Sunnova Energy, an energy-as-a-service (EaaS) provider, has signed a $3 billion partial loan guarantee agreement with the U.S. Department of Energy (DOE) to support solar loans under a new solar loan channel dubbed Project Hestia.
Project Hestia is expected to provide disadvantaged homeowners and communities with increased access to clean, flexible power via Sunnova services by indirectly and partially guaranteeing the cash flows associated with consumers’ loans. Each energy system will include access to Sunnova’s purpose-built technology, accessible by smartphone or other personal electronic device. This approach is expected to expand access to Sunnova’s adaptive energy platform, lay the foundation for future virtual power plant (VPP) activities, decrease greenhouse gas emissions and increase the demand response benefits of residential power systems.
The DOE loan guarantee agreement will support the origination of Sunnova loans associated with solar, storage or