Solaris Assets Completes Acquisition of Sunnova Energy International

Paul, Weiss advised an ad hoc group of debtor-in-possession lenders in the chapter 11 bankruptcy proceedings of Sunnova Energy International Inc., a leading provider of residential solar and energy storage solutions in the United States. The ad hoc group, together with affiliates or entities controlled by GoodFinch Management, LLC, purchased Sunnova’s residential solar servicing and operations management platform, as well as its solar generation and storage portfolio, through a newly formed entity, Solaris Assets, LLC, in exchange for a credit bid of $90 million, $25 million in cash consideration and the assumption of more than $6.8 billion in liabilities. The transaction was the result of a competitive, court-supervised process designed to maximize value for all stakeholders in Sunnova’s chapter 11 cases.

The Paul, Weiss team delivered strategic counsel to the ad hoc group throughout Sunnova’s restructuring of approximately $9 billion in corporate debt and securitized obligations, addressing the intricate financial and operational challenges arising from the company’s complex structure. Paul, Weiss provided guidance on a wide range of matters, including the negotiation of the asset purchase agreement and debtor-in-possession financing credit agreement, execution of multiple consents from asset-backed securities noteholders and from lender KKR, drafting of corporate governance and organizational documents, and consumer compliance and licensing matters.

The Paul, Weiss team is led by partners Robert Britton, Andrew Rosenberg, Austin Pollett, Anne McGinnis, Charles Pesant and Sung Pak, and includes restructuring partner Alice Eaton; corporate partners David Huntington, Tony Rim and Hilary Christian and counsel Andrea Quek, Elizabeth Scherer, Lyudmila Bondarenko and David Sobel; litigation partners William Clareman and Alison Benedon and counsel Audrey Paquet; intellectual property partner Claudine Meredith-Goujon; and environmental partner Stefanie Gitler.