Sunnova residential solar platform — 500K+ customers, residential solar generation/storage portfolio + ServiceCo O&M platform + New Home solar business
Sunnova filed Chapter 11 on June 9, 2025 with $10.67B debt ($8.9B long-term, $13.5M cash). Causes: NEM 3.0 (CA installations -45%), high rates, terminated $3B DOE loan guarantee, industry-wide decline. Bankruptcy court approved sale July 31. Solaris Assets (DIP financiers + GoodFinch) acquired ServiceCo + generation portfolio via credit bid + $25M cash. Atlas SP $15M for solar systems; Lennar Homes $16M for New Home; Omnidian $7M for servicing platform. Closed Sep 3, 2025.
$10.67B
Deal Value
Solar
Technology
Multi-state
Location
Deal Details
- Deal Type
- Corporate M&A
- Seller / Sponsor
- Sunnova Energy International (Chapter 11)
- Buyer / Financier
- Solaris Assets, LLC; Atlas SP Partners; Lennar Homes; Omnidian
- Deal Value
- $10.67B debt restructured ($25M cash + asset bids)
- Stage
- Operating
- ISO/RTO
- Multiple
- Source
- pv magazine USA
Service Providers
Advisory & Legal
- Seller Counsel
- Kirkland & Ellis, Bracewell
- Seller Financial Advisor
- Moelis & Company
- Financial Advisor
- Moelis & Company
- restructuringAdvisor
- Alvarez & Marsal
- notes
- Kirkland & Ellis as general bankruptcy counsel; Bracewell as co-counsel; Moelis as IB; Alvarez & Marsal as restructuring advisor (Ryan Omohundro CRO). Solaris Assets/Atlas SP Partners stalking-horse acquirers; Lennar/Omnidian among purchasers.
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