#1L Investor Presentation August 30, 2019 Sunnova TM#22 Legal Disclaimer . This presentation and the accompanying oral presentations contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this presentation include, but are not limited to, statements regarding Sunnova's future customer growth rate, future financial and operating performance, including its outlook and guidance, demand for Sunnova's products and services, adoption and implementation of new Sunnova products and technology, the markets in which Sunnova operates, maintenance and growth of our dealer network and the future of solar energy and energy storage services. Sunnova's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this presentation are also subject to other risks and uncertainties, including those more fully described in Sunnova's filings with the Securities and Exchange Commission, including Sunnova's prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 26, 2019. The forward-looking statements in this presentation are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law. In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation and the accompanying oral presentation include certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Cash Flow and Adjusted Operating Expense. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP measures have limitations as analytical tools, and they should not be considered in isolation or as a substitute for analysis of other GAAP financial measures. Adjusted EBITDA and Adjusted Operating Expense are non-GAAP financial measures that help management, investors and securities analysts in evaluating Sunnova's performance. These measurements are not recognized in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. The GAAP measures most directly comparable to Adjusted EBITDA and Adjusted Operating Expense are net income/loss and total operating expense, respectively. Adjusted Operating Cash Flows is a non-GAAP measure that helps management, investors and analysts in evaluating Sunnova's liquidity and ability to service its contractual obligations. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of liquidity. The GAAP measure most directly comparable to Adjusted Operating Cash Flow is net cash used in operating activities. Adjusted EBITDA, Adjusted Operating Cash Flows and Adjusted Operating Expense have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of Sunnova's results as reported under GAAP. In addition, Adjusted EBITDA, Adjusted Operating Cash Flows and Adjusted Operating Expense are not necessarily comparable to Adjusted EBITDA, Adjusted Operating Cash Flows or Adjusted Operating Expense as calculated by other companies. Reconciliations of each of these measures to their most directly comparable GAAP measure are included in the appendix to this presentation for historical periods. Sunnova is unable to reconcile projected Adjusted EBITDA, Adjusted Operating Expense and Adjusted Operating Cash Flow to the most comparable financial measures calculated in accordance with GAAP because of fluctuations in interest rates and their impact on our unrealized and realized interest rate hedge gains or losses. Sunnova provides a range for the forecasts of Adjusted EBITDA, Adjusted Operating Expense and Adjusted Operating Cash Flow to allow for the variability in the timing of cash receipts and disbursements, customer utilization of our assets, and the impact on the related reconciling items, many of which interplay with each other. Therefore, the reconciliation of projected Adjusted EBITDA, Adjusted Operating Expense and Adjusted Operating Cash Flow to projected net income (loss), total operating expense, or net cash provided by (used in) operating activities, as the case may be, is not available without unreasonable effort. This presentation includes operational metrics such as number of customers, weighted average number of customers and estimated gross contracted customer value. These operational metrics are not necessarily comparable to the same or similar metrics as calculated by other companies. This presentation and the accompanying oral presentation also contain market data, statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. Some data are also based on Sunnova's good faith estimates, which are derived from its review of internal sources as well as the independent sources described above. Although Sunnova believes these sources are reliable, we have not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, Sunnova makes no representations as to the accuracy or completeness of that information nor do we undertake to update such information after the date of this presentation. Sunnova#33 Sunnova at a Glance Sunnova is a Leading Residential Solar and Energy Storage Service Provider 100 Independent dealers drive operating leverage and flexibility 27% 2+ Multiple service offerings and long-term financing solutions for customers Year-over-year customer growth 2+ years of positive Adjusted EBITDA A Differentiated Ecosystem Strategic Footprint Regions with In-Service Assets Customer Asset Local Dealer Relationships Ownership Network Sunnova™ Guam Puerto Rico Saipan Sunnova#4Sunnova is Positioned to Deliver Value • Customer Growth . • Dealer Growth ⚫ Product Growth • Dealer Model Enables Growth Operating Leverage • Platform Scales Efficiently Strong Financial Position 4 Adjusted EBITDA and P&I Growth Multiple