Sunnova Energy International Inc., a U.S.-based residential solar and storage service provider, and Len X LLC (LENX), a technology-focused subsidiary of Lennar Corp., have entered into a definitive agreement under which Sunnova will acquire SunStreet, Lennar’s residential solar platform.
In addition to Sunnova’s acquisition of SunStreet, Sunnova will become Lennar’s exclusive residential solar and storage service provider for new home communities with solar across the country.
“We are thrilled to announce our acquisition of SunStreet and our new strategic partnership with Lennar, which will be geared towards creating innovative pathways for how new communities are powered,” says William J. Berger, CEO of Sunnova. “Sunnova’s success is built on strong partnerships and shared vision. This transaction will be no different thanks to our complementary strengths and a mutual desire to transform the energy landscape.”
Sunnova says the acquisition will allow the company to generate significant shareholder value, increase customer growth and develop resilient residential microgrids across the U.S. Sunnova says it will be able to bring SunStreet’s proven track record of high-quality, timely installations to additional homebuilders while working with existing SunStreet customers to enhance their energy independence through the addition of battery storage and other offerings.
In connection with acquiring Lennar’s residential solar platform, Lennar and Sunnova have agreed to a multi-year strategic partnership, with the potential to align the strategic and economic interests of both companies, with a focus on enhancing Sunnova and SunStreet’s full growth potential.
The acquisition of SunStreet is expected to be completed during the second quarter subject to regulatory approvals and other customary closing conditions. Both Sunnova and LENX have received the necessary approvals for the definitive agreement.