Vivint closes on $75 million in tax equity financing

The deal is good news for Vivint, which had reported difficulty raising tax equity funds.

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For most leading residential installers, securing tax equity financing is a fairly unremarkable development. However, today’s announcement by Vivint Solar that it had closed on US$75 million in tax equity financing is welcome news for a company which has struggled in the wake of the failed acquisition by SunEdison.

Vivint estimates that the funding from a new, un-named investor will allow it to install more than 45 MW of residential solar PV. It is also proof that Vivint can still raise significant funds.

In an analyst and investor call in April, former Vivint CEO Greg Butterfield cited a greater difficulty in raising tax equity financing as one of the company’s challenges caused by SunEdison’s botched acquisition attempt.

Vivint is currently undergoing a number of changes, and earlier this month announced that CEO Butterfield had stepped down. Chief Operating Officer David Bywater is currently serving as interim CEO while the company searches for a permanent replacement.

Vivint was the second-largest residential solar installer in the United States in 2015, with an 11% market share according to GTM Research. However, the company reported slower growth during Q1 than its peers.

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Christian Roselund

Christian Roselund served as US editor at pv magazine from 2014 to 2019. Prior to this he covered global solar policy, markets and technology for Solar Server, and has written about renewable energy for CleanTechnica, German Energy Transition, Truthout, The Guardian (UK), and IEEE Spectrum.

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