North American third-party solar installer, Vivint, has secured US$540 million in investment to expands its residential PV business.
Boosting capital for business expansion plans, the US$540 million was raised from two major financial institutions yet to be disclosed, according to CEO Greg Buterfield.
Vivint also secured US$200 million in two separate tax equity funds in August. Vivent has flourished under the power purchase agreement finance model, providing installations, monitoring and service with a no-upfront cost promise. Homeowners buy the energy produced from the installation at a cheaper rate than utility energy.
“In less than three months, Vivint Solar has raised nearly three-quarters of a billion dollars to finance our solar projects,” said Greg Butterfield. He said the finance would go towards growth and the continuation of delivering “affordable solar solutions to our customers”.
Vivint security systems is based in Provo, Utah and operates in California, Hawaii, Maryland, Massachusetts, New Jersey, New York, and Washington D.C.