Newly-formed firm Solaris Assets has acquired the business operations and assets of Texas-based residential solar installer Sunnova.
Solaris was formed by GoodFinch Management, a US renewables asset owner, to acquire Sunnova after the installer filed for bankruptcy in June.
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The company will acquire Sunnova’s residential solar operations and maintenance (O&M) platform and its solar and storage generation portfolio. Sunnova’s core operations are transitioning to SunStrong Management, a specialist residential solar asset management and servicing firm.
Brendon Merkley, CEO of SunStrong, said the firm’s “priority is to maintain the highest levels of service for customers as we expand our footprint as a premier solar asset servicer.”
Paul Mathews, CEO of Sunnova said the acquisition “marks a significant step forward that preserves the platform, people and customer relationships that have been the heart of Sunnova.”
Following the transaction, Matthews will join SunStrong as chief revenue officer.
Sunnova filed for bankruptcy in June after laying off over half of its workforce. It quickly attracted investor attention and, at the end of July, a group of bondholders controlled by Goodfinch Management provided the firm with US$90 million of debtor-in-possession (DIP) financing to continue its operations.
Solaris acquired Sunnova’s O&M and generation portfolio “in exchange for a credit bid of the DIP financing, US$25 million in cash consideration and payment of certain cure costs.”
