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first_imgLennar’s Stuart Miller and Sunnova’s William J. “John” Berger (iStock)Lennar Corp. plans to sell its residential solar division to Sunnova Energy International in a deal worth over $358 million.As part of the agreement, Houston-based Sunnova will become Lennar’s exclusive residential solar provider for new home communities across the country as demand for solar energy grows.Miami-based Lennar agreed to sell the solar division known as SunStreet in exchange for 7.22 million shares of Sunnova common stock, which closed at $49.64 on Wednesday, for a total of $358.4 million. About 3.3 million shares will be paid out at closing and the rest will be paid once certain milestones are met, according to a joint press release from the companies.“This agreement will allow Sunnova to increase customer growth, further scale the business, and develop smart microgrids for communities across the U.S.,” William Berger, CEO of Sunnova, said in a statement.ADVERTISEMENTLenX, a Lennar subsidiary, and Sunnova are also planning to continue to develop new energy technologies, such as home storage and community microgrids, according to the release.Along with installing solar on new homes, Sunnova said it could upsell many of the 250,000 existing homes built by Lennar in the last decade.The deal is expected to close in the second quarter, according to the release.Led by Stuart Miller, Lennar is one of the largest homebuilders in the country, and is known for its no-thrills, efficient single-family home communities.The company has performed exceptionally well during the pandemic, as more people sought to buy new homes due to record low mortgage rates. In 2020, Lennar received 56,000 new home orders, up 9 percent, year-over-year, according to the company’s fourth quarter earnings. This content is for subscribers only.Subscribe Nowlast_img read more

first_imgAdvertisementIn what could be the biggest managerial coup in the summer transfer window, Pep Guardiola has agreed to exit Manchester City and sign a four-year-deal with Serie A winners Juventus according to various reports.Pep Guardiola on his way out of Manchester City?Juventus sacked their manager Massimiliano Allegri despite winning the Serie A as his side faltered at the UEFA Champions League after a young Ajax side outclassed them tactically in the quarter-finals.Pep Guardiola moving to Juventus will freshen things up at the club which is still haunted by their horrors from the UEFA Champions League exit. However, this decision of Guardiola will hit the Manchester City fans hardly as he mentioned previously that he will stay on the club for at least two more years earlier in the month.The Spaniard won the elite club competition of Europe twice with Barcelona but failed to do so even a single time when he was in-charge of Bayern Munich. Even in his two-year tenure with Manchester City, he couldn’t lift the UEFA Champions League title.Only time will tell whether Guardiola would be able to achieve that with Juventus. But, with world-class players like Cristiano Ronaldo, Paulo Dybala, and Leonardo Bonucci ready to help him out, one can only wonder where the club can go wrong in completing their lofty European ambitions. Advertisementlast_img read more