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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",
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  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "Includes a table showing the decline of SolarCity's market share post-acquisition by Tesla.",
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      "kind": "callout",
      "text": "Since SolarCity was acquired by Tesla, growth has declined and market share has plummeted",
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      "text": "Installation Market Share: 3.5%",
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      "text": "Given Sunnova's sky high valuation, we believe that is would be a large pill to swallow for any potential acquirer. Since Tesla acquired SolarCity in 2016, it appears the residential solar installation business has not been a priority for Tesla as SolarCity's share of the installation and financing market has plummeted. Given Sunrun's recently announced acquisition of Vivint Solar, we believe at the moment it is very unlikely for Sunrun to pursue an acquisition of Sunnova. With Sunnova's largest investor selling shares, it is a good signal that any large transformational acquisition is not a near term catalyst. Spruce Point believes if Sunnova participates in any M&A activity, it would likely be the acquisition of smaller players.",
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      "text": "Source: Wood Mackenzie",
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      "text": "Tesla's SolarCity market share data table",
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      "kind": "title",
      "text": "Limited Probability Of Acquisition",
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