The news follows a difficult period for the company. Last week, it replaced its CFO with a former JP Morgan executive, Robyn Liska, in an effort to recover from US$447.8 million in losses sustained over 2024. It also entered a 30-day interest repayment grace period for 11.75% senior notes issued by its subsidiary.
In March, then-CEO of Sunnova William J Berger said that the “terrible” political and financial environment in the US had raised questions about the company’s future ability to operate. The company said ongoing inflation, high interest rates, policy changes and broader political uncertainty drove it to cut around 300 jobs in February 2025 and had resulted in “substantial doubts” over Sunnova’s future.
Berger said that the company was engaged in a number of measures to “better position Sunnova in the current environment and support positive cash in 2025 and beyond.” These included raising prices, mandating domestic content levels to increase its receipt of tax credits under the Inflation Reduction Act (IRA) and “simplifying” its business to reduce costs.
Berger has since been replaced as CEO.
The US residential solar sector has been under pressure over recent months. Industry stalwart SunPower filed for bankruptcy in August 2024 and SunRun has been shifting towards a “storage-first strategy” to become less reliant on the shifting US residential solar market.
