Sunnova Energy appoints new CFO

Sunnova Energy International has appointed Eric Williams as its new CFO. He replaces Rob Lane, who will leave the company on June 30.

Sunnova provides solar power systems and other related products such as chargers and energy storage through a network of dealers and partners. Typically, Sunnova funds the initial investment of a system and generates revenue from leasing or power contracts with the customer. The company has its head office in the Greenway Plaza area of Houston.

Mr. Williams was the CFO at Diversified Energy Company, an E&P operator based in Alabama, between July 2017 and September 2023.

Mr. Williams will receive a base salary of $475,000 and a one-time restricted stock and options grant worth $1.25 million. He will also receive up to $100,000 in relocation assistance. He started his career with PricewaterhouseCoopers in Alabama. Mr. Williams later spent 7 years at Houston-based Callon Petroleum, ending up as Director of Investor Relations.

The new CFO will be busy as Sunnova has gross debt of $7.8 billion, which is more than ten times its revenue. Cash flow from operations has been an outflow of at least $130 million in each of the past five years.

At the beginning of May, Sunnova announced it was seeking advice from Moelis & Co about its debt options. There has been no updates since.

SEC filing – 8-K Sunnova appoints new CFO


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