Overview

• Sunnova Energy International filed for Chapter 11 protection on June 8 in the Southern District of Texas after warning in March of doubts about its ability to continue operating.
• The bankruptcy filing lists estimated assets and liabilities between $10 billion and $50 billion alongside $10.67 billion in total debt as of December 31, 2024.
• The company has secured conditional sales of assets to Atlas SP Partners for $15 million and Lennar Homes for $16 million and will maintain operations under court supervision.
• In late May Sunnova reduced its workforce by approximately 55%, cutting about 718 jobs as part of its financial restructuring efforts.
• The residential solar sector is contending with high interest rates, reduced state incentives and federal actions including the revocation of a $2.92 billion loan guarantee.