Sunnova Energy International has announced that the American bankruptcy court has approved the sale for the southern district of Texas of almost all its assets and business activities to an AD HOC Group debteur-in-owners and affiliated companies or entities of the company. Sunnova says that this milestone is a “successful result” in chapter 11 -cases of the company that maximizes the value of stakeholders and retains the continuity of core activities for customers and partners.
The sales transaction, which is expected to be concluded in August 2025, subject to the usual closing conditions, was determined as the highest or otherwise best bid for the assets of the company after a competitive selling process supervised by the court to maximize the value for all stakeholders. This transaction includes the sale of the residential solar service and O&M platform from Sunnova and its solar generation and storage portfolio to the buyers in exchange for a bid of the debtor financing, $ 25 million in cash and certain healing costs.
“This transaction represents an important step forward that secures the future of Sunnova’s activities under new ownership,” said Paul Mathews, CEO of Sunnova. “I am incredibly proud of the platform that we have built, the innovation that we have brought to residential solar energy and storage, and the dedication of our team. We are enthusiastic about the future and remain aimed at providing reliable service to our customers and partners.”
Sunnova expects a complete continuity of customer service and system management for substantial all customers, since the company switches to new ownership. In connection with the sales transaction, Sunstrong Management will take over the maintenance of solar and storage systems. While the company works to complete the sales transaction, Sunnova continues to check and manage in the business sympathy in the business sympathy in service systems.
The sales transaction has no influence on the previously announced purchase agreement and settlement agreement of the company with Atlas SP Partners. Atlas continues to focus negotiations with certain dealers and installers who have worked with Sunnova in the past with the aim of completing certain in-process solar systems.
Customers and commercial partners can find additional information about the Chapter 11 process of the company here.
Kirkland & Ellis LLP and Bracewell LLP serve as a legal adviser, Alvarez & Marsal is a financial adviser, Moelis & Company LLC as an investment banker and C Street Advisory Group is as a strategic communication consultant for the company. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP are legal adviser and Evercore Inc. is as an investment banker of the ad hoc group. Norton Rose Fulbright US LLP serves as a legal adviser to Sunstrong and Goodfinch.
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