Sunnova announced that Omnidian may acquire its residential solar services and operations platform for $7 million in cash. Sunnova filed for bankruptcy in June, with total assets and liabilities exceeding $10 billion.

Omnidian is a provider of residential and commercial solar+energy storage performance plans, and has signed a "lead" asset purchase agreement with Sunnova for its service division, which means Omnidian has the right of first refusal. Omnidian will assume a significant portion of customer service and system management responsibilities for Sunnova's active customers.

Sunnova is continuing to solicit bids for its remaining business, with a deadline of July 21st. Stakeholders can find more information about Sunnova Chapter 11 bankruptcy proceedings here and here.

Sunnova primarily operates residential solar and energy storage system integrators across the United States. The company collaborates with local solar installation companies to provide solar energy services to customers through third-party ownership (TPO) contracts. The customer leases solar projects from Sunnova.

Sunnova laid off approximately 55% of its workforce on May 30th and filed for bankruptcy in a Texas court in early June. Financing provider Mosaic also filed for bankruptcy at the same time, which is consistent with the trend of huge turbulence in the solar TPO market.

Despite numerous difficulties, with the passage of the OBBB bill, the TPO market has achieved victory. Although homeowners' own residential solar systems will lose investment tax credits (25D) by the end of this year, residential leasing companies can still obtain investment tax credits (ITC) through Section 48E.