US residential solar installer Vivint Solar deployed around 44MW of solar in the second quarter of 2020, beating expectations and helping to shrink its losses.
US residential solar installer Sunrun is to acquire rival Vivint Solar as part of a US$3.2 billion all-stock deal that constitutes a major shake-up for the US solar market.
A round-up of recent developments in the US solar market, including news of Vivint Solar sealing US$300 million of tax equity commitments and Bank of America signing a solar PPA in Texas.
US$245m upsizing of existing facility and US$300m new package from Brookfield bring debt injection to firm bracing last month for quarterly installs to drop to levels unseen since 2017.
Analysts say residential solar specialist is ‘well positioned’ to witness growth in 2020, amid claims by the firm its indicators remain solid despite talk of COVID-19 impacts on other installers.
The US installer will use the funding to refinance a working capital facility and purchase equipment that will qualify its projects for the full ITC rate before it depreciates to 26% on 1 January.
Residential PV player defends track record after facing ‘malfeasance’ claims by short-seller Marcus Aurelius Value, with several analysts arguing allegations are overblown.
With the major US residential solar installers (Sunrun, SunPower, Vivint Solar and Tesla) having recently reporting second quarter 2019 financial results, PV Tech takes a closer look at the business and market dynamics shaping up in 2019.
The deal will allow Vivint to refinance an aggregation credit facility that was set to mature in 2020, while reducing the cost of debt by 87.5 basis points.