Sunnova Receives Court Approval for Strategic Sale of Core Assets and Operations
Sunnova Energy International Inc. (“Sunnova” or the “Company”), a prominent provider of residential solar and energy storage services, announced today that it has received formal approval from the U.S. Bankruptcy Court for the Southern District of Texas to proceed with the sale of substantially all of its assets and ongoing business operations. The approved transaction, referred to as the “Sale Transaction,” marks a pivotal moment in the Company’s restructuring process under Chapter 11 and positions the business for long-term stability under new ownership.
The Court’s approval clears the way for the transfer of Sunnova’s core operations, including its solar servicing platform and renewable energy asset portfolio, to a consortium of investors comprising an ad hoc group of debtor-in-possession (DIP) lenders and affiliates or entities controlled by GoodFinch Management, LLC (“GoodFinch”). Together, these entities — collectively referred to as the “Purchasers” — have served as DIP lenders throughout the bankruptcy proceedings, providing critical financial support to maintain operations during restructuring.
The Sale Transaction was the culmination of a rigorous, court-supervised competitive bidding process aimed at maximizing value for all stakeholders, including creditors, customers, and employees. Through this process, the offer submitted by the Purchasers emerged as the highest and best bid, not only in financial terms but also in terms of operational continuity and strategic fit.
Key Details of the Sale Transaction
Under the terms of the approved agreement, the Purchasers will acquire Sunnova’s residential solar servicing and operations and maintenance (O&M) platform, along with its solar energy generation and storage portfolio. In return, the Purchasers will provide a combination of consideration that includes:
- A credit bid of the outstanding debtor-in-possession financing previously extended to Sunnova,
- $25 million in cash, and
- Coverage of certain cure costs associated with the transfer of contracts and operations.
The closing of the Sale Transaction is expected to take place in August 2025, subject to standard closing conditions, regulatory approvals, and the completion of remaining administrative formalities.
CEO Comments and Vision for the Future
Sunnova’s Chief Executive Officer, Paul Mathews, expressed strong confidence in the direction of the Company as it prepares for this transition in ownership.
“This transaction represents a significant step forward that secures the future of Sunnova’s operations under new ownership,” said Mathews. “I’m incredibly proud of the platform we’ve built, the innovation we’ve brought to residential solar and storage, and the dedication of our team. We are excited about the future and remain focused on delivering reliable service to our customers and partners.”
According to Mathews, Sunnova’s robust operating platform — which includes tens of thousands of residential solar and storage installations — remains one of the strongest in the industry. The new ownership structure is expected to provide the financial flexibility and strategic direction needed to strengthen the Company’s market position while maintaining high service standards.
Seamless Transition for Customers and Partners
A major focus throughout the restructuring and sale process has been continuity of service. Sunnova has emphasized that existing customers will experience no disruption in their solar system monitoring, servicing, or performance management. Instead, operations are expected to continue seamlessly as the ownership transition occurs.
To that end, SunStrong Management, LLC (“SunStrong”) will assume responsibility for the servicing of Sunnova’s in-service solar and storage systems. SunStrong, a well-established name in the renewable energy servicing sector, is expected to uphold the same high standards of performance, maintenance, and customer responsiveness that Sunnova customers have come to expect.
In the meantime, Sunnova continues to actively monitor and manage all in-service systems as part of its regular business activities, ensuring smooth system operations, energy delivery, and technical support for customers across its portfolio.
Relationship with ATLAS SP Partners Remains Unaffected
Importantly, the Sale Transaction does not impact Sunnova’s previously announced agreements with ATLAS SP Partners (“ATLAS”), a key financial stakeholder in a separate but parallel asset transfer initiative.
Earlier this year, Sunnova had entered into an asset purchase agreement and settlement agreement with ATLAS, which involves the transfer of certain assets and project rights, along with efforts to complete installations that were in progress prior to the Chapter 11 filing.
ATLAS remains actively involved in negotiations with selected solar dealers and installers that have historically worked with Sunnova. These discussions are geared toward completing the installation of pending residential solar systems, with a focus on minimizing delays and ensuring that affected homeowners receive their systems as planned.
By maintaining distinct pathways for both the broader Sale Transaction and the ATLAS agreement, Sunnova is pursuing a dual-track strategy to maximize value recovery and project completion outcomes across its operational footprint.
A Resilient Platform and Industry Leadership
Despite the challenges of Chapter 11 reorganization, Sunnova has retained a significant presence in the U.S. residential clean energy market. The Company’s national servicing network, customer management tools, and technical expertise have positioned it as a key enabler of the energy transition for homeowners seeking cost-effective, clean, and resilient power solutions.
The approved Sale Transaction ensures that this value will be preserved and enhanced by new ownership entities that understand the market and are committed to leveraging Sunnova’s strengths for future growth.
For homeowners, partners, and employees, this transition is designed to provide stability, clarity, and continuity. By aligning with investors who share a long-term vision for residential solar and energy storage, the Company believes it is better equipped to address market challenges, scale operations, and innovate in the delivery of energy-as-a-service.
