The restructuring journey for residential solar provider Sunnova Energy International Inc. has reached its conclusion through a court-supervised sale process. The company, which filed for Chapter 11 bankruptcy protection on June 8, 2025, has undergone a fundamental transformation, culminating in a complete change of ownership and a new operational direction.
Financial Pressures Lead to Court-Supervised Sale
Sunnova cited intense financial strain from substantial debt obligations and broader industry challenges as the primary reasons for its bankruptcy filing. At the time of the petition, the company reported liabilities estimated between $10 billion and $50 billion, with funded debt reaching approximately $8.9 billion.
The U.S. bankruptcy court approved the sale of substantially all company assets on July 31, 2025, following a competitive bidding process. The transaction was finalized on September 3, 2025, with Solaris Assets, LLC—an entity formed by an ad-hoc group of debtor-in-possession financiers and GoodFinch Management—acquiring the operations. The purchase agreement included a credit bid from the debtor-in-possession financing facility, $25 million in cash, and the assumption of certain liabilities.
New Leadership and Operational Management
A critical component of the acquisition involves the transition of day-to-day operations to SunStrong Management, LLC, an affiliate of SunPower with extensive experience in renewable energy asset management. This established industry player has now assumed responsibility for servicing Sunnova’s customer systems, ensuring business continuity and maintaining customer relationships.
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The leadership team features Brendon Merkley continuing as CEO of SunStrong, while former Sunnova CEO Paul Mathews has joined the organization as Chief Revenue Officer. This blending of executive talent highlights the strategic value of the acquired assets.
Key restructuring milestones include:
* Bankruptcy filing date: June 8, 2025
* Court approval of sale: July 31, 2025
* Transaction closing: September 3, 2025 by Solaris Assets, LLC
* Operational transition: Servicing and management transferred to SunStrong Management
* Recent financial performance: $840 million in revenue over the past twelve months despite challenging market conditions
Implications for Equity Holders
With the successful completion of the court-supervised asset transfer, the former Sunnova operations now continue under new ownership and management. For investors holding Sunnova equity, this development has specific consequences: the company’s previous NYSE ticker symbol NOVA has been delisted, with shares now trading under the symbol NOVAQ.
Market observers are now monitoring how SunStrong integrates the acquired portfolio into its management framework. The focus remains on stabilizing and optimizing the extensive collection of solar leases, loan agreements, and power purchase contracts. Maintaining high-quality customer service and strengthening SunStrong’s position as a leading solar asset servicer represent immediate priorities for the restructured operation.
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