Press Release Details

Vivint Solar Closes $100 Million of New Tax Equity Commitments, Setting Stage for Continued Momentum

Jun, 24 2019

LEHI, Utah, June 24, 2019 /PRNewswire/ -- Vivint Solar, Inc. (NYSE: VSLR), a leading full-service residential solar provider, today announced it has received commitments for an additional $100 million of tax equity financing, which will enable it to install more than 55 megawatts of residential solar energy systems.

Vivint Solar (PRNewsfoto/Vivint Solar)

"We believe this tax equity raise, along with the recent $360 million multi-party forward flow funding arrangement, reflects the capital markets' and our investors' continued confidence in Vivint Solar's sustainable growth model," said David Bywater, CEO of Vivint Solar. "We are committed to not only delivering results to our investors but also helping more homeowners access our solar energy systems."

The syndicated tax equity commitment comes from RBC Capital Markets ("RBC") and co-investors arranged by RBC's Tax Credit Equity Group. The investment commitment is expected to allow Vivint Solar to design and build low-cost, clean energy systems for over 8,000 new residential customers.

"Vivint Solar has a leading residential solar platform that we are pleased to support with our tax equity capital alongside that of our co-investors," said Julian Torres, a Director at RBC. "This transaction is a credit to the teamwork across the RBC platform and highlights our unique capabilities of direct investing in and syndication of renewable energy tax credits."

"The ongoing commitment of our investor partners supports our growth and plays an essential role in enabling us to expand our residential solar business," said Thomas Plagemann, Chief Commercial Officer of Vivint Solar.

Vivint Solar operates in 22 states and has raised more than $4.6 billion in cash equity, tax equity and debt from institutional investors, private equity firms and major Wall Street banks since its inception in 2011.

About Vivint Solar
Vivint Solar is a leading full-service residential solar provider in the United States. With Vivint Solar, customers can power their homes with clean, renewable energy and typically achieve significant financial savings over time. Vivint Solar designs and installs solar energy systems for its customers and offers monitoring and maintenance services. In addition to being able to purchase a solar energy system outright, customers may benefit from Vivint Solar's affordable, flexible financing options, including power purchase agreements, or lease agreements, where available. Vivint Solar also offers solar plus storage systems with LG home batteries. For more information, visit www.vivintsolar.com or follow @VivintSolar on Twitter.

Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements regarding Vivint Solar's installation capacity remaining in tax equity funds, estimated retained value, and estimated retained value per watt, including the assumptions related to the calculation of the foregoing metrics. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in those statements will be achieved or will occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. Except as required by law, Vivint Solar does not undertake and expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. You should read the documents Vivint Solar has filed with the Securities and Exchange Commission, or SEC, for more complete information about the company. These documents are available on both the EDGAR section of the SEC's website at www.sec.gov and the Investor Relations section of the company's website at investors.vivintsolar.com/.   

Investor Contact:
Rob Kain
855-842-1844
ir@vivintsolar.com

Press Contact:
Helen Langan
Senior Director of Communications
385-202-6577
pr@vivintsolar.com

 

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SOURCE Vivint Solar, Inc.

Stock Price

NYSE: VSLR 7.78 -1.89% Change: -0.15 Volume: 1,177,498 View details September 20, 2019

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Contact

Investors

Rob Kain
Vice President, Investor Relations
855-842-1844
ir@vivintsolar.com

Press

Heather Hurst
Director, Public Relations
385-202-6577
pr@vivintsolar.com

Government Affairs

Erica Dahl
Vice President, Government Affairs
385-455-5501
erica.dahl@vivintsolar.com