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.