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:
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 expectations in connection with its Asset
Financing Facility and the tax qualification of its solar energy
systems. 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
these 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 statements, 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/.
About Vivint Solar
Vivint Solar is a leading
full-service residential solar provider in the United States. With the help of Vivint
Solar, homeowners can power their homes with clean, renewable
energy, typically achieving significant financial savings over
time. Vivint Solar designs and installs solar energy systems for
homeowners and offers monitoring and maintenance services. In
addition to being able to purchase a solar energy system outright,
homeowners 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 Chem home batteries and electric vehicle
chargers with ChargePoint Home. For more information,
visit www.vivintsolar.com or follow @VivintSolar on
Twitter.
Media Contact:
Wyatt Semanek
385-202-6577
pr@vivintsolar.com
www.vivintsolar.com
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SOURCE Vivint Solar, Inc.
