Sunnova Energy International, a residential solar installer, issued a going concern warning earlier this month, signaling that the company has reason to believe it may be out of business within a year.
Roughly $400 million of Sunnova’s $8.5 billion in debt was reportedly bought up by Oaktree Capital Management in purchases made recently. Oaktree is a global investment firm specializing in alternative investments. The firm reports that as of the end of 2024 it had $202 billion in assets under management.
Paul Mathews was named president and CEO recently when the company’s founder, William Berger, stepped down from the position. As Sunnova prepares for negotiations with creditors, the purchases give Oaktree a significant role in the discussions. The purchases were reported by Bloomberg from people familiar with the matter.
Following the company’s fourth quarter earnings and announcement that its cash flow is not sufficient to meet obligations and fund operations, Sunnova’s stock plunged over 70%. Last week, The Wall Street Journal reported that Sunnova is preparing to meet with creditors to find ways to cut its $8.5 billion in debt, either through filing for bankruptcy or through other ways, such as swapping some near-term bonds into equity.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.