Readers could have seen your ad here when reading this story. Email retailenergyx@gmail.com
       Events        Jobs        Contact        Migration Stats        Supplier Lists        Municipal Aggregation

Vivint Solar Announces Financing Vehicle Said To Be Industry-First, Raises $327M

August 08,2018



Vivint Solar, Inc. announced that it closed, "an innovative multi-party forward flow funding arrangement that includes project-level debt, a levered tax equity partnership, and the company's first cash equity investment."

The transaction provides up to $327 million in total funding commitments, with an aggregate value of approximately $410 million, which is structured to generate upfront cash margin for the company for approximately 95 megawatts of future solar energy systems. "This transaction is the first of its kind in the residential solar industry that incorporates a multi-party forward purchase commitment anchored by a levered tax equity partnership," the company said

Bank of America Merrill Lynch acted in multiple roles in this transaction, including acting as sole structuring and placement agent for the cash equity and multi-draw term loan. Additionally, Bank of America Merrill Lynch acted as the sole tax equity investor. Hannon Armstrong is participating as the structured cash equity investor.

"The cash margin provided by this vehicle for a portion of our future PPA and lease assets is an important step to increase Vivint Solar's financial flexibility and to solidify a sustainable funding model for the business," said Vivint Solar's Chief Commercial Officer and Head of Capital Markets, Thomas Plagemann. "We expect similar results to selling systems directly to homeowners, allowing us to continue focusing on providing the products best suited for each homeowner."

Vivint Solar expects to raise approximately $3.37 per watt in upfront proceeds in addition to $0.41 per watt in retained value and renewal value. In addition, the company recently closed a $50 million tax equity partnership with a new investor. This multi-party forward flow funding arrangement, together with the undrawn committed capital under Vivint Solar's other tax equity partnerships, is estimated to provide funding to install more than 170 megawatts of residential solar energy systems.

Tags:
Vivint Solar   Finance   Solar  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
Executive Director -- Retail Supplier
Director/Manager Channel Sales -- Retail Supplier -- Houston
Director of Billing Operations
Analyst, Supply/Settlements -- Retail Supplier -- Houston
Manager of Supply -- Retail Provider -- Dallas


More Stories on RetailEnergyX.com:
ConEd Sub. Acquires Sempra Solar Portfolio
Just Energy Announces Results of Invitation to Holders to Offer to Sell 2019 Convertible Bonds
Texas Solar Provider Marketing "Free Power For a Year"
Shell's U.S. Solar Platform Names Energy Industry Vet As EVP, Business Development
Vistra Energy Announces Early Results of Cash Tender Offers for Senior Notes


comments powered by Disqus





Advertise here:
Email retailenergyx@gmail.com


Events Jobs Contact Migration Stats Supplier Lists Municipal Aggregation

About Disclaimer Privacy Terms of Service

Home


Developed by: Avidweb Technologies inc.