Residential solar is becoming a more lucrative business as adoption rates grow (see below). Rooftop solar company Sunnova Energy Corporation, based in Texas, announced on June 13 that it raised almost $1 billion in three months after closing its latest round of funding.

Sunnova received $130 million in debt funding from CIT Group and other investors in the latest round. Prior to this, the company raised $80 million in a tax equity deal on March 14, $255 million in a private securitization offering and $360 million in a warehouse credit facility deal on April 24, and $80 million from a private notes offering on April 25.

Sunnova indicated it will use this money to launch new products, including the PowerStack solar+storage package for residential buildings and its solar ownership finance products, as well as to move into additional geographic markets.

"Sunnova is an established player in renewables and has been steadily increasing its market share over the years," said Mike Lorusso, managing director of CIT's Energy Finance group. "Their agile business model and demonstrable success delivering low-cost clean power created an ideal opportunity to add an energy leader to our investment portfolio."

"We started Sunnova with the promise of being a different kind of power company," Sunnova CFO Jordan Kozar added. "Our business model is predicated on offering consumers a choice in a market that has offered limited choices for nearly a century. That choice needs to be affordable and sustainable – two criteria we meet through our innovative and disciplined approach."

Meanwhile, the California energy market saw negative prices this year, which sent policymakers looking for solutions to what to do with the left-over renewable energy.

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