Overview

• The filing in Texas shows between $10 billion and $50 billion in both assets and liabilities.
• The company will cut 55% of its workforce, reducing staff by roughly 718 employees, as part of its debt restructuring.
• Sunnova TEP Developer, a wholly owned subsidiary, filed for Chapter 11 protection in early June amid strained capital conditions.
• Sunnova terminated most of its $3 billion DOE loan guarantee and lost a $2.92 billion federal guarantee revoked by the Trump administration in late May.
• The US residential solar sector is grappling with high interest rates, rising tariffs, reduced state incentives and a proposed budget bill that could eliminate rooftop tax credits.