Vivint Solar has secured US$200 million loan that go towards stockpiling equipment to ensuring future projects qualify for the full federal investment tax credit (ITC).
The ITC is set to taper from 30% to 26% for PV projects that begin after 1 January.
Internal Revenue Service deems a project’s construction to have officially "begun" when five percent of its total cost has been spent. Purchasing equipment is one of the simplest ways project backers can meet that benchmark and qualify their project for the existing ITC rate.
This framework is informally dubbed the solar safe habour agreement.
The Utah-headquartered solar installer's loan will allow it to preserve the 30% ITC rate “well into 2021” according to chief commercial officer and head of capital markets Thomas Plagement.
The revolving asset-based loan and will also go towards refinancing a working capital facility set to mature in March 2020.
Lenders include affiliates of Bank of America Securities and Credit Suisse.
7X Energy and SunPower also recently unveiled major equipment stockpiling operations ahead of the imminent subsidy.
Jan 20, 2021 GMT
Virtually all PV modules for large-scale utility-based solar sites are imported to the US, especially from Chinese companies using manufacturing sites across Southeast Asia. This puts extreme pressure on US site developers, EPCs and investors, in understanding fully the differences between the companies offering imported PV modules How credible are the companies supplying the products? What is the financial health of the parent entity? Where is the module produced, and is this undertaken in-house or through third-party OEMs? What is the supply-chain for the module sub-components including wafers and cells? And then, how will the modules perform in the field, and is it possible to gauge reliability levels benchmarked against competitors? This webinar will provide insights from two of the leading experts in PV module manufacturing, supply, performance and reliability: Jenya Meydbray of PV Evolution Labs and Finlay Colville from PV-Tech. The 1-hour session will include presentations from Jenya and Finlay, and then a brand-new supplier scorecard matrix that combines the key outputs from PVEL's Module Reliability Scorecard and PV-Tech's PV ModuleTech Bankability Ratings, with specific focus on module supply and use in the US market.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.