Sunnova Energy International Inc. (NYSE: NOVA) today announced the pricing of its underwritten public offering (the “Offering”) of 7,000,000 shares of Sunnova’s common stock, par value $0.0001 per share (the “common stock”), which consists of 3,500,000 shares of common stock offered by Sunnova and 3,500,000 shares of common stock offered by a fund affiliated with Newlight Partners (the “Selling Stockholder”) at a price to the public of $37.00 per share. Sunnova has granted the underwriters a 30-day option to purchase an additional 525,000 shares of common stock, and the Selling Stockholder has granted the underwriters a 30-day option to purchase an additional 525,000 shares of common stock.

The Offering is expected to settle and close on December 3, 2020, subject to the satisfaction of customary closing conditions.

Sunnova estimates that the net proceeds from the sale of shares of the common stock in this Offering, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by Sunnova, will be approximately $123.9 million (or approximately $142.6 million if the underwriters exercise in full their option to purchase additional shares of our common stock). Sunnova will not receive any proceeds from the sale of the shares by the Selling Stockholder in the Offering. Sunnova intends to use the net proceeds from this Offering to acquire solar equipment, for the repayment of indebtedness, including to redeem approximately $39.0 million aggregate principal amount of the 9.75% convertible senior notes due 2025 (the “convertible senior notes”), excluding accrued and unpaid interest, and for working capital purposes.

Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Credit Suisse are acting as joint book-running managers of the Offering. Baird, Roth Capital Partners, Simmons Energy | A Division of Piper Sandler, B. Riley Securities, JMP Securities, KeyBanc Capital Markets and Raymond James are acting as co-managers.