US residential solar installer Sunnova has appointed a new interim chief financial officer (CFO), and entered into a grace period for interest repayments, as it continues to repair damage done to its finances.
The new interim CFO, Robyn Liska, started work at the end of March, and joins from bank J.P. Morgan, where she held the position of executive director in the bank’s power and investment banking division. She replaces Eric Williams, who was appointed CFO and executive vice president in June 2024; while the company’s losses shrunk to US$52.5 million in the third quarter of 2024, the lowest quarterly losses since 2022, they grew to US$127.7 million by the final quarter of 2024.
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These trends are shown in the graph below, and reflect an increasingly challenging environment for the company. In its 2024 financial results, Sunnova reported a 17% year-on-year increase in revenues and a decline in net losses from US$502.4 million in 2023 to US$447.8 million in 2024. However, founder and then-CEO William J Berger described the current financial climate in US solar as “terrible”, and in February, the company cut around 300 jobs, equivalent to 15% of its workforce, looking to minimise expenses.
Last month, Sunnova suggested that high interest rates and policy uncertainty were the driving forces behind its recent financial struggles, creating an environment where the company was forced to cut jobs despite posting an 11% year-on-year increase in total cash.
There are growing concerns over the financial viability of US renewable power investments under current government policy, perhaps best epitomised by president Trump’s dramatic increases in tariffs on goods imported from overseas yesterday.
Asian countries were targeted in particular, with a further 34% tariff on goods from China, which has historically dominated the global solar manufacturing sector, and 46% and 36% tariffs on Vietnam and Thailand, two of many Southeast Asian countries to have imported solar products to the US to circumvent tariffs placed on China exclusively.
Berger said in March that Sunnova would mandate its suppliers to use domestically-produced components to take advantage of investment tax credit (ITC) support, a market which reached US$5.75 billion of value in 2024. If the new tariffs are designed to encourage greater investment in and usage of domestically-made products, Sunnova’s shift towards US-made goods could yield results, but making vital solar components more expensive will not be encouraging news for a company that has endured losses for three consecutive years.
Interest payment grace period
Sunnova also announced that it will enter a 30-day grace period relating to interest payments that were due on 1 April for 11.75% senior notes issued by the company’s subsidiary, Sunnova Energy Corporation. Sunnova has historically relied on debt, and the issuance of senior notes, to finance its operations, but a combination of its notes “trading significantly below par” – according to the company – and the sheer scale of its debt – Ion Analytics reports that as of the end of 2024, the company’s total debts reached US$8.5 billion – has cast doubt over its long-term financial health.
Following Berger’s resignation, the company has already promoted chief operating officer Paul Mathews to the position of CEO. Mathews and Liska will now be responsible for turning the company’s fortunes around.
“This is a defining moment for Sunnova, and I’m honoured to help lead the Company through its next chapter,” said Liska. “I look forward to working closely with Paul, the board and the Sunnova team to deliver results with discipline, transparency and purpose.”
PV Tech’s publisher Solar Media will be organising the fourth edition of Large Scale Solar USA in Dallas, Texas 29-30 April. After a record year for solar PV additions in the US, the event will dive into the ongoing uncertainties on tariffs, tax credits and trade policies as more domestic manufacturing becomes operational. Other challenges, such as the interconnection queues and permitting, will also be covered in Dallas. More information, including how to attend, can be read here.
