Washington Free Beacon
A politically connected solar company says it has “substantial doubt” it can stay in business, a little over a year after obtaining a $3 billion loan from the Biden administration.
Sunnova Energy said on Monday that its current finances are “not sufficient to meet obligations and fund operations for a period of at least one year from the date we issue our consolidated financial statements without implementing additional measures.”
“Therefore, substantial doubt exists regarding our ability to continue as a going concern for a period of at least one year from the date we issue our consolidated financial statements,” the company said in a statement on Monday.
Sunnova’s stock plunged over 70 percent following its announcement, according to Bloomberg. More
Won’t the interest on $3 Billion alone be enough to keep them afloat? – Dr. Tar
Sorry, we spent $2 billion on bonuses, irretrievable at this point. Yes, including mine for $400 million. And there’s just no way we can make this company work, we are out of cash. Unless, of course, you can loan us another $3 billion.
Something stinks Sunnova Energy is an installer and it looks like they manufacturer custom install hardware. And they got a 3 billion dollar loan? I could see a panel manufacturer doing the whole PVD thing getting that much money. But a damn instillation company? Hey, Elon.
https://www.sunnova.com/special-incentives?utm_source=gmb&utm_medium=profile&utm_campaign=gmb-listing
Did these Executives previously work at a place called Solyndra ??? Taxpayers want to know …
Isn’t this about the 10th solar company that go belly up after receiving billion dollar loans. I bet the dim politicians got their kick back tho.
“The Free Beacon reviewed at least 50 consumer complaints filed against Sunnova in Texas since 2022. Multiple complaints alleged that Sunnova sales representatives persuaded elderly dementia patients, some on their deathbeds, to enter lengthy solar panel leases.”
Ha! I suppose the same tactics could be used to persuade the elderly dementia patient in the White House to spend $3Billion subsidizing the company.
Just to be clear. That’s not a Solar Company. It’s a Solar Instillation Company.
James Madison, the Father of the Constitution stated that said Constitution does not have any provision for public benevolence. These political “loans” are just Uncle Sugar paying off his buddies and are clearly illegal.
If they go bankrupt taxpayers have to recover the loan from what ever is left of the company, so fractions of pennies on the dollar I would think.
Solyndra all over again. Thanks Obiden.
Most likely 75% is in the pockets of politicians. This is no more than theft. it’s high time this shit stops and some bad actors do some hard time.
Being a solar installation company it’s going to take a lt of screwdrivers and pliers as assets seized to re-sell to cover that 3 Billion. Maybe we can get a bunch of back by seizing all the assets of all the USAID Employees that gave it them in the first place.
lot
“If they go bankrupt taxpayers have to recover the loan from what ever is left of the company”
It’s going to take a lot of step ladders and drill motors to recover 3 billion.
As most of us here know, “Green Energy” is a scam intended to separate the taxpayers from their hard-earned cash via the evil government.
I have been tangentially involved in a few liquidating bankruptcies and government receiverships, and someone asked me how long the proceedings would take. I said generally they last until the money runs out.
Sure enough, the last one I was somewhat involved in went four or five years. When the money ran out, it got wrapped up very quickly.
Got the full solar installer grift going in western Washington, underwritten in part by the electric utilities (can you say governmemt with taxpayer dollars).
Is Zelensky the head of this outfit under an alias?
Here’s what everyone commenting on this today is missing. While this abject bullshit has been being funded, there are people trying to bring something to market that there is a demand for and they don’t know how to navigate all of the government bullshit and fees and taxes and regulations in the way of them doing so. I talked to a guy who made a faIr size fortune off of his ideas. He is a brilliant guy, but let’s just say he isn’t a politician. Socially awkward and not at all attentive to the culture. He told me that without others who knew just how to deal with all of that bullshit he never would have made it. He couldn’t do it today even though he was there when others did that right in front of him. He flat out told me that. He didn’t want anything from government whatsoever other than to be left alone to do his work. Actually he is absolutely great with and loved by his employees. He asks them if a task or process could be improved then figures out how to improve it.
While he was doing that the fucking government was subsidizing bullshit nobody wants or needs.
I had a lot of trouble getting rid of the solar door-knock salesmen here. They ignore the “no soliciting” sign… They ignored the “Solar Panel Sales people will be shot. Survivors will be shot again!” sign… I finally started responding by pointing a finger at the sign and asking “Why would I buy solar panels from someone that can’t read?” Then I struck magic… I said “I have solar, it’s ground mount, you can’t see it”. It was like magic…
Yea, I’ve heard horror stories about Sunnova. You basically don’t own the system. They put a lien on your house, and you buy your electricity from them, up to the panel’s output limit, and then get to buy the rest on a plan they negotiate. I’m not a customer on the lien alone. Just a hard “no”. I can engineer my own system if I want to, so the whole thing looks like a scam to me.
Having said that… My electric rates in Texas are up like 30% since 2020. Don’t get me wrong, I’m all for ways to lower my bill at this point. I just don’t think paying $30k for a $7k system is any kind of “deal”… And even though I’m a 3000 kwh/mo energy piggy, I can buy several decades of electricity for $30k.
KR