Solaris Assets, controlled by climate-focused investment management firm GoodFinch Management, announced the acquisition of substantially all the assets and business operations of residential solar company Sunnova Energy International.
Through the Sale Transaction, Solaris acquired Sunnova’s residential solar servicing, operations & management platform, as well as its solar generation and storage portfolio.
Earlier this year, Sunnova filed for Chapter 11 bankruptcy protection due to pressure from increasing debt and falling demand.
In July, the U.S. Bankruptcy Court for the Southern District of Texas approved the sale of Sunnova’s assets and business operations to an Ad Hoc Group of Sunnova bondholders and certain affiliates or entities controlled by GoodFinch.
Together, they had extended $90 million in debtor-in-possession (DIP) financing to Sunnova. The transaction was completed through a credit bid of the DIP financing, $25 million in cash, and payment of specific cure costs.
As part of the Sale Transaction, Sunnova’s core operations are transitioning to SunStrong Management, a full-service asset manager for the renewables industry. SunStrong’s management team will lead the go-forward business.
“This transaction marks a significant step forward that preserves the platform, people, and customer relationships that have been the heart of Sunnova,” said Paul Mathews, Chief Executive Officer of Sunnova. “We are proud of the innovation we’ve brought to the residential solar and storage market, and we look forward to seeing our commitment to reliable service continue under new ownership.”
SunStrong provides field service operations and maintenance (O&M), billing and collections, investor engagement, and reporting. The transaction builds on SunStrong’s acquisition and management of legacy SunPower assets in 2024.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, in the first half of 2025, there were 50 solar M&A transactions, compared to 40 in the first half of 2024.
In June, AMPYR Distributed Energy, an investor in renewable energy solutions and part of the AGP Group, announced the acquisition of Eden Sustainable, a solar PV developer, funder, installer, and O&M across the U.K. for commercial real estate.
