The Department of Energy has canceled a $3 billion loan guarantee to rooftop solar giant Sunnova, the company said Wednesday.
DOE announced in 2023 that it would guarantee up to 90 percent of financing for the company’s Project Hestia, which envisioned linking solar power and batteries for a virtual power plant. The loan guarantee was formally “de-obligated” Friday after an agreement between Sunnova and DOE, according to a person familiar with company operations.
The company used about $371 million of the loan guarantee, but none of that money came from tax dollars, the person said.
DOE did not immediately respond to a request for comment. But in March, Sunnova signaled in filings with the Securities and Exchange Commission that it no longer was looking for support from the loan guarantee “for the foreseeable future.”
