Sunnova introduced that Omnidian might buy the corporate’s residential photo voltaic servicing and O&M platform for $7 million in money. Sunnova filed bankruptcy in June and listed its complete property and liabilities at over $10 billion.
Omnidian, a residential and business photo voltaic + storage efficiency plan supplier, has a “stalking horse” asset buy settlement with Sunnova for its servicing arm, which implies Omnidian is given first alternative as purchaser. Omnidian would assume duty for customer support and system administration obligations for a good portion of Sunnova’s in-service prospects.
Sunnova is constant to solicit bids on the remainder of its enterprise, with a deadline of July 21. Stakeholders can discover further info on Sunnova’s chapter 11 chapter course of here and here.
Sunnova largely operated as a residential photo voltaic and storage system integrator all through america. The corporate works with native photo voltaic set up firms to supply prospects photo voltaic by means of third-party possession (TPO) contracts. Prospects lease their photo voltaic initiatives from Sunnova.
Sunnova laid off roughly 55% of its workforce on Could 30 earlier than submitting for chapter in Texas courts in early June. Financing supplier Mosaic also filed for bankruptcy across the identical time, following the development of these within the photo voltaic TPO market dealing with important turmoil.
Regardless of the difficulties, the TPO market obtained a win with the OBBB passage. Whereas homeowner-owned residential photo voltaic techniques will lose the funding tax credit score (25D) on the finish of this yr, residential leasing firms can nonetheless obtain the ITC by means of Sec. 48E.
