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.
"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.