Sunnova Energy International, a residential solar and energy storage service provider, closed its $254.7 million in securitizations of leases and power purchase agreements. The two-tranche securitization includes $209.1 million in A- (sf) rated 2.73% notes at a 78.0% advance rate and $45.6 million in subordinated BB- (sf) rated 5.47% notes at a 17.0% advance rate. Advance rates are calculated relative to the securitization share of the aggregate discounted solar asset balance. The notes are backed by a diverse portfolio of over 13,000 solar rooftop systems distributed across 19 states, Guam, Puerto Rico, and the Commonwealth of the Northern Mariana Islands.