0001772695false00017726952025-06-082025-06-080001772695us-gaap:CommonStockMember2025-06-082025-06-080001772695nova:PreferredStockPurchaseRightsMember2025-06-082025-06-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________

FORM 8-K
_______________________________________________________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): June 8, 2025

_______________________________________________________________________________
Sunnova Energy International Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________
Delaware
001-38995
30-1192746
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification Number)

20 East Greenway Plaza, Suite 540
Houston, Texas 77046
(Address, including zip code, of principal executive offices)

(281) 892-1588
(Registrant's telephone number, including area code)
_______________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.0001 par value per shareNOVANew York Stock Exchange
Preferred Stock Purchase Rights
N/A
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 1.03 Bankruptcy or Receivership.

Voluntary Petition for Bankruptcy

On June 8, 2025 (the “Petition Date”), Sunnova Energy International Inc.’s (the “Company”), Sunnova Energy Corporation (“SEC”) and Sunnova Intermediate Holdings, LLC (together with the Company and SEC, the “Debtors”) each filed voluntary petitions for relief (the “Chapter 11 Cases”) under chapter 11 (“Chapter 11”) of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Debtors have requested that the Chapter 11 Cases be jointly administered under the caption “In re Sunnova Energy International Inc., et al.” The Debtors will seek to continue to operate their businesses and manage their properties as “debtors in possession” while undertaking a sale process for certain of the Debtors’ assets under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. To this end, the Debtors are seeking approval of certain operational and administrative motions containing customary first-day relief intended to minimize the effect of bankruptcy on the Debtors’ employees, vendors, and other stakeholders, including motions seeking authority to pay employee wages and benefits, to pay certain vendors and suppliers for goods and services provided both before and after the Petition Date, and to continue honoring insurance and tax obligations as they come due.

Additional information about the Chapter 11 Cases, including access to Bankruptcy Court documents, is available online at https://restructuring.ra.kroll.com/Sunnova, a website administered by Kroll Restructuring Administration LLC, a third-party bankruptcy claims and noticing agent (“Kroll”), or by contacting Kroll at SunnovaInfo@ra.kroll.com or by calling toll-free at 888-975-5436 or +1 646‑930‑4686 for calls originating outside of the U.S. The documents and other information on this website are not part of this Current Report on Form 8-K (the “Current Report”) and shall not be incorporated by reference herein.

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

The filing of the Chapter 11 Cases constitutes an event of default that automatically accelerated and, as applicable, increased certain obligations under the following debt instruments and agreements:

•Indenture, dated as of August 17, 2021, by and among SEC, each of the guarantors from time to time party thereto and Wilmington Trust, National Association, as Trustee;
•Indenture, dated as of September 26, 2023, by and among SEC each of the guarantors from time to time party thereto and Wilmington Trust, National Association, as Trustee;
•Warehouse Facility under that certain Third Amended and Restated Credit Agreement, dated as of March 20, 2025, by and among Sunnova EZ-Own Portfolio, LLC, as borrower and pledgor, the guarantors party thereto, Sunnova SLA Management, LLC, as manager and servicer, ASPA, as administrative agent, and the other parties from time to time party thereto; and
•Warehouse Facility under that certain Second Amended and Restated Credit Agreement, dated as of August 22, 2024, by and among Sunnova TEP Holdings, LLC, as borrower, Sunnova TE Management, LLC, as facility administrator, Computershare Trust Company, National Association, as paying agent, U.S. Bank National Association, as verification agent, and ASPA, as administrative agent, and the other parties from to time party thereto.

Item 7.01. Regulation FD Disclosure.

NYSE Delisting Notice

The Company expects to receive a notice from The New York Stock Exchange (“NYSE”) that the common stock, $0.0001 par value per share, of the Company (the “common stock”) no longer meets the eligibility requirements necessary for listing pursuant to the NYSE Listed Company Manual Section 802.01D as a result of the Chapter 11 Cases. If the Company receives such notice, the Company does not intend to appeal the NYSE’s determination and, therefore, it is expected that its common stock will be delisted. The delisting of the common stock would not affect the Company’s post-petition status and does not change its reporting requirements under the rules of the U.S. Securities and Exchange Commission.

Additional Information on the Chapter 11 Cases

Court filings and information about the Chapter 11 Cases can be found at a website maintained by Kroll at https://restructuring.ra.kroll.com/Sunnova or by contacting Kroll at SunnovaInfo@ra.kroll.com or by calling toll-free at 888-975-5436


or +1‑646‑930‑468 for calls originating outside of the U.S. The documents and other information available via website or elsewhere are not part of this Current Report and shall not be deemed incorporated herein.

Cleansing Materials

The Company has been engaged in confidential discussions with certain noteholders, lenders and third parties (collectively, the “stakeholders”) and their financial and legal advisers regarding a potential financing arrangement. The Company entered into confidentiality agreements with each stakeholder beginning on March 24, 2025, pursuant to which the Company provided certain confidential information to the stakeholders and agreed to publicly disclose such information (the “Cleansing Materials”). The Cleansing Materials include information prepared by the Company and its financial and legal advisers and provided to the stakeholders, which such information is attached hereto as Exhibit 99.1.

The Cleansing Materials are based solely on information available to the Company as of the date of the Cleansing Materials and were not prepared with a view toward public disclosure. The Cleansing Materials should not be relied on by any party for any reason.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such filing.

By filing this Current Report and furnishing this information, the Company makes no admission as to the materiality of any information contained in this Current Report. The information in this Current Report, including Exhibit 99.1, is neither an offer to sell nor a solicitation of an offer to buy any securities. The Company undertakes no duty or obligation to publicly update or revise the information contained in this Current Report except as required by law.

Cautionary Note Regarding the Company’s Securities and Forward-Looking Statements

The Company cautions that trading in its securities (including, without limitation, the Company’s common stock) during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by holders of the Company’s securities in the Chapter 11 Cases. The Company expects that holders of shares of the Company’s common stock could experience a significant or complete loss on their investment, depending on the outcome of the Chapter 11 Cases.

This Current Report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements generally relate to future events or the Company’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 the Company’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this Current Report include, but are not limited to, statements regarding the Debtors’ continued operation of the business; the Company’s expectation to be granted “first day” motions and the ability to pay for continuing obligations, including, but not limited to, employee wages, vendors, suppliers for goods, services, taxes, and insurance; and any assumptions underlying any of the foregoing. All statements, other than statements of historical fact, are forward-looking statements. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s ability to fund its planned operations and its ability to continue as a going concern; the adverse impact of the Chapter 11 Cases on the Company’s business, financial condition and results of operations; the Company’s ability to improve its liquidity and long‑term capital structure and to address its debt service obligations; the Company’s ability to maintain relationships with customers, employees and other third parties as a result of the Chapter 11 Cases; the effects of the Chapter 11 Cases on the Company and the interests of various constituents, including holders of the Company’s common stock; the Company’s ability to obtain court approvals with respect to motions filed or other requests made to the Bankruptcy Court throughout the course of the Chapter 11 Cases; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 Cases; risk associated with third-party motions in the Chapter 11 Cases; the Company’s ability to maintain the listing of its common stock on the NYSE, and the resulting impact of a delisting; the Company’s ability to negotiate and confirm a sale of its assets under Section 363 of the Bankruptcy Code; and the risks and other important factors discussed under the caption “Risk Factors”


in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as amended, and subsequent Quarterly Reports on Form 10-Q. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following materials are filed as exhibits to this Current Report on Form 8-K.

Exhibit No.
Description
99.1
104Cover Page Interactive Data File (embedded within the inline XBRL document).



