June 5 - Sunnova Energy ( NOVA ) said on Thursday it

would lay off about 55% of its workforce, or 718 employees, in a

bid to rein in spending as the residential solar panel installer

grapples with a massive debt pile and sluggish demand.

The company, which is restructuring its debt, had warned in

March that it might not be able to continue as a going concern.

Sunnova did not provide details on the charges it would

incur in relation to the layoffs.

U.S. President Donald Trump's administration, which is

pushing to maximize oil and gas production, last month canceled

a partial loan guarantee of $2.92 billion that was awarded to

Sunnova by the Biden administration.

Earlier this month, unit Sunnova TEP Developer filed for

Chapter 11 bankruptcy protection in the United States.

The development comes at a time when the U.S. residential

solar energy industry is under immense pressure from higher

interest rates, a reduction in incentives in top market

California, as well as the threat of subsidy elimination for

green energy.

Companies that put solar panels on U.S. homes said last

month a Republican budget bill that has advanced in Congress

could deal a massive blow to the industry by eliminating a

generous subsidy for homeowners that had buttressed the

industry's growth.