Financing Options Cash to Drive Future Growth • Proven Sunnova#55 Differentiated Dealer Model Strong Relationships with Local Dealers Our dealers facilitate our growth by leveraging their local knowledge and relationships to source new customers Sunnova Dealer Model Substantial Operating Leverage Our model provides operating leverage for future growth by sustaining low overhead expenses without corresponding increases in labor costs Scalable Technology Platform Our tailored suite of branding, marketing and technology tools and products supports our dealers Sunnova#66 Focus on Long-Term Customer Service & Relationship Sunnova partners with local dealers to drive customer origination and reduce overhead costs, while retaining the long-term customer relationship. Customer Acquisition Design & Installation Dealers adhere to Sunnova's underwriting criteria, strict consumer compliance standards, and installation framework Monitoring Servicing Sunnova owns the long-term service relationship typically under 25-year contracts, positioning us to meet the evolving needs of our customers Entire customer experience managed via Sunnova's scalable technology platform Sunnova#7Strong Financial Profile The strength of our business model is illustrated by our financial results. Total Customers (000s) Adjusted EBITDA (1) and P(2) &I ($M) 1. 7 2. 45.7 12/31/2017 ■Interest ■Principal AEBITDA $6.1 $6.8 $5.0 67.6 $3.0 $2.4 $8.7 $41.1 60.3 $23.4 $21.7 12/31/2018 6/30/2019 2017 2018 2019 YTD Adjusted Operating Cash Flow (1) ($M) $8.4 ($20.0) ($44.5) 2017 2018 Adjusted EBITDA and Adjusted Operating Cash Flows are non-GAAP financial measures. See slides 14 and 15 for a reconciliation to the most directly comparable GAAP measure Net of amounts recorded in revenue 2019 YTD Sunnova#8Financial Highlights Sunnova TM#9Key Financial Update Annual Second Quarter US$ millions except for customer count Key Financial Results 2017 2018 2019 YTD 2Q'18 2Q'19 Revenue 76.9 104.4 61.3 29.0 34.6 Adjusted Operating Expense 53.5 63.3 39.7 15.8 21.0 Adjusted EBITDA 23.4 41.1 21.7 13.2 13.6 Loan Principal Payments (1) 2.4 6.8 8.7 2.0 5.2 Loan Interest Payments 3.0 6.1 5.0 1.4 2.7 Adjusted Operating Cash Flow (44.5) 8.4 (20.0) Key Operating Metrics Weighted Average Customers US$ billions Est. Gross Contracted Customer Value 2017 2018 2019 YTD 2Q'18 2Q'19 38,800 53,400 63,900 51,800 65,800 12/31/2017 12/31/2018 6/30/2019 1.13 1.48 1.65 1. Net of amounts recorded in revenue 9 Sunnova#1010 2019 Financing Activity Recent financing activity positions Sunnova well for future growth. Accomplishments Initial Public Offering $178M Plan to safe harbor assets for ITC Closed Private Placement ("RAYS I") $364M • No debt at operating Refinanced and Expanded Warehouses $350M Refinanced Senior Notes $45M Loan Securitization ("2019-A") $168M New Tax Equity Commitment $75M company or public parent Flexible strategy to finance future growth Sunnova#11Sunnova is the source for clean, affordable and reliable energy, with a simple mission: to power energy independence. 25-Year Solar Service Agreements 67,000+ Customers (1) 20+ U.S. States and Territories with Customers 100+ Dealers 750,000 Metric Tons of Displaced Carbon Emissions 1) Total cumulative customers as of 6/30/2019#12L Appendix Sunnova TM#13TM Sunnova Financial Statements & Operating Metrics (dollars in thousands; customer counts and per customer values in units; customer values in millions) BALANCE SHEET As of Assets Current assets: Cash Accounts receivable - trade, net Accounts receivable - other Channel partner advances Other current assets Total current assets Property and equipment, net Customer notes receivable, net Other assets Total assets Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity Current liabilities: Accounts payable Accrued expenses Current portion of long-term debt Other current liabilities Total current liabilities Long-term debt, net Other long-term liabilities Total liabilities Redeemable noncontrolling interests Stockholders' equity Total liabilities, redeemable noncontrolling interests and stockholders' equity INCOME STATEMENT Period Revenue Operating expense: כן 3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 $25,429 4,465 $27,172 6,383 4,733 10,242 $15,509 5,222 2,442 $56,318 4,331 7,821 $100,026 $53,723 5,197 5,744 7,728 $71,149 7,650 $52,706 $43,858 $58,776 6,312 7,363 11,150 7,571 10,050 3,721 3,153 4,531 7,009 9,255 12,306 6,514 7,540 $48,150 $60,592 7,016 $42,495 12,807 $81,277 13,787 $124,754 20,148 $89,170 18,088 $106,937 26,794 $89,533 31,580 $85,954 34,546 $109,003 919,187 974,285 44,092 45,805 $1,057,234 52,455 47,378 $1,134,710 1,044,741 60,435 51,641 $1,199,312 1,113,073 73,657 60,781 $1,328,788 1,165,281 93,714 71,264 $1,455,013 1,224,378 118,872 78,146 $1,510,566 1,280,802 143,682 93,814 $1,625,235 1,328,457 172,031 75,064 $1,665,085 1,399,299 197,780 86,430 $1,769,463 1,499,891 223,645 120,125 $1,952,664 $20,501 7,770 $24,400 $27,997 11,464 11,957 237,420 4,356 $270,047 4,135 6,117 $46,116 25,550 3,652 $69,156 $23,867 13,976 107,628 8,424 $153,895 $18,838 11,206 101,301 7,527 $138,872 $21,377 10,770 356,695 10,109 $398,951 $25,612 $20,075 $34,904 $45,134 16,436 365,821 6,636 $414,505 18,650 12,495 18,861 43,465 51,470 75,908 13,214 11,206 18,701 $95,404 $110,075 $158,604 420,731 28,276 $719,054 735,423 33,239 $814,778 765,883 38,398 $873,437 723,697 41,422 $919,014 1,986 336,194 $1,057,234 7,286 312,646 $1,134,710 22,992 302,883 $1,199,312 38,590 371,184 $1,328,788 763,015 42,747 $944,634 49,357 461,022 $1,455,013 543,536 48,195 $990,682 65,230 454,654 $1,510,566 572,303 53,057 $1,039,865 73,348 512,022 $1,625,235 916,430 66,453 $1,078,287 85,680 501,118 $1,665,085 1,016,412 75,645 $1,202,132 94,016 473,315 $1,769,463 1,152,884 92,044 $1,403,532 107,547 441,585 $1,952,664 1Q 2017 2Q 2017 $14,952 $21,743 3Q 2017 $22,359 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 $17,802 $19,784 $28,963 $30,429 $25,206 $26,715 $34,612 Cost of revenue - depreciation Cost of revenue - other Other operating expenses Total operating expense, net Operating income (loss) 5,881 303 14,629 6,122 314 14,186 6,701 398 14,644 7,192 429 7,845 412 8,274 448 16,412 18,679 17,806 9,349 614 17,062 9,242 9,653 10,225 533 652 1,076 27,848 20,917 26,021 20,813 20,622 21,743 24,033 26,936 26,528 27,025 37,623 31,222 37,322 (5,861) 1,121 616 (6,231) (7,152) 2,435 3,404 (12,417) (4,507) (2,710) Interest expense, net 6,928 25,153 15,523 12,243 4,983 10,724 9,416 26,459 31,661 37,310 Interest expense, net - affiliates 6,561 11,428 2,665 2,523 2,493 2,354 2,398 2,303 1,822 1,575 Interest income (618) (766) (854) (959) (1,192) (1,418) (1,763) (2,077) (2,494) (2,967) Loss on extinguishment of long-term debt, net - affiliates 10,645 Other (income) expense (1) 534 Loss before income tax (18,732) (34,694) (16,718) (20,038) (13,436) (9,224) (6,647) (39,102) (35,496) (49,807) Income tax Net loss (18,732) Net income (loss) attributable to redeemable noncontrolling interests 1,558 (34,694) 128 Net loss attributable to stockholders (20,290) (34,822) (16,718) 213 (16,931) (20,038) (996) (19,042) (13,436) (9,224) (6,647) (39,102) (35,496) (49,807) 774 (14,210) 3,350 (12,574) (13) (6,634) 1,726 (40,828) 3,018 (38,514) 931 (50,738) A-1#14TM Sunnova Financial Statements & Operating Metrics (dollars in thousands; customer counts and per customer values in units; customer values in millions) D STATEMENT OF CASH FLOWS Period CASH FLOWS FROM OPERATING ACTIVITIES Net loss Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation Impairment and loss on disposals, net Amortization of deferred financing costs Amortization of debt discount 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 ($18,732) ($34,694) ($16,718) ($20,038) ($13,436) ($9,224) ($6,647) ($39,102) ($35,496) ($49,807) 6,626 68 7,025 410 7,612 8,219 8,964 259 1,043 704 9,386 451 10,650 10,290 11,012 80 6,330 364 11,627 487 1,797 7,968 2,510 2,293 2,570 1,793 2,125 2,586 6,324 1,446 9 28 453 269 242 259 265 317 472 820 Amortization of debt discount - affiliates 600 8,402 - Non-cash effect of equity-based compensation plans 272 341 532 350 726 682 774 802 281 713 Non-cash payment-in-kind interest on loan - affiliates 880 1,426 1,263 1,297 1,403 1,432 1,392 1,158 1,043 Unrealized (gain) loss on derivatives 509 5,105 1,832 (1,502) (9,140) (4,518) (6,989) 26,747 7,032 10,417 Loss on fair value option securities 534 Loss on extinguishment of long-term debt, net - affiliates 10,645 Other non-cash items 679 595 731 1,075 1,599 1,026 976 1,217 1,000 2,470 Changes in components of operating assets and liabilities: Accounts receivable (424) (1,927) 867 643 (1,154) (3,328) (3,192) 2,691 (1,167) (5,430) Channel partner advances (2,320) (559) (5,065) (2,734) (237) Other current assets (2,208) (692) 1,065 (1,157) (3,640) (2,965) (789) (3,937) (8,961) (396) Other assets Accounts payable Accrued expenses Other current liabilities (1,129) (1,187) (1,050) (1,107) (1,546) (2,054) (2,971) (1,958) (3,979) (22,084) (305) (2,169) 987 267 (1,064) 485 434 (851) 6,771 (4,492) (2,670) 969 2,003 1,079 (2,134) 2,072 2,149 2,147 (4,455) 2,460 927 2,764 (2,469) 4,654 (776) 2,603 (3,471) 6,582 (2,206) 7,568 Long-term debt - paid-in-kind - affiliates (17,277) (1,144) (2,040) Other long-term liabilities Net cash provided by (used in) operating activities (155) (16,456) 444 (23,574) 445 (4,580) 1,026 (1,051) 588 493 459 (2,580) 715 (4,357) (19,220) (1,341) (4,681) 13,672 (24,430) (31,264) 50,657 (1,365) 536,097 (316,607) 80,000 (19,005) (196,835) (247) CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property and equipment (48,011) (57,826) (63,923) (70,818) (60,977) (63,090) (60,193) (68,358) (68,902) (95,894) Payments for investments and customer notes receivable (9,440) (8,874) (13,220) (20,871) (23,462) (27,047) (30,048) (27,797) (27,732) (34,628) Principal proceeds from customer notes receivable 442 1,020 615 739 1,526 2,242 1,965 1,982 3,757 5,579 State utility rebates Other, net Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt Payments of long-term debt Proceeds of long-term debt from affiliates Payments of long-term debt to affiliates Payments on notes payable 16 3 68 534 41 (56,952) (874) (66,551) 224 (76,236) 1,022 (89,394) 189 (1,586) (84,310) 261 241 162 111 116 101 (87,533) 46 (87,989) 4,994 (89,017) 86 (92,680) 97 (124,730) 90,614 57,126 45,967 (51,666) (4,912) (10,448) 36,940 (3,973) 49,767 (12,624) 312,912 (265,046) 227,930 (123,858) 15,000 15,000 298,115 (163,505) 15,000 (20,000) (20,000) (248) Payments of deferred financing costs (112) (23,151) (2,788) (1,576) (572) (178) (1,003) (6,845) (5,281) (1,987) Payments of debt discounts (375) (70) (1,813) (582) (525) (559) Payments of initial public offering costs (484) Proceeds from issuance of convertible preferred stock, net 25,000 64,890 99,877 (2,731) 