Sunnova Energy names new Chief Restructuring Officer

HOUSTON, TX - Sunnova Energy International Inc . (NYSE:NOVA) announced the appointment of Mr. Ryan Omohundro as the company’s Chief Restructuring Officer (CRO), effective immediately. The decision was made by the Board of Directors on Monday, April 27, 2025, according to the company’s recent filing with the Securities and Exchange Commission (SEC). The appointment comes at a critical time for Sunnova, which according to InvestingPro data, carries a significant debt burden of $8.5 billion and faces challenges with its current ratio of 0.78, indicating potential liquidity constraints.

Omohundro, who is 41 years old, brings over two decades of experience in advising distressed companies and has a significant background in the energy, industrial, and services sectors. His career includes roles at Alvarez & Marsal (A&M) where he has been a key figure in restructuring transactions amounting to over $30 billion in debt.

Prior to his appointment at Sunnova, Omohundro served as a Managing Director with A&M’s North American Restructuring practice and has held positions such as Interim Treasurer and Controller for various companies. He holds a master’s degree in professional accounting and a bachelor’s degree in business administration from the University of Texas at Austin, with distinctions as a Certified Public Accountant, Chartered Financial Analyst, Certified Insolvency & Restructuring Advisor, and Certified Fraud Examiner.

Sunnova and A&M have entered into an engagement letter that outlines the terms of Omohundro’s service as CRO, with his compensation forming part of the overall service fees paid to A&M. Additionally, Sunnova has provided standard indemnification agreements to Omohundro, which offer protection to the fullest extent permitted by law, as detailed in the company’s amended bylaws and certificate of incorporation.

The company’s filing also notes that there are no further compensatory arrangements anticipated for Omohundro related to his role as CRO, beyond the fees paid to A&M. Moreover, there are no reported family relationships between Omohundro and any of Sunnova’s directors or executive officers, nor are there any material transactions involving Omohundro that would necessitate disclosure under SEC regulations.

This executive move comes as Sunnova Energy continues to navigate the complexities of the energy sector. The appointment reflects the company’s strategic emphasis on restructuring and financial optimization, particularly important given the company’s stock has declined by over 95% in the past six months. For deeper insights into Sunnova’s financial health and future prospects, InvestingPro subscribers have access to 18 additional ProTips and comprehensive analysis through the Pro Research Report, one of 1,400+ detailed company analyses available on the platform.

In other recent news, Sunnova Energy International Inc. has announced several significant developments affecting its financial standing and operations. The company disclosed it received a notice from the New York Stock Exchange for non-compliance with listing standards due to its stock price falling below the required threshold. Sunnova is considering a reverse stock split to address this issue. Additionally, Fitch Ratings downgraded Sunnova’s credit rating to ’C’ after the company missed a $23.5 million interest payment on its senior notes, citing weak cash flows and refinancing risks as contributing factors.

Moody’s Ratings also downgraded Sunnova’s corporate family rating to Ca, impacting approximately $800 million of debt securities, amidst concerns over high debt maturities and financial viability. In a strategic move, Sunnova appointed Robyn Liska as interim CFO to guide its financial restructuring efforts. The company is in discussions to reduce debt and improve financial flexibility, enlisting advisory firms like J.P. Morgan and Moelis (NYSE:MC) & Company for assistance. Sunnova also amended its credit terms for its subsidiary, Sunnova EZ-Own Portfolio, LLC, to address financial arrangements and secure additional collateral.

These recent developments underscore Sunnova’s ongoing efforts to stabilize its financial foundation in a challenging market environment. The company’s liquidity issues and high leverage remain points of concern, with analysts suggesting a near-term debt restructuring may be likely. Despite these challenges, Sunnova continues to emphasize its commitment to providing sustainable energy solutions.

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