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  "docSlug": "522270211ac4",
  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "pageNumber": 41,
  "pageCount": 91,
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  "notes": "Uses a 'villain' (SunPower) to frame the competitive threat to the subject company (Sunnova).",
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      "kind": "callout",
      "text": "Spruce Point believes competition will continue to intensify, further pressuring Sunnova to grow and maintain its current market share.",
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      "kind": "other",
      "text": "SunPower Press Release – September 22, 2020",
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      "kind": "paragraph",
      "text": "SunPower, a Sunnova competitor, continues to expand its financial backing to offer customers attractive solar leasing options. Spruce Point believes competition will continue to intensify, further pressuring Sunnova to grow and maintain its current market share. We believe Sunnova’s undifferentiated offerings make the Company ill-positioned to compete with diversified solar companies.",
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      "kind": "paragraph",
      "text": "SunPower Secures Attractive Financing for Residential Solar Lease Business Through 2021. New Fund Includes Option to Lease SunPower's SunVault Energy Storage System...",
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      "kind": "quote",
      "text": "Our lease financing team inside SunPower has been very actively working on improving our lease offering as well. We're just a few days away from announcing a significant addition to our lease portfolio... this technology actually increased our gross margins over $0.40 a watt.",
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      "kind": "quote",
      "text": "\"Our lease financing team inside SunPower has been very actively working on improving our lease offering as well. We're just a few days away from announcing a significant addition to our lease portfolio, which takes funding well through 2021. Most importantly, it doesn't just provide great lease capability to customers and our dealer partners, this technology actually increased our gross margins over $0.40 a watt. I would say this is one of the areas since we became much more focused on the space that has really improved our fundamental financials as a company. Advances in financing are playing a big part in driving our increased profitability, but also our increased dealer loyalty.\" — SunPower Investor Call, September 10, 2020",
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      "kind": "source-note",
      "text": "Source: Company filings, Earnings call transcripts",
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      "kind": "title",
      "text": "Competition To Intensify As SunPower Expands Residential Solar Lease Business",
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