UPDATE - NY Green Bank gives USD-37.5m loan to Vivint Solar
Solar rooftop. Author: David TREBOSC. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
NY Green Bank said Friday it has contributed USD 37.5 million (EUR 34m) to the USD-313-million term loan facility secured by US residential solar installer Vivint Solar (NYSE:VSLR).
The bank calculates that the amount it committed will result in roughly USD 167 million in new investment in New York.
“With the loan from NY Green Bank, [Vivint Solar] is expected to continue to expand, adding to its existing New York projects totaling nearly 58 MW of solar on a total of approximately 8,250 New York homes,” said the USD-1-billion bank.
NY Green Bank is a division of the New York State Energy Research and Development Authority (NYSERDA). It has now closed 11 transactions, committing USD 158 million to trigger almost USD 686 million in investments in New York clean energy projects. These support the state’s 50% renewables target by 2030.
Vivint Solar said Thursday the USD-313-million syndicated credit facility provides back-leverage financing for a portfolio of 12 tax equity funds that own over 307 MW and 47,000 residential solar photovoltaic (PV) systems in 12 US states.
“Growing liquidity in the syndicated loan market for residential solar companies was evidenced by the 1.5x oversubscription to this facility, which should give future borrowers confidence," said Ralph Cho from Investec Bank Plc. The latter arranged the loan facility alongside ING Capital, Silicon Valley Bank and SunTrust Robinson Humphrey Inc.