Trump administration cancels Sunnova's $2.92 billion government loan guarantee
Story by Timothy Gardner and Nichola Groom • 9h
By Timothy Gardner and Nichola Groom
WASHINGTON (Reuters) -President Donald Trump's administration has canceled a partial loan guarantee of $2.92 billion that had been awarded to residential solar panel installer Sunnova Energy, the company said on Wednesday.
A source familiar with the matter said the Department of Energy had "de-obligated" the loan guarantee, meaning the federal government is not responsible for the financing. Bloomberg News first reported the move.
Sunnova, which is restructuring its debt and has warned that it may not be able to continue as a going concern, said in a regulatory filing in March that it did not intend to use the DOE facility, known as Project Hestia, for the foreseeable future.
In April 2023, former President Joe Biden's administration announced the partial loan guarantee of up to $3 billion to back financing for about 100,000 rooftop solar installations, primarily for lower-income homeowners. At the time, the Energy Department billed the facility as the largest ever U.S. government commitment to solar power.
https://www.msn.com/en-us/money/companies/trump-administration-cancels-sunnova-s-2-92-billion-government-loan-guarantee/ar-AA1FFyum?ocid=widgetonlockscreen&cvid=f1b1afcbcfd74746bc700dc17fa01e1c&ei=44
