A year after its intended merger with SunEdison collapsed amidst the latter’s bankruptcy issues, Vivint Solar has announced this week it has hit 100,000 residential solar customers across the United States.
It’s not a bad success story, and while things might have been better for the company, the last year has nevertheless been interesting to watch. In March of 2016, Vivint Solar had to terminate its merger agreement with SunEdison due to “SunEdison’s failure to meet its obligations under the merger agreement.” Vivint Solar added that “SunEdison’s failure to consummate the merger when required pursuant to the terms of the merger agreement constitutes a willful breach of the merger agreement, and Vivint Solar intends to seek all legal remedies available to it in respect of such willful breach.”
Not long after that, Vivint Solar reported across the board growth for its previous fourth quarter 2015 and full-year 2015 results, but analysts predicted a “bleak future” for the company. Interestingly, Vivint Solar continued to make funding acquisitions and repeatedly reported strong quarterly results throughout the year.
So the company must be pretty happy that it was able to report on Wednesday it had surpassed more than 100,000 solar energy systems installed for US residential customers — a total of 634 megawatts (MW) over 15 states in less than six years.
“To reach this landmark achievement in less than six years is a testament to the outstanding work of our entire team,” said David Bywater, CEO of Vivint Solar. “We are proud to offer Americans the potential to save money on their electricity bills and power their homes with clean, renewable energy, and we look forward to bringing these benefits to more customers throughout the country.”
It will be interesting to see how events play out for the company this year. We are currently waiting on its financial results for the fourth quarter and full-year 2016, but the company announced in January that it had expanded into New Hampshire, opening its services up to its 15th state.
“We’re pleased to bring affordable solar power to New Hampshire residents,” said David Bywater. “This latest expansion underscores the strong demand for alternative energy sources across the U.S. and gives the people of New Hampshire the opportunity to save money on their utility bills while helping the environment.”
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