Trump Administration Revokes $3 Billion Loan Guarantee for Solar Installer Sunnova

The Trump administration has revoked a $3 billion loan guarantee originally aimed at Sunnova Energy, a residential solar panel installer. Bloomberg News, citing the company, reported the cancellation on Wednesday. This move marks the administration's continued emphasis on maximizing the production of oil and gas.

The loan guarantee was initially announced in April 2023 during former President Joe Biden's tenure. It was part of an effort by the Department of Energy's Loan Programs Office (LPO) to facilitate the growth of the clean energy sector by providing financial support to companies struggling to secure private funding.

The LPO's future remains uncertain as it faces potential job cuts under the so-called Department of Government Efficiency, established by Elon Musk, and additional budget reductions outlined in the recent House budget bill. Both the Department of Energy and Sunnova have not provided comments regarding these developments.

(With inputs from agencies.)