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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "Uses a comparison frame to illustrate the structural threat to the company's business model.",
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      "text": "Sunnova's Core Business: 96% of Sunnova's revenue is tied to 3rd party ownership of solar systems",
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      "text": "As solar systems become more affordable, the industry is shifting from third-party ownership (leases and PPAs) to customer ownership with outright cash purchases and financing through loans.",
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