy role for Adenium's Jordan PV projects and ACC partners with VAST China for a rooftop PV power station.
