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Baker Botts Secures $615M in Funding for Sunnova

April 25, 2017 Mark Curriden

© 2017 The Texas Lawbook.

By Natalie Posgate

(April 25) – A group of Houston, Dallas and Austin-based lawyers from Baker Botts advised Sunnova Energy Corp. in a record-setting funding round that marked the Houston rooftop solar energy provider’s first asset-backed notes securitization and raised $615 million.

The record-setting component of the funding round entailed a $255 million private placement by Sunnova’s subsidiary, Helios Issuer, of asset-backed notes. Sunnova raised the other $360 million via two warehouse credit facilities.

Josh Davidson

Houston partner Josh Davidson spearheaded the Baker Botts corporate deal team that led the transactions for Sunnova. Also on the team were Houston associates Travis Wofford, Sarah Dodson, Jennifer Gasser and Ruchira Podali.

Austin senior counsel William Stutts and Dallas associates Whitney Blazek and Josh Espinosa advised on finance matters; Houston partners Michael Bresson and Renn Neilson, Austin partner Jon Nelsen and Houston and Dallas associates David Morris and Bucky Brannen advised on tax matters; and partner Danny David advised on securities litigation matters tied to the deal.

Several of these Baker Botts lawyers (including Davidson) represented Sunnova last March when it secured a $300 million equity financing from Energy Capital Partners. That deal was led by Wofford.

Credit Suisse Securities acted as the sole structuring agent and bookrunner in the private placement as well as the warehouse facilities. New York firm Kramer Levin advised Credit Suisse on the private placement, while Chicago firm Chapman and Cutler advised Credit Suisse on the warehouse facilities.

© 2017 The Texas Lawbook. Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.

If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.

Mark Curriden

Mark Curriden is a lawyer/journalist and founder of The Texas Lawbook. In addition, he is a contributing legal correspondent for The Dallas Morning News.

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©2025 The Texas Lawbook.

Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.

If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.

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