US bankruptcy court approves Sunnova asset sale

Facebook
Twitter
LinkedIn
Reddit
Email
A rooftop solar installation.
The assets in the sale would include Sunnova’s solar servicing and operations and maintenance (O&M) platform, ServiceCo, among others. Image: Sunnova and Business Wire.

The US Bankruptcy Court for the Southern District of Texas has approved the sale of substantially all of residential solar installer Sunnova’s assets and business operations.

The sale will be made with an ad hoc group of debtor-in-possession (DIP) lenders and affiliates or entities controlled by asset management company GoodFinch Management.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The sale transaction is expected to close in August 2025, subject to customary closing conditions. It will include the sale of Sunnova’s residential solar servicing and operations and maintenance (O&M) platform, ServiceCo, and its solar generation and storage portfolio in exchange for a credit bid of the DIP financing, US$25 million of cash consideration and certain cure costs.

The sale of these assets comes less than a month after the company entered into a stalking horse asset purchase agreement with Omnidian, a residential, commercial and industrial (C&I) solar plant performance assessment company that had made a US$7 million offer for the aforementioned assets.

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.

“This transaction represents a significant step forward that secures the future of Sunnova’s operations under new ownership,” said Paul Mathews, CEO of Sunnova.

As the residential solar installer transitions to new ownership, it expects full continuity of customer service and system management for substantially all in-service customers. Related to the sale transaction, asset management company SunStrong Management will take over servicing of solar and storage systems.

According to the company, the sale of these assets will not impact another asset purchase agreement and settlement agreement made with investment firm ATLAS SP Partners, for which Sunnova will receive US$11 million.

The company filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in June of this year, during which time residential solar financing platform company Mosaic also filed for Chapter 11 of the US Bankruptcy Code.

More details regarding the company’s Chapter 11 process can be accessed here.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
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

August 7, 2025
Array Technologies and OMCO Solar have announced plans to supply US-made trackers for solar projects across the US.
August 6, 2025
Renewables asset owner Brookfield Renewable has acquired 19.7% indirect equity stake in US regional energy utility Duke Energy’s Florida portfolio.
August 6, 2025
Clean Energy Associates has warned its clients of a renewed danger of Uyghur Forced Labour Prevention Act enforcement against solar PV products under US president Donald Trump and secretary of state Marco Rubio.
August 6, 2025
US tracker manufacturer FTC Solar has posted US$19.9 million in revenue in the second quarter of 2025, up year-on-year for the second quarter in a row.
Premium
August 5, 2025
Although residential solar in the US has lost its main tax credit, there is still hope that its popularity and economics could win the day.
August 5, 2025
Despite trade policy uncertainty, the price of solar modules in the US has remained fairly stable in the past three months, according to solar and storage supply chain platform Anza.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines