Vivint Solar secures US$325m debt refinancing deal

Facebook
Twitter
LinkedIn
Reddit
Email
Source: Vivint Solar

US residential solar installer Vivint has secured a US$325 million revolving warehouse facility to refinance existing debt.

The deal will allow Vivint to refinance an aggregation credit facility that was set to mature in 2020. It will reduce the cost of the debt by 87.5 basis points and increase the amount of upfront proceeds as a percentage of future contractual cash flows.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Bank of America Merrill Lynch, CitiBank, affiliates of Credit Suisse, KeyBank and Silicon Valley Bank are the five lenders involved. The transaction has an accordion option that allows Vivint to grow the facility to US$400 million.

Vivint CEO David Bywater said the deal will allow the company to reduce business costs and provide cheaper energy to customers.

His colleague Thomas Plagemann, head of capital markets, said the transaction “represents a meaningful improvement in our ability to access debt funding at a higher advance rate, at a lower cost, and earlier in the lifecycle of our assets.”

Vivint Solar is on a financing roll. In June alone, it cinched a commitment of US$100 million of tax equity financing from RBC Capital Markets and closed on a US$360 million multi-party forward flow funding deal.

The company claims to have raised more than US$4.9 billion in cash equity, tax equity and debt over the last eight years. 

22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA