If anyone is unhappy about SunEdisons failed acquisition of Vivint Solar, it is Vivint. The company cancelled the acquisition six weeks ago, citing a willful breach of contract, and has since been picking up the pieces.
??On Thursday Vivint Solar held an impromptu analyst and investor call, in what appears to be an effort to reassure investors that the company was returning to its previous path. Along the way, the company provided some preliminary Q1 data.
During Q1 Vivint reports booking 66 MW of residential solar and installing 55 MW, a 20% year-over-year growth. This has brought nominal contracted payments up 71% year-over-year to $2.1 billion, and the company reports a net retained value of $735 million.
This does not mean that the failed acquisition was without consequences. The uncertainty and the disruption caused by the transaction cannot be understated, declared CEO Greg Butterfield during the call. He blamed the lengthy process for the underperformance of the companys sales team in H2 2015 and also said that it interfered with raising tax equity.
And while Vivints install costs have also increased 4% year-over-year, Butterfield notes that its install cost of $3.35 per watt still remains among the best in our peer group. Additionally, since the termination of the acquisition in early March the company has secured a $200 million term debt facility.
On the call Vivint also gave some insight into its strategy for the future. Noting that third-party ownership involves significant up-front capital needs, the company is stressing its loan product in Utah and partnership with Mosaic, a model which it says that it plans to bring to other states.
During Q2 Vivint expects to increase installed capacity again to 60 MW. Over the course of the year the company expects to install 260 MW, and to bring full-year installed costs down to $2.85-2.95 per watt.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Popular content
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.