Sunnova Energy International Inc. (NOVA) Announces Minimum Exposure to Silicon Valley Bank
Sunnova Energy International (NYSE:) Inc. (“Sunnova”) (NOVA), a leading provider of Energy as a Service (EaaS), is aware of recent media reports on Silicon Valley Bank (“SVB”) and questions investors may have as a result.
Sunnova considers its exposure to SVB to be immaterial. Sunnova does not hold cash or securities deposits with SVB and does not use SVB for any treasury management services. One of Sunnova’s subsidiaries is part of a credit facility (the “Back-Leverage Facility”) in which SVB participates as a lender. SVB currently has $15 million in unfunded commitments under the Leverage Fund. The back-leverage facility is one of three current storage facilities entered by Sunnova subsidiaries with current cumulative commitment amounts of $1.35 billion.