Sunnova

Sunnova Energy International, a Houston-based residential solar company founded in 2012, filed for Chapter 11 bankruptcy in June 2025.³⁴¹⁵ The company had accumulated approximately $8.9 billion in long-term debt and served over 500,000 customers before its bankruptcy.³⁴ Through a court-supervised sale, Solaris Assets acquired substantially all of Sunnova's assets, and SunStrong Management assumed servicing of customer accounts.¹³¹⁵

Timeline

Money raised

Sunnova raised more than $2 billion since its founding in 2012.⁷ In October 2015, Sunnova raised $300 million in financing.⁸ In December 2020, Sunnova closed a $254.7 million securitization of leases and power purchase agreements.¹¹ In September 2021, Sunnova issued a $400 million green bond.¹⁰ In October 2023, Sunnova completed a $3 billion deal with the Department of Energy for Project Hestia.⁴ By the time of its bankruptcy filing in June 2025, Sunnova reported $8.9 billion in long-term debt obligations and approximately $13.5 million in available cash.³⁴ In June 2025, Sunnova sold its new-home business to Lennar for $15.2 million and certain assets to Atlas SP Partners for $15 million.¹⁵ Solaris Assets acquired substantially all of Sunnova's assets for approximately $118 million.³

Investors named in the sources: Department of Energy⁴, Solaris Assets, LLC³, Atlas SP Partners¹⁵, Lennar¹⁵.

What happened

Sunnova Energy International was founded in 2012 by John Berger in a downtown Houston apartment.⁴¹³¹⁶ Berger had previously founded Standard Renewable Energy in 2006 and SunCap Financial in 2010.¹³ Sunnova offered residential solar systems through leases, loans, and power purchase agreements.¹⁴ The company contracted with third parties to sell and install solar systems.⁴ Sunnova raised more than $2 billion since its founding.⁷

In 2019, Sunnova debuted on the New York Stock Exchange.⁴ In October 2021, Berger unveiled a 'triple-double' plan to double customer count, services per customer, and potential profits.⁴ Sunnova's customer base grew rapidly from 2020 onward.⁴ In October 2023, Sunnova completed a $3 billion deal with the Department of Energy for Project Hestia, a program to expand solar access to low-income people and those with poor credit scores.⁴ The Federal Reserve began aggressively raising interest rates in 2022, making solar less affordable and increasing Sunnova's borrowing costs.⁴

California drastically reduced payments for excess solar energy in 2023, reducing demand in the largest residential solar market.⁴ Sunnova faced consumer complaints about misleading sales tactics and shoddy panels.⁴ Republican critics in Congress questioned the Department of Energy's decision to award Sunnova a large federal loan guarantee.⁴ Sunnova's CEO accused Republicans of turning the company into a 'political football'.⁴ In March 2025, John Berger resigned as CEO of Sunnova.⁴¹⁴

In June 2025, Sunnova laid off approximately 718 employees, about 55% of its workforce, just days before filing for bankruptcy.³ On June 8, 2025, Sunnova filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas.³ At the time of filing, Sunnova reported $8.9 billion in long-term debt and approximately $13.5 million in available cash.³⁴ Sunnova had served over 500,000 customers.³ In June 2025, Sunnova sold its new-home business to Lennar for $15.2 million and certain assets to Atlas SP Partners for $15 million.¹⁵

A bankruptcy judge approved the court-supervised sale of Sunnova in July 2025.¹⁵ Solaris Assets, backed by an ad hoc group of bondholders, acquired substantially all of Sunnova's assets for approximately $118 million.³ The acquisition closed on September 3, 2025.¹⁵ Sunnova's Chapter 11 plan was confirmed on November 12, 2025, and went effective November 14, 2025.³ SunStrong Management assumed responsibility for servicing and managing most in-service customer systems.¹³

SunStrong Management is working with GoodLeap to facilitate completion of certain in-progress installations.¹ Some customers reported issues with their solar systems not working and difficulties getting repairs after the transition.²⁶ The Connecticut Attorney General's office launched an investigation into SunStrong after receiving more than 60 complaints.² Former CEO John Berger said Sunnova broke its severance agreement with him and owes him $3.1 million.⁴ Third-party contractors said Sunnova still owed them $347 million.⁴

After leaving Sunnova, Berger launched Otovo USA, a home energy services startup, which received more than $4 million in seed funding.¹⁵

Legal outcomes

• filedSunnova filed for Chapter 11 bankruptcy protection in June 2025.³⁴¹⁵
• pendingThe Connecticut Attorney General's office launched an investigation into SunStrong Management after receiving complaints from former Sunnova customers.²
• filedFormer CEO John Berger alleged that Sunnova broke its severance agreement and owed him $3.1 million.⁴
• filedThird-party contractors alleged that Sunnova owed them $347 million.⁴

Where the founders are now

John Berger resigned as CEO of Sunnova in March 2025.⁴¹⁴ In September 2025, Berger licensed the name Otovo from a Norwegian startup and launched Otovo USA, a home energy services company.¹²¹⁵ Berger serves as CEO of Otovo USA, which received more than $4 million in seed funding from the EIC Rose Rock Venture Fund.¹⁵

Sources

1. Sunnova Closure and Support Resources, sunnova.com, Nov 2, 202
2. I-Team: Solar bankruptcies force CT homeowners to do business with new company, AG investigating, https://www.wfsb.com, 2026-05-04
3. Solar Installer Out of Business? What To Do, Solar Repair, Installation & EV Charger Service | ElectriCare, May 14, 20
4. Sunnova Energy a canary in coalmine for solar?, eedition.houstonchronicle.com
6. Compare solar companies, solar panels, and solar prices | SolarReviews, solarreviews.com
7. Sunnova Raises nearly $1 Billion Based on Strength of ..., crc-ib.com, Jun 13, 20
8. Solar Service Co. Sunnova Raises $300M In Financing ..., mayerbrown.com, Oct 22, 20
10. US solar sees brighter prospects as Sunnova issues first ..., capitalmonitor.ai, Sep 7, 202
11. Funding and M&A Roundup: Public Investment Fund Increases Stake in ACWA Power to 50% - Mercom Capital Group, Mercom Capital Group, 2020-12-07
12. Ex-Sunnova CEO returns to solar with ‘AAA for rooftop repairs’, Latitude Media, 2025-12-04
13. Sunnova founder John Berger's new company merges with ..., bizjournals.com, Dec 8, 202
14. Lights Out For Sunnova? Bankruptcy Looms After CEO ..., forbes.com, Mar 17, 20
15. Sunnova assets officially sold as founder launches new Houston energy startup, Energy Capital, 2025-09-10
16. Energy CEO Summit 2022 - John Berger, hbsclubhouston.com

How this case file was put together

Every statement on this page carries a numbered note, and every note points to a court record, a regulatory filing or a named publication in the list of sources. Each statement was checked against the text of the sources it cites before it was published: a figure, a date or a name the cited source does not contain was cut rather than kept. Allegations are shown as allegations, with their status at the time of the source (filed, charged, convicted, pleaded, settled, dismissed or pending). Quoted lessons are the words of the person or publication named with them, copied from the cited source; nothing here is our own opinion of why the company failed.

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