nova-2022093000017726952022Q3falseDecember 31http://fasb.org/us-gaap/2022#AccountingStandardsUpdate202006Memberhttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#LiabilitiesOtherThanLongtermDebtNoncurrenthttp://fasb.org/us-gaap/2022#LiabilitiesOtherThanLongtermDebtNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#LiabilitiesOtherThanLongtermDebtNoncurrenthttp://fasb.org/us-gaap/2022#LiabilitiesOtherThanLongtermDebtNoncurrenthttp://fasb.org/us-gaap/2022#LiabilitiesOtherThanLongtermDebtNoncurrenthttp://fasb.org/us-gaap/2022#LiabilitiesOtherThanLongtermDebtNoncurrent00017726952022-01-012022-09-3000017726952022-10-24xbrli:shares00017726952022-09-30iso4217:USD00017726952021-12-31iso4217:USDxbrli:shares0001772695us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-09-300001772695us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-3100017726952022-07-012022-09-3000017726952021-07-012021-09-3000017726952021-01-012021-09-3000017726952020-12-3100017726952021-09-300001772695us-gaap:CommonStockMember2020-12-310001772695nova:AdditionalPaidinCapitalCommonStockMember2020-12-310001772695us-gaap:RetainedEarningsMember2020-12-310001772695us-gaap:ParentMember2020-12-310001772695us-gaap:NoncontrollingInterestMember2020-12-3100017726952021-01-012021-03-310001772695us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001772695srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ParentMember2020-12-310001772695srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001772695us-gaap:RetainedEarningsMember2021-01-012021-03-310001772695us-gaap:ParentMember2021-01-012021-03-310001772695us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001772695us-gaap:CommonStockMember2021-01-012021-03-310001772695nova:AdditionalPaidinCapitalCommonStockMember2021-01-012021-03-3100017726952021-03-310001772695us-gaap:CommonStockMember2021-03-310001772695nova:AdditionalPaidinCapitalCommonStockMember2021-03-310001772695us-gaap:RetainedEarningsMember2021-03-310001772695us-gaap:ParentMember2021-03-310001772695us-gaap:NoncontrollingInterestMember2021-03-3100017726952021-04-012021-06-300001772695us-gaap:RetainedEarningsMember2021-04-012021-06-300001772695us-gaap:ParentMember2021-04-012021-06-300001772695us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001772695us-gaap:CommonStockMember2021-04-012021-06-300001772695nova:AdditionalPaidinCapitalCommonStockMember2021-04-012021-06-3000017726952021-06-300001772695us-gaap:CommonStockMember2021-06-300001772695nova:AdditionalPaidinCapitalCommonStockMember2021-06-300001772695us-gaap:RetainedEarningsMember2021-06-300001772695us-gaap:ParentMember2021-06-300001772695us-gaap:NoncontrollingInterestMember2021-06-300001772695us-gaap:RetainedEarningsMember2021-07-012021-09-300001772695us-gaap:ParentMember2021-07-012021-09-300001772695us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001772695us-gaap:CommonStockMember2021-07-012021-09-300001772695nova:AdditionalPaidinCapitalCommonStockMember2021-07-012021-09-300001772695us-gaap:CommonStockMember2021-09-300001772695nova:AdditionalPaidinCapitalCommonStockMember2021-09-300001772695us-gaap:RetainedEarningsMember2021-09-300001772695us-gaap:ParentMember2021-09-300001772695us-gaap:NoncontrollingInterestMember2021-09-300001772695us-gaap:CommonStockMember2021-12-310001772695nova:AdditionalPaidinCapitalCommonStockMember2021-12-310001772695us-gaap:RetainedEarningsMember2021-12-310001772695us-gaap:ParentMember2021-12-310001772695us-gaap:NoncontrollingInterestMember2021-12-3100017726952022-01-012022-03-310001772695us-gaap:RetainedEarningsMember2022-01-012022-03-310001772695us-gaap:ParentMember2022-01-012022-03-310001772695us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001772695us-gaap:CommonStockMember2022-01-012022-03-310001772695nova:AdditionalPaidinCapitalCommonStockMember2022-01-012022-03-3100017726952022-03-310001772695us-gaap:CommonStockMember2022-03-310001772695nova:AdditionalPaidinCapitalCommonStockMember2022-03-310001772695us-gaap:RetainedEarningsMember2022-03-310001772695us-gaap:ParentMember2022-03-310001772695us-gaap:NoncontrollingInterestMember2022-03-3100017726952022-04-012022-06-300001772695us-gaap:RetainedEarningsMember2022-04-012022-06-300001772695us-gaap:ParentMember2022-04-012022-06-300001772695us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001772695us-gaap:CommonStockMember2022-04-012022-06-300001772695nova:AdditionalPaidinCapitalCommonStockMember2022-04-012022-06-3000017726952022-06-300001772695us-gaap:CommonStockMember2022-06-300001772695nova:AdditionalPaidinCapitalCommonStockMember2022-06-300001772695us-gaap:RetainedEarningsMember2022-06-300001772695us-gaap:ParentMember2022-06-300001772695us-gaap:NoncontrollingInterestMember2022-06-300001772695us-gaap:RetainedEarningsMember2022-07-012022-09-300001772695us-gaap:ParentMember2022-07-012022-09-300001772695us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001772695us-gaap:CommonStockMember2022-07-012022-09-300001772695nova:AdditionalPaidinCapitalCommonStockMember2022-07-012022-09-300001772695us-gaap:CommonStockMember2022-09-300001772695nova:AdditionalPaidinCapitalCommonStockMember2022-09-300001772695us-gaap:RetainedEarningsMember2022-09-300001772695us-gaap:ParentMember2022-09-300001772695us-gaap:NoncontrollingInterestMember2022-09-30nova:customernova:state0001772695srt:MinimumMembernova:SolarServiceAgreementMember2022-01-012022-09-300001772695nova:SolarServiceAgreementMembersrt:MaximumMember2022-01-012022-09-300001772695nova:LeaseAgreementOptionOneMembernova:LeaseandPowerPurchaseAgreementPPAMember2022-01-012022-09-30nova:renewalOption0001772695nova:LeaseandPowerPurchaseAgreementPPAMembernova:LeaseAgreementOptionTwoMember2022-01-012022-09-3000017726952019-07-292022-09-300001772695nova:ModulesandInvertersMember2022-09-300001772695nova:ModulesandInvertersMember2021-12-310001772695nova:BatteriesandComponentsMember2022-09-300001772695nova:BatteriesandComponentsMember2021-12-310001772695nova:HomebuilderConstructionInProgressMember2022-09-300001772695nova:HomebuilderConstructionInProgressMember2021-12-310001772695nova:MetersAndModemsMember2022-09-300001772695nova:MetersAndModemsMember2021-12-310001772695nova:OtherInventoryMember2022-09-300001772695nova:OtherInventoryMember2021-12-310001772695us-gaap:FairValueMeasurementsRecurringMember2022-09-300001772695us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001772695us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001772695us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001772695us-gaap:FairValueMeasurementsRecurringMember2021-12-310001772695us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001772695us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001772695us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001772695nova:ContingentConsiderationLiabilityMember2021-12-310001772695nova:ContingentConsiderationLiabilityMember2020-12-310001772695nova:ContingentConsiderationLiabilityMember2022-01-012022-09-300001772695nova:ContingentConsiderationLiabilityMember2021-01-012021-09-300001772695nova:ContingentConsiderationLiabilityMember2022-09-300001772695nova:ContingentConsiderationLiabilityMember2021-09-300001772695us-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-09-30xbrli:pure0001772695nova:MeasurementInputRevenueRiskPremiumMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-09-300001772695us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-09-300001772695nova:MeasurementInputProbabilityOfSuccessMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-09-300001772695nova:PowerPurchaseAgreementPPAMember2022-07-012022-09-300001772695nova:PowerPurchaseAgreementPPAMember2021-07-012021-09-300001772695nova:PowerPurchaseAgreementPPAMember2022-01-012022-09-300001772695nova:PowerPurchaseAgreementPPAMember2021-01-012