HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), one of the leading U.S. Energy as a Service (EaaS) providers, today announced plans to deploy energy from its aggregated Adaptive Homes to alleviate peak capacity needs and strengthen the grid in a predominantly low to moderate income (LMI) community within Pacific Gas and Electric Company’s (“PG&E”) (NYSE: PGE) Northern California service area.
“Our virtual power plant capabilities can be leveraged through a targeted approach to relieve grid stress in focused areas during specific event windows within PG&E’s service area,” said McCrea Dunton, Senior Director, Energy and Grid Services at Sunnova. “Sunnova is proud to work with PG&E on one of its first deployments of behind the meter (BTM) battery storage systems as a non-wires alternative that provides our customers with increased energy resiliency.”
Sunnova’s aggregated portfolio of customers with solar + storage systems defers the need for PG&E to upgrade the distribution infrastructure at certain substations cost-effectively extending the useful life of that existing grid infrastructure, while accommodating for customer energy demand. PG&E’s annual Distribution Resource Plan (DRP) identifies areas that could benefit from distributed energy resource deployments that would avoid or defer traditional electric distribution system upgrades and forecasts the load growth within the service territory. The DRP indicated that targeted areas of the distribution system will require increased capacity for only a handful of hours per year, and Sunnova’s distributed assets are perfectly positioned to efficiently meet that need while supporting clean energy and homeowner resiliency needs.
Since the California Public Utilities Commission (CPUC) established the Distribution Investment Deferral Framework (DIDF) in 2018, the CPUC has approved over 34 megawatts (MWs) of battery storage contracts for the IOUs with 16 MWs awarded in PG&E’s service area1. In the past five years, the California residential market has deployed over 530 MWs worth of battery storage systems and half of those deployed systems are in PG&E’s service area2. The annual DIDF process identifies, reviews and selects opportunities where existing or new BTM systems can be leveraged to alleviate future grid stress.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the implementation, deployment, and benefits of the virtual power plant. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable, and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, please visit sunnova.com
1 https://www.cpuc.ca.gov/-/media/cpuc-website/divisions/office-of-governmental-affairs-division/reports/2020/californias-grid-modernization-report-2020.pdf
2 https://www.californiadgstats.ca.gov/charts/
