Only a week after a subsidiary of Sunnova Energy International filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of Texas, the residential solar corporate parent itself filed for bankruptcy on Sunday.
In its first-day filing, Sunnova cited more than 100,000 potential creditors and liabilities or debts exceeding $10.6 billion. Baker Botts is listed as a creditor being owed $6 million.
Last week, the subsidiary, Sunnova TEP Developer, filed for protection under Chapter 11. Both cases have been assigned to U.S. Bankruptcy Judge Alfredo Perez of Houston.
Sunnova General Counsel David Searle, an Austin lawyer who previously served as the acting head of legal at Tesla and as former chief compliance officer at Walmart, has hired Kirkland & Ellis and Bracewell as the lead legal advisors, Alvarez & Marsal as its primary restructuring and financial advisor and Moelis & Co. as its investment banker. Kobre & Kim is serving as independent counsel to the special committee.
Bracewell partner Jason Cohen of Houston filed the first-day documents for Sunnova.
In court documents, Sunnova lists $13.35 billion in assets.
Three private equity funds — BlackRock Fund Advisors, The Vanguard Group and Newlight Partners — combined own about 17 percent of Sunnova.
The case is In re Sunnova TEP Developer, LLC, Docket No. 4:25-bk-90160.