Vivint Solar Inc. closed a $200 million revolving asset-based loan facility that it said will help fund the purchase of safe harbor equipment.
"This transaction represents an evolution of how we finance our working capital needs and replaces our current working capital facility which matures next March," Thomas Plagemann, Vivint Solar's chief commercial officer and head of capital markets, said in a company news release. "The innovative structure best addresses the working capital needs of our rapidly-growing business while also providing critical funding for the purchase of safe harbor equipment at attractive borrowing rates."
Vivint Solar plans for the equipment bought in 2019 and funded partly through the asset financing facility to allow solar energy systems to qualify for the 30% federal investment tax credit.
The facility will also be used to refinance an existing working capital credit facility set to mature in 2020.