59,971 15,654 (2,253) (256) Contributions from redeemable noncontrolling interests 8,070 16,177 22,105 Distributions to redeemable noncontrolling interests £ + 25,871 17,139 17,726 16,562 27,590 18,030 32,207 (294) (339) (450) (533) (695) (3,652) (1,491) Payments of costs related to redeemable noncontrolling interests (1,709) (84) (44) (877) (832) (47) (106) (525) (1,035) (587) Other, net (29) (19) (19) (1) (5) (5) (2) Net cash provided by financing activities 60,914 95,568 73,202 140,209 145,791 47,217 110,216 62,463 109,351 176,203 Net increase (decrease) in cash and restricted cash (12,494) 5,443 (7,614) 46,458 42,261 (41,657) 17,546 (12,882) (7,759) 20,209 Cash and restricted cash at beginning of period 49,985 37,491 42,934 35,320 81,778 124,039 82,382 99,928 87,046 79,287 Cash and restricted cash at end of period Restricted cash included in other current assets Restricted cash included in other assets Cash at end of period 37,491 42,934 35,320 81,778 124,039 82,382 99,928 87,046 79,287 99,496 (218) (238) (430) (4,555) (293) (2,979) (368) (5,190) (430) (482) (11,844) (15,524) (19,381) (20,905) (23,720) (25,680) (28,411) (29,150) (34,999) (40,238) $25,429 $27,172 $15,509 $56,318 $100,026 $53,723 $71,149 $52,706 $43,858 $58,776 A-2#15TM Sunnova Financial Statements & Operating Metrics (dollars in thousands; customer counts and per customer values in units; customer values in millions) SELECTED BALANCE SHEET AND INCOME STATEMENT DETAIL As of A Other current assets Inventory Restricted cash Prepaid assets Deferred receivables Current portion of customer notes receivable Current portion of notes receivable - other Other Total other current assets B Property and equipment, net Solar energy systems Construction in progress Asset retirement obligations Information technology systems Computers and equipment Leasehold improvements Furniture and fixtures Vehicles Other Property and equipment, gross Accumulated depreciation 3/31/17 6/30/17 9/30/17 כן 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 $213 218 $798 $773 $1,853 $2,711 $4,339 $4,627 238 430 4,555 293 2,979 368 $9,187 5,190 $15,787 $16,526 430 482 4,057 3,991 2,728 3,030 4,999 5,047 4,197 2,739 4,559 5,510 119 295 487 251 252 585 917 555 477 1,839 2,152 68 66 2,475 123 2,994 3,820 4,824 5,896 7,601 8,827 124 1,712 1,647 1,588 1,522 1,500 842 10,143 1,043 727 $6,514 $7,540 $7,016 $12,807 $13,787 $20,148 495 $18,088 $26,794 $31,580 $34,546 $818,422 $873,099 116,226 11,050 119,548 $935,719 135,661 11,801 12,729 $1,031,555 112,399 13,864 $1,114,849 89,057 $1,186,890 84,443 $1,253,662 83,120 $1,311,458 77,847 $1,373,925 94,743 $1,459,249 118,581 14,948 15,893 16,687 17,381 18,160 19,118 7,745 9,277 9,299 12,063 12,103 12,159 12,854 17,380 18,618 20,488 1,063 1,063 1,069 1,103 1,151 1,146 1,190 1,251 1,337 1,433 865 865 883 883 883 883 883 883 883 883 730 730 732 733 733 733 733 735 735 735 376 469 495 532 539 543 543 548 807 869 30 23 25 23 24 50 52 52 92 116 956,507 (37,320) $919,187 1,016,875 (42,590) $974,285 1,096,612 (51,871) $1,044,741 1,173,155 (60,082) $1,113,073 1,234,287 (69,006) $1,165,281 1,302,740 (78,362) $1,224,378 1,369,724 (88,922) $1,280,802 1,427,535 (99,078) $1,328,457 1,509,300 (110,001) $1,399,299 1,621,472 (121,581) $1,499,891 Property and equipment, net C Other assets Restricted cash $11,844 $15,524 Construction in progress - customer notes receivable 8,623 7,947 $19,381 12,562 $20,905 18,235 $23,720 $25,680 $28,411 $29,150 $34,999 $40,238 19,937 19,661 22,441 20,395 19,209 23,124 Exclusivity and other bonus arrangements with dealers, net 2,166 22,120 Straight-line revenue adjustment 6,574 7,567 8,647 9,868 11,328 12,981 14,793 16,682 18,624 20,602 Other 18,764 16,340 Total other assets $45,805 $47,378 11,051 $51,641 11,773 $60,781 16,279 19,824 28,169 8,837 11,432 14,041 $71,264 $78,146 $93,814 $75,064 $86,430 $120,125 D Long-term debt Sunnova Energy Corporation $78,474 $95,275 $81,791 $77,603 $79,316 $81,155 $60,681 $61,855 $90,827 Secure term loans and warehouse facilities: LV3 AP4 AP5H AP5C AP6WII LAPH EZOP TEPIH ΤΕΡΙΙΗ 40,463 40,216 106,695 106,079 1,222 105,467 106,212 105,583 104,805 104,148 103,442 102,775 94,763 202,494 233,300 75,199 10,005 234,397 30,900 63,026 236,603 29,880 27,096 82,927 234,666 29,740 62,319 114,525 135,281 133,602 54,294 70,765 232,697 230,823 227,060 43,170 42,877 42,865 29,350 28,523 40,500 58,200 96,204 41,318 76,789 93,084 102,139 105,641 26,119 54,230 95,481 195,552 Solar asset-backed notes: HELI 239,487 232,864 233,670 227,769 228,399 223,401 HELII 224,017 256,220 217,038 217,641 252,939 253,154 RAYSI 127,948 130,035 HELIII 162,637 Total long-term debt $658,151 $739,558 $791,433 $831,325 $864,316 $900,231 $938,124 $959,895 $1,067,882 $1,228,792 A-3#16TM Sunnova Financial Statements & Operating Metrics (dollars in thousands; customer counts and per customer values in units; customer values in millions) SELECTED BALANCE SHEET AND INCOME STATEMENT DETAIL (continued) As of E Other current liabilities Interest payable Current portion of performance guarantee obligations Deferred revenue Current portion of lease liability Other Total other current liabilities F Other long-term liabilities Deferred revenue Long-term derivative liability Asset retirement obligations Other Total other long-term liabilities Period G - Revenue PPA Revenue Lease Revenue SREC revenue Easy Own revenue Other revenue Total revenue כן 