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SUNNOVA ENERGY INTERNATIONAL INC.
Date: June 9, 2025By:
/s/ David Searle
Name: David Searle
Title: Executive Vice President, General Counsel, and Chief Compliance Officer


 

 

 

 

 

 

 

 

 

 
Analysis based on existing outstanding ABS transactions only and excludes any cash flows associated with new originations, new ABS issuances and new tax equity funding Legend Pre-ARD Cash Flows Post-ARD Cash Flows $ millions Series Issuer EU RR? ARD 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 TOTAL 2019-A HELIII Yes 6/20/2029 $9.8 $13.0 $12.9 $12.3 $11.9 $11.6 $11.3 $11.0 $10.8 $10.5 $10.2 $11.7 $10.3 $9.4 $1.9 $0.0 $0.0 $0.0 $- $- $- $- $- $- $- $158.6 2020-A HELIV Yes 6/20/2027 9.9 13.2 13.0 12.3 11.7 11.2 10.9 10.6 10.4 10.0 9.7 9.4 9.1 12.1 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 156.0 2021-A HELV Yes 2/20/2028 10.8 14.3 14.2 13.4 13.0 13.1 12.7 12.4 12.1 11.6 11.2 10.9 10.6 10.3 9.5 7.5 - - - - - - - - - 187.6 2021-B HELVI Yes 7/20/2028 14.7 19.6 19.4 18.2 17.8 18.2 17.7 17.2 16.8 16.1 15.3 14.8 14.4 14.0 13.0 23.8 5.0 0.0 0.0 0.0 - - - - - 276.2 2021-C HELVII Yes 10/20/2028 9.9 13.1 13.7 13.0 12.3 11.9 11.6 11.3 11.0 10.7 10.3 9.9 9.6 9.3 8.7 8.3 7.5 - - - - - - - - 182.0 2022-A HELVIII Yes 2/20/2029 20.3 27.0 26.7 25.0 24.9 24.8 24.1 23.5 22.9 22.2 21.5 20.6 20.0 19.5 18.0 17.3 17.0 1.4 - - - - - - - 376.8 2022-B HELIX Yes 8/20/2029 19.1 25.5 25.2 23.7 22.0 20.7 20.2 19.6 19.1 18.5 18.5 19.2 18.6 18.1 16.7 28.2 16.7 4.1 0.0 0.0 0.0 - - - - 353.7 2022-C HELX No 11/20/2027 19.7 26.2 25.8 23.5 22.2 21.5 20.8 20.3 20.1 20.9 20.3 19.3 18.7 18.2 16.7 16.2 15.8 19.0 0.0 0.0 0.0 - - - - 365.3 2023-A HELXI No 5/20/2028 24.4 32.3 32.0 30.3 28.6 27.6 26.8 26.1 25.4 25.7 25.9 24.9 24.1 23.4 21.5 20.8 20.5 33.1 5.0 0.0 0.0 0.0 - - - 478.6 2023-B HELXII No 8/20/2028 20.2 26.8 26.6 25.5 24.0 23.7 23.9 23.3 22.7 22.1 21.5 20.8 20.0 19.5 17.8 17.2 22.3 17.6 6.8 0.0 0.0 0.0 - - - 402.3 2024-A HELXIII No 2/28/2031 19.0 25.3 25.1 24.4 23.5 22.8 21.7 21.1 20.5 20.7 20.2 19.6 18.8 18.3 16.8 16.2 22.3 16.2 1.2 0.0 0.0 0.0 0.0 0.0 0.0 373.7 2024-B HELXIV No 6/20/2034 19.7 29.2 29.0 28.0 27.0 26.3 25.7 25.1 24.6 23.6 22.8 22.2 21.4 20.8 19.1 18.5 32.9 18.9 1.4 0.0 0.0 0.0 0.0 0.0 0.0 436.2 2023-GRID-1 Hestia I No 8/20/2028 21.9 29.1 28.8 27.3 25.6 24.7 24.1 23.5 22.9 22.3 21.6 20.8 21.2 21.1 19.4 31.4 19.6 18.4 1.1 0.0 0.0 0.0 - - - 424.7 2024-GRID-1 Hestia II No 6/20/2034 15.2 20.7 20.5 20.0 19.3 18.7 18.3 17.8 17.4 16.6 15.9 15.3 14.6 14.2 13.0 12.6 21.8 13.4 1.0 0.0 0.0 0.0 0.0 0.0 0.0 306.4 Total Loan Unlevered Free Cash Flows $234.6 $315.1 $312.9 $297.1 $283.9 $276.8 $269.8 $262.9 $256.3 $251.7 $245.0 $239.6 $231.6 $227.9 $194.5 $218.0 $201.4 $142.2 $16.6 $0.2 $0.1 $0.0 $0.0 $0.0 $0.0 $4,478.2 Cumulative $234.6 $549.7 $862.6 $1,159.7 $1,443.5 $1,720.3 $1,990.2 $2,253.1 $2,509.4 $2,761.1 $3,006.0 $3,245.6 $3,477.3 $3,705.2 $3,899.6 $4,117.6 $4,319.0 $4,461.2 $4,477.8 $4,478.0 $4,478.1 $4,478.1 $4,478.1 $4,478.2 $4,478.2 2018-1 HELII No 1/20/2029 15.3 19.7 20.0 20.2 20.3 20.5 20.6 20.8 21.0 21.1 21.5 21.7 21.7 21.8 19.4 17.8 13.1 2.2 3.4 0.0 0.0 0.0 - - - 342.0 2019-1 RAYS No 4/30/2031 8.8 11.6 11.9 11.9 12.1 12.2 12.5 13.8 14.0 14.2 14.4 14.6 27.3 16.6 16.9 17.1 17.3 14.7 2.2 0.0 0.0 0.0 0.0 - - 264.3 2020-1 SOLI Yes 1/30/2030 21.6 28.4 29.0 29.5 29.8 30.1 30.5 30.9 32.8 35.0 35.4 35.2 35.6 36.0 35.8 30.8 55.5 32.0 27.9 11.4 0.3 0.0 0.0 0.0 - 633.4 2020-2 SOLII Yes 10/30/2030 12.5 19.2 19.6 19.9 20.0 20.2 20.4 20.7 20.9 21.1 21.6 21.7 21.9 22.1 22.3 22.5 32.3 26.0 25.1 24.3 6.9 0.0 0.0 0.0 - 441.3 2021-1 SOLIII Yes 4/30/2031 20.1 28.9 30.2 30.5 30.6 30.9 31.1 31.3 31.5 32.7 33.9 34.1 33.4 33.7 33.9 29.2 35.2 16.2 16.3 16.4 11.6 0.6 0.0 0.0 0.0 592.4 2022-1 SOLIV Yes 6/30/2029 25.2 33.3 37.3 36.4 36.2 36.0 35.8 35.6 35.4 35.1 34.9 34.7 34.4 31.8 31.2 33.4 29.6 27.9 28.1 28.2 27.4 9.0 2.8 2.7 2.6 705.1 2023-1 SOLV No 7/30/2028 19.5 25.9 26.7 31.4 31.1 31.2 31.3 31.4 31.5 31.5 33.7 34.4 34.5 34.5 32.5 32.5 32.5 29.2 27.1 27.3 27.4 26.2 9.2 1.0 1.0 674.4 2024-1 SOLVI No 4/30/2032 14.2 19.0 19.2 19.3 20.9 21.7 22.2 22.2 22.2 22.2 22.3 23.6 24.5 24.5 24.5 22.8 22.8 22.8 19.5 17.3 17.4 33.5 19.3 9.9 0.1 508.0 2024-2 SOLVII No 7/30/2033 21.7 29.1 29.6 29.7 31.6 33.7 34.6 34.7 34.9 35.1 35.3 35.5 35.7 35.9 36.1 35.0 37.2 37.4 37.6 63.0 41.2 40.7 40.8 34.0 3.1 863.1 2024-3 SOLVIII No 7/30/2033 19.9 26.7 27.1 27.4 28.5 29.0 29.2 29.4 29.6 29.8 30.0 30.2 30.4 30.6 30.8 31.0 31.4 31.6 31.8 32.0 32.2 50.0 35.7 24.9 0.9 729.8 2024-PR1 Aurora I No 1/30/2030 18.2 24.1 24.2 24.3 25.5 27.0 26.8 26.5 26.3 26.0 25.8 25.5 25.3 25.0 24.8 24.5 24.2 24.0 54.7 26.9 26.7 26.4 23.8 6.2 0.0 612.9 2025-P1 SOLIX No 1/30/2033 18.5 24.9 25.3 25.8 25.9 28.0 31.2 31.4 31.5 31.7 31.9 32.1 32.3 32.5 32.7 32.9 33.1 34.4 56.4 37.9 38.2 38.5 38.7 38.1 7.4 791.4 Total TPO Unlevered Free Cash Flows $215.5 $290.7 $300.1 $306.2 $312.5 $320.7 $326.2 $328.7 $331.6 $335.7 $340.6 $343.3 $356.8 $344.8 $340.8 $329.5 $364.3 $298.4 $330.0 $284.8 $229.3 $224.9 $170.4 $116.9 $15.1 $7,158.1 Cumulative $215.5 $506.2 $806.3 $1,112.5 $1,425.0 $1,745.6 $2,071.9 $2,400.6 $2,732.2 $3,067.9 $3,408.6 $3,751.8 $4,108.6 $4,453.5 $4,794.3 $5,123.8 $5,488.1 $5,786.5 $6,116.6 $6,401.4 $6,630.7 $6,855.6 $7,026.0 $7,143.0 $7,158.1 Total Unlevered Free Cash Flows $450.1 $605.8 $613.0 $603.3 $596.3 $597.5 $596.1 $591.6 $588.0 $587.4 $585.6 $582.9 $588.5 $572.7 $535.3 $547.5 $565.7 $440.6 $346.6 $285.1 $229.4 $225.0 $170.5 $117.0 $15.1 $11,636.3 Cumulative $450.1 $1,055.9 $1,668.9 $2,272.1 $2,868.5 $3,466.0 $4,062.0 $4,653.6 $5,241.6 $5,829.0 $6,414.6 $6,997.5 $7,585.9 $8,158.7 $8,693.9 $9,241.5 $9,807.1 $10,247.7 $10,594.3 $10,879.4 $11,108.8 $11,333.7 $11,504.2 $11,621.1 $11,636.3 1 Estimated Unlevered Cash Flows (April 2025 – December 2049) Cash Flow Available for ABS Debt Service Source: Company Provided Materials as of 05/19/2025 Note: Assumes Loans CDR of 1.40% (yrs 1-2), 0.75% (yrs 3+); TPOs CDR of 0.80% (yrs 1-2), 0.75% (yrs 3+); CPR of 2.00%; ITC repayments of 2.0%; Recovery of 30%; Degradation of 0.25% (1) Includes cumulative cash flows from April through December 2025 only 42 Estimated ABS Residual Cash Flows (April 2025 – December 2049) Source: Company Provided Materials as of 05/19/2025 (1) Includes cumulative cash flows from April through December 2025 only 43 Analysis based on existing outstanding ABS transactions only and excludes any cash flows associated with new originations, new ABS issuances and new tax equity funding Legend Pre-ARD Cash Flows Post-ARD Cash Flows $ millions Series Issuer EU RR? ARD 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 TOTAL 2019-A HELIII Yes 6/20/2029 $1.5 $2.1 $2.7 $2.4 $0.9 ($0.0) ($0.0) $0.0 $0.0 ($0.0) ($0.0) $9.9 $10.3 $9.4 $1.9 $0.0 $0.0 $0.0 $- $- $- $- $- $- $- $41.1 2020-A HELIV Yes 6/20/2027 0.1 1.9 1.0 - - - - - - - - - - 2.8 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.2 2021-A HELV Yes 2/20/2028 0.0 (0.0) 0.0 0.2 - - - - - - - - - - - - - - - - - - - - - 0.2 2021-B HELVI Yes 7/20/2028 4.1 5.9 6.0 1.7 - - - - - - - - - - 7.9 23.8 5.0 0.0 0.0 0.0 - - - - - 54.4 2021-C HELVII Yes 10/20/2028 0.6 2.2 3.6 2.0 - - - - - - - - - - - - - - - - - - - - - 8.5 2022-A HELVIII Yes 2/20/2029 (0.0) 0.0 4.4 4.9 0.3 - - - - - - - - - - - 1.3 1.4 - - - - - - - 12.5 2022-B HELIX Yes 8/20/2029 0.0 0.0 1.6 5.8 2.9 (0.0) (0.0) 0.0 (0.0) (0.0) 0.0 0.0 (0.0) (0.0) (0.0) 19.2 16.7 4.1 0.0 0.0 0.0 - - - - 50.4 2022-C HELX No 11/20/2027 (0.0) (0.0) 0.0 - (0.0) (0.0) 0.0 0.0 (0.0) (0.0) 0.0 0.0 0.0 0.0 0.0 (0.0) (0.0) 17.2 0.0 0.0 0.0 - - - - 17.3 2023-A HELXI No 5/20/2028 0.5 5.1 6.8 2.4 - - - - - - - - - - - - - 5.8 5.0 0.0 0.0 0.0 - - - 25.7 2023-B HELXII No 8/20/2028 2.5 4.2 5.6 3.3 - - - - - - - - - - - - - 13.3 6.8 0.0 0.0 0.0 - - - 35.8 2024-A HELXIII No 2/28/2031 0.0 0.5 5.0 5.0 4.5 4.2 0.3 - - - - - - - - - 2.5 16.2 1.2 0.0 0.0 0.0 0.0 0.0 0.0 39.5 2024-B HELXIV No 6/20/2034 0.0 0.0 (0.0) (0.0) (0.0) 0.0 (0.0) 0.0 0.0 2.9 12.2 13.0 12.3 11.7 3.6 2.2 30.4 18.9 1.4 0.0 0.0 0.0 0.0 0.0 0.0 108.7 2023-GRID-1 Hestia I No 8/20/2028 (0.0) 0.0 3.4 3.1 - - - - - - - - - - - 18.2 19.6 18.4 1.1 0.0 0.0 0.0 - - - 63.9 2024-GRID-1 Hestia II No 6/20/2034 (0.0) 0.0 2.1 3.9 3.7 3.6 3.6 3.7 3.8 1.7 1.0 5.3 4.8 (0.0) (0.0) 0.0 16.8 13.4 1.0 0.0 0.0 0.0 0.0 0.0 0.0 68.4 Total Loan Gross Residuals $9.2 $22.0 $42.3 $34.6 $12.3 $7.8 $4.0 $3.7 $3.8 $4.6 $13.2 $28.3 $27.4 $23.9 $15.7 $63.5 $92.3 $108.8 $16.6 $0.2 $0.1 $0.0 $0.0 $0.0 $0.0 $534.4 Cumulative $9.2 $31.1 $73.4 $108.1 $120.4 $128.3 $132.2 $135.9 $139.7 $144.3 $157.5 $185.7 $213.2 $237.1 $252.8 $316.3 $408.6 $517.4 $534.0 $534.2 $534.3 $534.4 $534.4 $534.4 $534.4 2018-1 HELII No 1/20/2029 0.9 1.2 1.3 1.4 - - - - - - - - - - - 0.2 13.1 2.2 3.4 0.0 0.0 0.0 - - - 23.8 2019-1 RAYS No 4/30/2031 0.2 0.5 0.4 0.4 0.4 0.4 0.4 0.6 0.7 0.8 1.0 1.1 25.6 16.6 16.9 17.1 17.3 14.7 2.2 0.0 0.0 0.0 0.0 - - 117.2 2020-1 SOLI Yes 1/30/2030 0.7 0.9 0.9 1.0 1.0 - - - - - - - - - - - 37.4 32.0 27.9 11.4 0.3 0.0 0.0 0.0 - 113.4 2020-2 SOLII Yes 10/30/2030 0.7 1.2 1.2 1.2 1.2 1.1 0.3 0.5 0.7 1.1 1.9 2.5 2.6 2.8 2.9 3.1 19.2 26.0 25.1 24.3 6.9 0.0 0.0 0.0 - 126.4 2021-1 SOLIII Yes 4/30/2031 4.3 7.1 7.9 8.1 8.1 8.2 5.1 5.0 6.4 8.8 13.8 16.7 16.5 17.3 18.0 13.9 32.7 16.2 16.3 16.4 11.6 0.6 0.0 0.0 0.0 259.0 2022-1 SOLIV Yes 6/30/2029 3.8 5.2 6.4 6.6 5.3 3.9 4.2 4.5 4.8 5.2 8.8 11.4 11.6 10.6 10.6 12.0 10.4 9.8 10.2 10.5 10.4 2.0 - 0.5 1.9 170.6 2023-1 SOLV No 7/30/2028 1.2 1.4 1.8 2.1 - - - - - - - - - - - - - - - - 17.2 26.2 9.2 1.0 1.0 61.1 2024-1 SOLVI No 4/30/2032 0.9 1.2 1.4 1.4 1.7 1.9 1.7 0.4 - - - - - - - - - - - - 3.8 33.5 19.3 9.9 0.1 77.2 2024-2 SOLVII No 7/30/2033 1.2 1.7 1.9 2.0 2.4 2.9 2.9 3.0 2.6 2.2 5.1 7.2 7.5 7.8 8.1 8.0 9.0 9.4 11.8 63.0 41.2 40.7 40.8 34.0 3.1 319.7 2024-3 SOLVIII No 7/30/2033 0.9 1.3 1.4 1.4 1.8 2.1 2.2 2.3 1.8 1.2 4.1 6.3 6.5 6.8 7.1 7.4 7.7 8.0 8.3 8.6 8.9 40.8 35.7 24.9 0.9 198.3 2024-PR1 Aurora I No 1/30/2030 0.0 0.0 0.0 0.0 3.8 3.2 3.3 3.5 3.7 4.0 5.7 6.9 7.0 7.1 7.2 7.3 7.4 8.4 53.7 26.9 26.7 26.4 23.8 6.2 0.0 242.4 2025-P1 SOLIX No 1/30/2033 0.5 0.7 0.9 0.9 1.0 1.2 1.5 1.6 0.9 1.1 2.6 3.8 4.0 4.1 4.3 4.5 4.7 5.1 42.0 37.9 38.2 38.5 38.7 38.1 7.4 284.4 Total TPO Gross Residuals $15.3 $22.5 $25.4 $26.3 $26.8 $24.8 $21.6 $21.3 $21.5 $24.3 $43.1 $55.8 $81.3 $73.1 $75.2 $73.5 $159.0 $131.9 $200.8 $199.1 $165.2 $208.8 $167.6 $114.7 $14.3 $1,993.4 Cumulative $15.3 $37.8 $63.2 $89.5 $116.3 $141.1 $162.7 $184.0 $205.6 $229.9 $273.0 $328.8 $410.2 $483.3 $558.4 $632.0 $791.0 $922.9 $1,123.7 $1,322.9 $1,488.1 $1,696.9 $1,864.5 $1,979.1 $1,993.4 Total Gross Residuals $24.5 $44.4 $67.7 $60.9 $39.2 $32.6 $25.6 $25.0 $25.3 $28.9 $56.3 $84.1 $108.8 $97.0 $90.9 $137.0 $251.4 $240.7 $217.4 $199.4 $165.3 $208.8 $167.6 $114.7 $14.3 $2,527.9 Cumulative $24.5 $68.9 $136.6 $197.6 $236.7 $269.4 $295.0 $320.0 $345.3 $374.2 $430.5 $514.6 $623.3 $720.3 $811.2 $948.2 $1,199.6 $1,440.3 $1,657.7 $1,857.1 $2,022.4 $2,231.2 $2,398.8 $2,513.5 $2,527.9 1

