Sunnova in Crisis: Bankruptcy Filing and Mass Layoffs What’s Happening to US Solar?
Sunnova Energy International Inc. has filed for Chapter 11 bankruptcy protection, citing continued difficulty in maintaining operations amid declining sales and mounting debt.
Sunnova warned investors earlier this year that there was “substantial doubt” about its ability to continue as a going concern.
In March, the Houston-based company said it did not have enough liquidity to meet obligations and fund operations.
Sunnova 6-Monthly Quote to 10-06
The current U.S. regulatory environment is not favorable to solar and other renewable energy developers, as the Trump administration seeks to reduce tax credits for projects and installations and cancel loan guarantees.
Sunnova and other clean energy companies rely on these tax credits to generate cash.
Sunnova had received a $2.92 billion loan guarantee from the Biden administration, which was canceled in late May by the Trump administration.
In a filing with Texas bankruptcy court, the company now says its net worth is between $10 billion and $50 billion, with total debt of $10.67 billion as of December 31, 2025.
Sunnova has recently faced difficulties as rising interest rates have caused wind and solar stocks to plummet last year.
It has also been hit hard by state governments’ decisions to limit the availability of solar subsidies, realizing that the money available is finite.
Now, the Trump administration has cut those tax credits along with many other subsidy options for alternative energy developers and providers, which has arguably made Sunnova's position even more precarious. In fact, it has made the position of the entire industry much more precarious.
Last week, TEP Develope r, a unit of Sunnova Energy, filed for Chapter 11 bankruptcy in the United States, while Sunnova Energy itself said it would lay off 718 employees, or about 55% of the company’s workforce, in an effort to cut costs.
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The article Sunnova in Crisis: Bankruptcy Filing and Mass Layoffs What's Happening to US Solar? comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/sunnova-fallimento-chapter-11-licenziamenti/ on Tue, 10 Jun 2025 09:00:45 +0000.