021-09-300001772695nova:LeaseRevenueMember2022-07-012022-09-300001772695nova:LeaseRevenueMember2021-07-012021-09-300001772695nova:LeaseRevenueMember2022-01-012022-09-300001772695nova:LeaseRevenueMember2021-01-012021-09-300001772695nova:InventorySalesRevenueMember2022-07-012022-09-300001772695nova:InventorySalesRevenueMember2021-07-012021-09-300001772695nova:InventorySalesRevenueMember2022-01-012022-09-300001772695nova:InventorySalesRevenueMember2021-01-012021-09-300001772695nova:SolarRenewableEnergyCertificateRevenueMember2022-07-012022-09-300001772695nova:SolarRenewableEnergyCertificateRevenueMember2021-07-012021-09-300001772695nova:SolarRenewableEnergyCertificateRevenueMember2022-01-012022-09-300001772695nova:SolarRenewableEnergyCertificateRevenueMember2021-01-012021-09-300001772695nova:CashSalesRevenueMember2022-07-012022-09-300001772695nova:CashSalesRevenueMember2021-07-012021-09-300001772695nova:CashSalesRevenueMember2022-01-012022-09-300001772695nova:CashSalesRevenueMember2021-01-012021-09-300001772695nova:EasyOwnProgramRevenueMember2022-07-012022-09-300001772695nova:EasyOwnProgramRevenueMember2021-07-012021-09-300001772695nova:EasyOwnProgramRevenueMember2022-01-012022-09-300001772695nova:EasyOwnProgramRevenueMember2021-01-012021-09-300001772695nova:OtherRevenueMember2022-07-012022-09-300001772695nova:OtherRevenueMember2021-07-012021-09-300001772695nova:OtherRevenueMember2022-01-012022-09-300001772695nova:OtherRevenueMember2021-01-012021-09-3000017726952022-10-012022-09-300001772695nova:PowerPurchaseAgreementPPAMembersrt:MinimumMember2022-01-012022-09-300001772695nova:PowerPurchaseAgreementPPAMembersrt:MaximumMember2022-01-012022-09-300001772695nova:PowerPurchaseAgreementPPAMembernova:LeaseAgreementOptionOneMember2022-01-012022-09-300001772695nova:PowerPurchaseAgreementPPAMembernova:LeaseAgreementOptionTwoMember2022-01-012022-09-300001772695nova:LeaseRevenueMembersrt:MinimumMember2022-01-012022-09-300001772695nova:LeaseRevenueMembersrt:MaximumMember2022-01-012022-09-300001772695nova:LeaseRevenueMembernova:LeaseAgreementOptionOneMember2022-01-012022-09-300001772695nova:LeaseRevenueMembernova:LeaseAgreementOptionTwoMember2022-01-012022-09-30utr:kWh0001772695nova:SolarRenewableEnergyCertificatesMember2021-12-310001772695nova:SolarRenewableEnergyCertificatesMember2022-09-300001772695srt:MaximumMembernova:OtherRevenueMember2022-01-012022-09-300001772695srt:MinimumMembernova:EasyOwnProgramRevenueMember2022-01-012022-09-300001772695nova:EasyOwnProgramRevenueMembersrt:MedianMember2022-01-012022-09-300001772695nova:EasyOwnProgramRevenueMembersrt:MaximumMember2022-01-012022-09-30nova:FICO_score0001772695nova:EasyOwnProgramRevenueMember2022-09-300001772695nova:EasyOwnProgramRevenueMember2021-12-310001772695nova:PowerPurchaseAgreementsandLeaseRevenueMember2022-09-300001772695nova:PowerPurchaseAgreementsandLeaseRevenueMember2021-12-310001772695nova:SolarReceivablesMember2022-09-300001772695nova:SolarReceivablesMember2021-12-310001772695us-gaap:ElectricGenerationEquipmentMember2022-01-012022-09-300001772695us-gaap:ElectricGenerationEquipmentMember2022-09-300001772695us-gaap:ElectricGenerationEquipmentMember2021-12-310001772695us-gaap:ConstructionInProgressMember2022-09-300001772695us-gaap:ConstructionInProgressMember2021-12-310001772695nova:AssetRetirementObligationsMember2022-01-012022-09-300001772695nova:AssetRetirementObligationsMember2022-09-300001772695nova:AssetRetirementObligationsMember2021-12-310001772695us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2022-01-012022-09-300001772695us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2022-09-300001772695us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2021-12-310001772695srt:MinimumMemberus-gaap:OfficeEquipmentMember2022-01-012022-09-300001772695us-gaap:OfficeEquipmentMembersrt:MaximumMember2022-01-012022-09-300001772695us-gaap:OfficeEquipmentMember2022-09-300001772695us-gaap:OfficeEquipmentMember2021-12-310001772695srt:MinimumMemberus-gaap:LeaseholdImprovementsMember2022-01-012022-09-300001772695srt:MaximumMemberus-gaap:LeaseholdImprovementsMember2022-01-012022-09-300001772695us-gaap:LeaseholdImprovementsMember2022-09-300001772695us-gaap:LeaseholdImprovementsMember2021-12-310001772695us-gaap:FurnitureAndFixturesMember2022-01-012022-09-300001772695us-gaap:FurnitureAndFixturesMember2022-09-300001772695us-gaap:FurnitureAndFixturesMember2021-12-310001772695srt:MinimumMemberus-gaap:VehiclesMember2022-01-012022-09-300001772695srt:MaximumMemberus-gaap:VehiclesMember2022-01-012022-09-300001772695us-gaap:VehiclesMember2022-09-300001772695us-gaap:VehiclesMember2021-12-310001772695srt:MinimumMemberus-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2022-01-012022-09-300001772695us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMembersrt:MaximumMember2022-01-012022-09-300001772695us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2022-09-300001772695us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2021-12-310001772695nova:OtherNaturalDisasterRelatedChargesMember2022-01-012022-09-300001772695nova:OtherNaturalDisasterRelatedChargesMember2021-01-012021-09-300001772695nova:NaturalDisasterLossesMember2022-01-012022-09-300001772695nova:NaturalDisasterLossesMember2021-01-012021-09-300001772695us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001772695us-gaap:NotesReceivableMember2022-09-300001772695us-gaap:NotesReceivableMember2021-12-310001772695us-gaap:NotesReceivableMember2022-07-012022-09-300001772695us-gaap:NotesReceivableMember2021-07-012021-09-300001772695us-gaap:NotesReceivableMember2022-01-012022-09-300001772695us-gaap:NotesReceivableMember2021-01-012021-09-300001772695nova:FinancialAsset190DaysPastDueMember2022-09-300001772695nova:FinancialAsset190DaysPastDueMember2021-12-310001772695nova:FinancialAsset91180DaysPastDueMember2022-09-300001772695nova:FinancialAsset91180DaysPastDueMember2021-12-310001772695nova:FinancialAssetGreaterThan180DaysPastDueMember2022-09-300001772695nova:FinancialAssetGreaterThan180DaysPastDueMember2021-12-310001772695us-gaap:FinancialAssetPastDueMember2022-09-300001772695us-gaap:FinancialAssetPastDueMember2021-12-310001772695us-gaap:FinancialAssetNotPastDueMember2022-09-300001772695us-gaap:FinancialAssetNotPastDueMember2021-12-310001772695us-gaap:PerformingFinancingReceivableMember2022-09-300001772695us-gaap:NonperformingFinancingReceivableMember2022-09-300001772695nova:ZeroPointTwentyFiveSeniorConvertibleNotesDueDecemberTwentyTwentySixMemberus-gaap:ConvertibleDebtMembernova:SEIMember2022-09-300001772695nova:ZeroPointTwentyFiveSeniorConvertibleNotesDueDecemberTwentyTwentySixMemberus-gaap:ConvertibleDebtMembernova:SEIMember2022-01-012022-09-300001772695nova:ZeroPointTwentyFiveSeniorConvertibleNotesDueDecemberTwentyTwentySixMemberus-gaap:ConvertibleDebtMembernova:SEIMember2021-01-012021-12-310001772695nova:ZeroPointTwentyFiveSeniorConvertibleNotesDueDecemberTwentyTwentySixMemberus-gaap:ConvertibleDebtMembernova:SEIMember2021-12-310001772695us-gaap:ConvertibleDebtMembernova:SEIMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2022-09-300001772695us-gaap:ConvertibleDebtMembernova:SEIMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2022-01-012022-09-300001772695us-gaap:ConvertibleDebtMembernova:SEIMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2021-01-012021-12-310001772695us-gaap:ConvertibleDebtMembernova:SEIMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2021-12-310001772695us-gaap:ConvertibleDebtMembernova:SEIMember2022-09-300001772695us-gaap:ConvertibleDebtMembernova:SEIMember2021-12-310001772695us-gaap:SeniorNotesMembernova:SunnovaEnergyCorporationMembernova:FivePointEightSevenFiveSeniorNotesDueSeptemberTwentyTwentySixMember2022-09-300001772695us-gaap:SeniorNotesMembernova:SunnovaEnergyCorporationMembernova:FivePointEightSevenFiveSeniorNotesDueSeptemberTwentyTwentySixMember2022-01-012022-09-300001772695us-gaap:SeniorNotesMembernova:SunnovaEnergyCorporationMembernova:FivePointEightSevenFiveSeniorNotesDueSeptemberTwentyTwentySixMember2021-01-012021-12-310001772695us-gaap:SeniorNotesMembernova:SunnovaEnergyCorporationMembernova:FivePointEightSevenFiveSeniorNotesDueSeptemberTwentyTwentySixMember2021-12-310001772695nova:SunnovaEnergyCorporationMember2022-09-300001772695nova:SunnovaEnergyCorporationMember2021-12-310001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-01-012022-09-300001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-12-310001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001772695nova:HeliosIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-01-012022-09-300001772695nova:HeliosIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-09-300001772695nova:HeliosIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-01-012021-12-310001772695nova:HeliosIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001772695nova:HeliosIIIssuerLLCMember2022-09-300001772695nova:HeliosIIIssuerLLCMember2021-12-310001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaRAYSIIssuerLLCMember2022-01-012022-09-300001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaRAYSIIssuerLLCMember2022-09-300001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaRAYSIIssuerLLCMember2021-01-012021-12-310001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaRAYSIIssuerLLCMember2021-12-310001772695nova:SunnovaRAYSIIssuerLLCMember2022-09-300001772695nova:SunnovaRAYSIIssuerLLCMember2021-12-310001772695nova:HeliosIIIIssuerLLCMembernova:LoanBackedNotesMember2022-01-012022-09-300001772695nova:HeliosIIIIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosIIIIssuerLLCMembernova:LoanBackedNotesMember2021-01-012021-12-310001772695nova:HeliosIIIIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:HeliosIIIIssuerLLCMember2022-09-300001772695nova:HeliosIIIIssuerLLCMember2021-12-310001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-01-012022-09-300001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-12-310001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001772695nova:SunnovaTEPHoldingsLLCMember2022-09-300001772695nova:SunnovaTEPHoldingsLLCMember2021-12-310001772695nova:SunnovaSolIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-01-012022-09-300001772695nova:SunnovaSolIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-09-300001772695nova:SunnovaSolIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-01-012021-12-310001772695nova:SunnovaSolIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001772695nova:SunnovaSolIssuerLLCMember2022-09-300001772695nova:SunnovaSolIssuerLLCMember2021-12-310001772695nova:HeliosIVIssuerLLCMembernova:LoanBackedNotesMember2022-01-012022-09-300001772695nova:HeliosIVIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosIVIssuerLLCMembernova:LoanBackedNotesMember2021-01-012021-12-310001772695nova:HeliosIVIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:HeliosIVIssuerLLCMember2022-09-300001772695nova:HeliosIVIssuerLLCMember2021-12-310001772695nova:SunnovaAssetPortfolio8LLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-01-012022-09-300001772695nova:SunnovaAssetPortfolio8LLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001772695nova:SunnovaAssetPortfolio8LLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-12-310001772695nova:SunnovaAssetPortfolio8LLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001772695nova:SunnovaSolIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-01-012022-09-300001772695nova:SunnovaSolIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-09-300001772695nova:SunnovaSolIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-01-012021-12-310001772695nova:SunnovaSolIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001772695nova:SunnovaSolIIIssuerLLCMember2022-09-300001772695nova:SunnovaSolIIIssuerLLCMember2021-12-310001772695nova:HeliosVIssuerLLCMembernova:LoanBackedNotesMember2022-01-012022-09-300001772695nova:HeliosVIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosVIssuerLLCMembernova:LoanBackedNotesMember2021-01-012021-12-310001772695nova:HeliosVIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:HeliosVIssuerLLCMember2022-09-300001772695nova:HeliosVIssuerLLCMember2021-12-310001772695nova:SunnovaSolIIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-01-012022-09-300001772695nova:SunnovaSolIIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-09-300001772695nova:SunnovaSolIIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-01-012021-12-310001772695nova:SunnovaSolIIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001772695nova:SunnovaSolIIIIssuerLLCMember2022-09-300001772695nova:SunnovaSolIIIIssuerLLCMember2021-12-310001772695nova:HeliosVIIssuerLLCMembernova:LoanBackedNotesMember2022-01-012022-09-300001772695nova:HeliosVIIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosVIIssuerLLCMembernova:LoanBackedNotesMember2021-01-012021-12-310001772695nova:HeliosVIIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:HeliosVIIssuerLLCMember2022-09-300001772695nova:HeliosVIIssuerLLCMember2021-12-310001772695nova:HeliosVIIIssuerLLCMembernova:LoanBackedNotesMember2022-01-012022-09-300001772695nova:HeliosVIIIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosVIIIssuerLLCMembernova:LoanBackedNotesMember2021-01-012021-12-310001772695nova:HeliosVIIIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:HeliosVIIIssuerLLCMember2022-09-300001772695nova:HeliosVIIIssuerLLCMember2021-12-310001772695nova:HeliosVIIIIssuerLLCMembernova:LoanBackedNotesMember2022-01-012022-09-300001772695nova:HeliosVIIIIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosVIIIIssuerLLCMembernova:LoanBackedNotesMember2021-01-012021-12-310001772695nova:HeliosVIIIIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:HeliosVIIIIssuerLLCMember2022-09-300001772695nova:HeliosVIIIIssuerLLCMember2021-12-310001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaSolIVIssuerLLCMember2022-01-012022-09-300001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaSolIVIssuerLLCMember2022-09-300001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaSolIVIssuerLLCMember2021-01-012021-12-310001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaSolIVIssuerLLCMember2021-12-310001772695nova:SunnovaSolIVIssuerLLCMember2022-09-300001772695nova:SunnovaSolIVIssuerLLCMember2021-12-310001772695nova:LoanBackedNotesMembernova:SunnovaHeliosIXIssuerLLCMember2022-01-012022-09-300001772695nova:LoanBackedNotesMembernova:SunnovaHeliosIXIssuerLLCMember2022-09-300001772695nova:LoanBackedNotesMembernova:SunnovaHeliosIXIssuerLLCMember2021-01-012021-12-310001772695nova:LoanBackedNotesMembernova:SunnovaHeliosIXIssuerLLCMember2021-12-310001772695nova:SunnovaHeliosIXIssuerLLCMember2022-09-300001772695nova:SunnovaHeliosIXIssuerLLCMember2021-12-310001772695nova:HeliosVIIIIssuerLLCMembernova:AssetBackedSecuritiesSecuritizedLoansAndReceivables2022AClassAMember2022-02-280001772695nova:HeliosVIIIIssuerLLCMembernova:AssetBackedSecuritiesSecuritizedLoansAndReceivables2022AClassBMember2022-02-280001772695nova:HeliosVIIIIssuerLLCMembernova:AssetBackedSecuritiesSecuritizedLoansAndReceivables2022AClassCMember2022-02-280001772695nova:HeliosVIIIIssuerLLCMembernova:AssetBackedSecuritiesSecuritizedLoansAndReceivables2022AClassAMember2022-02-012022-02-280001772695nova:HeliosVIIIIssuerLLCMembernova:AssetBackedSecuritiesSecuritizedLoansAndReceivables2022AClassBMember2022-02-012022-02-280001772695nova:HeliosVIIIIssuerLLCMembernova:AssetBackedSecuritiesSecuritizedLoansAndReceivables2022AClassCMember2022-02-012022-02-280001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMember