Vivint Solar extends credit facility for three years

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Bank of America Merrill Lynch stands as the structuring and administrative agent for the credit facility. Image: Vivint Solar

Residential solar company Vivint Solar announced Monday that it has extended the term of the availability period for borrowing under its aggregation credit facility by three years to March 2020 — with the final maturity of the facility set for September 2020.

The facility, which originally began in September 2014, has offered debt capital to Vivint Solar for new residential PV customers and installations until Vivint has aggregated the contractual cash intake from those projects into pools that support long-term debt facilities.

The aggregation facility includes the option to hedge interest rate risk as the company borrows against new solar systems and borrow up to approximately US$375 million on a revolving basis.

Bank of America Merrill Lynch stands as the structuring and administrative agent, ING serves as the documentation agent and Deutsche Bank is the swap coordinator under the credit facility.

Thomas Plagemann, chief commercial officer and head of capital markets at Vivint Solar, said: “We are pleased to be able to extend this critical borrowing facility that enhances our capital availability and security with the support of Bank of America Merrill Lynch and the rest of the lender group. Our strengthened financial position provides greater financing flexibility to meet our strategic growth objectives.”

Read Next

May 6, 2021
Sunrun has increased its guidance for 2021 after a first quarter performance which has put the company on track to record its best ever year, CEO Lynn Jurich said.
April 15, 2021
Israeli developer Solegreen has invested US$104 million in solar installer Kuubix to help it pursue an "aggressive" expansion strategy across its core markets in the US.
PV Tech Premium
March 23, 2021
PV Tech delves into the performance of the top five publicly-listed US residential solar installers – Tesla, Sunrun, SunPower, Vivint Solar and Sunnova – detailing how they grew their market share in 2020, how regionality affected installs last year, and what hurdles the sector can expect in 2021.
February 17, 2021
Leading US residential solar installer to open branch in Fort Lauderdale, creating new solar jobs in the state
January 28, 2021
Tesla reported a significant increase in energy storage deployments for the fourth quarter of 2020, more than doubling record figures from the previous quarter as battery manufacturing expansions led to greater product availability but demand still outstrips supply.
December 28, 2020
PV Tech’s Review of the Year continues with a look back at some of the headlines from the third quarter of 2020

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 19, 2021
BRISTOL, UK
Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021