Solar company Sungevity files for bankruptcy, agrees to sell assets

Solar roof on house

Solar roof on house

Sungevity, an Oakland, Calif. -based installer and financier of residential solar energy systems including in CT, filed for bankruptcy protection under chapter 11 with the goal of getting judicial approval for a sale that would wipe debt off its balance sheet while allowing it to stay in business.

A collection of investors, led by Northern Pacific Group, has agreed to take control of Sungevity's assets in exchange for $20 million in financing to keep the company's operations going.

In an announcement, California-based Sungevity reveals it has commenced voluntary Chapter 11 proceedings in U.S. Bankruptcy Court for the District of DE - a decision Sungevity will help facilitate a financial and corporate restructuring to strengthen its balance sheet and recapitalize the company. If approved by the bankruptcy court, Northern Pacific would obtain essentially all of the assets of Sungevity.

It says operations will continue as normal during a restructuring. The agreement sets the floor, or minimum acceptable bid, for an upcoming court-supervised auction.

With those acquisitions, "Crius shifted its focus exclusively to serving customers through our house brand, Crius Solar, and does not expect the Sungevity bankruptcy to have any material impact on our operations or customers", said a Crius spokesperson.

In connection with the restructuring process, the company has entered into an asset purchase agreement with a group of investors, led by Northern Pacific Group. The investment group has committed to provide up to United States dollars 20 million (EUR 18.8m) in financing to Sungevity so it could support its day-to-day operations and fund the sale process.

While Sungevity's European operations are part of the transaction, their day-to-day operations will not be impacted as a result of the Chapter 11 proceedings in the U.S. "We believe that this represents a step forward for the company", Sungevity Chief Executive Andrew Birch said in a statement. "Sungevity has always been a pioneer in the field of residential solar installation, and we believe that this represents a step forward for the company".

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