Distributed solar energy systems provider Vivint Solar secured US$200 million in funding for US residential solar installations on Monday.
Thomas Plagemann, executive vice president, head of capital markets of Vivint Solar, said: “This financing demonstrates Vivint Solar's continued ability to access capital markets for flexible capital. Now that we are free from the constraints of the terminated SunEdison merger agreement, we have demonstrated our ability to rapidly access the capital markets for flexible, term-debt financing to support our continued growth.”
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This financing will be used to help Vivint Solar fund additional customer installations and provide partial credit for SREC revenues, allowing for a faster return of working capital to spur the growth of Vivint Solar’s portfolio.
The US$200 million is accessible in two portions — an initial piece of US$75 million priced at LIBOR plus 5.5%, and a second tranche of US$125 million that can be drawn over time.
This has been an interesting month for Vivint Solar, who cut off an acquisition deal with SunEdison due to a breach of obligations. Vivint Solar has yet to disclose what level of financial compensation it was seeking in wake of the terminated agreement.
