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 belongings and liabilities at over $10 billion.
Omnidian, a residential and industrial photo voltaic + storage efficiency plan supplier, has a “stalking horse” asset buy settlement with Sunnova for its servicing arm, which suggests Omnidian is given first selection as purchaser. Omnidian would assume duty for customer support and system administration obligations for a good portion of Sunnova’s in-service clients.
Sunnova is constant to solicit bids on the remainder of its enterprise, with a deadline of July 21. Stakeholders can discover extra data 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 the USA. The corporate works with native photo voltaic set up firms to supply clients photo voltaic by way of third-party possession (TPO) contracts. Prospects lease their photo voltaic initiatives from Sunnova.
Sunnova laid off roughly 55% of its workforce on Might 30 earlier than submitting for chapter in Texas courts in early June. Financing supplier Mosaic also filed for bankruptcy across the similar time, following the development of these within the photo voltaic TPO market going through important turmoil.
Regardless of the difficulties, the TPO market obtained a win with the OBBB passage. Whereas homeowner-owned residential photo voltaic programs will lose the funding tax credit score (25D) on the finish of this 12 months, residential leasing firms can nonetheless obtain the ITC by way of Sec. 48E.
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