Sunnova Energy said it agreed to sell its residential solar servicing and operations and maintenance platform ServiceCo for $7 million cash to Omnidian, a residential and commercial solar lease and asset management firm.
As a stalking horse asset purchase agreement (APA), Omnidian will have first choice to purchase ServiceCo. If Omnidian goes through with the purchase, it would assume responsibility for the customer service and system management obligations for many of Sunnova’s existing customers, Sunnova said in a statement.
Last month, Sunnova filed for bankruptcy. The filing came one week after the Chapter 11 filing of its subsidiary, Sunnova TEP Developer, a residential solar and energy storage developer.
Sunnova said it is still soliciting bids through its court-supervised marketing process. Interested parties have until July 21 to bid. The designation of the stalking horse bidders will be heard before the United States Bankruptcy Court for the Southern District of Texas July 11, 2025.
Sunnova has been in a downturn for more than a year after it announced it was laying off 15% of its workforce in February 2024.
Questions of whether a sunset may be in the horizon for Sunnova came to light in March when the company announced its cash flow was not sufficient to meet obligations and fund operations.
A week later its CEO stepped down and Paul Mathews was named new president and CEO. Soon thereafter, Oaktree Capital Management, a global investment firm, bought roughly $400 million of Sunnova’s $8.5 billion in debt.
A further blow came when Bloomberg reported the Department of Energy (DOE) terminated a $3 billion loan guarantee awarded to Sunnova Energy, a residential energy-as-a-service provider. The partial loan guarantee agreement made by the DOE’s Loan Programs Office in September 2023 was intended to support loans originated by Sunnova under its Project Hestia.
(Read: Sunnova solar assets stable, paying interest, while bankruptcy continues)
Seattle-based Omnidian provides protection and performance plans for investment returns and long-term asset performance for solar and battery energy storage systems. The company launched in 2016 and expanded internationally earlier this year when it acquired Australian solar and battery maintenance company Solar Service Guys. Omnidian is a Certified B Corporation, which is a for-profit corporation that is certified for meeting a high standard of verified performance, accountability and transparency on certain factors, such as its supply chain practices, input materials, employee benefits and charitable giving.
Stakeholders can find additional information about Sunnova’s Chapter 11 process here. Stakeholders with questions can contact the Sunnova’s claims agent, Kroll, by calling (888) 975-5436 (U.S. and Canada toll free) or emailing SunnovaInfo@ra.kroll.com.
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