Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

Vivint Solar Closes $313 Million In New Solar Financing

US residential solar provider Vivint Solar has closed another round of financing with a new term loan facility with lead bank Investec.

Vivint Solar announced that it had closed a $313 million term loan facility on Thursday, which refinanced 11 tax equity funds that were part of the company’s aggregation facility. Specifically, the new financing will provide back-leverage financing for a portfolio of 12 tax equity funds in ownership of 307 MW and 47,000 residential solar energy systems across 12 US states.

“We are pleased to announce this next step in our financing strategy, which allows us to repay outstanding loans under our aggregation facility, increase advance rates, free up new borrowing capacity, raise incremental debt against SREC contracts and lock in attractive all-in borrowing rates,” said Thomas Plagemann, Executive Vice President and Head of Capital Markets at Vivint Solar. “This new financing has a 5-year term, which is expected to exceed the projected flip dates for many of the 12 tax equity funds, and it enables us to continue our mission of making solar affordable for homeowners.”

The move comes only a few months after Vivint Solar closed a separate $75 million tax equity investment fund back in May, for the creation of more than 45 MW of residential solar capacity. In addition, Vivint Solar recently announced a partnership with Renovate America, to offer the latter’s Hero program as its PACE financing option.

The term loan transaction was arranged by Investec Bank plc, ING Capital LLC, Silicon Valley Bank, and SunTrust Robinson Humphrey Inc. as joint bookrunners.

“We are excited to have successfully closed this deal for Vivint Solar,” said Ralph Cho, Co-Head of Power and Infrastructure Finance at Investec. “Growing liquidity in the syndicated loan market for residential solar companies was evidenced by the 1.5x oversubscription to this facility, which should give future borrowers confidence.”

“We believe that the commercial bank market is a very accommodating market of execution for leading players in the power sector,” added Michael Pantelogianis, Co-Head of Power and Infrastructure Finance at Investec. “Over time, we expect residential installers will find the bank market to be an attractive alternative to the securitization market.”

 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 

Advertisement
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

You May Also Like

Clean Power

Sunrun has acquired Vivint Solar to become the largest roof top solar company in America.

Clean Power

There was plenty of positive solar energy news this month. Aside from the 63 solar stories we've published so far, below are 10 more...

Clean Power

CITE Research recently conducted a survey for Vivint Solar and found that 70% of Americans would support a nationwide mandate requiring that solar panels...

Clean Power

Vivint Solar, the second-largest residential solar provider in the United States, announced on Tuesday that it has closed a $325 million revolving warehouse credit...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.