Solaris Completes Acquisition of Sunnova to Secure Long-Term Continuity of Operations and Solar Asset Management

Transaction includes Sunnova’s residential solar servicing and operations & management platform and its solar generation and storage portfolio

SunStrong to serve as asset manager for Solaris’ portfolio of residential solar leases, loans, and power purchase agreements

HOUSTON–(BUSINESS WIRE)–Solaris Assets, LLC and certain of its affiliates (collectively, “Solaris”), which are entities formed by an ad hoc group of debtor-in-possession (“DIP”) financing lenders and affiliates or entities controlled by GoodFinch Management, LLC (“GoodFinch”), today announced that they have completed the acquisition of substantially all the assets and business operations of Sunnova Energy International Inc. (“Sunnova”) (the “Sale Transaction”).

Through the Sale Transaction, Solaris acquired Sunnova’s residential solar servicing and operations and management (“O&M”) platform and solar generation and storage portfolio in exchange for a credit bid of the DIP financing, $25 million in cash consideration, and payment of certain cure costs. The Sale Transaction is the result of a competitive, court-supervised process designed to maximize value for all stakeholders in Sunnova’s chapter 11 cases.

As part of the Sale Transaction, Sunnova’s core operations are transitioning to SunStrong Management, LLC (“SunStrong”), a full-service asset manager for the renewables industry. SunStrong’s experienced management team will lead the go-forward business, ensuring a seamless transition for customers, employees, and partners. SunStrong is committed to providing reliable and customer-focused service and maintaining high quality service and support for substantially all of Sunnova’s existing customers.

“By bringing together SunStrong’s asset management expertise with Sunnova’s nationally scaled customer base, we are creating a stronger, more capable leader in the solar industry,” said Brendon Merkley, Chief Executive Officer of SunStrong. “Our priority is to maintain the highest levels of service for customers as we expand our footprint as a premier solar asset servicer. Together, we are committed to advancing the future of renewable energy and delivering lasting value to our partners and communities across the country.”

“This transaction marks a significant step forward that preserves the platform, people, and customer relationships that have been the heart of Sunnova,” said Paul Mathews, Chief Executive Officer of Sunnova. “We are proud of the innovation we’ve brought to the residential solar and storage market, and we look forward to seeing our commitment to reliable service continue under new ownership.”

SunStrong’s full-service asset management approach provides a suite of offerings to both solar asset owners and capital markets investors, including field service O&M, billing and collections, and investor engagement and reporting. This transaction builds on SunStrong’s successful acquisition and management of legacy SunPower assets in 2024.

Additional information regarding the Sunnova’s chapter 11 process is available at https://www.sunnova.com/lp/financialrestructuring and at https://restructuring.ra.kroll.com/Sunnova. Stakeholders with questions can contact the Company’s claims agent, Kroll, by calling (888) 975-5436 (U.S. and Canada toll free) or +1 (646) 930-4686 (International) or emailing SunnovaInfo@ra.kroll.com.

Advisors

Kirkland & Ellis LLP and Bracewell LLP are serving as legal counsel, Alvarez & Marsal is serving as financial advisor, Moelis & Company LLC is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP are serving as legal counsel and Evercore Inc. is serving as investment banker to the ad hoc group of debtor-in-possession financing lenders.

Norton Rose Fulbright US LLP is serving as legal counsel to SunStrong and GoodFinch.

About SunStrong

SunStrong is an independent asset management and servicing company with dedicated expertise in the residential and commercial solar asset classes. Directly or via its partners, its capabilities include full-service billing and collections, operations & maintenance, asset management, legal/compliance, and tax and accounting services. Its industry veteran leadership team draws on its solar expertise to deliver solutions that promote sustainable lifestyles.

About Sunnova

Sunnova Energy International Inc. is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence™. For more information, visit http://www.sunnova.com.

Contacts

Sunnova Media Contacts 
Russell Wilkerson
203-581-2114
russell.wilkerson@sunnova.com

C Street Advisory Group
Sunnova@thecstreet.com

Sunnova Investor Contact 
IR@sunnova.com