Sunnova Announces Acquisition Of SunStreet - Quick Facts

(RTTNews) - Sunnova Energy International Inc. (NOVA), and Len X, LLC, a unit of Lennar Corp. (LEN) have entered into a definitive agreement under which Sunnova will acquire Lennar's residential solar platform, SunStreet. Len X will receive total consideration of up to 7.22 million shares of Sunnova common stock. Also, Sunnova will become Lennar's exclusive residential solar and storage service provider for new home communities with solar.

Lennar and Sunnova have agreed to a multi-year strategic partnership. The strategic partnership will focus on the development and rollout of energy technologies such as home storage and community microgrids.