Sunnova Energy International Inc. has become the second major publicly traded rooftop solar firm to file for bankruptcy within a year following SunPower’s collapse in August 2024. The bankruptcy filing in Texas underscores the mounting pressure across the green energy space, as the recent Republican-led budget bill passed by Congress includes provisions to eliminate subsidies for solar companies.
Shares of Sunnova crashed 30% in premarket trading after the company filed for bankruptcy in Texas on Sunday, listing between $10 billion and $50 billion in liabilities and assets. The filing follows earlier warnings about its deteriorating capital structure amid ongoing negotiations with creditors.
Last month, the Trump administration terminated a $3 billion federal loan guarantee program for Sunnova, of which the company had drawn roughly $371 million. The guarantee was part of the Biden-Harris regime’s broader push for green energy, aimed at accelerating the adoption of clean technology in response to what Democrats claim is an imminent “climate crisis.” Their solution? Tax humanity more and buy clean tech—much of it sourced from China.