|[October 19, 2011]
Vivint Solar Establishes $75 Million Renewable Energy Fund
PROVO, Utah --(Business Wire)--
Solar, a provider of simple, affordable solar solutions, today
announced that it received a commitment of renewable energy tax equity
from a subsidiary of U.S.
Bancorp (NYSE: USB) to support the financing of $75 million in
residential solar energy systems in the United States.
The fund will finance a projected pipeline of 2,400 residential solar
installations in New Jersey, Utah, Hawaii and New York.
"With Vivint's existing product lines and customer service platform, we
are confident this solar energy offering will be a success," said Dan
Siegel, assistant vice president of Renewable Energy Investments for
U.S. Bancorp. "We look forward to future opportunities such as this."
Vivint Solar installs and maintains residential solar panels, making
solar energy simple and affordable for a wide range of consumers.
Homeowners agree to purchase the power generated by the solar panels for
a lower rate thn they typically pay their utility. The agreement also
enables customers to lock in lower monthly rates for 20 years. In
return, Vivint Solar takes care of installation, monitoring and
maintenance of the panels.
Vivint Solar works with the leading solar vendors in the industry,
including microinverter provider Enphase Energy, and mounting system
supplier Zep Solar.
"We are excited to partner with U.S. Bancorp to offer consumers a
simple, affordable solar product with best-in-class equipment," said
Tanguy Serra, president of Vivint Solar. "This partnership puts our
company in an excellent position to bring the benefits of solar energy
to a broader range of consumers."
Vivint Solar has an experienced and well-trained sales and installation
team, and an award winning field and customer service network to offer
low-cost solar energy to consumers.
About Vivint Solar
Vivint Solar is a leading provider of simple, affordable solar
solutions. As an early adopter of the power purchase agreement (PPA)
model, Vivint Solar designs, installs, and maintains cost-effective
solar energy systems. The company provides award-winning service and
support while saving customers money and protecting the environment. For
more information, visit www.vivintsolar.com.
About U.S. Bancorp
With $321 billion in assets as of June 30, 2011, U.S. Bancorp is the
parent company of U.S. Bank, the fifth-largest commercial bank in the
United States. The company operates 3,086 banking offices and 5,086 ATMs
in 25 states and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions.
U.S. Bancorp is a recognized leader in financing a variety of renewable
energy projects, building on its experience in other tax credit equity
investments, including affordable housing, new markets, and historic tax
credit investments. U.S. Bancorp has committed more than $550 million of
renewable energy tax equity to finance more than $1 billion of renewable
energy projects in the United States, primarily in the solar market and
in select opportunities in the wind energy market. Visit U.S. Bancorp on
the web at www.usbank.com.
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