Struggling US residential solar provider Vivint Solar has closed a $75 million tax equity investment fund for the creation of more than 45 MW of residential solar capacity.
Vivint Solar has been struggling for the past year or so, with net losses despite regular installation highlights. In the first quarter of 2016, in the wake of its fallout with SunEdison over a possible acquisition, the company reported a net loss of $31.2 million, despite increases in bookings and installations.
But Vivint Solar has been steadily signing new financing deals, including a $200 million financing effort to fund US residential solar projects back in March.
The company has followed this up this week with a new tax equity investment fund created with an unnamed investor. The fund, worth $75 million, will enable Vivint Solar to install more than 45 MW of residential solar energy systems, or approximately 7,200 new residential customers.
“We are very pleased to announce this new tax equity partnership,” said Thomas Plagemann, Executive Vice President and Head of Capital Markets for Vivint Solar. “This investment fund demonstrates our continued ability to raise critical financing and the confidence of new investors to partner with Vivint Solar as a leading provider of residential solar in the United States.”