Sunnova Announces Minimal Exposure to Silicon Valley Bank

Sunnova Energy International Inc. (NYSE: NOVA) has addressed concerns regarding its exposure to Silicon Valley Bank (SVB), asserting that it is immaterial.

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03/10/2023 - 03:28 PM

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading Energy as a Service (EaaS) providers, is aware of the recent media reports surrounding Silicon Valley Bank (“SVB”) and questions that investors may have as a result.

Sunnova considers its exposure to SVB as immaterial. Sunnova does not hold cash deposits or securities with SVB and does not utilize SVB for any treasury management services. One of Sunnova’s subsidiaries is party to a credit facility (the “Back-Leverage Facility”) in which SVB participates as a lender. SVB currently has $15 million in unfunded commitments under the Back-Leverage Facility. The Back-Leverage Facility is one of three current warehouse facilities entered into by subsidiaries of Sunnova with current cumulative commitment amounts of $1.35 billion.

About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that home and business owners have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.