LEHI, Utah, Nov. 7, 2016 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), a leading provider of distributed solar energy systems in the United States, announced today it has secured tax equity commitments from three investors, totaling $200 million. These tax equity commitments will support investments in solar projects with a total value of over $480 million and will enable the company to install approximately 123 megawatts of residential solar energy systems.
"We are very pleased to announce ongoing support from our capital partners," said Thomas Plagemann, chief commercial officer and head of capital markets for Vivint Solar. "This announcement demonstrates Vivint Solar's ability to raise financing to enable our continued growth and demonstrates the confidence investors have in the company's future."
This funding will enable the company to design, procure and build low-cost, clean solar energy systems for more than 17,000 new residential customers.
Vivint Solar operates in 14 states (Arizona, California, Connecticut, Florida, Hawaii, Maryland, Massachusetts, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, Texas and Utah), and Washington, D.C. 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, typically 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. Vivint Solar also sells solar energy systems; customers can pay cash or finance the purchase through one of Vivint Solar's industry-leading finance partners. 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. 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
Director of Public Relations
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vivint-solar-secures-200-million-of-tax-equity-commitments-300358929.html
SOURCE Vivint Solar