2019-12-310001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMember2022-06-300001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-03-310001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-07-310001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMember2022-08-310001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-08-310001772695nova:SunnovaEZOwnPortfolioLLCMember2022-08-012022-08-310001772695nova:AssetBackedSecuritiesSecuritizedLoansAndReceivables20221AClassAMembernova:SunnovaSolIVIssuerLLCMember2022-06-300001772695nova:SunnovaSolIVIssuerLLCMembernova:AssetBackedSecuritiesSecuritizedLoansAndReceivables20221AClassBMember2022-06-300001772695nova:AssetBackedSecuritiesSecuritizedLoansAndReceivables20221AClassAMembernova:SunnovaSolIVIssuerLLCMember2022-06-012022-06-300001772695nova:SunnovaSolIVIssuerLLCMembernova:AssetBackedSecuritiesSecuritizedLoansAndReceivables20221AClassBMember2022-06-012022-06-300001772695nova:SunnovaTEPHoldingsLLCMember2022-06-012022-06-300001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-10-310001772695nova:SolarLoanBackedSecuritizedLoansAndReceivables2022BClassAMembernova:SunnovaHeliosIXIssuerLLCMember2022-08-310001772695nova:SolarLoanBackedSecuritizedLoansAndReceivables2022BClassBMembernova:SunnovaHeliosIXIssuerLLCMember2022-08-310001772695nova:SolarLoanBackedSecuritizedLoansAndReceivables2022BClassAMembernova:SunnovaHeliosIXIssuerLLCMember2022-08-012022-08-310001772695nova:SolarLoanBackedSecuritizedLoansAndReceivables2022BClassBMembernova:SunnovaHeliosIXIssuerLLCMember2022-08-012022-08-310001772695us-gaap:ConvertibleDebtMembernova:SEIMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2022-08-310001772695us-gaap:ConvertibleDebtMembernova:SEIMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2022-08-012022-08-3100017726952022-08-012022-08-310001772695nova:ZeroPointTwentyFiveSeniorConvertibleNotesDueDecemberTwentyTwentySixMemberus-gaap:ConvertibleDebtMembernova:SEIMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:ZeroPointTwentyFiveSeniorConvertibleNotesDueDecemberTwentyTwentySixMemberus-gaap:ConvertibleDebtMembernova:SEIMember2022-09-300001772695nova:ZeroPointTwentyFiveSeniorConvertibleNotesDueDecemberTwentyTwentySixMemberus-gaap:ConvertibleDebtMembernova:SEIMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:ZeroPointTwentyFiveSeniorConvertibleNotesDueDecemberTwentyTwentySixMemberus-gaap:ConvertibleDebtMembernova:SEIMember2021-12-310001772695us-gaap:ConvertibleDebtMembernova:SEIMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMembernova:SEIMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2022-09-300001772695us-gaap:ConvertibleDebtMembernova:SEIMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMembernova:SEIMembernova:TwoPointSixTwoFiveSeniorConvertibleNotesDueFebruaryTwentyTwentyEightMember2021-12-310001772695us-gaap:ConvertibleDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:SunnovaEnergyCorporationMembernova:FivePointEightSevenFiveSeniorNotesDueSeptemberTwentyTwentySixMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMembernova:SunnovaEnergyCorporationMembernova:FivePointEightSevenFiveSeniorNotesDueSeptemberTwentyTwentySixMember2022-09-300001772695us-gaap:ConvertibleDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:SunnovaEnergyCorporationMembernova:FivePointEightSevenFiveSeniorNotesDueSeptemberTwentyTwentySixMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMembernova:SunnovaEnergyCorporationMembernova:FivePointEightSevenFiveSeniorNotesDueSeptemberTwentyTwentySixMember2021-12-310001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:SunnovaEZOwnPortfolioLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001772695nova:HeliosIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-09-300001772695nova:HeliosIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaRAYSIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMembernova:SunnovaRAYSIIssuerLLCMember2022-09-300001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaRAYSIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMembernova:SunnovaRAYSIIssuerLLCMember2021-12-310001772695nova:HeliosIIIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosIIIIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosIIIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosIIIIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:SunnovaTEPHoldingsLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:SunnovaTEPHoldingsLLCMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001772695nova:SunnovaSolIssuerLLCMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:SunnovaSolIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-09-300001772695nova:SunnovaSolIssuerLLCMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:SunnovaSolIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001772695nova:HeliosIVIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosIVIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosIVIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosIVIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:SunnovaSolIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695nova:SunnovaSolIIIssuerLLCMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2022-09-300001772695nova:SunnovaSolIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695nova:SunnovaSolIIIssuerLLCMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001772695nova:HeliosVIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosVIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosVIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosVIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:SunnovaSolIIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:SunnovaSolIIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2022-09-300001772695nova:SunnovaSolIIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:SunnovaSolIIIIssuerLLCMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001772695nova:HeliosVIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosVIIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosVIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosVIIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:HeliosVIIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosVIIIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosVIIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosVIIIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695nova:HeliosVIIIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosVIIIIssuerLLCMembernova:LoanBackedNotesMember2022-09-300001772695nova:HeliosVIIIIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:HeliosVIIIIssuerLLCMembernova:LoanBackedNotesMember2021-12-310001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaSolIVIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMembernova:SunnovaSolIVIssuerLLCMember2022-09-300001772695us-gaap:AssetBackedSecuritiesMembernova:SunnovaSolIVIssuerLLCMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMembernova:SunnovaSolIVIssuerLLCMember2021-12-310001772695us-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMembernova:SunnovaHeliosIXIssuerLLCMember2022-09-300001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:LoanBackedNotesMembernova:SunnovaHeliosIXIssuerLLCMember2022-09-300001772695us-gaap:CarryingReportedAmountFairValueDisclosureMembernova:LoanBackedNotesMembernova:SunnovaHeliosIXIssuerLLCMember2021-12-310001772695us-gaap:EstimateOfFairValueFairValueDisclosureMembernova:LoanBackedNotesMembernova:SunnovaHeliosIXIssuerLLCMember2021-12-310001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:InterestRateSwapMember2022-09-300001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:InterestRateSwapMember2021-09-300001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