Trump Administration Cancels Sunnova Energy's $3 Billion Loan Guarantee: Report

Trump Administration Cancels Sunnova Energy Loan

According to a report by Bloomberg News, the Trump administration has canceled a loan guarantee of up to $3 billion that had been awarded to Sunnova Energy, a company specializing in residential solar panel installations.

This decision arrives as the administration focuses on maximizing oil and gas production. It is also re-evaluating financing provided by the Department of Energy's Loan Programs Office (LPO) to companies in the alternative energy sector.

Background on the Loan Guarantee

The $3 billion loan guarantee was initially approved in April 2023 under the Biden administration. It was designed to support Sunnova's rooftop solar installations and to accelerate the development of clean energy technologies. The LPO aimed to assist companies struggling to secure private financing.

The Loan Programs Office is now facing an uncertain future, potentially including job cuts and budget reductions.