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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 bar chart to show market positioning and quotes to frame the acquisition as a cost-saving necessity.",
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      "text": "Spruce Point believes the need for cost driven mergers, rather than revenue driven synergies, is a bearish sign of the competitive pressure in the industry.",
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      "text": "Cumulative Directly Financed Installed Solar Capacity (2012 – Q1 2020)",
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      "text": "Cumulative Directly Financed Installed Solar Capacity: 640",
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      "text": "In July 2020, Sunrun announced the acquisition of Vivint Solar... Spruce Point believes the need for cost driven mergers, rather than revenue driven synergies, is a bearish sign of the competitive pressure in the industry.",
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      "text": "I'm excited by the magnitude of synergies we can realize through this acquisition, which will allow the combined company to operate more efficiently and reduce the cost to the consumer of going solar.",
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      "text": "As the industry leader, Sunrun has enjoyed capital cost advantages. By joining arms with Vivint Solar, we expect to further our advantages in 2 ways...",
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      "text": "\"As the industry leader, Sunrun has enjoyed capital cost advantages. By joining arms with Vivint Solar, we expect to further our advantages in 2 ways. First, we'll be even more regular issuers of debt securities, which should drive down our capital costs. And second, with our combined size, we will more easily appeal to investors with enormous minimum check sizes, such as pension funds, who often enjoy a lower cost of capital. Over time, these advantages will benefit our customers and shareholders, while allowing us to accelerate the adoption of affordable, renewable energy.\" — Founder & Chairman Sunrun; \"I'm excited by the magnitude of synergies we can realize through this acquisition, which will allow the combined company to operate more efficiently and reduce the cost to the consumer of going solar.\" — CFO Sunrun",
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      "text": "Source: Wood Mackenzie",
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      "text": "Small Player In A Competitive Industry",
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