Sunnova Energy’s assets and operations have been acquired by Solaris Assets LLC following its bankruptcy filing.<\/p>\n
HOUSTON \u2014 Houston-based Sunnova Energy International Inc. has completed its sale after filing for bankruptcy protection in June.<\/p>\n
Solaris Assets LLC and its affiliates have acquired \u201csubstantially all the assets and business operations\u201d of Sunnova. Solaris was formed by an ad hoc group of debtor-in-possession financing lenders and affiliates or entities controlled by GoodFinch Management LLC.<\/p>\n
The transaction includes Sunnova\u2019s residential solar servicing and operations and management platform along with its solar generation and storage portfolio. Solaris received the assets in exchange for a credit bid of the debtor-in-possession financing, $25 million in cash consideration and a payment of certain cure costs.<\/p>\n
Law360 previously valued the deal at a total of $118 million. The U.S. Bankruptcy Court for the Southern District of Texas in Houston approved the sale at the end of July.<\/p>\n
Continue reading this story on the\u00a0<\/strong>Houston Business Journal’s website<\/strong><\/a>.\u00a0 \u00a0<\/strong><\/p>\n