Vivint Solar closes $313 million five-year term loan facility

By Wendy Van Sickle

Columbus, Ohio, Aug. 4 – Vivint Solar closed a $313 million five-year term loan facility, which refinanced 11 tax equity funds that were part of the company's aggregation facility, according to a press release.

The debt was arranged by Investec Bank plc, ING Capital LLC, Silicon Valley Bank and SunTrust Robinson Humphrey Inc. as joint bookrunners.

The term loan facility provides back-leverage financing for a portfolio of 12 tax equity funds that own over 307 megawatts and 47,000 residential solar energy systems across 12 states.

The company said the syndicated credit facility provides an alternative to bond securitization.

“We are pleased to announce this next step in our financing strategy, which allows us to repay outstanding loans under our aggregation facility, increase advance rates, free up new borrowing capacity, raise incremental debt against SREC contracts and lock in attractive all-in borrowing rates,” Thomas Plagemann, executive vice president and head of capital markets at Vivint Solar, said in the release.

Plagemann said the five-year term “is expected to exceed the projected flip dates for many of the 12 tax equity funds, and it enables us to continue our mission of making solar affordable for homeowners.”

Vivint is a Lehi, Utah-based provider of residential solar systems.

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