HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and storage service provider, announced its qualification to participate in the ISO New England Forward Capacity Auction 15 (“FCA15”). The qualification will allow Sunnova’s residential solar portfolio to participate in the capacity market in the New England power system to help meet the market’s future demand for electricity.
Sunnova’s portfolio of distributed residential solar energy systems in New England is expected to start participating in the capacity market as early as 2021, with complete portfolio participation anticipated for the FCA15 commitment year beginning June 2024.
“As we continue to expand our energy service offerings, the aggregation and management of our solar and storage portfolio, and its participation in capacity markets and grid services, will drive further value for both Sunnova and our customers in the Sunnova network,” said William J. (John) Berger, Chief Executive Officer of Sunnova Energy International Inc. “We have one of the largest and fastest growing residential solar customer bases in New England and we look forward to leading the energy transition towards a more distributed and renewable grid by allowing our continued investment in solar services to help meet the broader energy needs in markets like ISO New England.”
“The recent FERC Order No. 2222, which aims to expand distributed energy resource (DER) participation across all power markets, directly aligns with our mission of powering energy independence, particularly during a time when the uncertainty surrounding the reliability of electric grids continues to grow,” said Michael Grasso, EVP and Chief Marketing Officer of Sunnova. “Our solar + storage service offerings give our customers more control, can protect them from power outages, and now can also participate in helping meet the overall energy needs of New England ratepayers.”
Sunnova is partnering with CPower Energy Management, one of the nation's leading demand-side energy management companies, to enroll and manage its residential solar portfolio in ISO-NE's On Peak Hours Resources (OPHR) passive demand response program. CPower's expertise in optimizing behind-the-meter resource participation in New England's capacity market will ensure Sunnova maximizes its revenue potential and ROI.
"CPower is honored that Sunnova has chosen to partner with us in this pioneering program," said John Horton, President and CEO of CPower. "CPower is the largest manager of demand side solar assets in the New England capacity market with an unmatched knowledge of the ISO New England market, and holds an unrivaled record of success as a DER aggregator. We look forward to working with Sunnova and helping them advance their goals in this space."
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service 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 have the freedom to live life uninterrupted™.
CPower is a leading demand-side energy management solutions provider that helps commercial, industrial and government organizations in the US and Canada save on energy costs, earn revenue through energy curtailment, enhance their sustainability efforts, and contribute to a balanced, reliable grid. CPower serves more than 1,900 customers across North America by helping them achieve their energy goals.
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, our statement that we have one of the largest and fastest growing residential solar customer bases in New England. 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, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and 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, 2019. 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.