Overview

• Sunnova Energy filed for Chapter 11 bankruptcy protection in Texas on June 9, citing $10 billion to $50 billion in both assets and liabilities.
• The Houston-based company has cut 55 percent of its workforce, laying off 718 employees as part of its reorganization plan.
• Sunnova warned investors of an imminent New York Stock Exchange delisting after its stock price fell to 22 cents per share.
• Its subsidiary TEP Developer initiated a Chapter 11 filing earlier in June to address its own mounting debt obligations.
• The residential solar sector’s financial strain has deepened due to high interest rates, reduced state incentives and tariffs, along with the loss of the $2.92 billion federal loan guarantee.