Sungevity secures US$50 million bankruptcy buyout

April 19, 2017
Facebook
Twitter
LinkedIn
Reddit
Email
Bankruptcy court documents show Sungevity generated US$112.8 million during 2016. Source: Flickr/Money

After filing for Chapter 11 bankruptcy protection in March this year, Sungevity has been approved for sale to Minnesota private equity firm Northern Pacific Group for US$50 million.

Kevin Gross, a judge at the Delaware-based US Court of Bankruptcy approved the lone offer earlier this week, and just one month after Sungevity opened its Chapter 11 following a failed US$350 million acquisition by Easterly Capital.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“This has been a difficult case, and a speedy case like this one generally is,” Judge Gross said. “These debtors were in real extremis, and required a quick sale.”

Sungevity has US$188.9 million in debts and US$800 million in assets. The sale order hands over Sungevity in exchange for its combined debt claims.

“The agreement we have reached with the team led by Northern Pacific Group and its co-investors is a testament to their confidence in the future of Sungevity’s business,” said William Nettles, chief administrative officer of Sungevity, in a statement. “The actions we have announced will allow Sungevity to emerge as a stronger and more competitive company.”

Northern Pacific Group has said that it has the ability to provide additional funds if needed after the sale’s close.

“We expect to conduct business in the ordinary course with all customers,” Sungevity wrote in a blog post. “Our commitment to service is unwavering and we will continue providing our valued customers with the same products and quality of service they have come to expect from us.”

16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 23, 2025
US solar manufacturer T1 Energy sold approximately 725MW of solar modules in Q3 2025, as it continues to expand US manufacturing capabilities.
October 22, 2025
Recurrent Energy, Ampliform and Dimension Energy have announced new financing rounds this month for US solar projects.
October 22, 2025
Leeward Renewable Energy has started commercial operations at its 177MW Ridgely solar project in the US state of Tennessee.
October 22, 2025
US thin-film manufacturer First has revealed another transfer of its 45X manufacturing tax credits in a deal worth around US$775 million.
October 22, 2025
Abigail Ross Hopper, the president and CEO of US trade association the Solar Energy Industries Association (SEIA), has decided to step down from her roles at the end of January 2026.
October 21, 2025
Cypress Creek Renewables has achieved financial close on its 75MW Sundance solar-plus-storage project in Elbert County, Colorado.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany
Solar Media Events
March 24, 2026
Lisbon, Portugal