Sunnova announced that Omnidian may purchase the company’s residential solar servicing and O&M platform for $7 million in cash. Sunnova filed bankruptcy in June and listed its total assets and liabilities at over $10 billion.
Omnidian, a residential and commercial solar + storage performance plan provider, has a “stalking horse” asset purchase agreement with Sunnova for its servicing arm, which means Omnidian is given first choice as purchaser. Omnidian would assume responsibility for customer service and system management obligations for a significant portion of Sunnova’s in-service customers.
Sunnova is continuing to solicit bids on the rest of its business, with a deadline of July 21. Stakeholders can find additional information on Sunnova’s chapter 11 bankruptcy process here and here.
Sunnova mostly operated as a residential solar and storage system integrator throughout the United States. The company works with local solar installation companies to offer customers solar through third-party ownership (TPO) contracts. Customers lease their solar projects from Sunnova.
Sunnova laid off approximately 55% of its workforce on May 30 before filing for bankruptcy in Texas courts in early June. Financing provider Mosaic also filed for bankruptcy around the same time, following the trend of those in the solar TPO market facing significant turmoil.
Despite the difficulties, the TPO market received a win with the OBBB passage. While homeowner-owned residential solar systems will lose the investment tax credit (25D) at the end of this year, residential leasing companies can still receive the ITC through Sec. 48E.
