US-based residential PV provider Vivint Solar has closed US$811 million in debt financing through two separate transactions.
The first is a capital markets issuance by the company’s subsidiary, Vivint Solar Financing, for a total of US$466 million. In addition, Vivint Solar Financing IV issued a private placement of US$345 million.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
These two financing transactions will be utilised to both repay in full and cut down on the balance of certain debt facilities of Vivint Solar and its subsidiaries for general corporate purposes.
The US$811 million total will also provide back-leverage financing for a portfolio of 16 tax equity funds and a subsidiary that owns a PV portfolio of 575MW and over 86,000 residential PV systems.
In total, these transactions lower Vivint Solar, Inc.'s blended total credit spreads by approximately 160 basis points.
Thomas Plagemann, Vivint Solar’s chief commercial officer and head of capital markets, said: “We are pleased to announce this new milestone in the evolution of our financing strategy, which optimizes and simplifies our term debt structure while allowing us to repay more expensive outstanding loans, increase advance rates, lock in attractive fixed borrowing rates and create incremental liquidity for the business.”