 
$, Millions 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Current ABS 2019-A Sunnova Helios III Issuer LLC $0.7 $0.8 $0.8 $0.8 $0.8 $0.8 $0.8 $0.8 $0.8 $0.8 $0.7 – – 2020-A Sunnova Helios IV Issuer LLC 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.1 2021-A Sunnova Helios V Issuer LLC 0.7 0.9 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 2021-B Sunnova Helios VI Issuer LLC 1.2 1.4 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.0 2021-C Sunnova Helios VII Issuer LLC 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 2022-A Sunnova Helios VIII Issuer LLC 1.6 1.9 1.9 1.9 1.9 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.7 2022-B Sunnova Helios IX Issuer LLC 1.3 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 2022-C Sunnova Helios X Issuer LLC 1.5 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.6 1.6 1.6 1.6 2023-A Sunnova Helios XI Issuer LLC 2.0 2.3 2.3 2.3 2.3 2.3 2.2 2.2 2.2 2.2 2.2 2.2 2.1 2023-B Sunnova Helios XII Issuer LLC 1.5 1.8 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.6 1.6 2023-GRID-1 Sunnova Hestia I Borrower LLC 1.6 1.9 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.7 1.7 1.7 1.7 2024-A Sunnova Helios XIII Issuer LLC 1.3 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.4 1.4 2024-B Sunnova Helios XIV Issuer LLC 1.3 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.4 2024-GRID-1 Sunnova Hestia II Borrower LLC 1.1 1.3 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 2018-1 Sunnova ABS Holdings LLC 2.1 2.5 2.5 2.6 2.6 2.6 2.6 2.7 2.7 2.7 2.8 2.8 2.9 2019-1 Sunnova RAYS I Holdings LLC 1.8 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.3 2.4 2.4 1.4 – 2020-1 Sunnova Sol Holdings LLC 4.9 5.9 6.0 6.1 6.1 6.2 6.3 6.4 6.4 6.5 6.6 6.7 6.8 2020-2 Sunnova Sol II Holdings LLC 3.0 3.6 3.6 3.7 3.7 3.8 3.8 3.9 3.9 3.9 4.0 4.0 4.1 2021-1 Sunnova Sol III Holdings LLC 2.9 3.6 3.6 3.6 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.0 4.1 2022-1 Sunnova Sol IV Holdings LLC 4.5 5.5 5.6 5.6 5.7 5.8 5.8 5.9 6.0 6.0 6.1 6.2 6.2 2023-1 Sunnova Sol V Holdings LLC 4.6 5.6 5.7 5.7 5.8 5.9 5.9 6.0 6.1 6.1 6.2 6.3 6.4 2024-1 Sunnova Sol VI Holdings LLC 3.7 4.5 4.6 4.6 4.7 4.7 4.8 4.9 4.9 5.0 5.0 5.1 5.1 2024-2 Sunnova Sol VII Holdings LLC 3.0 3.6 3.6 3.7 3.7 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.1 2024-3 Sunnova Sol VIII Holdings LLC 2.6 3.1 3.2 3.2 3.3 3.3 3.3 3.4 3.4 3.5 3.5 3.5 3.6 2024-PR1 Sunnova Aurora 1 LLC 1.5 1.8 1.9 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.1 2025-P1 Sunnova SOL IX LLC 2.7 3.2 3.3 3.3 3.3 3.4 3.4 3.5 3.5 3.6 3.6 3.6 3.7 Subtotal Current ABS $54.4 $65.5 $65.8 $66.2 $66.6 $67.0 $67.4 $67.8 $68.3 $68.7 $69.1 $67.8 $66.0 Future ABS TEP 8-A TEP 8-A $0.8 $1.0 $1.0 $1.0 $1.0 $1.0 $1.1 $1.1 $1.1 $1.1 $1.1 $1.1 $1.1 TEP 8-B TEP 8-B 2.7 3.3 3.3 3.4 3.4 3.5 3.5 3.5 3.6 3.6 3.7 3.7 3.8 TEP 8-D TEP 8-D 1.9 2.4 2.4 2.4 2.4 2.5 2.5 2.5 2.6 2.6 2.6 2.7 2.7 TEP 8-E TEP 8-E 2.6 3.1 3.2 3.2 3.2 3.3 3.3 3.4 3.4 3.5 3.5 3.5 3.6 TEP 8-F TEP 8-F 1.8 2.2 2.2 2.2 2.3 2.3 2.3 2.3 2.4 2.4 2.4 2.4 2.5 TEP 8-G TEP 8-G 0.9 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 TEP 8-I TEP 8-I 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 Subtotal Future ABS $11.1 $13.5 $13.6 $13.8 $13.9 $14.1 $14.3 $14.4 $14.6 $14.8 $15.0 $15.1 $15.3 Total ABS $65.4 $79.0 $79.4 $80.0 $80.5 $81.1 $81.7 $82.3 $82.9 $83.5 $84.0 $83.0 $81.3 MSA Fee Details (2025 – 2037) Source: Company Provided Materials as of 04/30/2025 Note: All ABS facilities assumed to launch at the end of the year Assumes start of MSA proceeds in March 2025 48

