Sunnova Secures Capacity Position in ISO New England Auction
February 18 2021 - 5:22PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210218006080/en/
Alina Eprimian Alina.eprimian@sunnova.com
Sunnova Energy (NYSE:NOVA)
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