What’s Left of the Light? Plans to Sell, Settle, and Shut Down
As part of the restructuring under Chapter 11, Sunnova plans to:
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Sell off major assets
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Pay down outstanding debts to solar dealers
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Wind down remaining business operations
Sunnova’s national dealer network, once its engine of growth, now stands at the epicenter of the financial implosion.
Court documents further show that the company is balancing an uncertain future with estimated liabilities and assets ranging between $10 billion to $50 billion. A deeper dive reveals about $6.9 billion in secured debt and $2 billion in unsecured notes, placing a massive burden on stakeholders.
A Precursor: Subsidiary’s Collapse Foreshadowed the Fall
Earlier this month, Sunnova TEP Developer, a subsidiary, also filed for Chapter 11, citing up to $500 million in debt and assets — a clear tremor before the quake. Now, the parent company follows, leaving investors and analysts questioning the future of similar firms.
Legal Oversight
The bankruptcy proceedings have been assigned to U.S. Bankruptcy Judge Alfredo R. Perez, a veteran jurist who now oversees what could become one of the decade’s most significant renewable energy bankruptcies.
