Bond analyst KBRA, which has rated $6 billion of solar-backed securities issued by the recently bankrupt Sunnova, is maintaining its ratings and says the loan and lease packages remain stable investments, independent of the reorganizing company.
Residential solar is on a downturn, and things may get worse. In a shock for the industry, the latest draft of the “One Big Beautiful Bill Act” excludes residential solar lease providers from the Investment Tax Credit.
U.S. Solar Market Insight Q2 2025 report sees great potential in the residential solar market despite current challenges including the tariff effect on supply chain, potential elimination of tax credits and continued high interest rates.
The troubled residential solar company entered into asset and power purchase agreements to support operations while it seeks a buyer.
The residential solar company has been in a downturn for more than a year, with earnings misses, layoffs, changes in leadership and cancellation of a $3 billion loan guarantee.
The loan agreement from the Energy Department’s Loan Programs Office was to support Project Hestia, a model that Sunnova has since moved away from in favor of power purchase agreements.
In an attempt to enhance the struggling company’s financial position, Sunnova appoints an interim CFO and executive VP of operations.
The troubled residential solar installer issued a going concern warning earlier this month.
The bonuses fall on the cusp of the company’s recent layoffs, resignation of its CEO and bankruptcy rumors.
Paul Mathews named as president and CEO of this struggling residential solar energy company, as it repositions to improve cash flow.
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