Benzinga | Feb 17, 2021 08:43AM EST

Sunnova To Acquire Lennar's Residential Solar Platform SunStreet

* Sunnova Energy International Inc. (NYSE: NOVA) inked an agreement to acquire Lennar Corporation's (NYSE: LEN) residential solar platform SunStreet and become Lennar's exclusive residential solar storage service provider.

* The partnership will focus on developing and launching innovative energy technologies via Lennar's tech-focused subsidiary Len X, LLC.

* LENX will sustain an equity ownership interest in Sunnova and provide tax equity investments to support Sunnova's homebuilder customer pipeline.

* The collaboration will be focused on decarbonization, cleaner and reliable energy solutions to homeowners.

* LENX will receive up to 7.22 million Sunnova shares as total purchase consideration, including earnout provision.

* The acquisition will provide Sunnova with a multi-year supply of homesites, cost reduction synergies, production platform and upsell opportunities.

* Price action: NOVA shares are up 1.83% at $50 in the pre-market session on the last check Wednesday.