Sunnova & DOE revised loan guarantee for Project Hestia in US

DOE and Sunnova amended a $3 billion loan guarantee to $371.6 million for Project Hestia ABS deals and KBRA upheld ratings despite Sunnova’s financial concerns.

By Prudhvi Rani 02 Jun 2025 | Updated On 02 Jun 2025 18:47 IST in Market Bytes Project Bytes

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Project Hestia received $371.6 million in DOE partial guarantees through two solar ABS transactions by Sunnova. Image Credit/Source: Pixabay/Pexels

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US-based Sunnova Energy Corporation, a residential solar company, has amended its Loan Guarantee Agreement with the US department of Energy on May 22, 2025. The amendment reduced the maximum partial guarantees from $3.0 billion to $371.6 million, matching the guarantees already issued for two solar loan ABS transactions under Project Hestia. These included Sunnova Hestia I (2023-GRID1) and Sunnova Hestia II (2024-GRID1). KBRA maintained ‘AAA (sf)’ ratings on Class 1-A notes and ‘BB (sf)’ ratings on Class 2-A notes for both deals. The change did not impact the existing guarantees or affect the ratings. KBRA had earlier flagged a going concern issue with Sunnova on March 4, 2025, and stated it would continue monitoring related developments.

#KBRA #DepartmentOfEnergy #ProjectHestia #Sunnova

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