300001772695nova:SunnovaEZOwnPortfolioLLCMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:InterestRateSwapMember2022-09-300001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:InterestRateSwapMember2021-09-300001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300001772695nova:SunnovaEZOwnPortfolioLLCMembernova:InterestRateSwapOneMember2022-09-300001772695nova:SunnovaEZOwnPortfolioLLCMembernova:InterestRateSwapOneMember2021-12-310001772695nova:InterestRateSwapTwoMembernova:SunnovaTEPHoldingsLLCMembersrt:MinimumMember2022-09-300001772695nova:InterestRateSwapTwoMembernova:SunnovaTEPHoldingsLLCMembersrt:MaximumMember2022-09-300001772695nova:InterestRateSwapTwoMembernova:SunnovaTEPHoldingsLLCMember2022-09-300001772695nova:InterestRateSwapTwoMembernova:SunnovaTEPHoldingsLLCMembersrt:MinimumMember2021-12-310001772695nova:InterestRateSwapTwoMembernova:SunnovaTEPHoldingsLLCMembersrt:MaximumMember2021-12-310001772695nova:InterestRateSwapTwoMembernova:SunnovaTEPHoldingsLLCMember2021-12-310001772695us-gaap:InterestRateSwapMember2022-09-300001772695us-gaap:InterestRateSwapMember2021-12-310001772695us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2022-09-300001772695us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2021-12-310001772695us-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2022-07-012022-09-300001772695us-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2021-07-012021-09-300001772695us-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2022-01-012022-09-300001772695us-gaap:InterestExpenseMemberus-gaap:InterestRateContractMember2021-01-012021-09-300001772695nova:SunnovaTEP6ELLCMembernova:ClassAMembersMember2022-05-012022-05-310001772695nova:SunnovaTEP6BMembernova:ClassAMembersMember2022-02-012022-02-280001772695nova:ClassAMembersMembernova:SunnovaTEP6DMember2022-09-012022-09-300001772695nova:SunStreetEnergyGroupLLCMember2022-04-012022-04-300001772695nova:LongTermIncentivePlanMember2022-02-012022-02-280001772695nova:LongTermIncentivePlanMember2021-12-310001772695us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001772695us-gaap:RestrictedStockUnitsRSUMember2021-12-310001772695us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001772695us-gaap:RestrictedStockUnitsRSUMember2022-09-300001772695us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001772695us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001772695us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001772695us-gaap:EmployeeStockMember2022-05-310001772695us-gaap:EmployeeStockMember2022-05-012022-05-310001772695us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001772695us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001772695us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001772695us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001772695us-gaap:ConvertibleDebtMember2022-07-012022-09-300001772695us-gaap:ConvertibleDebtMember2021-07-012021-09-300001772695us-gaap:ConvertibleDebtMember2022-01-012022-09-300001772695us-gaap:ConvertibleDebtMember2021-01-012021-09-300001772695us-gaap:PerformanceGuaranteeMember2022-09-300001772695us-gaap:PerformanceGuaranteeMember2021-12-310001772695us-gaap:PerformanceGuaranteeMember2020-12-310001772695us-gaap:PerformanceGuaranteeMember2022-01-012022-09-300001772695us-gaap:PerformanceGuaranteeMember2021-01-012021-09-300001772695us-gaap:PerformanceGuaranteeMember2021-09-300001772695nova:LongTermDealerCommitmentsMember2022-09-3000017726952021-12-012021-12-31utr:MWh0001772695srt:MinimumMember2022-01-012022-09-300001772695srt:MaximumMember2022-01-012022-09-300001772695nova:SunnovaTEPHoldingsLLCMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-10-270001772695nova:SunnovaTEP6CMembernova:ClassAMembersMemberus-gaap:SubsequentEventMember2022-10-012022-10-270001772695nova:ClassAMembersMemberus-gaap:SubsequentEventMembernova:SunnovaTEP6DMember2022-10-012022-10-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
_______________________________________________________________________________
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________ to _________
Commission File Number: 001-38995
_______________________________________________________________________________
Sunnova Energy International Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________
| | | | | | | | | | | | | | |
Delaware | | 30-1192746 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification Number) |
20 East Greenway Plaza, Suite 540
Houston, Texas 77046
(Address, including zip code, of principal executive offices)
(281) 892-1588
(Registrant's telephone number, including area code)
_______________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Common Stock, $0.0001 par value per share | NOVA | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The registrant had 114,909,899 shares of common stock outstanding as of October 24, 2022.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Unless the context otherwise requires, the terms "Sunnova," "the Company," "we," "us" and "our" refer to Sunnova Energy International Inc. ("SEI") and its consolidated subsidiaries. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "future," "goal," "intend," "likely," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this report include, but are not limited to, statements about:
•our future operations and financial performance following the acquisition of SunStreet Energy Group, LLC, a Delaware limited liability company ("SunStreet");
•the effects of the coronavirus ("COVID-19") pandemic on our business and operations, results of operations and financial position;
•the impact of Hurricane Fiona and Hurricane Ian on our business and operations, results of operations and financial position;
•federal, state and local statutes, regulations and policies;
•determinations of the Internal Revenue Service ("IRS") of the fair market value of our solar energy systems;
•the price of centralized utility-generated electricity and electricity from other sources and technologies;
•technical and capacity limitations imposed by operators of the power grid;
•the availability of tax rebates, credits and incentives, including changes to the rates of, or expiration of, federal tax credits and the availability of related safe harbors;
•our need and ability to raise capital to finance the installation and acquisition of distributed residential solar energy systems, refinance existing debt or otherwise meet our liquidity needs;
•our expectations concerning relationships with third parties, including the attraction, retention, performance and continued existence of our dealers;
•our ability to manage our supply chains and distribution channels and the impact of natural disasters and other events beyond our control, such as hurricanes and the COVID-19 pandemic;
•our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets;
•our investment in our platform and new product offerings and the demand for and expected benefits of our platform and product offerings;
•the ability of our solar energy systems, energy storage systems or other product offerings to operate or deliver energy for any reason, including if interconnection or transmission facilities on which we rely become unavailable;
•our ability to maintain our brand and protect our intellectual property and customer data;
•our ability to manage the cost of solar energy systems, energy storage systems and our service offerings;
•the willingness of and ability of our dealers and suppliers to fulfill their respective warranty and other contractual obligations;
•our expectations regarding litigation and administrative proceedings; and
•our ability to renew or replace expiring, canceled or terminated solar service agreements at favorable rates or on a long-term basis.
