Project Hestia I — first DOE LPO partial guarantee residential solar ABS, ~20-state distributed solar/battery portfolio
First-ever DOE Loan Programs Office partial-guarantee residential solar ABS. $219.6M AAA(sf)/AA+(sf) 5.75% senior + $24.4M BB(sf) 8.25% sub notes. WAS 197 bps over benchmark through BB level. 39,458 residential solar/battery systems across 20+ states. Innovative IRA-era securitization structure leveraging DOE Title XVII guarantee.
$244M
Deal Value
Solar + Storage
Technology
Multi-state
Location
Deal Details
- Deal Type
- Corporate Debt & Capital Markets
- Seller / Sponsor
- Sunnova Energy International
- Buyer / Financier
- ABS investors (multi-tranche)
- Deal Value
- $244M
- Stage
- Operating
- ISO/RTO
- Multiple
- Source
- Sunnova IR
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