By Katherine Hamilton

Sunnova Energy International eliminated 55% of its workforce as it works to restructure and grapples with debt.

The rooftop solar panel installer, which is one of the largest in the U.S., said Thursday it cut 718 jobs in late May. It said it wasn't able to determine how much in costs or savings it would record from the layoffs.

Sunnova hired a chief restructuring officer earlier this year and has been working on restructuring nearly $1 billion in bonds coming due in 2026. It has about $8.5 billion in debt. The Wall Street Journal reported in April it was preparing to file for bankruptcy.

Sunnova shares have lost 94% of their value over the past year, and closed at 20 cents on Thursday, just short of a 52-week low.

Solar panel companies have been struggling financially, and policy from the Trump administration is adding further headwinds to the industry. The House of Representatives passed a version of Trump's tax-and-spending package that would speed up timelines to roll back solar credits. Major markets including California have also reduced incentives for rooftop solar systems.

Last year, rival SunPower filed for chapter 11 bankruptcy.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

June 05, 2025 17:30 ET (21:30 GMT)

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