Sunnova Secures Asset Sale Post-Bankruptcy

PVTIME – Texas-based installer Sunnova, which filed for bankruptcy in June, has finalised the sale of its assets and operations. The newly formed company Solaris Assets has confirmed the acquisition, with Sunnova’s core business set to transfer to the solar asset management specialist SunStrong Management. This secures the firm’s survival and restructuring.

Solaris Assets was specifically set up by US renewable energy asset owner GoodFinch Management to pursue the acquisition following Sunnova’s bankruptcy. As part of the agreement, Solaris Assets will gain full ownership of Sunnova’s key assets, including its residential solar operation and maintenance (O&M) platform and solar and energy storage portfolio. This will ensure a smooth transition and continuity of business.

Stakeholders have outlined clear post-handover plans. SunStrong CEO Brendon Merkley stressed that maintaining peak customer service standards is their top priority, and that they will ensure quality stays high as they expand. Former Sunnova CEO Paul Mathews noted that the acquisition preserves the business’s core operations, platform, staff, and client relationships, calling it a major milestone. Mathews will join SunStrong as Chief Revenue Officer to aid integration.

Sunnova’s troubles began in June when it laid off over half of its workforce before filing for bankruptcy. However, its business value quickly attracted the interest of investors: by late July, GoodFinch-controlled bondholders had provided $90 million in debtor-in-possession (DIP) financing to keep the company operational during the bankruptcy process.

Solaris ultimately secured the assets by bidding on the DIP financing, paying $25 million in cash, and covering specific settlement costs.

Industry analysts say that the deal gives Sunnova a ‘soft landing’ in the industry by avoiding disruption from liquidation, and also enables SunStrong to expand its residential solar asset management portfolio. The deal is expected to drive resource reorganisation and optimised allocation in the US residential solar market.