Vivint raises $540 million for residential solar

Utah-based Vivint Solar has $540 million for residential solar financing from two unnamed "major financial institutions."

The company secured the funding in addition to $200 million of tax equity financing it raised earlier this year.

"In less than three months, Vivint Solar has raised nearly three-quarters of a billion dollars to finance our solar projects," said the group’s recently appointed chief executive officer, Greg Butterfield. "These new financings will enable Vivint Solar to continue its unparalleled growth, while delivering simple, affordable solar solutions to our customers."

Vivint Solar — the second largest U.S. residential solar installer, according to the U.S. PV Leaderboard published by GTM Research — designs, installs, monitors and services photovoltaic systems with no upfront out-of-pocket costs to the homeowner. Through a power purchase agreement (PPA), a homeowner buys the power generated by the solar photovoltaic system at a rate currently lower than they could get from a local utility provider.

The company currently operates in California, where it recently expanded its operations, Hawaii, Maryland, Massachusetts, New Jersey, New York, and Washington D.C.

Vivint also operates home automation and residential security businesses in North America.

U.S.-based multinational investment group Blackstone acquired Vivint last year for more than $2 billion.