 
$, Millions 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 Total Current ABS 2019-A Sunnova Helios III Issuer LLC – – – – – – – – – – – – $8.4 2020-A Sunnova Helios IV Issuer LLC – – – – – – – – – – – – 9.7 2021-A Sunnova Helios V Issuer LLC 0.4 – – – – – – – – – – – 11.3 2021-B Sunnova Helios VI Issuer LLC – – – – – – – – – – – – 16.6 2021-C Sunnova Helios VII Issuer LLC 0.8 0.5 – – – – – – – – – – 12.8 2022-A Sunnova Helios VIII Issuer LLC 1.7 0.3 – – – – – – – – – – 25.5 2022-B Sunnova Helios IX Issuer LLC 1.4 1.4 0.2 – – – – – – – – – 22.6 2022-C Sunnova Helios X Issuer LLC 1.6 1.6 0.7 – – – – – – – – – 25.5 2023-A Sunnova Helios XI Issuer LLC 2.1 2.1 1.2 – – – – – – – – – 34.2 2023-B Sunnova Helios XII Issuer LLC 1.6 1.6 1.1 – – – – – – – – – 26.2 2023-GRID-1 Sunnova Hestia I Borrower LLC 1.7 1.7 0.8 – – – – – – – – – 27.2 2024-A Sunnova Helios XIII Issuer LLC 1.4 1.4 0.8 – – – – – – – – – 22.7 2024-B Sunnova Helios XIV Issuer LLC 1.4 1.4 0.9 – – – – – – – – – 22.5 2024-GRID-1 Sunnova Hestia II Borrower LLC 1.1 1.1 1.1 0.1 – – – – – – – – 19.0 2018-1 Sunnova ABS Holdings LLC 2.9 2.2 – – – – – – – – – – 39.1 2019-1 Sunnova RAYS I Holdings LLC – – – – – – – – – – – – 26.0 2020-1 Sunnova Sol Holdings LLC 6.8 5.2 – – – – – – – – – – 92.9 2020-2 Sunnova Sol II Holdings LLC 4.1 4.2 3.2 – – – – – – – – – 60.5 2021-1 Sunnova Sol III Holdings LLC 4.1 4.2 4.2 – – – – – – – – – 61.1 2022-1 Sunnova Sol IV Holdings LLC 6.3 6.4 6.5 6.5 6.6 6.7 6.8 6.8 6.2 0.1 – – 133.7 2023-1 Sunnova Sol V Holdings LLC 6.4 6.5 6.6 6.7 6.7 6.8 6.9 7.0 7.1 6.9 0.8 0.0 144.7 2024-1 Sunnova Sol VI Holdings LLC 5.2 5.3 5.3 5.4 5.5 5.5 5.6 5.7 1.4 – – – 106.6 2024-2 Sunnova Sol VII Holdings LLC 4.1 4.2 4.2 4.3 4.3 4.4 4.4 0.4 – – – – 79.2 2024-3 Sunnova Sol VIII Holdings LLC 3.6 3.7 3.7 3.8 3.8 3.9 3.9 4.0 4.0 2.7 – – 79.9 2024-PR1 Sunnova Aurora 1 LLC 2.1 2.1 2.1 2.2 2.2 2.2 0.9 – – – – – 38.6 2025-P1 Sunnova SOL IX LLC 3.7 3.8 3.8 3.9 3.6 – – – – – – – 62.8 Subtotal Current ABS $64.9 $60.7 $46.6 $32.8 $32.7 $29.5 $28.5 $23.8 $18.7 $9.7 $0.8 $0.0 $1,209.5 Future ABS TEP 8-A TEP 8-A $1.1 $1.2 $1.2 $1.2 $1.2 $1.2 $1.2 $1.2 $1.3 $1.3 $1.3 $1.3 $28.2 TEP 8-B TEP 8-B 3.8 3.9 3.9 4.0 4.0 4.1 4.1 4.2 4.2 4.3 4.3 4.4 94.0 TEP 8-D TEP 8-D 2.7 2.8 2.8 2.8 2.9 2.9 2.9 3.0 3.0 3.0 3.1 3.1 67.1 TEP 8-E TEP 8-E 3.6 3.7 3.7 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.1 89.3 TEP 8-F TEP 8-F 2.5 2.5 2.6 2.6 2.6 2.7 2.7 2.7 2.8 2.8 2.8 2.9 61.7 TEP 8-G TEP 8-G 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.5 31.5 TEP 8-I TEP 8-I 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 10.4 Subtotal Future ABS $15.5 $15.7 $15.9 $16.1 $16.3 $16.5 $16.7 $16.9 $17.1 $17.3 $17.5 $17.7 $382.3 Total ABS $80.4 $76.4 $62.4 $48.8 $49.0 $45.9 $45.2 $40.7 $35.8 $26.9 $18.3 $17.7 $1,591.8 MSA Fee Details (2038 – 2049) Source: Company Provided Materials as of 04/30/2025 Note: All ABS facilities assumed to launch at the end of the year49 Analysis based on existing outstanding ABS transactions only and excludes any cash flows associated with new originations, new ABS issuances and new tax equity funding in $ millions Series Issuer EU Risk Retention? ARD Date 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2019-A HELIII Yes 6/20/2029 $9.6 $12.8 $12.5 $12.2 $12.0 $11.7 $11.5 $11.2 $10.9 $10.6 $10.3 $11.9 $10.3 2020-A HELIV Yes 6/21/2027 9.7 12.8 12.5 12.2 11.8 11.4 11.1 10.8 10.5 10.1 9.8 9.4 12.8 2021-A HELV Yes 2/21/2028 10.5 14.0 13.6 13.2 13.2 13.3 12.9 12.6 12.2 11.8 11.4 11.0 10.7 2021-B HELVI Yes 7/20/2028 14.3 19.0 18.4 18.0 18.1 18.5 18.0 17.5 17.0 16.3 15.5 15.0 14.5 2021-C HELVII Yes 10/20/2028 9.5 12.7 13.0 12.8 12.5 12.2 11.8 11.5 11.1 10.8 10.4 10.0 9.7 2022-A HELVIII Yes 2/20/2029 19.6 26.1 25.3 24.6 25.2 25.3 24.6 23.9 23.2 22.6 21.8 20.9 20.2 2022-B HELIX Yes 8/20/2029 18.5 24.7 23.9 23.3 22.3 21.2 20.6 20.0 19.4 18.8 18.8 19.4 18.8 2022-C HELX No 11/22/2027 19.2 25.6 24.6 23.2 22.6 22.0 21.3 20.7 20.4 21.3 20.6 19.6 18.9 2023-A HELXI No 5/22/2028 24.6 32.8 31.9 30.3 29.1 28.3 27.5 26.7 25.9 26.2 26.3 25.2 24.4 2023-B HELXII No 8/21/2028 20.4 27.3 26.5 25.5 24.4 24.3 24.4 23.8 23.1 22.4 21.8 21.1 20.3 2024-A HELXIII No 2/28/2031 19.2 25.7 25.0 24.4 23.9 23.3 22.2 21.5 20.8 21.1 20.5 19.9 19.0 2024-B HELXIV No 6/20/2034 19.7 29.3 28.6 28.0 27.4 26.8 26.2 25.6 25.0 24.0 23.1 22.5 21.6 2023-GRID-1 Hestia I No 8/21/2028 21.8 29.1 28.3 27.2 26.0 25.3 24.6 24.0 23.3 22.6 22.0 21.1 21.4 2024-GRID-1 Hestia II No 6/20/2034 15.4 21.0 20.5 20.0 19.6 19.1 18.7 18.2 17.7 16.9 16.2 15.5 14.8 Total Loan Unlevered Free Cash Flows $232.1 $313.0 $304.7 $295.2 $288.0 $282.7 $275.5 $267.9 $260.8 $255.5 $248.2 $242.4 $237.4 Cumulative $232.1 $545.1 $849.8 $1,145.0 $1,433.0 $1,715.7 $1,991.1 $2,259.0 $2,519.8 $2,775.4 $3,023.6 $3,266.0 $3,503.4 2018-1 HELII No 1/22/2029 $16.1 $21.4 $21.6 $21.8 $22.0 $22.2 $22.5 $22.7 $23.0 $23.2 $23.5 $23.7 $23.8 2019-1 RAYS No 4/30/2031 8.9 11.9 12.1 12.1 12.3 12.5 12.7 14.1 14.3 14.5 14.7 26.6 16.7 2020-1 SOLI Yes 1/30/2030 22.3 29.7 30.1 30.5 30.9 31.3 31.8 32.2 34.6 36.6 37.0 36.9 37.4 2020-2 SOLII Yes 10/30/2030 13.1 19.3 19.5 19.7 19.9 20.2 20.4 20.6 20.9 21.1 21.9 22.0 22.3 2021-1 SOLIII Yes 4/30/2031 20.5 29.9 30.8 31.1 31.3 31.6 31.8 32.1 32.4 33.6 34.9 35.1 35.1 2022-1 SOLIV Yes 6/30/2029 28.6 37.1 35.9 35.0 34.9 34.9 34.8 34.7 34.5 34.4 34.2 34.0 33.8 2023-1 SOLV No 7/31/2028 26.2 34.5 34.6 34.3 32.6 29.9 30.0 30.1 30.3 30.4 33.0 33.2 33.3 2024-1 SOLVI No 4/30/2032 15.0 19.9 19.9 19.9 23.5 23.4 23.4 23.4 23.5 23.5 23.6 25.2 25.8 2024-2 SOLVII No 8/1/2033 22.6 30.1 30.2 30.3 30.0 32.7 34.3 34.5 34.7 34.9 35.2 35.4 35.6 2024-3 SOLVIII No 7/30/2033 20.1 26.8 27.0 27.1 28.8 29.6 29.8 30.0 30.2 30.5 30.7 30.9 31.2 2024-PR1 Aurora I No 1/30/2030 18.2 24.1 23.9 23.7 23.5 26.3 26.1 25.9 25.6 25.4 25.2 25.0 24.7 2025-P1 SOLIX No 1/30/2033 20.7 27.6 27.7 27.8 28.0 27.8 33.1 33.3 33.5 33.7 33.9 34.2 34.4 Total TPOs Unlevered Free Cash Flows $232.2 $312.2 $313.2 $313.3 $317.7 $322.3 $330.7 $333.6 $337.5 $341.9 $347.7 $362.1 $354.1 Cumulative $232.2 $544.4 $857.6 $1,171.0 $1,488.7 $1,811.0 $2,141.7 $2,475.4 $2,812.8 $3,154.7 $3,502.5 $3,864.5 $4,218.6 Total Unlevered Free Cash Flows $464.3 $625.3 $617.9 $608.5 $605.8 $605.0 $606.2 $601.6 $598.2 $597.4 $596.0 $604.5 $591.5 Cumulative $464.3 $1,089.5 $1,707.4 $2,315.9 $2,921.7 $3,526.7 $4,132.9 $4,734.4 $5,332.7 $5,930.1 $6,526.0 $7,130.6 $7,722.0 1 Illustrative Post ARD Turbo Amortization Scenario - Cash Flow Available for ABS Debt Service Estimated Unlevered Cash Flows (April 2025 – December 2037) Source: Company Provided Materials as of 