Oct 18, 2013 - US company Vivint Solar said Thursday it had raised USD 540 million (EUR 395m) in financing to support its residential solar panel operations.
The funding was obtained from two big financial institutions, the names of which were not disclosed, Vivint Solar, part of investment group Blackstone (NYSE:BX), said. The residential solar installer will use the money to enhance its expansion in the residential solar power segment.
Vivint Solar designs, installs and maintains residential solar systems without upfront costs to homeowners, selling the output back to them at fixed prices under power purchase agreements. It is active in the states of California, Hawaii, Maryland, Massachusetts, New Jersey, New York, and Washington DC. The company was acquired by Blackstone near the end of 2012 for over USD 2 billion. In August 2013, Vivint Solar obtained USD 200 million in residential solar funding through two new tax equity funds.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.