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  "documentTitle": "Generac Holdings, Inc. (GNRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-06-22 00:00:00",
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      "kind": "paragraph",
      "text": "We believe Generac has likely obscured from its investors a contribution to a Sunnova tax equity vehicle. At the same time as Sunnova disclosed that an unnamed investor closed on a $25m commitment to Sunnova TEP V-A, LLC, Generac started disclosing an equity method investment in Q2 2021. Generac has not disclosed any further details about this investment, including any contractual obligations to fulfill its $25m commitment. Previously, Generac's CEO deflected the notion that it wanted to be a financing partner.",
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      "kind": "quote",
      "text": "We see this -- we have a very good partnership with Sunnova. And so Sunnova for us, they have, I think, a program there. They could end up being another partner for us perhaps on the residential side because they've got a very strong set of capabilities there. And those are core competencies that they have that I would argue we don't have internally around true finance, right? I mean that's just not -- we're a manufacturer. We're a distributor. We're a servicer of products and solutions. We want to turn that into a recurring revenue stream, but I'm not sure we want to have it rise to the level of us putting it on the balance sheet. I may -- I will reserve the right with my response to perhaps change our views on that as the market continues to mature. But at least in the early stages here, we believe there are enough potential partners out there that we don't need to do it at this stage.",
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      "text": "Source: GNRC SEC filings",
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      "text": "Generac's Disclosure of a Mysterious and Unnamed Equity Method Investment",
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      "text": "Generac's Undisclosed Equity Investment",
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