As of 6/28/25
Great info about Sunnova’s history, customers, financing and of course the Ch. 11 #
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⁾.
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⁽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.