3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 $263 564 $3,459 $1,391 $5,216 $1,964 $5,660 $2,538 $8,150 $5,063 $13,486 680 754 958 1,961 2,215 2,529 2,580 3,058 3,618 1,687 1,128 639 1,229 2,696 1,327 654 1,593 2,045 651 829 844 860 875 891 907 914 871 1,032 946 1,013 $4,356 6 8 146 15 1 20 8 $6,117 $3,652 $8,424 $7,527 $10,109 $6,636 $13,214 $11,206 $18,701 $11,141 45 11,973 5,117 $28,276 $13,483 1,453 12,973 $15,539 3,285 14,011 5,330 $33,239 5,563 $38,398 $17,779 2,018 15,347 6,278 $41,422 $21,296 $25,248 $28,595 $32,455 8,161 $35,900 $40,089 14,925 25,341 16,641 4,810 $42,747 17,988 19,056 20,033 21,123 22,407 4,959 $48,195 5,406 $53,057 5,804 $66,453 3,697 4,207 $75,645 $92,044 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 $6,177 $9,266 $8,530 $5,198 4,900 5,227 5,799 5,940 $7,288 7,237 $11,459 8,144 $11,508 8,452 $8,695 $9,612 $13,954 9,247 9,638 9,620 3,662 6,992 7,773 6,406 4,964 8,898 9,944 6,824 6,592 9,716 106 104 122 147 178 224 251 280 371 363 107 154 135 111 117 238 274 160 502 959 $14,952 $21,743 $22,359 $17,802 $19,784 $28,963 $30,429 $25,206 $26,715 $34,612 KEY PERFORMANCE METRICS, NON-GAAP RECONCILIATIONS AND OTHER METRICS As of 3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 Cumulative customer count Lease PPA Loan Other Cumulative customer count 11,716 12,793 14,252 15,951 17,606 19,259 20,507 21,561 22,361 23,176 22,687 24,195 25,375 27,259 28,934 30,228 31,449 32,634 34,180 36,355 1,493 1,770 2,036 2,503 3,247 4,156 5,080 6,104 7,021 8,026 13 31 35,896 38,758 41,663 45,713 49,787 53,643 57,036 60,299 63,575 67,588 Weighted average customer count Lease 11,301 12,181 13,488 15,079 16,782 18,501 19,892 21,078 21,967 22,762 PPA 21,657 23,458 24,788 26,211 28,123 29,576 30,850 32,062 33,361 35,268 Loan 1,366 1,621 1,900 2,239 2,882 3,710 4,649 5,620 6,673 7,727 Other 6 25 Weighted average customer count 34,324 37,260 40,176 43,529 47,787 51,787 55,391 58,760 62,007 65,782 Estimated Gross Customer Value (customer values in millions; per customer values in units) Estimated Gross Contracted Customer Value $903 Estimated Gross Renewal Customer Value 111 $948 117 $1,027 $1,127 $1,270 $1,316 $1,382 $1,476 $1,568 $1,652 139 149 Estimated Gross Customer Value $1,014 $1,065 $1,166 $1,276 158 $1,428 164 191 199 203 209 $1,480 $1,573 $1,675 $1,771 $1,861 Estimated Gross Customer Value per Customer $28,245 $27,448 $27,962 $27,921 $28,675 $27,612 $27,596 $27,778 $27,846 $27,530 Estimated Gross Contracted Customer Value per Customer $25,153 $24,433 $24,628 $24,661 $25,502 $24,552 $24,246 $24,478 $24,654 $24,438 A-4#17TM Sunnova Financial Statements & Operating Metrics (dollars in thousands; customer counts and per customer values in units; customer values in millions) KEY PERFORMANCE METRICS, NON-GAAP RECONCILIATIONS AND OTHER METRICS (continued) Period Reconciliation of Net Loss to Adjusted EBITDA Net loss Interest expense, net Interest expense, net - affiliates Interest income Depreciation expense Amortization expense EBITDA Non-cash compensation expense ARO accretion expense One-time impairment of IT system Financing deal costs Disaster losses and related charges, net IPO costs Loss on extinguishment of long-term debt, net - affiliates Unrealized loss on fair value option instruments Legal settlements Adjusted EBITDA כן 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 ($18,732) 6,928 6,561 ($34,694) 25,153 11,428 ($16,718) 15,523 2,665 ($20,038) 12,243 ($13,436) 4,983 ($9,224) 10,724 ($6,647) 9,416 ($39,102) 26,459 ($35,496) 31,661 ($49,807) 37,310 2,523 2,493 2,354 2,398 2,303 1,822 1,575 (618) (766) (854) (959) (1,192) (1,418) (1,763) (2,077) (2,494) (2,967) 6,626 7,025 7,612 8,219 8,964 9,386 10,650 10,290 11,012 11,627 33 33 34 33 33 34 33 33 5 7 798 8,179 8,262 2,021 1,845 11,856 14,087 (2,094) 6,510 (2,255) 272 341 532 350 726 824 916 944 387 1,884 141 172 188 203 211 402 278 292 313 327 306 65 (51) 16 1,523 (182) (3) 564 119 849 98 936 316 296 (182) 7,787 1 80 482 739 1,307 10,645 534 $1,517 $8,757 $9,029 575 $4,101 150 293 $4,621 $13,197 $15,326 $7,975 $8,068 $13,584 $589 $719 $796 $899 $1,133 $1,355 $1,672 $1,987 $2,328 $2,692 $357 $916 $495 $592 $1,349 $2,031 $1,718 $1,714 $3,429 $5,224 Interest income from customer notes receivable Principal proceeds from customer notes receivable, net of related revenue Adjusted Operating Cash Flow Reconciliation of Net Cash Used in Operating Activities to Adjusted Operating Cash Flow Net cash used in operating activities Principal proceeds from customer notes receivable ($16,456) 442 ($23,574) 1,020 ($4,580) 615 ($4,357) 739 ($19,220) ($1,341) ($4,681) $13,672 ($24,430) ($31,264) 1,526 2,242 1,965 1,982 3,757 5,579 Distributions to redeemable noncontrolling interests (294) (339) (450) (533) (695) (3,652) (1,491) Payments to dealers for exclusivity and other bonus arrangements 2,000 20,000 Inventory purchases 82 Adjusted Operating Cash Flow ($15,932) 59 ($22,495) 90 ($3,875) 1,671 ($2,241) 2,869 ($15,164) 2,491 $2,942 1,927 7,001 4,279 5,238 ($1,322) $21,960 ($18,046) ($1,938) Adjusted Operating Expense Reconciliation of Total Operating Expense, Net to Adjusted Operating Expense Total operating expense, net $20,813 $20,622 $21,743 $24,033 $26,936 $26,528 $27,025 $37,623 $31,222 $37,322 Depreciation expense (6,626) (7,025) (7,612) (8,219) (8,964) (9,386) (10,650) (10,290) (11,012) (11,627) Amortization expense (33) (33) (34) (33) (33) (34) (33) (33) (7) Non-cash