Sunnova Energy International received approval for a series of strategic transactions intended to support a value-maximizing sale process as part of its ongoing Chapter 11 proceedings. This announcement marks an important next step following the Company’s, and certain of its subsidiaries’, voluntary chapter 11 filings in the United States Bankruptcy Court for the Southern District of Texas (the “Court”) on June 8, 2025.

“These transactions serve as a critical step forward in Sunnova’s constructive restructuring and reflect the committed support from our key financial stakeholders,” said Paul Mathews, Chief Executive Officer of Sunnova. “With this additional capital in place, we are positioned to maintain uninterrupted service to our customers, fulfill our obligations to employees by paying wages and benefits, and continue operating our core business throughout the sale process. I’m proud of our team’s dedication and encouraged by the momentum we’re building toward a value-maximizing outcome for all our stakeholders.”

Secures Debtor-in-Possession Financing from Corporate Bondholders

Sunnova has received Bankruptcy Court approval authorizing entry into a $90 million debtor-in-possession (“DIP”) financing agreement with a group of the Company’s corporate bondholders to support operations during the chapter 11 sale process. The Court has granted interim approval for Sunnova to immediately access $15 million of these funds. This financing will enable the Company to continue core operations in the ordinary course, including monitoring, managing, and servicing customers’ systems, and meeting post-petition obligations to partners and stakeholders.

Court Approval on ATLAS SP Partners and Lennar Homes, LLC Transactions

On June 11, 2025, Sunnova received Court approval on its agreement with ATLAS SP Partners and certain of the Company’s warehouse lenders through which Sunnova will receive $15 million. Additionally, on June 12, 2025, the Company received Court approval on its agreement with Lennar Homes, LLC, through which Lennar will acquire certain assets related to Sunnova’s New Homes business for aggregate consideration of approximately $16 million. Sunnova intends to use the proceeds from these transactions to support its operations during the chapter 11 process.

Kirkland & Ellis LLP and Bracewell LLP are serving as legal counsel, Alvarez & Marsal is serving as financial advisor, Moelis & Company LLC is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP are serving as legal counsel and Evercore Inc. is serving as investment banker to the DIP lenders.