The Trump administration has canceled a partial loan guarantee of $2.92 billion that had been awarded to troubled residential solar panel installer Sunnova Energy, as part of its review of government financing for alternative energy. The Department of Energy (DOE) had ‘de-obligated’ the loan guarantee, which means that the federal government is not responsible for the financing. Sunnova is restructuring its debt and has warned that it may not be able to continue to stay in business. In a regulatory filing in March, it indicated that it did not intend to use the DOE facility, Project Hestia, for the foreseeable future. Sunnova sold $371 million in bonds that are backed by the Project Hestia loan guarantee, but those notes were not included in the debt that the company is seeking to restructure.
The Biden administration announced a partial loan guarantee of up to $3 billion to support financing for approximately 100,000 rooftop…
