Sunnova to Provide Competitive Renewable Energy Capacity for ISO-NE’s Future Energy Needs
Sunnova Energy International, Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service provider (EaaS), has announced its third consecutive win in the ISO-New England (“ISO-NE”) Forward Capacity Auction, securing an additional 38 megawatts in the recent FCA17. With this win, Sunnova now holds the largest wholesale market capacity position by a behind-the-meter solar and battery storage developer in the New England region, bringing total capacity cleared in the ISO-NE market from FCA15 to FCA17 to over 188 megawatts. Sunnova is at the forefront of the New England grid transformation as it moves away from centralized power plants to a system that is powered by local clean energy virtual power plants, like residential solar and battery storage.
"Our continued success in this competitively priced auction, along with the largest aggregation of distributed renewables to date, demonstrates our commitment to leading the energy transition in the region," said William J. (John) Berger, Chief Executive Officer of Sunnova. "Our aim is to support ISO-NE in creating a clean, resilient grid and to provide homeowners with the affordable and reliable energy service they deserve."
After attaining New England Power Pool (NEPOOL) membership, Sunnova is now eligible to participate in the ISO-NE market as a direct market participant, and the company’s aggregated residential solar and battery storage portfolio will offer competitive renewable energy capacity to help meet the region’s future energy needs. With 188 megawatts of energy capacity, Sunnova’s portfolio will provide clean energy to approximately 67,000 customers, and the company expects the complete portfolio to begin participating in the FCA17 commitment year starting June 2026. Sunnova has also collaborated with National Grid and SolarEdge to utilize its fleet of solar and storage assets to help improve power quality in National Grid’s service area as part of our on-going commitment to the New England power grid.
"Our strong dealer relationships and continued growth in New England allowed us to bid tens of thousands of new rooftop solar and battery storage services into the auction," said Michael Grasso, EVP and Chief Marketing Officer of Sunnova. "By strengthening our presence in the region, we are able to contribute to grid reliability and reduced carbon emissions while also supporting the creation of new jobs in the clean energy sector. Our efforts to expand our renewable energy portfolio not only benefit our customers but also the broader community as we work towards a sustainable future for all."
Overall, Sunnova’s commitment is priced at nearly $2.59/kW-month across the region. The company expects the gross value across the term to be approximately $16 million1.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading U.S. Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable, and reliable energy with a simple mission: to power energy independence so that homeowners and businesses have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the impact and benefits of the benefits of Sunnova’s participation in the program on its customers and the broader community. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, supply chain uncertainties, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, and our ability to attract and retain dealers and customers and manage our dealer and strategic partner relationships, . The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s annual report on Form 10-K for the year ended December 31, 2022. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
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1 Sunnova’s portion of the value is net of fees paid for participation in the market that the company may be subject to and assumes the subsequent 19 contracted capacity years are priced at the same average value.
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