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April 21, 2023

Kramer Levin Advises ATLAS SP Partners and Citi in Connection With Sunnova’s $3 Billion Conditional Commitment from U.S. Department of Energy to Develop Virtual Power Plant Capabilities and Support Clean Energy Access

Kramer Levin is representing ATLAS SP Partners and Citi, financial advisors to Sunnova Energy International, Inc. (Sunnova), in connection with the U.S. Department of Energy’s conditional commitment to provide an up to $3.0 billion partial loan guarantee to make distributed energy resources, including rooftop solar, battery storage and virtual power plant (VPP)-ready software available to more American homeowners. The transaction is known as “Project Hestia."

Project Hestia will prioritize households in disadvantaged communities across the United States, including Puerto Rico.  According to the DOE, Project Hestia is expected to enable Sunnova, a leading Energy as a Service provider, to provide loans for clean energy systems for approximately 75,000 to 115,000 homeowners and over the next 25 years, is expected to avoid an estimated 7.1 million tonnes of carbon dioxide, the equivalent of eliminating carbon emissions from 1.5 million vehicles.

Sunnova’s press release is available here.

The U.S. Department of Energy Loan Programs Office’s press release is available here.

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