Sunnova Energy’s Entanglement in Grueling Battle Over Loan Agreement Continues 

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Written By Kris Enyinnaya

The law firm Kirby McInerney LLP has issued a reminder to investors concerning a class action lawsuit filed in the U.S. District Court for the Southern District of New York on behalf of individuals who acquired securities of Sunnova Energy International Inc. during the period from February 25, 2020, to December 7, 2023, inclusive, referred to as “the Class Period.” 

Investors have until April 16, 2024, to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Lawsuit Details 

In September 2023, Sunnova announced a significant development – the company had entered into a $3.0 billion partial loan guarantee agreement with the U.S. Department of Energy’s Loan Programs Office (“LPO”). 

This agreement aimed to support solar loans originated by Sunnova under a newly established solar loan channel named Project Hestia (the “LPO Loan”). 

Sunnova expressed its expectation that Project Hestia would “provide disadvantaged homeowners and communities with increased access to clean, flexible power via Sunnova services by indirectly and partially guaranteeing the cash flows associated with consumers’ loans.”

However, events unfolded that cast doubt on Sunnova’s practices and intentions. On November 22, 2023, the Washington Free Beacon published an article titled “Biden Admin Gave $3 Billion Loan to Solar Company Accused of Scamming Elderly.” 

Credits: DepositPhotos

The article highlighted consumer complaints against Sunnova, ranging from maintenance delays to alleged predatory sales tactics targeting elderly homeowners. 

This negative publicity escalated further on December 8, 2023, when Representative Cathy McMorris Rodgers, Chair of the U.S. House Committee on Energy and Commerce, and Senator John Barrasso, ranking member of the U.S. Senate Committee on Energy and Natural Resources, sent a letter to the Department of Energy and Sunnova seeking information related to the LPO Loan and Project Hestia in response to the “disturbing” reports regarding the Company. 

Following this news, Sunnova’s share price experienced a significant decline of $2.00 per share, or approximately 16.12%, dropping from $12.41 per share on December 7, 2024, to close at $10.41 on December 8, 2028.

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Allegations in the Lawsuit

The class action lawsuit alleges that Sunnova made materially false and misleading statements regarding the Company’s business, operations, and prospects during the Class Period. Specifically, the lawsuit contends that:

  • Sunnova engaged in predatory business practices against disadvantaged homeowners and communities, contrary to the stated goals of Project Hestia.

The aforementioned conduct exposed Sunnova to a heightened risk of regulatory and governmental scrutiny, as well as significant reputational and financial harm.

As a result, Sunnova’s public statements were materially false and misleading throughout the Class Period.

The lawsuit seeks to represent shareholders who acquired Sunnova securities during the Class Period and aims to recover damages for alleged violations of federal securities laws.

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Proposed Way Forward 

Investors who believe they may be eligible to participate in the class action lawsuit are encouraged to contact Kirby McInerney LLP for further information and assistance. 

Credits: DepositPhotos

The firm is available to provide guidance on the legal process and represent eligible investors in seeking recovery for potential losses incurred due to the alleged misconduct by Sunnova during the Class Period.

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