Sunnova, "Announces Minimal Exposure to Silicon Valley Bank"
March 10, 2023 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Sunnova Energy International Inc. ("Sunnova") said in a news release today that it, "is aware of the recent media reports surrounding Silicon Valley Bank ('SVB') and questions that investors may have as a result."
"Sunnova considers its exposure to SVB as immaterial. Sunnova does not hold cash deposits or securities with SVB and does not utilize SVB for any treasury management services. One of Sunnova’s subsidiaries is party to a credit facility (the “Back-Leverage Facility”) in which SVB participates as a lender. SVB currently has $15 million in unfunded commitments under the Back-Leverage Facility. The Back-Leverage Facility is one of three current warehouse facilities entered into by subsidiaries of Sunnova with current cumulative commitment amounts of $1.35 billion," Sunnova said in the release