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Solaris Assets (NOVAQ) has completed the acquisition of Sunnova Energy International's assets and business operations through a court-supervised chapter 11 process. The transaction includes Sunnova's residential solar servicing, operations & management platform, and solar generation and storage portfolio.
The deal involves a credit bid of DIP financing, $25 million in cash, and payment of certain cure costs. SunStrong Management will lead the go-forward business, leveraging their experience from the successful acquisition of legacy SunPower assets in 2024. The transaction aims to ensure continuity of service for Sunnova's existing customers while creating a stronger player in the solar industry.
Sunnova Energy International (NYSE:NOVAQ) has received U.S. Bankruptcy Court approval for the sale of substantially all its assets and business operations to its debtor-in-possession lenders and GoodFinch Management affiliates. The transaction, valued at $25 million in cash plus a credit bid of DIP financing and certain cure costs, includes Sunnova's residential solar servicing platform and solar generation portfolio.
The sale, expected to close in August 2025, follows a competitive court-supervised process. SunStrong Management will take over servicing of solar and storage systems, ensuring continuity for most in-service customers. The transaction does not affect Sunnova's previous agreement with ATLAS SP Partners regarding in-process solar systems.
[ "Court approval secures operational continuity for substantially all customers", "Sale includes $25 million cash consideration plus DIP financing credit bid", "Maintains continuity of customer service through SunStrong Management takeover", "Transaction preserves core operations and maximizes stakeholder value" ]Sunnova Energy International (NOVAQ) has entered into a stalking horse asset purchase agreement with Omnidian Inc. for the sale of its residential solar servicing and operations & maintenance platform (ServiceCo) for $7 million in cash plus assumption of certain liabilities.
The agreement is part of Sunnova's bankruptcy proceedings and includes Omnidian taking over customer service and system management for a significant portion of Sunnova's in-service customers. The company maintains a separate stalking horse bid from unsecured corporate noteholders for both ServiceCo and AssetCo assets (WholeCo). The bid deadline is set for July 21, 2025, with a court hearing scheduled for July 11, 2025.
Sunnova's AssetCo portfolio includes approximately three gigawatts of power generation backed by asset-backed securities financing. The company will continue seeking the highest value offers through its court-supervised marketing process.
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