Trump Administration Halts $2.92 Billion Loan for Sunnova Energy

Published 2 hours agoNOVA

Trump Administration Halts $2.92 Billion Loan for Sunnova Energy

The Trump administration has decided to cancel a significant $2.92 billion partial loan guarantee previously granted to Sunnova Energy, a leading U.S. residential solar panel installer. The Department of Energy has "de-obligated" the commitment under Project Hestia, effectively removing the federal backing for the planned solar initiative, Reuters reported.

Project Hestia was launched in April 2023 during the Biden administration with the intention of supporting around 100,000 rooftop solar installations, mainly targeting low-income households. This initiative was set to be the largest solar power financing commitment made by the Department of Energy. However, rising interest rates and the Inflation Reduction Act's tax credits had already led Sunnova to explore other financing strategies.

Sunnova has also been grappling with financial difficulties, issuing a "going concern" warning earlier this year, highlighting doubts about their sustainability. The cancellation of this loan guarantee happens amidst a broader energy policy shift under the Trump administration, which prioritizes oil and gas development while reassessing clean energy support, particularly through the DOE's Loan Programs Office.

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