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Disclaimer

Our mission as a company is to power energy independence, and we achieve this mission when we conduct ourselves ethically and transparently. To that end, we condemn all human rights abuses and the use of forced labor in the Xinjiang region and anywhere else in the world, and we stand committed to ensuring that all our vendors engage in ethical sourcing. We require transparency in our supply chain, and we work closely with our vendors to ensure they satisfy our vendor code of conduct." - John Berger, CEO of Sunnova

As a matter of ethical business practices and sourcing, Sunnova requires each company on its Approved Vendor List (“AVL”) to:

  • certify that they (and their suppliers) practice ethical sourcing;
  • certify that they do not engage in human rights abuses in the sourcing and manufacture of the products they sell to Sunnova; and
  • certify that they do not use labor or goods from Xinjiang in their supply chain.

Sunnova will also continue to engage its vendors in discussions and to review available data regarding forced labor in the Xinjiang region to ensure that its supply chain is free from human rights abuses.

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Sunnova Secures Capacity Position in ISO New England Auction

February, 18, 2021

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and storage service provider, announced it has secured a position of 85 megawatts in the recent ISO-New England Forward Capacity Auction (“FCA15”). Sunnova’s aggregated residential solar portfolio will offer competitive renewable energy capacity to help meet the region’s future energy needs. The company expects the complete portfolio to begin participating with the FCA15 commitment year beginning June 2024.

“Our ability to win capacity in a competitively priced auction with the largest aggregation of distributed renewables to date demonstrates our commitment to leading the energy transition in the region,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “More importantly, Sunnova is looking forward to supporting ISO-NE on their path to a clean resilient grid and providing homeowners with the affordable and reliable energy they deserve.”

“Sunnova’s continued high growth in New England, and our strong dealer relationships allowed us to bid tens of thousands of new rooftop solar services into the auction,” said Michael Grasso, EVP and Chief Marketing Officer of Sunnova. “The participation of Sunnova’s portfolio secures the long-term involvement of our assets in the New England capacity program.”

Overall, Sunnova’s commitment priced at nearly $3/kW-mo across the region. The company expects the first-year value to be approximately $2 million and the gross value across the term to be approximately $38 million1. The final pricing for FCA15 increased from prior years with systems in the surrounding Boston area (Northeast Massachusetts and Boston, Southeast Massachusetts, and Rhode Island) securing $3.98/kW-mo, Connecticut and Western Massachusetts clearing $2.61/kW-mo, and New Hampshire pricing at $2.48/kW-mo.

ABOUT SUNNOVA

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider, with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy, with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted™.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding expectations regarding timing of participation in FCA15; statements on the offer of competitive renewable energy and helping to meet New England’s future energy needs; and expectations on the first year and gross values. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 26, 2019 and in Sunnova's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov.The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law. 

1 Sunnova’s portion of the value is net of fees paid for participation in the market that the company may be subject to and assumes the subsequent 19 contracted capacity years are priced at the same average value.

Alina Eprimian
Alina.eprimian@sunnova.com

Source: Sunnova Energy International Inc.

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