We are advising an ad hoc group of holders of Sunnova’s approximately $5.5 billion of asset-backed securities

Davis Polk is advising an ad hoc group of holders of Sunnova’s approximately $5.5 billion of asset-backed securities (ABS) in connection with the cases commenced in the Southern District of Texas by Sunnova Energy International Inc. and certain of its subsidiaries (collectively, “Sunnova”) under chapter 11 of the United States Bankruptcy Code.

Sunnova has effectuated a sale of substantially all its assets pursuant to section 363 of the Bankruptcy Code to Solaris Assets, LLC and certain of its affiliates, entities owned by the lenders under Sunnova’s $90 million DIP facility. Consummation of the sale required amendments to over 150 ABS documents. Among other things, the amendments provided for transfer of Sunnova’s management and servicing businesses to SunStrong Management, LLC.

Consents to the amendments required to consummate the sale were obtained pursuant to a consent solicitation process from the requisite thresholds of holders of each of the 26 series of Sunnova’s ABS. As of the petition date of June 8, 2025, the aggregate outstanding principal amount of Sunnova’s ABS was approximately $5.5 billion.

Founded in Houston, Texas, in 2012, Sunnova was one of the nation’s leading installers and servicers of residential solar systems, with approximately 440,000 residential solar customers across the country and Puerto Rico. As of the petition date, Sunnova managed and serviced 26 securitization trusts holding more than $7 billion of homeowner contracts and leases.

The Davis Polk restructuring team includes partners Damian S. Schaible, Angela M. Libby and Jonah A. Peppiatt, counsel Joanna McDonald and Brian Hecht and associates Stephanie Rosner and Jonathan (Zhenyang) He. The finance team includes partner Ryan D. McNaughton, counsel Demitrios (Jimmy) T. Moustakis and associate A.J. Koch. All members of the Davis Polk team are based in the New York office.

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