---
schema_version: "secwatch.filing_event.v1"
accession: "0001772695-25-000016"
form_type: "8-K"
ticker: null
cik: "0001772695"
company_name: "Sunnova Energy International Inc."
filed_at: "2025-03-03T23:59:59+00:00"
generated_at: "2026-05-25T19:45:25.758883+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Sunnova secures $185M term loan at 15% interest; cancels 2024 NEO bonuses, awards RSUs

## Summary
- $185M secured term loan facility at 15% interest, 3-year maturity, used for working capital.
- $10M original issue discount/cash fee for lenders; prepayment subject to 1.30x MOIC.
- Loan secured by pledges of membership interests in subsidiaries owning residual interests in existing securitization transactions.
- No 2024 annual incentive bonuses paid to NEOs despite 89.41% corporate metric achievement; Committee cited stock price and market challenges.
- Long-term RSU grants approved: Williams $2.5M, Matthews $2.4M, Grasso $2.4M, Searle $1.4M; vest in 3 years.

## SEC filing metadata
- accession: 0001772695-25-000016
- form_type: 8-K
- cik: 0001772695
- company_name: Sunnova Energy International Inc.
- filed_at: 2025-03-03T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1772695/000177269525000016/0001772695-25-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1772695/000177269525000016/nova-20250303.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001772695-25-000016
- JSON: https://secwatch.observer/filing/0001772695-25-000016.json
- Plain text: https://secwatch.observer/filing/0001772695-25-000016.txt

## Key facts
- Debt Financings
  Sunnova Energy International Inc. incurred term loan of $185 million with Wilmington Trust, National Association, as Agent at 15.00% per annum maturing three years from the closing date.
  - Instrument: term loan
  - Principal: $185 million
  - Counterparty: Wilmington Trust, National Association, as Agent
  - Rate: 15.00% per annum
  - Maturity: three years from the closing date
  - Event: incurrence
  source text: The Loan Agreement provides for a $185 million secured term loan facility (the “Facility”), subject to customary closing conditions.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1772695/000177269525000016/0001772695-25-000016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.