Sunnova targets USD 82m from share offering

US residential solar and battery storage company Sunnova Energy International Inc (NYSE:NOVA) is seeking to raise up to USD 82.4 million (EUR 75m) net from a common stock share sale aimed at covering its general corporate needs.

The company said on Monday it intends to offer 5.1 million shares of its common stock in an underwritten public placement. The stock is priced at USD 14.75 apiece.

The underwriters of the deal have a 30-day option to subscribe for an additional 765,000 shares. Provided that this option is not exercised, it will bring Sunnova net proceeds of some USD 71.4 million.

The offering will be settled around August 16 once the required customary closing conditions have been fulfilled. Goldman Sachs & Co LLC has been hired as book-running manager.

At the end of June, Sunnova had 348,600 customers after 39,000 were added in the second quarter of this year, the company’s latest financial report shows. It expects its customer additions for 2023 to range to between 135,000 and 145,000.

(USD 1.0 = EUR 0.910)

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