Our actual results and timing of these events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those discussed under "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations, except as required by law.
TABLE OF CONTENTS
| | | | | | | | |
| | Page |
PART I - FINANCIAL INFORMATION |
Item 1. | | |
| | |
| | |
| | |
| | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
| | |
PART II - OTHER INFORMATION |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
| | |
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts and share par values)
| | | | | | | | | | | |
| As of September 30, 2022 | | As of December 31, 2021 |
| |
| | | |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 412,581 | | | $ | 243,101 | |
Accounts receivable—trade, net | 35,743 | | | 18,584 | |
Accounts receivable—other | 152,942 | | | 57,736 | |
| | | |
Other current assets, net of allowance of $5,306 and $1,646 as of September 30, 2022 and December 31, 2021, respectively | 336,047 | | | 296,321 | |
Total current assets | 937,313 | | | 615,742 | |
| | | |
Property and equipment, net | 3,537,177 | | | 2,909,613 | |
Customer notes receivable, net of allowance of $62,682 and $39,492 as of September 30, 2022 and December 31, 2021, respectively | 2,072,264 | | | 1,204,073 | |
Intangible assets, net | 169,187 | | | 190,520 | |
Goodwill | 13,150 | | | 13,150 | |
Other assets | 920,634 | | | 571,136 | |
Total assets (1) | $ | 7,649,725 | | | $ | 5,504,234 | |
| | | |
Liabilities, Redeemable Noncontrolling Interests and Equity | | | |
Current liabilities: | | | |
Accounts payable | $ | 94,647 | | | $ | 55,033 | |
Accrued expenses | 121,195 | | | 81,721 | |
Current portion of long-term debt | 191,131 | | | 129,793 | |
Other current liabilities | 51,093 | | | 44,350 | |
Total current liabilities | 458,066 | | | 310,897 | |
| | | |
Long-term debt, net | 4,807,107 | | | 3,135,681 | |
Other long-term liabilities | 631,137 | | | 436,043 | |
Total liabilities (1) | 5,896,310 | | | 3,882,621 | |
| | | |
Commitments and contingencies (Note 15) | | | |
| | | |
Redeemable noncontrolling interests | 153,469 | | | 145,336 | |
| | | |
Stockholders' equity: | | | |
Common stock, 114,895,870 and 113,386,600 shares issued as of September 30, 2022 and December 31, 2021, respectively, at $0.0001 par value | 11 | | | 11 | |
Additional paid-in capital—common stock | 1,633,507 | | | 1,649,199 | |
Accumulated deficit | (387,073) | | | (459,715) | |
Total stockholders' equity | 1,246,445 | | | 1,189,495 | |
Noncontrolling interests | 353,501 | | | 286,782 | |
Total equity | 1,599,946 | | | 1,476,277 | |
Total liabilities, redeemable noncontrolling interests and equity | $ | 7,649,725 | | | $ | 5,504,234 | |
(1) The consolidated assets as of September 30, 2022 and December 31, 2021 include $2,721,620 and $2,148,398, respectively, of assets of variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. These assets include cash of $33,695 and $23,538 as of September 30, 2022 and December 31, 2021, respectively; accounts receivable—trade, net of $9,834 and $6,167 as of September 30, 2022 and December 31, 2021, respectively; accounts receivable—other of $739 and $410 as of September 30, 2022 and December 31, 2021, respectively; other current assets of $273,175 and $272,421 as of September 30, 2022 and December 31, 2021, respectively; property and equipment, net of $2,362,041 and $1,817,471 as of September 30, 2022 and December 31, 2021, respectively; and other assets of $42,136 and $28,391 as of September 30, 2022 and December 31, 2021, respectively. The consolidated liabilities as of September 30, 2022 and December 31, 2021 include $59,908 and $47,225, respectively, of liabilities of VIEs whose creditors have no recourse to Sunnova Energy International Inc. These liabilities include accounts payable of $8,965 and $6,014 as of September 30, 2022 and December 31, 2021, respectively; accrued expenses of $178 and $88 as of September 30, 2022 and December 31, 2021, respectively; other current liabilities of $2,894 and $3,845 as of September 30, 2022 and December 31, 2021, respectively; and other long-term liabilities of $47,871 and $37,278 as of September 30, 2022 and December 31, 2021, respectively.
See accompanying notes to unaudited condensed consolidated financial statements.
SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 | | |
Revenue | $ | 149,364 | | | $ | 68,901 | | | $ | 362,098 | | | $ | 176,733 | | | |
| | | | | | | | | |
Operating expense: | | | | | | | | | |
Cost of revenue—depreciation | 24,663 | | | 19,665 | | | 69,935 | | | 55,621 | | | |
Cost of revenue—inventory sales | 40,917 | | | — | | | 89,884 | | | — | | | |
Cost of revenue—other | 15,567 | | | 7,342 | | | 32,974 | | | 13,572 | | | |
Operations and maintenance | 9,774 | | | 6,035 | | | 23,787 | | | 14,640 | | | |
General and administrative | 75,897 | | | 53,372 | | | 214,362 | | | 144,028 | | | |
Other operating expense (income) | 10,267 | | | (9,337) | | | (4,186) | | | (5,303) | | | |
Total operating expense, net | 177,085 | | | 77,077 | | | 426,756 | | | 222,558 | | | |
| | | | | | | | | |
Operating loss | (27,721) | | | (8,176) | | | (64,658) | | | (45,825) | | | |
| | | | | | | | | |
Interest expense, net | 18,328 | | | 26,588 | | | 36,275 | | | 84,748 | | | |
| | | | | | | | | |
Interest income | (16,185) | | | (9,098) | | | (40,428) | | | (24,266) | | | |
Loss on extinguishment of long-term debt, net | — | | | — | | | — | | | 9,824 | | | |
| | | | | | | | | |
Other (income) expense | (12) | | | 189 | | | (327) | | | 60 | | | |
Loss before income tax | (29,852) | | | (25,855) | | | (60,178) | | | (116,191) | | | |
| | | | | | | | | |
Income tax expense | — | | | 64 | | | — | | | 64 | | | |
Net loss | (29,852) | | | (25,919) | | | (60,178) | | | (116,255) | | | |
Net income attributable to redeemable noncontrolling interests and noncontrolling interests | 32,195 | | | 1,622 | | | 72,455 | | | 7,665 | | | |
Net loss attributable to stockholders | $ | (62,047) | | | $ | (27,541) | | | $ | (132,633) | | | $ | (123,920) | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Net loss per share attributable to common stockholders—basic and diluted | $ | (0.54) | | | $ | (0.25) | | | $ | (1.16) | | | $ | (1.12) | | | |
Weighted average common shares outstanding—basic and diluted | 114,816,879 | | | 112,159,698 | | | 114,293,251 | | | 110,185,333 | | | |
See accompanying notes to unaudited condensed consolidated financial statements.
SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| | | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2022 | | 2021 | | |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | |
Net loss | $ | (60,178) | | | $ | (116,255) | | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | |
Depreciation | 78,401 | | | 62,286 | | | |
Impairment and loss on disposals, net | 2,971 | | | 3,522 | | | |
Amortization of intangible assets | 21,333 | | | 14,111 | | | |
Amortization of deferred financing costs | 9,690 | | | 11,556 | | | |
Amortization of debt discount | 6,273 | | | 8,231 | | | |
| | | | | |
Non-cash effect of equity-based compensation plans | 20,059 | | | 13,937 | | | |
| | | | | |
| | | | | |
Unrealized gain on derivatives | (35,685) | | | (5,574) | | | |
Unrealized gain on fair value instruments | (4,136) | | | (4,665) | | | |
Loss on extinguishment of long-term debt, net | — | | | 9,824 | | | |
| | | | | |
Other non-cash items | (14,087) | | | 12,622 | | | |
Changes in components of operating assets and liabilities: | | | | | |
Accounts receivable | (100,537) | | | (27,194) | | | |
| | | | | |
Other current assets | (139,946) | | | (99,731) | | | |
Other assets | (84,142) | | | (41,404) | | | |
Accounts payable | 1,403 | | | (5,226) | | | |
Accrued expenses | 41,571 | | | 19,923 | | | |
Other current liabilities | (4,243) | | | (1,617) | | | |
| | | | | |
| | | | | |
Other long-term liabilities | (4,542) | | | (1,193) | | | |
Net cash used in operating activities | (265,795) | | | (146,847) | | | |
| | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | |
Purchases of property and equipment | (637,556) | | | (344,044) | | | |
Payments for investments and customer notes receivable | (902,773) | | | (553,475) | | | |
Proceeds from customer notes receivable | 79,870 | | | 47,300 | | | |
| | | | | |
Proceeds from investments in solar receivables | 9,388 | | | — | | | |
| | | | | |
Other, net | (282) | | | 3,038 | | | |
Net cash used in investing activities | (1,451,353) | | | (847,181) | | | |
| | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | |
Proceeds from long-term debt | 2,308,033 | | | 1,890,185 | | | |
Payments of long-term debt | (571,261) | | | (815,710) | | | |
| | | | | |
| | | | | |
Payments on notes payable | — | | | (34,555) | | | |
Payments of deferred financing costs | (24,748) | | | (27,031) | | | |
Payments of debt discounts | — | | | (2,324) | | | |
Purchase of capped call transactions | (48,420) | | | (91,655) | | | |
Proceeds from issuance of common stock, net | (3,345) | | | 9,911 | | | |
| | | | | |
| | | | | |
Contributions from redeemable noncontrolling interests and noncontrolling interests | 236,661 | | | 226,432 | | | |
Distributions to redeemable noncontrolling interests and noncontrolling interests | (20,847) | | | (10,407) | | | |
Payments of costs related to redeemable noncontrolling interests and noncontrolling interests | (10,380) | | | (8,159) | | | |
Other, net | (601) | | | (283) | | | |
Net cash provided by financing activities | 1,865,092 | | | 1,136,404 | | | |
Net increase in cash, cash equivalents and restricted cash | 147,944 | | | 142,376 | | | |
Cash, cash equivalents and restricted cash at beginning of period | 391,897 | | | 377,893 | | | |
Cash, cash equivalents and restricted cash at end of period | 539,841 | | | 520,269 | | | |
Restricted cash included in other current assets | (14,584) | | | (52,042) | | | |
Restricted cash included in other assets | (112,676) | | | (60,071) | | | |
Cash and cash equivalents at end of period | $ | 412,581 | | | $ | 408,156 | | | |
| | | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2022 | | 2021 | | |
Non-cash investing and financing activities: | | | | | |
| | | | | |
Change in accounts payable and accrued expenses related to purchases of property and equipment | $ | 14,019 | | | $ | 50,057 | | | |
Change in accounts payable and accrued expenses related to payments for investments and customer notes receivable | $ | 21,750 | | | $ | (37,086) | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Non-cash issuance of common stock related to the settlement of contingent consideration | $ | 16,014 | | | $ | — | | | |
Non-cash conversion of convertible senior notes for common stock | $ | — | | | $ | 95,648 | | | |
| | | | | |
Supplemental cash flow information: | | | | | |
Cash paid for interest | $ | 105,375 | | | $ | 70,415 | | | |
Cash paid for income taxes | $ | — | | | $ | 94 | | | |
See accompanying notes to unaudited condensed consolidated financial statements.
SUNNOVA ENERGY INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
(in thousands, except share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Redeemable Noncontrolling Interests | | | Common Stock | | Additional Paid-in Capital - Common Stock | | Accumulated Deficit | | Total Stockholders' Equity | | Noncontrolling Interests | | Total Equity |
| | | | | | | |
| | | | | | | |
| | | Shares | | Amount | | | | | |
December 31, 2020 | $ | 136,124 | | | | 100,412,036 | | | $ | 10 | | | $ | 1,482,716 | | | $ | (530,995) | | | $ | 951,731 | | | $ | 192,826 | | | $ | 1,144,557 | |
Cumulative-effect adjustment | — | | | | — | | | — | | | — | | | 2,254 | | | 2,254 | | | — | | | 2,254 | |
Net income (loss) | 2,110 | | | | — | | | — | | | — | | | (32,983) | | | (32,983) | | | 6,809 | | | (26,174) | |
Issuance of common stock, net | — | | | | 8,141,766 | | | 1 | | | 65,541 | | | — | | | 65,542 | | | — | | | 65,542 | |
Equity component of debt instrument | — | | | | — | | | — | | | (8,807) | | | — | | | (8,807) | | | — | | | (8,807) | |
Contributions from noncontrolling interests | — | | | | — | | | — | | | — | | | — | | | — | | | 40,802 | | | 40,802 | |
Distributions to redeemable noncontrolling interests and noncontrolling interests | (1,090) | | | | — | | | — | | | — | | | — | | | — | | | (1,743) | | | (1,743) | |
Costs related to noncontrolling interests | — | | | | — | | | — | | | — | | | — | | | — | | | (55) | | | (55) | |
Equity in subsidiaries attributable to parent | 40 | | | | — | | | — | | | — | | | 37,213 | | | 37,213 | | | (37,253) | | | (40) | |
Equity-based compensation expense | — | | | | — | | | — | | | 7,924 | | | — | | | 7,924 | | | — | | | 7,924 | |
Other, net | (62) | | | | — | | | — | | | 1 | | | — | | | 1 | | | (476) | | | (475) | |
