Sunnova Creditor Seeks Review of Asset Sale Over Disclosure Gaps

Enterprise Bank & Trust asked a bankruptcy court to reconsider its approval of the sale of Sunnova Energy’s assets, citing a failure to disclose potential recapture of federal tax credits.

The sale included assets of nonbankrupt affiliates that would likely trigger recapture of millions in federal tax credits previously sold to Enterprise, the bank argued in a Thursday filing in the US Bankruptcy Court for the Southern District of Texas.

Enterprise said it purchased more than $32 million in Sunnova’s solar investment tax credits in 2023 and 2024, which are subject to a five-year recapture period if the related projects ...