A subsidiary of Sunnova Energy, a photo voltaic options supplier in decline, has filed for Chapter 11 chapter safety within the Southern District of Texas. Sunnova TEP Developer LLC, considered one of about 40 subsidiaries listed underneath the Sunnova Power banner, made the submitting on June 1.
Sunnova principally operates as a residential photo voltaic and storage system integrator all through america. The corporate works with native photo voltaic set up corporations to supply prospects photo voltaic via third-party possession (TPO) contracts. Prospects lease their photo voltaic tasks from Sunnova.
The TPO market has skilled a turbulent previous few quarters attributable to excessive rates of interest, and residential photo voltaic corporations have felt the pinch. SunPower filed for bankruptcy in August 2024, and Sunrun has elevated its concentrate on power storage and ancillary EV providers to climate the solarcoaster. Sunnova laid off 15% of its workforce in February 2025 to save lots of $35 million however remains to be in a freefall. This week, there have been unconfirmed studies on LinkedIn of additional layoffs on the firm.
If the current budget bill being debated in Congress is handed, it will prohibit photo voltaic leasing corporations from accumulating the funding tax credit score (ITC). Many photo voltaic corporations working within the TPO area could be additional deprived with out the ITC.
In Sunnova’s chapter submitting this week, the subsidiary listed money owed between $100 million and $500 million. The petition was filed by Sunnova’s chief restructuring officer Ryan Omohundro.
Earlier in Might, Sunnova disclosed that the Dept. of Power had reduced its potential mortgage assure for solar + storage offerings in disadvantaged communities from $3 billion right down to $371.6 million.
