Market Chatter: Sunnova Struggles to Raise Funds as Bankruptcy Risk Looms

MT Newswires Live

Apr 17

Sunnova Energy International (NOVA) faces difficulty securing fresh capital from creditors to avoid bankruptcy, Bloomberg reported Tuesday, citing people familiar with the matter.

Efforts to raise new funds have been unsuccessful with creditors concerned that the capital amount isn't adequate for a business rebound, partly amid uncertainty on the future of federal clean energy tax credits, the report said.

The company, which sells rooftop solar panels, is nearing the end of a 30-day grace period for missing an interest payment on its 11.75% senior notes due 2028, Bloomberg said.

Sunnova didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 0.20, Change: -0.03, Percent Change: -11.17

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