Vivint Solar raises $200 million in tax equity funding

The distributed solar provider has secured another healthy chunk of finance to go towards the installation of 123 MW of residential solar, as the company continues to steady the ship after the trauma of its failed merger with SunEdison earlier in the year.

November 8, 2016 Sam Pothecary

Vivint Solar is still attracting notable investments, as the company announces the finalizing of $200 million in tax equity commitments. It is much needed funding for the deployment of residential solar as the company’s quarterly financials loom just around the corner.

The new equity commitments have come from three separate investors, and represents the second time this year that the company has raised $200 million in funding, after closing on a $200 million non-recourse term facility back in March.

This new influx of capital will be used to support 123 MW of residential solar projects with a total value of $480 million. This translates into solar systems for more than 17,000 residential customers.

“We are pleased to announce ongoing support from our capital partners,” commented Vivint Solar Chief Commercial Officer and Head of Capital Markets Thomas Plagemann. “This announcement demonstrates Vivint Solar’s ability to raise financing to enable our continued growth and demonstrates the confidence investors have in the company’s future.”

It has been a topsy-turvy year for Vivint after its merger agreement with SunEdison fell through in March, which saw the company struggle to recover, compounded by the resignation of its CEO Greg Butterfield in May. However, the company’s second quarter financial results were not as poor as some had predicted they might be, with decent year-on-year revenue growth, and a significant drop in the company’s yearly loss from operations.

With the pending release of its Q3 results, Vivint was reluctant to give out exact solar deployment forecasts for the third quarter, stating instead that they would be similar to the 61 MW deployed during the second quarter. However, there is not long to wait to find out, as the company is due to release its quarterly financial results later today, which will be covered on the pv magazine USA and pv magazine websites.

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