Sunnova will sell part of its solar panel business to Omnidian for $7 million

Sunnova Energy announced on Wednesday local time that as part of a tracking transaction, the company has agreed to sell part of its residential solar installation business to Omnidian for $7 million in cash, while also assuming some debt. Last month, Sunnova filed for bankruptcy, as the U.S.-based residential solar panel installer struggles with increasing debt and weak demand, highlighting the challenges facing the industry, including rising interest rates, reduced incentives in California, and concerns over potential subsidy rollbacks. In its bankruptcy filing, Sunnova estimated its assets and liabilities to be between $10 billion and $50 billion