AMERICAS DISTRESS DAILY: Sunnova Eyes Bankruptcy in Coming Weeks

Sunnova Energy is laying the groundwork for a bankruptcy filing that could happen within the coming weeks. The company is considering filing in Texas as it struggles with debt and reduced demand in the residential solar sector.

• Sunnova is operating under an extended forbearance after missing an interest payment at the beginning of April on its 11.75% senior notes due in 2028.
• The company’s outlook is potentially dire due to high interest rates, reduced government incentives, and a tax bill that would end tax credits for solar-leasing companies.

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