Vivint Solar Reports Second Quarter 2019 Results

U.S. PV distributor and installer Vivint Solar Inc. installed approximately 56 MW in the second Quarter 2019 in 8,163 installations. In total as of June 30 the company installed cumulative approximately 1,163 MW (cumulative installation: 169,275). Cost per Watt was $3.56, an increase from $3.46 in the first quarter of 2019 and an increase from $3.23 in the second quarter of 2018.
The company increased total revenue yoy by 12 percent to nearly $91 million. Net loss was $28.6 million compared to profit of $18 million in the same period of the previous year.
As of June 30, 2019, the company had approximately $153 million in undrawn capacity in the forward flow loan facilities and approximately 186 MW of undeployed tax equity financing capacity. As reported, to quarter end the company entered into a $325 million credit facility that replaces its existing aggregation facility. The new credit facility reduces the cost of debt by 87.5 basis points and significantly increases the amount of upfront proceeds on a per system basis.
For the third quarter of 2019, Vivint Solar expects to install 62 to 65 MW at cost per Watt of $3.36 to $3.44.

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