LEHI, Utah, June 4, 2019 /PRNewswire/ -- Vivint Solar,
Inc. (NYSE: VSLR), a leading full-service residential solar
provider, today announced it closed a multi-party forward flow
funding arrangement that includes project-level debt, a levered tax
equity partnership, and a cash equity investment. The transaction
provides up to $360 million in total
funding commitments. It is structured to generate upfront cash
margin for the company for approximately 95 to 100 megawatts of
future solar energy systems. The financing incorporates a
multi-party forward purchase commitment anchored by a levered tax
equity partnership, a financing structure used last year by Vivint
Solar for the first time in the residential solar industry.
Bank of America Merrill Lynch (NYSE: BAC) acted as sole
structuring and placement agent for the cash equity and multi-draw
term loan as well as the sole tax equity investor. Hannon Armstrong (NYSE:HASI) participated as the
structured cash equity investor.
"This transaction demonstrates investors' confidence in the
continuing success of our business model, and its pricing reflects
the ongoing growth in revenue generated by our systems," said
Vivint Solar CEO David Bywater.
"Investors are seeing the trajectory of our unit economics, and we
appreciate the ongoing support of Bank of America Merrill Lynch
along with Hannon Armstrong's
continued programmatic investment."
"The innovative forward flow funding structure gives Vivint
Solar financial flexibility through the cash margin provided by
this vehicle for a portion of our future PPA and lease assets,"
said Vivint Solar's Chief Commercial Officer and Executive Vice
President of Capital Markets, Thomas
Plagemann. "While our focus is always on providing the best
suited products for each homeowner, it is equally important to
develop a sustainable funding model so we can continue
growing."
"Hannon Armstrong is pleased to
continue to be a part of Vivint Solar's growth story by supporting
it with the capital needed for its ongoing expansion," said
Hannon Armstrong President & CEO
Jeffrey Eckel.
About Vivint Solar
Vivint Solar is a leading full-service residential solar
provider in the United States.
With Vivint Solar, customers can power their homes with clean,
renewable energy and typically achieve significant financial
savings over time. Vivint Solar designs and installs solar energy
systems for its customers and offers monitoring and maintenance
services. In addition to being able to purchase a solar energy
system outright, customers may benefit from Vivint Solar's
affordable, flexible financing options, including power purchase
agreements, or lease agreements, where available. Vivint Solar also
offers solar plus storage systems with LG home batteries. For more
information, visit www.vivintsolar.com or
follow @VivintSolar on Twitter.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI)
focuses on making investments in climate change solutions by
providing capital to the leading companies in the energy
efficiency, renewable energy and other sustainable infrastructure
markets. Our goal is to generate attractive returns for our
stockholders by investing in a diversified portfolio of investments
that generate long-term, recurring and predictable cash flows from
proven commercial technologies. Based in Annapolis,
Maryland, Hannon Armstrong is proud to be the first U.S.
public company solely dedicated to investments that reduce
carbon emissions or increase resilience to climate change.
For more information, please visit www.hannonarmstrong.com.
Follow Hannon Armstrong
on LinkedIn and Twitter @HannonArmstrong.
Note on Forward-looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and the Private Securities Litigation Reform Act of 1995, including
statements regarding Vivint Solar's installation capacity remaining
in tax equity funds, estimated retained value, and estimated
retained value per watt, including the assumptions related to the
calculation of the foregoing metrics. Forward-looking
statements are inherently subject to risks and uncertainties, some
of which cannot be predicted or quantified. Forward-looking
statements should not be read as a guarantee of future performance
or results, and they will not necessarily be accurate indications
of the times at, or by, which such performance or results will be
achieved, if at all. These statements are based on current
expectations and assumptions regarding future events and business
performance as of the date of this press release, and they are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. Although we believe
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee that the future results, levels
of activity, performance or events and circumstances reflected in
those statements will be achieved or will occur, and actual results
could differ materially from those anticipated or implied in the
forward-looking statements. Except as required by law, Vivint Solar
does not undertake and expressly disclaims any obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future developments or otherwise. You
should read the documents Vivint Solar has filed with the
Securities and Exchange Commission, or SEC, for more complete
information about the company. These documents are available on
both the EDGAR section of the SEC's website at www.sec.gov and the
Investor Relations section of the company's website at
investors.vivintsolar.com/.
Investor Contact:
Rob Kain
855-842-1844
ir@vivintsolar.com
Press Contact:
Helen Langan
Senior Director of Communications
385-202-6577
pr@vivintsolar.com
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SOURCE Vivint Solar, Inc.