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Vivint Solar secures $360M in funding commitments

Residential solar provider Vivint Solar Inc. secured $360 million in funding commitments that includes project-level debt, a levered tax equity partnership and a cash equity investment.

The multiparty forward flow funding arrangement is structured to generate upfront cash margin for the company for approximately 95 MW to 100 MW of future solar energy system, according to a June 4 news release.

"While our focus is always on providing the best suited products for each homeowner, it is equally important to develop a sustainable funding model so we can continue growing," said Thomas Plagemann, chief commercial officer and executive vice president of capital markets.

Bank of America Merrill Lynch acted as sole structuring and placement agent for the cash equity and multidraw term loan, as well as the sole tax equity investor. Hannon Armstrong participated as the structured cash equity investor.