compensation expense (272) (341) (532) (350) (726) (824) (916) (944) (387) (1,884) ARO accretion expense (141) (172) (188) (203) (211) (402) (278) (292) (313) (327) Disaster losses and related charges, net (98) (936) (316) (296) 182 (7,787) Financing deal costs (306) 51 (16) (1,523) 182 3 (564) (119) (849) IPO costs (1) (80) (482) (739) (1,307) Legal settlements (575) (150) (293) Adjusted Operating Expense $13,435 $12,986 Adjusted Operating Expense per weighted average customer $391 $348 $13,330 $332 $13,701 $15,163 $15,767 $15,103 $17,231 $18,647 $315 $317 $304 $273 $293 $301 $21,028 $320 New customers deployed during the period Lease PPA Loan Other 730 2,076 1,077 1,459 1,699 1,655 1,653 1,248 1,054 800 815 1,508 1,180 1,884 1,675 1,294 1,221 1,185 1,546 2,175 230 277 266 467 744 909 924 1,024 917 1,005 13 18 New customers deployed during the period Average kW per customer Estimated net system value deployed (in millions) 3,036 2,862 2,905 4,050 4,074 3,856 3,393 3,263 3,276 4,013 6.9 7.2 7.5 7.6 7.2 7.4 7.6 7.7 7.8 7.9 $18 $26 Estimated net system value deployed per new customer $5,929 $9,085 $29 $9,983 $35 $35 $8,642 $8,591 $34 $8,817 $28 $28 $25 $32 $8,252 $8,581 $7,639 $7,974 Estimated net system value deployed, leases and PPAs (in millions) $17 Estimated net system value deployed per new customer, leases and PPAs $6,058 $24 $9,284 $28 $10,610 $34 $9,489 $34 $10,210 $32 $10,859 $27 $10,936 $26 $24 $11,612 $10,230 $31 $10,368 A-5#18sunnova TM Key Performance Indicators & Other Metrics and Calculations (dollars in millions; customer and per customer values in units) D KEY PERFORMANCE INDICATORS As of Cumulative customer count 3/31/17 35,896 6/30/17 38,758 9/30/17 41,663 12/31/17 45,713 3/31/18 49,787 6/30/18 53,643 9/30/18 57,036 12/31/18 3/31/19 6/30/19 60,299 63,575 67,588 Period 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 Weighted average customer count 34,324 37,260 40,176 43,529 47,787 51,787 55,391 58,760 62,007 65,782 Adjusted EBITDA $1.5 $8.8 $9.0 $4.1 $4.6 $13.2 $15.3 $8.0 $8.1 $13.6 Interest income from customer notes receivable $0.6 $0.7 $0.8 $0.9 $1.1 $1.4 $1.7 $2.0 $2.3 $2.7 Principal payments on customer notes receivable, less amounts recorded in revenue $0.4 $0.9 $0.5 $0.6 $1.3 $2.0 $1.7 $1.7 $3.4 $5.2 Adjusted Operating Cash Flow ($15.9) ($22.5) ($3.9) ($2.2) ($15.2) $2.9 ($1.3) $22.0 ($18.0) ($1.9) Adjusted Operating Expense $13.4 $13.0 $13.3 $13.7 $15.2 $15.8 $15.1 $17.2 $18.6 $21.0 Adjusted Operating Expense per Weighted Average Customer $391 $348 $332 $315 $317 $304 $273 $293 $301 $320 Adjusted Operating Expense per Customer, trailing twelve months $1,359 $1,288 $1,255 $1,212 $1,194 $1,177 $1,186 OTHER METRICS AND CALCULATIONS As of Estimated Gross Contracted Customer Value Estimated Gross Contracted Customer Value per Customer Estimated Gross Customer Value Estimated Gross Customer Value per Customer Estimated Gross Contracted Customer Value (+) Estimated Gross Renewal Customer Value Estimated Gross Customer Value (-) Project Debt, net Estimated Net Earning Assets (-) Corporate Debt, net (+) Cash and restricted cash (+) Construction in process Estimated Net Customer Value (-) Estimated Gross Renewal Customer Value Estimated Net Contracted Customer Value Cumulative Capital Deployed in Solar energy systems Cumulative Capital Deployed in Customer notes receivable Exclusivity and other bonus arrangements with dealers, net Cumulative Capital Deployed Average Cumulative Capital Deployed, trailing twelve months Revenue Interest income from customer notes receivable Principal proceeds from customer notes receivable, net of related revenue Adjusted EBITDA 3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 $903 $25,153 $948 $1,027 $24,433 $24,628 $1,127 $24,661 $1,270 $1,316 $1,382 $1,476 $1,568 $1,652 $25,502 $24,552 $24,246 $24,478 $24,654 $24,438 $1,014 $28,245 $1,065 $27,448 $1,166 $27,962 $1,276 $27,921 $1,428 $28,675 $1,480 $27,612 $1,573 $27,596 $1,675 $27,778 $1,771 $27,846 $1,861 $27,530 $903 $948 $1,027 $1,127 $1,270 $1,316 $1,382 $1,476 $1,568 $1,652 111 117 139 149 158 164 191 199 203 209 1,014 1,065 1,166 1,276 1,428 1,480 1,573 1,675 1,771 1,861 (658) (661) (696) (750) (787) (821) (857) (899) (1,006) (1,138) 356 404 470 527 641 659 716 776 765 723 (79) (95) (82) (78) (79) (81) (61) (62) (91) 38 43 35 82 124 82 100 87 79 100 125 128 148 131 109 104 106 98 114 142 518 496 558 657 797 766 840 900 896 873 (111) (117) (139) (149) (158) (164) (191) (199) (203) (209) $407 $379 $419 $508 $639 $602 $649 $701 $693 $664 $818 $873 33 40 $936 47 $1,032 $1,115 58 74 $1,187 97 $1,254 $1,311 $1,374 $1,459 120 146 169 193 $2 $22 $852 $913 $982 $1,089 $1,188 $1,284 $1,374 $1,457 $1,545 $1,674 $936 $1,020 $1,099 $1,178 $1,273 $1,367 $1,479 $15.0 $21.7 $22.4 $17.8 $19.8 $29.0 $30.4 $25.2 $26.7 $34.6 $0.6 $0.7 $0.8 $0.9 $1.1 $1.4 $1.7 $2.0 $2.3 $2.7 $0.4 $0.9 $0.5 $1.5 $8.8 $9.0 $0.6 $4.1 $1.3 $2.0 $1.7 $1.7 $4.6 $13.2 $15.3 $8.0 $3.4 $8.1 $5.2 $13.6 Note: revenue, interest income from customer notes receivable, and principal proceeds from customer notes receivable, net of related related revenue, all exclude benefits from tax credits, which are in cash flows from financing, "platform services," loan sales and sales of other future cash flow streams. A-6#19Sunnova TM Key Performance Indicators & Other Metrics and Calculations (dollars in millions; customer and per customer values in units) OTHER