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Sunnova Moved To Apply For Retail Energy Broker Licenses In Three States Prior To Recent Financial Troubles
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In an application dated March 19, 2025 (prior to several recent corporate leadership changes and the announcement of discussions to reduce its debt), Sunnova Energy Corporation applied for a Pennsylvania electric broker/marketer license to serve residential and small commercial (under 25 kW) customers in all service areas
While filed in March, the broker application was not assigned a Pennsylvania PUC docket number until early May (such a delay is typical for new applications)
According to the filings activity list for the docket, Sunnova has not filed anything in the case since its March 19, 2025 application. The PUC's Secretary issued a deficiency letter concerning the application on May 16, 2025, due to what the Secretary said was incomplete information.
In the March 19, 2025 application, Sunnova said that it will, through a white-label brokerage platform, curate market offers on the platform and communicate pricing to
customers and prospects via digital marketing campaigns
In the March 19, 2025 application, Sunnova said that it planned to initially launch the broker service in the PPL, Met-Ed, Duquesne Light, and
PECO territories, with the intention of expanding throughout the Commonwealth.
In the March 19, 2025 application, Sunnova said that it was currently applying for broker licenses in Massachusetts and New Jersey as well. Sunnova was granted a New Jersey Energy Agent, Private Aggregator, and Energy Consultant registration on March 19, 2025
Sunnova is licensed as a broker in Texas, but its Texas brokering differs from the proposed service described in its Pennsylvania application.
In Texas, Sunnova markets its own retail electric plan ("Adaptive Retail Rate"), with the retail electric service provided by a third-party Texas REP
Sunnova has about 441,000 customers for its solar, storage, and related services
In an SEC filing earlier this year, Sunnova, "raised substantial doubt about our ability to continue as a going concern". The Wall Street Journal and Bloomberg have reported that Sunnova is preparing a potential bankruptcy filing in parallel with efforts to obtain financing and address its debt without the need for a bankruptcy filing
Sunnova recently reported in an SEC filing: "As previously disclosed in various Current Reports on Form 8-K filed from January 24, 2025 to May 9, 2025, the Company has been engaged with third parties
in discussions and negotiations relating to the indebtedness of the Company and its subsidiaries. Such engagement has resulted, among other things, in the
entry into an additional debt facility, amendments to credit agreements to address events of default and the decision to defer an interest payment and the entry
into forbearance agreements related to such interest payment deferral. Further, as previously disclosed in the Current Report on Form 8-K filed on April 11,
2025, the Company’s Board of Directors formed a Special Committee consisting solely of independent directors to, among other things, evaluate the
Company’s capital structure, assets, liabilities, operations, liquidity, and general financial condition and to consider, evaluate, and negotiate transactions and/or
other strategic alternatives for the Company and its stakeholders. Additionally, as previously disclosed in our Form 10-K filed on March 3, 2025, there are
conditions that have raised substantial doubt about our ability to continue as a going concern. Finally, as previously disclosed in the Current Reports on Form
8-K filed on April 1, 2025 and May 2, 2025, the Company is currently engaged in discussions with various stakeholders regarding plans to reduce the
Company’s debt and strengthen its overall financial flexibility, although no assurances can be given as to the timing or outcome of this process."
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May 20, 2025
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Copyright 2025 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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