Vivint Solar secures $540m in financing for solar projects

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Monday, October 21, 2013

PROVO, Utah—Vivint Solar raised $540 million in two rounds of financing for its residential solar projects, the company announced Oct. 18. The nation’s second-largest provider of residential solar systems is a division of Vivint, the home automation/home security provider. Both companies are based here.

“In less than three months, Vivint Solar has raised nearly three-quarters of a billion dollars to finance our solar projects,” said Greg Butterfield, Vivint Solar CEO, in a prepared statement. “These new financings will enable Vivint Solar to continue its unparalleled growth, while delivering simple, affordable solar solutions to our customers.”

The $540 million comes from two major financial institutions, and is in addition to $200 million of tax equity financing Vivint Solar announced it received in August this year, according to the news release.

Vivint Solar operates in California, Hawaii, Maryland, Massachusetts, New Jersey, New York and Washington, D.C.