Sunnova
A U.S. residential solar and energy-storage services company that used leasing, power-purchase agreements, and related energy-service contracts to finance distributed energy systems.
Last updated August 22, 2026
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Overview
Sunnova Energy International Inc. was a Houston-based energy services company focused primarily on residential solar power and battery storage. Founded in 2012 by William John Berger, the company developed an energy-as-a-service model rather than relying only on direct equipment sales. Through a network of sales and installation partners, Sunnova offered homeowners designed and installed photovoltaic systems, battery products, monitoring, maintenance, repair, and related services. Customers could acquire systems through purchases or through financing structures such as solar leases and power-purchase agreements, reducing or eliminating the need for a large upfront payment. The company's proposition centered on making distributed renewable generation more accessible while giving customers an alternative to exclusive reliance on the electric grid. Solar systems could be paired with batteries so that households could use stored electricity after sunset or during outages. Sunnova also marketed service and protection offerings intended to support system performance over the life of a customer contract. Its service portfolio included solar installation, energy-storage deployment, repair services, and the removal and reinstallation of rooftop equipment when a roof required replacement or repair. Sunnova expanded across the United States and served customers in U.S. territories including Puerto Rico and the U.S. Virgin Islands. Its business was part of the broader residential-solar market, in which companies often retain ownership of installed equipment or manage long-term customer contracts while arranging project financing and subcontracted installation. This structure can create recurring contracted revenue, but it also exposes a provider to interest rates, debt costs, customer credit performance, equipment obligations, regulatory changes, and the economics of long-duration contracts. The company became publicly traded on the New York Stock Exchange in 2019 under the symbol NOVA. During 2024 and early 2025, concerns about liquidity, debt, and the sustainability of its business led to severe pressure on the share price. After the publication of its 2024 results, Sunnova disclosed substantial doubt about its ability to continue as a going concern for at least one year. William John Berger resigned as chief executive in March 2025, and Paul Mathews became president and chief executive officer. Sunnova subsequently announced substantial workforce reductions and disclosed that its subsidiary Sunnova TEP Developer had sought Chapter 11 protection. On June 9, 2025, Sunnova itself filed for Chapter 11 bankruptcy protection, reporting a broad range of assets and liabilities and attributing the filing to high debt levels and declining demand. The restructuring marked the end of the company's period as an independent publicly traded residential-solar provider. In September 2025, Solaris Assets LLC was reported to have completed the acquisition of the firm. As a result, Sunnova is best treated as a defunct or absorbed corporate brand in this dossier, although the fate of individual customer contracts, operating assets, and services may depend on the terms of the post-bankruptcy transaction.
History
Sunnova was established in 2012 in Houston, Texas, by William John Berger. It entered the residential distributed-energy sector at a time when falling photovoltaic equipment costs, state-level incentives, net-metering policies, and new financing structures were expanding the addressable market for rooftop solar. Instead of limiting itself to one-time equipment sales, Sunnova organized its business around energy as a service. Customers could obtain solar and storage systems through purchases, leases, or power-purchase agreements, with payment obligations extending over the operating life of the equipment. The model allowed households to adopt solar with less initial capital. Sunnova and its financing partners could manage long-term contractual arrangements while installation and field work were carried out through operating partners. The company consequently developed a business combining customer acquisition, project finance, asset management, system monitoring, maintenance, and service obligations. Its geographic reach expanded across the United States and into U.S. territories, including Puerto Rico and the U.S. Virgin Islands. Sunnova's offering broadened from rooftop photovoltaic generation to home energy resilience. Battery storage enabled customers to retain surplus solar electricity for use at night and provided a degree of backup capability during grid interruptions. The company also promoted protection and service programs, including repair support and assistance with the removal and later reinstallation of rooftop systems when a customer's roof needed work. These services were important to the long-term customer relationship because solar contracts can last for many years and require equipment to remain operational through changing household and property conditions. Sunnova became a public company in 2019, listing on the New York Stock Exchange under the ticker NOVA. Public-market access supported the company's expansion and financing activities, but the structure also left it exposed to capital-market conditions. Residential-solar providers generally require substantial funding before customer contracts generate their full economic value. Higher borrowing costs, slower demand, customer defaults, equipment and warranty obligations, regulatory changes, and competitive pricing can therefore place pressure on liquidity even when a provider has a large installed customer base. In 2024 and early 2025, Sunnova's financial condition became the central issue in its corporate history. After reporting its 2024 results, the company included a going-concern disclosure stating that substantial doubt existed regarding its ability to continue operating for at least one year. Its share price fell dramatically, reportedly dropping as much as 71% on March 3, 2025 and moving below one dollar per share. Debt negotiations also attracted attention: Oaktree Capital Management was reported to have acquired roughly $400 million of Sunnova's approximately $8.5 billion debt, giving it a significant position in discussions with creditors. Leadership changed during the crisis. Founder and chief executive William John Berger resigned in March 2025, and Paul Mathews became president and chief executive officer. In June, Sunnova announced that it would reduce its workforce by 718 employees, or about 55% of the workforce. The company also disclosed Chapter 11 proceedings involving Sunnova TEP Developer. On June 9, Sunnova filed for Chapter 11 itself, listing assets and liabilities between $10 billion and $50 billion and pointing to high debt and declining demand as reasons for the filing. The bankruptcy marked a fundamental transition from expansion as an independent public company to restructuring under court protection. In September 2025, Solaris Assets LLC was reported to have completed the acquisition of the firm. Sunnova's history therefore combines the growth of financed residential solar and storage with the risks of a capital-intensive, long-duration energy-services model. Following the acquisition and bankruptcy process, the independent corporate entity and its public-market identity are treated as defunct in this dossier.
