Sunnova Plunges as Lawmakers Seek Query Into DOE Loan (2)

Sunnova Energy International Inc. shares plunged after US Republican lawmakers sought an inquiry from the Department of Energy about the solar company’s $3 billion partial loan guarantee.

Shares fell 16% to close at $10.41 in New York on Friday, its biggest decline since March 2020.

The inquiry comes as Congressional Republicans have vowed to find the next Solyndra LLC in their criticism of the hundreds of billions in new loan authority given to the Energy Department in President Joe Biden’s signature climate law. Solyndra, a California solar manufacturer that flopped soon after receiving a $535 million loan guarantee during the ...