March 31, 2021 | 137,122 | | | | 108,553,802 | | | 11 | | | 1,547,375 | | | (524,511) | | | 1,022,875 | | | 200,910 | | | 1,223,785 | |
Net income (loss) | 4,236 | | | | — | | | — | | | — | | | (63,396) | | | (63,396) | | | (7,112) | | | (70,508) | |
Issuance of common stock, net | — | | | | 3,431,715 | | | — | | | 138,020 | | | — | | | 138,020 | | | — | | | 138,020 | |
Capped call transactions | — | | | | — | | | — | | | (91,655) | | | — | | | (91,655) | | | — | | | (91,655) | |
Contributions from noncontrolling interests | — | | | | — | | | — | | | — | | | — | | | — | | | 75,808 | | | 75,808 | |
Distributions to redeemable noncontrolling interests and noncontrolling interests | (1,128) | | | | — | | | — | | | — | | | — | | | — | | | (2,300) | | | (2,300) | |
Costs related to noncontrolling interests | — | | | | — | | | — | | | — | | | — | | | — | | | (3,035) | | | (3,035) | |
Equity in subsidiaries attributable to parent | 2 | | | | — | | | — | | | — | | | 57,971 | | | 57,971 | | | (57,973) | | | (2) | |
Equity-based compensation expense | — | | | | — | | | — | | | 2,920 | | | — | | | 2,920 | | | — | | | 2,920 | |
Other, net | (47) | | | | — | | | — | | | (1) | | | — | | | (1) | | | (654) | | | (655) | |
June 30, 2021 | 140,185 | | | | 111,985,517 | | | 11 | | | 1,596,659 | | | (529,936) | | | 1,066,734 | | | 205,644 | | | 1,272,378 | |
Net income (loss) | 3,332 | | | | — | | | — | | | — | | | (27,541) | | | (27,541) | | | (1,710) | | | (29,251) | |
Issuance of common stock, net | — | | | | 279,137 | | | — | | | 1,188 | | | — | | | 1,188 | | | — | | | 1,188 | |
| | | | | | | | | | | | | | | | |
Contributions from noncontrolling interests | — | | | | — | | | — | | | — | | | — | | | — | | | 109,822 | | | 109,822 | |
Distributions to redeemable noncontrolling interests and noncontrolling interests | (1,146) | | | | — | | | — | | | — | | | — | | | — | | | (3,000) | | | (3,000) | |
Costs related to noncontrolling interests | — | | | | — | | | — | | | — | | | — | | | — | | | (3,037) | | | (3,037) | |
Equity in subsidiaries attributable to parent | 5 | | | | — | | | — | | | — | | | 51,683 | | | 51,683 | | | (51,688) | | | (5) | |
Equity-based compensation expense | — | | | | — | | | — | | | 3,093 | | | — | | | 3,093 | | | — | | | 3,093 | |
Other, net | 1 | | | | — | | | — | | | — | | | 1 | | | 1 | | | (1,392) | | | (1,391) | |
September 30, 2021 | $ | 142,377 | | | | 112,264,654 | | | $ | 11 | | | $ | 1,600,940 | | | $ | (505,793) | | | $ | 1,095,158 | | | $ | 254,639 | | | $ | 1,349,797 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Redeemable Noncontrolling Interests | | | Common Stock | | Additional Paid-in Capital - Common Stock | | Accumulated Deficit | | Total Stockholders' Equity | | Noncontrolling Interests | | Total Equity |
| | | | | | | |
| | | | | | | |
| | | Shares | | Amount | | | | | |
December 31, 2021 | $ | 145,336 | | | | 113,386,600 | | | $ | 11 | | | $ | 1,649,199 | | | $ | (459,715) | | | $ | 1,189,495 | | | $ | 286,782 | | | $ | 1,476,277 | |
| | | | | | | | | | | | | | | | |
Net income (loss) | (2,432) | | | | — | | | — | | | — | | | (33,583) | | | (33,583) | | | 15,386 | | | (18,197) | |
Issuance of common stock, net | — | | | | 524,788 | | | — | | | (2,976) | | | — | | | (2,976) | | | — | | | (2,976) | |
Contributions from redeemable noncontrolling interests and noncontrolling interests | 3,757 | | | | — | | | — | | | — | | | — | | | — | | | 48,132 | | | 48,132 | |
Distributions to redeemable noncontrolling interests and noncontrolling interests | (1,122) | | | | — | | | — | | | — | | | — | | | — | | | (4,732) | | | (4,732) | |
Costs related to redeemable noncontrolling interests and noncontrolling interests | (57) | | | | — | | | — | | | — | | | — | | | — | | | (2,292) | | | (2,292) | |
Equity in subsidiaries attributable to parent | (173) | | | | — | | | — | | | — | | | 69,769 | | | 69,769 | | | (69,596) | | | 173 | |
Equity-based compensation expense | — | | | | — | | | — | | | 10,864 | | | — | | | 10,864 | | | — | | | 10,864 | |
Other, net | (123) | | | | — | | | — | | | — | | | — | | | — | | | 174 | | | 174 | |
March 31, 2022 | 145,186 | | | | 113,911,388 | | | 11 | | | 1,657,087 | | | (423,529) | | | 1,233,569 | | | 273,854 | | | 1,507,423 | |
Net income (loss) | 4,563 | | | | — | | | — | | | — | | | (37,003) | | | (37,003) | | | 22,743 | | | (14,260) | |
Issuance of common stock, net | — | | | | 745,829 | | | — | | | 15,828 | | | — | | | 15,828 | | | — | | | 15,828 | |
Contributions from redeemable noncontrolling interests and noncontrolling interests | 13,423 | | | | — | | | — | | | — | | | — | | | — | | | 111,967 | | | 111,967 | |
Distributions to redeemable noncontrolling interests and noncontrolling interests | (1,239) | | | | — | | | — | | | — | | | — | | | — | | | (5,237) | | | (5,237) | |
Costs related to redeemable noncontrolling interests and noncontrolling interests | (193) | | | | — | | | — | | | — | | | — | | | — | | | (2,417) | | | (2,417) | |
Equity in subsidiaries attributable to parent | (10,168) | | | | — | | | — | | | — | | | 83,316 | | | 83,316 | | | (73,148) | | | 10,168 | |
Equity-based compensation expense | — | | | | — | | | — | | | 4,732 | | | — | | | 4,732 | | | — | | | 4,732 | |
Other, net | (65) | | | | — | | | — | | | — | | | (1) | | | (1) | | | (2,010) | | | (2,011) | |
June 30, 2022 | 151,507 | | | | 114,657,217 | | | 11 | | | 1,677,647 | | | (377,217) | | | 1,300,441 | | | 325,752 | | | 1,626,193 | |
Net income (loss) | (1,507) | | | | — | | | — | | | — | | | (62,047) | | | (62,047) | | | 33,702 | | | (28,345) | |
Issuance of common stock, net | — | | | | 238,653 | | | — | | | (183) | | | — | | | (183) | | | — | | | (183) | |
Capped call transactions | — | | | | — | | | — | | | (48,420) | | | — | | | (48,420) | | | — | | | (48,420) | |
Contributions from redeemable noncontrolling interests and noncontrolling interests | 5,990 | | | | — | | | — | | | — | | | — | | | — | | | 53,392 | | | 53,392 | |
Distributions to redeemable noncontrolling interests and noncontrolling interests | (1,203) | | | | — | | | — | | | — | | | — | | | — | | | (7,314) | | | (7,314) | |
Costs related to redeemable noncontrolling interests and noncontrolling interests | (8) | | | | — | | | — | | | — | | | — | | | — | | | (226) | | | (226) | |
Equity in subsidiaries attributable to parent | (1,240) | | | | — | | | — | | | — | | | 52,191 | | | 52,191 | | | (50,951) | | | |