In a submission of 8 K to the Securities and Exchange Commission on 29 May 2025, Sunnova Energy Corporation announced that it is his loan guarantee agreement with the US Dept. Whether Energy had changed on May 22, 2025. The change reduced the maximum aggregated amount of partial guarantees from $ 3 billion to $ 371.6 million. This is the same as the total partial guarantees that were previously published for Sunnova’s Two Solar Loan ABS transactions under the Hestia project. The aim of Project Hestia was to offer disadvantaged homeowners and communities with increased access to flexible capacity via Sunnova Solar + Storage services by indirectly and partially guaranteeing the cash flows related to consumers’ loans.
Although the change reduced all remaining capacity of its partial loan guarantee to the Sunnova Hestia project, this has no influence on the existing guarantees that are provided by the DIY to the two transactions mentioned above. As such, Credit Rating Agency KBRA does not expect that this amendment itself will influence the existing ratings of the two transactions.
KBRA has previously warned the market for Sunnova’s problem in a press release published on 4 March 2025 and will continue to follow developments with regard to the financial health of Sunnova, potential manager transitions and the performance of Sunnova transactions.
News item from KBRA
