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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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      "text": "In reality, Sunnova is a legacy residential solar financing provider with undifferentiated offerings (leases, PPAs, loans).",
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      "text": "Sunnova sells its investors on “A Differentiated Ecosystem” built on customer relationships, asset ownership and a network of local dealers. This “story stock” requires continued financing to raise capital necessary to remain afloat. In reality, Sunnova is a legacy residential solar financing provider with undifferentiated offerings (leases, PPAs, loans).",
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      "text": "\"In the case of this Sunnova model, all the leverage is with the salesperson.\" — former Sunnova employee",
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      "text": "Source: Company filings, Spruce Point research",
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      "text": "Value Proposition Is Not Differentiating",
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