METRICS AND CALCULATIONS (continued) Period D 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 New Customers Deployed CA 452 447 NJ 1,249 1,195 CT 28 MA 150 128 MD 18 NY 10 PA PR 910 742 RI TX 2 All others 217 173 New Customers Deployed 3,036 2,862 2222222222 425 550 662 643 672 618 702 947 1,477 1,406 1,021 1,146 859 735 692 681 91 258 406 530 563 603 525 740 101 188 220 392 289 343 221 325 57 182 103 118 116 160 250 194 248 498 451 402 317 277 196 214 2 39 74 136 182 183 212 338 762 931 350 240 128 102 269 1 6 8 18 62 60 94 112 58 89 149 76 48 36 78 97 109 109 84 107 91 121 233 222 2,905 4,050 4,074 3,856 3,393 3,263 3,276 4,013 Cumulative MW Deployed Lease PPA Loan Other Cumulative MW Deployed New MW Deployed Lease 83.5 154.6 92.1 103.9 117.8 130.0 142.0 151.4 159.3 165.8 172.8 164.3 172.2 185.2 196.4 205.9 215.2 224.6 236.3 253.5 9.3 11.6 13.9 17.8 23.8 30.9 37.8 45.5 52.9 60.6 247.4 268.0 290.0 320.8 350.2 378.8 404.4 429.4 455.0 486.9 6.4 PPA Loan Other 13.0 80 8.5 11.8 13.9 12.2 12.0 9.5 7.9 6.4 7.0 9.7 7.9 13.0 11.3 9.5 9.3 9.4 11.7 17.2 1.6 2.3 2.2 3.9 6.0 7.2 6.9 7.7 7.4 7.7 New MW Deployed 21.0 20.5 21.9 30.8 29.5 28.7 25.7 25.0 25.5 31.9 Creation Costs, Total $73 $64 $76 $117 $107 $99 $97 $86 $91 $125 Creation Costs, Leases and PPAs $63 $55 $63 $96 $83 $72 $67 $58 $63 $91 Estimated net system value deployed, Leases and PPAs $17 $24 $28 $34 $34 $32 $27 $26 $24 $31 Estimated net system value deployed per new customer, Leases and PPAs $6,058 $9,284 $10,610 $9,489 $10,210 $10,859 $10,936 $11,612 $10,230 $10,368 Estimated net system value deployed $18 $26 Estimated net system value deployed per new customer $5,929 $9,085 $29 $9,983 $35 $8,642 $35 $8,591 $34 $8,817 $28 $8,252 $28 $8,581 $25 $7,639 $32 $7,974 A-7#20TM Sunnova™ D Definitions (dollars in millions; customer and per customer values in units) For more information about metrics and important notes regarding our financial statements please refer to our periodic reports filed with the SEC and our quarterly earnings presentations available on our website at investors.sunnova.com. Cumulative Customer Count includes each customer that is party to an in-service solar service agreement. For our leases, power purchase agreements ("PPA") and loan agreements, in-service means the related solar energy system and, if applicable, energy storage system, must have met all the requirements to begin operation and be interconnected to the electrical grid. For our Sunnova Protect services, in-service means the customer's system must have met the requirements to have the service activated. We do not include in our number of customers any customer under a lease, PPA or loan agreement for whom we have terminated the contract and removed the solar energy system. We also do not include in our number of customers any customer of our Sunnova Protect services that has been in default under his or her solar service agreement in excess of six months. Weighted Average Customer Count is calculated based on the number of months a given customer is in-service during a given measurement period. The weighted average customer count reflects the number of customers at the beginning of the period, plus the total number of new customers deployed during the period adjusted by a factor that accounts for the partial period nature of those new customers. For purposes of this calculation, we assume all new customers deployed during a month were added in the middle of that month. New Customers Deployed includes all systems placed in-service during a given measurement period. Adjusted EBITDA is calculated as net income (loss) plus net interest expense, depreciation and amortization expense, income tax expense, financing deal costs, disaster losses and related charges, net, legal settlements and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, costs of the initial public offering ("IPO) and other non-cash items such as asset retirement obligation ("ARO") accretion expense and non-cash compensation expense. Interest Income and Principal Payments on Customer Notes Receivable, less Amounts Recorded in Revenue are considered key performance metrics because under our loan agreements, the customer obtains financing for the purchase of a solar energy system from us, and we agree to operate and maintain the solar energy system throughout the duration of the agreement. Pursuant to the terms of the loan agreement, the customer makes scheduled principal and interest payments to us and has the option to prepay principal at any time in part or in full. Whereas we typically recognize payments from customers under our leases and PPAs as revenue, we recognize payments received from customers under our loan agreements (i) as revenue, to the extent attributable to payments for operations and maintenance services provided by us; (ii) as interest income, to the extent attributable to earned interest on the contract that financed the customer's purchase of the solar energy system; and (iii) as a reduction of a note receivable on the balance sheet, to the extent attributable to a return of principal (whether scheduled or prepaid) on the contract that financed the customer's purchase of the solar energy system. Adjusted Operating Cash Flow is calculated as net cash used in operating activities plus principal proceeds from customer notes receivable and distributions to redeemable noncontrolling interests less payments to