Sunnova Energy’s assets and operations have been acquired by Solaris Assets LLC following its bankruptcy filing.
HOUSTON — Houston-based Sunnova Energy International Inc. has completed its sale after filing for bankruptcy protection in June.
Solaris Assets LLC and its affiliates have acquired “substantially all the assets and business operations” of Sunnova. Solaris was formed by an ad hoc group of debtor-in-possession financing lenders and affiliates or entities controlled by GoodFinch Management LLC.
The transaction includes Sunnova’s residential solar servicing and operations and management platform along with its solar generation and storage portfolio. Solaris received the assets in exchange for a credit bid of the debtor-in-possession financing, $25 million in cash consideration and a payment of certain cure costs.
Law360 previously valued the deal at a total of $118 million. The U.S. Bankruptcy Court for the Southern District of Texas in Houston approved the sale at the end of July.
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