Sunnova Energy to acquire residential solar business of Lennar for $350m.

Sunnova Energy, a US residential solar and storage service provider, agreed to acquire residential solar business of Lennar, an American homebuilder, for $350m. The acquisition is expected to be completed during the second quarter of 2021, subject to regulatory approvals and other customary closing conditions. “The sale of SunStreet to Sunnova underscores our longstanding focus on and strategy around technology and ESG investment in Lennar’s future. This transaction, in exchange for Sunnova’s stock, represents a long-term investment by Lennar in the company that we believe is best suited to innovate and evolve in the dynamic and rapidly growing field of sustainable energy. We look forward to working with the exceptional team at Sunnova to build industry leading solar products for a better future. Lennar’s homebuilding expertise and volume coupled with Sunnova’s solar expertise and determination creates a winning combination to build best in class products for new homes while enhancing the lives of homeowners,” Stuart Miller, Lennar Executive Chairman.