Sunnova Energy International Inc. rose as much as 14% after getting a conditional $3 billion partial loan guarantee from the US Department of Energy to provide solar to less wealthy American households and communities.
(Bloomberg) — Sunnova Energy International Inc. rose as much as 14% after getting a conditional $3 billion partial loan guarantee from the US Department of Energy to provide solar to less wealthy American households and communities.
“This is groundbreaking and is a needle mover in a big way not just for Sunnova – for the entire industry and entire country,” Sunnova Chief Executive Officer John Berger said in an interview Thursday on Bloomberg Television.
The US loan will allow Sunnova to offer rooftop solar to more moderate and lower-income customers including in Puerto Rico, where the company already has a presence, Berger said in the interview.
The financial backing comes at a critical time for Sunnova as the industry looks to expand its reach. Rising interest rates and bank turmoil have stoked concern that more homeowners will struggle to afford rooftop solar. California, the largest market for home solar panels, recently slashed subsidies for those wanting to adopt the technology.
–With assistance from Alix Steel and Dani Burger.
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