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Sunnova Energy plans USD 1bn listing: Reuters
Posted on Wednesday, 12 June 2019 11:46
US energy storage systems player Sunnova Energy intends to go public on a stock exchange, according to Reuters. Citing people with knowledge of the matter, the news provider said the planned listing could value the company at more than USD 1.00 billion, including debt. The sources, who did not wish to be identified, said the firm has filed confidentially and is likely to float at some point later this year, although the timing will depend on market conditions. Sunnova has yet to comment on the report. The company describes itself as a leader in the residential solar, battery storage, maintenance and monitoring, as well as energy management, fields. Its customer base spans the US, Puerto Rico and the Northern Mariana Islands. A listing of the business could represent an exit for its private equity investors, which include Quantum Strategic Partners; the firm injected USD 100.00 million into Sunnova back in March of last year. This was preceded by funding rounds from Energy Capital Partners, Triangle Peak Partners, Franklin Square Capital Partners and GSO Capital Partners. According to Zephyr, the M&A database published by Bureau van Dijk, there have been 91 deals targeting electrical contractors and other wiring installation contractors announced worldwide since the beginning of 2019. The largest of these was worth USD 386.62 million and took the form of an acquisition as Petroliam Nasional picked up India-headquartered solar power generation projects installation firm Amplus Energy Solutions. This was followed by a USD 47.05 million purchase of a 29.1 per cent stake in Cayman Islands-based Grandshores Technology Group from Morgan Hill Holdings by Trinity Gate and Zou Chendong. Other companies in the sector to have been targeted since the start of 2019 include Xi S&D, Surf Air Wireless and Summer Power International. © Zephus Ltd