Vivint Solar Closes $300 Million Of New Tax Equity Commitments
LEHI, Utah, June 29, 2020 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), a leading full-service residential solar provider, today announced it has secured $300 million in new tax equity financing commitments from two repeat investors to support the growth of Vivint Solar's residential solar business. With the addition of these two tax equity commitments, Vivint Solar has committed financing capacity for approximately 185 MWs.
The investment is expected to allow Vivint Solar to design and build low-cost, clean energy systems for approximately 24,000 new residential customers.
"These two tax equity deals satisfy our tax equity financing needs well into 2021 and are the second step in a string of capital raising designed to provide the company with increased financial flexibility and funding runway," said Thomas Plagemann, chief commercial officer and head of capital markets for Vivint Solar. "We appreciate the repeat business from our tax equity partners, with whose support we continue to expand our solar + battery storage offerings in markets across the nation. As we have in the past, we continue to emphasize installation and operational excellence to provide our capital partners a reliable investment, and our customers a best-in-class solar energy service."
Vivint Solar operates in 22 states and has raised more than $5.8 billion in cash equity, tax equity and debt from institutional investors, private equity firms and major Wall Street banks since its inception in 2011.
Note on Forward-looking Statements:
About Vivint Solar
View original content to download multimedia:http://www.prnewswire.com/news-releases/vivint-solar-closes-300-million-of-new-tax-equity-commitments-301084833.html
SOURCE Vivint Solar, Inc.
Smarter Strategies for IoT Deployment
Key Tools of the IoT Security Trade