Sunnova Vitality Worldwide introduced that the U.S. Chapter Court docket for the Southern District of Texas has permitted the sale of considerably all of its property and enterprise operations to an advert hoc group of debtor-in-possession lenders and associates or entities managed by GoodFinch Administration as the corporate’s debtor-in-possession lenders. Sunnova says this milestone represents a “profitable final result” within the firm’s Chapter 11 instances that maximizes stakeholder worth and preserves continuity of core operations for patrons and companions.
The sale transaction, which is predicted to shut in August 2025 topic to customary closing circumstances, was decided to be the very best or in any other case finest bid for the corporate’s property following a aggressive court-supervised sale course of designed to maximise worth for all stakeholders. This transaction contains the sale of Sunnova’s residential photo voltaic servicing and O&M platform and its photo voltaic technology and storage portfolio to the purchasers in trade for a credit score bid of the debtor-in-possession financing, $25 million of money consideration and sure remedy prices.
“This transaction represents a major step ahead that secures the way forward for Sunnova’s operations beneath new possession,” mentioned Paul Mathews, CEO of Sunnova. “I’m extremely happy with the platform we’ve constructed, the innovation we’ve delivered to residential photo voltaic and storage, and the dedication of our workforce. We’re excited in regards to the future and stay targeted on delivering dependable service to our prospects and companions.”
Sunnova expects full continuity of customer support and system administration for considerably all in-service prospects as the corporate transitions to new possession. In reference to the sale transaction, SunStrong Administration will take over servicing of photo voltaic and storage methods. As the corporate works to finish the sale transaction, Sunnova continues to observe and handle in-service photo voltaic and storage methods within the odd course of enterprise.
The sale transaction doesn’t influence the corporate’s beforehand introduced asset buy settlement and settlement settlement with ATLAS SP Companions. ATLAS continues to direct negotiations with sure sellers and installers which have labored with Sunnova prior to now with the objective of finishing sure in-process photo voltaic methods.
Clients and business companions can discover extra data concerning the corporate’s chapter 11 course of here.
Kirkland & Ellis LLP and Bracewell LLP are serving as authorized counsel, Alvarez & Marsal is serving as monetary advisor, Moelis & Firm LLC is serving as funding banker, and C Avenue Advisory Group is serving as strategic communications advisor to the corporate. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP are serving as authorized counsel and Evercore Inc. is serving as funding banker to the Advert Hoc Group. Norton Rose Fulbright US LLP is serving as authorized counsel to SunStrong and GoodFinch.
Information merchandise from Sunnova