05/01/2025 Note: Assumes Loans CDR of 1.40% (yrs 1-2), 0.75% (yrs 3+); TPOs CDR of 0.80% (yrs 1-2), 0.75% (yrs 3+); CPR of 2.00%; ITC repayments of 2.0%; Recovery of 35%; Degradation of 0.50% (1) Includes cumulative cash flows from April through December 2025 only 50 Legend Pre-ARD Cash Flows Post-ARD Cash Flows in $ millions Series Issuer EU Risk Retention? ARD Date 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 Total 2019-A HELIII Yes 6/20/2029 $9.4 $1.9 - - - - - - - - - - $158.8 2020-A HELIV Yes 6/21/2027 9.3 8.8 2.1 - - - - - - - - - 165.1 2021-A HELV Yes 2/21/2028 17.7 10.3 7.5 0.0 - - - - - - - - 195.8 2021-B HELVI Yes 7/20/2028 25.9 14.2 13.6 4.1 - - - - - - - - 277.9 2021-C HELVII Yes 10/20/2028 9.4 9.1 13.5 6.8 0.0 - - - - - - - 186.9 2022-A HELVIII Yes 2/20/2029 19.6 32.2 19.2 17.0 0.0 - - - - - - - 391.4 2022-B HELIX Yes 8/20/2029 18.2 17.6 29.1 17.1 1.4 - - - - - - - 353.2 2022-C HELX No 11/22/2027 18.3 17.7 17.1 28.3 5.6 - - - - - - - 366.9 2023-A HELXI No 5/22/2028 23.6 22.9 22.1 35.1 20.9 1.4 - - - - - - 485.1 2023-B HELXII No 8/21/2028 19.6 19.0 18.4 23.7 17.9 3.9 - - - - - - 407.9 2024-A HELXIII No 2/28/2031 18.4 17.9 17.2 23.2 16.5 2.3 - - - - - - 382.0 2024-B HELXIV No 6/20/2034 20.9 20.3 19.7 33.8 17.9 0.0 - - - - - - 440.5 2023-GRID-1 Hestia I No 8/21/2028 21.2 20.6 19.9 32.9 17.4 0.0 - - - - - - 428.8 2024-GRID-1 Hestia II No 6/20/2034 14.3 13.9 13.4 22.1 13.6 1.8 - - - - - - 312.6 Total Loan Unlevered Free Cash Flows $245.9 $226.3 $212.7 $244.0 $111.1 $9.4 - - - - - - $4,552.9 Cumulative $3,749.4 $3,975.7 $4,188.4 $4,432.4 $4,543.5 $4,552.9 $4,552.9 $4,552.9 $4,552.9 $4,552.9 $4,552.9 $4,552.9 2018-1 HELII No 1/22/2029 $23.9 $21.4 $25.1 $17.4 $5.6 $1.1 - - - - - - 381.8 2019-1 RAYS No 4/30/2031 17.0 17.3 17.6 17.8 15.2 2.3 0.0 - - - - - 270.4 2020-1 SOLI Yes 1/30/2030 37.8 37.8 64.5 34.6 33.1 28.8 11.8 0.2 - - - - 669.9 2020-2 SOLII Yes 10/30/2030 22.5 22.8 33.0 26.8 26.6 25.7 24.9 6.9 - - - - 450.1 2021-1 SOLIII Yes 4/30/2031 35.4 35.7 30.9 36.3 16.5 16.7 16.8 12.0 0.6 0.0 - - 611.0 2022-1 SOLIV Yes 6/30/2029 31.6 31.3 34.0 30.6 29.1 29.3 29.6 28.9 9.4 2.8 2.8 2.7 708.8 2023-1 SOLV No 7/31/2028 33.4 31.2 31.3 31.4 28.7 27.1 27.3 27.5 25.8 8.7 1.0 1.0 687.0 2024-1 SOLVI No 4/30/2032 25.9 25.9 23.7 23.7 23.8 20.9 19.1 19.2 36.2 20.4 9.0 0.0 537.8 2024-2 SOLVII No 8/1/2033 35.9 36.1 35.4 36.5 38.0 38.3 38.6 61.6 41.6 41.8 34.9 3.0 862.2 2024-3 SOLVIII No 7/30/2033 31.4 31.7 31.6 33.0 33.3 33.6 33.9 34.2 34.6 34.9 39.5 0.8 745.2 2024-PR1 Aurora I No 1/30/2030 24.5 24.3 24.1 23.9 23.6 23.4 23.2 57.0 26.2 23.7 6.2 0.0 597.6 2025-P1 SOLIX No 1/30/2033 34.7 34.9 35.2 33.7 35.0 57.3 38.6 38.9 39.2 39.6 39.0 6.6 828.2 Total TPOs Unlevered Free Cash Flows $354.0 $350.3 $386.3 $345.7 $308.5 $304.6 $263.7 $286.3 $213.6 $171.8 $132.3 $14.2 $7,350.0 Cumulative $4,572.6 $4,922.9 $5,309.2 $5,654.9 $5,963.4 $6,268.0 $6,531.7 $6,818.1 $7,031.6 $7,203.5 $7,335.8 $7,350.0 Total Unlevered Free Cash Flows $599.9 $576.7 $599.0 $589.7 $419.6 $313.9 $263.7 $286.3 $213.6 $171.8 $132.3 $14.2 $11,902.8 Cumulative $8,321.9 $8,898.6 $9,497.6 $10,087.3 $10,506.9 $10,820.9 $11,084.6 $11,370.9 $11,584.5 $11,756.3 $11,888.7 $11,902.8 Illustrative Post ARD Turbo Amortization Scenario - Cash Flow Available for ABS Debt Service Estimated Unlevered Cash Flows (January 2038 – December 2049) Source: Company Provided Materials as of 05/01/2025 Note: Assumes Loans CDR of 1.40% (yrs 1-2), 0.75% (yrs 3+); TPOs CDR of 0.80% (yrs 1-2), 0.75% (yrs 3+); CPR of 2.00%; ITC repayments of 2.0%; Recovery of 35%; Degradation of 0.50%51 Analysis based on existing outstanding ABS transactions only and excludes any cash flows associated with new originations, new ABS issuances and new tax equity funding Legend Pre-ARD Cash Flows Post-ARD Cash Flows in $ millions Series Issuer EU Risk Retention? ARD Date 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2019-A HELIII Yes 6/20/2029 $1.3 $1.9 $2.3 $2.3 $0.9 - - - - - - $11.7 $10.3 2020-A HELIV Yes 6/21/2027 - 1.2 0.7 - - - - - - - - - - 2021-A HELV Yes 2/21/2028 - - - - - - - - - - - - - 2021-B HELVI Yes 7/20/2028 3.5 5.4 4.9 1.4 - - - - - - - - - 2021-C HELVII Yes 10/20/2028 0.5 1.8 2.8 1.8 - - - - - - - - - 2022-A HELVIII Yes 2/20/2029 - - 1.8 4.5 0.4 - - - - - - - - 2022-B HELIX Yes 8/20/2029 - - - 4.5 3.0 - - - - - - - - 2022-C HELX No 11/22/2027 - - - - - - - - - - - - - 2023-A HELXI No 5/22/2028 1.5 5.6 6.4 2.2 - - - - - - - - - 2023-B HELXII No 8/21/2028 3.1 4.6 5.3 3.2 - - - - - - - - - 2024-A HELXIII No 2/28/2031 - 1.5 4.8 5.0 4.9 4.7 0.4 - - - - - - 2024-B HELXIV No 6/20/2034 - - - - - - - - - 2.7 - - - 2023-GRID-1 Hestia I No 8/21/2028 - - 3.2 2.8 - - - - - - - - - 2024-GRID-1 Hestia II No 6/20/2034 - - 2.6 3.9 4.0 4.0 4.0 4.1 4.1 1.7 - - - Total Loan Residuals $9.8 $22.0 $34.9 $31.8 $13.2 $8.7 $4.4 $4.1 $4.1 $4.4 - $11.7 $10.3 Cumulative $9.8 $31.8 $66.7 $98.4 $111.6 $120.3 $124.7 $128.8 $132.9 $137.2 $137.2 $148.9 $159.2 2018-1 HELII No 1/22/2029 $1.0 $1.5 $1.6 $1.6 - - - - - - - - - 2019-1 RAYS No 4/30/2031 0.3 0.5 0.4 0.4 0.4 0.4 0.1 - - - - 17.7 16.7 2020-1 SOLI Yes 1/30/2030 0.8 1.0 1.1 1.1 1.2 - - - - - - - - 2020-2 SOLII Yes 10/30/2030 0.8 1.2 1.1 1.1 1.2 1.0 - - - - - - - 2021-1 SOLIII Yes 4/30/2031 4.6 7.7 8.4 8.5 8.7 8.8 2.2 - - - - 4.7 35.1 2022-1 SOLIV Yes 6/30/2029 5.5 7.2 5.8 6.0 2.7 - - - - - - - - 2023-1 SOLV No 7/31/2028 4.5 5.9 6.1 3.0 - - - - - - - - - 2024-1 SOLVI No 4/30/2032 1.2 1.5 1.6 1.6 2.7 2.5 2.2 0.5 - - - - - 2024-2 SOLVII No 8/1/2033 1.5 2.1 2.2 2.2 1.9 2.5 2.8 2.9 1.8 - - - - 2024-3 SOLVIII No 7/30/2033 0.9 1.3 1.3 1.3 1.9 2.2 2.4 2.5 1.3 - - - - 2024-PR1 Aurora I No 1/30/2030 0.0 0.0 0.0 0.0 2.7 - - - - - - - - 2025-P1 SOLIX No 1/30/2033 0.9 1.3 1.4 1.4 1.5 1.3 2.0 2.1 - - - - - Total TPO Residuals $22.0 $31.3 $30.8 $28.3 $24.8 $18.9 $11.8 $8.1 $3.2 - - $22.4 $51.9 Cumulative $22.0 $53.3 $84.1 $112.4 $137.2 $156.0 $167.8 $175.9 $179.1 $179.1 $179.1 $201.5 $253.3 Total Loan & TPO Residuals $31.8 $53.3 $65.7 $60.1 $37.9 $27.6 $16.2 $12.2 $7.3 $4.4 - $34.1 $62.2 Cumulative $31.8 $85.1 $150.8 $210.8 $248.8 $276.3 $292.5 $304.7 $311.9 $316.3 $316.3 $350.4 $412.6 Analysis based on existing outstanding ABS transactions only and excludes any cash flows associated with new originations, new ABS issuances and new tax equity funding 1 Illustrative Post ARD Turbo Amortization Scenario Estimated ABS Residual Cash Flows (April 2025 – December 2037) Source: Company Provided Materials as of 05/01/2025 (1) Includes cumulative cash flows from April through December 2025 only 52 Legend Pre-ARD Cash Flows Post-ARD Cash Flows

