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 below the Sunnova Vitality banner, made the submitting on June 1.
Sunnova principally operates as a residential photo voltaic and storage system integrator all through the US. 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 tasks from Sunnova.
The TPO market has skilled a turbulent previous couple of quarters as a consequence of excessive rates of interest, and residential photo voltaic firms have felt the pinch. SunPower filed for bankruptcy in August 2024, and Sunrun has elevated its concentrate on power storage and ancillary EV companies to climate the solarcoaster. Sunnova laid off 15% of its workforce in February 2025 to avoid wasting $35 million however remains to be in a freefall. This week, there have been unconfirmed reviews on LinkedIn of additional layoffs on the firm.
If the current budget bill being debated in Congress is handed, it might prohibit photo voltaic leasing firms from accumulating the funding tax credit score (ITC). Many photo voltaic firms working within the TPO house 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 Could, Sunnova disclosed that the Dept. of Vitality had reduced its potential mortgage assure for solar + storage offerings in disadvantaged communities from $3 billion all the way down to $371.6 million.
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