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.
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SOURCE Vivint Solar, Inc.