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  "documentTitle": "Generac Holdings, Inc. (GNRC)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-06-22 00:00:00",
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  "notes": "Uses red boxes to highlight the shared entity across two different company subsidiary lists.",
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      "text": "Both Sunnova and Generac have made zero disclosures about any of the specific financial details of their distribution partnership. However, there are clues in exhibits to each Company’s respective 10-K annual report that a new subsidiary entity was created called Sunnova TEP V-A, LLC. Sunnova goes further to say that an investor made a total capital commitment of $25.0 million to the entity, but has redacted disclosure of the investor claiming, “Certain information has been excluded from this exhibit because it is both not material and would likely cause harm to the company if publicly disclosed.”",
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      "text": "Both Sunnova and Generac have made zero disclosures about any of the specific financial details of their distribution partnership.",
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      "text": "Sources: 1) Sunnova disclosure in Q2 2021 10-Q 2) Generac's 2021 subsidiary list now includes Sunnova TEP V-A 3) Sunnova's 2021 subsidiary list 4) Sunnova credit agreement, exhibit 10.11.4",
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      "text": "In April 2021, we admitted a tax equity investor as the Class A member of Sunnova TEP V-A, LLC (\"TEPVA\"), a subsidiary of Sunnova TEP V-A Manager, LLC, which is the Class B member of TEPVA. The Class A member of TEPVA made a total capital commitment of approximately $25.0 million.",
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      "text": "In April 2021, we admitted a tax equity investor as the Class A member of Sunnova TEP V-A, LLC (\"TEPVA\"), a subsidiary of Sunnova TEP V-A Manager, LLC, which is the Class B member of TEPVA. The Class A member of TEPVA made a total capital commitment of approximately $25.0 million. — Sunnova disclosure in Q2 2021 10-Q",
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      "text": "Sunnova Obscures Investors",
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