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(Bloomberg) — Sunnova Energy International Inc., the residential solar panel provider, is facing another round of creditor demands as it struggles to convince a separate lender group to inject fresh cash to help it stave off bankruptcy.
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The providers of a so-called warehouse loan to Sunnova put the company on notice, giving it as little as one business day — and up to five, pending day-by-day extensions — to cure a technical default on the loan, according to a Thursday filing.
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Sunnova did not immediately respond to a request for comment.
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Sunnova has been huddling with another set of creditors in search of fresh cash as it runs out of options to avoid a bankruptcy filing. The company skipped an interest payment due April 1 on those creditors’ holdings, unsecured bonds due 2028, and faces a default if it doesn’t pay within a 30-day grace period.
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The residential solar sector has suffered as high interest rates and lower government incentives made it more expensive for households to buy equipment. Meanwhile, President Donald Trump’s moves against green energy mean projects see new risks, hurting growth outlooks.
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Warehouse loans are used to temporarily fund debt that will later be bundled into bonds. Atlas Securitized Products, the structured credit business of Apollo Global Management Inc., was the agent on the Sunnova loan, the filing said.
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About $167 million in debt was outstanding under that facility as of the end of 2024, according to Sunnova’s annual report.
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In the filing, Atlas is listed as one of the committed lenders on the facility, as well as its administrative agent.
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Sunnova warned in a March filing that it didn’t “have the resources to repurchase the eligible solar loans ourselves or repay the related principal amount.”
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—With assistance from Scott Carpenter and Mark Chediak.
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