Sunnova to Pay Executives $2.4 Million From Asset Sale Proceeds

Sunnova Energy will pay seven top officers a combined $2.4 million in cash from excess proceeds of asset sales during the solar company’s bankruptcy.

Judge Alfredo R. Pérez of the US Bankruptcy Court for the Southern District of Texas approved the incentive plan Monday, which could have reached up to $7 million if the sale proceeds had been higher.

Sunnova, one of the largest US rooftop solar companies, filed for bankruptcy in June after struggling with mounting debt. The company terminated over 700 employees just days before the default.

The incentive plan included three payout tiers tied to sales, though ...