Sunnova concludes acquisition of Lennar's residential solar platform

Apr 2, 2021 03:11 PM ET
  • Sunnova Energy International Inc (NYSE: NOVA) on Thursday claimed it has closed the acquisition of the SunStreet residential solar platform of homebuilder Lennar Corporation
Sunnova concludes acquisition of Lennar's residential solar platform
Image: Business Wire

Sunnova in February announced the all-stock deal to get SunStreet Energy Group LLC in exchange for a total amount of 7.22 million Sunnova typical shares, consisting of 2 milestone-based earn-outs of up to 3.89 million shares.

In addition to the acquisition, both companies have actually created a multi-year collaboration, which will see Sunnova come to be Lennar's special residential solar and also storage space company while Lennar will provide tax equity to support Sunnova's homebuilder customer pipe with its modern technology concentrated subsidiary Len X LLC.

"This transaction settings Sunnova to move consumer growth while at the same time scaling our company and positioning us as a market leader in the homebuilder sector," William Berger, Chief Executive Officer of Sunnova, commented.

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