Sungevity secures court approval of $50 million sale of company assets

By Caroline Salls

Pittsburgh, April 18 – Sungevity, Inc. received court approval to sell its assets to a group of investors led by Northern Pacific Group in exchange for a $50 million credit bid, according to an order filed Monday in the U.S. Bankruptcy Court for the District of Delaware.

Under the terms of the agreement, Northern Pacific Group will acquire substantially all of the company’s assets, including the equity interests in Sungevity’s European operations.

As previously reported, Sungevity said no other bids were submitted by the deadline of 5 p.m. ET on April 10.

Based in Oakland, Calif., Sungevity is a technology-driven solar energy company, which enables users to get a quote without a site visit. It services 13 U.S. states as well as the Netherlands, Germany and the United Kingdom. The company filed bankruptcy on March 13 under Chapter 11 case number 17-10561.

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