 
in $ millions Series Issuer EU Risk Retention? ARD Date 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 Total 2019-A HELIII Yes 6/20/2029 $9.4 $1.9 - - - - - - - - - - $42.0 2020-A HELIV Yes 6/21/2027 4.6 8.8 2.1 - - - - - - - - - 17.4 2021-A HELV Yes 2/21/2028 - - - - - - - - - - - - 0.0 2021-B HELVI Yes 7/20/2028 10.1 14.2 13.6 4.1 - - - - - - - - 57.2 2021-C HELVII Yes 10/20/2028 - - - - - - - - - - - - 6.9 2022-A HELVIII Yes 2/20/2029 - - 5.1 17.0 0.0 - - - - - - - 28.7 2022-B HELIX Yes 8/20/2029 - - 6.5 17.1 1.4 - - - - - - - 32.6 2022-C HELX No 11/22/2027 - - - - - - - - - - - - 0.0 2023-A HELXI No 5/22/2028 - - - - 18.5 1.4 - - - - - - 35.6 2023-B HELXII No 8/21/2028 - - - 5.6 17.9 3.9 - - - - - - 43.6 2024-A HELXIII No 2/28/2031 - - - 9.4 16.5 2.3 - - - - - - 49.5 2024-B HELXIV No 6/20/2034 17.7 20.3 19.7 33.8 17.9 0.0 - - - - - - 112.0 2023-GRID-1 Hestia I No 8/21/2028 - - 14.0 32.9 17.4 0.0 - - - - - - 70.3 2024-GRID-1 Hestia II No 6/20/2034 - - - 18.8 13.6 1.8 - - - - - - 62.6 Total Loan Residuals $41.8 $45.2 $60.9 $138.7 $103.1 $9.4 - - - - - - $558.3 Cumulative $201.0 $246.2 $307.2 $445.8 $548.9 $558.3 $558.3 $558.3 $558.3 $558.3 $558.3 $558.3 2018-1 HELII No 1/22/2029 $1.7 $21.4 $25.1 $17.4 $5.6 $1.1 - - - - - - 78.0 2019-1 RAYS No 4/30/2031 17.0 17.3 17.6 17.8 15.2 2.3 0.0 - - - - - 124.0 2020-1 SOLI Yes 1/30/2030 - - 49.8 34.6 33.1 28.8 11.8 0.2 - - - - 163.6 2020-2 SOLII Yes 10/30/2030 - - 11.4 26.8 26.6 25.7 24.9 6.9 - - - - 128.9 2021-1 SOLIII Yes 4/30/2031 35.4 35.7 30.9 36.3 16.5 16.7 16.8 12.0 0.6 0.0 - - 289.6 2022-1 SOLIV Yes 6/30/2029 - - - 10.8 29.1 29.3 29.6 28.9 9.4 2.8 2.8 2.7 172.5 2023-1 SOLV No 7/31/2028 - - - - - - 16.6 27.5 25.8 8.7 1.0 1.0 100.0 2024-1 SOLVI No 4/30/2032 - - - - - 10.4 19.1 19.2 36.2 20.4 9.0 0.0 128.2 2024-2 SOLVII No 8/1/2033 - - - - - 12.9 38.6 61.6 41.6 41.8 34.9 3.0 254.4 2024-3 SOLVIII No 7/30/2033 - - - - - - - 7.5 34.6 34.9 39.5 0.8 132.4 2024-PR1 Aurora I No 1/30/2030 - - - 11.0 23.6 23.4 23.2 57.0 26.2 23.7 6.2 0.0 197.0 2025-P1 SOLIX No 1/30/2033 - - - - 18.7 57.3 38.6 38.9 39.2 39.6 39.0 6.6 289.8 Total TPO Residuals $54.1 $74.4 $134.8 $154.7 $168.5 $208.0 $219.1 $259.6 $213.6 $171.8 $132.3 $14.2 $2,058.4 Cumulative $307.4 $381.8 $516.6 $671.3 $839.8 $1,047.8 $1,266.9 $1,526.5 $1,740.1 $1,911.9 $2,044.2 $2,058.4 Total Loan & TPO Residuals $95.9 $119.6 $195.7 $293.4 $271.6 $217.3 $219.1 $259.6 $213.6 $171.8 $132.3 $14.2 $2,616.7 Cumulative $508.4 $628.0 $823.7 $1,117.1 $1,388.7 $1,606.1 $1,825.2 $2,084.8 $2,298.4 $2,470.2 $2,602.6 $2,616.7 Illustrative Post ARD Turbo Amortization Scenario Estimated ABS Residual Cash Flows (January 2038 – December 2049) Analysis based on existing outstanding ABS transactions only and excludes any cash flows associated with new originations, new ABS issuances and new tax equity funding Source: Company Provided Materials as of 05/01/2025 53 Legend Pre-ARD Cash Flows Post-ARD Cash Flows Overview of Other Unencumbered Assets1 56 (1) In addition to other unencumbered assets such as EU Risk Retention cash flows (2) Estimated net equity proceeds if the transaction was illustratively refinanced, based on current market conditions Asset Description Illustrative Undiscounted Book Value 2019-1 RAYS ABS • Equity value of 2019 vintage ABS deal with ~$150mm of ADSAB which has completed tax equity buyout. Currently encumbered by ABS deal which could be repaid for $95mm (net of make-whole) • Illustrative proceeds are estimated at range of $17 – $25mm ~$17 – 25mm 2 SNH WIP • In-progress residential solar installations with varying levels of completion ~$2mm Accessory Loans • Additional loans made in connection with loans, leases, & PPAs for customer financing of primarily roof construction ~$11mm 2024 ITCs • Investment Tax Credits (“ITCs”) provided by the federal government and related to residential and corporate solar projects in 2024 accrued via TPOs ~$44mm Total ~$74 – $82mm

