Sunnova Raises nearly $1 Billion Based on Strength of Business Approach

Company’s unique approach paves the way for solar installations,
drives momentum and raises capital in residential solar industry
as peers retool operations

HOUSTON–(BUSINESS WIRE)–$solar #Solar–Sunnova Energy Corporation, a leading residential solar service provider
in the U.S., announced today it has raised aggregate capital of nearly
$1 billion in the past three months after closing a $140 million round
of debt funding with CIT Group and other investors this past week, with
CohnReznick Capital advising Sunnova on both the tax equity and debt
raise.

The amount raised in such a short amount of time, all while increasing
customers’ and investors’ faith in the business, is further proof that
Sunnova’s innovative approach is driving solar industry leadership and
powering the company’s record-setting growth in distributed generation.
It is also a strong sign that the U.S. solar industry, with Sunnova’s
leadership, is more competitive than ever with utility-scale power.

Prior to securing this latest $140 million debt funding from CIT and
others, Sunnova secured an $80 million tax equity deal on March 14, a
$255 million private securitization offering and a $360 million
warehouse credit facility deal on April 24 and an $80 million private
notes offering on April 25. To date, Sunnova has raised more than $2
billion since 2012.

The funds raised will support Sunnova’s growth and compelling
free-market vision to continue offering homeowners more affordable
energy options. Sunnova’s recent progress includes:

• Launching PowerStack^TM,
  Sunnova’s new affordable solar+storage residential service
• Expanding its solar ownership finance
  product to additional states
• Offering more solar options in additional markets such as Texas

“Sunnova is an established player in renewables and has been steadily
increasing its market share over the years,” said Mike Lorusso, managing
director of CIT’s Energy Finance group. “Their agile business model and
demonstrable success delivering low-cost clean power created an ideal
opportunity to add an energy leader to our investment portfolio.”

“We are excited to support Sunnova in their continued growth as an
industry leader who has demonstrated innovation and impressive market
growth and to be a part of their continued expansion,” said Conor
McKenna, Principal & Managing Director, CohnReznick Capital.

“Our free market approach to solar and strong customer growth are
evidenced by Sunnova’s ability to continue raising funds and growing our
customer base. Today’s announcement should send a clear message: The
future of solar is now, and that momentum for change is propelling us
forward,” said Sunnova CEO William J. (John) Berger. “Customers are
beginning to realize they have a choice. That choice is not only cleaner
but more affordable.”

“Sunnova is ready to work with any utility or policymaker to ensure
solar and non-solar customers are treated fairly and brought into the
next century of power generation and delivery in America,” Berger added.

“We started Sunnova with the promise of being a different kind of power
company,” said Jordan Kozar, Sunnova’s CFO. “Our business model is
predicated on offering consumers a choice in a market that has offered
limited choices for nearly a century. That choice needs to be affordable
and sustainable – two criteria we meet through our innovative and
disciplined approach.”

DISCLAIMERS

Statements in this release that are not historical facts, including but
not limited to statements regarding the company’s capital availability
and security; the company’s strengthened financial position; the
company’s ability to meet its strategic growth objectives, are
forward-looking statements that are based on current expectations.
Although we believe our expectations are based on reasonable
assumptions, we can give no assurance that these expectations will prove
correct. Important factors such as market conditions, technology
changes, capital needs and uses, results of operations and other risks
and uncertainties beyond our control cause actual performance or results
to differ materially from those expressed in or suggested by the
forward-looking statements. Any forward-looking statement speaks only as
of the date on which such statement is made and we do not undertake any
obligation to update or revise any forward-looking statement.

ABOUT SUNNOVA

Sunnova is a different kind of power company, offering rooftop solar
service to homeowners in the United States and its territories through
our network of local sales and installation partners. Our mission is to
change the energy industry by providing the choice of low-cost,
worry-free solar power that generates long-term savings for our
customers and continued business growth for partners. For more
information, visit sunnova.com,
follow @Sunnova_Solar on Twitter, and connect with us on Facebook and
LinkedIn.

ABOUT CIT

Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with $63 billion in assets as of March 31, 2017. Its principal bank
subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender), has more
than $30 billion of deposits and more than $40 billion of assets. CIT
provides financing, leasing, and advisory services principally to
middle-market companies and small businesses across a wide variety of
industries. It also offers products and services to consumers through
its Internet bank franchise and a network of retail branches in Southern
California, operating as OneWest Bank, a division of CIT Bank, N.A. For
more information visit cit.com.

ABOUT COHNREZNICK CAPITAL

At CohnReznick Capital our team creates unprecedented firsts, having
successfully raised more than $2.6 billion in tax equity for renewable
energy projects, in addition to having executed more than 85 project and
corporate financings for renewable energy assets, valuing more than $12
billion in aggregate. As the #1 ranked Renewable Energy Financial
Advisor by IJ Global Magazine, we deliver exceptional service for
financial institutions, infrastructure funds, strategic participants
(IPPs and utilities), and leading global clean energy developers. Our
team of experts help our clients breakthrough the dynamic and evolving
sustainability sector by simplifying project finance, M&A, capital
raising and special situations. To learn more visit, www.cohnreznickcapital.com,
follow @CR_Capital on Twitter, and connect with us on Facebook,
Instagram & LinkedIn.

Contacts

For Sunnova Energy Corporation:
Emily Haggstrom, 713-337-8820
[email protected]