Newly established firm Solaris Assets has taken over the business operations and assets of Texas-based residential solar installer Sunnova, which filed for bankruptcy in June.

Solaris was created by GoodFinch Management, a U.S. renewables asset owner, specifically to acquire Sunnova. The acquisition includes Sunnova’s residential solar operations and maintenance (O&M) platform as well as its solar and storage generation portfolio. Meanwhile, Sunnova’s core operations are being transitioned to SunStrong Management, a specialist residential solar asset management and servicing company.

Brendon Merkley, CEO of SunStrong, emphasized the company’s commitment to customers, stating that its “priority is to maintain the highest levels of service for customers as we expand our footprint as a premier solar asset servicer.”

Paul Mathews, CEO of Sunnova, called the acquisition “a significant step forward that preserves the platform, people, and customer relationships that have been the heart of Sunnova.” Following the deal, Mathews will join SunStrong as chief revenue officer.

Sunnova’s financial struggles earlier this year led to the layoff of more than half its workforce before the bankruptcy filing. In July, a group of bondholders controlled by GoodFinch Management stepped in with US$90 million in debtor-in-possession (DIP) financing to keep the company operational.

Under the terms of the acquisition, Solaris obtained Sunnova’s O&M and generation portfolio through a credit bid of the DIP financing, US$25 million in cash consideration, and the payment of certain cure costs.