We are pleased by the tremendous success of Vivint Solar, which the exceptional management team has built into one of the leading providers of distributed solar energy in the United States in just four years.
Lehi-based Vivint Solar has been acquired by SunEdison, the world’s largest renewable energy development company, for approximately $2.2 billion. With the completion of the transaction, SunEdison has also reached an agreement with TerraForm Power, which will acquire Vivint Solar’s rooftop solar portfolio.
“This transaction with SunEdison delivers to Vivint Solar’s stockholders excellent value for the business we have built over the last four years,” Greg Butterfield, CEO of Vivint Solar, said in a statement. “SunEdison and TerraForm Power have built a unique model that recognizes the value of long-term, predictable, contracted cash flows from our residential solar portfolio while providing access to a broad pool of financing at an attractive cost of capital. We are excited to join the SunEdison residential and small commercial team which has successfully developed a wide range of channels complementing those at Vivint Solar, both in the U.S. and globally.”
As one of the leading providers of residential solar systems in the United States, Vivint Solar will bolster the ever-growing business of SunEdison while tightening their hold on the world of renewable power platforms.
“We are pleased by the tremendous success of Vivint Solar, which the exceptional management team has built into one of the leading providers of distributed solar energy in the United States in just four years,” Peter Wallace, Vivint Solar’s board chairman and Blackstone’s senior managing director, said in a statement. “It is a testament to the strength of the Vivint platform, enabling customers to live life more intelligently. We believe this transaction positions the company’s asset portfolio for accelerated future growth as part of SunEdison and TerraForm Power. We look forward to participating in its future success as a significant investor in SunEdison going forward.”
Published 7/20/2015
