LEHI, Utah, May 23, 2016 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), a leading provider of distributed solar energy systems in the United States, announced today it closed a tax equity investment fund with a new investor, with an aggregate funding commitment of $75 million, which will enable the company to install more than 45 megawatts of residential solar energy systems.
"We are very pleased to announce this new tax equity partnership," said Thomas Plagemann, Executive Vice President and Head of Capital Markets for Vivint Solar. "This investment fund demonstrates our continued ability to raise critical financing and the confidence of new investors to partner with Vivint Solar as a leading provider of residential solar in the United States."
This is Vivint Solar's first investment fund with this tax equity investor, which will enable the company to design, procure, and build low-cost, clean solar energy systems for more than 7,200 new residential customers.
Vivint Solar currently operates in Arizona, California, Connecticut, Hawaii, Maryland, Massachusetts, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, and Utah. For more information, visit www.vivintsolar.com.
About Vivint Solar
Vivint Solar is a leading provider of distributed solar energy – electricity generated by a solar energy system installed at a customer's location – to residential customers in the United States. Vivint Solar's customers pay little to no money upfront, receive significant savings relative to utility generated electricity and continue to benefit from guaranteed energy prices over the 20-year term of their contracts. Vivint Solar finances, designs, installs, monitors and services the solar energy systems for its customers. For more information, visit www.vivintsolar.com or follow @VivintSolar.
Note on Forward-looking Statements
This press release contains forward-looking statements as defined within the meaning of the federal securities laws. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to the risks set forth in the registration statements and reports that Vivint Solar files with the U.S. Securities and Exchange Commission, which are available on the Investor Relations section of our website at www.vivintsolar.com. Vivint Solar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Vice President of Investor Relations
SOURCE Vivint Solar