Sunnova files for bankruptcy on solar energy problems

Written by Tanay Domal

(Reuters) -Sunnnova Energy said on Sunday that it had provided the bankruptcy of Chapter 11 in the United States, where the residential solar panel was installed under the pressure of increased debt and poor demand.

Sunnova is the second residential solar company to provide bankruptcy this month, which reflects the challenges facing the industry because it is struggling to deal with high interest rates, reducing incentives at the highest level in the market in California and fears of support support.

Last week, mosaic advanced with solar energy that was particularly held with bankruptcy, while the industrial pioneer collapsed for a year.

On Monday, Sonova said it had concluded agreements with the Atlas S. The company will continue its regular operations throughout the sale.

Sunnova submitted protection in the bankruptcy court in the southern province of Texas after warning it in March that it may not be able to continue as a continuous takeoff.

The company included its estimated assets and opponents in the range of $ 10 billion to 50 billion dollars, and the total debt was 10.67 billion dollars as of December 31, according to the court report.

Sonova said last week that it would start about 55 % of the workforce, or 718 employees, in an attempt to reduce spending.

Earlier this month, her unit, Sunnova TeP Developer, also provided for bankruptcy protection Chapter 11.

The administration of President Donald Trump, which is pushing for an increase in oil and gas production to the maximum, canceled a partial loan of $ 2.92 billion last month that was granted to Sunnova by the Biden administration.

The companies that put solar panels on American homes said last month that the budget budget bill, which was advanced in Congress, could deal with a huge blow to the industry by eliminating generous support for home owners who collected the growth of industry.

“Based on what is happening with the draft tax law in Congress, the conditions in this market may become worse in 2026, because Congress is considering ending the tax credit for residential solar energy,” said Pavel Molchanov.

(Participated in the coverage of Tanay Dhumal and Angella Christy in Bengalia, shown additional reports from Sumit Saha and Gormer Core; editing of Shingini Gangouli, Somidpe Chaparte, Alan and Alan Baruna)