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Burned by SunEdison, Vivint Solar now hunting for new CEO

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Burned by SunEdison, Vivint Solar now hunting for new CEO

is on the huntfor a new chief executive after Greg Butterfield resigned following thecollapse of a planned merger with SunEdisonInc.

In anews release May 2, Vivint Solar said Vivint Inc. COO David Bywater will serveas interim CEO while the company searches for a permanent replacement.Butterfield, in the news release, said, Vivint Solar "will continue tobuild upon its strong history of success with the board and David's leadership."

VivintSolar suffered collateral damage in the months that it was bound by a mergeragreement to SunEdison. Vivint Solar the merger agreement and sued SunEdison for failing toclose the deal on time. SunEdison has since filed for bankruptcy.

Despiteearly signs of trouble, Vivint Solar executives the deal with SunEdison becauseof concerns about their ability own ability to continue operating as astand-alone company.

VivintSolar is in recovery mode. The company, which was able to $200 million after exiting thedeal with SunEdison, recently saidit expects to grow installations by approximately 13% this year, down from 49%in 2015. Competitors SolarCityCorp. and Sunrun Inc.are targeting growth rates this year of about 44% and 40%, respectively.