Yeah, don't be stepping up to guarantee stuff for a company that has already issued a Going Concern warning.
From Bloomberg, May 28:
- Solar developer told officials it wouldn’t tap into facility
- Sunnova has been laying groundwork for a bankruptcy filing
The Trump Administration terminated a $3 billion loan guarantee awarded to Sunnova Energy Intentional Inc. after the solar company told officials it no longer intended to tap into the facility.
The US Department of Energy canceled the loan obligation Friday, according to Sunnova. The company had used about $371 million of the government loan guarantee, part of billions of dollars of financing offered by the Biden Administration to accelerate the deployment of clean energy and combat climate change.
While President Donald Trump has worked to undermine federal support for the clean energy industry including freezing funding, halting permits and backing Republican efforts to undo former President Biden’s signature climate legislation, Sunnova’s troubles preceded the change in administation.
The solar developer has been laying the groundwork for a bankruptcy filing that could come within weeks, Bloomberg News reported last week. The [sic] Sunnova ran into trouble with high interest rates and lower state incentives that made it more expensive for homeowners to buy or lease panels. The residential solar business is now facing the prospect of losing generous tax credits under the Republican tax and spending bill that passed the US House last week....
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