Sunnova Receives Court Approval for Sale Transaction

The Company’s DIP Lenders to acquire substantially all Sunnova assets and business operations

Sale expected to secure long-term continuity for substantially all customers under new ownership

Sunnova continues to monitor and manage customers’ solar and storage systems in the ordinary course of business through closing

HOUSTON–(BUSINESS WIRE)–Sunnova Energy International Inc. (“Sunnova” or the “Company”) today announced that the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) has approved the sale of substantially all of its assets and business operations (the “Sale Transaction”) to an ad hoc group of debtor-in-possession lenders (the “Ad Hoc Group”) and affiliates or entities controlled by GoodFinch Management, LLC (“GoodFinch”), as the Company’s debtor-in-possession lenders (collectively, the “Purchasers”). This milestone represents a successful outcome in the Company’s chapter 11 cases that maximizes stakeholder value and preserves continuity of core operations for customers and partners.

The Sale Transaction, which is expected to close in August 2025 subject to customary closing conditions, was determined to be the highest or otherwise best bid for the Company’s assets following a competitive court-supervised sale process designed to maximize value for all stakeholders. This transaction includes the sale of Sunnova’s residential solar servicing and O&M platform and its solar generation and storage portfolio to the Purchasers in exchange for a credit bid of the debtor-in-possession (“DIP”) financing, $25 million of cash consideration, and certain cure costs.

“This transaction represents a significant step forward that secures the future of Sunnova’s operations under new ownership,” said Paul Mathews, Chief Executive Officer of Sunnova. “I’m incredibly proud of the platform we’ve built, the innovation we’ve brought to residential solar and storage, and the dedication of our team. We are excited about the future and remain focused on delivering reliable service to our customers and partners.”

Sunnova expects full continuity of customer service and system management for substantially all in-service customers as the Company transitions to new ownership. In connection with the Sale Transaction, SunStrong Management, LLC (“SunStrong”) will take over servicing of solar and storage systems. As the Company works to complete the Sale Transaction, Sunnova continues to monitor and manage in-service solar and storage systems in the ordinary course of business.

The Sale Transaction does not impact the Company’s previously announced asset purchase agreement and settlement agreement with ATLAS SP Partners (“ATLAS”). ATLAS continues to direct negotiations with certain dealers and installers that have worked with Sunnova in the past with the goal of completing certain in-process solar systems.

Customers and commercial partners can find additional information regarding the Company’s chapter 11 process 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.

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

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.

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.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, priorities, plans or intentions. All statements, other than statements of historical fact, are forward-looking statements. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s ability to fund its planned operations and its ability to continue as a going concern; the adverse impact of the chapter 11 cases on the Company’s business, financial condition and results of operations; the Company’s ability to improve its liquidity and long term capital structure and to address its debt service obligations; the Company’s ability to maintain relationships with customers, employees and other third parties as a result of the chapter 11 cases; the effects of the chapter 11 cases on the Company and the interests of various constituents, including holders of the Company’s common stock; the Company’s ability to obtain court approvals with respect to motions filed or other requests made to the Court throughout the course of the chapter 11 cases; the length of time that the Company will operate under chapter 11 protection and the continued availability of operating capital during the pendency of the chapter 11 cases; risk associated with third-party motions in the chapter 11 cases; and the risks and other important factors discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as amended, and subsequent Quarterly Reports on Form 10-Q. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

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