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Texas Retail Energy Marketer Defers Interest Payment On Certain Notes, Company In Debt Talks, CFO Departs, Interim CFO Named
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Sunnova Energy International Inc. ("Sunnova" or the "Company") announced that it 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."
Among other services, Sunnova has marketed an "Adaptive Retail Rate" retail electric plan in Texas, with the retail electric service provided by a third-party Texas REP
Sunnova stated in an 8-K, "In connection with these ongoing discussions, the Company is electing to defer making the interest payment that is due April 1, 2025 of approximately $23.5 million on the 11.750% Senior Notes due 2028 (the '11.750% Notes') issued by the Company’s subsidiary, Sunnova Energy Corporation."
Sunnova stated in an 8-K, "The indenture governing the 11.750% Notes provides for a 30-day grace period, which expires on May 1, 2025, to make the scheduled interest payment before such non-payment constitutes an 'Event of Default' under the indenture, which would entitle the trustee under such indenture or the holders of at least 30% in aggregate principal amount of the outstanding 11.750% Notes to accelerate the maturity thereof. The Company’s decision regarding how much of the applicable grace period to use, whether to make the interest payment or the election to pursue an alternative path will be evaluated based on various factors, including the results of the aforementioned discussions with its stakeholders."
"This deliberate action supports Sunnova’s efforts to preserve liquidity and enhance financial flexibility, while it continues constructive discussions with key financial stakeholders regarding solutions to strengthen its capital structure," Sunnova said
As part of these discussions, Sunnova has retained an advisor team including separate third-party legal counsel, financial advisor, and investment banker
Sunnova reported that Eric Williams stepped down as Executive Vice President, Chief Financial Officer of the Company effective March 30, 2025.
Williams' separation will be treated as a termination without Cause, Sunnova reported
Sunnova appointed Robyn Liska as interim Chief Financial Officer, effective March 31, 2025.
Liska has more than 15 years of experience across the energy and renewables sectors, with prior positions including Executive Director in J.P. Morgan’s Power and Renewables Investment Banking division, a Director in Bank of America’s Energy and Clean Power Equity Capital Markets group, and an Associate Director in UBS’s Global Power & Renewables group.
Sunnova also promoted Alisha Leveston to Executive Vice President, Operations. Leveston previously served as Sunnova’s Senior Vice President of Industrial Engineering
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April 1, 2025
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Copyright 2025 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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