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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "Uses a scenario-based logic to argue that both outcomes (renewal vs. no renewal) are negative for the company.",
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      "text": "We believe there are multiple outcomes, all of which are negative for Sunnova, regardless if an extension to the solar ITCs were to occur.",
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      "text": "Investment Tax Credit For Residential Solar",
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      "text": "NOVA: Negatively Exposed Regardless Of New Tax Credits",
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      "text": "Investment Tax Credit: 30%",
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      "text": "Without the renewal of the current 30% Federal Investment Tax Credit (ITC) for the construction of residential solar systems, the underlying economics of the solar leases and PPAs would deteriorate as the level of the ITC drops from 30% to 22% in 2021 and 0% in 2022 (10% for commercial). This hurts the economics of Sunnova’s business which relies heavily on capital from tax equity investors. We believe there are multiple outcomes, all of which are negative for Sunnova, regardless if an extension to the solar ITCs were to occur.",
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      "text": "Source: SEIA",
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      "text": "Loss Of Tax Credits Hurts Economics",
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