The US Department of Energy (DOE) has downsized a loan guarantee to US residential solar installer Sunnova from an initial US$3 billion to US$371.6 million.
According to the company, this amount equates to the total partial guarantees previously issued for the company’s related securitisations.
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The company disclosed this information in an 8-K filing with the Securities and Exchange Commission on May 29 2025, in which it stated that the Loan Guarantee Agreement with the US DOE had been amended on 22 May 2025.
Sunnova had secured loan funding from the DOE back in 2023, with the funds aimed at expanding the company’s energy monitoring and analysis platform. At the time, the residential installer announced that it would provide “monthly servicing” reports to the DOE using the data collected from its platforms, alongside information on greenhouse gas reduction derived from customers installing its solar panels, rather than using electricity generated by fossil fuels.
This downsizing of the loan guarantee comes at a time when the company is facing a second year of losses with US$448 million in losses in 2024. More recently, the company received a notice of non-compliance from the New York Stock Exchange (NYSE) requiring it to raise its stock price to a minimum of US$1.
The downsizing of the loan guarantee to Sunnova comes days before the DOE terminated 24 awards issued by the Office of Clean Energy Demonstrations (OCED), which totalled over US$3.7 billion in financing. Carbon capture and sequestration (CCS) was the primary technology awarded funding, along with other decarbonisation initiatives. However, the DOE did not disclose a list of the 24 projects that saw their financing terminated.
Amended on 03 June 2025 to clarify that it was a loan guarantee and not a loan.
