US solar residential installer Sunnova has entered into a stalking horse asset purchase agreement with Omnidian for some of its assets.
A residential and commercial and industrial (C&I) solar plant performance assessment company, Omnidian, has made a US$7 million offer for the acquisition of Sunnova’s residential solar servicing and operations and maintenance (O&M) platform, ServiceCo. The offer will be made in cash and with the assumption of certain liabilities.
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Pursuant to the stalking horse asset purchase agreement, Omnidian would assume responsibility for customer service and system management obligations for a significant portion of Sunnova’s in-service customers.
A stalking horse buyer is a company nominated by a company filing for bankruptcy to make an initial bid for its assets, to set a benchmark for other potential buyers to make bids.
Moreover, the residential installer added that it maintains the option to pursue the transaction with Omnidian on a standalone basis or as part of a combined transaction that would include the sale of its solar generation and energy storage portfolio of nearly 3GW.
Sunnova added that it will continue to solicit bids through its court-supervised marketing process in order to receive the highest or best offer for its assets, with a bid deadline set for 21 July 2025.
The stalking horse bid comes over a month after Sunnova filed for voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code. A filing that itself followed the layoff of more than half of the company’s workforce, nearly 718 employees, and a Chapter 11 filing from one of its subsidiaries in Delaware, Sunnova TEP Developer.
All these developments transpired in a matter of days between the end of May and the beginning of June, during which time residential solar financing platform company Mosaic also filed for voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.
Sunnova and Mosaic are the latest residential solar companies that have either filed for Chapter 11 bankruptcy or altogether ceased operations. This has been the case with SunPower, Lumio and Titan Solar Power, among others, last year.
And the recent signing into law of the reconciliation bill, also known as the “One, Big, Beautiful Bill” will have further implications to residential solar as it will see the phase out of the residential energy tax credits under Section 25D at the end of the year.
At the time of the bill passing the House vote on July 4 2025, Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA), commented on the impact of the bill for residential solar and said: “It is especially disheartening to witness the total disregard for the thousands of small businesses in the residential solar sector that were given only months to reinvent themselves.”
