Sunnova Secures $90 Million Lifeline to Support Bankruptcy Sale
Workers install solar panels at a home in San Francisco.
Photographer: Michaela Vatcheva/BloombergSunnova Energy International Inc. won court approval to start drawing on a new $90 million bankruptcy loan, funding that will help keep the rooftop solar company afloat while it sells its business in Chapter 11.
During a Thursday court hearing, Judge Alfredo Perez authorized Sunnova to make an initial $15 million draw on the loan, and said the company could seek approval to draw the remaining amount at a future hearing. The financing came together in the days after Sunnova sought court protection and gives the company runway to continue marketing its assets. Lenders providing the loan have also agreed to acquire Sunnova’s assets, an offer that would be subject to higher bids at a future Chapter 11 auction.