Seattle-based Omnidian, which manages solar power performance and services panels for commercial and residential installations, announced it aims to acquire part of bankrupt solar company Sunnova Energy International’s business for $7 million.
The deal is being made through a “stalking horse asset purchase agreement,” which sets a low-end bid to purchase assets from a bankrupt company.
The purchase would make Omnidian responsible for “customer service and system management obligations for a significant portion of Sunnova’s in-service customers,” according to a release disclosing the bid.
Sunnova, a major U.S. rooftop solar business, filed for bankruptcy last month. The Houston-based company faced significant financial challenges from tariffs on imported goods and a reduction in solar incentives offered in California, Bloomberg reported. The recent passage of the Trump administration’s massive domestic policy bill eliminates significant tax breaks for solar installations, further hammering the sector.
Omnidian, which services rather than installs solar panels, has continued to surge ahead. In April, the company announced an $87 million investment round, bringing its total funding to an estimated $165 million. The company reported that its revenue more than tripled from 2022 to 2024.
Despite domestic policy headwinds, U.S. developers are expected to add 54 gigawatts of solar capacity to the grid this year, according to BloombergNEF. Developers have been stockpiling solar panels, which are largely manufactured abroad. Future deployments in America are less certain.
Omnidian has been expanding internationally, earlier this year acquiring Solar Service Guys, a company based in Australia that describes itself as the country’s largest solar service network
Sunnova will continue taking bids on its assets until a July 21 deadline.
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