{
  "docId": "019dd923-622c-750b-8b98-fa7fcd640a8d",
  "docSlug": "522270211ac4",
  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 46,
  "pageCount": 91,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Includes a direct quote from a Green Tech Media article to substantiate the claim of partnership.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-fa7fcd640a8d/46",
  "deckHref": "/decks/019dd923-622c-750b-8b98-fa7fcd640a8d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-fa7fcd640a8d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-fa7fcd640a8d#slide-46",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.81,
        "x": 0.095,
        "y": 0.34
      },
      "kind": "callout",
      "text": "Green Tech Media – June 16, 2020",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e698bf1-2d0c-4ac0-bce9-b18ddfbdd30f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.96,
        "x": 0.02,
        "y": 0.00175
      },
      "kind": "paragraph",
      "text": "Sunnova faces significant counterparty risk from its dealers, who are paid in milestones, usually at contract execution, install and when permission to operate is received from the utility. Sunnova partners that go bankrupt may be unable to reimburse the Company for millions of dollars in upfront payments. In June 2020, PetersenDean, a Sunnova partner, filed for bankruptcy protection.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac49fbf6-bee5-4c7d-9f99-53a6b1457c7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.81,
        "x": 0.095,
        "y": 0.59
      },
      "kind": "paragraph",
      "text": "When it came to selling solar in 2020, PetersenDean was expected to have a particular advantage in its home state, where new building codes that went into effect this year required most new homes to come paired with a solar installation. The roofer had forged financing and supply partnerships with national solar companies Sunnova and SunPower to take advantage of the new solar regulations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bcdb5340-8091-4337-8b4c-ad6cc968f977",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.66,
        "x": 0.17,
        "y": 0.39
      },
      "kind": "quote",
      "text": "Solar Installer PetersenDean Files for Bankruptcy Protection, Cites Coronavirus. The pandemic racks up more pain for the solar industry, but PetersenDean installations had been in decline for years.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b22357c0-502c-4969-9670-d716db0d29b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Green Tech Media",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1063fdc5-2fc7-4589-bd75-5d7c6a6866b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.38,
        "x": 0.306,
        "y": 0.055
      },
      "kind": "title",
      "text": "Dealer Counterparty Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "32e6f9ea-39fa-42f3-afe3-01f826e3fdaa",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}