Vivint Solar announced it has closed the funding of $811 million in two separate transactions.
The first is a capital markets issuance by its wholly-owned subsidiary, Vivint Solar Financing V, and is valued $466 million.
The second funding is from Vivint Solar Financing IV, which is valued $345 million .
The proceeds from these two financings will be used to repay in full, or reduce the outstanding balance of, certain existing debt facilities of Vivint Solar and its subsidiaries and for general corporate purposes.
“We are pleased to announce this new milestone in the evolution of our financing strategy, which optimizes and simplifies our term debt structure while allowing us to repay more expensive outstanding loans, increase advance rates, lock in attractive fixed borrowing rates and create incremental liquidity for the business,” said chief commercial officer and head of Capital Markets Thomas Plagemann. “We appreciate our investors’ continued support and commitment to accelerating solar power adoption.”
On a combined basis the financings provide back-leverage financing for a portfolio of 16 tax equity funds and one wholly owned subsidiary that own 575 megawatts and over 86,000 residential solar energy systems, the company said.