Sunnova Energy International Inc., Houston, Texas, (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, has completed its previously announced acquisition of SunStreet Energy Group, LLC, Lennar Corporation’s (NYSE: LEN and LEN.B), Miami, Florida, residential solar platform, and has become Lennar’s exclusive residential solar and storage service provider for new home communities with solar across the country. Additionally, as part of the transaction, Lennar committed to provide tax equity investments to support Sunnova’s homebuilder customer pipeline.
“We are excited to welcome SunStreet’s team and customers to our Sunnova family and look forward to accelerating the adoption of residential solar and storage service on new homes across the United States,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “Under Sunnova’s ownership, we will bring SunStreet’s proven track record of high-quality, timely installations to even more homebuilders, and deliver existing SunStreet customers the option for new energy services through the addition of battery storage and other core Sunnova offerings. This transaction positions Sunnova to propel customer growth while simultaneously scaling our business and positioning us as a market leader in the homebuilder industry.”
SunStreet has a distinct understanding of homebuilding operations that has earned the company a reputation for being a proven leader in the residential solar market for homebuilders. This acquisition provides a new strategic path that will allow Sunnova to generate significant stockholder value, increase customer growth, and develop clean and resilient residential microgrids. As Sunnova’s business impact grows, so too will its positive social and environmental impact, helping the company achieve its overarching mission of powering energy independence.
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 uninterruptedTM.