dealers for exclusivity and other bonus arrangements and inventory purchases. Adjusted Operating Expense is calculated as total operating expense less depreciation and amortization expense, non-cash compensation expense, ARO accretion expense, financing deal costs, disaster losses and related charges, net, IPO costs and legal settlements. Estimated Gross Contracted Customer Value represents the sum of the present value of the remaining estimated future net cash flows we expect to receive from existing customers during the initial contract term of our leases and PPAs, which are typically 25 years in length, plus the present value of future net cash flows we expect to receive from the sale of related solar renewable energy certificates ("SREC"), either under existing contracts or in future sales, plus the carrying value of outstanding customer loans on our balance sheet. From these aggregate estimated initial cash flows, we subtract the present value of estimated net cash distributions to redeemable noncontrolling interests and estimated operating, maintenance and administrative expenses associated with the solar service agreements. These estimated future cash flows reflect the projected monthly customer payments over the life of our solar service agreements and depend on various factors including but not limited to solar service agreement type, contracted rates, expected sun hours and the projected production capacity of the solar equipment installed. For the purpose of calculating this metric, we discount all future cash flows at 6%. The anticipated operating, maintenance and administrative expenses included in the calculation of estimated gross contracted customer value include, among other things, expenses related to accounting, reporting, audit, insurance, maintenance and repairs. In the aggregate, we estimate these expenses are $20 per kilowatt per year initially, with 2% annual increases for inflation. We do not include maintenance and repair costs for inverters and similar equipment as those are largely covered by the applicable product and dealer warranties for the life of the product, but we do include additional cost for energy storage systems, which are only covered by a 10-year warranty. Estimated Gross Renewal Customer Value represents the sum of the present value of future net cash flows we would receive from customers during two five-year renewal terms of our leases and PPAs, plus the present value of future net cash flows we expect to receive from the sale of related SRECs, either under existing contracts or in future sales. From these aggregate estimated renewal cash flows we subtract the present value of estimated net cash distributions to redeemable noncontrolling interests and the estimated operating, maintenance and administrative expenses associated with the solar service agreements. For the purpose of calculating this metric, we discount all future cash flows at 6%. To calculate estimated renewal gross customer value, we use the established industry convention, which assumes 100% of solar leases and PPAs are renewed, due to the expected useful life of the system and costs to the customer associated with an election to purchase or remove the equipment. We further assume that these contracts are renewed at 90% of the contractual price in effect at expiration of the term of the solar service agreement. Because the customer has two renewal options of five years each, for the second renewal period we assume a contractual price of 90% of the price in the first renewal period. Our loan agreements do not contain a renewal feature, and therefore are not included in estimated renewal gross customer value. Estimated Net Contracted Customer Value represents gross total contracted value, less debt and tax equity, plus cash and restricted cash and construction in progress. Estimated Net System Value Deployed represents the sum of estimated gross customer value, plus expected or received utility and up-front governmental incentives, to the extent not included in such estimated gross customer value, plus expected or received contributions from tax equity fund investors for redeemable noncontrolling interests in tax equity vehicles, as each relates to new customers placed in service within a specified period. From these aggregate estimated values, we subtract payments made or expected to be made to our dealers associated with customer solar energy systems. Estimated Net System Value Deployed, Leases and PPAs represents the Estimated Net System Value Deployed attributable to our lease and PPA contracts and excludes amounts attributable to our loan contracts. Creation Costs represents the property and equipment attributable to solar energy systems over the period plus all cash paid for customer notes receivable during the period plus the average amount recognized in each quarter for the trailing twelve months of payments to dealers for exclusivity and other bonus arrangements. Creation Costs, Leases and PPAs represents Creation Costs attributable to our lease and PPA contracts and excludes amounts attributable to our loan contracts. Cumulative Capital Deployed represents the property and equipment attributable to solar energy systems plus net customer notes receivable, less deferred revenue in other current liabilities and other long-term liabilities, plus payments to dealers for exclusivity and other bonus arrangements. A-8