Latest news with #Sunnova
Reuters
13 hours ago
- Business
- Reuters
Sunnova Energy's unit files for Chapter 11 bankruptcy protection
June 5 - Sunnova Energy (NOVA.N), opens new tab said on Thursday it had filed for Chapter 11 bankruptcy protection for one of its units in the United States, as the residential solar panel installer grapples with a massive debt pile and sluggish demand.
Yahoo
6 days ago
- Business
- Yahoo
US administration cancels $2.9bn loan guarantee for Sunnova Energy
The US administration has withdrawn a $2.92bn partial loan guarantee for Sunnova Energy, a residential solar panel installer, as reported by Bloomberg. The Department of Energy (DOE) has "de-obligated" the loan guarantee, meaning the federal government is no longer responsible for the financing. The move comes as Sunnova is restructuring its debt and has expressed concerns about its ability to continue operations. Sunnova stated in a regulatory filing in March 2025 that it did not plan to utilise the DoE facility, known as Project Hestia, in the foreseeable future. The previous administration under former President Joe Biden announced a partial loan guarantee in April 2023 to support financing for 100,000 rooftop solar installations, particularly for lower-income homeowners. Under Biden, the DoE's Loan Programs Office aimed to accelerate clean energy sector development by providing loans to companies that found it difficult to secure private funding. The Energy Department described Project Hestia as the largest US government commitment to solar power at that time. However, the residential solar sector has faced challenges due to increased interest rates, which have raised the cost of financing. Sunnova has issued $371m in bonds backed by the Project Hestia loan guarantee. These bonds are not part of the debt Sunnova is currently looking to restructure. Project Hestia became less appealing to Sunnova because the company could offer more affordable leased systems to homeowners, capitalising on tax credits from the 2022 Inflation Reduction Act introduced by Biden. The tax credits for loans, which were the focus of Project Hestia, are considered less beneficial. The current administration, led by President Donald Trump, is prioritising oil and gas production and has indicated a review of DoE financing for alternative energy companies. The future of the loans office is uncertain, with job reductions implemented by Elon Musk's Department of Government Efficiency and budget cuts proposed in the House budget bill. Since 2009, the office has issued $35bn in loans and loan guarantees, with repayments from companies including Tesla. However, it has faced criticism from Republicans since 2011 following a $535m loan to Solyndra, a solar company that later failed. The Department of Energy has not commented on the cancellation of Sunnova's loan guarantee. "US administration cancels $2.9bn loan guarantee for Sunnova Energy" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
KBRA Comments on Amendment to Sunnova's Loan Guarantee Agreement with DOE
NEW YORK, May 30, 2025--(BUSINESS WIRE)--In an 8-K filing with the Securities and Exchange Commission on May 29, 2025, Sunnova Energy Corporation (Sunnova) disclosed that it had amended its Loan Guarantee Agreement with the U.S. Department of Energy (DOE) on May 22, 2025. The amendment reduced the maximum aggregate amount of partial guarantees from $3.0 billion to $371.6 million. This is equal to the total partial guarantees previously issued for Sunnova's two solar loan ABS transactions under Project Hestia: Sunnova Hestia I Issuer, LLC, Series 2023-GRID1 and Sunnova Hestia II Issuer, LLC, Series 2024-GRID1. KBRA currently maintains ratings on two classes of notes issued from the two transactions. Each has a Class 1-A tranche that benefits from DOE guarantees covering both principal and interest payments. On May 2, 2025, KBRA affirmed its 'AAA (sf)' ratings on each of the Class 1-A notes, as well as its 'BB (sf)' ratings on the Class 2-A notes of each transaction. Although the amendment reduced all remaining capacity of its partial loan guarantee to Sunnova's Project Hestia, it does not affect the existing guarantees provided by the DOE to the two transactions referenced above. As such, KBRA does not expect this amendment, in and of itself, to affect the existing ratings of the two transactions. KBRA previously alerted the market to Sunnova's going concern issue in a press release published on March 4, 2025, and will continue to monitor developments related to Sunnova's financial health, potential manager transitions, and the performance of Sunnova transactions. Related Publications KBRA Monitoring Sunnova Transactions Following Going Concern Warning Sunnova Helios & Sunnova Hestia Solar Loan Backed Notes Comprehensive Surveillance Report Sunnova Hestia I Issuer, LLC, Series 2023-GRID1 New Issue Report Sunnova Hestia II Issuer, LLC, Series 2024-GRID1 New Issue Report About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1009708 View source version on Contacts Melvin Zhou, Managing Director+1 Jacob Paulose, Associate Director+1 Brockton Bowers, Associate+1 Business Development Contact Arielle Smelkinson, Senior Director+1 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
6 days ago
- Business
- Business Wire
KBRA Comments on Amendment to Sunnova's Loan Guarantee Agreement with DOE
NEW YORK--(BUSINESS WIRE)--In an 8-K filing with the Securities and Exchange Commission on May 29, 2025, Sunnova Energy Corporation (Sunnova) disclosed that it had amended its Loan Guarantee Agreement with the U.S. Department of Energy (DOE) on May 22, 2025. The amendment reduced the maximum aggregate amount of partial guarantees from $3.0 billion to $371.6 million. This is equal to the total partial guarantees previously issued for Sunnova's two solar loan ABS transactions under Project Hestia: Sunnova Hestia I Issuer, LLC, Series 2023-GRID1 and Sunnova Hestia II Issuer, LLC, Series 2024-GRID1. KBRA currently maintains ratings on two classes of notes issued from the two transactions. Each has a Class 1-A tranche that benefits from DOE guarantees covering both principal and interest payments. On May 2, 2025, KBRA affirmed its 'AAA (sf)' ratings on each of the Class 1-A notes, as well as its 'BB (sf)' ratings on the Class 2-A notes of each transaction. Although the amendment reduced all remaining capacity of its partial loan guarantee to Sunnova's Project Hestia, it does not affect the existing guarantees provided by the DOE to the two transactions referenced above. As such, KBRA does not expect this amendment, in and of itself, to affect the existing ratings of the two transactions. KBRA previously alerted the market to Sunnova's going concern issue in a press release published on March 4, 2025, and will continue to monitor developments related to Sunnova's financial health, potential manager transitions, and the performance of Sunnova transactions. About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1009708
E&E News
29-05-2025
- Business
- E&E News
DOE axes $3B Sunnova loan
The Department of Energy has canceled a $3 billion loan guarantee to rooftop solar giant Sunnova, the company said Wednesday. DOE announced in 2023 that it would guarantee up to 90 percent of financing for the company's Project Hestia, which envisioned linking solar power and batteries for a virtual power plant. The loan guarantee was formally 'de-obligated' Friday after an agreement between Sunnova and DOE, according to a person familiar with company operations. The company used about $371 million of the loan guarantee, but none of that money came from tax dollars, the person said. Advertisement DOE did not immediately respond to a request for comment. But in March, Sunnova signaled in filings with the Securities and Exchange Commission that it no longer was looking for support from the loan guarantee 'for the foreseeable future.'
