Another day, another big solar installer faces bankruptcy. This time, the latest company to face the “solar coaster” is Sunnova Energy International, which is looking down the barrel at a cash flow that’s insufficient to meet its obligations and fund operations.
“While total cash increased, unrestricted cash remained relatively flat, below our estimated $100 million increase,” said John Berger, Sunnova’s founder and CEO. “This miss was primarily due to lower tax equity contributions stemming from timing delays of ITC sales, fewer installed systems and funds received in December classified as restricted.”
Put more simply, while customer agreements and incentives revenue increased by $163.4 million (43%), solar energy system and product sales revenue declined by $44.1 million (13%). In its report, released March 3, the company says its cash flow is unable to meet its obligations and fund operations.
