Residential photo voltaic and storage supplier Sunnova has filed for Chapter 11 chapter safety in Texas, itemizing its estimated property and liabilities within the vary of $10 billion and $50 billion. One of many firm’s many subsidiaries filed for bankruptcy last week, and the father or mother firm was added to the record of petitioners this weekend.
Sunnova owes thousands and thousands to varied banks and monetary establishments, however many native photo voltaic set up corporations are additionally listed as collectors with unsecured claims. Sunnova works by means of native set up corporations to supply clients photo voltaic by means of third-party possession (TPO) contracts, and householders lease their photo voltaic tasks from Sunnova. The corporate owes some photo voltaic installers upward of $75 million, in line with chapter filings.
Sunnova additionally revealed in SEC paperwork that it laid off 718 staff (roughly 55% of its workforce) on Could 30.
The TPO market has suffered setbacks currently, with fellow residential photo voltaic supplier SunPower submitting bankruptcy last summer and finance supplier Mosaic also filing bankruptcy this week. If the current budget bill being debated in Congress is handed, it will prohibit photo voltaic leasing corporations from gathering the funding tax credit score (ITC). Many photo voltaic corporations working within the TPO area could be additional deprived with out the ITC.
