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KBRA Comments on Amendment to Sunnova's Loan Guarantee Agreement with DOE

1. Sunnova's loan guarantee amendment reduces it from $3.0B to $371.6M. 2. This may affect market confidence in solar financing and related companies.

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FAQ

Why Bearish?

The reduction in guarantees could signal financial instability, as seen in past adjustments weakening investor confidence.

How important is it?

The reduction in funding risks undermines investor confidence across solar energy providers, including NOVA.

Why Short Term?

Immediate market reactions are likely, with investors assessing Sunnova's financial health.

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NOVASunnova
NEW YORK--(BUSINESS WIRE)-- #creditratingagency--In an 8-K filing with the Securities and Exchange Commission on May 29, 2025, Sunnova Energy Corporation (Sunnova) disclosed that it had amended its Loan Guarantee Agreement with the U.S. Department of Energy (DOE) on May 22, 2025. The amendment reduced the maximum aggregate amount of partial guarantees from $3.0 billion to $371.6 million. This is equal to the total partial guarantees previously issued for Sunnova's two solar loan ABS transactions under Project Hestia.

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