- 2025
Going-concern warning and leadership transition
[1]After its 2024 results, Sunnova disclosed substantial doubt about its ability to continue as a going concern. William John Berger resigned and Paul Mathews became president and CEO.
- 2025
Workforce reduction and subsidiary bankruptcy filing
[1]Sunnova announced the elimination of 718 positions, approximately 55% of its workforce, and disclosed Chapter 11 proceedings by Sunnova TEP Developer.
- 2025
Corporate Chapter 11 filing
[1]Sunnova filed for Chapter 11 protection on June 9, citing high debt and declining demand.
- 2025
Acquisition by Solaris Assets
[1]Solaris Assets LLC was reported to have completed the acquisition of Sunnova in September 2025.
- 2019
Public-market listing
[1]Sunnova became publicly traded on the New York Stock Exchange under the ticker NOVA.
- 2012
Sunnova founded
[1]William John Berger founded Sunnova in Houston, Texas, establishing a company focused on residential solar and energy services.
Products and positioning
A residential distributed-energy provider positioned around accessible, financed solar power, battery backup, long-term service, and energy resilience.
Solar generation
Residential solar photovoltaic systems
Sunnova designed and arranged installation of rooftop solar systems for homes. The offering could include system sizing, installation coordination, monitoring, maintenance, and long-term contractual service. Customers could access systems through direct purchase or financing structures such as leases and power-purchase agreements.
Energy storage
Battery energy storage
Battery systems were offered alongside solar generation to store excess electricity for later use. Storage could help households shift consumption into evening hours and provide backup capability during grid outages, subject to system configuration, contract terms, and local conditions.
Energy storage and protection service
Sunnova SunSafe
Sunnova SunSafe was presented as an offering associated with household solar resilience and energy storage. It formed part of the company's broader effort to combine photovoltaic generation, batteries, and service support rather than sell solar panels as a standalone product.
Service and protection plan
Sunnova Protect
Sunnova Protect was a customer-protection and service-oriented offering intended to support the operation of installed solar equipment over the life of a customer relationship. Publicly available reference material does not establish all of its contractual terms.
Solar maintenance and repair
Sunnova Repair Services
Sunnova Repair Services provided repair support for solar installations. The service was intended to help maintain system performance and address equipment or installation issues during the operating life of a customer's system.
Solar system lifecycle service
Rooftop solar removal and reinstallation
This service addressed situations in which a customer needed roof repairs or replacement. Solar equipment could be removed and later reinstalled, helping preserve the solar installation while construction work took place.
Brand decisions
2025
Executive succession during financial distressOtherBackground
Sunnova's share price and financial outlook deteriorated after its 2024 results and going-concern disclosure.
Action taken
Founder William John Berger resigned as chief executive, and Paul Mathews was named president and CEO.
Aftermath
The leadership change was followed by a large workforce reduction, subsidiary bankruptcy proceedings, and Sunnova's own Chapter 11 filing.
2025
Workforce reductionStrategyBackground
The company faced high debt, declining demand, and a disclosed risk to its ability to continue as a going concern.
Action taken
Sunnova announced the elimination of 718 jobs, equal to approximately 55% of its workforce.
Aftermath
The reduction preceded the company's Chapter 11 filing and reflected a major contraction of its independent operations.
2025
Chapter 11 restructuringOtherBackground
Sunnova cited high debt and declining demand after reporting substantial doubt about its ability to continue operating for at least one year.
Action taken
Sunnova filed for Chapter 11 protection on June 9, 2025.
Aftermath
The filing led to a court-supervised restructuring and was followed by the reported acquisition of the firm by Solaris Assets LLC.
Reported assets and liabilities. $10 billion to $50 billion in assets and liabilities reported in the Chapter 11 filing (June 9, 2025)
2025
Acquisition by Solaris Assets LLCM&ABackground
The acquisition followed Sunnova's Chapter 11 proceedings and restructuring process.
Action taken
Solaris Assets LLC was reported to have completed the acquisition of Sunnova in September 2025.
Aftermath
The transaction ended Sunnova's period as an independent publicly traded company, although the continuing treatment of customer contracts and operating assets is not fully detailed in the available reference material.
Recent events
- Unconfirmed
Sunnova prices $500 million convertible notes offering[3]
Sunnova announced the pricing of a private offering of $500 million aggregate principal amount of 0.25% convertible senior notes due 2026, with an option for initial purchasers to buy up to an additional $75 million.
Reported
Lennar and Sunnova agree to strategic partnership[4]
Lennar and Sunnova agreed to a multi-year strategic partnership focused on developing and rolling out energy technologies, including home storage and community microgrids. Sunnova will also become Lennar's exclusive residential solar and storage service provider for new home communities with solar.
Reported
Sunnova announces acquisition of SunStreet[4]
Sunnova announced a definitive agreement to acquire Lennar's residential solar platform, SunStreet, for consideration of up to 7.22 million Sunnova common shares.
Reported
Sunnova enters Colorado and New Hampshire[5]
Sunnova entered the Colorado and New Hampshire markets, bringing a range of its product offerings to both states.
Reported
Sunnova expands SunSafe offering into South Carolina[5]
Sunnova announced that its SunSafe solar-and-battery-storage system offering had expanded into South Carolina, making the state the 16th market where it offered SunSafe.
Sources5 sources
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