SolarCity competitor Sunnova plans IPO: sources

Sunnova Energy Corp, which finances and manages residential solar and storage systems across the United States, is planning a stock market flotation that could value the company at more than $1 billion, including debt, people familiar with the matter said.

The Houston-based company is one of largest U.S. residential rooftop solar firms, serving 12 U.S. states and territories, in an industry that remains fragmented because of different state regulations. Among its main competitors is Tesla Inc’s SolarCity unit…

Sunnova has confidentially filed for an initial public offering that could come later this year, according to the sources.

The exact timing and valuation of the company will depend on market conditions, the sources added on condition of anonymity, as the information is confidential.

Sunnova declined to comment.

Since its establishment in 2012, Sunnova has received more than $2.5 billion of backing from private investors including Energy Capital Partners, Triangle Peak Partners, and Quantum Strategic Partners, which is advised by George Soros’ investment firm.

It leases equipment to consumers under long-term contracts, enabling them to…

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