PROVO, Utah, March 3, 2014 /PRNewswire/ -- Vivint Solar, the second largest U.S. residential solar provider, announced today it has completed three new tax equity transactions, enabling the funding of approximately $280 million worth of solar systems. The terms and financial institutions involved in these financings were not disclosed.
"In 2013, we grew our customer base by nearly 300% with our past fundraising efforts," said Greg Butterfield, CEO of Vivint Solar. "This new $280 million tax equity funding enables us to continue our expansion plans to deliver affordable solar solutions to homeowners."
Already this year Vivint Solar has expanded its presence in California, New Jersey, Maryland and Massachusetts. New sales and operations offices have opened in Chico, CA, Palm Springs, CA, Sacramento, CA, Mount Laurel, NJ, Frederick, MD, North Baltimore, MD and Marlborough, MA. More offices will open this year.
Vivint Solar is the second largest U.S. residential solar installer, according to the U.S. PV Leaderboard published by GTM Research. Vivint Solar designs, installs, monitors, and services every solar photovoltaic system 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.
Vivint Solar currently operates in California, Hawaii, Maryland, Massachusetts, New Jersey, New York, and Washington D.C. For more information, visit www.vivintsolar.com.
About Vivint Solar
Vivint Solar is a leading provider of simple, affordable solar solutions. As an early adopter of the power purchase agreement (PPA) model, Vivint Solar designs, installs, and maintains cost-effective solar energy systems. The company provides award-winning service and support while saving customers money and protecting the environment. For more information, visit www.vivintsolar.com or follow us @VivintSolar.com on Twitter.
Director of Public Relations
SOURCE Vivint Solar