 
1 Estimated Debt Balance at ARD Source: Company Provided Materials as of 05/19/202557 Series Issuer Estimated Debt Outstanding at ARD 2019-A HELIII $54.9 2020-A HELIV 78.5 2021-A HELV 102.2 2021-B HELVI 123.8 2021-C HELVII 95.3 2022-A HELVIII 179.7 2022-B HELIX 140.2 2022-C HELX 166.7 2023-A HELXI 210.7 2023-B HELXII 174.6 2024-A HELXIII 136.3 2024-B HELXIV 68.0 2023-GRID-1 Hestia I 169.1 2024-GRID-1 Hestia II 74.1 2018-1 HELII 152.9 2019-1 RAYS 59.5 2020-1 SOLI 246.8 2020-2 SOLII 147.7 2021-1 SOLIII 147.4 2022-1 SOLIV 258.1 2023-1 SOLV 281.5 2024-1 SOLVI 173.3 2024-2 SOLVII 228.8 2024-3 SOLVIII 231.6 2024-PR1 Aurora I 170.0 2025-P1 SOLIX 148.7

 
v3.25.1
Cover Page Document
Jun. 08, 2025
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jun. 08, 2025
Entity Registrant Name Sunnova Energy International Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38995
Entity Tax Identification Number 30-1192746
Entity Address, Address Line One 20 East Greenway Plaza, Suite 540
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77046
City Area Code 281
Local Phone Number 892-1588
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001772695
Amendment Flag false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol NOVA
Security Exchange Name NYSE
Preferred Stock Purchase Rights  
Document Information [Line Items]  
Title of 12(b) Security Preferred Stock Purchase Rights
Security Exchange Name NYSE
No Trading Symbol Flag true
Sunnova Energy (NYSE:NOVA)
Historical Stock Chart
From Jun 2025 to Jul 2025 Click Here for more Sunnova Energy Charts.
Sunnova Energy (NYSE:NOVA)
Historical Stock Chart
From Jul 2024 to Jul 2025 Click Here for more Sunnova Energy Charts.