--- title: 2025/6/28 Bondoro Case Summary Sunnova Chapter 11 description: "*As of 6/28/25* ### **Great info about Sunnova's history, customers, financing and of course the Ch. 11** [https://bondoro.com/sunnova/](https://bondoro.com/sunnova/) I searched the page for \"customer\" and then \"complaint\", but I found nothing about the countless regulatory complaints, BBB F rating, even…" url: "https://sunnova-solar-fraud.org/kb/sunnova-bankruptcy/2025-6-28-bondoro-case-summary-sunnova-chapter-11/" updated: "2025-06-29" category: "Sunnova Ch. 11 BANKRUPTCY -- Next: Appeal - Class Action?" --- # 2025/6/28 Bondoro Case Summary Sunnova Chapter 11 *As of 6/28/25* ### **Great info about Sunnova's history, customers, financing and of course the Ch. 11** [https://bondoro.com/sunnova/](https://bondoro.com/sunnova/) I searched the page for "customer" and then "complaint", but I found nothing about the countless regulatory complaints, BBB F rating, even Senators investigating! **The sale is scheduled without ANY concern for the customers and the countless NOT working or under-producing systems, DocuSign signature fraud, deceived customers, etc. ** I'm only posting a few highlights, there's so much info on the Bondoro Sunnova page. > ... As of December 31, 2024, customer contracts were distributed as follows: approximately 31% solar leases, 28% PPAs, 24% solar loans, and 12% service and accessory loan agreements, with the remaining 5% representing cash purchases. The Company also offers add-on home energy products such as EV chargers, smart home devices, generators, HVAC systems, and roofing services. > > > > For the fiscal year ended December 31, 2024, Sunnova reported total revenue of $839.9 million, an increase from $720.7 million in 2023. Despite revenue growth, the Company incurred a net loss of $447.8 million for FY 2024 and had a history of significant operating losses. > > > > Sunnova Energy International Inc. and certain affiliates filed for Chapter 11 protection on June 8, 2025 (the "Petition Date")⁽²⁾ in the U.S. Bankruptcy Court for the Southern District of Texas, reporting $10 billion to $50 billion in both assets and liabilities⁽³⁾. > > > > ... > > > > *⁽³⁾ As of December 31, 2024, Sunnova reported total assets of $13.4 billion and liabilities totaling $10.7 billion.* ### **How many got rich of this scam?** > **Capital Structure and Growth Funding** > > > > Sunnova's growth was significantly fueled by capital raised through sophisticated financing structures, primarily unsecured corporate notes, Tax Equity Partnerships (TEPs), non-recourse revolving Warehouse Facilities, and securitization facilities (Asset-Backed Notes and Loan-Backed Notes). > > > > Historically, Sunnova sponsored at least 26 special-purpose entities (SPEs) for securitizations and 34 TEPs. By December 31, 2024, Sunnova had established 26 SPEs for securitizations of customer contracts and utilized warehouse credit facilities to bridge funding. > > > > The Company's debt grew substantially, with annual interest expenses reaching $491 million by December 2024. **Enron trained Founder and former CEO John Berger should be imprisoned for a very long time!** > **Leadership and Pre-Bankruptcy Restructuring** > > > > Founder John Berger served as CEO, President, and Chairman until March 2025, overseeing customer growth from over 100,000 in 2020 to more than 444,000 by the end of 2024. > > > > As financial pressures mounted, John Berger stepped down as CEO in March 2025, replaced by Paul Mathews (then-COO). Robyn Liska was appointed Interim CFO on April 1, 2025. On April 27, 2025, Ryan Omohundro of Alvarez & Marsal North America, LLC was appointed Chief Restructuring Officer (CRO). ... ### **450 dealers and contractors and 441,000 customers!** > ... The Company leverages a network of approximately 450 local, independent dealers and contractors (collectively, the "Dealers") who market, design, and install Sunnova-approved solar systems, while Sunnova provides financing, monitoring, and maintenance. > > > > As of December 31, 2024, Sunnova served over 441,000 customers and managed approximately 3 gigawatts (GW) of solar and battery storage systems across more than 50 U.S. states and territories, with a significant presence in California, New Jersey, and Puerto Rico. ... > ... For the fiscal year ended December 31, 2024, Sunnova reported total revenue of $839.9 million, an increase from $720.7 million in 2023. Despite revenue growth, the Company incurred a net loss of $447.8 million for FY 2024 and had a history of significant operating losses. ... ### **How can such a complex operation be sold in such a short time?** > **Chapter 11 Filing** > > > > Facing insurmountable liquidity issues and unable to secure out-of-court solutions, Sunnova TEP Developer, LLC filed for Chapter 11 on June 1, 2025, followed by Sunnova Energy International Inc. and other key subsidiaries on June 8, 2025. > > > > The Debtors entered Chapter 11 with approximately $13.5 million in available cash, insufficient to fund operations. Initial liquidity was anticipated from: > > > > The $15 million TEPH Sale to an ATLAS SP Partners affiliate (Sunnova TEP Holdings, LLC), involving the purchase of certain solar systems and a settlement agreement to facilitate Dealer completion of WIP projects via incremental warehouse financing from Atlas. This sale was approved by the Court on June 11, 2025. > > > > The $16 million Lennar Sale, involving the sale of New Home Solar Assets to Lennar Homes, LLC. This sale was approved by the Court on June 12, 2025. > > > > On June 12, 2025, the Bankruptcy Court approved $90 million in DIP financing from an ad hoc group of noteholders (the "DIP Lenders"), authorizing $15 million on an interim basis and $75 million pending final approval. > > > > The Debtors initiated a court-supervised sale process for substantially all assets, with the DIP Lenders as the WholeCo Stalking Horse Bidder, aiming for a sale hearing by July 25, 2025. > > > > [![](https://sunnova-solar-fraud.org/wp-content/uploads/2025/06/image-4.png)](https://sunnova-solar-fraud.org/wp-content/uploads/2025/06/image-4.png)