Sunnova wraps up acquisition of Lennar’s residential solar platform

(Photo: Business Wire)

April 2 (Renewables Now) - Sunnova Energy International Inc (NYSE:NOVA) on Thursday said it has closed the purchase of the SunStreet residential solar platform of homebuilder Lennar Corporation (NYSE:LEN; NYSE:LEN.B).

Sunnova in February announced the all-stock deal to buy SunStreet Energy Group LLC in exchange for a total of 7.22 million Sunnova common shares, including two milestone-based earn-outs of up to 3.89 million shares.

In addition to the acquisition, the two companies have formed a multi-year partnership, which will see Sunnova become Lennar’s exclusive residential solar and storage service provider while Lennar will provide tax equity to support Sunnova’s homebuilder customer pipeline through its technology focused subsidiary Len X LLC.

"This transaction positions Sunnova to propel customer growth while simultaneously scaling our business and positioning us as a market leader in the homebuilder industry," William Berger, CEO of Sunnova, commented.

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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