Sunnova sells solar panel business to Omnidian for $7M

Sunnova Energy sells part of its residential solar business to Omnidian for $7 million in a stalking horse deal. Sunnova filed for bankruptcy last month due to mounting debt and softening demand. Assets and liabilities estimated to be between $10 billion to $50 billion. Omnidian will assume customer service and system management for Sunnova’s in-service customers.

Omnidian, based in Seattle, provides protection and performance plans for residential and commercial solar and energy storage systems. U.S. President Trump’s administration canceled a $2.92 billion partial loan guarantee approved under former President Biden, aiming to boost oil and gas production.

Read more at Yahoo Finance: Sunnova to sell part of solar panel business to Omnidian for $7 million