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.
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.
SunPower expects ‘material impact’ on manufacturing operations in Q2 while Vivint predicts roll-out to tank this quarter, bringing a temporary setback to both firms after relatively stable Q1.
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.
Residential PV player defends track record after facing ‘malfeasance’ claims by short-seller Marcus Aurelius Value, with several analysts arguing allegations are overblown.
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.
The head of Vivint Smart Home is set to step in to lead Vivint Solar, following the departure of CEO Greg Butterfield from the residential installer, announced yesterday.
US residential PV installer Vivint Solar has informed SunEdsion that its failure to complete the acquisition of the company under its obligations has resulted in the termination of the deal.
A round-up of solar news from throughout the holiday period including SunEdison deals, Qatar's next solar steps and the verdict in Heraeus' patent case.
