Sunnova sells part of its solar panel business to Omnidian at $7 million

Sunnova Energy announced on Wednesday it had agreed to sell to Omnidian a portion its residential solar business for $7 million cash and the assumption of certain liability as part of a "stalking horse" deal.

Sunnova, the U.S. residential solar panel installer, filed for bankruptcy last month as it struggled with mounting debt. The industry is also facing challenges, such as higher interest rates and reduced incentives in California.

Sunnova's bankruptcy filing estimated that its assets and liabilities were between $10 billion and $50 billion.

Sunnova said Seattle-headquartered Omnidian, as part of the deal, will assume customer service and system management for a substantial portion of its in-service customers.

Omnidian offers protection and performance plans to residential and commercial solar energy systems and storage systems.

In May, the U.S. administration of President Donald Trump, in an effort to maximize oil production, cancelled a partial loan guarantee worth $2.92 billion that was approved by former president Joe Biden.

(source: Reuters)