Sunnnova gets $250 million funding to expand its solar power business

US solar company Sunnova Energy has secured $250m in fresh funding to fuel continued growth.

This round of financing was the largest amount ever raised by a private residential solar service company in America.

Sunnova’s total funding now stands at approximately $500m.

The company will use the money to continue its rapid growth and expand its clientele base.

“The demand for affordable energy is substantial,” said Sunnova chief executive officer William J. Berger.

Franklin Square, GSO and Triangle Peak all sponsored the funding. Barclays acted as the sole placement agent on the transaction.