LEHI, Utah, June 5, 2017 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), a leading full-service residential solar provider, announced today it has secured tax equity commitments totaling $100 million from two repeat investors. These tax equity commitments will enable the company to install an estimated 70 megawatts of residential solar energy systems.
"Our capital partners play an essential role in enabling us to grow our residential solar business," said Stewart Bewley, vice president of capital markets at Vivint Solar. "We are pleased to continue raising project capital from our investor partners and look forward to expanding access to our solar energy systems."
This funding is expected to enable the company to design, procure and build low-cost, clean solar energy systems for approximately 10,000 new residential customers.
"We're pleased that our investors continue to trust us with their capital options," said David Bywater, CEO of Vivint Solar. "This financing reinforces our commitment to achieve sustainable growth and continue to deliver results to Vivint Solar and our investors."
Vivint Solar operates in 16 states (Arizona, California, Connecticut, Florida, Hawaii, Maryland, Massachusetts, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, Rhode Island, South Carolina, Texas and Utah) and Washington, D.C. For more information, visit www.vivintsolar.com.
About Vivint Solar
Vivint Solar is a leading full-service residential solar provider in the United States. With Vivint Solar, customers can power their homes with clean, renewable energy and typically achieve significant financial savings. Offering integrated residential solar solutions for the entire customer lifecycle, Vivint Solar designs, installs, monitors and services the solar energy systems for its customers. In addition to being able to purchase a solar energy system outright, customers may benefit from Vivint Solar's affordable, flexible financing options or power purchase agreements. Vivint Solar, through an exclusive collaboration with Mercedes-Benz Energy in the United States, offers solar plus storage systems with batteries from Mercedes-Benz. For more information, visit www.vivintsolar.com or follow @VivintSolar on Twitter.
Note on Forward-looking Statements
This press release contains forward-looking statements as defined within the meaning of the federal securities laws, including statements regarding the value, capacity and number of solar energy systems to be funded with tax equity commitments. 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 Vivint Solar's 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.
Helen Langan, Director of Public Relations
Ashlyn Hewlett, Method Communications
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SOURCE Vivint Solar