(Bloomberg) -- Sunnova Energy International Inc. is getting advice from Moelis & Co. as the solar power company wrestles with upcoming debt maturities, according to people with knowledge of the arrangement, who asked not to be identified discussing a private matter.

Sunnova carries around $7.5 billion of long-term debt, including nearly $1 billion of notes coming due in 2026, company filings show. Its obligations are spread across multiple units and include unsecured bonds, solar asset-backed notes and revolving credit facilities. 

Representatives with the company and Moelis declined to comment. 

Sunnova shares sank to a record, falling as much as 20%, after Bloomberg reported that Moelis is advising the company. Its 5.875% notes due 2026 fell as much as 8.75 cents on the dollar to 53 cents, according to pricing source Trace. 

Sunnova announced the departure of Chief Financial Officer Robert Lane in a regulatory filing after markets closed on Wednesday. The company also said it was taking a number of steps to generate more proceeds from asset-backed financings, including increasing the number of securitizations issued this year, according to an investor slide presentation issued as part of its release of quarterly results. 

Sunnova reported first-quarter revenue of $160.9 million that came in below analysts’ estimates.  

The rooftop solar industry is struggling as high interest rates make it more expensive for people to install panels. California, the biggest solar market, cut payments to homes and businesses that sell excess solar power back to the grid, a move that left the industry reeling. Residential solar installations are projected to decline in the US by 13% this year, according to a report the from Solar Energy Industries Association and Wood Mackenzie.

Sunnova has also been in the cross-hairs of a Congressional Republican probe into a $3 billion partial-loan guarantee from the Department of Energy, citing concerns about the firm’s business practices. Sunnova has pushed back against those accusations.

In a February earnings call, executives at the commercial and residential solar company said they’re focused on ramping up cash flow in 2024 as Sunnova pursues margin expansion and explores potential asset sales. CFO Robert Lane at the time said next year is the right time to start refinancing its debt due 2026, but now is the time to start preparing for the endeavor.  

The company had about $494.4 million of cash and $733 million of availability under various financing facilities as of Dec. 31, regulatory filings show. 

(Updates with CFO departure and additional details starting in the fifth paragraph.)

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